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Greece is given lifeline, but Sunday could be the end

greek flag

Greek ministers met with the EU, ECB and IMF leaders on Tuesday. The meeting resulted in a short-term loan to keep their banks afloat, but only until Sunday. Greece’s banks had almost completely run out of money. To help Greece survive until the meeting on Sunday, the European Central Bank (ECB) offered a small run of liquidity to Greek banks in trade for increased ...

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Suprise! San Francisco minimum wage hike causes food price hike

Chipotle

San Francisco implemented the first of several minimum wage hikes in May and a research firm has found evidence that it causes prices to rise to cover the cost – who’d a thunk? Liberals argue that raising the minimum wage is a “rising tide that lifts all boats” and that somehow, companies don’t need to increase prices just to pay ...

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Disrespect for Property at Heart of Global Debt Crisis

Europe-break-up1

In the aftermath of Greek voters’ overwhelming rejection of a deal with the European Central Bank, many options are being discussed to prevent the much discussed Grexit. Demonstrating that nothing is absolute in politics, especially when money is concerned, approximately a month will transpire before the actual repercussions of the vote are known, as European leaders must meet and discuss ...

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Greek Finance Minister gives resignation letter [full text]

Greek finance minister Yanis Varoufakis has, according to blog post with his name, resigned. After having kept a broke financial system working for months, Varoufakis submitted a letter saying that because his attendance at meetings with EU, IMF and ECB financiers had been viewed as objectionable, he is relinquishing his position. The referendum of 5th July will stay in history as ...

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Eurogeddon – Greece gives EU the one finger salute

Greek protester

The polls are in and Greece’s citizens have decided to reject the austerity measures required by European creditors to secure more credit. In a sort of nationalistic pride, the ‘no’ vote seems to have won as citizens agreed with Greek Prime Minister Tsipras that EU leaders were acting like terrorists. Citizens see the austerity measures as blackmail – forcing them ...

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June Unemployment = Cold Porridge

The Bureau of Labor Statistics released the monthly employment situation for June this morning and a mixed top line almost hides some really scary internals. The headline numbers were that June added 223k jobs which, by government counting standards, dropped the unemployment rate to 5.3%. Black unemployment still leads all other demographics at 9.5%. Some important revisions to the April and ...

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BLS June 2015 Employment Situation Report [Full Text]

Transmission of material in this release is embargoed until USDL-15-1274 8:30 a.m. (EDT) Thursday, July 2, 2015 THE EMPLOYMENT SITUATION — JUNE 2015 Total nonfarm payroll employment increased by 223,000 in June, and the unemployment rate declined to 5.3 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, health care, retail trade, ...

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The Big Squeeze – How Obama Killed the Middle Class

Wal-mart is no longer the only retailer full of cheap, poorly-made foreign goods, American cars are made in Mexico and middle-income earners are extinct. That’s the economy President Obama is setting up for the United States. Two major agenda items for the President will cause the collapse of the manufacturing and start-up sector. The trans-pacific partnership (TPP) and his new ...

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Greece collapse begins

greeks line up for ATMs

The PIGS (Portugal, Ireland, Greece and Spain) have been under scrutiny for months due to their unsupportable mountains of debt in comparison to their incomes – on Monday, Greece may be the first to go down. Despite Greek Priminister Tsipras’ plea for calm in this video: Greeks lined up to drain ATMs of every ounce of cash they contained.   Reports ...

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Do Capitalists Understand Basic Economics? Disney Doesn’t Appear To.

The American Chamber of Commerce and many domestic employers are letting all Americans down and negatively impacting our economy by firing domestic employees and hiring foreign replacements. They threaten their own future profits and business prospects as well as the nation’s welfare. The misuse of the H-1B visa program and other failings has for some time been used to get ...

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What We Need From Our Next President

As the pool of aspiring presidential candidates grows by the day, one can’t help but hope that the electorate’s appetite for economic improvement under a term or two of a new president will likewise increase. After eight years of burgeoning government hegemony, diminution of personal liberty, assault on the free enterprise system and middle class family incomes, the last thing ...

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Consider the Economic Situation We’re In

Some say another collapse is soon to come, others praise the approaching uptrend of commerce and opportunity, but the truth .. is about the situation we’re already in. The United States Federal Reserve sets monetary policy for the nation. They have  had interest rates at 0% for many years. The Fed has also been dumping a ton of cash into the ...

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Younger Worker Unemployment at 13.6% in May

The government came out with May jobs numbers that sounded amazing – but for whom? Generation Opportunity, a national, non-partisan youth advocacy organization, is announcing its Millennial Jobs Report for May 2015. The data is non-seasonally adjusted (NSA) and is specific to 18-29 year olds: The effective (U-6) unemployment rate for 18-29 year olds, which adjusts for labor force participation by ...

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The True U.S. Economy Most Ignore – Powerful Note from the Middle Class

The Wall Street Journal published a blog post entitled “A Letter to Stingy American Consumers” that was obviously a tongue-in-cheek poke at why consumer demand is so weak in the “recovery” that the fed and Obama officials pretend is happening. The post was truly sataristic in nature so no fault is placed on WSJ for the article, but it does point ...

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Lots of Weak Economic Data Today

The latest economic reports show a slowing in the U.S. economy that “experts” had failed to see coming. Today, the National Association of Realtors released their report on the sales of existing homes. The number of previously-owned homes that sold dropped 3.3% where analysts had expected a slight increase. Unemployment filings increased more than expected last week according to a report released ...

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