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By Tyler Durden

Submitted by Jim Quinn via The Burning Platform blog,

It’s that time of year again. It’s open enrollment for health plans at my employer. They are biggest employer in Philly and have the most leverage possible with the insurance companies. They have such good leverage that my premiums are going up “only” 9.8% this year for a basic HMO plan. Based on what I hear from others, I should be thankful for just a 9.8% increase.

This isn’t a new development. Since I’ve been tracking all my expenditures using Quicken since 1991, I know exactly what my annual health insurance costs have been every year. Obamacare was passed in 2009 and began to be implemented in 2010. Obama declared that families could expect $2,500 of savings per year. I know for a fact my annual medical expenses were $2,000 higher in 2015 than they were in 2010.

The lies of the government and their minions at the BLS are revealed to anyone who cares to open their eyes. The BLS reported inflation rates for health insurance since 2010 is beyond laughable. They must have triple seasonally adjusted, massaged, and tweaked these figures to arrive at the absurdly false inflation figures they are feeding to the sheeple. These are the reported inflation figures for health insurance since 2010:

2010 – (4.0%)

2011 – 5.6%

2012 – 10.6%

2013 – 0.9%

2014 – (0.8%)

2015 – 3.7%

According to the BLS, and built into their CPI calculation, your health insurance premiums have gone up by about 16% over the last six years. Now for the smell test. I have worked for a large employer with excellent healthcare benefits over that entire time span. My health insurance premiums have risen by 65% since Obamacare was passed. And that doesn’t capture the whole picture.

I had no deductible in 2010. I now have an individual deductible of $1,200 and a family deductible of $2,400. My co-pay back in 2010 was $15. Today it is $25. So my out of pocket expenses have risen too. I estimate I can add another 15% of increase due to these changes. Therefore, I’ve experienced 80% inflation in my health insurance expenses versus the BLS lie of 16%.

In case you weren’t paying attention, the BEA reported the latest GDP lie yesterday. According to these government drones, the economy grew by a whopping 0.5% in the first quarter. As you may or may not know, this figure is adjusted for inflation. Our beloved BLS propagandists assure us that inflation has been running at a microscopic 0.9% over the last twelve months. Does anyone who is not a halfwit or Ivy League educated economist actually believe that tripe?

As most people know, 67% of GDP is based upon consumer spending in our debt financed land of plenty. It seems the more you have to pay due to Obamacare, the higher GDP goes. The more you pay for rent the higher GDP goes. The more you pay for gas, heat, and food, the higher GDP goes. Isn’t government accounting grand? The government systematically …read more

Source: Lies, Lies, & OMG More Lies…

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By Tyler Durden

For the first time ever, Berkshire Hathaway’s annual meeting in Omaha goes digital and is being webcast live on Yahoo Finance. Those so inclined can watch Warren Buffett and Charlie Munger’s deep thoughts in real time from the Woodstock of Crony Capitalism at the webcast link below.

…read more

Source: Berkshire Hathaway Annual Meeting Live Stream

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By Tyler Durden

In the latest clear sign that low oil prices are taking their indirect toll not only the US shale sector, leading to billions in capex cuts and hundreds of thousands of lost oil and gas jobs, on Friday Saudi newspaper al-Watan reported that the multinational construction conglomerate Saudi Binladin Gropu (which was founded in 1931 by Sheikh Mohammed bin Laden Sayyid, father of Osama bin Laden who was removed as a shareholder in the business in 1993 and disowned by the family) has laid off 50,000 staff as pressure on the industry rises amid government spending cuts to survive an era of cheap oil.

This means that Binladin, one of Saudi Arabia’s biggest firms and among the Middle East’s largest builders, whose total workforce is around 200,000 just fired a quarter of its total staff.

Reuters adds, citing al-Watan’s unnamed sources, that the group has terminated the contracts of 50,000 workers – apparently all foreigners – and given them permanent exit visa to leave the kingdom. However, the workers have refused to leave the country without getting paid as some had not received wages for more than four months. Furthermore, they were protesting in front of the Binladin’s offices in the country almost daily, the paper added.

What is most disturbing is that one of the biggest companies in Saudi Arabia if the not the Middle East, has had a series of pay disputes with workers this year as it appears unable to fund payroll. In March, scores of workers gathered outside one of the company’s office in Saudi Arabia to demand unpaid wages.

Migrant workers, who work for Saudi Binladin Group, gather as they
ask for a final settlement over salary issue

While Binladin prospered during Saudi Arabia’s high oil price-driven economic boom in the past decade, employing around 200,000 workers as it built many of the kingdom’s flagship infrastructure projects including airports, roads and skyscrapers, like many other Saudi construction firms, it has been hit hard in the past year as low oil prices have prompted the government to slash spending in an effort to curb a budget deficit that totaled nearly $100 billion last year.

As Reuters adds, labor market reforms, designed to push more Saudi citizens into private sector jobs, have since 2011 made it more difficult and expensive for construction firms to hire foreign workers, pressuring the industry.

The Binladin Group made tragic headlines last September (ironically, the 11th) when a crane toppled into Mecca’s Grand Mosque during a dust storm, killing 107 people. Following the incident, the Saudi royal court said Binladin had been suspended from taking new contracts. An initial government probe found Binladin had not properly secured the crane. Binladin did not issue a public statement in response to the suspension.

Worse, it is no longer just Binladin’s income statement that is impacted but the stress is now spreading to its balance sheet: the company has been discussing how to manage its debts with banks and a few have agreed to refinance some debt through …read more

Source: Oil’s Latest Casualty: Saudi Binladin Group Fires 50,000 Workers, A Quarter Of Its Workforce

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By George Washington

I've been a guest writer at Zero Hedge for quite a few years.

Shocking as it may seem, “Tyler” and the gang have put absolutely no pressure on me to spin stories one way or the other.

… Or to avoid any topics.

I've asked Tyler more than once whether I should write on a certain topic, and he's consistently – and shockingly – said I should write whatever I want.

For example, on, January 11, 2010, I wrote: “Tyler: Not Sure Whether This is Appropriate For ZH.”

Tyler wrote back:

Go for it.

On August 17, 2010, I wrote: “I don't know if I should post to ZH.”

Tyler responded:

Don’t see why not. People enjoy the debate

On September 5, 2010, I ran a new story by Tyler, asking: “Tyler: Appropriate or Inappropriate for ZH?”

He wrote back:

Yes.

On September 10, 2010, I floated another controversial post – which I was sure would be shot down – asking: “Not Appropriate for ZH?”

Tyler wrote back:

Post. We don’t censor

Those are just a few examples I found in a couple minutes of trawling through my old emails.

And that's why I like Zero Hedge so much … it really is a free market-place of ideas.

Indeed, I love how the site pulls no punches and slams every clown running amok … whether EU dictocrats,the Keynesians running the Chinese economy, the failed socialists in Venezuela, Putin, or corrupt American politicians and economic “leaders” (whether they call themselves “Democrats” or “Republicans”.

Like the boy who points out that the emperor has no clothes – when everyone else is busy scraping and bowing and currying favor – Zero Hedge is a great site exactly because it calls it like it sees it.

No wonder the mainstream media hates it so much …

…read more

Source: The SHOCKING Inside Scoop On Being a Guest Writer At Zero Hedge

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By Tyler Durden

‘Exceptional’ America is no longer the home of the world’s most expensive city in which to live and work. As the latest report from the World Economic Forum finds, the honor of the priciest place to reside is the United Kingdom’s capital – London. At £80,777 (~$120,000) per person per year, “The Big Smoke” is twice as costly as Los Angeles or Sydney…

London has topped the list since June 2014…

However, all is not lost for USA, USA, USA!

A quarter of the top 20 most expensive cities are in the United States, with New York (at a yearly cost of over £79,000) coming in just behind London.

Overall, the average cost of home and office accommodation per person per year across the top 20 cities is £40,641, with Rio de Janeiro being the most affordable.

Savills’ index is aimed at giving employers an idea of the cost of accommodating an employee in cities around the world. Head of World Research at Savills, Yolande Barnes, says: “The productivity of cities and their value to global businesses clearly has a pronounced effect on demand and hence rental costs.”

The highest-ranking cities for productivity, such as London and New York, are also the most expensive to live and work in.

Barnes adds: “World cities can become a victim of their own success when rents rise to the point where affordability becomes an issue.”

Savills wants to see an increase in supply of high-quality workspace, noting that this will be a crucial development for emerging cities such as Rio de Janeiro, Mumbai and Lagos.

Of course, there is always Vancouver (if you’re Chinese).

…read more

Source: The Most Expensive Cities To Live In Across The Globe

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By Tyler Durden

Submitted by Justin Raimondo via AntiWar.com,

The reaction to GOP frontrunner Donald Trump’s much-awaited foreign policy speechfrom the Washington elites was all-too-predictable: they sneered and snickered that he had mispronounced “Tanzania.” The more substantive criticisms weren’t much better: perpetual warmonger Lindsey Graham, whose presidential bid garnered zeropercent in the polls, tweeted “Trump’s FP speech not conservative. It’s isolationism surrounded by disconnected thought, demonstrates lack of understanding threats we face.” For Graham, anything less than starting World War III is “isolationism” – a view that gives us some insight into why his presidential campaign was the biggest flop since the “new” Coke. This is the party line of neoconservatives who have long dominated Republican foreign policy orthodoxy, to the GOP’s detriment. Neocon character assassin Jamie Kirchick, writing in the European edition of Politico, put a new gloss on it by claiming to detect a Vast Kremlin Conspiracy as the animating spirit behind the Trump campaign.

Which just goes to show that having Roy Cohn as your role model can lead one down some pretty slimy rabbit holes. I guess that’s why the editors of Politico put Kirchick’s smear piece in the European edition, where hardly anyone will read it, saving a morereasonable analysis by Jacob Heilbrunn for the US version. (Although, to be sure, apiece by neocon-friendly Michael Crowley limns the same McCarthyite theme inPolitico’s magazine.)

Heilbrunn is the editor of The National Interest, publication of the Nixon Center, which has been a sanctuary for the outnumbered – but now rising – “realist” school of foreign policy analysts. The Trump speech was sponsored by TNI, and Heilbrunn gave a very interesting if somewhat defensive explanation for the motives behind their invitation to Trump, succinctly summarizing its significance:

“His speech did not deviate from the themes he has already enunciated and it showed that he is willing to go very far indeed. Nothing like this has been heard from a Republican foreign policy candidate in decades. Trump doesn’t want to modify the party’s foreign policy stands. He’s out to destroy them.”

This is why the Republican Establishment hates Trump: it’s no accident that the same neocons who lied us into the Iraq war and profited personally and professionally from that disastrous adventure are now in the vanguard of the “Never Trump” brigade. As Heilbrunn points out:

“This is why perhaps his most significant statement was: ‘I will also look for talented experts with new approaches, and practical ideas, rather than surrounding myself with those who have perfect résumés but very little to brag about except responsibility for a long history of failed policies and continued losses at war.’ What Trump is talking about is dispensing with an entire wing of the GOP that has controlled the commanding heights of foreign policy over recent decades.”

This is my favorite part of Trump’s peroration. Here he is openly telling the neocons, who have inveigled themselves into every administration since the days of Ronald Reagan, that they will be kicked to the curb …read more

Source: The Oligarchy Is Tottering – Trump Tramples The Neocons’ "False Song Of Globalism"

    

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