Category: News

BITCOIN GREENWASHING: No, Bitcoin mining isn’t mostly powered by clean, renewable energy, but the cult-like self-delusion of Bitcoin apologists is itself a fascinating science experiment

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from naturalnews Elon Musk just ignited a firestorm of controversy when he announced Tesla would not longer accept Bitcoin due to the environmental concerns related to Bitcoin mining and its gargantuan energy consumption. The pro-Bitcoin community erupted in a fierce backlash, claiming that most of Bitcoin’s energy usage comes from renewables, and that the more […]

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Tether’s First Reserve Breakdown Shows Token 49% Backed by Unspecified Commercial Paper

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From coindesk The new composition report is part of Tether’s efforts to stay in compliance with a settlement with the New York Attorney General. Tether revealed the breakdown of its reserves for the first time, casting another sliver of light on the backing of USDT (0%), the largest cryptocurrency pegged to the U.S. dollar. Much remains murky, […]

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“I’m Not At All Excited”: China’s Digital Yuan Is Turning Into A Giant Flop

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From ZH It was supposed to be the biggest threat to the reserve status of the dollar (China’s denial that it has no desire to replace the USD with the digital yuan only confirms it) since the failed experiment that is the “whatever it takes” euro, but instead it is turning out to be one giant yawn. […]

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More Senior Bankers Are Abandoning London In Favor Of Europe

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From ZH Earlier, we noted how French officials are planning to sabotage talks between the UK and the EU about expanding access to EU financial markets. At this point, even if Britain does manage to make progress with the EU in a meeting later this month, at this point, the transfer of top talent from the City […]

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US Spends 90% More Than It Collects In First 7 Months Of Fiscal 2021

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From ZH With “base effect” all the rage this month, moments ago we also got the 1-year anniversary of the Covid crash in the US budget deficit dataset when the Treasury reported the April government revenue and spending. And while the data in isolation wasn’t pretty, it was absolutely stellar compared to last April’s blowout […]

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Biggest Rise In Consumer Prices In More Than A Decade Is Understated By Half

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From ZH Inflation has arrived, evident by the 4.2% gain in the consumer price index over the past twelve months. But the most significant increase since 2008 still is not fully capturing “experienced” inflation since it is missing the rise in housing inflation. The Bureau of Labor Statistics reported that April consumer prices rose 0.8% from […]

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Nobody Wants To Work: Job Openings Soar To Record High 8.1 Million, Smashing Wall Street Expectations

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From ZH In case we needed more proof that the US labor market is in a supply-demand mismatch crisis, a few hours after the latest NFIB showed that it has never been more difficult for small business to fill job openings, moments ago the BLS confirmed what we expected: that the number of job openings […]

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​​​​​​​”Lines Down The Street” – People Wait Five Hours To Fill Up Amid Gas Shortages

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from ZH The White House published a fact sheet on its response to the Colonial Pipeline hack: The recent cyberattack targeting the Colonial Pipeline has triggered a comprehensive federal response focused on securing critical energy supply chains. President Biden is receiving regular briefings on the incident and has directed agencies across the Federal Government to […]

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Shocking Chart Shows Most Workers Now Make More On Unemployment Than From Their Jobs

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From ZH   Almost a decade ago, we explained that America had become a bizarre kind of welfare state where, due to the premeditated vagaries of the tax code, hard work was punished. As a reminder, back in 2012 we showed that it was increasingly lucrative – in the form of actual disposable income – to do the bare […]

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What Will You Do When Inflation Forces US Households To Spend 40% Of Their Incomes On Food?

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From ZH Did you know that the price of corn has risen 142 percent in the last 12 months?  Of course corn is used in hundreds of different products we buy at the grocery store, and so everyone is going to feel the pain of this price increase.  But it isn’t just the price of […]

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