Middle Class Dismissed

“Entrapment” by the IRS resulted in “ruinous penalties” for ordinary Americans

"The Geneva-based international group says that the 2009 OVDP in particular was 'extremely prejudicial to Americans living overseas who sought to become compliant with their taxes due to errors or omissions under the OVDP. Believing they could come back into the system by simply filing the appropriate paperwork and paying any outstanding tax burden, these individuals were later told they would be hit with a standard penalty of 20% of the highest value of their bank accounts over a five-year period.'" Continue reading →

Continue Reading“Entrapment” by the IRS resulted in “ruinous penalties” for ordinary Americans

Families occupy unfinished homes in Spain

"On the edge of a green field where horses graze, Juana and her neighbours found this mini estate of more than 70 elegantly painted three-bedroom houses, empty and partly plundered. She says about 70 families have moved into the estate in the past three weeks, into houses that are all but finished but lack water and electricity. Like countless projects across Spain, the site was abandoned by property developers when the bank loans dried up in the 2008 financial crisis. Local authorities have remained silent on the status of the site. Unlike many of Spain’s so-called 'ghost towns', life has returned to this one, in the form of local families ruined by the crisis." Continue reading →

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Argentina’s grand plan to recover US dollars is about as worthless as its own currency

"For three months, anyone sitting on a pile of undeclared dollars will be able to contribute to Argentina’s already astronomical debt by depositing them at the central bank in exchange for a 4% annual return through 2017. But why would anyone buy Argentine bonds right now with American dollars? People aren’t sitting on dollars in Argentina because they make comfortable cushions; they’re hoarding them because it’s the safest investment in Argentina right now. Argentines are now willing to pay more than twice the open market exchange rate. The country’s crippling default in 2001 and the ensuing flash devaluation of the Argentine peso are fresh on everyone’s mind." Continue reading →

Continue ReadingArgentina’s grand plan to recover US dollars is about as worthless as its own currency

With Bullets Scarce, More Shooters Make Their Own

"Gun stores around the country have had difficulty keeping up with demand for ammunition in recent months. Fears of government tightening of gun and ammunition controls have meant that retailers, from Wal-Mart to mom-and-pop gun shops, haven't been able to keep bullets on the shelves. Shopper Robert Nicholson, like thousands of other shooters, is going a different route. He's making more of the bullets he shoots. Shop owner Cliff Poser says the scarcity of ready-made bullets has frustrated shooters to the point they're spending between $200 and $1,000 to get into the hobby known as 'reloading.'" Continue reading →

Continue ReadingWith Bullets Scarce, More Shooters Make Their Own

How You Can Quickly Make It into the World’s 1% Richest

"You might already be there. If not, get a job at McDonald's and work overtime. It only takes $34,000 a year, after taxes, to be among the richest 1% in the world, according to World Bank economist Branko Milanovic in his book The Haves and the Have-Nots. CNN reports on Milanovic data: 'The true global middle class, falls far short of owning a home, having a car in a driveway, saving for retirement and sending their kids to college. In fact, people at the world's true middle -- as defined by median income -- live on just $1,225 a year. (And, yes, Milanovic's numbers are adjusted to account for different costs of living across the globe.)'" Continue reading →

Continue ReadingHow You Can Quickly Make It into the World’s 1% Richest

Anthony Wile: The Danger Beyond Employment Numbers

"When most people in a country have no money or land or even a house, and take no pleasure in working, and when only half of what may be considered the potential working population is formally employed, then it is probably not too strong a statement to say that the system itself is not producing satisfactory results and is even in danger of breaking apart entirely. The US's advantage throughout the post-War years was its dollar reserve currency; US officials could fund deficit spending by printing dollars without generating price inflation. Countries around the world had to hold dollars because they needed dollars to buy oil. This system is changing now." Continue reading →

Continue ReadingAnthony Wile: The Danger Beyond Employment Numbers

76% of Americans are living paycheck-to-paycheck

"Roughly three-quarters of Americans are living paycheck-to-paycheck, with little to no emergency savings, according to a survey released by Bankrate.com Monday. Fewer than one in four Americans have enough money in their savings account to cover at least six months of expenses, enough to help cushion the blow of a job loss, medical emergency or some other unexpected event, according to the survey of 1,000 adults. Meanwhile, 50% of those surveyed have less than a three-month cushion and 27% had no savings at all. Even more disappointing; The savings rates have barely changed over the past three years." Continue reading →

Continue Reading76% of Americans are living paycheck-to-paycheck

Venezuela inflation soars to record monthly high 6.1%; 35% annualized

"Last month's consumer price rises, up from 4.3 percent in April, took Venezuela's annualized inflation rate to a startling 35.2 percent, the highest in the Americas. A lack of hard currency has left businesses struggling to import key consumer products. Long queues at shops, and even scuffles, have become common as Venezuelans face shortages of basic goods from toilet paper to wheat flour. A devaluation of the bolivar currency in February, and heavy government spending throughout 2012 when Chavez won re-election, have exacerbated price pressures in Venezuela, which has for decades suffered high inflation." Continue reading →

Continue ReadingVenezuela inflation soars to record monthly high 6.1%; 35% annualized

Use of garages as social gathering place spurs action by officials

"More patio than parking place or storage for power tools, Mariam Khalaf said her garage is primarily for 'chilling purposes' — including smoking, eating and watching TV with family and friends, including next-door neighbors Muheeb Nabulsy and his wife, Fatima Mkkawi. Now, officials in the Detroit suburb are looking at changing an ordinance on garage use, arguing that as people get a little too comfortable hanging out in the garage, more cars are clogging side streets. Dearborn officials say the ordinance-tightening is not meant to target Arabs or anyone else. They say the structures are not meant to be living spaces, so building permits cannot be issued to convert them." Continue reading →

Continue ReadingUse of garages as social gathering place spurs action by officials