Saturday, August 9, 2014

Today's links

1---Nikkei slumps to 2-month low on mounting geopolitical concerns, Reuters
2---The US plan to invade Russia, inf clearinghouse, Sergei Glazyev


3--The rich get richer, Bloomberg


4--Junk-Bond Turmoil just Preliminary, “The Real Panic Will Come With…” , wolf street
5--Credit card debt growth exceeds wage growth in the US , sober look


6---Two indicators explain some of the recent volatility, sober look


7---Federal Reserve study points to disastrous financial state of US households, wsws
 
A typical American household cannot raise $400 without borrowing money or selling possessions, according to the results of a survey published Friday by the Federal Reserve, the US central bank. The Fed’s Report on the Economic Well-Being of U.S. Households in 2013 points to the precarious state of the majority of US households, who risk poverty or bankruptcy in the event of job loss, accident or unforeseen medical expense.
According to the report, nearly two-thirds of those under 45 did not have funds set aside to cover their expenses for a three-month period.


The survey helps expose the fictitious character of the economic “recovery,” which has supposedly been going on for five years. Seventy percent of respondents said they were no better off than they were in 2008, during the depth of the worst downturn since the Great Depression. From this the report draws the extraordinarily understated conclusion that the recovery has been “uneven.”
When asked how they would pay for an “emergency expense” that cost $400, less than 40 percent said they could pay for it with funds currently available in a checking or savings account. Nineteen percent of respondents said they would be entirely unable to cover the expense; 9 percent said they would have to sell something; and 12 percent said they would have to get a loan from friends or family, while the rest would put it on a credit card.


8---ISIS in Iraq: A disaster made in the USA, wsws


9---Malaysian press charges Ukraine government shot down MH 17 , wsws


A Thursday article in the New Straits Times, Malaysia’s flagship English-language newspaper, charged the US- and European-backed Ukrainian regime in Kiev with shooting down Malaysian Airlines flight MH 17 in east Ukraine last month. Given the tightly controlled character of the Malaysian media, it appears that the accusation that Kiev shot down MH17 has the imprimatur of the Malaysian state.


The US and European media have buried this remarkable report, which refutes the wave of allegations planted by the CIA in international media claiming that Russian president Vladimir Putin was responsible for the destruction of MH17, without presenting any evidence to back up this charge.
The New Straits Times article, titled “US analysts conclude MH17 downed by aircraft,” lays out evidence that Ukrainian fighter aircraft attacked the jetliner with first a missile, then with bursts of 30-millimeter machine gun fire from both sides of MH17. The Russian army has already presented detailed radar and satellite data showing a Ukrainian Sukhoi-25 fighter jet tailing MH17 shortly before the jetliner crashed. The Kiev regime denied that its fighters were airborne in the area, however.


The New Straits Times article began, “Intelligence analysts in the United States have already concluded that Malaysia flight MH17 was shot down by an air-to-air missile, and that the Ukrainian government had had something to do with it. This corroborates an emerging theory postulated by local investigators that the Boeing 777-200 was crippled by an air-to-air missile and finished off with cannon fire from a jet that had been shadowing it as it plummeted to earth


10---What Obama Told The Caliph, moon of Alabama


11---Alarm bells sound louder over danger of financial collapse, wsws
 
Warnings are mounting internationally that the global financial system is heading for another disaster as a result of the flood of virtually free cash to the banks and speculators from the US Federal Reserve and other central banks.
On Tuesday, the British daily Telegraph published an article entitled “Global economy one shock away from another crisis.” It cited comments from the financial firm Fathom Consulting, run by former Bank of England economists, to the effect that the present calm in the markets is masking the build-up of risks in the global financial system.


Fathom’s director told the newspaper that when it came to risks, China was “way out in front,” and that if its economy underwent a “hard landing” the already large number of non-performing loans would soar. He drew parallels between China today and the situation in the US in 2006 when the housing market began to slide.


According to Fathom, non-performing loans in the Chinese economy now amount to 17 percent of gross domestic product (GDP). While predicting a “soft landing” for the Chinese economy, the firm warned there was a “significant risk” that authorities would not be able to contain a crisis, noting that “there’s a lot of money sloshing around out there that’s non-performing.”
While China, or some other market, may provide the spark, a new global crisis will have its source in the policies pursued by the Fed over the past six years. Since the Lehman Brothers collapse in September 2008, the Fed has pumped around $4 trillion into the financial markets, fuelling a bubble in share values and other financial assets.


12---Ukrainian offensive against Donetsk raises threat of war with Russia, wsws

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