CLibertyC

The rich are saving cash at a record pace

"Since the financial crisis, the wealthy have become the nation's top cash hoarders. The savings rate of the wealthiest 1 percent soared to 37 percent in the second quarter. That's up from 34 percent in the second quarter of 2012—and more than three times their savings rate in 2007. A separate study from Bank of America recently found that 56 percent of millionaires have a 'substantial' amount of cash. Only 16 percent of them plan to invest that cash in the next couple of months. Perhaps the wealthy are wise to keep more money on hand in case those record-breaking markets start to falter." Continue reading →

Continue ReadingThe rich are saving cash at a record pace

Famed Trader Joe Lewis Backs Bitcoin With Swiss Fund

"Joe Lewis, a billionaire foreign-exchange trader who teamed up with hedge-fund manager George Soros in 1992 to bet against the Bank of England, is the latest high-profile financier to throw his weight behind the virtual currency called bitcoin. Mr. Lewis leads the Phoenix Fund, a Zurich-based private-equity fund that on Tuesday plans to invest $200 million in Avalon, a company that makes computer servers aimed at creating bitcoins, according to people familiar with the situation. The Phoenix Fund's investment in Avalon reflects the growing popularity of virtual currencies, which are also coming under scrutiny from regulators." Continue reading →

Continue ReadingFamed Trader Joe Lewis Backs Bitcoin With Swiss Fund

Syria’s Assad bans all foreign currency in commercial transactions

"'It is prohibited to make payments, reimbursements, commercial transactions and any other commercial operation in foreign currency or in precious stones,' SANA quoted the decree as saying. 'The Syrian lira is the only currency' allowed in business and commerce, it added. Those breaking the law risk jail sentences from between six months to 10 years of hard labour, depending on the sum involved, and will be fined. The US dollar is the preferred foreign currency in Syria where the lira has lost three quarters of its value against the greenback since the outbreak of the anti-regime uprising more than two years ago." Continue reading →

Continue ReadingSyria’s Assad bans all foreign currency in commercial transactions

Fracking settlement puts permanent gag order on 7-year-old and 10-year-old

"A 10-year-old boy and his 7-year-old sister have been forbidden from discussing fracking for the rest of their lives under the terms of a court settlement with several gas companies. According to Mother Jones, representatives of Range Resources Corporation — one of the gas companies named in the settlement — confirmed in court that both the parents and children of the Hallowich family are prohibited from discussing the health issues and environmental factors that drove the family to relocate from their farm in Mount Pleasant, PA." Continue reading →

Continue ReadingFracking settlement puts permanent gag order on 7-year-old and 10-year-old

Wall Street Journal’s Chinese version site blocked in China

"Access to the Wall Street Journal’s Chinese-language edition has been cut off in China, where official censors routinely delete online content deemed sensitive but less often block entire websites. The Journal’s Chinese-language site has had certain articles blocked since it was launched in 2002, but rarely the whole site. The ruling Communist Party blocked the websites of the US media outfits Bloomberg and The New York Times last year after exposes revealed the huge fortunes amassed by relatives of President Xi Jinping and of former premier Wen Jiabao." Continue reading →

Continue ReadingWall Street Journal’s Chinese version site blocked in China

Georgia Insurance Rates Spike Under Obamacare

"Health insurance rates in Georgia are rising by up to 198 percent under Obamacare, the Georgia Insurance Commissioner said in a letter to the Department of Health and Human Services (HHS) on Monday. 'Georgia consumers cannot afford these massive rate increases,' Hudgens wrote to Sebelius. For an average 25 year-old male, premiums are set to rise 85 to 198 percent within the exchanges, while for a 45 year-old male, premiums will rise 40 to 100 percent, Florence said. A 64 year-old male will pay 18 to 48 percent more under Obamacare’s regime." Continue reading →

Continue ReadingGeorgia Insurance Rates Spike Under Obamacare

Aetna withdraws from Maryland Obamacare exchange after state demands lower rates

"Aetna Inc pulled out of Maryland’s health insurance exchange being created under President Barack Obama’s healthcare reform law after the state pressed it to lower its proposed rates by up to 29 percent. Each U.S. state will have an online exchange where Americans will be able to buy insurance plans, starting on October 1. The government is counting on about 7 million people to enroll next year for this insurance, many of whom will qualify for subsidies. According to online documents, Aetna had requested an average monthly premium of $394 a month for one of its plans and the agency had approved an average rate of $281 per month." Continue reading →

Continue ReadingAetna withdraws from Maryland Obamacare exchange after state demands lower rates

Archived papers reveal Queen Elizabeth’s ‘World War Three’ speech

"Relations between the Soviet Union and the West had become so tense 30 years ago that British officials drew up a speech for Queen Elizabeth to deliver to the nation in the event of a nuclear war, newly released archives showed on Thursday. In the speech, the monarch was to urge Britons to remain united and resolute in the face of the 'madness of war.' Written by government officials, the hypothetical speech was part of a secret exercise designed to prepare Britain for the threat of a possible World War Three, but was never broadcast." Continue reading →

Continue ReadingArchived papers reveal Queen Elizabeth’s ‘World War Three’ speech

‘Nut-free’ school zone decision upheld by Michigan Court of Appeals

"Michigan Court of Appeals panel upheld a decision Tuesday dismissing a lawsuit over a Romeo-area elementary school's policy creating a nut-free school. The unpublished opinion addresses a lawsuit filed by the parent of a student at Hevel Elementary School challenging the decision of Romeo Community Schools to make the elementary school a nut-free zone because of a student with life-threatening nut allergies. The ban prohibited all peanuts and tree nuts from the building, and school officials periodically searched lunch boxes and backpacks, according to the opinion." Continue reading →

Continue Reading‘Nut-free’ school zone decision upheld by Michigan Court of Appeals

DC, Maryland: Speed Camera Firms Move To Hide Evidence

"The firms operating red light cameras and speed cameras in the District of Columbia and Maryland are working to suppress evidence that could be used to prove the innocence of a photo enforcement ticket recipient. In Washington, the Arizona-based vendor American Traffic Solutions has repositioned cameras and cropped photos so that it is impossible to determine whether another object or vehicle happens to be within the radar unit's field of view. The change is important since DC hearing adjudicators have been throwing out citations whenever another vehicle was visible, creating the possibility of a spurious radar reading." Continue reading →

Continue ReadingDC, Maryland: Speed Camera Firms Move To Hide Evidence