Economy

U.S. gasoline prices at seasonal four-year high ahead of midterm elections
Gas Prices
Reuters | NEW YORK (Reuters) - U.S. gasoline prices are sitting at four-year seasonal highs headed into the November midterm elections, even as President Donald Trump has called repeatedly for OPEC to push prices lower. While...
Europe Unveils "Special Purpose Vehicle" To Bypass SWIFT, Jeopardizing Dollar's Reserve Status
Federica Mogherini
ZeroHedge | In a stunning vote of "no confidence" in the US monopoly over global payment infrastructure, one month ago Germany’s foreign minister Heiko Maas called for the creation of a new payments system independent of the US...
'A public relations nightmare': Ticketmaster recruits pros for secret scalper program
CBC.ca | Box-office giant Ticketmaster is recruiting professional scalpers who cheat its own system to expand its resale business and squeeze more money out of fans, a CBC News/Toronto Star investigation reveals. In July, the...
40% Of Venezuela Stores Go Bust After 3,000% Minimum Wage Hike
ZeroHedge | The "dream" of socialism has once again collided with the realities of economics, after nearly 40% of stores in Venezuela have been forced to close following a mandated 3,000% increase in minimum wages by the Maduro...
Feds Collect Record Individual Income Taxes Through August; Still Run $898B Deficit
1040
CNSNews | (CNSNews.com) - The federal government collected a record $1,521,589,000,000 in individual income taxes through the first eleven months of fiscal 2018 (October 2017 through August 2018), according to the Monthly...
As Debt Rises, the Government Will Soon Spend More on Interest Than on the Military
CNBC | The federal government could soon pay more in interest on its debt than it spends on the military, Medicaid or children's programs. The run-up in borrowing costs is a one-two punch brought on by the need to finance a...
Walmart Warns It Will Be Forced To Raise Prices Due To Trade War
Walmart
ZeroHedge | One of the reasons why the US economic response to Trump's trade war with China had been lukewarm at best, is that US consumers had not been subject to any of the inflationary consequences of the escalating tariffs...
Alibaba's Jack Ma backs down from promise to Trump to bring 1 million jobs to the U.S.
Jack Ma
CNBC | Jack Ma, the founder and chairman of Chinese retail giant Alibaba, says that the company no longer plans to create one million jobs in the United States in the wake of ongoing trade conflict between the US and China. Ma...
Trump To Proceed With $200BN More In China Tariffs Despite Talks; Stocks Tumble
China
ZeroHedge | So much for the optimism that followed the WSJ report that the Trump administration is willing to offer China an olive branch in trade talks in hopes of avoiding further escalation (and which pushed the S&P back...
Trump reportedly wanted to raise the top income tax bracket to 44%, but Gary Cohn talked him out of it
Gary Cohn
BusinessInsider | President Donald Trump reportedly wanted to raise the top individual income tax bracket by more than four percentage points, but former National Economic Council Director Gary Cohn talked him out of it, according to...
Goldman's Bear Market Indicator Shows Crash Dead Ahead, Asks "Should We Be Worried?"
ZeroHedge | One year ago, we reported that in its attempt to calculate the likelihood, and timing, of the next bear market, Goldman Sachs created a proprietary "Bear Market Risk Indicator" which at the time had shot up to 67% - a...
FTC Releases Nearly 500 Pages of Material on Conflicts of Interest — and Redacts It All
FTC
TheIntercept | There are a lot of questions to be asked about Andrew Smith, who was recently installed to head the Federal Trade Commission’s Bureau of Consumer Protection. Given that Smith previously worked for four years at the law...
Top Student Loan Official Quits, Blames Trump; Warns "The System Is Rigged"
Student Loans
ZeroHedge | The top federal official overseeing the massive $1.5 trillion student loan market bubble resigned Monday, citing in a letter what he says is the Trump administration’s blatant disregard toward protecting the nations 44...
Small Business Ownership Among Black Americans Jumps 400% Since Trump's Election
ZeroHedge | As black unemployment remains at historic lows, The number of small businesses owned by African Americans in the United States has exploded by 400% year-over-year, according to a survey of more than 2,600 small business...
Goldman Bear-Market Risk Indicator at Highest Since 1969: Chart
Graph
Bloomberg | A Goldman Sachs Group Inc. indicator designed to provide a “reasonable signal for future bear-market risk” has risen to the highest in almost 50 years. The firm’s Bull/Bear Index, which is based on measures of equity...
Hong Kong Passes New York as Home to the Most Ultra-Rich People
Hong Kong
Bloomberg | New York has lost its crown as home to the most ultra-rich people, beaten out by the rising tide of extreme wealth in Asia. Hong Kong surpassed the Big Apple as the city with the highest population of people worth at...
Global finance 'as vulnerable' as in 2008: ex-ECB chief
Jean-Claude Trichet
AFP | Paris (AFP) - Too much debt has made the world's financial system as vulnerable as it was 10 years ago, Europe's top central banker during the 2008 global meltdown has warned as he looks back on the crisis. "There is...
Consumer spending increases strongly; inflation rising
CNBC | U.S. consumer spending increased solidly in July, pointing to strong economic growth early in the third quarter, while a measure of underlying inflation hit the Federal Reserve's 2 percent target for the third time...