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5% of Americans hold 63% of country’s wealth – Federal Reserve

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The US Federal Reserve chair has expressed concern about increasing wealth inequality in the US, saying the richest five percent of Americans hold 63 percent of the country’s wealth. Janet Yellen made the remarks at the Federal Reserve Bank of Boston Economic Conference on Inequality of Economic Opportunity on Friday. According to her, those at the very top have made significant income gains while... 

Thousands protest in France against austerity measures

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Tens of thousands of people have taken to the streets across France to express their resentment over the latest austerity budget presented by President François Hollande, which will make it difficult to lead the nation’s flagging economy back to steady growth, Press TV reports. On Thursday, the demonstrators marched in major French cities in protest at Hollande’s 2015 budget blueprint, which... 

Gold predicted falling world growth and inflation

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My exposure to resource stocks is as low as it has been in recent history and still, I’m nervous. Things are happening that shouldn’t be. The last time I said that was last July when I turned bearish and defensive on gold. And here in October I’m sensing the same thing. Let me repeat my thesis: that the world economy is moving toward deflation and recession and the realization of... 

China surpasses US as world’s largest economy based on key measure

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China has surpassed the US in terms of GDP based on purchasing power parity (PPP), becoming the largest in the world by this measure, International Monetary Fund estimates show. In 2014 China reached $17.6 trillion or 16.48 percent of the world’s purchasing-power-adjusted GDP, while the US made slightly less, 16.28 percent or $17.4 trillion, the FT reported citing IMF data. PPP is recognized as... 

Germany sees major slump in exports since 2009

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A modern autorack in Germany. Germany’s exports have marked their biggest fall since the global financial crisis reached its peak in 2009, raising fears that Europe’s largest economy might slide into recession. Germany’s Federal Statistical Office said Thursday that exports slumped by 5.8 percent for the month of August. Moreover, imports dropped by 1.3 percent in seasonally adjusted terms, the... 

The U.S. Government Is Borrowing About 8 Trillion Dollars A Year

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I know that headline sounds completely outrageous. But it is actually true. The U.S. government is borrowing about 8 trillion dollars a year, and you are about to see the hard numbers that prove this. When discussing the national debt, most people tend to only focus on the amount that it increases each 12 months. And as I wrote about recently, the U.S. national debt has increased by more than a trillion... 

Greek pensioners demonstrate against spending cuts

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Greek pensioners have taken to the streets in the capital, Athens, to voice anger at austerity measures taken by the government of Prime Minister Antonis Samaras. Furious at the government’s plans to cut pensions and increase taxes, the demonstrators gathered in central Athens on Thursday and marched on the premier’s office. The protest came a day after the country’s troubled coalition government... 

US senators demand probe into leaked Goldman Sachs tapes

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US Senate Banking Committee members are calling for hearings and full investigation into alleged ties between Federal Reserve supervisors and officials at Goldman Sachs, a bank the Fed was supposed to be policing. Congress must hold “oversight hearings on the disturbing issues” raised by the secretly recorded conversations between the Fed and Goldman officials, Senator Elizabeth Warren (Mass,... 

Nearly $1billion already spent on US military campaign against ISIS

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A pair of U.S. Air Force F-15E Strike Eagles fly over northern Iraq after conducting airstrikes in Syria, in this U.S. Air Force handout photo taken early in the morning of September 23, 2014. The US-led military operation against the Islamic State (IS, formerly ISIS) militants has likely so far cost between $780 and $930 million, according to an estimate by Washington-based think tank specializing... 

Argentina workers burn US flags after auto parts maker fires 300 workers

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Workers laid off by an American auto parts company in Argentina have burnt US flags during a protest march on Washington’s embassy in the country’s capital, Buenos Aires. The Wednesday evening protest rally was triggered by job losses at a manufacturing plant run by US auto parts maker Lear as the Argentine automotive industry reels from an ailing economy. Hundreds of Argentinean workers, many... 

Obama plans to spend $1 trillion on nukes

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Despite campaigning on a platform that endorsed having “a nuclear-free world” in the not so distant future, United States President Barack Obama is overseeing an administration that’s aim has taken another path, the New York Times reported this week. On Sunday, journalists William Broad and David Sanger wrote for the Times that a half-decade of “political deals and geopolitical crises” have... 

Microsoft to cut 18K jobs worldwide

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The US software giant Microsoft has announced plans to slash 18,000 jobs from its global workforce in 2015, the largest cuts in the company’s 39-year history. In a statement on Thursday, the company described the shakeup as part of its strategy to streamline business under new CEO Satya Nadella. Layoffs represent about 14 percent of the company’s workforce and will be completed by next June. Nadella,... 

Argentina accuses Washington of meddling in internal affairs

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Argentina’s Foreign Ministry has accused the acting US ambassador of meddling in its internal affairs after inappropriate comments made on the South American country’s economy, Press TV reports. On Tuesday, the Argentinean Foreign Ministry summoned Kevin Sullivan, the US ambassador to Buenos Aires, over inappropriate comments on the Latin American country’s failure to repay its debts to... 

U.S. National Debt Grows By More Than A Trillion Dollars In The Last 12 Months

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The idea that the Obama administration has the budget deficit under control is a complete and total lie. The idea that the Obama administration has the budget deficit under control is a complete and total lie. According to the U.S. Treasury, the federal government has officially run a deficit of 589 billion dollars for the first 11 months of fiscal year 2014. But this number is just for public consumption... 

Russia to appeal against US, EU sanctions to WTO

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Russia is planning to appeal to the World Trade Organization (WTO) over anti-Moscow Western sanctions, Russian Economy Minister Aleksey Ulyukaev has said. “The latest round of sanctions provides grounds to appeal to the WTO. And we will appeal,” Ulyukaev told reporters on Friday. The Russian minister also warned that Russia’s response to the new sanctions by the European Union and the United... 
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