Bullshit Artists

French Socialist budget minister charged with hiding money in UBS account

"France's former budget minister Jérôme Cahuzac confessed on Tuesday to having hidden €600,000 ($770,000) in foreign bank accounts for the last 20 years, reversing repeated denials weeks after a probe was launched into his alleged Swiss account. The minister, who faces five years in prison and a fine of up to €375,000 said he had been 'caught up in a spiral of lies and lost his way.' Cahuzac had been leading the government's charge against wealthy French citizens evading taxes through foreign accounts." Continue reading →

Continue ReadingFrench Socialist budget minister charged with hiding money in UBS account

Another Warning Sign – NY Times Columnist Favors Capital Controls

"Krugman doesn't see irresponsible government spending and the resulting debt as the core cause of recent crises in Europe and around the world. Instead, he blames inflows of money by undefined foreigners. He even says that the US, too, is victimized by inflows of foreign money when he claims, 'It's not just Europe. In the last decade America, too, experienced a huge housing bubble fed by foreign money.' According to Krugman, it's not the fault of the Federal Reserve's artificially low interest rates for blowing up the housing bubble, nor the proliferate spending habits of European welfare states for causing the debt crisis." Continue reading →

Continue ReadingAnother Warning Sign – NY Times Columnist Favors Capital Controls

Bank of Cyprus savers could lose up to 60%

"Big savers in Cyprus’s largest bank face losses of up to 60 percent, far greater than originally feared under the island’s controversial EU-led bailout plan, officials said on Saturday. Cyprus meanwhile launched an investigation into a list published in Greek newspapers of Cypriot politicians who allegedly had loans written off by two banks at the heart of the financial meltdown. Officials said Bank of Cyprus savers will see at least 37.5 percent of funds over 100,000 euros ($128,000) turned into shares, but a further 22.5 percent will be held until authorities know they can satisfy the terms of the bailout." Continue reading →

Continue ReadingBank of Cyprus savers could lose up to 60%

Government sale of personal gene data condemned as ‘unethical and dangerous’

"The government is keen for Britain to be at the forefront of the genetic revolution, a potential multibillion-pound industry. Last year David Cameron launched a £100m scheme to map the genomes of up to 100,000 people, saying it would help to save lives by delivering new treatments. Under the scheme, firms would be able to access the information at a cost, but ministers insist that all data will be strictly anonymous. However, material released under the Freedom of Information Act reveals that firms can invoke an appeal process to demand 'patient-identifiable data', such as age and postcode." Continue reading →

Continue ReadingGovernment sale of personal gene data condemned as ‘unethical and dangerous’

European Union delays carbon tax for one year

"The EU will put its controversial carbon tax on intercontinental airline flights on hold for a year to give time for international talks to reach a compromise on the issue. Almost all ICAO members have objected to the EU carbon tax on airline flights, which formally took effect in January 2012, saying it violated international law. China even threatened reprisals against European aircraft maker Airbus. The US rejects the EU’s methodology which calculates the tax based on the entire flight, but could possibly accept basing it on the portion through European air space. US airlines lost a complaint against the tax before the European Court of Justice." Continue reading →

Continue ReadingEuropean Union delays carbon tax for one year

IRS Reneges on Offshore Asset Voluntary Disclosure Deals

"If you took advantage of one of the three amnesty programs and were accepted, the IRS promised only to hit you with the back taxes, various penalties and interest. The good news was that you would escape criminal charges and time in prison. You now have an empty bank account, but at least you also have the peace of mind that the IRS won’t be knocking at your door, right? Wrong. Earlier this month, the IRS sent faxes to tax attorneys across the country telling them that clients who it had previously been accepted in the current voluntary disclosure program, the 'Offshore Voluntary Disclosure Initiative' (OVDI) are now mysteriously 'disqualified.'" Continue reading →

Continue ReadingIRS Reneges on Offshore Asset Voluntary Disclosure Deals

The Great Super Fantastic Bank of Cyprus & Its Awards of Excellence

"The Bank of Cyprus, which is stealing up to 40% of deposits from those with more than 100k Euros, had quite a veil of legitimacy. Check out the prestigious awards that the bank recently earned. The Central Banking heart pumps propaganda with every single beat. The arteries in the U.S., including The New York Times, Slate, The Atlantic, BusinessInsider, WashingtonPost etc....carry the propaganda to the people in the U.S. in the exact same way that the publications listed above did in Cyprus." Continue reading →

Continue ReadingThe Great Super Fantastic Bank of Cyprus & Its Awards of Excellence

Cyprus bank controls to last a month, minister says

"Cyprus conceded on Thursday that tight capital controls would remain in force longer than expected as the island's banks reopened for the first time after the government was forced to accept a tough EU rescue package to avoid bankruptcy. The government initially said the controls would remain in place for a week, subject to review. Economists say they will prove hard to lift as long as the economy is in crisis. To help the Cyprus banks weather the crisis, the European Central Bank flew in 5 billion euros ($6.4 billion) in cash overnight from Frankfurt, a German newspaper reported." Continue reading →

Continue ReadingCyprus bank controls to last a month, minister says

Tea Partier Rand Paul Shows Up Obama on Drug Policy

"Despite President Obama's youthful flirtation with drugs, the Obama administration has repeatedly refused to acknowledge America's turning tide in the so-called war on drugs. A recent Quinnipiac poll found that a majority of Americans now support legalizing marijuana use. This has become a more mainstream position in recent years as states began to decriminalize the drug, despite federal statute, and as more members of the medical community have affirmed the drug's medicinal benefits, particularly for those battling chronic or terminal ailments." Continue reading →

Continue ReadingTea Partier Rand Paul Shows Up Obama on Drug Policy

Rise of the Job Scarcity Meme

"What saps employment from an economy is monetary inflation and subsequent busts. Concentrate on reforming the banking system rather than worrying about machinery taking over. Robotics advances technology. The Luddite mentality that advances are destructive and job sapping should have been discarded a century ago. Of course, we notice the solution being advocated by people such as Martin Ford is redistributive. He wants government to get involved in subsidies that support displaced workers. Create a problem and then advocate for a government solution. The equation never seems to vary." Continue reading →

Continue ReadingRise of the Job Scarcity Meme