today’s show updates US 3 wars (Ukraine, Gaza, Taiwan) as critical strategic NATO meeting underway today. Ukraine: Orban’s meeting with Ukraine and Russia; Saudi’s leader MBS threatens Europe it will withdraw funds in EU banks if it seizes its $260B Russian assets; how falling US dollar (as BRICS implement own currency) will negatively impact US deficits, debt and real economy; NATO’s imminent ‘no fly’ zone-and what it means? Latest on Israel’s renewed bombing of northern Gaza cities as AIPAC intensifies attack on US universities. How Europe is becoming an economic dependency of USA. Second half of the show focuses on US economy: GDP, latest inflation report vs. real prices paid by consumers, ASA Report on US data reliability, why Median Annual Income for US family of four is really $96k not official $67k. Show concludes with review of growing pressures  for Biden to step down (by donors, businesses, Hollywood celebrities)as polls show Biden continuing to lose ground in key 7 swing states.

New Ukraine war offensives (both Ukraine & Russia) coming by July 7. Putin’s visit to North Korea & Viet Nam as Russian response to US/EU bilateral defense deals with Ukraine. Are both sides lining up allies in preparation for a wider war? Similarities with summer 1914. Netanyahu out-maneuvers Biden (again). Is a larger war with Hezbollah near? US media blackout of Yemen war as Houthis winning Red Sea blockade. On he economic front: What’s happening in the US  goods sector (construction-manufacturing)? Trump focuses on more business tax cuts as centerpiece of his economic program: proposes replacing corporate income tax with tariffs as CEOs push to end all US taxation on their foreign profits and reducing current 21% corporate tax rate to 15% for all business. What’s in Trump’s 2018 Tax Cuts 2.0 for 2025? The US Supreme Court’s rules against any future Wealth Tax on billionaires, saying US Constitution allows tax only on income not wealth (even though Constitution provides for taxation “from whatever source derived”). Meanwhile, SCOTUS protects Trump 2018 tax cut for corporations’ offshore profits. (Next week: the tightly scripted and controlled ‘debate’ between Biden and Trump later this week)

 In today's latest of US wars update, support for Ukraine war in Europe weakening reflected in just held EU Parliamentary elections. Pro war parties in France and Germany suffer big setbacks in the elections. In Ukraine war escalation news, France promises Mirage jets & Germany sends Patriots systems. Intense fighting in Kharkhov front coming. What is Russia's strategy? The show reveals latest details how US/NATO/EU plan to keep funding Ukraine after 2024. What's happening in Red Sea? Latest US economy news: Trump announces replacing Income tax with tariffs. Latest US Inflation report. World Bank global GDP report and latest on Argentina Milei plan

First half hour of show is weekly update on US wars—Ukraine, Gaza, Red Sea and Taiwan: Biden and Zelensky both signal less stringent demands as condition for negotiations. Zelensky’s doomed Switzerland conference and weird trip to Singapore and Manila. Ukraine’s growing imbalance in combat troops and weapons vs. Russia. Actual Russian strategy: n big offensive but open multiple fronts and spread out Ukraine’s depleting reserves. Natanyahu thumbs his nose at Biden over Rafah and Biden’s real strategy. Whatever happened to the Red Sea war that’s unreported in US media. Why US Marines are now on Philippine islands in sight of Taiwan and training for landings. The latest on May US jobs report. Why 4% unemployment is 7.4% and rising over past year. Why latest 272,000 jobs is distorted by govt’s Birth-Death business model. Some interesting job stats re. job market over past 12 months shows weak not strong job market: Mostly management and professional jobs created past year. 700k leave the labor force (reducing unemployment rate). 750k involuntary part time job created and 650k increase in 2nd and 3rd job holders = most jobs created last year were 2nd/3rd part time jobs + management and professional jobs.

A number of critical events occurred in the US proxy war in Ukraine during the past week: Wall St. Journal describes US/EU plan to release $260B of Russian frozen assets in EU banks to fund Ukraine in 2025; NATO and US approve Ukraine use of long range missiles to strike within Russia, signaling a strategic escalation of the war. Ukraine strikes Russian intercontinental ballistic missile warning system deep inside Russia. One step closer to US-Russia nuclear exchange. Putin-Lavrov publicly say Russia already at war with NATO. Latest on Israel attack of Rafah city; US and UK renew bombing of Yemen; US CIA & NGOs maneuvering in the Caucasus region’s 3 countries. Putin visits central asia countries & signs deal for Afghanistan to provide contract troops for Ukraine war. Second half of the show addresses just released revised US GDP for 1st Quarter showing even slower growth at only 1.3% annual GDP growth. Consumer spending on goods, residential housing, and imports all adding to the slowdown while bus. Investment in factories and AI keeps GDP from slowing even further. Why IP category added to GDP in 2013 keeps the economy registering recession on paper GDP even if not in actual terms. Is the US economy on the way to a second post-Covid (2020-21) contraction (first double dip was in 2022)?

Focus on what’s happening in Europe and Its new plan to give profits from seized $260B of Russian assets to Ukraine. Russia’s seizure of Deutschbank & Commerzbank response. US media admits NATO ‘price cap’ sanction on Russian oil sales a failure. Biden spins it as a success. Ukraine war update: Zelensky no longer president but continues in office. The real strategic objective in Russia’s new Kharkov offensive. CIA and Mossad join forces setting entire Caucasus region on political fire. Some curious facts about Iranian president’s recent death. The show concludes with broad summary of state of US economy: home sales, PMIs, & commercial real estate funds (REITs) growing crisis; Yellen/US reject idea of 2% global wealth tax on millionaires; Pentagon spending hits $884B/yr.; highest paid US CEOs rake in $4B, up from $800m.

With BRICS conferences coming this year and fundamental challenges to US economic empire coming in 2025 and after, the US empire continues to react and fight back. Today’s show reviews the hot spots: In Ukraine, Russia military advances resulting in more NATO escalation including US signaling Ukraine it’s ok to use missiles to attack inside Russia; re China, US policy expands sanctions plus reintroduces a Trump tariff strategy as US tech corps in China begin to exit; in So. America, Argentina’s IMF-Banks model of super-neolib policies devastate the economy, crash the currency 90% and raise poverty to 58% in order to pay IMF & western banks bondholders; in Europe, US multiple US policies now driving Europe to deeper economic dependency on US and US political vassalage. Meanwhile, US economy slows steadily as both housing and manufacturing continue to contract, price gouging remains chronic, real wages slowing fast, real retail sales stagnate, and banks expand debt leverage while corporate profit margins, stock prices, and buybacks accelerate.

 In critical week of the Ukraine war, NATO beginning to panic & threaten escalation: Macron, Cameron & Jeffries talk of NATO troops in Ukraine. Russia reacts announcing tactical nuke exercises and call in UK and French ambassadors. Assassination attempt on Zelensky foiled. Ukraine begins drafting prisoners. Russia Kharkov offensive begins early on May 10. Blinken-Yellen visit and threaten China. Importance of coming BRICS conference in June. Today’s show then turns to US domestic issues and discusses new Report of 11.4% rise in 2023 CEO pay  to record median $23.7 million ( with stock awards up 20%). Shareholders returns also up 13.8% in 2023. All CEO & shareholder data =>3 times current  inflation or wages. Trend to continue as Corp buybacks in 2024 to exceed $700B for Fortune 500(+ another $500B for dividends.  Meanwhile, interest charges on student debt to rise to 6.5%-7.5% and Social Security Fund Trustees warn of inadequate funds for retirees coming

Today’s show reviews major developments in various global economies: In USA, the Fed’s latest decision to keep interest rates at current levels + its decision to start buying back US Treasuries (QE by another name perhaps?). Why the liquidity injection? Answer: growing concerns about US banks in 2025? Next, is China growing again or not? The idiocy of US policy toward China as Blinken and Yellen attack it economically but request it intervene on behalf of US with Russia and Ukraine. What’s happening in Europe with France announcing it will send troops to Ukraine as EU (and UK) economy stagnates. ECB chair, La Garde, worries about seizing $260B Russian assets. How this may lead to de-dollarization and de-euroization. What’s happening in Argentina as its peso is devalued by 50%. A deeper look at Office Commercial Real Estate in the USA, US Govt Debt, and US Treasury’s record level of current bond buying.

 The first pass for US GDP for 1st Quarter 2024 was released last week. Today’s show dissects the areas generating growth vs. those slowing US economy. Takeaways from the data are discussed: Contracting now are consumer spending on goods, business private inventories and a big contraction in net exports. Only consumer spending on services continue to drive GDP as government spending slows but remains positive. The show explains why the 1.6% GDP rise in Jan-March was actually lower, once the adjustment for prices is more accurately estimated. Why and how the US low-balls inflation and thereby boosts real GDP. Real growth in US economy was therefore flat. The show then discusses why mainstream economists consistently get their forecasts of the economy wrong—prices, jobs, and GDP—because their forecast models contain multiple assumptions that are simply incorrect.