sound money

Putin grants French actor Gerard Depardieu Russian citizenship

"Russian President Vladimir Putin on Thursday granted fast-track citizenship to France’s Gerard Depardieu after the movie star complained about the French Socialist government’s proposed 75 percent tax on the rich. The decision appears to give Depardieu — a frequent guest of the Moscow celebrity circuit who nonetheless never asked for a Russian passport — the right to pay the 13 percent tax levied in Russia on everyone from billionaires to the poor." Continue reading →

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White House: Health law requires coverage for workers’ children

"The Affordable Care Act will require employers to offer health insurance that covers their workers’ children too, the Obama administration announced on Monday. Though many companies offer family health insurance today, a narrow selection of them do not, meaning the rule will require significant changes for some in the private sector. Nevertheless, it only applies to full-time employees at companies with more than 50 workers, meaning most small businesses are exempt." Continue reading →

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Health care law may mean less hiring in 2013

"Many businesses plan to bring on more part-time workers next year, trim the hours of full-time employees or curtail hiring because of the new health care law, human resource firms say. The so-called employer mandate to offer health coverage doesn't take effect until Jan. 1, 2014. But to determine whether employees work enough hours on average to receive benefits, employers must track their schedules for three to 12 months prior to 2014 — meaning many are restructuring payrolls now or will do so early next year. About a quarter of businesses surveyed by consulting firm Mercer don't offer health coverage to employees who work at least 30 hours a week." Continue reading →

Continue ReadingHealth care law may mean less hiring in 2013

Venezuela’s Inflation Rate Hit 19.9%

"Venezuelan inflation reached 19.9 percent in 2012, the central bank said in a preliminary estimate on Saturday, beating its official target thanks to strict price controls that business leaders say are unsustainable in the long term. The government of President Hugo Chavez has capped prices for a wide range of consumer goods, helping contain inflation that has traditionally been the highest in Latin America. The 2012 target had been between 22 and 25 percent. But inflation is seen accelerating in 2013 because Venezuela is expected to devalue the bolivar currency after heavy campaign spending this year that helped ensure Chavez's re-election." Continue reading →

Continue ReadingVenezuela’s Inflation Rate Hit 19.9%

Detlev Schlichter: It’s a mad mad mad mad world

"Shinzo Abe, Japan’s new prime minister, has some exciting new ideas about how to make Japan’s economy grow. How about the government borrows a lot of money and spends it on building bridges and roads all over the country? If that doesn’t sound so new, it is because it isn’t. It is what Japan has been doing for 20 years, and it is the main reason why Japan is now the most heavily indebted nation on the planet. But never mind. The Keynesians agree that this policy was a roaring success, and that this is why the country needs more of it. Mr. Abe also plans to force the Bank of Japan into printing more money, and this is surely going to be a great success, too." Continue reading →

Continue ReadingDetlev Schlichter: It’s a mad mad mad mad world

Japan lashes out over depreciating dollar and euro

"Japan's new finance minister upped the ante in the country's war of words against the strong yen, lashing out at the U.S. and Europe for letting their currencies weaken dramatically and calling on the U.S. to strengthen the dollar. The dollar has recently staged a sharp recovery, as Mr. Abe's pledge to strong-arm the Bank of Japan into easing monetary policy to weaken the yen has driven investors to sell off the yen. While that has cheered Japan's struggling exporters, Mr. Abe's drive toward a weaker currency has also raised concerns abroad that it could risk triggering a devastating global race to undercut currencies to protect export competitiveness." Continue reading →

Continue ReadingJapan lashes out over depreciating dollar and euro

Germany ‘exporting’ elderly to foreign retirement homes

"Growing numbers of elderly and sick Germans are being sent overseas for long-term care in retirement and rehabilitation centres because of rising costs and falling standards in Germany. The move, which has seen thousands of retired Germans rehoused in homes in eastern Europe and Asia, has been severely criticised by social welfare organisations who have called it 'inhumane deportation'. But with increasing numbers of Germans unable to afford the growing costs of retirement homes, and an ageing and shrinking population, the number expected to be sent abroad in the next few years is only likely to rise. Experts describe it as a 'time bomb'." Continue reading →

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Beijing spends a billion to get China’s music industry rocking

"From the top of a hillside in Pinggu village, an hour’s drive from central Beijing, the future of China’s music industry doesn’t look like much – just a vista of Mao-era farmhouses and parched cabbage fields. Yet Beijing officials have announced plans to spend more than 10 years and £1.4bn turning the area into the 'China Music Valley', a sprawling compound that will be home to recording studios, instrument makers, music schools, five-star hotels and an arena in the shape of a peach." Continue reading →

Continue ReadingBeijing spends a billion to get China’s music industry rocking

Emerging China, Brazil and India agree to increased United Nations dues

"China, Brazil, India and other emerging powers agreed to major increases in their United Nations payments as the global body hammered out a new budget deal this week to avoid its own fiscal cliff. The boom countries will pay more as economic crisis allows European nations, such as Britain, Germany and France and Japan to cut their contributions. UN contributions are worked out according to a country’s share of global gross national income (GNI). China will pay an extra 61 percent in UN fees, taking its share of the budget from 3.2 to 5.1 percent. It will overtake Canada and Italy to become the sixth biggest UN contributor." Continue reading →

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World’s longest bullet train service launched in China

"The opening of the new 2,298-kilometre (1,425-mile) line between Beijing and Guangzhou means passengers will be whisked from the capital to the southern commercial hub in just eight hours, compared with the 22 hours previously required. Trains will travel at an average speed of 300 kilometres per hour over the line, which includes 35 stops in major cities such as Zhengzhou, Wuhan on the Yangtze River and Changsha. China’s high-speed rail network was established in 2007, but has fast become the world’s largest. Xinhua said that China now operates 9,300 kilometres of high-speed railways." Continue reading →

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