ECONOMICS

Authored by Michael Snyder via The Economic Collapse blog,

During the summer, many of the experts repeatedly assured us that the U.S. economy would be able to avoid a recession, but now reality is setting in. 

Credit conditions continue to tighten, home sales are falling, credit card losses are exploding, stores are closing all over the country, and the number of bankruptcies is rising to very alarming levels.  Meanwhile, the cost of living continues to become more and more (more…)

By Catherine Yang of Epoch Times

China Evergrande Group announced on Sept. 28 that its chairman and founder has been suspected of committing crimes, confirming reports that Hui Ka Yan was under police surveillance.

It stated that "relevant authorities" notified the company that Mr. Hui, also known as Xu Jiayin, is subject to “mandatory measures in accordance with the law due to suspicion of illegal crimes.”

Xu Jiayin, chairman of the board of Evergrande Group, speaks (more…)

Traditionally, the second revision to GDP data (which comes three months after the end of a given quarter) is a boring, subdued affair… except for once every five years when alongside the latest data revisions, the BEA (the B usually stands for Bureau but in this case it may as well stand for Biden's) also publishes a wholesale revision of all GDP going back some two decades. Today was one of those time, and boy was it a doozy.

As we warned one week ago in "Ignore The Hawkish (more…)