Europe

In France’s Welfare State Status Quo, Are We Seeing America’s Future?

"In 2009, 11.2 million French persons received welfare payments, out a total population of 65.3 million. This amounted to $78 billion in payments. Moreover, these 11 million beneficiaries have families (parents, spouses, children); thus, more than 35 million people are actually benefiting directly or indirectly from welfare payments, which is more than 50 percent of the French population. If this rate were applied to America, about 157 million Americans would be relying on welfare. Owing to the amount of money poured into welfare, should it be expected that there is a 'social return on investment' and that the living conditions of French citizens are improving?" Continue reading →

Continue ReadingIn France’s Welfare State Status Quo, Are We Seeing America’s Future?

France Taxes America: The Robin Hood Tax

"As predicted, France has passed the world’s first Robin Hood Tax — a levy of two-tenths of one percent on all French share transactions, purchases or sales — even when they are bought or sold by Americans. The new tax is expected to raise E500 million annually, a portion of which French President Francois Hollande has committed to give to fight global poverty and HIV-AIDS. The French tax is a precursor for more ambitious Financial Transactions Tax that nine European countries plan on implementing as early as December of this year. The broader tax would apply 'not just to shares, but to bond and derivative transactions' and is supposed to raise E34 billion." Continue reading →

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France’s Jean-Marc Ayrault slams flight of the ‘greedy rich’

"These individuals are leaving 'because they want to get even richer,' he said. 'We cannot fight poverty if those with the most, and sometimes with a lot, do not show solidarity and a bit of generosity,' he added. Announcing plans to spend up to 2.5 billion euros by 2017 to help the poor, Mr Ayrault said that poverty affected 12.9 percent of the population in 2002 and rose to 14.1 percent in 2010. Mr Hollande has since introduced other hefty new charges on capital gains and inheritance, while increasing France's wealth tax and an exit tax for entrepreneurs selling their companies." Continue reading →

Continue ReadingFrance’s Jean-Marc Ayrault slams flight of the ‘greedy rich’

Sweden’s small Arctic town of Kiruna plans to offer commercial space flights

"Sweden’s small Arctic town of Kiruna has a surprisingly international airport with regular flights to London and Tokyo, but it has even bigger plans: to offer commercial space flights. The idea is that space tourists would take off for a maximum two-hour trip into space aboard futuristic spacecraft currently undergoing testing, which resemble a cross between an airplane and a space shuttle and which can carry between one and six passengers. The sub-orbital flights will send passengers 100 kilometres (60 miles) above Earth and allow them to experience five minutes of weightlessness." Continue reading →

Continue ReadingSweden’s small Arctic town of Kiruna plans to offer commercial space flights

France bans controversial chemical BPA in food packaging

"The French parliament voted Thursday to ban the use of bisphenol A, a chemical thought to have a toxic effect on the brain and nervous system, in baby food packaging next year and all food containers in 2015. The chemical, commonly known as BPA, is used in 'polycarbonate' types of hard plastic bottles and as a protective lining in food and beverage cans. It became a concern following evidence in lab animals of a toxic effect on the brain and nervous system. Some studies have found a link between exposure to BPA and coronary heart disease and reproductive disorders." Continue reading →

Continue ReadingFrance bans controversial chemical BPA in food packaging

Hungary bars foreigners from buying farmland

"Hungary has amended its constitution to bar foreigners from buying farmland, a move the government called 'historic,' but one that could cause friction with the European Union. Hungarian lawmakers on December 17 voted by a large majority to amend the constitution to bar foreigners from buying Hungarian farmland. The vote was a 'historic decision' and the 'beginning of a new era for agriculture,' it continued. The government says farmland needs to be protected from speculators and bankers looking to score bargains at the expense of farmers." Continue reading →

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Central bankers rethink their devotion to slaying inflation

"A subtle shift in monetary policymaking is afoot with a new generation of central bankers, striving to secure global economic recovery, prepared to challenge the old doctrine of inflation-fighting at all costs. Policymakers from the U.S. Federal Reserve to the Bank of Japan have reconsidered or relaxed their inflation targets and have given more emphasis to economic growth. With the financial crisis having starkly exposed central banks' failure to stave off danger, and policymakers having responded by flooding world markets with trillions of dollars in cheap funding, a small run-up in inflation may no longer be the anathema it once was." Continue reading →

Continue ReadingCentral bankers rethink their devotion to slaying inflation

Greece: Crony Capitalists Will Squeeze You and Freeze You

"The household price for heating oil in Greece reached 1,266 euros per 1,000 liters (264 gallons) in the second quarter of 2012, surging 48 percent from a year earlier, according to the International Energy Agency. Greeks pay both excise and value-added taxes on heating oil that can make up 42 percent of the total cost. Greece’s oil prices are high because of laws that protect the country’s two refining companies and prevent competition, said Pavlos Eleftheriadis, a lecturer in law at the University of Oxford in England, who studies monopolies. 'The Greek political system works for the insiders,' said Eleftheriadis, a native of Greece." Continue reading →

Continue ReadingGreece: Crony Capitalists Will Squeeze You and Freeze You

Putin offers French actor Gerard Depardieu Russian passport following tax controversy

"Russian President Vladimir Putin said on Thursday he was ready to offer French movie star Gerard Depardieu a Russian passport to resolve his tax row, calling him a friend. 'If Gerard really wants to have a residency permit in Russia or a Russian passport, we can consider this issue resolved positively,' Putin said at his first major news conference after his return to the Kremlin in a March election. Depardieu on Sunday threatened to give up his French passport and take up Belgian citizenship to protest at the Socialist government’s new tax hike on the rich." Continue reading →

Continue ReadingPutin offers French actor Gerard Depardieu Russian passport following tax controversy

Police Raid at Deutsche Bank World Headquarters

"Frankfurt raid at Deutsche Bank: Before the Twin Towers are ten VW team buses and two large Mercedes buses of the Federal Police, in the foyer, five riot police taken a position. Tax inspectors and officials in suits and ties and black arm bands with the word 'police' rush out of the elevator into a conference room. They wear heavy black briefcase, a staff member described the start of the raid as 'martial'. Against five unnamed employees of Deutsche Bank warrants were issued, total is now calculated against 25 bankers. It now not only going to tax evasion, but also to the charge of money laundering." Continue reading →

Continue ReadingPolice Raid at Deutsche Bank World Headquarters