Middle Class Dismissed

U.S. Bill Seeks Steel Cents, Nickels, Dimes, and Quarters

"On April 25, 2013, Rep. Steve Stivers of Ohio introduced a bill in the House of Representatives which seeks to immediately alter the metallic composition of the one-cent, five cent, ten-cent, and twenty-five cent coins. The legislation would require all four coins to be minted in American steel, with the cent coated in copper to preserve the current appearance. The cent costs the United States Mint 2.0 cents to produce and distribute. The five-cent coin or 'nickel' cost the US Mint 10.09 cents to produce and distribute in the latest fiscal year. The bill would specifically require the coins be made of American steel going forward." Continue reading →

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Argentina’s Mad Dash for U.S. Dollars

"If you find yourself driving through the suddenly packed condo canyons of Miami—lamenting not having bought during the property crash—shake a fist or two at the Argentines. So many of them ponied up 80 percent cash down payments on units that South Florida’s condo depression rather abruptly turned into another boom. Their thinking was defensive: Swap iffy pesos for dollars and store that value in U.S. property, out of the prying hands of the government back home. Now, with Buenos Aires finding some rather innovative ways to crack down on the flight to dollars, that spirit of capital preservation has morphed into a panic." Continue reading →

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4 Things to Buy Before Congress Passes the Sales-Tax Law

"Last week, Congress cleared the way for a May vote on the Marketplace Fairness Act, which requires online retailers to collect sales tax on all purchases. Under current law, states can only require online sellers to collect sales tax if they have a physical presence in that state. E-books are exempt. Marketwatch says these 4 things should be bought before the bill becomes law: 1. Electronics; 2. Jewelry; 3. Designer clothes and accessories; 4. Furniture and fixtures." Continue reading →

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CIA ‘gave millions in cash’ to Karzai over the years

"The CIA has delivered tens of millions of dollars in cash packed in suitcases and backpacks to the office of Afghan President Hamid Karzai for more than a decade. 'We called it ghost money,' Khalil Roman, Karzai’s deputy chief of staff from 2002 to 2005, told the Times. 'It came in secret, and it left in secret.' The money was aimed at obtaining influence, but instead fueled rampant corruption, current and former officials told the newspaper. There appears to be no oversight over the secret CIA money, which is aimed at gaining influence by paying off warlords and politicians including some linked to the drug trade and even the Taliban." Continue reading →

Continue ReadingCIA ‘gave millions in cash’ to Karzai over the years

Humiliating Viral YouTube Interview To Cost Job Of Argentina’s Economy Minister?

"Argentine Economy Minister Hernan Lorenzino’s appearance on Greek television in which he abruptly ended an interview and refused to speak about inflation in Argentina has spurred speculation he may quit, Clarin newspaper reported, without citing its sources. President Fernandez met with Lorenzino to express her concern that he lost credibility among voters after he told an aide at the interview that he wanted 'to go' after the reporter asked what he planned to do if the IMF sanctioned the country for not improving its inflation index, Clarin said. Deputy Eco. Minister Kicillof would replace Lorenzino, Clarin said, without citing anyone." Continue reading →

Continue ReadingHumiliating Viral YouTube Interview To Cost Job Of Argentina’s Economy Minister?

Bill Bonner: The Grandest Larceny of All Time

"Along come the central banks. They're creating a new type of wealth. It is not wage income. It is not the product of capital investments. It is not the result of technology or productivity increases or hard work or self-discipline... or any of the other things that lead to wealth and prosperity. Instead, it is created by the central bank 'out of thin air.' The result? During the first two years of the nation's economic recovery, the mean net worth of households in the upper 7% of the wealth distribution rose by an estimated 28%, while the mean net worth of households in the lower 93% dropped by 4%. There may be a 'recovery' going on. But it is a recovery for the rich." Continue reading →

Continue ReadingBill Bonner: The Grandest Larceny of All Time

Tax disclosure report reveals ‘minnows’ paid penalties of as much as 129x tax owed

"Thousands of middle-class immigrants and emigrants owed Uncle Sam less than three hundred dollars of back taxes per year, and for that the IRS put them through a nightmare involving tens of thousands of dollars of penalties and lawyers fees, and threats of criminal charges and jail time if they dared to exercise their right to opt out. This is not tax collection; this is asset confiscation, plain and simple. This of course won’t matter at all to Homelanders, who will continue screaming for traitorous emigrants to be stripped of all their assets and thrown into jail over two and three digit annual income tax deficiencies." Continue reading →

Continue ReadingTax disclosure report reveals ‘minnows’ paid penalties of as much as 129x tax owed

EU against austerity: Protesters clash with police amid unrest in Spain, Portugal

"Police detained at least 15 in Madrid, including one minor, as they used force to quell an angry mob of protesters near the Spanish parliament, united under a 'Besiege Congress' slogan calling for the government to quit. The riots come as Prime Minister Mariano Rajoy is set to announce a raft of measures on Friday aimed at tackling the country's recession. An estimated 1,400 policemen were deployed around the chamber as politicians cancelled the session for the day. Protesters held signs that read '6.2 million reasons' in a reference to the latest jobless figures and when police charged them they chanted 'You have jobs, we do not.'" Continue reading →

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Central Banks Load Up on Equities

"Central banks, guardians of the world’s $11 trillion in foreign-exchange reserves, are buying stocks in record amounts as falling bond yields push even risk- averse investors toward equities. Managers of banks’ assets are looking for alternatives to holding government bonds after efforts to stimulate growth from the Federal Reserve, the Bank of Japan and the Bank of England helped send yields near to record lows. Central banks’ foreign- exchange holdings have increased by about $8.5 trillion globally in the past decade, exceeding levels needed for day-to-day currency administration." Continue reading →

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The Global Status Quo Strategy: Do More of What Has Failed Spectacularly

"The only metrics that count are debt and the ability to service that debt. Households have this tiny little problem known as declining income that makes it impossible to service more debt unless interest rates fall to near-zero. Presto-magico, real interest rates (adjusted for inflation) are near-zero, and can't fall any lower. That means the Fed has run out of room to lower rates. From here on, households will only be able to service more debt if their income rises. Alas, with full-time employment back to 1980 levels, that is not even a remote possibility." Continue reading →

Continue ReadingThe Global Status Quo Strategy: Do More of What Has Failed Spectacularly