regime uncertainty

Obama, Republicans gear up for bruising U.S. budget fight

"Another dramatic showdown between Republicans and the White House over federal spending looks inevitable this fall, with scary talk of government shutdowns and default on government debt. While Capitol Hill analysts are not predicting catastrophe, they have several reasons to worry that the conflict just weeks away could be even worse than usual. Obama and Congress face two fiscal deadlines in quick succession. They must agree by October 1 on a stop-gap measure to keep the government funded or face a shutdown. And in early November, Congress must raise the legal limit on the country's borrowing authority or risk an unprecedented default." Continue reading →

Continue ReadingObama, Republicans gear up for bruising U.S. budget fight

JPMorgan Chase stops trading ‘non-financial’ commodities amid federal pressure

"JPMorgan Chase & Co is exiting physical commodities trading, the bank said in a surprise statement on Friday, as Wall Street’s role in the trading of raw materials comes under unprecedented political and regulatory pressure. After spending billions of dollars and five years building the banking world’s biggest commodity desk, JPMorgan said it would pursue 'strategic alternatives' for its trading assets that stretch from Baltimore to Johor, and a global team dealing in everything from African crude oil to Chilean copper. The bank said it will continue to trade in financial commodities such as derivatives and precious metals." Continue reading →

Continue ReadingJPMorgan Chase stops trading ‘non-financial’ commodities amid federal pressure

Eminent Domain and the Decline of Detroit

"Detroit’s sixty year decline, culminating in its recent bankruptcy, has many causes. But one that should not be ignored is the city’s extensive use of eminent domain to transfer property to politically influential private interests. For many years, Detroit aggressively used eminent domain to promote 'economic development' and 'urban renewal.' The most notorious example was the 1981 Poletown case, in which some 4000 people lost their homes, and numerous businesses were forced to move in order to make way for a General Motors factory. The Poletown takings ended up destroying far more development than they ever created." Continue reading →

Continue ReadingEminent Domain and the Decline of Detroit

No Free Sun for You! Why Arizona Wants to ‘Tax’ Solar Power

"On July 12, Arizona’s largest electric utility announced a plan to drastically change net-metering, the way in which homeowners and businesses with solar rooftops sell excess power back to the grid. Net-metering is the foundation for all solar leasing; without it, solar companies can’t entice homeowners with the promise of 'cut your electric bill, no money down' but instead would rely on sales of expensive systems. The proposal would slap existing solar-paneled homeowners with a fee of up to $100 per month for the privilege of selling excess power back to APS. If you don’t already have solar panels, you can never share in net-metering as we know it." Continue reading →

Continue ReadingNo Free Sun for You! Why Arizona Wants to ‘Tax’ Solar Power

Cheese shop owner on crusade to block FDA ban on mimolette

"The US fate of the bright-orange, mild-tasting French cheese has been in jeopardy for months and the Food and Drug Administration has blocked all further imports. Why? Because US regulators determined the cantaloupe-like rind of the cheese was covered with too many cheese mites, even though the tiny bugs give mimolette its unique flavor. 1.5 tonnes (3,300 pounds) of cheese were blocked from being imported. Benoit de Vitton of French import company Isigny says those 1.5 tonnes were eventually destroyed. Mmenus inform diners about the FDA decision, noting that mimolette has been 'the National Cheese of France since King Louis XIV.'" Continue reading →

Continue ReadingCheese shop owner on crusade to block FDA ban on mimolette

Federal Reserve rethinks 2003 move allowing banks to trade physical commodities

"The U.S. Federal Reserve is 'reviewing' a landmark 2003 decision that first allowed regulated banks to trade in physical commodity markets, it said on Friday, a move that may send new shockwaves through Wall Street. While it is well known that the Fed is considering whether or not to allow banks including Morgan Stanley and JPMorgan to continue owning trading assets like oil storage tanks or metals warehouses, Friday's one-sentence statement suggests that it is also reconsidering the full scope of banks' activities in physical markets, which help generate billions in profits." Continue reading →

Continue ReadingFederal Reserve rethinks 2003 move allowing banks to trade physical commodities

Is It Good News or Bad News that the White House Has Delayed the Obamacare Employer Mandate?

“So part of me is happy that the White House has bumped into reality and now admits that it hasn’t been able to come up with a workable plan for the employer mandate.  But another part of me is unhappy.  … Continue reading →

Continue ReadingIs It Good News or Bad News that the White House Has Delayed the Obamacare Employer Mandate?

“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

“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

“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