From James Harkin (Webmaster & Editor of LindseyWilliams.net). Here is a summary of articles of interest from around the world for this week. Please LIKE the Lindsey Williams Online Facebook Page to see stories posted daily regarding the current state of the economy around the world.
Latest News From February 26, 2016 to March 4, 2016:
- ALERT: Paul Craig Roberts Just Warned The Global Financial House Of Cards May Not Make It Through This Year
Today former U.S. Treasury Secretary Dr. Paul Craig Roberts warned King World News that the financial house of cards may not make it through this year. Dr. Paul Craig Roberts: “Today the Federal Reserve’s policy is focused on saving a handful of very large banks. These are very huge conglomerates that financial deregulation allowed to become so concentrated that they are just massive institutions. And the belief is that if one of them were to fail, the consequences would be that the entire financial system would fail…
- Economic Recovery? 13 Of The Biggest Retailers In America Are Closing Down Stores
Barack Obama recently stated that anyone that is claiming that America’s economy is in decline is “peddling fiction“. Well, if the economy is in such great shape, why are major retailers shutting down hundreds of stores all over the country? Last month, I wrote about the “retail apocalypse” that is sweeping the nation, but since then it has gotten even worse. Closing stores has become the “hot new trend” in the retail world, and “space available” signs are going up in mall windows all over the United States. Barack Obama can continue huffing and puffing about how well the middle class is doing all he wants, but the truth is that the cold, hard numbers that retailers are reporting tell an entirely different story.
- House Republicans seek to open up national forests to mining and logging
Congress is to consider two bills that would allow states to hand over vast tracts of federal land for mining, logging or other commercial activities – just weeks after the arrest of an armed militia that took over a wildlife refuge in Oregon in protest at federal oversight of public land. The legislation, which will be presented to the House committee on natural resources on Thursday, would loosen federal authority over parts of the 600m acres (240m hectares), nearly one-third of the land mass of the US, it administers.
- With 269 Stores Closing, Is this the Beginning of the End for Walmart?
All great empires eventually fall. This is as true in retail as it is in geopolitics. Often the descent into oblivion takes decades. A&P, which was once such a formidable market power that it was the subject of antitrust hearings in Congress, began to falter in the 1950s, some 80 years after cloning its first store. At the time, it was by far the largest grocer in the country. It would remain the industry leader for another quarter of a century, even as its stores seemed increasingly outdated and its corporate practices inexplicably unable to keep up. After several rounds of store closures in the 1970s and 1980s, and a bankruptcy filing in 2010, A&P finally threw in the towel for good just last year. By then, it was a two-bit player in the grocery business, its once continent-spanning empire now confined to the Northeast.
- End of the British Army? EU plots ‘scandalous’ military merger if UK votes to stay in
THE EU is to launch a £3 BILLION defence research and development programme with the ultimate aim of merging the continent’s militaries into one gargantuan Euro army, Express.co.uk can exclusively reveal today. Brussels bureaucrats are railroading through contentious plans to vastly expand the European Union’s military scope which could ultimately end with the British army being subsumed into a vast continental force.
- Finland Busts Key Refugee Myth: They Are Mostly Male and Not From Syria
The head of Finland’s Immigration Services asylum unit, Esko Repo, and communications chief Hanna Kautto told the Finnish news outlet Yle that out of the 19,632 refugees that have arrived in Finland this year, over 15 thousand are adult males. The number of female migrants totals 2,816 and there are also about 2,000 children travelling with adults as well as roughly one thousand unaccompanied minors. Furthermore, only 409 of the refugees came from Syria, with the majority of the migrants – nearly 14 thousand people – arriving from Iraq.
- With twice the debt of California, Ontario is now the world’s most indebted sub-sovereign borrower
Ontario, the world’s most indebted sub-sovereign borrower, is ploughing ahead with Canada’s most ambitious infrastructure plan — risking the censure of Standard & Poor’s and underperformance for its $307 billion of bonds. The nation’s most-populous province is keeping a goal of spending $130 billion over the next decade on work such as roads and mass transit in Toronto even after S&P dropped its credit grade this month to the lowest level ever. Yield spreads on some of the province’s debt reached the widest since January after the ratings move.
- The Minimum Wage Killed 1 out of 11 Jobs on This Tropical Island
Congress is considering potential responses to Puerto Rico’s depression and fiscal crisis. Fiscal conservatives are considering whether outside oversight by a “control board” would force feckless local legislators to make difficult choices, such as consolidating rural schools and laying off bureaucrats. However, if Congress gives the board authority only to cut government spending and raise taxes, it will be unable to clear out the failed policies that have choked growth in Puerto Rico.
- An Escalating War on Cash
On February 16th, The Washington Post printed the article, “It’s time to kill the $100 bill.” This came on the heels of a CNNMoney item, the day before, entitled “Death of the 500 euro bill getting closer.” The former cited a recent Harvard Kennedy School working paper, No. 52 by Senior Fellow Peter Sands, concluding that the abolition of high denomination notes would help deter “tax evasion, financial crime, terrorist finance and corruption.” In recent days, former Treasury Secretary Larry Summers, ECB President Mario Draghi, and even the editorial board of the New York Times, came out in support of the elimination of large currency notes. Apart from the question as to why these calls are being raised now with such frequency, the larger issue is whether these moves are actually needed or if they merely a subterfuge for more complex economic manipulations by central banks to extend control over private wealth.
- China rules out weakening yuan to boost trade
China’s central bank chief promised Friday to avoid weakening its yuan to boost sagging exports as he tried to reassure nervous financial markets about his government’s handling of its economy and currency at the start of a closely watched gathering of global finance officials. Beijing wanted to use the gathering of finance ministers and central bankers from the Group of 20 rich and developing countries to promote its campaign for a bigger voice in managing global trade and finance. Instead, the communist government is scrambling to defend its reputation for economic competence following stock market and currency turmoil.
- BRICS NDB, Chinese Gov’t Sign Agreement Setting Shanghai as Bank’s HQ
Kundapur Vaman Kamath and Shanghai Mayor Yang Xiong signed a memorandum of understanding with the municipality on the terms of the NDB’s accommodation. “We hope that with the support of the government of China and other BRICS countries, as well as the Shanghai government, the New Development Bank will soon become a new model of a multilateral development institution operating openly and with high efficiency,” Wang said at a press conference.
- A revolt is growing as more people refuse to pay back student loans
Remember those 15 people who refused to repay their federal student loans? Their “debt strike” has picked up 85 more disgruntled borrowers willing to jeopardize their financial future to pressure the government into forgiving their student loans. And the government is starting to listen. The Consumer Financial Protection Bureau has invited the group to Washington on Tuesday to discuss their demand for debt cancellation. Although the CFPB doesn’t have the power to grant that request, the agency’s overture shows that the strike is being taken seriously.
- Russian-Japanese Ties Develop Despite Sanctions – Russian Trade Minister
Russia’s economic relations with Japan are expanding despite anti-Russia sanctions, Russian Industry and Trade Minister Denis Manturov said in an interview with Japanese media Saturday. “The situation is changing, but to interrupt dialogue in foreign trade and economic cooperation is impossible. Even under sanctions the Russian-Japanese relations are developing,” Manturov told the Yomiuri Shimbun daily.
- Apple’s lawyer: If we lose, it will lead to a ‘police state’
Apple’s attorney painted a scary picture if Apple loses its fight with the FBI. In an interview with CNNMoney’s Laurie Segall on Friday, Ted Olson warned of a government with “limitless” powers that could “listen to your conversations.” Olson said the demands would mount.
- Paul Craig Roberts Warns Of Massive Social Instability And Nuclear War
Today former U.S. Treasury Secretary Dr. Paul Craig Roberts spoke with King World News about massive social instability and nuclear war. Dr. Paul Craig Roberts: “The U.S. has this drive for world hegemony, but they are confronted with Russia and China, and on a regional basis, Iran and Syria. So the U.S. can’t exercise this hegemony because these countries are in the way…
- Chicago PMI Collapses From ‘Mysterious’ January Bounce As Employment Crashes To 7 Year Lows
Following the biggest beat on record in January jumping to 55.6, Chicago PMI collapsed in February to a stunning 47.6 – below the lowest estimate from economists. The entire report is a disaster with New orders tumbling, production sharply lower, and employment contracting for the 5th month in a row – to its lowest since March 2009. As one respondent warned, business was just “limping along at the moment with little promise in sight.” From one-year high “HOPE” to near 7 year low “NOPE”…
- Pending home sales fell 2.5 pct in January
The winter wallop may have chilled housing activity in some parts of the country, but overheated home prices are really what are slowing sales nationwide. Home buyers signed 2.5 percent fewer contracts in January to buy existing homes compared to December. The expectation had been for a slight gain. The so-called pending home sales index from the National Association of Realtors, an indicator of future closed sales, is now just 1.4 percent higher than it was in January of 2015. Pending sales have been higher annually for 17 straight months, but this is the second smallest gain in that time.
- Another financial crash is ‘certain’, former Bank of England governor warns
We’re still crawling out from the dark days of 2008’s crash, hoping the global economy has somehow repaired itself. Unfortunately, the former Bank of England governor Mervyn King says it hasn’t – and it’s not a case of if the next one happens, but when. Lord King, who led the bank between 2003 and 2013, had a grim warning for global leaders unless they reformed the system, saying another financial crisis is ‘certain’ and will come ‘sooner rather than later’. He said the reason for the global crisis eight years ago was the system itself, and not greedy bankers.
- Mainstream Waking Up to Reality; Now Saying “Buy Gold”
Just a few months ago, mainstream analysts were calling gold a “barbaric relic.” Now all of a sudden, they are saying, “Buy gold!” Last Friday, Deutsche Bank issued a note asserting that with emerging economic risks and market turmoil, signs point in gold’s favor: “There are rising stresses in the global financial system…Buying some gold as ‘insurance’ is warranted.”
- “There’s never been a change this big, nor so many people unprepared.”
I had an amazing time this weekend sharing the stage at an investment conference in Miami, with other speakers like Robert Kiyosaki, Peter Schiff, and G. Edward Griffin among others. During a panel on the future of money and banking we discussed how the financial system is rapidly losing control of its own product, i.e. money, in the same way that the music industry has lost control of its product. In the past there used to be a handful of large record labels that controlled the distribution of music across the world. In the same way, our financial system was set up for a handful of banks to tightly control the distribution of money across the world to the point that no financial transaction could occur without a bank inserting itself in the middle.
- Welcome To The Third World, Part 17: Was Middle-Class Retirement Just A Credit Bubble Fantasy?
One of the jarring — and until recently underreported — aspects of those seemingly-positive recent US jobs reports is the increasing skew towards older workers. Most new jobs have gone to people who in better times would be leaving to live off their savings. Now they’re coming back, frequently taking jobs they wouldn’t consider if money wasn’t so tight.
- Fed’s Dudley sees risks to U.S. economic outlook tilting to downside
An influential Federal Reserve official on Tuesday said he sees downside risks to his U.S. economic outlook, an assessment that could flag a longer pause before the Fed’s next interest-rate hike than he and his colleagues had earlier signaled. “At this moment, I judge that the balance of risks to my growth and inflation outlooks may be starting to tilt slightly to the downside,” New York Federal Reserve President William Dudley said in remarks at a conference in Hangzhou, China sponsored by the People’s Bank of China and the New York Fed.
- Nomi Prins Just Issued A Major Warning
By Nomi Prins, Keynote Speaker at the recent IMF, World Bank, Fed Conference. February 25 (King World News) – Throughout last year, I predicted the Federal Reserve wouldn’t raise rates by September and that it was unlikely to do anything to seriously rock the rate boat at all. That turned out to be accurate…
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