What Is a ‘Bitcoin’?


Posted on 10th November 2015 by Administrator in Economy

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Guest Post by Hugo Salinas Price

A “Bitcoin” is a molecular magnetic field on a computer memory. The “Bitcoin System” allows a person to purchase one or more Bitcoins for fiat money and to move the purchased Bitcoins around the world, from one computer to another, free of interference by any governmental agency and independent of all banking systems.

Those who promote the Bitcoin System sing the Bitcoin’s praises as being a money that is free of any interference or influence by any government agency or monetary authority, and the owner’s Bitcoin property is known to no one but the owner. Secrecy and privacy are the Bitcoin’s great merits.

To enhance the desirability of the Bitcoin, its promoters have engaged in fraudulent advertising. They present the totally imaginary Bitcoin on the Internet as a pile of shiny gold-colored coins labeled “Bitcoin”.

The deception is calculated to have prospective buyers of Bitcoins and actual “owners” of Bitcoin balances think of these brassy, gold-colored coins when dealing in Bitcoins, thus confusing them with images of non-existent coins. The promoters want the public to associate the imaginary digital Bitcons with something tangible. This is most certainly fraudulent advertising.


Another Phony Payroll Jobs Number


Posted on 7th November 2015 by Administrator in Economy

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Guest Post by Paul Craig Roberts

The Bureau of Labor Statistics announced yesterday that the US economy created 271,000 jobs in October, a number substantially in excess of the expected 175,000 to 190,000 jobs. The unexpected job gain has dropped the unemployment rate to 5 percent. These two numbers will be the focus of the financial media presstitutes.

What is wrong with these numbers? Just about everything. First of all, 145,000 of the jobs, or 54%, are jobs arbitrarily added to the number by the birth-death model. The birth-death model provides an estimate of the net amount of unreported jobs lost to business closings and the unreported jobs created by new business openings. The model is based on a normally functioning economy unlike the one of the past seven years and thus overestimates the number of jobs from new business and underestimates the losses from closures. If we eliminate the birth-death model’s contribution, new jobs were 126,000.

Next, consider who got the 271,000 reported jobs. According to the Bureau of Labor Statistics, all of the new jobs plus some—378,000—went to those 55 years of age and older. However, males in the prime working age, 25 to 54 years of age, lost 119,000 jobs. What seems to have happened is that full time jobs were replaced with part time jobs for retirees. Multiple job holders increased by 109,000 in October, an indication that people who lost full time jobs had to take two or more part time jobs in order to make ends meet.




Posted on 5th November 2015 by Administrator in Economy

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Isn’t it interesting the mainstream media makes barely a peep about the ongoing and worsening Obamacare debacle. Healthcare premiums, co-pays and deductibles are soaring, while doctor and plan choices contract to a minuscule level. Recent surveys reveal the hardship being inflicted upon families across the nation. Those who are willfully baffled by the lack of consumer spending need look no further than Obamacare and its impact on the budgets of hard working Americans.

According to a survey by LIMRA, an insurance and financial services trade association, six in 10 workers agreed that the rising cost of health insurance directly affects how much they set aside in their workplace retirement savings plan. Employees are being forced to cut back on their retirement savings in order to meet the skyrocketing cost of their health insurance. Based on the numbers being bandied about by the Kaiser Family Foundation, it seems average families will soon have to decide between food and healthcare. Remember Obama’s quotes in 2008- 2009 when he was selling this bloated pig of a plan to you?

“We will start by reducing premiums by as much as $2,500 per family.”

“If you like the plan you have, you can keep it. If you like the doctor you have, you can keep your doctor, too. The only change you’ll see are falling costs as our reforms take hold.”

Millions of people have been kicked out of their existing health plans and have seen their premiums and deductibles go up by double digits. Small business owners are being forced out of business. And now the fines, mandates, and taxes really begin to kick in. At least median household real wages are lower than they were in 1989. According to the Kaiser Family Foundation:




Posted on 4th November 2015 by Administrator in Economy

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There were a few different stories coming out over the last few days that reveal the true nature of government and the apparatchiks who use disinformation, devious machinations, fraudulent accounting, and taxpayer money to cover up their criminality, lies, and the true state of the American economy. The use of government accounting tricks to obscure the truth about our dire financial straits is designed to keep the masses sedated and confused.

A few weeks ago, to great fanfare from the fawning faux journalists who never question any Washington D.C. propaganda, they announced the lowest annual deficit of Obama’s reign of error.

For the fiscal year that ended Sept. 30 the shortfall was $439 billion, a decrease of 9%, or $44 billion, from last year. The deficit is the smallest of Barack Obama’s presidency and the lowest since 2007 in both dollar terms and as a percentage of gross domestic product.

Jack Lew, the Treasury Secretary, and Obama were ecstatic as they boasted about this tremendous accomplishment. I find it disgusting that our leaders hail a $439 billion deficit as a feather in their cap, when until the mid-2000’s the country had never had an annual deficit above $300 billion. After 183 years as a country, the entire national debt was only $427 billion in 1972. Now our beloved leaders cheer annual deficits above that figure. What a warped, deformed, dysfunctional nation we’ve become.


Everyone Is Asking: “If Chinese Consumption Is Rising, Why Are Its Malls Empty?” – Here Is The Answer


Posted on 26th October 2015 by Administrator in Economy

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Tyler Durden's picture

With China’s official headline GDP number printing at decade lows, the positive spin on the increasingly negative data out of China has been that this is all a part of China’s transition from an export-oriented to a consumption economy. However, there is a problem with this narrative: malls and shopping centers in China have been, and remain, increasingly empty suggesting that the narrative of the  resurgent Chinese consumer – especially in the aftermath of the biggest stock market bubble burst since 2008 – is greatly exaggerated.

Case in point: Reuters asks this morning if why are malls closing if consumption is rising?

Specifically, it looks at the Di Mei shopping center in downtown Shanghai which it finds “a surprisingly depressing place to shop.”

The underground mall is located in one of the most shopping-mad cities in China, and yet it is run down and starved of customers.


“Sometimes I cannot sell even one dress in a day,” said dress shop owner Ms Xu, who rents a space in Di Mei.


Rising vacancy rates and plummeting rents are increasingly common in Chinese malls and department stores, despite official data showing a sharp rebound in retail sales that helped the world’s second-largest economy beat expectations in the third quarter.

It sure makes one wonder just how credible China’s retail sales “data” are, especially since the government is far less willing to provide official commercial vacancy rates: “As growth in retail sales slows because of the country’s lower GDP growth, and in cities where mall space is abundant, vacancy rates have risen substantially,” said Moody’s analyst Marie Lam in a research note.


How The U.S. Government “Covers Up” 72% Inflation Before Your Very Eyes


Posted on 24th October 2015 by Administrator in Economy

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Tyler Durden's picture

Dear Bureau of Labor Statistics: please pay careful attention to this case study of how your CPI “inflation” gauge, hedonically, seasonally-adjusted or otherwise, is completely inaccurate, and how what you record as 0% inflation is really 72%.

As Consumerist points out, for the latest example of “stealth inflation” we go to Sodastream, where as part of a redesign of its proprietary line of flavoring syrups which “cost the same” the actual bottle contents are now not only smaller but also diluted.

“How much smaller? The old version made 50 servings of flavored drink, and the new versions make only 29. Why 29? Why not 30? Such are the mysteries of the Grocery Shrink Ray.”

Consumerist shows that “the new bottles are somehow taller even though they’re smaller. On the positive side, they no longer look like petite laundry detergent bottles.”




Posted on 22nd October 2015 by Administrator in Economy

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It seems the NAR goes to the BLS school of reporting fake numbers. Sales didn’t really plunge by 6.5% in September, once you adjust them in your excel spreadsheet. They soared!!!

Same shit, different day.

So it goes.



Posted on 21st October 2015 by Administrator in Economy

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ITT Educational Services is just another taxpayer scam. Corinthian, University of Phoenix, DeVry, and every other for profit college that spend more on advertising than the annual revenue of Ivy League business schools are nothing but government enriched phony educational fronts. The billions of loans doled out to “students” by our beloved Obama haven’t made anyone smarter. Most of this money has been absconded by these fake colleges and the fake students who pretend to go there.

WTF? Over 52% of all the students who enroll in these clown colleges drop out within one year. The graduation rates are about 20% and the number of graduates who get a job in their field of study is about 2%. Where does the money go. No one seems to know, because that isn’t the point. Obama is perfectly fine with these fake students using the money to prop up the economy by buying iGadgets and burritos. It’s all good. When the government declares each of these “colleges” to be a fraud, they’ll relieve all the fake students of their debt.

That means they’ll write off hundreds of billions and hand you the bill. Isn’t Obama’s ‘Murica great?

Via Marketwatch

The government is cracking down on funding for a major for-profit college chain


ITT Educational Services headquarters.

ITT Educational Services is facing new restrictions on its financial aid funding from the Department of Education.

The Department sent a letter to ITT’s chief executive, Kevin Modany, on Monday, outlining tightened financial controls on the company. The new restrictions are a response to ITT’s “failure” to meet its “fiduciary obligations” to the Department since the 2009 to 2010 financial aid award year, Michael Frola, the director of the Department’s multi-regional and foreign school participation division, wrote in the letter.

Under the new restrictions for ITT ESI, -5.21% it will be required to prove to the Department that a student actually began attending classes before the company can disperse the aid to the student. Typically, schools are allowed to disburse financial aid up to 10 days before the first day of classes. The company will also face additional reporting requirements on its enrollment and disbursement of financial aid.

Since the 2009 to 2010 financial aid award year, ITT has struggled to reconcile the amount of financial aid money it pulled from the Department with the charges students actually incurred, according to the Department’s letter. The discrepancy could be an indication that a large number of students withdrew from the school after ITT had already tapped the financial aid dollars dedicated to the students, said Elizabeth Baylor, the director of post-secondary education at the Center for American Progress, a left-leaning think tank.

When Baylor worked as a staffer on the Senate’s Health, Education, Labor and Pensions committee, she said her team found that of ITT students who enrolled during the 2008 to 2009 academic year, 52% had withdrawn one year later. The average withdrawal rate for students at for-profit colleges was 54.5% that year. ITT was “falling down on its fiscal responsibility” because it was unable to even identify how quickly its own students were withdrawing, Baylor said. “That in and of itself is a huge cause for concern.”


Was Mercer An ISIS Plant?


Posted on 5th October 2015 by Administrator in Economy

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Why did CNN attempt to turn a black man into a white man? Curious minds want to know.

Guest Post by Karl Denninger

Things get more curious by the day…

First, there has been floating around for the last few days a report that the shooter in Oregon was on a Russian Terror Watchlist — one that that Obama administration refused to consider.  All the sources on this point to a somewhat-sketchy European point of origin, but it definitely bears watching.

Then there is the “curious” CNN whitewash of the shooter’s face.  The shooter was clearly a black man and yet CNN did severe violence to his complexion, whitening it to look like a white guy who had never seen the outdoors!  In the process, however, the managed to delete the moles on his face, which gave away their deception since the image that they used as a source with the background intact (and thus easily compared) is still around.  Why, CNN, did you attempt to change the apparent race of the shooter?

Third, if this man was indeed not crazy but instead an ISIS/ISIL/MuzzieNutjob or both then that destroys the narrative being pressed by Obama (and now Hitlery too) on gun control, doesn’t it?  Never mind that Hitlery’s “forefront charge”, she claims, is facially bankrupt.  She has said she wants “100% background checks at gun shows” and has promised to do so via “executive action” should she be elected.  Well, Oregon already has that via state law.  It did nothing to change outcomes, did it?

I remind everyone that virtually every mass-shooting, with a couple of exceptions over the last two decades, has taken place in a so-called “gun free” zone.




Posted on 1st October 2015 by Administrator in Economy |Politics |Social Issues

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A Ghanaian immigrant defrauding the U.S. taxpayer of $3.6 million warms the cockles of my heart. This is Obama’s most successful program. Who else could increase the number of SNAP recipients by 12 million AFTER the recession was officially over? The government drones running this corrupt program don’t give a shit about fraud. It is all about getting votes for Democrats. 

Do you realize how many people had to be involved in this fraud to reach $3.6 million? The people giving away their cards at a discount for cash are then using the cash to buy cigarettes, booze and drugs. So they are guilty of fraud too. You can bet the clueless government drones running the SNAP program did not uncover this. It was probably a citizen who observed what was happening.

Every government program is racked by rampant fraud, malfeasance, waste, corruption, and ineptitude. And the willfully ignorant masses want them to run more of our lives.

Let’s bring in another 100,000 muslim refugees per year to keep the SNAP program growing.

By the looks of that fat ass bitch, she certainly ate well off those foodstamps.

A US Based Ghanaian Woman-Vida Ofori Causey Pleads Guilty to $3.6 Million Fraud | You Won’t Believe What She Did

Vida Ofori Causey

Trust certain Ghanaians to take their ‘shenaniganism’ to the backyards of whoever opens his country for them and while at it, they are sure to make global headlines with their ‘get rich schemes.’

A Ghanaian based in Worcester, USA has pleaded guilty to $3.6 million fraud after she was busted for screwing the United States food stamp benefit system, which is to help support people of low income.

Vida Ofori Causey, 45, pleaded guilty to “federal court charges in connection to the theft of $3.6 million in food stamp benefits after she allegedly created numerous bank accounts and bought benefits from eligible people for less than full value,” reports Masslive.Com.




Posted on 25th September 2015 by Administrator in Economy |Politics |Social Issues


Via Knuckledraggin

The Smoking Gun


Posted on 20th September 2015 by Administrator in Economy |Politics |Social Issues

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Guest Post by Karl Denninger

I have written a number of articles related to various violent rage-monster style attacks over the years in this column; Newtown, Aurora Colorado and others.  These attacks, including others such as the infamous Columbine High School shoot-em-up-fest, have a common pair of thematic elements:

  • The assailants were all late adolescents or young adults.and
  • They were all taking, or were just taking, a particular type of anti-depressant called an SSRI.

Correlation is not causation and the plural of anecdote is not data.  However, the lack of such rage-monster incidents among other age groups, when these drugs are prescribed across the spectrum of ages, is extremely curious — and troubling.

Now we have data, in the form of two studies. The first deals with an infamous Glaxo study known as “329”, which was related to the drug Paxil; the US brought criminal charges against GSK and ultimately a $3 billion fine for its marketing of the drug to children and adolescents — an “off-label” use that cannot be marketed under US law and which GSK claimed was supported by “remarkable efficacy and safety” demonstrated by this particular study.

The problem lies in what was found when the study data was re-analyzed — specifically:

But according to the RIAT team, the effect of paroxetine was not significantly different from placebo for any prespecified primary or secondary outcome measure.

In other words the drug did not work.

But it gets worse:

In the CSR, serious adverse events (defined as an event that “resulted in hospitalization, was associated with suicidal gestures, or was described by the treating physician as serious”) were reported in 11 patients in the paroxetine group, five in the imipramine group, and two in the placebo group.

In other words the rate of serious adverse events including suicidal gestures was more than five times higher in the group receiving the drug than those receiving placebo — on a drug that didn’t work.