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New York union pension fund goes insolvent, becoming the first in what is expected to be a domino effect

While several public and private pension funds in the U.S. have had to enforce changes due to massive underfunding, on Feb. 28 a New York Local Teamsters pension fund officially went insolvent and now their member retirees will have to take less in monthly benefits through the Pension Benefit Guaranty Corporation. Cited as the first pension fund in the U.S. to completely run out of money, this event is expe ...

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Consumer debt levels equaling or surpassing that of 2008 just prior to financial crash

When the housing bubble burst back in 2007, many Americans had not only been induced to purchase homes that were beyond their means to pay using sub-prime borrowing, but they also had borrowed against the rising equity in those homes as the housing market reached its apex.  And the subsequent crash meant that millions of Americans would end up losing these homes, and have to carry a massive debt load into w ...

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Trump administration hinting at changing economic data reports to reflect the real state of economy

Over the past 25-35 years, the executive branch of the government has changed the way economic data has been compiled and reported to make it more beneficial towards whichever President was in office.  And it is in the data reports such as GDP, unemployment, and inflation which have led Wall Street, the Federal Reserve, and of course Congress to implement faulty policies based on this manipulated data. But ...

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Yellen backed into a corner on hiking rates as stagflation roars to the forefront in U.S. economy

On Valentines Day, Federal Reserve Chairman Janet Yellen went before Congress to discuss the state of the economy, and the direction that the cost of borrowing might go in the coming months.  And as the Fed Head suddenly changes her tune from 'the economy is good' back in December when Barack Obama was still President to 'the economy is uncertain' just two months later under Donald Trump, the fact of the ma ...

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Diplomats from both the U.S. and Germany call for Greece to leave either the Euro or the Eurozone

Since Donald Trump took over the Presidency of the United States in late January, there has been little that his administration and the German government have been able to agree upon.  However one thing appears to have brought the two sides together, and that is what to do with the coming Greek financial crisis. On Feb.8, President Trump's Ambassador pick for the EU stated that he sees Greece cutting ties w ...

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Obama's last year in office ended with massive increase to national debt and largest trade deficit since 2012

It appears that during his final year in office, President Barack Obama didn't have to wait for Congress to label him a 'lame duck' President as his fiscal policies in 2016 spoke for themselves.  Because not only did Obama do little to lessen the budget deficit, which saw the national debt reach a level just below $20 trillion, but he also did nothing to help the American economy when it came to trade as th ...

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As President Trump signs Exec. Order to dismantle Dodd-Frank Reform Act, is he really trying to accelerate the collapse?

Just prior to both Congressman Barney Frank and Senator Chris Dodd hightailing it out of Washington, they jointly helped engineer one of the most egregious banking laws to come out of the 2008 financial crisis.  Known as the Wall Street Reform and Consumer Protection Act, this bill did neither of these things and in fact engendered the banks to be allowed to commit even more speculation and risk because the ...

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Iran Just Officially Ditched the Dollar in Major Blow to US: Here’s Why It Matters

By¬†Alice Salles Following President Donald Trump‚Äôs ban on travelers¬†from seven predominantly Muslim countries, the Iranian government announced it would stop using the U.S. dollar ‚Äúas its currency of choice in its financial and foreign exchange reports,‚ÄĚ the local¬†Financial Tribune¬†reported. Iran governor Valiollah Seif‚Äôs central bank¬†announced¬†the decision in a television interview on January 29. The chang ...

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U.S. immigration ban on terrorist labeled countries leading Iran to announce ban on the dollar

As President Donald Trump continues to follow through with his promises of extreme vetting of incoming foreigners into the United States, one nation on the list of banned travel is taking the tet a tet to the next level.  On Jan. 30, the government of Iran announced that in response to their being placed on a list of seven known 'terrorist' countries by the Trump Administration, they will enact a ban themse ...

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For two years in a row following Davos, the elite are preparing for an economic collapse

Last year's World Economic Forum in Davos saw several conferences being dedicated towards 'prepping' for the elite, where land purchases and the building of luxury bunkers became a reality due to fears of a coming economic collapse, and the retaliation by people for their years of siphoning wealth from them.  And in 2017 this mentality has not changed as rumors from both inside and outside Davos show that s ...

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FDIC closes down second bank of 2017 in the city of Chicago

On Jan. 27, the FDIC closed down their second bank for 2017 as Seaway Bank and Trust Company shuttered its doors.  This institution is also the second bank failure for the month of January, and the first Illinois bank closure since May of last year. 1/27/2017 *** Illinois *** Chicago *** Seaway Bank and Trust Company *** $57.2 million dollar estimated FDIC DIF cost. The total DIF for failed banks this week ...

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IMF double speak at Davos as Lagarde says 2017 economy should be good, but there are factors that could lead to volatility

It seems like all central bankers have two things in common... they cannot under any circumstances tell the truth, and they cannot state their analysis in plain terms. For years the U.S. central bank has gotten away with this type of obfuscation, saying that the economy is both good and bad at the exact same time.  So perhaps it is of no surprise that another of the world's main central bankers at the World ...

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