60% Of New Yorkers Are One Paycheck Away From Homelessness

More than half of all New Yorkers don’t have enough money saved to cover them in the event of a lost job, medical emergency, or other disaster, according to a new report by the Association for Neighborhood & Housing Development.
As The Gothamist reports, nearly 60 percent of New Yorkers lack the emergency savings necessary to cover at least three months’ worth of household expenses including food, housing, and rent, but that statistic isn’t spread evenly across the five boroughs.
The Bronx has the highest rate of families without adequate emergency savings: in Mott Haven, Melrose, Hunts Point, Longwood, Highbridge, South Concourse, University Heights, Fordham, Belmont, and East Tremont, 75 percent of families have inadequate emergency savings. The Staten Island neighborhoods of Tottenville and Great Kills have the lowest rate, with just 41 percent of families lacking the funds necessary to cover three months’ worth of expenses.

This post was published at Zero Hedge on Nov 27, 2016.

Today 1.5 Million Chinese Candidates Compete For 20,700 Civil Service Jobs

It’s that time of year when over million Chinese citizens line up to take The Guokao, China’s national civil service exam, which took place on Sunday, November 27. This year, the competition reached a record of 1.48 million people competing for some of the most coveted jobs in China. For some positions, there is only 1 place available for 10,000 participants.
As CRI reports, on Sunday morning, China’s national civil service exam started nationwide. The civil service exam is China’s way of enrolling government employees and a large number of people are attracted to the positions each year. This year, more than 1.48 million people compete for about 20,700 posts. On average, 55 people try out for one post. Many people, however, don’t make it through the exam: between 2014 and 2016 more than 400,000 people quit the exam.

This post was published at Zero Hedge on Nov 27, 2016.

What It Feels Like To Be Homeless For The Holidays In America

Could you imagine spending the holidays in a homeless shelter, in a tent city surrounded by drug addicts and prostitutes, or in a sleeping bag on the cold, hard streets of an urban jungle? Unfortunately, that is what real life looks like for an increasing number of Americans. Most of the time when we think of ‘homeless people’, the image that comes into our minds is one of a grizzled old man asking for some spare change, but the truth is that vast numbers of women and children in our country do not have anywhere to live. In fact, Poverty USA has reported that last year a grand total 1.6 million U. S. children stayed either in a homeless shelter or in some other form of emergency housing. And you never hear the mainstream media report this number, but the truth is that the number of homeless children in the United States has risen by 60 percent since the ‘end’ of the last recession. For the moment the wealthy are getting wealthier, but meanwhile things have just continued to get harder and harder for those that are struggling to survive in this economy.
In Wal-Mart parking lots and campgrounds all over America tonight, you will find formerly middle class families that are living in cars, trucks and recreational vehicles during this holiday season. Most of them will never complain and will try to put on a happy face outwardly, but inside the worry and fear are eating them alive.
As the weather gets cold, many homeless Americans head for warmer climates, and this is one of the factors that is fueling the unprecedented homelessness crisis in Los Angeles. The following comes from L. A. Weekly…
By nearly every metric, Los Angeles has the worst homelessness crisis of any city in America. According to the U. S. Department of Housing and Urban Development, there are more people suffering from chronic homelessness in L. A. than anywhere in the country, and their number is growing at a faster clip than those in New York City.

This post was published at The Economic Collapse Blog on November 27th, 2016.

Brussels tries to take more control over non-EU banks

In new rules for global banks who do financial business in Europe, Brussels tries to undermine future financial crises within the bloc and even gain more control over foreign financial firms.
Wall Street, Asia and British banks could be required to hold more cash in their European operations according to new proposals by the European Commission. (EC)
These changes will certainly burden non-EU banks looking to do business Europe, and European regulators will have more power to oversee such foreign firms, according to Express UK.

This post was published at GoldSilverBitcoin on NOVEMBER 27, 2016.

‘Real’ Money & Why You Need It Now, Part 1

In these volatile times, gold is more important than ever. Bonner & Partners’ Bill Bonner explains in this two-part series, the importance of ‘real money’ and why you need it now…
Many years ago, before the invention of modern money or capitalism, people still had wealth – although limited. And they still had ways of keeping track of it. The principle of ‘fair trade’ seems to be in our DNA.
If you give something to your neighbor, you don’t expect him to hit you over the head. You expect him to give you something back. And if you give him a whole cow and he gives you half of a rabbit, some instinct tells you it isn’t ‘fair.’
Small communities could keep track of who owed what to whom. But as civilization evolved, a new kind of money was needed.
In a group of related people in an isolated valley, you could remember that your cousin should give you something roughly equal in value to the wild pig you gave him… and that you should offer your son or daughter to the family from which you had gotten your wife… and so on.

This post was published at Zero Hedge on Nov 27, 2016.

The Cash That Isn’t Worth the Paper It’s Printed On

‘Runaway inflation’ in Venezuela has reached the point where bank notes are being weighed rather than counted.
The country’s currency, the bolivar has devalued so much that traders have given up counting the huge wads of banknotes handed over by their customers.
Last month it emerged that new 20,000 bolivar notes will be produced to keep up with the rate of inflation. At the moment the highest banknote in circulation is 100 bolivars.

This post was published at Lew Rockwell on November 25, 2016.

Black-Friday-Weekend Woes End ‘Trump Effect’

Back to the Retail Quagmire.
Since Trump’s victory, stocks have soared in magic anticipation that the economy would somehow suddenly rise from its languid state and reach escape velocity. Consumer confidence has jumped, even according to Gallup’s Economic Confidence Index whose defining aspect over the years has been its daunting negativity [The Trump Effect on Americans’ Perception of the Economy].
And the National Retail Federation had gushed recently that spending would rise 3.6% this holiday selling season, compared to last year. And we may still get that, but miracles have become scarce and hard to come by these days.
Instead, what we got this weekend, the all-important Black-Friday Weekend, is more of a reflection of the economy than the hype surrounding it. And it’s not good.
So the National Retail Federation said today that on Black Friday and Saturday 2% more consumers shopped than last year – 154 million out of a total population of 324 million! This includes online and brick-and-mortar stores.
For brick-and-mortar stores, it looks dreary: the number of consumers who went to the mall dropped 3.7%, according to the NRF. According to retail analytics firm RetailNext, cited by Reuters, net sales at brick-and-mortar stores dropped 5% over Thursday and Friday, while the number of transactions plunged nearly 8%. Hence the anecdotally reported gloomy traffic at brick-and-mortar stores.

This post was published at Wolf Street on November 27, 2016.

Up To Eight Italian Banks May Fail If Renzi Loses Referendum

Just as we were concluding our write up on the return of Europe’s solvency crisis, facilitated by Donald Trump’s NATO funding demands and the end of the ECB’s unprecedented can kicking exercise, the FT reported that as many as eight of Italy’s troubled banks “risk failing” if prime minister Renzi loses next weekend’s constitutional referendum and ensuing market turbulence deters investors from recapitalizing them, citing senior bankers.
This particular rather adverse outcome is captured by the lower-right, glowing red box in the Danske Research flowchart shown below

This post was published at Zero Hedge on Nov 27, 2016.

Black Friday Sales Slump As Retail Tracker Admits Holiday Season “Off To A Slow Start”, Blames Warm Weather

Sales and traffic at U. S. brick-and-mortar stores on Thanksgiving Day and Black Friday declined from last year, as Reuters reports that stores offered discounts well beyond the weekend and more customers shopped online.
The National Retail Federation reports that spending per person over Thanksgiving Weekend this year was $289.19, down 3.4% from $299.60 in the same period last year.
Internet sales rose in the double digits on both days, surpassing $3 billion for the first time on Black Friday, according to data released on Saturday.

This post was published at Zero Hedge on Nov 27, 2016.

China Escalates Tensions In Asia’s Water Wars

Tensions over water are rising in Asia – and not only because of conflicting maritime claims. While territorial disputes, such as in the South China Sea, attract the most attention – after all, they threaten the safety of sea lanes and freedom of navigation, which affects outside powers as well – the strategic ramifications of competition over transnationally shared freshwater resources are just as ominous.
Asia has less fresh water per capita than any other continent, and it is already facing a water crisis that, according to an MIT study, will continue to intensify, with severe water shortages expected by 2050. At a time of widespread geopolitical discord, competition over freshwater resources could emerge as a serious threat to long-term peace and stability in Asia.
Tensions over water are rising in Asia – and not only because of conflicting maritime claims. While territorial disputes, such as in the South China Sea, attract the most attention – after all, they threaten the safety of sea lanes and freedom of navigation, which affects outside powers as well – the strategic ramifications of competition over transnationally shared freshwater resources are just as ominous.
Asia has less fresh water per capita than any other continent, and it is already facing a water crisis that, according to an MIT study, will continue to intensify, with severe water shortages expected by 2050. At a time of widespread geopolitical discord, competition over freshwater resources could emerge as a serious threat to long-term peace and stability in Asia.

This post was published at Zero Hedge on Nov 27, 2016.

Why The Electoral College is December 13th – not 19th

There is a statute that governs the appointment of electoral college ‘electors’ that will come into play if anyone tries to upset the election. While the College is to vote on December 19th, 2016, the actual deadline is 6 days prior or December 13th, 2016. Moreover, if there were an attempt to vote for Hillary despite the fact that the election is based upon state rights since this is the ‘UNITED STATES’ and not one sovereign federal state, this becomes very critical. Even if Hillary won the popular vote, that cannot legally matter.
Let’s say 25 million aliens became citizens in New York City and they all voted for one candidate. To allow that to decide the election and not state by state, destroys the very fabric of what the ‘united states’ was all about converting it to a single federal state.

This post was published at Armstrong Economics on Nov 27, 2016.

George Soros: Dystopia’s Minister of Truth

George Soros has become the master manipulator of US and Western politics manipulating media and political activity to further his own neoliberal and globalist agenda. In the process he is taking real meaning out of left wing politics, which are simply becoming an instrument Soros uses to advance his agenda, his hijacking of the Occupy Movement and his orchestration of the anti-Trump protests being cases in point.
Submitted by the author, first published by News Junkie Post
‘We live in interesting times when protesters act out the tantrum of a super-rich man who did not get his way despite all his money.’
Dady Chery
Eighty-six-year-old Hungarian-American, George Soros, is a very rich man. He currently ranks number 46 in the very exclusive club of richest persons in the world.
In 1947, as Hungary tilted to the Soviet Union block, he went to the United Kingdom to study economics. This early life experience made him not only an anti-communist but also a staunch anti-Russian who was always plotting his revenge against the Soviets.
Soros knew that to have any say in the capitalist order, one had to become filthy rich. At some point in his life, however, Mr. Soros decided that money only mattered if he could leverage it in influencing policies on a global scale. His role models for this aspect of his life were probably the two consiglieres extraordinaire of the United States empire, slightly older than him, who are Henry Kissinger and Zbigniew Brzezinski.
The three men shared common views on the threat of the so-called communist domino effect and later, once the Soviet Union had collapsed, became fervent champions of a global empire with its nervous system in Washington. In their sociopath vision of the world, a minute elite of wise men should have the planet as their oyster while, we, the worker bees slave away at their mercy.

This post was published at Lew Rockwell on November 26, 2016.

Nigel Farage: “I Fear For My Life”

While last week’s report that Nigel Farage is considering moving to the US may have been a prank, overnight the UKIP leader shared some more somber news with The Daily Express, whom he told that he fears for his life and cannot go out in London without his security detail.
‘I’ve got no life – I can’t do anything, I can’t go anywhere,’ he said in an interview with British tabloid The Daily Express. Farage, who retired after the successful Brexit vote in June, an effort he spearheaded, said he has had death threats and last week was confronted with a glass on Thursday night.
‘The thought of doing a Friday night pub crawl around Westminster – I just can’t do it any more,” he said.
Farage, father of four, whose family was chased out of a pub and had their car attacked by protesters last year, said the ‘aggro’ had become worse since Trump’s victory. He added: ‘It might diminish, it might not. The America dimension changed everything. It’s been so full-on, unbelievable really.’

This post was published at Zero Hedge on Nov 27, 2016.

Gold is Oversold but Broken

Last week we wrote that the 2016 bull market in Gold and gold stocks had gone off course. It had moved too far out of the historical boundaries to remain a bull market. There was also other evidence of such including but not limited to rising real yields. Gold’s last hope was to hold $1200-$1210 and rebound back to the highs. It has broken bull market support ($1200-$1210 and $1230) and could be on its way to $1050 in the next few months.
The monthly candle chart of Gold is shown below. Gold is down 7.4% on the month and has sliced through the important support at $1200-$1210 as well as the 20-month moving average at $1201 and the 40-month moving average at $1231. The 40-month moving average has been an excellent primary trend indicator throughout Gold’s history. There is a little support at $1150 but nothing standing in the way of Gold heading for a retest of its low at $1050.

This post was published at GoldSeek on 27 November 2016.

Francois Fillon Wins French Republican Primary, Trouncing Alain Juppe

#BREAKING Alain Juppe concedes defeat in French presidential primary
— AFP news agency (@AFP) November 27, 2016

Update: Alain Juppe concedes making Francois Fillon Les Republicans’ presidential candidate against Marine Le Pen in next year’s presidential election.
As previewed this morning, in Sunday’s biggest political highlight – the runoff round in the French Republican primary – moments ago the results have started trickling in and it is shaping up as a monumental victory for Francois Fillon, who served as French prime minister from 2007-2012, and who according to the provisional count has roughly 69% of the primary vote, in a move that may once again prove beneficial for Marine Le Pen as the more moderate, and former favorite, Alain Juppe is now almost certainly eliminated.
FILLON HAS ABOUT 69.5% OF PRIMARY VOTE, PROVISIONAL COUNT SHOWS JUPPE HAS ABOUT 30.5% OF VOTE, PROVISIONAL COUNT SHOWS

This post was published at Zero Hedge on Nov 27, 2016.

US Housing Market In Peril As “Increase In Mortgage Rates Has Shocked Consumers”

While rising treasury yields may be music to the ears of savers who have been crushed by low interest rates over the past 7 years, they’re a bit of downer for the overwhelming majority of Americans that have been funding their lavish lifestyles with cheap debt. Yes, sadly the days of upgrading to the $65,000 luxury car despite a $40,000 annual salary, because you can “afford it” so long as you can cover the low monthly payments courtesy of 7-year terms and low interest rates, may finally be coming to an end.
But auto OEM’s aren’t the only ones about to get crushed by the “normalization” of interest rate policies in the U. S. As the Wall Street Journal points out, according to the Mortgage Bankers Association, mortgage refinancings are set to drop 46% in 2017. And with many American’s funding their daily expenses with “cash-out” mortgage refi’s, pretty much everyone selling goods to consumers, which happens to represent about two-thirds of the economy, has reason for concern.
The fast rise in rates has spurred homeowners to pull back from refinancing their mortgages. Applications dropped 3% in the week ended Nov. 18 from the prior one, the seventh consecutive weekly decline, and the second since Election Day, according to data released Wednesday by the Mortgage Bankers Association.
The MBA estimates refinances will fall 46% next year, to $484 billion, which will hurt Americans’ ability to free up cash by reducing the cost of their monthly mortgages. The fall in refinances also will hit an important area of consumer-loan growth for banks. To slow the possible damage, banks already are pitching riskier loans that come with adjustable interest rates or allow borrowers to pull more equity out of their homes.

This post was published at Zero Hedge on Nov 27, 2016.