Major Chain Stores Shutting Down as America Faces ‘Birth Pangs of Retail Apocalypse’

Reduced consumer spending is heralding a looming economic downturn, if not collapse, with an unprecedented shutdown of major box stores, restaurants and grocers underway. It doesn’t bode well for the millions of Americans who are already seriously struggling, and will only accelerate the death of the middle class. Along with this massive shrinkage of the retail sectors will go thousands of jobs. Natural News reports: There is chatter across the web about dozens of major retail chains that Read more […]

Fed Chairman Doesn’t Want Lawmakers to Question Central Bank’s Practices

Federal Reserve Chairwoman Janet Yellen urged lawmakers to tread lightly when it comes to overhauling the central bank, warning that proposed changes could undermine its ability to support the economy. In prepared testimony, Yellen will tout the Fed’s own efforts to boost its transparency as a way to discourage lawmakers from pushing their own proposals to bring the Fed under stricter oversight. “Efforts to further increase transparency, no matter how well intentioned, must avoid unintended Read more […]

Obama Pressures European Union to Continue Bailing Out Socialist Greece

With Greece on the abyss of a disorderly exit, US president Barack Obama made his first personal intervention in the crisis talks for months on Tuesday night. The US president spoke to Mr Tsipras and Ms Merkel before leaders gathered in Brussels. He told the German Chancellor “it is in everyone’s interest to reach a durable agreement that will allow Greece to resume reforms, return to growth, and achieve debt sustainability within the eurozone,” said a White House statement. Athens is Read more […]

Democrat Disaster! Chicago Schools Fire 1,400 Workers to Fund Pensions!

About 1,400 Chicago public school teachers and staff are expected to lose their jobs in order to finance a pension debt of $634 million, the city announced Wednesday. The layoffs are part of an aggressive $200 million budget cut to help finance the pension payment, which is required of Chicago Public Schools by Illinois law. The rest of the pension payment is coming from heavy borrowing, as the district already has a massive $1.1 billion budget deficit. In announcing the layoffs, Mayor Rahm Read more […]

Why You Shouldn’t Believe the ‘Unemployment Rate’ Claimed by Government

So, the government tells us the unemployment rate is just over 5%. These are the same people who told you “if you like your doctor, you can keep your doctor”… that the attack on the Libyan embassy was a “spontaneous protest of an Internet video” no one saw… bureaucrats who claim the cost-of-living is lower because you can substitute cat food for steak (hedonics), and that there has been no price inflation, therefore they don’t have to increase government checks for those dependent Read more […]

Report Claims Central Banks Have No Resources for Next Financial Crisis

By keeping interest rates so low, central banks have no tools left when the next financial crisis hits, according to a Bank of International Settlements report. Since Puerto Rico and Greece are both in the news this week, as they suffer financial implosions, perhaps we should take a look at the bigger picture. What will the central banks do if this starts a bigger crisis? According to one report, they can do nothing because they have already done it. The Telegraph reports, “The world is defenceless Read more […]

Treasury Secretary Warns Greek Debt Crisis Could Destabilize US Financial System

US Treasury Secretary Jacob Lew warned Congress on Wednesday that foreign turmoil, such as Greece’s debt crisis, could destabilize the US financial system. “In today’s globally integrated financial markets, foreign shocks have the potential to disrupt financial stability in the United States,” Lew said in testimony to the House of Representatives financial services committee. Lew cited political uncertainty in Greece that has added to concerns about stability in the 19-nation eurozone. Greece’s Read more […]

Why are Billionaires Building Luxury Doomsday Bunkers?

For the very first time, a modern day Noah’s Ark has opened its doors for an exclusive inside look offering up plans for the ultimate Billionaire bunker and doomsday escape. Vivos founder and CEO Robert Vicino announced Vivos Europa One which will be an invitation only, five star, underground survival complex, similar to an underground cruise ship for the elite. Each family will be provided a private 2,500 square foot of floor area, capable of two story improvements for a total of 5,000 square Read more […]

Billionaire Predicts Wealth Gap Will Fuel Social Unrest

Johann Rupert, the South African who has made billions peddling Cartier jewelry and Chloe fashion, said tension between the rich and poor is set to escalate as robots and artificial intelligence fuel mass unemployment. “We cannot have 0.1 percent of 0.1 percent taking all the spoils,” said Rupert, who has a fortune worth $7.5 billion, according to data compiled by Bloomberg. “It’s unfair and it is not sustainable.” The founder and chairman of Richemont, whose 20 brands also include Read more […]

Unions that Campaigned for a Higher Minimum Wage Now Want an Exemption

For much of the past eight months, labor activists have argued against special considerations for business owners, such as restaurateurs, who said they would have trouble complying with the mandated pay increase. So the entire campaign was a pretense. Now that the law is about to be enforced, we suddenly find out that labor leaders want unions carved out of the protections. But if the reason for a minimum wage law was to protect workers from low wages, then why should unions get permission to Read more […]

Bloomberg Business: Most States Are Currently in an Economic Crisis

Six years after the recession ended, many U.S. states are hard pressed to balance budgets because of a sluggish recovery and their own policy decisions. The fiscal fragility raises questions about how they will weather the next economic downturn. A majority of states are making cuts, tapping reserves or facing shortfalls despite an improving national economy and stock markets at record levels, according to Standard & Poors and the Nelson A. Rockefeller Institute of Government. State revenue hasn’t Read more […]

World Bank Chief Says Global Economy is Titanic ‘Without Lifeboats’

HSBC chief economist Stephen King is already thinking about the next recession. In a note to clients Wednesday, he warns: “The world economy is like an ocean liner without lifeboats. If another recession hits, it could be a truly titanic struggle for policymakers.” Here’s King (emphasis added): Whereas previous recoveries have enabled monetary and fiscal policymakers to replenish their ammunition, this recovery — both in the US and elsewhere — has been distinguished by a persistent munitions Read more […]