Financial Crisis

[midas]

Apart from computers and robots stealing jobs this is another “economic force “that will provide a downward pressure on wages and salaries.

93 Cents a Day eh ? Hardly the mortgage qualifying level of income is it? This is a lower level of wages than working in the warehouse at Amazon and that's saying something

Getting Paid 93 Cents a Day in America? Corporations Bring Back the 19th Century

http://www.alternet.org/story/155061/getting_paid_93_cents_a_day_in_america_corporations_bring_back_the_19th_century

Edited April 30, 2014 by midas

[SheungWan]

Apart from computers and robots stealing jobs this is another economic force that will provide a downward pressure on wages and salaries.

93 Cents a Day eh ? Hardly the mortgage qualifying level of income is it? This is a lower level of wages than working in the warehouse at Amazon and that's saying something

Getting Paid 93 Cents a Day in America? Corporations Bring Back the 19th Century

http://www.alternet.org/story/155061/getting_paid_93_cents_a_day_in_america_corporations_bring_back_the_19th_century

Bogus thread headline as it doesn't mention that the article refers to monies paid to prison inmates. Prisoners are always paid peppercorn wages.

[midas]

Apart from computers and robots stealing jobs this is another economic force that will provide a downward pressure on wages and salaries.

93 Cents a Day eh ? Hardly the mortgage qualifying level of income is it? This is a lower level of wages than working in the warehouse at Amazon and that's saying something

Getting Paid 93 Cents a Day in America? Corporations Bring Back the 19th Century

http://www.alternet.org/story/155061/getting_paid_93_cents_a_day_in_america_corporations_bring_back_the_19th_century

Bogus thread headline as it doesn't mention that the article refers to monies paid to prison inmates. Prisoners are always paid peppercorn wages.

Doesn't matter. The point is, these are privately run prisons, whose shareholders include banksters like Goldman Sachs at al. As long as a particular product or service is being provided at these peppercorn wages as you put it, this will deprive the private sector from being able to afford to pay their workers anything much higher.

[Naam]

adding to the global financial crisis are the price increases of mama noodles and lime in Thailand

[midas]

BoE won’t raise rates because UK economy hasn’t ‘recovered’ because debt has skyrocketed

Edited April 30, 2014 by midas

[mccw]

Biz indider reporting Q1 US GDP down to just 0.1% from 2.4% last Q4 and a big miss on the estimated 1.2%.

And this too from another article :

"

NEW YORK (Reuters) - Applications for U.S. home mortgages fell last week to their lowest level since December 2000 as both refinancing and purchase applications declined, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 5.9 percent to 333.2 in the week ended April 25. That was the lowest level since December 2000, the group said.

[mccw]

Speaking of lines Naam

I was reading the other day that the price of lines in UD has rocketed to over a dollar; a six fold increase in just a few months apparently.

[SheungWan]

Apart from computers and robots stealing jobs this is another economic force that will provide a downward pressure on wages and salaries.

93 Cents a Day eh ? Hardly the mortgage qualifying level of income is it? This is a lower level of wages than working in the warehouse at Amazon and that's saying something

Getting Paid 93 Cents a Day in America? Corporations Bring Back the 19th Century

http://www.alternet.org/story/155061/getting_paid_93_cents_a_day_in_america_corporations_bring_back_the_19th_century

Bogus thread headline as it doesn't mention that the article refers to monies paid to prison inmates. Prisoners are always paid peppercorn wages.

Doesn't matter. The point is, these are privately run prisons, whose shareholders include banksters like Goldman Sachs at al. As long as a particular product or service is being provided at these peppercorn wages as you put it, this will deprive the private sector from being able to afford to pay their workers anything much higher.

Oh yes and a good example would be road laying by the prison sector. Sure to bring the system down.

[Naam]

Speaking of lines Naam

I was reading the other day that the price of lines in UD has rocketed to over a dollar; a six fold increase in just a few months apparently.

"lines in UD"?

[mccw]

Typo ^ US / USA

(Fat thumb - d being next to S )

[mccw]

Not that anybody cares but personally if given the choice at a UK referendum:

I'd vote for hard labour for all prisoners; while the "benefits" bunch must do the still hard but slightly less hard labour than the prisoners.

Prisoners can chain gang building stuff.

Benefits can sweep & scrub the street

That sort of thing.

Maybe for "good behaviour" they can knitting granny's jumpers and socks to keep warm in winter coz the gas bills so high they can't turn hearing up no more. Plenty of useful stuff could be done with out taking jobs away- just make them do extra things which otherwise wouldn't get done

[mccw]

"""The April jobs report beat expectations today. U.S. companies added 288,000 nonfarm payrolls, which was much stronger than the 218,000 expected by economists.

The unemployment rate tumbled to 6.3% from 6.7% a month ago.

However, much of the change in the unemployment rate is due to labor force participation rate, which fell to 62.8% in April from 63.2% in March.

Bloomberg reports this matches the lowest level since 1978."""

From biz insider

So "unemployment" rate = 6....%

But the % population not in employment (unemployed in normal / non government specific language) is actually 36.8%

Hilarious

[midas]

"""The April jobs report beat expectations today. U.S. companies added 288,000 nonfarm payrolls, which was much stronger than the 218,000 expected by economists.

The unemployment rate tumbled to 6.3% from 6.7% a month ago.

However, much of the change in the unemployment rate is due to labor force participation rate, which fell to 62.8% in April from 63.2% in March.

Bloomberg reports this matches the lowest level since 1978."""

From biz insider

So "unemployment" rate = 6....%

But the % population not in employment (unemployed in normal / non government specific language) is actually 36.8%

Hilarious

Contrarian economist John Williams suggests the the government’s numbers are not even close. At his web site ShadowStats.com Williams calculates the rate of employment using the same methods that were used prior to 1994 when they were officially defined out of existence by bureaucrats looking to pad the numbers.

According to those numbers, we’re looking at an unemployment rate of over 23%.

http://www.shadowstats.com/

[SheungWan]

"""The April jobs report beat expectations today. U.S. companies added 288,000 nonfarm payrolls, which was much stronger than the 218,000 expected by economists.

The unemployment rate tumbled to 6.3% from 6.7% a month ago.

However, much of the change in the unemployment rate is due to labor force participation rate, which fell to 62.8% in April from 63.2% in March.

Bloomberg reports this matches the lowest level since 1978."""

From biz insider

So "unemployment" rate = 6....%

But the % population not in employment (unemployed in normal / non government specific language) is actually 36.8%

Hilarious

Contrarian economist John Williams suggests the the governments numbers are not even close. At his web site ShadowStats.com Williams calculates the rate of employment using the same methods that were used prior to 1994 when they were officially defined out of existence by bureaucrats looking to pad the numbers.

According to those numbers, were looking at an unemployment rate of over 23%.

http://www.shadowstats.com/

He won't be the first person living in the past.

[midas]

"""The April jobs report beat expectations today. U.S. companies added 288,000 nonfarm payrolls, which was much stronger than the 218,000 expected by economists.

The unemployment rate tumbled to 6.3% from 6.7% a month ago.

However, much of the change in the unemployment rate is due to labor force participation rate, which fell to 62.8% in April from 63.2% in March.

Bloomberg reports this matches the lowest level since 1978."""

From biz insider

So "unemployment" rate = 6....%

But the % population not in employment (unemployed in normal / non government specific language) is actually 36.8%

Hilarious

Contrarian economist John Williams suggests the the governments numbers are not even close. At his web site ShadowStats.com Williams calculates the rate of employment using the same methods that were used prior to 1994 when they were officially defined out of existence by bureaucrats looking to pad the numbers.

According to those numbers, were looking at an unemployment rate of over 23%.

http://www.shadowstats.com/

He won't be the first person living in the past.

there are nearly 102 million working age Americans that do not have a job right now. And 20 percent of all families in the United States do not have a single member that is employed.

http://theeconomiccollapseblog.com/archives/the-number-of-working-age-americans-without-a-job-has-risen-by-27-million-since-2000

[SheungWan]

"""The April jobs report beat expectations today. U.S. companies added 288,000 nonfarm payrolls, which was much stronger than the 218,000 expected by economists.

The unemployment rate tumbled to 6.3% from 6.7% a month ago.

However, much of the change in the unemployment rate is due to labor force participation rate, which fell to 62.8% in April from 63.2% in March.

Bloomberg reports this matches the lowest level since 1978."""

From biz insider

So "unemployment" rate = 6....%

But the % population not in employment (unemployed in normal / non government specific language) is actually 36.8%

Hilarious

Contrarian economist John Williams suggests the the governments numbers are not even close. At his web site ShadowStats.com Williams calculates the rate of employment using the same methods that were used prior to 1994 when they were officially defined out of existence by bureaucrats looking to pad the numbers.

According to those numbers, were looking at an unemployment rate of over 23%.

http://www.shadowstats.com/

He won't be the first person living in the past.

there are nearly 102 million working age Americans that do not have a job right now. And 20 percent of all families in the United States do not have a single member that is employed.

http://theeconomiccollapseblog.com/archives/the-number-of-working-age-americans-without-a-job-has-risen-by-27-million-since-2000

From a nutty website that carries adverts for 'Understanding The Financial Crisis Through Scripture' and flogging survivalist supplies for the coming economic collapse.

[midas]

the new normal

Homeless and working for Amazon: the trap of the seasonal job cycle

"They had this big hype that they were going to hire on and stuff and that didn't happen. They just worked you until the time was up and then they let everyone go," he says. According to him, about 50 other seasonal workers like him who were hired through Integrity Staffing Solutions – a staffing agency working with Amazon in Jeffersonville – were let go at the same time.

http://www.theguardian.com/money/2014/may/04/amazon-seasonal-work-homeless-jobs-unemployment

Edited May 7, 2014 by midas

[mccw]

Seasonal jobs are good. Normally the seasonal peeps get more than normal workers. And lots of people I know can work a seasonal job in UK or EU some place nice and then live/ travel in Asia during the off season. Or can switch between winter ski jobs in the mountains or summer bar jobs by the beaches. Nice to have flexibility for some.

[midas]

the audacity of these people is beyond belief

The Treasury select committee warned that allowing HM Revenue and Customs to remove cash from bank accounts without court orders is "very concerning" because of its history of mistakes.

The committee said that taxpayers could suffer “serious detriment” if officials are able, either by mistake or through an “abuse” of power, to take money from people who have done no wrong. (Other than perhaps vote for Labour in the last general election )

David Cameron: Taxes will rise unless we can raid bank accounts

http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/10819885/David-Cameron-Taxes-will-rise-unless-we-can-raid-bank-accounts.html

Edited May 12, 2014 by midas

[SheungWan]

David Cameron: Taxes will rise unless we can raid bank accounts

http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/10819885/David-Cameron-Taxes-will-rise-unless-we-can-raid-bank-accounts.html

This proposal relates to a defaulting taxpayer who has failed to act on four formal warnings requiring payment. Under discussion.

[mccw]

"""

International Monetary Fund chief Christine Lagarde warned in a German newspaper interview Monday that the Ukraine crisis could have "severe" economic consequences for other countries.

Lagarde also told the Handelsblatt business daily that a 17-billion-dollar aid package granted to Ukraine by the IMF would not be enough.

"The crisis in Ukraine is a danger which is very difficult to gauge (and) whose contagion risk for other countries can barely be predicted," she said.

"All the same, it can have severe economic consequences."

Lagarde will meet German Chancellor Angela Merkel in Berlin on Tuesday for annual talks, alongside the heads of the OECD, World Bank, World Trade Organisation and International Labour Organisation, on the global economic situation.

Asked where the biggest dangers lay, the IMF chief pointed to the turmoil in Ukraine having an impact on international trade, foreign direct investment, international capital flows and Europe's energy supply.

"Ukraine needs much more than 17 billion dollars. For example, bilateral help from abroad and financial help from other international financial institutions," Lagarde said, adding that the international community had no choice.

"We can't simply say the situation is too precarious, therefore we're not giving money at the moment."

""""

- from biz insider app

[mccw]

David Cameron: Taxes will rise unless we can raid bank accounts

http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/10819885/David-Cameron-Taxes-will-rise-unless-we-can-raid-bank-accounts.html

This proposal relates to a defaulting taxpayer who has failed to act on four formal warnings requiring payment. Under discussion.

So when the government is forced to announce the one time wealth tax, to bail in the banking system or national debt, they can just lift it legally out of everybody's accounts after a few letters. Or just freeze banks and forgo the letters due to the extraordinary circumstances.

[SheungWan]

David Cameron: Taxes will rise unless we can raid bank accounts

http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/10819885/David-Cameron-Taxes-will-rise-unless-we-can-raid-bank-accounts.html

This proposal relates to a defaulting taxpayer who has failed to act on four formal warnings requiring payment. Under discussion.

So when the government is forced to announce the one time wealth tax, to bail in the banking system or national debt, they can just lift it legally out of everybody's accounts after a few letters. Or just freeze banks and forgo the letters due to the extraordinary circumstances.

Or this. Or that. Or something else to worry about.

[mccw]

I'm not worried;

because I never keep more than 10k in a western bank account.

[midas]

David Cameron: Taxes will rise unless we can raid bank accounts

http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/10819885/David-Cameron-Taxes-will-rise-unless-we-can-raid-bank-accounts.html

This proposal relates to a defaulting taxpayer who has failed to act on four formal warnings requiring payment. Under discussion.

So when the government is forced to announce the one time wealth tax, to bail in the banking system or national debt, they can just lift it legally out of everybody's accounts after a few letters. Or just freeze banks and forgo the letters due to the extraordinary circumstances.

I'm just wondering if this could develop into a British version of the IRS scandal in USA where they deliberately targeted right wing voter groups? So this could turn into some kind of political retaliation. The reason this is dangerous because there doesn't appear to be any recourse or at least not without engaging lawyers which would hardly be cost-effective.

[jpinx]

David Cameron: Taxes will rise unless we can raid bank accounts

http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/10819885/David-Cameron-Taxes-will-rise-unless-we-can-raid-bank-accounts.html

This proposal relates to a defaulting taxpayer who has failed to act on four formal warnings requiring payment. Under discussion.

So when the government is forced to announce the one time wealth tax, to bail in the banking system or national debt, they can just lift it legally out of everybody's accounts after a few letters. Or just freeze banks and forgo the letters due to the extraordinary circumstances.

I'm just wondering if this could develop into a British version of the IRS scandal in USA where they deliberately targeted right wing voter groups? So this could turn into some kind of political retaliation. The reason this is dangerous because there doesn't appear to be any recourse or at least not without engaging lawyers which would hardly be cost-effective.

Maybe they will profile Scottish independence sympathy for "additional scrutiny"

[mccw]

Jo Biden, as in the VP of Amercias son, has been appointed to the board of Ukraine's largest gas company- funny that

[SheungWan]

David Cameron: Taxes will rise unless we can raid bank accounts

http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/10819885/David-Cameron-Taxes-will-rise-unless-we-can-raid-bank-accounts.html

This proposal relates to a defaulting taxpayer who has failed to act on four formal warnings requiring payment. Under discussion.

So when the government is forced to announce the one time wealth tax, to bail in the banking system or national debt, they can just lift it legally out of everybody's accounts after a few letters. Or just freeze banks and forgo the letters due to the extraordinary circumstances.

I'm just wondering if this could develop into a British version of the IRS scandal in USA where they deliberately targeted right wing voter groups? So this could turn into some kind of political retaliation. The reason this is dangerous because there doesn't appear to be any recourse or at least not without engaging lawyers which would hardly be cost-effective.

There are so many hours in the day to wonder about all sorts of things.

[mccw]

"""

Deutsche Bank plans to raise $11 billion in new capital, the Frankfurt-based megabank announced Sunday.

The funding round comes amid concerns about the firm's capital levels, the paper notes. As the FT's Alice Ross and Daniel Schäfer wrote a couple of weeks ago:

Deutsche is one of the least well capitalised banks among its peers and has faced pressure from investors in recent weeks to do more to plug its capital gap.

Executives have complained that the bank was unprepared for fresh regulations it will face this year. These include the European Banking Authority’s stress tests, which could see Deutsche ordered to raise more equity, as well as the possibility the European Central Bank will decide to impose tougher accounting standards on the lender.

Among the new stakeholders is the Qatari royal family, which kicked in $2.4 billion. The FT says the new round is at the high end of what analysts were expecting.""

- biz insider app

[mccw]

Great idea?

Start gambling with the pensions pot. Need to prop up the market do they?

Bellow extract from Reuters app

"""

TOKYO (Reuters) - Prime Minister Shinzo Abe is moving to shake up oversight of the world's largest pension fund, expanding the board and giving it new power to steer a shift out of Japanese government bonds and into higher-yielding assets, according to two people with direct knowledge of the matter.

Officials are considering a proposal to add two or three dedicated professional advisors to the committee that oversees investment at the $1.26 trillion Government Pension Investment Fund (GPIF). They would play a key role in reforming a fund that's bigger than the economic output of Mexico with the power to influence markets as Abe presses policies to spur growth.

The beefed-up GPIF committee could be given new, broader powers that would make it the final arbiter for how the Japanese pension fund invests its money, according to the people, who asked not to be named because the policy measures remain under discussion.

The existing investment committee comprises academics and economists, with a representative from Japan's trade union federation and one from the main business lobby. Its current role is restricted to advising the fund's president.

The proposed reforms would help shift GPIF towards riskier investments like stocks and away from low-yielding Japanese government bonds. Supporters of the reform say targeting higher returns would benefit future pension recipients in Japan's ageing population and drive economic growth.

"""