crony capitalism

Worldwide loss of oil supply heightens Syria attack risk

"Libya's oil output has crashed to a near standstill over the past year as warlords and strikes paralyse the country, tightening the screws on global crude supply as the crisis in Syria comes to a head. There are still pockets of rising oil output, notably in the US where shale oil is rapidly reducing US dependence on energy imports. The geo-strategic effect of shale is double-edged for the US: it lowers the incentive for Washington to commit forces to the Middle East, but it also means the US is better able to handle the consequences of any oil spike. The biggest losers would be those emerging economies such as India and China that rely on fuel imports and operate inefficient industries." Continue reading →

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Cities Crackdown on Private Transport

"The Dallas City Council was scheduled to vote on a substantial city code rewrite that will redefine everything from who can dispatch a car to who can drive a limo to the cost of a limousine's off-the-lot sticker price (has to be more than $45,000). The rewrite will 'require limousine service to be prearranged at least 30 minutes before the service is provided.' The addendum item says 'the use of computer applications and other technologies by some providers of limousine service has distorted certain distinctions between limousines and taxicabs, and that it's high time the city 'establish those distinctions to help the public understand the differences between those types of passenger transportation services.'" Continue reading →

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Deloitte Rep. Warns China, Hong Kong To Sign FATCA Agreement

"'If the BVI and Caymans comply with the FATCA [Foreign Account Tax Compliance Act], this speaks volumes about the importance of this legislation to the world at large, let alone China and Hong Kong,' said Patrick Yip, deputy national mergers and acquisitions leader at Deloitte Touche Tohmatsu. 'China and Hong Kong financial firms that think by putting assets and income into BVI and Cayman companies they can avoid the reach of FATCA, they need to think again.' Although a US law, FATCA applies worldwide to every financial institution that receives payments from US sources. The mainland and Hong Kong should sign the agreements with the US to soothe their worries, he urged." Continue reading →

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The Empire’s Next Effort to Extract Your Wealth

"Since before the tech bust, we’ve been suggesting that while Americans 'think' they’re getting richer… they’re actually heading in the other direction. They’re getting poorer. This proposition has been easier for folks to entertain since housing busted and the financial crisis reversed the “wealth effect” in 2008. With that in mind, let’s take a look at the logic of the American Empire and what you can expect in the year(s) ahead." Continue reading →

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Ron Paul: Middle of the Road in Healthcare Leads to Socialism

"Beginning in the 1940s, government policies distorted the health care market, causing prices to rise and denying many Americans access to quality care. Congress reacted to the problems caused by their prior interventions with new interventions, such as the HMO Act, ERISA, EMTLA, and various federal entitlement programs. Each new federal intervention not only failed to fix the problems it was supposedly created to solve, it created new problems, leading to calls for even more new federal interventions. This process culminated in 2010. Contrary to the claims of some of its opponents, Obamacare is not socialized medicine. It is corporatized medicine." Continue reading →

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Julian Assange on Google and the NSA: Who’s holding the ‘sh*t-bag’ now?

"Google started out as part of Californian graduate student culture around San Francisco’s Bay Area. But as Google grew it encountered the big bad world. It encountered barriers to its expansion in the form of complex political networks and foreign regulations, it started leaning heavily on the State Department for support, and by doing so it entered into the Washington DC system. A recently released statistic shows that Google now spends even more money than Lockheed Martin on paid lobbyists in Washington. That Google was taking NSA money in exchange for handing over people’s data comes as no surprise. When Google encountered the big bad world, Google itself got big and bad." Continue reading →

Continue ReadingJulian Assange on Google and the NSA: Who’s holding the ‘sh*t-bag’ now?

The Closed Door Silicon Valley Meeting with Treasury Secretary Lew

"Last week Thursday, Treasury Secretary Jack Lew visited the west coast and had a closed door meeting with key players from Silicon Valley. The meeting was held in Mountain View, California at the headquarters of Facebook. EconomicPolicyJournal.com has obtained the list of attendees. How would you like to be able to make your investment and business decisions after attending a meeting like this?" Continue reading →

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Bill Bonner: ‘Return to Zombieland’

"It’s a gold rush. People now come to Washington to get rich. That was never the defining ethic of the town, certainly 30 years ago. There is now so much money. It is now the wealthiest community in the United States. It is home to 7 of the wealthiest 10 counties in the United States. If you can sell yourself as someone who knows how Washington works, someone who has these relationships, someone who can get on the phone and get the president of the United States… that’s a very, very marketable commodity. I mean, if you are seen as someone who knows how this town works, someone who is a usual suspect in this town, you can dine out for years. That’s why no one leaves." Continue reading →

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How to Fix the Army: Sack All the Generals

"Lt. Col. Daniel L. Davis, a seasoned Army colonel who has already earned a reputation for being something of a whistleblower by tracking leadership failures from the field in Afghanistan, describes a system where underserving leaders 'received prestigious medals, promotions to higher ranks, and plum follow-on jobs; others retired and went to work for defense contractors, often with companies that had profited from the failed acquisition effort.' Davis worries about the decade of the Army and Marine Corps obsessed with counterinsurgency and small-unit warfare while a 'a new generation of Chinese military leaders has deepened its understanding and application of conventional warfare.'" Continue reading →

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