Permalink Top 5 takeaways from Putin ahead of G20

US sanctions violate the very system they created. Sanctions levied against Russia are against the norms of international trade and the core principles of the G20, as they can only be introduced via the United Nations, Putin said. Sanctions are “against WTO principles and the General Agreement on Tariffs and Trade, the GATT. The United States itself created that organization at a certain point. Now it is crudely violating its principles,” Putin explained.
Interconnected economy: What hurts us hurts you Sanctions against Russia have targeted the finance, energy and weaponry sectors of the economy. Russia’s retaliatory sanctions to ban agricultural imports are having a colossal ripple effect on jobs, social sectors, and growth. This is especially pertinent to Europe, which is feeling the squeeze of the agricultural export ban to Russia, one its biggest markets. “Everyone must understand that the global economy and finance these days are exceptionally dependent on each other,” Putin said. Germany’s economic growth is an example of financial blowback from sanctions with Russia.

Stephen Lendman Putin: Sanctions Violate International Law
Itar-Tass: Putin: We are guided by interests rather than feelings in dealing with our partners


Permalink Matt Taibbi: JP Morgan Chase cost US taxpayers millions, had them pay for settlement - Video

“Ordinary people lost enormous amounts of money” when JP Morgan Chase sold millions in faulty loans – and taxpayers still paid a big chunk of its billion-dollar settlement with the government, investigative journalist Matt Taibbi told RT. In recent story published in Rolling Stone, Taibbi detailed how a former JP Morgan employee Alayne Fleischmann helped the Justice Department in its investigation against the bank. Eventually, a $9 billion settlement was reached. However, that agreement did not require the bank to admit guilt for fraud – and it all came about to keep the information Fleischmann divulged from surfacing. Speaking with Thom Hartmann on RT’s ‘The Big Picture’, Taibbi said that Fleischmann, a deal manager at the company, criticized JP Morgan’s banking practices when she realized that the normal procedures on due diligence and compliance on loans were not being handled in the usual way. These loans were to be packed into securities and re-sold to investors (pension funds, hedge funds, insurance companies), but the due diligence department wasn’t forthcoming with information, and deal managers were told not to send emails with their inquiries. As a result of JP Morgan’s decision to sell these loans despite knowing they were defective, Taibbi said Americans suffered dramatically.

Sputnik News: Financial Regulators Fine Major Banks for Manipulating Currency Markets


Permalink President Obama pushes for secretive trans-Pacific trade deal in China

President Barack Obama is again pushing international leaders to finalize the trans-Pacific trade deal between 12 countries that would eradicate tariffs and regulations, but critics say the secretive negotiations have been a boon only to corporations. Leaders of the countries negotiating the Trans-Pacific Partnership (TPP) deal at this week’s Asia Pacific Economic Cooperation (APEC) meetings have not set a timetable for settling the pact, but the Obama administration is optimistic that by end of his eight-day visit to Asia a deal can be reached. If finalized, it would eliminate tariffs on goods and services and change regulations for labor, government procurement, state-owned enterprises, intellectual property and environmental protections. The deal would also enhance the United States’ presence in Asia, something the White House has wanted to do ever since President Obama was first inaugurated.

PressTV: US promoting military agenda in Pacific: Dennis Etler
SputnikNews (RIA Novosti): Putin, Obama Spoke Several Times in Beijing, Discussed Bilateral Relations
Stephen Lendman Obama at APEC


Permalink Clashes, water cannon as 100,000+ march in Brussels against austerity (PHOTOS)

Violent clashes broke out in Belgium as more than 100,000 protesters marched in Brussels against the government’s austerity measures. Police deployed water cannon as dockworkers, metalworkers and students took to the streets. The violence flared up at the end of an otherwise peaceful protest, with tear gas deployed as some radical demonstrators hurled objects at riot police and launched attacks with the barriers against the officials. Some set off colored smoke flares. At least 14 people were taken to hospital following the violence, according to national daily HLN.be. The Belgian government which assumed power just a month ago has caused unrest with promises to raise the retirement age, cancel a wage rise in line with inflation and cut health and social security benefits - moves that undermine the country's welfare state. People supporting the march have said that the austerity cuts only target workers while unfairly letting businesses off the hook. The government is intending, through the cuts, to save some 11 billion euros ($13.8 billion). “The signal is clear. People are angry, livid. This government's policies are totally unbalanced,” ACV union chief Marc Leemans told Reuters.


Permalink Hypocrisy: EU seeks aid from WTO for Russian sanctions that hurt their economy

The most important thing to remember about economic sanctions is that they are used by a nation against another to achieve political, not financial goals. Thus America's use of sanctions on countries like Iraq, Iran, Syria, and now Russia are all intended to put pressures on those nations to force them to capitulate to U.S. will. But for the first time in decades, U.S. sanctions against another nation have been met with unforeseen consequences. And on Oct. 31, the victim of this collateral damage is choosing to not go after the originator of the economic 'weapons of mass destruction', but after the one country that the sanctions were intended to be primarily focused upon. In a formal complaint made on the last day of October to the World Trade Organization (WTO), the European Union is seeking assistance from the global institution to intervene against Russian tariffs placed upon EU products, and try to reverse the effects of retaliatory sanctions put upon them for standing with the U.S. in their proxy war against the Eurasian state.


Permalink France Just Fired The Guy In Charge Of Selling Warships To Russia

Tomas Hirst Last week, Dmitry Rogozin, Russia's deputy prime minister in charge of the defence industry and prominent nationalist, released a letter on Twitter purportedly from French arms industry company DCNS regarding the sale of the Mistral class ships. The letter states that the handover ceremony of the Vladivostok would take place on 14 November in Saint-Nazaire and includes:

• Signing of the transfer of ownership and delivery act.
• Hoisting of the Russian Federation colours.
• A military ceremony on the flight deck.

You might have thought that this would be the end of the saga. The invitation to the ceremony had gone out, and been made public. Yves Destefanis, a project director responsible for delivering the Mistral helicopter carrier to Russia, may even have had similar thoughts. Instead, Destefanis lost his job after Michel Sapin, the French Finance Minister, reasserted that the "conditions today have not been met to deliver the Mistral". So where are we now? Frankly, we have no idea. The EU and the US are going to continue to pressure France to hold onto the ships. France is going to continue to claim that it's allowed to sell them but do nothing about it. Russia is going to get increasingly angry that they've paid for them, are technically allowed to receive them and yet are having to view their ship from afar. And the Vladivostok is going to extend its quiet stay in Saint-Nazaire.


Permalink Report: 25% of wealthiest Russians are Jewish

According to [a] Russian website, 48 of top 200 Russian billionares are Jewish; Putin aide lashes out at ‘Nazi report.’ Close to one quarter of the 200 richest people in Russia are Jewish, according to a report by Russian banking website lanta.ru, which gives the 48 Jews on the list a combined net worth of $132.9 billion. The report also analyzed the nationality of each of the 200 billionaires, finding that just 89 – less than half – were ethnic Russians, even though they make up 81% percent of the population in Russia.

Permalink The Zombie System: How Capitalism Has Gone Off the Rails

Michael Sauga Six years after the Lehman disaster, the industrialized world is suffering from Japan Syndrome. Growth is minimal, another crash may be brewing and the gulf between rich and poor continues to widen. Can the global economy reinvent itself? || A new buzzword is circulating in the world's convention centers and auditoriums. It can be heard at the World Economic Forum in Davos, Switzerland, and at the annual meeting of the International Monetary Fund. Bankers sprinkle it into the presentations; politicians use it leave an impression on discussion panels. The buzzword is "inclusion" and it refers to a trait that Western industrialized nations seem to be on the verge of losing: the ability to allow as many layers of society as possible to benefit from economic advancement and participate in political life.


Permalink Russian Prime Minister Signs $100 Discount on Russian Gas Supplies to Ukraine: Decree

Russian Prime Minister Dmitry Medvedev has signed a decree according to which a $100 discount will apply on export tariffs if the price for 1,000 cubic meters of gas supplies to Ukraine is $333.3 and more. "The signed decree prescribes, on a temporary basis until March 31, 2015, a special procedure for calculating the rates of export tariffs depending on the level of the contract price for the natural gas delivered from the territory of the Russian Federation to the territory of Ukraine," the decree said. According to the document, a discount of $100 will apply if the price for 1,000 cubic meters of gas stands at $333.3 and more. Should the price be less than $333.3, the discount will form only 30 percent of the price. "The current decree shall apply to the legal relations arising from November 1, 2014," the decree added.

Itar-Tass: Russia’s Gazprom ready to launch gas supplies to Ukraine
The Saker The recent elections and gas deal - survey: who won who lost?


Permalink For 23rd time, U.N. nations urge end to U.S. embargo on Cuba

The U.N. General Assembly on Tuesday voted overwhelmingly for the 23rd time to condemn the decades-long U.S. economic embargo against Cuba, with many nations praising the island state for its response in fighting the deadly Ebola virus that is ravaging West Africa. In the 193-nation assembly, 188 countries voted for the nonbinding resolution, titled "Necessity of Ending the Economic, Commercial and Financial Embargo imposed by the United States of America against Cuba." As in previous years, the only countries that voted against the declaration were the United States and an ally, Israel. The Pacific island nations Palau, Marshall Islands and Micronesia abstained. The voting result was identical to last year's.

Permalink Who and What Is Causing the Decline in Oil Prices, and Where Will It Lead?

RIA Novosti With oil hovering around the $80-85 per barrel mark, down nearly 30 percent from a high of over $115 in mid-June, media and expert analysis about the causes and consequences of the price decline has been extensive. We present another, Russia-informed perspective. [...] There are high hopes among Russian experts and by many in Russian society that unstable energy prices, combined with Western sanctions, may drive a revival of the country as a major industrial, agricultural and technological power. Some industries have already seen growth in recent months as a result of the government’s push for import substitution, while the president noted the need for a “true industrial breakthrough” in the coming years, which would reduce the country’s natural resource dependency.

Permalink CrossTalk: Ukraine's Free Fall

What was supposed to happen in Ukraine? Why has the Western media stopped talking about the blunders of the Ukrainian regime? Is Ukraine a failed state beyond repair? How long will Petro Poroshenko last as president of Ukraine? CrossTalking with Eric Kraus, Charles Bausman, and Alexander Mercouris.

Aljazeera America: Poroshenko claims victory in Ukraine presidential election

Permalink Half of Russians Want McDonalds Banned From Country: Poll

Almost half of the population in Russia have approved an idea to close all the McDonald's fast food restaurants in Russia, according to a poll conducted by VTSIOM, the leading and highly reliable Russian polling group. which released the results of the poll on Monday. The idea to close all the McDonald’s catering establishments has been more welcomed by the respondents who have never been to these restaurants, rather than regular visitors (53% against 44%, respectively). The main reason behind the suggested closure is that the food served at McDonald's is not tasty and is of poor nutrition value, said 41% of the respondents interviewed. 20% of the respondents said that the state should, above all, support Russia's own catering establishments. Nonetheless, almost every third out of ten respondents said that they are against shutting down the McDonald's restaurants.


Permalink Is the oil crash a secret US war on Russia?

Lower oil prices, reflected in falling petrol prices at the pump, have been a boon for Western consumers. Are they also a potent US weapon against Russia and Iran? That's the conclusion drawn by New York Times columnist Thomas L Friedman, who says the US and Saudi Arabia, whether by accident or design, could be pumping Russia and Iran to brink of economic collapse. Despite turmoil in many of the world's oil-producing countries - Libya, Iraq, Nigeria and Syria - prices are hitting lows not seen in years, Friedman writes. Analysts identify a number of possible reasons for the steep drop - increased US production, slowing economies in Europe and China and steady production from the Organisation of Petroleum Exporting Countries (Opec). Rather than look at the causes, however, Friedman says to look at the result - budget shortfalls in Russia and Iran - and what it means. Who benefits? He asks. The US wants its Ukraine-related sanctions against Russia to have more bite. Both the Saudis and the US are fighting a proxy war against Iran in Syria. "This is business, but it also has the feel of war by other means: oil," he writes. Paul Richter of the Los Angeles Times agrees that both Russia and Iran are starting to feel the squeeze of lower prices, although he doesn't go as far as Friedman in speculating about a secret war.


Permalink Law Lets I.R.S. Seize Accounts on Suspicion, No Crime Required

For almost 40 years, Carole Hinders has dished out Mexican specialties at her modest cash-only restaurant. For just as long, she deposited the earnings at a small bank branch a block away — until last year, when two tax agents knocked on her door and informed her that they had seized her checking account, almost $33,000. The Internal Revenue Service agents did not accuse Ms. Hinders of money laundering or cheating on her taxes — in fact, she has not been charged with any crime. Instead, the money was seized solely because she had deposited less than $10,000 at a time, which they viewed as an attempt to avoid triggering a required government report. “How can this happen?” Ms. Hinders said in a recent interview. “Who takes your money before they prove that you’ve done anything wrong with it?” The federal government does.


Permalink 113 Federal Reserve Staff Members Make $250,000 Annually

Just in case you need another reason to dislike the thieving Federal Reserve. From Reuters:

(Reuters) – The top 113 earners among staff at the Federal Reserve’s Washington headquarters make an average of $246,506 per year, excluding bonuses and other benefits – more than Fed Chair Janet Yellen and nearly double the normal top government rate.

Don’t worry Janet, once you leave, you can earn $250k per speech like your hero Banana Ben Bernanke.

Permalink Britons suffer 'unprecedented' fall in real wages

The average worker saw a 8pc decline in real wages between 2008 and 2013, says NIESR. British workers have suffered an “unprecedented” decline in real wages over the past six years, with the average employee £2,000 worse off since the financial crisis hit, according to new research. “The scale of the real wage falls is historically unprecedented, certainly in the past 50 years where broadly comparable records exist,” said Paul Gregg, Stephen Machin and Mariña Fernández Salgado, the authors of the report. Official data this month showed that workers experienced a 7.6pc fall in real wages over the past six years. However, the research published by NIESR revealed that young workers, among the hardest hit by the downturn, also saw the biggest decline over the period, with pay falling by 14pc between 2008 and 2013. [Hat Tip: Steigan Blogger]

Evening Standard: Occupy London protesters start week long demonstration in Parliament Square
Michael Roberts UK: the agony and the ecstasy


Permalink Warning: Stocks Will Collapse by 50%

It is only a matter of time before the stock market plunges by 50% or more, according to several reputable experts. We have no right to be surprised by a severe and imminent stock market crash,” explains Mark Spitznagel, a hedge fund manager who is notorious for his hugely profitable billion-dollar bet on the 2008 crisis. “In fact, we must absolutely expect it." Unfortunately Spitznagel isn’t alone. “We are in a gigantic financial asset bubble,” warns Swiss adviser and fund manager Marc Faber. “It could burst any day.” Faber doesn’t hesitate to put the blame squarely on President Obama’s big-government policies and the Federal Reserve’s risky low-rate policies, which, he says, “penalize the income earners, the savers who save, your parents — why should your parents be forced to speculate in stocks and in real estate and everything under the sun?”


Permalink Richest 1% of people own nearly half of global wealth, says report

Credit Suisse study shows inequality accelerating, with NGOs saying it shows economic recovery ‘skewed towards wealthy’. 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.

Permalink Kazakhstan’s president ratifies Eurasian Economic Union treaty

The treaty has now been ratified by presidents of Russia, Belarus and Kazakhstan. Kazakhstan’s President Nursultan Nazarbayev signed a law on Tuesday on ratifying the treaty on the Eurasian Economic Union, a Russia-led three-member bloc seen as an alternative to the EU. “The head of state has signed the law of the Republic of Kazakhstan “On ratification of the Eurasian Economic Union Treaty,” the presidential press service said in a statement. The text of the law is to be published in local newspapers, the statement reads. Russia ratified the treaty on October 3. Nearly a week later, on October 9, the law on ratifying the treaty was adopted by the Belarusian parliament. On the same day, the document was signed by the country’s President Alexander Lukashenko. The Eurasian Economic Union Treaty was signed by the presidents of Russia, Kazakhstan and Belarus on May 29, 2014. The treaty provides for free movement of commodity, services, capital and labor force within the union. It also envisages that the three countries coordinate or pursue common policy in certain economic sectors.

Permalink Storm clouds gather over world economy

Nick Beams The annual International Monetary Fund (IMF) and World Bank meetings concluded in Washington over the weekend in the midst of a deepening economic and financial crisis, with no prospect of a recovery in the world economy. The euro zone seems set to enter its third recession since the global financial crisis erupted in 2008, and there are fears that the policies being pursued by the world’s major central banks are creating the conditions for another crash.

Permalink Bluff

xymphora "Exclusive: Privately, Saudis tell oil market- get used to lower prices" This is bluff (perhaps a manic phase of Prince Bandar's mental illness). The Saudis can't afford to do this - they need big revenues to fund their own social programs or face the revolution they fear, and they certainly don't benefit by wrecking OPEC. It may just be a warning to the Americans to get with the Saudi plan for Syria (the Americans need the high oil price numbers to keep the fracking illusion going, an illusion that creates the phony economic numbers that keep up the deception that the US isn't in severe economic difficulties), a plan which at least the Pentagon seems to be resisting (the Pentagon has been choosing bombing targets which appear to be helping the Syrian government).

Moon of Alabama Saudis Dump Oil To Increase Leverage Over U.S. Middle East Policies
Reuters: Privately, Saudis tell oil market: get used to lower prices


Permalink Privately, Saudis tell oil market: get used to lower prices

Saudi Arabia is quietly telling oil market participants that Riyadh is comfortable with markedly lower oil prices for an extended period, a sharp shift in policy that may be aimed at slowing the expansion of rival producers including those in the U.S. shale patch. Some OPEC members including Venezuela are clamoring for urgent production cuts to push global oil prices back up above $100 a barrel. But Saudi officials have telegraphed a different message in private meetings with oil market investors and analysts recently: the kingdom, OPEC’s largest producer, is ready to accept oil prices below $90 per barrel, and perhaps down to $80, for as long as a year or two, according to people who have been briefed on the recent conversations.

DWN: USA wollen Putin mit niedrigem Öl-Preis in die Knie zwingen

Permalink USA wollen Putin mit niedrigem Öl-Preis in die Knie zwingen

Auf Drängen der USA hat Saudi-Arabien seine Öl-Produktion massiv ausgeweitet. Dies hat entscheidend dazu beigetragen, dass der Ölpreis seit Juni um rund 20 Prozent eingebrochen ist. Der Preisverfall schadet vor allem Russland, das den Großteil seiner Staatseinnahmen aus dem Export von Öl und Gas bezieht. Sollte Saudi-Arabien den Öl-Krieg fortsetzen, droht Putin erstmals ein deutliches Staatsdefizit. Saudi-Arabien hat seine Ölproduktion zuletzt massiv erhöht und dadurch zu dem Verfall des Ölpreises um rund 20 Prozent beigetragen. Grund dafür ist offenbar eine strategische Zusammenarbeit mit den USA, die Russland durch einen Ölkrieg in die Knie zwingen wollen. [...] Saudi-Arabien wird den Ölpreis drücken, um politischen Druck auf den Iran und Russland auszuüben, zitiert die türkische Nachrichtenagentur Anadolu den Präsidenten des Zentrums für Saudi-arabische Ölpolitik und Strategische Aussichten, Rashid Abanmy.

Anadolu Agency: Saudi Arabia to pressure Russia, Iran with price of oil


Permalink Iran, Russia planning to establish joint bank

Iran and Russia plan to establish a joint bank as an effort to multiply bilateral trade and bypass sanctions on the Islamic Republic’s banking sector. Head of the Iran-Russia Joint Chamber of Commerce Asadollah Asgaroladi said that Tehran and Moscow are studying the possibilities of opening a new chapter in trade relations that could break the domination of Western currencies over bilateral exchanges. “Since Russian banks fear the implications of working with Iran due to sanctions, we want to establish the joint Iran-Russia bank with the help of our central banks and private sectors,” Asgaroladi said. “Such a bank would be able to exchange money between the two sides using rials and rubles and put aside dollars, euros and pounds,” he added. Unilateral sanctions imposed on Iran’s banking sector by the US and the European Union over Tehran’s nuclear energy program and the recent Western bans against Russia over Ukraine have prompted the two countries’ trade officials to boost economic cooperation.

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