Daily Archives: January 30, 2013

Senators Demand that Banks Be Punished – but Not the Fed

"Bring these banksters to justice. But not the good, gray men of central banking. We are not surprised. The power elites are deathly frightened, in our view, that their control over central banks is in jeopardy. They will sacrifice the entire financial infrastructure to make sure central banks are not attacked. They are trying to do this any way they can. They are trying to set up neo-Pecora hearings to focus on Wall Street and the securities industry in general. There will be similar attacks in Europe and Britain. Maybe in China and Japan too, who knows?" Continue reading →

Continue ReadingSenators Demand that Banks Be Punished – but Not the Fed

Massive security hole lets hackers control millions of cameras, printers and routers

“A newly discovered exploit in a technology standard known as ‘universal plug and play’ (UPnP) is big enough that hackers on the Internet could remotely access and control ‘millions’ of compatible devices like cameras, printers and routers, security researchers said … Continue reading →

Continue ReadingMassive security hole lets hackers control millions of cameras, printers and routers

Why Your Town Is Going Broke

"Cook County’s Treasurer has created a website where citizens can find out how far in the hole their governments are. They are all so far in debt that future taxpayers will lose their homes, she says: 'In May, 2012, the collective debt reported by the local primary taxing agencies in Cook County was more than $140 billion! To put that in context, the total debt-per-household in the City of Chicago was $87,720, and $35,774 in the suburbs. Homeowners might be able to give their homes to their children, but that future generation won’t be able to afford to keep them because of the property taxes, which have doubled over a 10-year period.'" Continue reading →

Continue ReadingWhy Your Town Is Going Broke

Illinois’ credit rating downgraded; state drops to worst in the nation

"A warning came Saturday morning from state treasurer Dan Rutherford (R) IL State Treasurer. The Standard and Poor’s downgrade from A to A-minus puts Illinois last on the list– and means a higher cost to borrow money. On Wednesday, the state will issue $500 million in new bonds to pay for roads and other transportation projects. Rutherford says the credit downgrade will cost taxpayers an additional $95 million in interest, when compared to a perfect triple-A bond rating enjoyed by other 11 states including neighboring Indiana, Iowa and Missouri." Continue reading →

Continue ReadingIllinois’ credit rating downgraded; state drops to worst in the nation

Italian tax dodgers uncovered by the Redditometro

"The Italian authorities have been accused of resorting to police state-style tactics with the introduction of a new weapon to hunt down the nation's many tax dodgers. The new procedure makes it possible to scrutinise any family's spending pattern, and compare this with what it says it earns. But some commentators have been outraged by this month's launch of what is called the Redditometro - the Income Meter. It has been described as unacceptably intrusive, the sort of thing that East Germany's secret police might have dreamt up." Continue reading →

Continue ReadingItalian tax dodgers uncovered by the Redditometro

France Proposes an Internet Tax

"France, seeking fresh ways to raise funds and frustrated that American technology companies that dominate its digital economy are largely beyond the reach of French fiscal authorities, has proposed a new levy: an Internet tax on the collection of personal data. The idea surfaced Friday in a report commissioned by President François Hollande, which described various measures his government was taking to address what the French see as tax avoidance by Internet companies like Google, Amazon and Facebook." Continue reading →

Continue ReadingFrance Proposes an Internet Tax

U.S. GDP Shrinks. WSJ Says ‘No Reason to Panic.’

"According to the feds, the US GDP shrank 0.1% (annualized) in Q4. These are preliminary figures, of course, and recent revisions have been mostly down. This also comes on the heels of recent news from the UK where the economy shrank, and where, according to The Telegraph, the economy is headed for a 'triple dip.' Most alarmingly, all of this contraction comes as central banks continue to print money like there's no tomorrow, underlying the true weakness in the economy." Continue reading →

Continue ReadingU.S. GDP Shrinks. WSJ Says ‘No Reason to Panic.’

Zimbabwean Finance Minister Says the Country Has Just $217 In The Bank

"After paying public workers' salaries last week, the balance in cash-strapped Zimbabwe's government public account stood at just $217, Finance Minister Tendai Biti said Tuesday. Zimbabwe's economy went into free-fall at the turn of the millennium, after President Robert Mugabe began seizing white-owned farms. The move demolished investor confidence in the country, paralysed production, prompted international sanctions and scared off tourists. Zimbabwe's government has warned it does not have enough money to fund a constitutional referendum and elections expected this year." Continue reading →

Continue ReadingZimbabwean Finance Minister Says the Country Has Just $217 In The Bank

France ‘totally bankrupt’, says labour minister Michel Sapin

"'There is a state but it is a totally bankrupt state,' Mr Sapin said. 'That is why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective.' The comments came as President Hollande attempts to improve the image of the French economy after pledging to reduce the country’s deficit by cutting spending by €60bn (£51.5bn) over the next five years and increasing taxes by €20bn. Data from Banque de France showed earlier this month that a flight of capital has already left the country amid concerns that France’s Socialist leader intends to soak the rich and businesses." Continue reading →

Continue ReadingFrance ‘totally bankrupt’, says labour minister Michel Sapin

Honduras ‘no longer functioning’ after plunging over fiscal cliff

"Street surveillance cameras in one of the world's most dangerous cities were turned off last week because Honduras' government hasn't paid millions of dollars it owes. The operator that runs them is now threatening to suspend police radio service as well. Teachers have been demonstrating almost every day because they haven't been paid in six months, while doctors complain about the shortage of essential medicines, gauze, needles and latex gloves. Honduras is also grappling with $5 billion in foreign debt, a figure equivalent to last year's entire government budget." Continue reading →

Continue ReadingHonduras ‘no longer functioning’ after plunging over fiscal cliff