Yearly Archives: 2013

US Unlikely To Crack China FATCA Agreement

"FATCA has been created to track down the offshore financial assets of US taxpayers and make the institution concerned reveal details so that tax can be collected. Now China is telling the US that there will be so few US citizens holding Chinese bank accounts that the cost of implementing FATCA outweighs the benefit to the nation’s financial institutions. The Chinese have also pointed out that even the opportunity of signing an IGA which would allow them to get details of Chinese taxpayers in the US would also serve minimal benefit to the government." Continue reading →

Continue ReadingUS Unlikely To Crack China FATCA Agreement

The Housing Bubble and the Limits of Human Knowledge

"Senior government officials previously denied that the government was on the hook for Fannie and Freddie (presumably thinking that their denial would never be tested by events — a bad theory). What financial shape were Fannie and Freddie in as the crisis proceeded? How bad would the effects of the shriveling bubble be? How much can you trust the word of government officials? How much about the financial future can central bankers or anybody know? Consider the lessons of the following 10 quotations." Continue reading →

Continue ReadingThe Housing Bubble and the Limits of Human Knowledge

Ron Paul: The Sequester ‘Crisis’ And What Should Be Done

"The United States did not collapse last Friday when the package of spending reductions known as 'sequestration' went into effect. The financial markets hardly blinked, as they have come to be more skeptical about these periodic government-hyped 'crises.' What had been portrayed as a drastic reduction in government spending was merely a decrease in the projected rate of increase in government spending over the next decade. Under sequestration, government spending increases by $2.4 trillion over the next 10 years rather than $2.5 trillion without it. So we are speeding toward collapse at only 100 miles per hour instead of 110 miles per hour." Continue reading →

Continue ReadingRon Paul: The Sequester ‘Crisis’ And What Should Be Done

Lew Rockwell: The US Corporate State

"It didn’t take long for opponents of the market to pounce after the events of 2008. The crash was said to prove how destructive 'unregulated capitalism' could be and how dangerous its supporters were – after all, free-marketeers opposed the bailouts, which had allegedly saved Americans from another Great Depression. In The Great Deformation, David Stockman – former US congressman and budget director under Ronald Reagan – tells the story of the recent crisis, and takes direct aim at the conventional wisdom that credits government policy and Ben Bernanke with rescuing Americans from another Great Depression." Continue reading →

Continue ReadingLew Rockwell: The US Corporate State

Former Greek defense minister gets eight years and €500,000 fine over €100,000 in asset non-declarations

"This has scary parallels with FATCA and FBAR requirements. The United States debt situation is Greece on steroids. I won’t defend Mr. Tsochatzopoulos. However, the fine for hiding 100,000 Euro in assets (aggregated over three years!) of € 500,000 Euro, is clearly exorbitant. But then to also sentence him to eight years in prison without possibility of appeal shows that the Greek courts are seething with froth at their mouths that shows that this cradle of civilization has gone back to barbaric times when petty rulers could simply seize the property of any citizens only because his thugs were powerful." Continue reading →

Continue ReadingFormer Greek defense minister gets eight years and €500,000 fine over €100,000 in asset non-declarations

UN investigator: Obama must release details of Bush kidnapping and torture program

"Ben Emmerson, the U.N. special rapporteur on the promotion and protection of human rights while countering terrorism, will release a new report on Tuesday detailing his findings about the Bush-era program, according to Reuters. The report was not published online ahead of a planned hearing set for Tuesday, and a spokesperson was unavailable for comment. He added that there is 'credible evidence' that the CIA under the Bush administration had 'black sites' in Thailand, Poland, Morocco, Lithuania and Romania. Emmerson’s report is expected to urge lawmakers in those countries to fully investigate the matter and prosecute former officials if necessary." Continue reading →

Continue ReadingUN investigator: Obama must release details of Bush kidnapping and torture program

Americans – Like Nazi Germans – Don’t Notice that All of Our Rights Are Slipping Away

"More and more commonly, the government prosecutes cases based upon 'secret evidence' that they don’t show to the defendant … or sometimes even the judge hearing the case. The government uses 'secret evidence' to spy on Americans, prosecute leaking or terrorism charges (even against U.S. soldiers) and even assassinate people. And see this and this. Secret witnesses are being used in some cases. And sometimes lawyers are not even allowed to read their own briefs. Indeed, even the laws themselves are now starting to be kept secret. And it’s about to get a lot worse." Continue reading →

Continue ReadingAmericans – Like Nazi Germans – Don’t Notice that All of Our Rights Are Slipping Away

Nigel Farage’s ‘Fruitcakes, Loonies & Closet Racists’ Libertarian UKIP knocks down Tories into third

"The British Conservative party has for the first time been pushed into third place in a by-election in the town of Eastleigh, by a party David Cameron dubbed 'fruitcakes and loonies and closet racists.' The UKIP (the UK Independence Party) strongly opposes immigration, and advocates for the UK to leave the European Union. In the Eastleigh vote, the Lib Dem Party polled at 13,342 votes, UKIP at 11,571, the Conservatives at 10,559 and Labour at 4,088. UKIP took almost 28 percent of the vote, one of their best-ever results in a British parliamentary election." Continue reading →

Continue ReadingNigel Farage’s ‘Fruitcakes, Loonies & Closet Racists’ Libertarian UKIP knocks down Tories into third

British vigilantes fighting revenue-driven traffic enforcement

"Meet the NoTo Mob, a group dedicated to fighting what they see as unfair parking tickets and charges. During the week they're normal blokes (and the odd woman). But on Saturdays they come together for a common cause. They follow council CCTV cars, or 'spy cars', then stand nearby holding signs to warn drivers about the presence of a CCTV vehicle and potential fine if they break the rules. It's opposed to what it sees an unfair parking enforcement. The group targets 'honey pots' – high-ticket areas with confusing road markings or unclear signs where the CCTV cars are most likely to operate." Continue reading →

Continue ReadingBritish vigilantes fighting revenue-driven traffic enforcement

More Redflex Executives Fall Over Red Light Camera Bribery Scandal

"According to the inquiry conducted by the law firm Sidley Austin, a consultant was paid $2 million between 2003 and 2012 for his work in landing the nation's most lucrative photo ticketing contract. Redflex sent a city contracting official on 17 different trips between 2003 and 2010, paying for everything including hotels, flights, car rentals, golfing, meals and a computer worth a total of $20,000. So far, the company has also spent $1.2 million in legal fees related to the Chicago scandal. When Chicago's red light camera contract expires, Redflex will lose another 13.6 percent of its income. The company also warns of the possibility of bribery revelations in other cities." Continue reading →

Continue ReadingMore Redflex Executives Fall Over Red Light Camera Bribery Scandal