After struggling to raise debt from third parties to repair crumbling infrastructure, the state of New Jersey has come up with a "clever" approach to fundraising that entails selling debt to their own insolvent pension funds...something we've dubbed the "Pension Ponzi Squared." Of course, because when everybody else shuns your debt for being too risky who better to sell it to than yourself?
While piecemeal anecdotes and surveys have already exposed the devastation that PM Modi's demonetization plan has had on the Indian economy, tonight we see the first hard evidence as Foxconn has asked 25% of its workforce to leave after the cash ban caused sales to collapse by 50% forcing the company to slash production by half.
Amid social unrest and loss of faith in the nation's currency, India's economy has ground to a halt with its Composite PMI crashing by a record in the last month as demonetization strikes.
Earlier this week we warned that as the trend to robotization accelerates, millions of (mostly) low-skilled American jobs will be lost in the next five years, replaced by robots as companies seek to maintain high profit margins in a time of rising wages and growing inflation. One company, however, can not wait that long.
CNN is being sued by former black employees who say the giant news organisation routinely discriminates workers based on the color of their skin. A multi-million dollar class action lawsuit has been launched by former and current employees, claiming that CNN, Turner Broadcasting and Time Warner discriminate black employees. Dailycaller.com reports: Filed on behalf of two black employees, Celeslie Henley and Ernest Colbert Jr, the lawsuit alleges that black employees were paid less and had fewer opportunities for promotions.
Submitted by Lance Roberts via RealInvestmentAdvice.com,
“Trump saves jobs in Indiana before even being President. This is how you make ‘America Great Again.”