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U.S. sanctions against Russia have now helped replace Exxon Mobile with Gazprom as world’s largest energy company

Perhaps one of the biggest ironies in the ongoing sanctions war against Russia is that the U.S. continues to shoot themselves in the foot the more they try to impose their economic will on Moscow. Over the past four years both the U.S. and Europe have seen economic declines once they chose to place a 'red line' against Russia over Washington's own funded Maidan coup in Ukraine.  And in the meantime, Russia ...

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Leaked Tax Reform plan misses the boat completely since America is a consumer economy, not a manufacturing one

Earlier this afternoon Axios published what they called a 'leaked' outline of President Trump's planned legislation for tax reform.  And of course both Republicans and Democrats in Congress responded with their tired old complaints about the rich not being taxed enough, and the deficit not allowing for large cuts. However none of their arguments actually hold any water since the majority of big corporations ...

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The state and municipal pension ponzi schemes are beginning to pop with Ohio next on the docket

If there is anything that politicians are good at doing it is ignoring potential threats until they suddenly fall out of the sky and bring to their doorstep a slew of angry constituents.  Yet before this happens these same politicians will try to kick the can of any proverbial crisis down the road until they no longer are in office to deal with it, or they can somehow spin the crisis to their benefit. One o ...

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U.S. trade and account deficit hits highest quarter in more than eight years

While President Trump belligerently threatens China with a trade war, the U.S. continues to rely too much upon foreign imports for much of their goods.  And in new data out on Sept. 19, the account deficit for trade reached an eight year high as the U.S. found itself down $123 billion for the second quarter. The deficit in the broadest measure of US trade rose to the highest level in more than eight years t ...

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Next retailer prepares for bankruptcy as financial woes hit Toys R Bust

Unlike 2008-2010 when the Financial Crisis and subsequent Great Recession primarily hit the banks, 2017 will be known in economic history as the year that brick and mortar retail began to die.  And with several short and long-standing retailers having already filed for bankruptcy protection this year, the next one that appears to be on the docket is none other than Toys R Us. Over the weekend, we reported t ...

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When it comes to government healthcare who is more ignorant? Bernie Sanders or the constituents that voted for him

Criticizing voters is not exactly fair since the Constitution protects the rights of the ignorant as well as the educated in their casting of ballots for whomever they so desire.  However when the People have to deal with a number of Congressmen and women in both the House and Senate who really have no business being there, who else can Americans blame since decisions made by these individuals can often hav ...

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Fed thankful for hurricane’s Harvey and Irma since it gives them cover for slashing Q3 GDP estimates

It's another fiscal quarter and another major downgrade of GDP estimates by the Atlanta Fed. The U.S. central bank loves to use whatever economic data models are available to justify their narrative while at the same time discounting or even discarding information that could interfere with desired monetary policies.  For example the Fed has pushed the theme of 'economic recovery' for years following their i ...

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Consumers still racking up credit card debt at levels not seen since 2008 and the financial crisis

By now many people have read the stories or seen the surveys that show that the majority of Americans are either living paycheck to paycheck, or don't have enough savings to pay for an emergency expense of more than $400.  Which means that as price inflation continues to soar in the general economy, there are only two ways consumers can keep up with their buying of necessary items.  They skip out on one or ...

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How can the world focus in solutions when everything is now at risk?

The devastation of Hurricanes Harvey and Irma are just the latest in a long line of financial problems that the United States, Europe, and the rest of the world can't afford to pay for.  And as we head into the most volatile time of the market year, the question that crops up is how can individual nations, or the global community, focus on economic solutions when nearly everything is now at risk? Wars: Nort ...

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Reconstruction from Hurricane Irma is the perfect project for both the World Bank and the AIIB

Global natural disasters occur several times per decade, and quite often the bill for recovery is left to charities, a handful of wealthy governments, or in some cases not at all.  But in the wake of Hurricane Irma, which has devastated far more countries in the Caribbean than it has cities and states on the U.S. mainland, perhaps the perfect agencies to assist in their rebuilding are the World Bank and the ...

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Clueless Draghi leaves rates the same while hinting that QE may continue on indefinitely

The fall of the U.S. dollar since the beginning of the year has suddenly left ECB head Mario Draghi to have no answer to the rising strength of the Euro currency.  And as such on Sept. 7, the man who introduced negative interests to the Western financial system is now backtracking on his promise to start downsizing the central bank's balance sheet, and hinted earlier today that bond buying may continue on i ...

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Hurricane Irma could reach levels not seen on the U.S. coastline since the benchmark storm of Labor Day 1935

The U.S. is just starting to get over the catastrophic effects of Hurricane Harvey when a new and even more terrifying storm is scheduled to hit the Florida coastline within the next few days.  And with winds already touching 185 miles per hour as it tears through islands in the Caribbean on its way to the American coastline, one meteorologist sees this storm potentially reaching levels that equal or surpas ...

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