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Central Bank Injects Cash After China Money Rates Jump to Records

"The People’s Bank of China added 50 billion yuan ($8.2 billion) to the financial system today after a cash squeeze drove money-market rates to record highs. The sum was supplied to a single lender through 'targeted liquidity operations' and more banks were in talks to obtain financing. A PBOC press official said he was unaware of the matter. Bank of China Ltd. announced on its microblog that it made all payments on time today and has never had a capital default. A spokesman for Industrial & Commercial Bank of China Ltd. declined to comment on whether the lender received any financing from the central bank." Continue reading →

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India: Emerging from Poverty or Stuck in the Past?

"India's problems are a result of the country's collectivist system, which detaches people from the consequences of their actions. Economic feedback in India is warped – costs are socialized, while benefits are not. Trickery and heavy-handedness are the norm in India, and they work. Real wealth creation feels unnecessary. From an individual's point of view, time and capital are better spent making political connections and offering bribes, both of which are more lucrative and efficient than making an honest living. India has been like this for forever. There has been nothing to shake India from its philosophical slumber and force its citizens to re-evaluate outdated precepts." Continue reading →

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Young Turks seek greater liberty, not revolution

"Ask the younger protesters who have taken to Turkey’s streets over the past two weeks what they are fighting for, and the response is simple: 'More freedom'. At the forefront are a generation who, unlike their parents, have grown up in an increasingly outward-looking and fast-growing economy, a new middle class with satellite TV, smartphones and social media connections with friends around the world. Ironically it is Erdogan who has driven that change, overseeing a near-tripling in nominal wealth over his past decade in power. But for the young protesters in Ankara, Istanbul and other cities around Turkey, he has created a generation whose aspirations he no longer understands." Continue reading →

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U.S. now has most Spanish speakers outside Mexico

"Latinos are now the largest minority in the United States at 52 million people, 50 percent more than a decade ago, according to the Pew Research Hispanic Center. Except for Mexico, that is more Spanish-speakers than in any country of Latin America, and projections are that the figure will triple by 2050, when one of every three people in the US will be of Latino origin. A record 12.5 million Hispanics voted in the November 2012 election in which Barack Obama won a second term. He took 71 percent of the Latino vote." Continue reading →

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DoJ Files Action to Collect Multiple 50 Percent Civil FBAR Penalties in U.S.A. vs. Zwerner

"On June 11, 2013, the U.S. government filed a Complaint to collect multiple civil FBAR penalties in the amount of $3,488,609.33 against Carl R. Zwerner of Coral Gables, Florida for his alleged failure to timely report his financial interest in a foreign bank account. According to the Complaint, from 2004 through 2007, Mr. Zwerner, a U.S. citizen, had a financial interest in an account at ABN AMRO Bank in Switzerland (hereinafter, 'the Swiss bank account') and that the balance of the Swiss bank account from 2004-2007 was at all times greater than $10,000 and that, as such, on or before June 30, 2005, 2006, 2007, and 2008, Mr. Zwerner was required to file an FBAR." Continue reading →

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FATCA Reciprocity Will Now Target Delaware?

"Leaders of the G8 major economies have agreed new measures to clamp down on money launderers, illegal tax evaders and corporate tax avoiders. They include requiring that shell companies – often used to exploit tax loopholes and invest money anonymously – identify their effective owners. Governments also agreed to give each other automatic access to information on their residents’ tax affairs." Continue reading →

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Calling All Republicans!

“Status quo, you know, is Latin for ‘the mess we’re in’.” President Ronald Reagan   We won a battle today, there was no vote (HB 4714) on the Medicaid Expansion but the war is not over. Indications are TODAY IS KEY to defeating the ObamaCare Medicaid Expansion in Michigan as a vote is being pressed. …

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Who is Ben Rhodes?

"He is credited with convincing the president to embrace the Arab Spring, convincing the president to bomb Libya, and, now, convincing the president to start yet another war, this time against Syria. How did a 24-year old aspiring fiction-writer in 2002 suddenly become one of the drafters of not only the 9/11 Commission report but also the Iraq Study Group Report? Then move on to Obama's presidential campaign as a speechwriter and then to Deputy National Security Advisor, from which he announced the beginning of a US war on Syria while the president met with supporters in the East Room of the White House?" Continue reading →

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