Economics

How cigarette smuggling fuels Africa’s Islamist violence

"The key role cigarettes play in facilitating terrorism has been inexplicably ignored. But it has become of urgent interest to western intelligence agencies as they seek to check al-Qaida’s diverse factions operating across the Saharan region. The International Consortium of Investigative Journalists (ICIJ) has concluded that 'cigarette smuggling has provided the bulk of financing for AQIM'. The total value of the illicit tobacco trade in north Africa is thought to exceed $1bn (£632m). The United Nations Office on Drugs and Crime (UNODC) estimates that Africans smoke 400bn cigarettes a year, of which 60bn are bought on the black market." Continue reading →

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Rare trees turned into firewood as Syrian civilians struggle for warmth

"Beset by a freezing winter and stifling fuel and electricity shortages, Syrian civilians desperate to stay warm in a northern forest have no choice but to cut down trees for firewood. Once a tourist destination for Syrians and other Arabs across the Middle East, the formerly pristine national park to the north and west of the city of Idlib is being systematically stripped bare. Bald, muddy swathes of fresh-cut land now stretch in many directions, with men using chainsaws to bring trees down and dozens of pick-up trucks coming and going for loads of lumber." Continue reading →

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Olga from Greece Has a Lithuanian Soulmate Mooching in the United Kingdom

"Natalija Belova, 33, told The Sun how she spurns full-time work — yet can afford foreign holidays and buys designer clothes. The Lithuanian said: 'British benefits give me and my daughter a good life.' She has milked soft-touch Britain for £50,000 in benefits and yesterday said: 'I simply take what is given to me.' And what is given to her? Quite a lot. The graduate, who became a single mum after she arrived here, rakes in more than £1,000 a month in handouts — £14,508 a year — to fund her love of designer clothes, jaunts to the Spanish sun and nightclubbing. Natalija vowed: 'I am not going to work like a dog on minimum wage.'" Continue reading →

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Spain: Unemployment For Under 25s Over 55%

"Overall, Spain's unemployment rate has risen to its highest level since measurements began in the 1970s, as a prolonged recession and deep spending cuts have left almost six million people out of work at the end of last year. The nationwide jobless total rose 1% to 26.02% in the fourth quarter of 2012, or 5.97 million people, according to the National Statistics Institute. More than 2,000 Spaniards a day joined the dole queue in the last three months of 2012. The results mean in Q4 there were 8.33 million Spanish households in which every potential worker was unemployed." Continue reading →

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Worldwide unemployment hits new high

"Five years after the global financial crisis hit, unemployment numbers continue to soar, with a record 202 million people worldwide expected to be officially jobless this year, the International Labour Organization said Tuesday. Last year saw a clear resurgence of the crisis, the UN’s labour body said in its annual report on global employment trends, pointing out that jobless numbers rose by four million to 197 million in 2012. Last year, the global youth unemployment rate stood at 12.6 percent, and it was expected to rise to 12.9 percent by 2017, according to ILO." Continue reading →

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Government Crony Madness In Action (Wind Farm Edition)

"Wind farms in the Pacific Northwest -- built with government subsidies-- are now getting paid to shut down as the federal agency charged with managing the region's electricity grid says there's an oversupply of renewable power at certain times of the year. Note the part of the explanation in the clip below where it is stated that the problem is too much energy being generated because of melting snow. Econ 101 teaches that there is no such thing as oversupply, i.e. 'too much' supply. Over supply can only occur when there are price controls in existence, above market prices. So what is really going on here?" Continue reading →

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ECB’s Weidmann: pressure on central banks risks FX competition

"Loading central banks with more tasks and pressing them to pursue more aggressive monetary policies could risk a round of competitive devaluations, European Central Bank policymaker Jens Weidmann said on Monday, citing pressure on the Bank of Japan. Weidmann is the latest in a string of policymakers worldwide to warn of the threat of a 'currency war' as central banks pump out cash to support their economies, reducing their value in the process." Continue reading →

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Women to assume combat roles in U.S. military

"Secretary of Defense Leon Panetta issued an order on Wednesday removing the military’s ban on women in combat roles. Panetta’s order overturns a 1994 rule barring women from combat roles in the military and directs military officials to begin crafting a plan to fully integrate all of the jobs currently available. The military loosened some rules on women in combat last February, saying an additional 14,000 jobs in the Army and Marine Corps were being opened up to women, but not all. Wednesday’s order should do exactly that, the AP noted, opening an additional 230,000 jobs — including special forces roles — that were not previously available to women." Continue reading →

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