"Peter Schiff performing stand up comedy for 'New York's Funniest Reporter' at Comic Strip Live in New York City on July 21, 2013. Peter jokes about the national debt, the Fed, and why he turned down an opportunity to become a porn star." Continue reading →
"Debt-fueled spending by local governments, partly for new buildings but also for roads, sewers, water systems and other projects, has been a growing worry in recent years for Beijing policy makers, as well as for economists and credit-rating agencies around the world. Most tallies of total local government debt in China tend to be in the vicinity of $2 trillion, equal to three months of China’s entire economic output, but some estimates are even higher. A clear loophole in Tuesday’s directive is that it does little to rein in spending by enterprises partly or entirely owned by government entities." Continue reading →
"Italy, despite being the third-largest economy in the euro zone after Germany and France, finds itself in dire straits, having been in decline for years. Its GDP has dropped by 7 percent since 2007. But economic growth only tells part of the story. More than half a million industrial jobs have been lost since 2007, and 15 percent of the country's industrial capacity is gone, says Luca Paolazzi, head of research for Confindustria, Italy's leading industry association. Paolazzi, Italy is experiencing an 'unprecedented process of deindustrialization.' According to Confindustria, the Italian economy faces a tax burden that is 20 percent higher than in Germany." Continue reading →
"Spain’s Treasury may find one of its best customers less eager to buy its bonds as budget woes lead Prime Minister Mariano Rajoy to raid a government piggy-bank for a second year. Created in 2000 to guarantee pension payments in times of hardship, the 59.3 billion-euro ($78 billion) Fondo de Reserva was tapped for the first time in December for 7 billion euros to fund Christmas bonuses and a monthly increase for retirees. Further withdrawals will have taken an additional 4.5 billion euros by the end of this month, helping to pay for pensioners’ summer bonuses and tax refunds." Continue reading →
"Meredith Whitney painted a dire picture in a CNBC interview Wednesday of cities slashing services and communities battling for mere survival. The financial advisor and analyst said the financial woes facing bankrupt Detroit will become common around the country as local governments do whatever they can to escape onerous debt burdens. 'I think you're going to see a real issue of neighbor against neighbor on these very issues,' she said during a 'Closing Bell' conversation. 'That has been glossed over for years. What's at stake are social services we count on.'" Continue reading →
"Median weekly earnings of the nation's 104.2 million full-time wage and salary workers were $776 in the second quarter of 2013, the U.S. Bureau of Labor Statistics reported today. Among men, those age 45 to 54 and 55 to 64 had the highest median weekly earnings, $1,007 and $1,023, respectively. Usual weekly earnings were highest for women age 35 to 64; weekly earnings were $760 for women age 35 to 44, $767 for women age 45 to 54, and $789 for women age 55 to 64. Workers age 16 to 24 had the lowest median weekly earnings, at $452." Continue reading →
"The crux of Putin's ability to punish dissenters revolves around Russia's financial intelligence unit, Rosfinmonitoring. Putin created Rosfinmonitoring--under the direct control of the president and placed it in the charge of a fiercely loyal subordinate, Viktor Zubkov (also the Chairman of the Board of Directors of the natural gas and oil giant Gazprom). Rosfinmonitoring, and the laws criminalizing money laundering (Russian Federal Law No. 115-FZ ), were established on the recommendation of the U.S. and European powers, who sought to institutionalize a global anti-money laundering regime in the 1990's and early 2000's." Continue reading →
"PayPal has cut off VPN provider iPredator, an anonymity service launched by Pirate Bay co-founder Peter Sunde. The popular VPN provider is no longer allowed to accept payments and PayPal has frozen all funds for up to 180 days. PayPal didn’t provide any details as to why iPredator was banned, but the action comes after their credit card processor stopped doing business with all VPN services." Continue reading →
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"Now, it looks like Let's Play videos are one more piece of content that's being caught up in YouTube's Content ID system. It's an automated copyright-enforcement system that's been glitchy from the start and often criticized for taking down legitimate content. Remixes of cultural icons have been taken down with no good explanation, as well as NASA content that should be in the public domain. Political satire didn't stand a chance either. Until October, there wasn't even a meaningful appeal system for owners of wrongly removed videos." Continue reading →