Monthly Archives: December 2012

China arrests nearly 1,000 doomsday ‘cult’ members of ‘Almighty God’

"The Christian-inspired group 'Almighty God' has been accused of spreading doomsday rumours apparently linked to the ancient Mayan Long Count calendar and urging followers to slay the 'red dragon' of communism, state media reports said. Close to 1,000 followers of the sect, which state-run media labels an 'evil cult' – the same description it applies to the banned Falun Gong group – have been held in a nationwide crackdown that began last week, state-run CCTV reported." Continue reading →

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Greece: Crony Capitalists Will Squeeze You and Freeze You

"The household price for heating oil in Greece reached 1,266 euros per 1,000 liters (264 gallons) in the second quarter of 2012, surging 48 percent from a year earlier, according to the International Energy Agency. Greeks pay both excise and value-added taxes on heating oil that can make up 42 percent of the total cost. Greece’s oil prices are high because of laws that protect the country’s two refining companies and prevent competition, said Pavlos Eleftheriadis, a lecturer in law at the University of Oxford in England, who studies monopolies. 'The Greek political system works for the insiders,' said Eleftheriadis, a native of Greece." Continue reading →

Continue ReadingGreece: Crony Capitalists Will Squeeze You and Freeze You

Ecuador Central Bank President Resigns After Admitting Fake Degree

"The president of Ecuador’s central bank, Pedro Delgado, resigned late Wednesday after admitting he faked having a university degree. Mr. Delgado, a cousin of President Rafael Correa, also resigned from his administrative posts with other state agencies. 'I committed an error, a serious error 22 years ago. I made a mistaken decision in order to reach an academic goal. I made mistake and I am paying the price now,' he said." Continue reading →

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Merry Christmas! Annual “Buy Michigan” Issue

  We usually send our Annual Buy Michigan Issue earlier in the season but a “lame duck” this year caused the delay. However, these Michigan business may be patronized year round not just during Christmas. Buying Michigan not only helps our economy but also helps our fellow Michigan business owners But before we get to …

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Robert Parker’s wine ‘bible’ moving to Singapore

"Influential US wine critic Robert Parker is moving the headquarters of his newsletter to Singapore after selling a major stake to investors based in the city-state, a report said. Parker told the Wall Street Journal he intends to step down as editor-in-chief of The Wine Advocate and phase out its print edition, giving oversight to his Singapore-based Asia correspondent, Lisa Perrotti-Brown. 'The Asian market has come of age in the last decade or so, and it would be unrealistic not to expect to be part of it,' he said. He declined to name his new investors but described them as 'young visionaries' in financial services and information technology based in Singapore." Continue reading →

Continue ReadingRobert Parker’s wine ‘bible’ moving to Singapore

Now Obama wants your 401(k)

"Since 2010, the U.S. Treasury Department and the Department of Labor have been holding combined hearings on various plans designed to introduce government-mandated retirement plans and investment options, including government annuities invested primarily in U.S. Treasury debt, into the private retirement savings market. With the issuance of the White House 256-page Budget Proposal for Fiscal Year 2013, the Obama administration endorsed 'Automatic IRAs,' in which private companies would be automatically enrolled into government-mandated IRAs, forcing those businesses to contribute on behalf of their employees unless an employee opts out." Continue reading →

Continue ReadingNow Obama wants your 401(k)

Chinese buyers lead foreign investment in US housing market

"Non-American buyers accounted for $82 billion in home sales last year. More than $7 billion of that is by the Chinese, who are now the second largest foreign home purchasers after Canadians. They're buying high-end, multimillion-dollar homes from California to New York and paying cash. While some of the Chinese buyers live in the U.S. full or part-time, realtors estimate about 40 percent of the homes are for investments. They're snapping up houses in states hit hard by foreclosures such as Nevada and Florida. Some are buying two or three homes at a time. Buyers from China also invested almost $2 billion in commercial property in 2011." Continue reading →

Continue ReadingChinese buyers lead foreign investment in US housing market

Asia, not North America, now has most millionaires

"Millionaire wealth in the United States and Canada in 2011 fell 2.3 percent to $11.4 trillion - still the wealthiest region by this measure - though it had 1.1 percent fewer millionaires, slipping by about 39,000 to a total of 3.35 million. Strong economic growth in China and other markets increased the ranks of millionaires across the Asia-Pacific region by 1.6 percent to a total of 3.37 million, as Asia vaulted past North America as home to the most millionaires." Continue reading →

Continue ReadingAsia, not North America, now has most millionaires

Expatriation Can Save You From the Not-So-Free America

"The terrorist attacks of 9/11, 2001 have been used as a twisted justification by the U.S. Congress and by two presidents to enact unconstitutional laws that sacrifice the very principles they claim to be defending, all in the name of an elusive national security. This is a list of illegal and unconstitutional actions on which I recently spoke to a group of 50 Sovereign Society members who visited Uruguay last month. Many in the group seemed genuinely surprised when they saw the list, unable to believe such things were possible in America." Continue reading →

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How Congress Snuck in a 3.8% Tax Increase that Will Kick in on Jan. 1

"Scheduled to take effect on Jan. 1, the tax, which was adopted as part of the 2010 health-care law, is a 3.8 percent levy on interest, dividends, capital gains and passive business income received by taxpayers with incomes exceeding $200,000 (or $250,000 for couples). Because the new tax was added to the health-care law late in the process without congressional hearings, it received little attention at the time. With only a few weeks left before it takes effect, it remains largely unknown. One problem with the unearned income Medicare contribution tax is the name Congress chose for it, which is a triple misnomer." Continue reading →

Continue ReadingHow Congress Snuck in a 3.8% Tax Increase that Will Kick in on Jan. 1