- The Brits are voting June 23rd;
- George Soros is betting on a global Apocalypse;
- The EU and TPP have a lot in common;
- Obama fast tracked TPP;
- Soros spent millions of his own money to elect Obama;
- Meanwhile, the American middle class is in a chokehold.
I know we are all fascinated by the latest Donald Trump gaffs and we are all wondering how Bernie Sanders will affect the DNC platform—but there is a UK vote coming up June 23, 2016 that could have a significant impact on the global economy—and potentially American jobs and your wallet.
The heart of the issue is whether the United Kingdom should exit the European Union. Brits who argue for an exit stay that the EU is much different than when the UK joined in 1973. The scope has widened from an economic common market to one of social, cultural and political spin. They feel the EU doesn’t represent their value system anymore and is a drain on their economy.The argument to say in the EU rests with the perceived advantage of being in a super elite club that has economic benefits as well as security and a certain amount of global influence.
George Soros, known to many in America as a liberal guru who backs Democratic candidates with tons of cash, manages a $30 billion dollar hedge fund for himself and his family. He’s betting that the Brits back out of the EU and he is positioning his assets for what many are saying is at least the potential of short term economic collapse.
Mr. Soros also argues that there remains a good chance the European Union will collapse under the weight of the migration crisis, continuing challenges in Greece and a potential exit by the United Kingdom from the EU.
“If Britain leaves, it could unleash a general exodus, and the disintegration of the European Union will become practically unavoidable,” he said.
A blogger who follows economic trends points to the June 23rd vote as a catalyst that could possibly bring about another economic recession in the United States.
“Why is George Soros selling stocks, buying gold and making “a series of big, bearish investments”? If things stay relatively stable like they are right now, these moves will likely cost George Soros a tremendous amount of money. But if a major financial crisis is imminent, he stands to make obscene returns. So does George Soros know something that the rest of us do not? Could it be possible that he has spent too much time reading websites such as The Economic Collapse Blog? What are we to make of all of this?” The Economic Collapse Blog
Cont. . . . the blogger goes a few steps further:
But Soros is not just concerned about a potential Brexit. The economic slowdown in China also has him very worried, and so he has directed his firm to make extremely bearish wagers.
According to the Wall Street Journal, the last time Soros made these kinds of bearish moves was back in 2007, and it resulted in more than a billion dollars of gains for his company.
Of course Soros is not alone in his bearish outlook. In fact, Goldman Sachs has just warned that “there may be significant risk to the downside for the market”…
Goldman Sachs is getting nervous about stocks.
In a note to clients, equity strategist Christian Mueller-Glissmann outlined the firm’s fears that there may be significant risk to the downside for the market.
Ultimately, George Soros and Goldman Sachs are looking at the same economic data that I share with my readers on a daily basis.
As I have been documenting for months, almost every single economic indicator that you can possibly think of says that we are heading into a recession.”
It is interesting because the last time Soros positioned himself on one side v. another was back in 2007 when he made billions from the great recession of 2008.
It’s just not one rouge blogger predicting gloom and doom. Over the past few years, economic trends have taken a downward spiral—although you aren’t hearing about it in the mainstream media.
And, economic books talking about the next recession are becoming best sellers such as Bobby Akart’s “Economic Collapse.”
DC Clothesline published a comprehensive piece, “15 Facts About The Imploding U.S. Economy That The Mainstream Media Doesn’t Want You To See.”
And, a Google search of U.S. economic trends for 2016 doesn’t look pretty.
CNN—Money pointed to a predicted economic downturn in January of this year. Many more financial publications have jumped on board, but sadly—the mainstream networks, including cable news have sidestepped reporting on this issue.
Not to be overlooked is the fact that Donald Trump has said he that the UK would be better off if it exited from the EU. He is scheduled to be in the UK on June 22nd—the day before the Brits vote on the measure.
Maybe the left of center mainstream media sidesteps the lackluster economy, and Obama’s share of the responsibility, because it doesn’t want to portray the first Black president as being an elitist.
But, at least one of Obama’s critics, Dr. Cornel West isn’t shy about calling out Obama’s elitism: “He posed as a progressive and turned out to be counterfeit. We ended up with a Wall Street presidency, a drone presidency.”
I don’t necessarily think it’s a “liberal agenda” but I do think if you like him (and if you voted for him like I did) there is something psychological or maybe even sociological in wanting him to have a certain degree of success. Especially in light of his predecessor, George W. Bush, who added the second greatest amount to the national debt in history, at $5.849 trillion brought on by two wars on terror and an economic bailout for Wall St.
The truth of the matter is that Obama’s presidency hasn’t been all that liberal—and it certainly hasn’t been anything close to progressive despite the Republican narrative. Obama has either straddled the middle of the road (brought on by both the House and Senate being dominated by the GOP) or he has caved in to the whims of the corporate elite such as Big Pharma and Wall St.
Case in point:
Obama certainly can boast about the unemployment rate. From his Jan. 20, 2009, inauguration until last month that figure has fallen from 7.8 percent to 4.9 — down 37.2 percent. But:
- The labor force participation rate over that period has slid from 65.7 percent to 62.9 (the lowest reading since March 1978) — down 4.3 percent.
- On Obama’s watch, the percentage of Americans below the poverty line has grown, according to the most recent Census data, from 14.3 percent to 14.8 percent in 2014 — up 3.5 percent.
- Real median household income across that interval sank from $54,925 to $53,657 — down 2.3 percent.
- Food Stamp participants soared in that time frame from 32,889,000 to 45,874,000 — up 39.5 percent.
- Meanwhile, from Obama’s arrival through the fourth quarter of 2015, the percentage of Americans who own homes sagged from 67.3 percent to 63.8 — down 5.2 percent.
Regardless of whether mainstream media reports it or not—the middle class is in an economic chokehold. And, President Obama has not done much in the way of public policy to reverse that trend.
Also, take into account the fast tracking of TPP. Many economists believe the Trans Pacific Partnership will be a hundred times worse than Bill Clinton’s NAFTA. The North American Free Trade Agreement opened the legal venues allowing American corporations to relocate manufacturing jobs to Mexico. It also helped plow the road allowing corporations to stack income in offshore accounts without paying one thin dime in U.S tax. Many of the same corporations that incorporate tax haven loopholes into their business model receive billions of dollars in tax breaks at the end of their fiscal year—a double whammy to middle class American taxpayers.
According to Americans for Tax Fairness:
- Tax avoidance through offshore tax loopholes is a significant reason why corporations, which paid one-third of federal revenues 60 years ago, now pay one-tenth of federal revenues.
- U.S. corporations dodge $90 billion a year in income taxes by shifting profits to subsidiaries — often no more than a post office box — in tax havens.
- U.S. corporations hold $2.1 trillion in profits offshore — much in tax havens — that have not been taxed in the U.S.
- General Electric, which uses a loophole for offshore financial profits, earned $27.5 billion in profits from 2008 to 2012 but claimed tax refunds of $3.1 billion.
- Apple made $74 billion from 2009-2012 on worldwide sales (excluding the Americas) and paid almost nothing in taxes to any country.
- 26 profitable Fortune 500 firms paid no federal income taxes from 2008-2012. 111 large, profitable corporations paid zero federal income taxes in at least one of those five years.
TPP is emulated, in part, from the twenty-eight member states of the EU. One argument supporting the vote for the citizens of the UK to exit the European Union is that the EU has turned into a social construct that promotes a social justice initiative that at times is diametrically in opposition to the UK government.
It’s Our Economy points this fact out as well as others in the article, “TransPacific Partnership Will Undermine Democracy, Empower Transnational Corporations.”
“The TPP Undermines US Law, Prevents Progressive Policy Around the World”
“The TPP is much broader than the usual trade agreement and will impact many aspects of society from the Internet to health care to regulation of risky bank speculation. For this reason alone, it is especially important to have a transparent, public debate on the agreement. The TPP contains 26 chapters, but only five of them concern traditional trade issues. The TPP has been negotiated in secret except for over 600 corporate representatives who have been advising the US trade representative on its language. In Washington, DC K Street lobby firms have been getting involved in the process, including pushing for Fast Track. Many of those corporations that have failed to get what they want from Congress are now getting their way through the secret back door of the TPP.”
Keep in mind that much of TPP is still classified. Had it not been for WikiLeaks we would not know what we now know about its contents.
Sometimes presidents get blamed for things that are beyond their control simply because they happen to be in the seat of power.
However, TPP is Obama’s baby. He fast track the bill through Congress and even sidestepped the House when it voted down the TAA amendment which was one of the TPP parts.
In an article posted by Public Citizen, the list of why TPP is bad is quite revealing—and concerning.
Just as it is concerning that George Soros spent millions of dollars of his own money to get President Obama elected and now he is betting that global economies will tank if the UK exits the European Union. And, TPP (Obama’s brainchild) is tantamount in EU concepts.