Safeway Skewered for Throwing 6,000 Workers Under the Bus in Video Parody

Safeway closed a whopping 72 Dominick's grocery stores resulting in 6,000 jobs lost.  They acquired Dominck's grocery chain, engaged a hedge fund, hyped up the stock price and then promptly shuttered the Illinois neighborhood grocery.  The excuse is these Dominick's grocery stores serve low profit margin geographical locations.  In other words, Safeway doesn't want to offer grocery access to poor people.

Reads Around the Internets - Where Do Jobs Come From?

shocknews Welcome to the weekly roundup of great articles, facts and figures. These are the economic and financial finds that made our eyes pop.


Where Do Jobs Come From?

Economist Jared Bernstein has laid out in simple, easy to understand terms, the theory of stimulating the economy to indirectly create jobs. This article is in reference to Uncle Ben's latest quantitative easing.

Saturday Reads Around the Internets - It Pays to Do Your Homework

shocknews Welcome to the weekly roundup of great articles, facts and figures. These are the weekly finds that made our eyes pop.


Whole Foods - Made in China

Spending $8 bucks a pound for organic grapes? Think again. This video report shows Grocery chain Whole Foods so called organic foods are actually imported from China. Check out what happens with organic inspection and certification when food is imported.

New Scientist - Fukushima radioactive fallout nears Chernobyl levels

Michael Collins
According to an international scientific group monitoring radiation around the world, the Fukushima reactors are emitting nuclear toxins at levels approaching those seen in the "aftermath" of Chernobyl. The Chernobyl disaster began with an explosion, Fukushima is a smoldering cauldron of toxins. Chernobyl had 180 tonnes of nuclear fuel on site. Fukushima has 1700 tonnes of nuclear fuel on site. (Image)

This isn't the beginning of the end as hoped. It's looking like the end of the beginning.

CounterPunch ran an interview wit Japanese nuclear industry author Hiroshe Takashi just yesterday in which the author lamented the poor reporting of the tragedy in the Japanese press:

"Really, they talk this nonsense, trying to reassure everyone, trying to avoid panic. What we need now is a proper panic. Because the situation has come to the point where the danger is real." Hiroshe Takashi, March 22

The Deflationary Bust accelerates

Consumer prices in November fell ( - 1.9%) non-seasonally adjusted. The YoY rate of inflation is now only 1.1%. In the last 4 months, prices have fallen ( - 3.4%), or at an annual rate of ( - 13.2%). I am accordingly updating my table of Deflationary Recessions:

Recession dates/ YoY, monthly deflation/greatest +/- change

Recession Time Period -1.5% Deflation Largest Change
1/13 - 12/14 2 - 4/14 (-3.0%)
8/18 - 3/19 n/a (inflationary) +23.7%
1/20 - 7/21 8/20 - 9/22 (-15.8%)
5/23 - 7/24 4/24 (-1.8%)
10/26 - 11/27 1 - 5, 8/27 (-3.4%)
n/a 6/28 (-2.8%)
8/29 - 3/33 4/29, 3/30 - 8/33 (-10.7%)
5/37 - 6/38 1 - 12/38 (-3.4%)
2/45 - 10/45 n/a (inflationary) +2.8%
1/49 - 10/49 1/49 - 1/50 (-3.2%)
7/53 - 5/54 n/a (-.8%)
12/07 - ???? 10/08 - ???? (-3.4%)

The Consumer catches a Silver Lining

Lost in this past week's dismal news for 401k retirement reports (can we call them 201k's now?) is a silver lining for the consumer: this recession, like every 20th century recession before it, has created enough demand destruction to break the back of inflation. Been to your local gasoline station this past week? Odd are, you are seeing prices you haven't seen in a long time. In fact, the price of Oil per barrel is now lower than it was a year ago. Here's the graph demonstrating that truth: