Mad Statists

Greece will need third bailout, German minister says

"A month before general elections in Germany, finance minister Wolfgang Schaeuble has broken the taboo of admitting that Greece will need a third bailout when the current one runs out, in 2014. 'There will have to be another programme in Greece,' Schaeuble said on Tuesday during a campaign rally in the northern-German town of Ahrensburg. As part of a third programme, he mentioned another lowering of the interest rates on the loans the eurozone has given to Greece. So far, the German government has steered clear of admitting that the current bailout, worth €130 billion, will not suffice to get Greece out of the vicious spiral of deficit and debt." Continue reading →

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Son of legendary Chinese Communist military leader apologizes for Cultural Revolution

"The son of a legendary Communist military leader and politician in China has publicly apologised for persecuting people at his school during the Cultural Revolution, according to a blog. Chen Xiaolu offered his remorse to teachers, staff and students at his former school in Beijing for leading denunciations and sending people to labour camps. Chen said that while there were moves by some in China to argue in favour of the Cultural Revolution, such 'inhumane violations of human rights should not appear again in any form in China'." Continue reading →

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Los Angeles City College Trustees Ban the Word “Gun” From Course Catalog

"If a book has the word gun in it, the book is not subject to the ban, but no mention of it must appear in the catalog. Otherwise, it would give the wrong idea. Scott Svonkin, the Vice President of the Board of Trustees, introduced the ban. He explained his position. The school must not teach students how to use guns. The faculty must promote gun control. 'We should make sure that students don’t come to campus being afraid to run into somebody with a gun.' The ban includes non-operational guns. They scare students. When asked what a non-operational gun is, he said he had no idea. 'I’m not an expert in guns,' he explained." Continue reading →

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Spanish banks’ bad loan ratio rises to record in June

"The overall bad debt ratio for Spanish banks was up from 11.2 percent in May and has been steadily increasing since a drop-off at the end of last year when rescued lenders transferred toxic property assets to Spain's so-called bad bank. Spanish lenders' earnings were gutted last year by steep government-enforced provisions on properties and loans to developers, in the wake of a 2008 real estate crash. Those unable to cope were bailed-out with European funds, and most of their real estate loans were transferred to a government-backed bad bank." Continue reading →

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Germany Fights Population Drop

"There is perhaps nowhere better than the German countryside to see the dawning impact of Europe’s plunge in fertility rates over the decades, a problem that has frightening implications for the economy and the psyche of the Continent. In some areas, there are now abundant overgrown yards, boarded-up windows and concerns about sewage systems too empty to work properly. The work force is rapidly graying, and assembly lines are being redesigned to minimize bending and lifting. Raising fertility levels in Germany has not proved easy, even while spending $265 billion a year on family subsidies." Continue reading →

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Outrageous Julian Assange Tweet By Time Reporter Michael Grunwald

"A TIME magazine reporter caused ire on Twitter Saturday night when he said that he 'can't wait to write a defense of the drone strike that takes out' Wikileaks founder Julian Assange. Michael Grunwald's tweet, since deleted, was quickly met with outrage and bewilderment. Glenn Greenwald, who recently broke several revelations about NSA surveillance programs based on documents provided to him by leaker Edward Snowden, was particularly vocal in expressing his disgust with Grunwald's statement. The Young Turks host Cenk Uygur breaks it down." Continue reading →

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India’s war on gold fails to protect the rupee, which keeps plunging

"The fresh currency falls also increased pressure on the debt markets. Yields on India's 10-year debt spiked above 9 per cent for the first time since late 2011, while Jakarta's cost of borrowing jumped 18 basis points to the highest level since March 2011. Over the weekend a range of senior figures including Prime Minister Manmohan Singh tried to calm investor fears that the country's mixture of weakening growth and an unsustainable current account gap was pushing India’s economy towards a crisis point. Notably, officials ruled out capital controls on foreign investors." Continue reading →

Continue ReadingIndia’s war on gold fails to protect the rupee, which keeps plunging

A Summer of Troubles Saps India’s Sense of Confidence

"The Indian government recently loosened restrictions on direct foreign investment, expecting a number of major retailers like Walmart and other companies to come rushing in. The companies have instead stayed away, worried not only by the government’s constant policy changes but also by the widespread and endemic corruption in Indian society. Wednesday night, the government announced measures to restrict the amounts that individuals and local companies could invest overseas without seeking approval. It was an astonishing move in a country where a growing number of companies have global operations and ambitions." Continue reading →

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Justin Bieber: Sen. Klobuchar ‘Should Be Locked Up’ For Felony Streaming Bill [2011]

"During a radio interview, the host asked Bieber about the law, explaining how it would make streaming a felony, and his response was that Klobuchar 'should be locked up,' a point he reiterated a few times. They then go on to discuss it a bit, and Bieber talks about the importance of being able to upload and stream videos and to perform other people's songs. He talks about how people 'need the freedom' to perform songs. He also notes that it's 'awesome' when others perform his works." Continue reading →

Continue ReadingJustin Bieber: Sen. Klobuchar ‘Should Be Locked Up’ For Felony Streaming Bill [2011]

The USDA Is Pushing Food Stamps Like a Drug Dealer at a Grade School

"Last year the USDA targeted Spanish speaking citizens (and non-citizens) with a radio 'novela' – which was basically a soap opera outlining how the lives of the characters improved as soon as they went on SNAP. In many locations, outreach programs are taking place – people don’t even have to go down to the benefits office to sign up. They can find out if they are eligible right in the grocery store parking lot. The USDA is spending an additional THREE MILLION DOLLARS not on providing food, but on providing outreach to convince people to accept benefits that folks never realized they 'needed'." Continue reading →

Continue ReadingThe USDA Is Pushing Food Stamps Like a Drug Dealer at a Grade School