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Kenneth Schortgen Jr.

Fed doesn’t appear to understand real inflation as food prices soar 14% in just the past two months

Last week Janet Yellen and the Federal Reserve chose to raise interest rates a quarter point at a time when economic data has been at or near recessionary levels for at least the past two quarters.  And of significance was the FOMC's claim that inflation was still running below the central bank's target rate of 2%. The Federal Reserve approved its second rate hike of 2017 even amid expectations that inflati ...

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Illinois so bankrupt that even Powerball dumped them for fear of receiving payments

It is perhaps not ironic that the two states that are most in debt are ones that are ruled completely by Democratic politicians.  And of course we are referring to California and Illinois. However, at least for California they have had the fortitude to pass an annual budget.  But for Illinois, their incompetency at the legislative level is so great that not only have they not passed a budget in over three y ...

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Alternatives to cable TV hit critical mass as Netflix subscribers now outnumber cable owners

There have been numerous articles written and discussions made over how millennials are largely ditching the cable in favor of streaming entertainment.  And when you add in the specific data regarding the millions of lost subscribers to one of cable televisions mainstays ESPN, then what perhaps may have been seen as a short-term fad has now fully turned into a long-term trend as 'cutting the cable' is fores ...

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China accepts three more countries into the AIIB as second annual meeting of global investment bank kicks off

On June 16, the second annual meeting for China's Asian Infrastructure and Investment Bank (AIIB) started off with a bang as the Eastern financial center announced the acceptance of three more countries into the fold. Since its inception in 2015, the AIIB has brought a total of 80 countries on board its alternative to the West's World Bank, and is expected to bring in up to five more nations before the end ...

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Paradise gained: U.S.’s largest welfare state per capita is now introducing bill to provide Universal Basic Income

Hawaii, which not only requires massive subsidies on energy and food because nearly everything has to be shipped onto the island, is also the nation's highest welfare state per capita.  And because the island paradise has engendered a long history of paying individuals not to work, it should come as no surprise that on June 16 a bill emerged in the state legislature calling for a Universal Basic Income to b ...

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Monetary world accelerating their de-dollarization as ECB trades in dollar reserves for RMB

On June 13 the European Central Bank (ECB) confirmed that they had recently, and for the first time ever, sold 500 million euros worth of dollar reserves and used the proceeds to instead by the Chinese RMB. This move serves a two-fold purpose for the central bank as Europe has experiencing increased trade with China over the past few years, and trust and confidence in the dollar is waning as the world begin ...

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Will the Fed claim today’s core retail sales miss as another ‘transitory’ data indicator as they prepare to announce next rate decision?

As the Federal Reserve begins their two day FOMC meeting on June 14, a major economic indicator was published today which showed that core retail sales declined for the month of May, and was the lowest print since January of 2016. This data also coincides with the first quarter announcement of only a .7% increase to the GDP, and the growing number of retailers and restaurants that are shuttering their doors ...

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Economic recovery fraud as 93% of all new jobs are imaginary, and 72% of all businesses are unprofitable

Tens of trillions of dollars in printed money can mask many ills, but there was a reason why the voters chose to elect Donald Trump to the office of President during last year's election... because on Main Street the economic recovery so touted by the Fed has been a complete fraud. And while we could quibble over the fact that 93 million Americans are not even being counted in the nation's labor pool, or th ...

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First retail, and now restaurant spending declines dismiss remaining Hopium for the economy

When the Federal Reserve last month tried to spin the deteriorating economic numbers as a 'transitory anomaly' in their March FOMC minutes, they blatantly ignored every real indicator which showed that not only were consumers buying less, but they were also paying more due to rising price inflation.  And this rapid decline in the most important segment of the economy appears to be getting even worse now tha ...

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Bankrupt Puerto Rico votes yes to apply for statehood

On June 11 Puerto Ricans went to the polls to decide once again whether to remain as a territory, or to apply to become the 51st American state.  And with what one could consider as an extremely uncaring record low turnout, the result was a yes vote for statehood. However voting for statehood and actually becoming a state are two different things, as the island territory has voted for, and applied for this ...

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Are Amazon and Alibaba replacing banks as lenders for small businesses?

Since the banking crisis of 2008, financial institutions have found that borrowing large sums of money from the Fed and then simply buying U.S. Treasuries has been much more profitable and less risky than lending it to businesses.  And as a result, the amount banks used to lend to companies, especially those categorized as small businesses, have declined by between 20-30%, leading many of these Mom and Pop ...

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Be very wary of all-time high stock prices as much of their volume is coming from direct central bank funding

Over the past 12 month, equity prices in the stock markets have soared to new all-time highs while insider selling continues to be a constant.  And despite the propaganda being tossed out by the mainstream business networks that purchases of equities are finally coming from 'money held on the sidelines', the reality is that the only thing propping up stocks is the record amount of money being printed by cen ...

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