Chriss W. Street

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China Undermines Russia Sanctions with $18 Billion Investment

In what appears to be an effort to undermine the United States sanctions against Russia, China indicated to its state-owned Xinhua news agency that it agreed during Russian President Putin’s May 20-21st visit to Shanghai to invest $18.46 billion in Crimea. May 20, 2014 3:21 PM PT

Report: California Drought Will Only Cut Farm Revenue 3%

Despite the fact that every single part of California is currently facing severe, extreme, or exceptional drought for the first time in 15 years, the UC Davis and ERA Economics research team estimated on May 19 that agricultural losses for California’s Central Valley will only be about $738 million, or 2% of the state’s $42.6 billion in agricultural revenue from the state’s 80,500 farms and ranches this year. May 20, 2014 11:52 AM PT

Pratt & Whitney Division Abandons California

The California economy got another punch in the nose as aerospace contractor Pratt & Whitneyannounced last week that their AeroPower facility in San Diego will relocate all remaining operations to existing facilities to Florida, Georgia, Texas and Canada. May 18, 2014 5:55 AM PT

China Says Geithner's Book Proves U.S. Cannot Be Trusted

The Chinese official Xinhua News Agency published an incendiary article this morning titled: “Geithner Charges White House With Telling Him To Lie, But Fallout Muted.” Over the last year, Chinese President Xi Jinping is reported to have fired 183,000 Communist Party bureaucrats and purged dozens of senior officials suspected of corruption. May 17, 2014 8:48 PM PT

GAO: Budget Sequester Only Cut One Federal Job

During the government shutdown last October, the main–stream-media railed against what they referred to as the draconian risks associated with the “Budget Sequester.” May 15, 2014 1:53 AM PT

IMF's Lagarde: Ukraine Crisis Is 'Contagion' of Unpredictability

Christine Lagarde, French International Monetary Fund (IMF) managing director, said in an interview with German newspaper Handelsblatt on May 12th that “Ukraine needs much more than 17 billion dollars” in the rescue package of financial assistance approved by the IMF on April 31. Despite earlier reassurances that Ukrainian assistance would be temporary, the IMF now expects Ukraine’s economy to shrink by 5% this year, while the global economy will grow by 3.6%. May 14, 2014 9:05 AM PT

Tim Geithner Gives the World a Stress Test: Part One

As former President of the New York Federal Reserve Bank from 2003 to 2009 and then U.S. Treasury Secretary during the financial crisis, Geithner tells the story of what it was like to be faceless senior-level bureaucrat who is thrust onto the world scene and agrees to “foam the runways” to prevent the New York financial institutions he regulated from suffering “Old Testament” punishment for their greed and avarice. May 13, 2014 11:12 AM PT

Sunni Muslim States Forming 'Arab NATO'

The Sunni Muslim Gulf Cooperation Council (GCC), led by Saudi Arabia, appears to be forming an “Arab NATO” military alliance according to Stratfor Intelligence. The alliance would initially include Morocco and Jordan, but over time it would probably also seek to include the North African states of Algeria, Tunisia, Libya, and Egypt. May 12, 2014 6:01 PM PT

Antarctic Sea Ice at All-Time Record Levels

The National Snow and Ice Data Center (NSID), with the support of the NASA Earth Sciences, just announced that Antarctic sea ice has expanded to all-time record levels for April. Last month the ice expanded by more than 42.5 square miles and continues to grow in May. May 12, 2014 10:39 AM PT

Outside Political Spending Hits $88 Million and Counting

Open Secrets reports that outside groups, generally political parties, corporations and unions, have independently spent $88,868,421 so far in 2014 on the upcoming mid-term elections according to the Federal Election Commission (FEC). May 9, 2014 6:25 PM PT

Hedge Funds See Record Cash Inflow

Total hedge fund assets surged to set a record of $2.7 trillion in the first quarter of 2014, as investors allocated $26.3 billion of new capital to the industry, the most since the second quarter of 2011. May 9, 2014 12:09 PM PT

California Policy Center: 20 Counties' Public Pensions Only 60% Funded

Bill Monnet, Ken Churchill, and Ed Ring of the California Policy Center published a study on May 6, 2014 titled “Evaluating Total Unfunded Public Employee Retirement Liabilities in 20 California Counties” that determined the official published statements for unfunded employee retirement liabilities in 20 California county pension plans are drastically understated. May 7, 2014 3:48 PM PT

Fed Chair Janet Yellen Predicts Economy and Inflation to Rise

Federal Reserve Chairwoman Janet Yellen offered an upbeat economic outlook to the Joint Congressional Economic Committee in her remarks Wednesday by stating, “With the harsh winter behind us, many recent indicators suggest that a rebound in spending and production is already underway, putting the overall economy on track for solid growth in the current quarter.” May 7, 2014 11:13 AM PT

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