Russia-China bond market play could kick-start new dollarless financial system

RT – December 4, 2017

The Moscow stock exchange will soon issue nearly $1 billion-worth of yuan-denominated bonds. It could become the start of a new financial system not based on the US dollar, analysts say.

Russia will issue the 6 billion yuan (about $900 million) bonds with a five-year maturity in December or January. The Central Bank says it is testing the water for future investments.

Such steps will make it possible to remove the dollar from mutual settlements and use only yuan and rubles (mostly yuan for the moment) in the mid-term, if more specialists from the Russian financial sector work in this direction,” Gleb Zadoya, Head of Analytics at Analitika Online told RT.

Russian bonds in yuan could be interesting for the Chinese, as China has trillions of dollars of excessive liquidity, as well as hundreds of thousands of new investors who are interested in trying new markets, the analyst said.

https://www.rt.com

The robots are coming! Technology could replace up to 800mn jobs by 2030, study says

RT – November 30, 2017

All the effort you put into studying at university may not have been enough – because robots could be coming for your job. A new study found that as many as 800 million workers could be replaced by technology by 2030.

The study from the McKinsey Global Institute, the research arm of the economic think tank McKinsey & Company, estimates that “between 400 million and 800 million individuals could be displaced by automation and need to find new jobs by 2030 around the world.” It estimates that between zero and 30 percent of the hours currently worked globally could be automated by that time.

Those most affected will be people who work in “predictable environments” doing tasks such as operating machinery and preparing fast food. Those who make a living collecting and processing data also face a high risk of being rendered redundant by technology.

https://www.rt.com

Goodbye American Dream: The Average U.S. Household Is $137,063 In Debt, And 38.4% Of Millennials Live With Their Parents

Michael Snyder – November 21, 2017

Once upon a time the United States had the largest and most vibrant middle class in the history of the world, but now the middle class is steadily being eroded.  The middle class became a minority of the population for the first time ever in 2015, and just recently I wrote about a new survey that showed that 78 percent of all full-time workers in the United States live paycheck to paycheck at least part of the time.  But most people still want to live the American Dream, and so they are going into tremendous amounts of debt in a desperate attempt to live that kind of a lifestyle.

According to the Federal Reserve, the average U.S. household is now $137,063 in debt, and that figure is more than double the median household income…

The average American household carries $137,063 in debt, according to the Federal Reserve’s latest numbers.

Yet the U.S. Census Bureau reports that the median household income was just $59,039 last year, suggesting that many Americans are living beyond their means.

As a nation, we are completely and utterly drowning in debt.  U.S. consumers are now nearly 13 trillion dollars in debt overall, and many will literally spend the rest of their lives making debt payments.

http://theeconomiccollapseblog.com

Comment: John Durrad http://www.setapartbytruth.org

It Is very difficult to understand these figures that are so immense and continuing to grow. If an individual has a debt then over time that debt should get smaller until it is paid off. Otherwise that individual faces court action and loss of everything, even a prison sentence. The Bible gives some simple advice.

“Then she came and told the man of God. And he said, go, sell the oil, and pay the debt, and live thou and thy children of the rest.” 2 Kings 4:7

It just doesn’t seem possible though that people are able to live within their means. It is a shame that even in our developed nations young people are finding it increasingly difficult to buy or rent homes, having to stay with their parents for a lot longer that should be necessary.
Perhaps it would be better to wipe out all debts and start again. It will happen, but we will need God’s help to implement it.

“And forgive us our debts, and we forgive our debtors.” Matt 6:12

Thanksgiving help for the homeless: ‘We haven’t seen numbers like this since the Great Depression’

LA Times – November 23, 2017

Thanksgiving meals will be served to thousands of homeless and near-homeless individuals today on Skid Row and in Pasadena and Canoga Park amid calls for donations and volunteers for the rest of the year.

The Midnight Mission will serve Thanksgiving brunch to nearly 2,500 homeless and near-homeless men, women and children, according to Georgia Berkovich, its director of public affairs.

Scheduled volunteer servers include gubernatorial candidate and former Los Angeles Mayor Antonio Villaraigosa, entertainer Dick Van Dyke and actress Nicolette Sheridan.

The Midnight Mission is seeking donations of $5 to $10 to help it cover the costs of the meals. Donations can be made by texting “Meals” to 71777, Berkovich said. The mission serves meals seven days a week, distributes hygiene kits after its meal service and conducts drives for food and clothing to distribute to its guests.

Berkovich said the group has been serving nearly 1 million meals a year each year since 2013.

“We haven’t seen numbers like this since the Great Depression,” she said.

http://www.latimes.com

 

Geopolitical Tsunami: Pax Americana, Petrodollar, & The Coming Crisis In The Gulf

Tyler Durden – 11, 2017

It’s easy to get lost in all things Middle East, especially concerning the chaotic events that unfolded over the weekend in Lebanon and Saudi Arabia.

Three days after the most stunning purge in recent Saudi history – which was really a countercoup, that led to the arrest of dozen of Saudi Arabian royals, ministers and businessmen to further the control of the Kingdom – Saudi Arabia called Yemen’s missile launch on Riyadh an ‘act of war’ by Iran, and also played victim by saying Lebanon has declared war against the Kingdom.

How to make sense of this all? 

An author on twitter by the handle Black Pigeon Speaks beautifully outlines today’s events in an easy to understand video titled: PAX AMERICANA, PetroDollar & the Coming CRISIS in the GULF… 

The author of the video focuses on the Middle East and says a perfect storm is gathering upon the horizon, as the whole world is changing and the only way to change it for the better is to understand the world around you.

http://www.zerohedge.com

Toxic algae: Once a nuisance, now a severe nationwide threat

JOHN FLESHER and ANGELIKI KASTANIS – November 15, 2017

MONROE, Mich. (AP) — Competing in a bass fishing tournament two years ago, Todd Steele cast his rod from his 21-foot motorboat — unaware that he was being poisoned.

A thick, green scum coated western Lake Erie. And Steele, a semipro angler, was sickened by it.

Driving home to Port Huron, Michigan, he felt lightheaded, nauseous. By the next morning he was too dizzy to stand, his overheated body covered with painful hives. Hospital tests blamed toxic algae, a rising threat to U.S. waters.

“It attacked my immune system and shut down my body’s ability to sweat,” Steele said. “If I wasn’t a healthy 51-year-old and had some type of medical condition, it could have killed me.”

He recovered, but Lake Erie hasn’t. Nor have other waterways choked with algae that’s sickening people, killing animals and hammering the economy. The scourge is escalating from occasional nuisance to severe, widespread hazard, overwhelming government efforts to curb a leading cause: fertilizer runoff from farms.

https://apnews.com

EU Plan Lets Banks Take Deposits in Crisis

TruNews – November 15, 2017

The European Central Bank has unveiled a new set of banking plans that will allow failing banks to freeze their deposits in the event of an economic catastrophe to prevent further bank failures.

Called a “moratorium tool,” the freeze would be temporary and would affect all of a bank’s liabilities, including cash deposits, meaning people with bank accounts would not be able to access their own money until the freeze is lifted. The idea is to prevent a “bank run” if a financial institution is determined to be “failing or likely to fail.”

The move suggests Europe is anticipating some kind of economic calamity they haven’t yet made public. In 2008, the global recession and subsequent loss of both investors and depositors led to the failure of a number of large bank corporations. While most countries in the EU seem to support the plan, the Bank of England is adamantly opposed, saying the plan itself could lead to financial instability.

https://www.trunews.com

Venezuela just defaulted, moving deeper into crisis

Patrick Gillespie – November 14, 2017

Venezuela, a nation spiraling into a humanitarian crisis, has missed a debt payment. It could soon face grim consequences.

The South American country defaulted on its debt, according to a statement issued Monday night by S&P Global Ratings. The agency said the 30-day grace period had expired for a payment that was due in October.

A debt default risks setting off a dangerous series of events that could exacerbate Venezuela’s food and medical shortages.

If enough holders of a particular bond demand full and immediate repayment, it can prompt investors across all Venezuelan bonds to demand the same thing. Since Venezuela doesn’t have the money to pay all its bondholders right now, investors would then be entitled to seize the country’s assets — primarily barrels of oil — outside its borders.

http://money.cnn.com

Will America’s Prosperity Be Completely Wiped Out By Our Growing Debt?

Michael Snyder – October 29, 2017

The federal government is now 20.4 trillion dollars in debt, and most Americans don’t seem to care that the economic prosperity that we are enjoying today could be completely destroyed by our exploding national debt.  Over the past decade, the national debt has been growing at a rate of more than 100 million dollars an hour, and this is a debt that all of us owe.  When you break it down, each American citizen’s share of the debt is more than $60,000, and so if you have a family of five your share is more than $300,000.  And when you throw in more than 6 trillion dollars of corporate debt and nearly 13 trillion dollars of consumer debt, it is not inaccurate to say that we are facing a crisis of unprecedented magnitude.

Debt cannot grow much faster than GDP indefinitely.  At some point the bubble bursts, and when it does the pain that the middle class is going to experience is going to be off the charts.  Back in 2015, the middle class in the U.S. became a minority of the population for the first time ever.  Never before in our history has the middle class accounted for less than 50 percent of the population, and all over the country formerly middle class families are under a great deal of stress as they attempt to make ends meet.

http://theeconomiccollapseblog.com

Euro Battered Amid Turmoil in Catalonia, Continued ECB Stimulus

Sputnik News – October 29. 2017

Kristian Rouz – Political turmoil in Spain has produced significant economic risks in the Eurozone, rendering the European Central Bank (ECB) dovish on policy. The ongoing standoff over the proposed independence of Catalonia has affected business confidence and investor sentiment across the single-currency bloc.

Subsequently, the ECB last week abandoned its earlier plans to start wrapping-up its bond purchases and start preparing for a rate hike. As the ultra-loose monetary policies remain in place, and the uncertainty in Catalonia calls the Eurozone’s unity into question yet again, the common currency posted its worst week this year thus far, dropping against the basket of its peers.

The political turmoil in Catalonia hit its boiling point Friday, when the Catalan parliament declared independence following a secret vote, with the Spanish cabinet reacting by formally removing the region’s government and setting a new election for 21 December.

https://sputniknews.com