Two Cheers for the Coming Collapse of the U.S. Economy!

"'At some point, holders of Treasury securities are going to recognize that these unfunded liabilities are going to affect the fiscal capabilities of the government and then you're going to have the same situation that happened in Greece happening in the U.S.,' says Jeffrey Rogers Hummel, who is a professor of economics at San Jose State University and the author of a recent paper on the consequences of a U.S. government default. 'In the short run it's going to be painful, but in the long run it'll be a good thing.'" Continue reading

Continue ReadingTwo Cheers for the Coming Collapse of the U.S. Economy!

The perils of overseas tax disclosure: An immigrant’s story

"When Andrew Winfield applied to become a U.S. citizen in 2011, he realized he owed taxes on accounts he had left behind in his native England. So he paid what he believed he owed — $2,800 in back taxes, plus the estimated interest and penalties - and entered the IRS's overseas disclosure program. But when the IRS assessed its penalty in November, Winfield was stunned to learn that it would be $28,000 — 10 times the amount of tax he owed from 2003 to 2010. Because the penalty is based on balances when the exchange rate favored the British pound, paying that amount would mean giving up virtually everything he now has in the accounts." Continue reading

Continue ReadingThe perils of overseas tax disclosure: An immigrant’s story

Boomtown: Washington D.C. Passes Silicon Valley For Highest Median Income In U.S.

"Wealth in Washington, DC has surged to the highest median income in the United States, surpassing even tech mecca Silicon Valley, California. With a median household income of $119,134, the Census Bureau reports that Loudoun County, Virginia now occupies the number one spot for the highest median U.S. income. The number two position belongs to Fairfax County, Virginia at $105,797. Arlington, Virginia comes in third at $100,735. In fact, seven of the ten counties with the highest household incomes are in the Washington region." Continue reading

Continue ReadingBoomtown: Washington D.C. Passes Silicon Valley For Highest Median Income In U.S.

Reality Check: One question Sec. of State Clinton was not asked about Benghazi

"Her testimony on the attack against the U.S. facility in Benghazi has been delayed by over a month. Wednesday, Secretary of State Hillary Clinton went before members of Congress to answer questions. What questions did the Secretary of State answer? What was one question the Senators failed to ask? For more background on the U.S. support of Al Qaeda, click here." Continue reading

Continue ReadingReality Check: One question Sec. of State Clinton was not asked about Benghazi

After riots, Mohamed Morsi declares emergency in three Egyptian cities

"President Mohamed Morsi has announced a state of emergency in three cities near Egypt’s Suez Canal, following four days of civil unrest that have left at least 40 dead and over 500 injured. Since Thursday, hundreds of thousands of protesters have taken to the streets in 12 of the country’s 21 provinces, to protest against the Islamist president, the Muslim Brotherhood, and police brutality – exactly two years after the start of the Egyptian revolution. 'We think the president is totally responsible for the conflict,' said Khaled Daoud, a spokesman for the National Salvation Front, a disparate collection of liberal and leftist parties opposed to Morsi’s Muslim Brotherhood." Continue reading

Continue ReadingAfter riots, Mohamed Morsi declares emergency in three Egyptian cities

US general warns over Iranian cyber-soldiers

"Cyber-attacks on Iran are turning it into a 'force to be reckoned with' America's top cyber-soldier has warned. Since 2010, Iran has come under attack many times by malicious viruses written specifically to target key industrial installations in the country. The repeated attacks have provoked Iran to improve its cyber-capabilities, said Gen William Shelton who oversees US cyber-operations. That improved capability had helped it protect itself against subsequent attacks on oil terminals and other manufacturing plants. Its capability might well be turned against Iran's enemies in the coming years, he said." Continue reading

Continue ReadingUS general warns over Iranian cyber-soldiers

Peaceful Azerbaijan rally against police violence broken up brutally by police

"Azerbaijan police on Saturday brutally dispersed an unauthorised rally in central Baku, beating up and arresting scores of people, an AFP correspondent witnessed. Several dozen protesters briefly gathered in Baku’s central Sahil square to protest against the police using excessive force against peaceful protests. But police halted the rally within 10 minutes, beating up and arresting dozens of people." Continue reading

Continue ReadingPeaceful Azerbaijan rally against police violence broken up brutally by police

On To Timbuktu II

"This bloody action has awoken Algeria’s hitherto quiescent Islamic resistance groups. They waged a ten year war against Algeria’s US and French backed military regime, one of the continent’s most repressive regimes, after Algeria’s armed forces crushed Islamists after they won a fair election in 1991. Over 250,000 Algerians died in a long, bloody civil war. The Algiers government often used gangs of its soldiers disguised as rebel fighters to commit gruesome massacres to blacken the name of the opposition. Algeria may again be headed for a new bloodbath, this time with minority Berber people calling for their independent state." Continue reading

Continue ReadingOn To Timbuktu II