Dec 292014
 
Published on Dec 28, 2014 Gerald Celente, Publisher of the Trends Journal, says, “All it takes is a shock wave to end the game. You don’t know where it’s going to come from, but the stage is being set for a shock wave. . . . On one end, they can keep the interest rates low. On another end, they can even invent another quantitative easing (money printing) scheme. But on the bigger end, you have volatility in the world commodity markets and geopolitics that could end this scam in a second. . . . All the pieces keep adding up into a very serious economic and geopolitical game changer for 2015.” On war, Celente says, “It’s getting so easy to take the people to war. . . . Hatred is very easy to build between and among nations. So, I believe as these economic house of cards continue to collapse, they will get the people’s mind off it in a snap by getting us into more war. As I say, when all else fails, they take you to war because you can see the path. Go back to the crash of 1929, recession: depression, currency war, trade war then world war. Sound familiar? Join Greg Hunter as he goes One-on-One with top trends forecaster, Gerald Celente, as he gives his 2015 forecast. http://usawatchdog.com/2015-forecast-… Share this:FacebookLinkedInTwitterGoogleTumblrPinterestReddit (more…)
Oct 242014
 
Credit Suisse study shows inequality accelerating, with NGOs saying it shows economic recovery ‘skewed towards wealthy’ http://www.theguardian.com/business/2014/oct/14/richest-1percent-half-global-wealth-credit-suisse-report   A model on a luxury yacht at a boat show in the port of Dalian. China now has more people in the top 10% of global wealth holders than any other country. Photograph: Johannes Eisele/AFP/Getty Images The richest 1% of the world’s population are getting wealthier, owning more than 48% of global wealth, according to a report published on Tuesday which warned growing inequality could be a trigger for recession. According to the Credit Suisse global wealth report (pdf), a person needs just $3,650 – including the value of equity in their home – to be among the wealthiest half of world citizens. However, more than $77,000 is required to be a member of the top 10% of global wealth holders, and $798,000 to belong to the top 1%. “Taken together, the bottom half of the global population own less than 1% of total wealth. In sharp contrast, the richest decile hold 87% of the world’s wealth, and the top percentile alone account for 48.2% of global assets,” said the annual report, now in its fifth year. The report, which calculates that total global wealth has grown to a new record – $263tn, more than twice the $117tn calculated for 2000 – found that the UK was the only country in the G7 to have recorded rising inequality in the 21st century. Its findings were seized upon by anti-poverty campaigners Oxfam whichpublished research at the start of the year showing that the richest 85 people across the globe share a combined wealth of £1tn, as much as the poorest 3.5 billion of the world’s population. “These figures give more evidence that inequality is extreme and growing, and that economic recovery following the financial crisis has been skewed in favour of the wealthiest. In poor countries, rising inequality means the difference between children getting the chance to go to school and sick people getting life saving medicines,” said Oxfam’s head of inequality Emma Seery. “In the UK, successive governments have failed to get to grips with rising inequality. This report shows that those least able to afford it have paid the price of the financial crisis whilst more wealth has flooded into the coffers of the very richest.” The $20.1tn rise in global wealth over the past year is the largest recorded since (more…)
Oct 162014
 
Pepe Escobar is the roving correspondent for Asia Times/Hong Kong, an analyst for RT and TomDispatch, and a frequent contributor to websites and radio shows ranging from the US to East Asia.short URL Published time: October 15, 2014 11:52 http://rt.com/op-edge/196148-saudiarabia-oil-russia-economic-confrontation/ A fisherman pulls in his net as an oil tanker is seen at the port in the northwestern city of Duba.(Reuters / Mohamed Al Hwaity) Rosneft Vice President Mikhail Leontyev: “Prices can be manipulative …Saudi Arabia has begun making big discounts on oil. This is political manipulation, Arabis is being manipulated, which could end badly.” A correction is in order; the Saudis are not being manipulated. What the House of Saud is launching is“Tomahawks of spin,” insisting they’re OK with oil at $90 a barrel; also at $80 for the next two years; and even at $50 to $60 for Asian and North American clients. The fact is Brent crude had already fallen to below $90 a barrel because China – and Asia as a whole – was already slowing down economically, although to a lesser degree compared to the West. Production, though, remained high – especially by Saudi Arabia and Kuwait – even with very little Libyan and Syrian oil on the market and with Iran forced to cut exports by a million barrels a day because of the US economic war, a.k.a. sanctions. The House of Saud is applying a highly predatory pricing strategy, which boils down to reducing market share of its competitors, in the middle- to long-term. At least in theory, this could make life miserable for a lot of players – from the US (energy development, fracking and deepwater drilling become unprofitable) to producers of heavy, sour crude such as Iran and Venezuela. Yet the key target, make no mistake, is Russia. A strategy that simultaneously hurts Iran, Iraq, Venezuela, Ecuador and Russia cannot escape the temptation of being regarded as an “Empire of Chaos” power play, as in Washington cutting a deal with Riyadh. A deal would imply bombing ISIS/ISIL/Daesh leader Caliph Ibrahim is just a prelude to bombing Bashar al-Assad’s forces; in exchange, the Saudis squeeze oil prices to hurt the enemies of the “Empire of Chaos.” Yet it’s way more complicated than that. Sticking it to Washington Russia’s state budget for 2015 requires oil at least at $100 a barrel. Still, the Kremlin is borrowing no more than $7 billion in 2015 from the usual “foreign investors”, plus $27.2 (more…)
Apr 062013
 
By Andre Damon 31 May 2011 The world economy faces the “looming risk of a collapse of the dollar,” together with the dangers of rising commodity prices, continued high unemployment and the risk of sovereign debt default, according to a report published last week by the United Nations. The report, a mid-year update to the 200-page conspectus of the world economy issued earlier this year, says that the precipitous fall of the dollar since the start of the new millennium portends the possibility of a destabilization and “crisis of confidence” of the world reserve currency. The risk of a dollar collapse is just one of the economic pitfalls outlined in the report. The report’s headline conclusion on economic growth, which is slightly improved from its earlier estimate, is overshadowed by the risks it outlines to every other aspect of the world economy—from rising food prices, falling living standards, the potential for sovereign debt defaults, and the destabilization of currency systems. The report also warns that rampant unemployment, particularly among young people, is likely to trigger political upheavals similar to those seen in Egypt and Tunisia. It notes that, at the end of 2009, “there were an estimated 81 million unemployed young people, and the rate of global youth unemployment stood at 13.0 percent, having increased by 0.9 percentage points from 2008.” It added, “Between 2007 and the end of 2009, at least 30 million jobs were lost worldwide as a result of the global financial crisis.” Thus, “The global economy will still need to create at least another 22 million new jobs in order to return to the pre-crisis level of global employment. At the current speed of the recovery, this would take at least five years.” Food and oil prices grew significantly faster than the UN had expected in its earlier report. Over the past year, food prices have shot up by 36 percent. Gas prices have gone up 60 percent in the past 6 months alone. The report notes that rising food and energy have greatly diminished the real incomes of the world’s poor. If prices continue to rise at their current levels, this “could push 64 million people below the poverty income threshold of $1.25 per person a day.” Likewise, the growth of food and energy prices at the present rate would significantly drag down economic activity. If prices continue to rise at their current level, this would, together (more…)