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Paul Merrell

US Treasury Sued over Donations for Settlements - nsnbc international | nsnbc internati... - 0 views

  • A lawsuit has been filed in a US court seeking to stop non-profit groups from sending billions of dollars worth of tax-exempt donations to support illegal Israeli settlements and the Israeli army.
  • A group of American citizens filed the suit on December 21 against the US Department of Treasury, claiming about 150 non-profits have sent an estimated $280bn to Israel over the past two decades. The lawsuit claims, according to Al Jazeera, that the donations were “pass-throughs” and “funnels” to support the Israeli army and the illegal settlements in the occupied Palestinian territories. The lawsuit claims that certain non-profit groups (including the Falic Family Foundation, FIDF (Friends of the Israeli Defence Force), American Friends of Ariel, Gush Etzion Foundation, American Friends of Har Homa, and Hebron Fund) directly contributed, tax-exempt, to violations of US law and international law, subverted US foreign policy, and contributed to countless crimes and human rights abuses targeting Palestinians. The Treasury Department, which has 60 days to respond to the lawsuit, declined to comment, stating in an email to Al Jazeera: “We don’t comment on pending litigation.”
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    It's a lawsuit that's decades overdue. Israel's colonization of Palestine is a war crime forbidden by the Nuremberg Principles and the Fourth Geneva Convention, and through the Constituion's Treaty Clause, stand on the same footing as federal statutes. Encouraging war crimes through tax exemption is not a sustainable position for U.S. government in litigation. On the other hand, we have three Zionist Jews on the Supreme Court, so who knows. But if that tax exemption is lost in the U.S., look for similar government decisions in Europe.  
Gary Edwards

America: Freedom to Fascism - Full. - YouTube - 0 views

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    uncut movie  Uploaded on May 10, 2011 Determined to find the law that requries American citizens to pay income tax, producer Aaron Russo (Bette Midler'sThe Rose, Trading Places) set out on a journey to find the evidence. Neither left nor right-wing, this startling examination of government exposes the systematic erosion of civil liberties in America since 1913 when the Federal Reserve system was fraudulently created. Through interviews with two U.S. Congressmen, former IRS Commissioner and former IRS and FBI agents, tax attorneys and authors, Russo connects the dots between money creation, federal income tax, and the national identity card, which becomes law in May 2008 and will use Radio Frequency Identification (RFID) technology.
Gary Edwards

The Trump Bubble - 0 views

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    "Donald Trump has a plan for dealing with the stock market bubble. Make it bigger. Before the election candidate Trump blasted Federal Reserve chairman Janet Yellen for keeping interest rates too low for too long to keep the economy humming along while Obama was still in office. The president elect accused Yellen of being politically motivated suggesting that the Fed's policies had put the country at risk of another stock market Crash like 2008. "If rates go up, you're going to see something that's not pretty," Trump told Fox News in an interview in September. "It's all a big bubble." Yellen of course denied Trump's claims saying, "We do not discuss politics at our meetings, and we do not take politics into account in our decisions." As we shall see later in this article, Yellen was lying about the political role the Fed plays in setting policy, in fact, last week's FOMC statement clearly establishes the Fed as basically a political institution that implements an agenda that serves a very small group of powerful constituents, the 1 percent. If serving the interests of one group over all of the others is not politics, than what is it? The problem we have with Trump is not his critique of the market or the Fed. The problem is his remedy which can be sussed out by reviewing his economic plan. Trump wants to slash personal and corporate taxes in order to put more money into the economy to increase business investment, boost hiring, and rev up growth. Regrettably, his tax plan achieves none of these. First of all, slashing taxes for the wealthy does not boost growth. We know that. It doesn't work. Period."
Gary Edwards

California Government Hides Billions From Taxpayers « REALITY BLOG - 0 views

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    This must read post from Clint Richardson is a Bay Area Patriots catch.  Stunning stuff.  Clint walks us through the CAFR - Comprehensive Annual Rinancial Report - for the State of California.  Governor Moonbeam is claiming that the State has a $16 Trillion dollar debt, and he's threatening to shut down public education unless California citizens agree to massive tax hikes.  Clint rips through the entire annual report discovering that Gov Moonbeam is not only lying, but that there is an official "debt increase" methodology in place to deceive citizens into voting for government seizure of their property and prosperity.  Note also that this local-state-federal "debt bomb" methodology involves conversion of tax dollars into hard assets.  Like property and productive assets.  Awful, reprehensible stuff.  Brace yourselves. excerpt: the Government is lying to you.  It promotes debt and hides assets. This should not be construed as the only hidden wealth in the California State government… just the wealth we have uncovered today. And you must understand that this is only the State government's CAFR. Each County, city, district, and other local governments and pension funds have their own CAFR's with their own funds and hidden wealth - hidden in plain sight. Totals for Los Angeles, San Francisco, and other counties and municipalities in California will, when combined together, dwarf the investment wealth of the State government alone. They will tell you that some of these investments are restricted and not able to be used for taxpayer services. And as a taxpayer, that should really piss you off! They will also tell you that laws are in place that don't allow these funds to be transferred for other purposes other than what they are designated for. And yet Obama and State legislators continuously speak of raiding the pension funds for their own benefit. In their opinion, it's government's money after all, not the employees or the taxpayers. But of
Gary Edwards

A New Solyndra Everywhere You Turn: Obama Using Your Tax dollars backing some "risky" e... - 0 views

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    A CBS News report has discovered 12 Clean Energy Firms that Received $6.5B in Taxpayer Money.  All are in Solyndra bankruptcy lsimilar Financial Trouble.  It gets worse.  The CBS News investigation found a clear pattern of the government pouring your tax dollars into clean energy projects wretched with crony democratic party political ties.  It's payback time for the Obama campaign finance bundlers.  This isn't clean energy.  This is the taxpayers getting cleaned by Obama and his corporatist supporters.  Awful, disgusting stuff.  At least Mitt Romney and Bain Capital used their own money. excerpt: Solar panel maker Solyndra received a $528 million Energy Department loan in 2009 - and  went bankrupt last year. The government's risky investment strategy didn't stop there, as a CBS News investigation has uncovered a pattern of cases of the government pouring your tax dollars into clean energy.
Gary Edwards

Articles of Impeachment Against Obama - 0 views

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    Sarasota, FL ( August 12, 2013) - The National Black Republican Association (NBRA) based in Sarasota, FL, headed by Chairman Frances Rice, filed Articles of Impeachment against President Barack Obama with the following language.   We, black American citizens, in order to free ourselves and our fellow citizens from governmental tyranny, do herewith submit these Articles of Impeachment to Congress for the removal of President Barack H. Obama, aka, Barry Soetoro, from office for his attack on liberty and commission of egregious acts of despotism that constitute high crimes and misdemeanors.   On July 4, 1776, the founders of our nation declared their independence from governmental tyranny and reaffirmed their faith in independence with the ratification of the Bill of Rights in 1791.   Asserting their right to break free from the tyranny of a nation that denied them the civil liberties that are our birthright, the founders declared:   "When a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security."  -  Declaration of Independence, July 4, 1776.   THE IMPEACHMENT POWER   Article II, Section IV of the United States Constitution provides: "The President, Vice President and all civil Officers of the United States, shall be removed from Office on Impeachment for, and Conviction of, Treason, Bribery, or other high Crimes and Misdemeanors."   THE ARTICLES OF IMPEACHMENT   In his conduct of the office of President of the United States, Barack H. Obama, aka Barry Soetoro, personally and through his subordinates and agents, in violation or disregard of the constitutional rights of citizens and in violation of his constitutional duty to take care that the laws be faithfully executed, has prevented, obstructed, and impeded the administration of justice, in that:   ARTICL
Gary Edwards

Arthur Laffer: Tax Hikes and the 2011 Economic Collapse - WSJ.com - 1 views

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    People can change the volume, the location and the composition of their income, and they can do so in response to changes in government policies. It shouldn't surprise anyone that the nine states without an income tax are growing far faster and attracting more people than are the nine states with the highest income tax rates. People and businesses change the location of income based on incentives.
Paul Merrell

European Banks vs. Greek Labour   :  Information Clearing House - ICH - 0 views

  • PERIES: So, Michael, these international banks represented by the finance ministers now in Brussels, when they were in crisis and we the public treasury bailed them out, they had no problem with that. Why are they now refusing to assist Greece at a time of need when in fact some politicians and even the troika is being more receptive to what Greece is saying? HUDSON: Because what's at issue really is a class war. It's not so much Germany versus Greece, as the papers say. It's really the war of the banks against labor. And it's a continuation of Thatcherism and neoliberalism. The problem isn't simply that the troika wants Greece to balance the budget; it wanted Greece to balance the budget by lowering wages and by imposing austerity on the labor force. But instead, the terms in which Varoufakis has suggested balancing the budget are to impose austerity on the financial class, on the tycoons, on the tax dodgers. And he said, okay, instead of lowering pensions to the workers, instead of shrinking the domestic market, instead of pursuing a self-defeating austerity, we're going to raise two and a half billion from the powerful Greek tycoons. We're going to collect the back taxes that they have. We're going to crack down on illegal smuggling of oil and the other networks and on the real estate owners that have been avoiding taxes, because the Greek upper classes have become notorious for tax dodging.
  • Well, this has infuriated the banks, because it turns out the finance ministers of Europe are not all in favor of balancing the budget if it has to be balanced by taxing the rich, because the banks know that whatever taxes the rich are able to avoid ends up being paid to the banks. So now the gloves are off and the class war is sort of back. Originally, Varoufakis thought he was negotiating with the troika, that is, with the IMF, the European Central Bank, and the Euro Council. But instead they said, no, no, you're negotiating with the finance ministers. And the finance ministers in Europe are very much like Tim Geithner in the United States. They're lobbyists for the big banks. And the finance minister said, how can we screw up this and make sure that we treat Greece as an object lesson, pretty much like America treated Cuba in 1960?
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    Just as you've given up on society, life throws you some comedy. 
Paul Merrell

HSBC's clients linked to dictators, arms dealers and tax dodgers | Center for Public In... - 0 views

  • Secret documents reveal that global banking giant HSBC profited from doing business with arms dealers who channeled mortar bombs to child soldiers in Africa, bag men for Third World dictators, traffickers in blood diamonds and other international outlaws. The leaked files, based on the inner workings of HSBC’s Swiss private banking arm, relate to accounts holding more than $100 billion. They provide a rare glimpse inside the super-secret Swiss banking system — one the public has never seen before. The documents, obtained by the International Consortium of Investigative Journalists (ICIJ) via the French newspaper Le Monde, show the bank’s dealings with clients engaged in a spectrum of illegal behavior, especially in hiding hundreds of millions of dollars from tax authorities. They also show private records of famed soccer and tennis players, cyclists, rock stars, Hollywood actors, royalty, politicians, corporate executives and old-wealth families.
  • These disclosures shine a light on the intersection of international crime and legitimate business, and they dramatically expand what’s known about potentially illegal or unethical behavior in recent years at HSBC, one of the world’s largest banks. How the offshore banking industry shelters money and hides secrets has enormous implications for societies across the globe. Academics conservatively estimate that $7.6 trillion is held in overseas tax havens, costing government treasuries at least $200 billion a year. In many instances the records do describe questionable behavior, such as bankers advising clients on how to take a range of measures to avoid paying taxes in their home countries — and customers telling bankers that their accounts are not declared to their governments.
Paul Merrell

HSBC tax evasion: Bank helped conceal $100 billion in Swiss accounts - Feb. 8, 2015 - 0 views

  • Global banking giant HSBC for years catered to a motley crew of weapons dealers, tax evaders, tin-pot dictators and celebrities, using its private Swiss arm to shield accounts worth more than $100 billion. Documents obtained and analyzed by the International Consortium of Investigative Journalists (ICIJ) reveal how HSBC (HSBC) used the secretive Swiss banking system to conceal the identities of accounts holders, and in many cases, help depositors avoid paying taxes.
  • ICIJ's findings are based on data turned over to French authorities by former HSBC employee Hervé Falciani in 2008. The files were later obtained by the newspaper Le Monde and shared among other media outlets. ICIJ said the leaked documents show that HSBC "repeatedly reassured clients that it would not disclose details of accounts to national authorities" and even "discussed with clients a range of measures that would ultimately allow clients to avoid paying taxes in their home countries." In a statement provided to ICIJ, HSBC said that its Swiss private bank has undergone a "radical transformation in recent years," including reforms that will make it more difficult for clients to evade taxes or launder money. "We acknowledge that the compliance culture and standards of due diligence in HSBC's Swiss private bank, as well as the industry in general, were significantly lower than they are today," the statement said.
Paul Merrell

First to Fall? Panama Papers Bring Down Iceland PM, Portending Future Fallout | Common ... - 0 views

  • In the first instance of a prominent politician taken down by the 11.5 million documents leaked in the Panama Papers, Iceland Prime Minister Sigmundur Davíð Gunnlaugsson resigned on Tuesday after fully 10 percent of Iceland's population rallied in protest of his wife's secret, offshore shell company holding millions. Gunnlaugsson was asked about the account on the day the leak was announced in a television interview, and he walked out rather than answer the question:
  • The next day, "an estimated 22,000 Icelanders slung eggs and protested outside the Parliament building" demanding his resignation, as Common Dreams reported. Gunnlaugsson initially refused to bow to the public pressure, but eventually announced his resignation on Tuesday evening.
  • News editor of the Reykjavík Grapevine Paul Fontaine said Tuesday, "While the Prime Minister's particular role in the Panama Papers leak is huge, and I don't want to downplay it, I also don't want to downplay the involvement other Icelanders—and the countless others around the world—also had in this." "This extends beyond the prime minister; it reaches parliament, it reaches Reykjavík City Hall, and it reportedly reaches hundreds of as yet unnamed Icelandic businesspeople," Fontaine pointed out. "The greater crime, which the Panama Papers illustrate comprehensively, is that we have a secret economy connected to and even supporting some of the worst aspects of the global capitalist system."
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  • Meanwhile, Ukraine's president faces possible impeachment proceedings for his offshore holdings in the British Virgin Islands, and the Chilean head of anti-corruption group Transparency International resigned Tuesday after the Panama Papers revealed his own use of secret shell companies.
  • Relatively few Americans have been named in the leak thus far, perhaps pointing to the country's status as one of the foremost locales for creating shell corporations like those documented in the Panama Papers. "Americans can form shell companies right in Wyoming, Delaware or Nevada," said Shima Baradaran Baughman, a law professor at the University of Utah, in an interview with Fusion. "They have no need to go to Panama to form a shell company to use for illicit activities."
  • David Dayen explored in depth the paltry U.S. regulations around onshore shell companies in Salon: "While we force foreign financial institutions to give up information on accounts held by U.S. taxpayers through the Foreign Account Tax Compliance Act of 2010, we don’t reciprocate by complying with international disclosure requirements standardized by the Organization for Economic Co-Operation and Development (OECD) and agreed to by 97 other nations. As a result, the U.S. is becoming one of the world’s foremost tax havens."
  • President Barack Obama addressed the Panama Papers leak for the first time on Tuesday, condemning the laws that make offshore tax havens legal. But those words rang hollow to many observers who recalled that the Obama Administration was behind the very trade deal, Panama TPA, that enshrined the rights of firms such as Mossack Fonseca to funnel millions into untraceable offshore shell companies. As Common Dreams noted, "Much of [Mossack Fonseca's] activities were not necessarily illegal—thanks to agreements such as the Panama TPA." It is worth noting that Bernie Sanders advocated against the deal.
  • Reform also seems unlikely should Hillary Clinton become the Democratic party's nominee, considering that she and her husband own a shell corporation such as the ones documented in the Panama Papers, as the Associated Press reported last year. Unnamed officials told the AP that "the entity was a 'pass-through' company designed to channel payments to the former president." Thanks to the nature of the laws surrounding such corporations, Clinton is not required to disclose the company's existence or earnings in her campaign finance reports. Still, observers are hopeful that this record-shattering leak will drum up enough public pressure to not only topple prominent politicians, but to also propel the efforts of groups seeking real legislative reform. "The Panama Papers are a boost to the global movement to stop tax-haven abuse and recapture trillions of the hidden wealth of nations," wrote author Chuck Collins in The Nation. "This story isn’t going away anytime soon."
Paul Merrell

US, Switzerland singled out for financial secrecy by new index - ICIJ - 0 views

  • Switzerland and the United States are the biggest promoters of financial secrecy according to an index published today by the Tax Justice Network (TJN). The index ranks countries based on their level of secrecy and the percentage of financial services provided to non-residents.
  • As for the United States, it has refused to take part in international efforts to curb financial secrecy and instead set up a parallel system that seeks information on U.S. citizens abroad but does not provide data to foreign countries. Several U.S. states are also considered tax havens including Delaware, which doesn’t tax intangible assets such as intellectual property, patents or trademarks. “More than 66 percent of the Fortune 500 have chosen Delaware as their legal home,” claims the state’s Division of Corporations website.
  • This is not new. The U.S. ranked third in TJN’s 2015 secrecy index. Back in 2016, Mark Hays, senior adviser with Global Witness, told the Washington Post, “we often say that the U.S. is one of the easiest places to set up so-called anonymous shell companies.” Last month, a Bloomberg article referred to America as “one of the world’s best places to hide money from the tax collector.” “The 2018 release confirms the long-term picture, that the richest and most powerful countries have continued to pose the greatest global risks – with Switzerland and the U.S. established as the key facilitators of illicit financial flows,” said TJN chief executive Alex Cobham. Some of the criteria used to build the index include the absence of a public register, harmful tax residency rules and whether the system allows for bearer shares, which obscure ownership.
Paul Merrell

Middle Class Political Economist: Gigantic Journalistic Investigation Begins Ripping Ma... - 0 views

  • Via the Tax Justice Network, I've just learned of a massive, multi-national joint investigation into secrecy jurisdictions by three very heavy hitters, the Guardian, BBC Panorama, and the U.S.-based International Consortium of Investigative Journalists (ICIJ). Though they are starting out with the United Kingdom and the seriously understudied situation in the British Virgin Islands, ICIJ has announced that this is just the start of a multi-year investigative project and that there are "many more countries to come in the next 12 months." Further, according to ICIJ, the investigation involves literally "dozens of jurisdictions and in collaboration with dozens of media partners and freelance journalists around the world" (emphasis in original).
  • As I write this, the first and second articles (Nov. 25 and 26) in the Guardian's series rank number two and number one in the "most viewed" articles in the last 24 hours. One of the most amazing articles discusses the use of "nominee" directors, people who pretend to be a company or foundation's directors in order to hide the true ownership from authorities. Incredibly, these nominee directors frequently do not know the companies they are supposedly responsible for; they just know that they are getting paid for the use of their names. Be sure to check out the BBC undercover film linked from this Guardian article.
  • But let's not forget: tax havens cost the middle class worldwide hundreds of billions of dollars in tax revenue that they have to make up. The evidence is mounting that they are a central piece of the world financial system. Fundamental reform is necessary and a massive journalistic effort like this one will help produce the outrage to make it possible. I'm looking forward to more fruits of this investigation.
Gary Edwards

Obsessed by Megalomania: Interview with Hans-Hermann Hoppe - 0 views

  • The ‘Occupy’ movement consists of economic ignoramuses who fail to understand that the banks’ dirty tricks, which they rightly deplore, are possible only because there is a state-licensed central bank that acts as a "lender of last resort," and that the current financial crisis therefore is not a crisis of capitalism but a crisis of statism.
  • The ‘Pirates’, with their demand for an unconditional basic income, are well on the way to becoming another ‘free beer for all’ party. They have a single issue: criticism of ‘intellectual property rights’ (IP rights), which could make them very popular – and earn them the enmity in particular of the music, film and pharmaceutical industries. But even there they are clueless wimps.
  • IP has nothing to do with property, but rather with state privileges.
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  • IP rights are not property but, on the contrary, are an attack on property and therefore completely illegitimate.
  • The idea of a monopolistic property protector and law keeper is self-contradictory.
  • In order to guarantee the protection of property and safeguard the law there has to be free competition in the area of law as well. Other institutions apart from the state must be allowed to provide property and law protection services.
  • The state then becomes a normal subject of private law, on an equal footing with all other people. It can’t raise taxes any more or unilaterally enact laws. Its employees will have to finance themselves just the same as everybody else does: by producing and offering something that freely engaging customers consider value for money.
  • States go to war because they can, via taxes, pass on the cost to third parties who are not directly involved.
  • By contrast, for voluntarily financed companies war is economic suicide.
  • There is an interim solution. It’s called secession and political decentralization. Small states must be libertarian, otherwise the productive people will desert them. Desirable therefore is a world made up of thousands of Liechtensteins, Singapores and Hong Kongs.
  • In contrast, a European central government – and even more so a world government – with a ‘harmonized’ tax and regulation policy, is the gravest threat to freedom.
  • All highly-developed forms of religion forbid the coveting of someone else’s property. This prohibition is the foundation of peaceful cooperation. In a democracy, on the other hand, anyone can covet anybody else’s property and act according to his desire – the only precondition being that he can gain access to the corridors of power.
  • Thus, under democratic conditions, everybody becomes a potential threat.
  • No, the state is anything but the result of a contract!
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    Jaw dropping libertarian analysis.  Hoppe argues that democracy, or more correctly called "mobocracy" results in "The Competition of Crooks".  Fascinating stuff.  I've highlighted some of the more resounding libertarian bites. excerpt: "Are taxes nothing but protection money? The state a kind of mafia? Democracy a fraud? Philosopher Hans-Hermann Hoppe is not only considered one of the most prominent pioneering intellectuals of the libertarian movement, but also perhaps the sharpest critic of the Western political system. Professor Hoppe: In your essay collection 'Der Wettbewerb der Gauner' ('The Competition of Crooks') you write that '99 percent of citizens, asked if the state was necessary, would answer yes.' Me too! Why am I wrong?"
Gary Edwards

Freedom to Fascism - the movie - 0 views

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    "Are you aware the money in your pocket is printed by a private bank? Are you aware the REAL ID law will require you to carry a national identification card? Are you aware that there are plans being developed to have all Americans embedded with a Radio Frequency Identification (RFID) computer chip under their skin so they can be tracked wherever they go? Are you aware the Supreme Court has ruled that the government has no authority to impose a direct unapportioned tax on the labor of the American people, and the 16th Amendment does not give the government that power? Are you aware that computer voting machines can be rigged and there is no way to ensure that vote is counted Our Friend and Hero, Aaron Russo Has Passed Esteemed filmmaker, ardent activist and loyal patriot Aaron Russo lost his battle to cancer on August 24, 2007 at the age of 64. Aaron will be profoundly missed but always remembered. He was a husband, father, friend, mentor, and inspiration to many. Aaron's long list of achievements includes his work in the areas of filmmaking and political activism. His documentary film, "America: From Freedom to Fascism", debunked the justification of both the IRS and the Federal Reserve as well as exposed their crooked basis. This movie received widespread acclaim, including opening to standing ovations at the Cannes Film Festival. Congressman Ron Paul was also featured in the documentary, in which he presents his views on the economy and the Federal Reserve. Aaron's work in the realm of activism proved to be invaluable and selfless. He will be perpetually revered as a true patriot and tireless fighter for our freedom. We must continue to venerate Aaron's legacy as we move forward by honoring his great words: "There are no boundaries one must adhere to when preserving one's liberty"."
Gary Edwards

CHART OF THE DAY: This Is Why They Call It TAXMAGEDDON - 0 views

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    Stunning chart tracking from 1969 to 2013 the percentage of GDP the government seizes. The tax hikes coming in 2013 will seize over 3.5% of GDP. Previous high was in 1969, where the tax man seized 1.7%. Interesting look at the inverse relationship Government seizure of assets and productivity has with the nations economic growth and prosperity. The more the government takes, the less there is for the nation's citizens. Is that a radical economic insight? For the socialist, it's a connection they really don't want the people to make.
Paul Merrell

Americans on Wrong Side of Income Gap Run Out of Means to Cope - 0 views

  • “We’ve exhausted our coping mechanisms,” said Alan Krueger, an economics professor at Princeton University in New Jersey and former chairman of President Barack Obama’s Council of Economic Advisers. “They weren’t sustainable.” The result has been a downsizing of expectations. By almost two to one — 64 percent to 33 percent — Americans say the U.S. no longer offers everyone an equal chance to get ahead, according to the latest Bloomberg National Poll. The lack of faith is especially pronounced among those making less than $50,000 a year, with close to three-quarters in the Dec. 6-9 survey saying the economy is unfair.
  • The diminished expectations have implications for the economy. Workers are clinging to their jobs as prospects fade for higher-paying employment. Households are socking away more money and charging less on credit cards. And young adults are living with their parents longer rather than venturing out on their own. In the meantime, record-high stock prices are enriching wealthier Americans, exacerbating polarization and bringing income inequality to the political forefront. Even independent government agencies like the Securities and Exchange Commission and the Federal Reserve have been dragged into the debate.
  • “The basic bargain at the heart of our economy has frayed,” Obama said in a Dec. 4 speech in Washington. “This is the defining challenge of our time: Making sure our economy works for every working American.” Democratic lawmakers also intend to press next year for a higher minimum wage to tackle the yawning gap between rich and poor, Durbin said. Republicans aren’t ceding the issue. “The American dream is certainly more in doubt than in decades,” House Speaker John Boehner of Ohio said in response to Obama’s speech. “But after more than five years in office, the president has no one to blame but himself.”
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  • Income inequality has been rising more or less steadily since the mid-1970s. The Gini coefficient, a broad-based measure of inequality, stood at a record high last year, according to Census Bureau data dating back 46 years.
  • Women who became unemployed during the recession and its aftermath have been slower to find new positions. Among women losing jobs they’d held for at least three years between January 2009 and the end of 2011, 50 percent were re-employed by the start of 2012, while the share for men was 61 percent, according to a Bureau of Labor Statistics report released in February. Households turned to stepped-up borrowing to help make ends meet, until that avenue was shut off by the collapse of house prices. About 10.8 million homeowners still owed more money on their mortgages than their properties were worth in the third quarter, according to Seattle-based Zillow Inc. The fallout has made many Americans less inclined to take risks. The quits rate — the proportion of Americans in the workforce who voluntarily left their jobs — stood at 1.7 percent in October. While that’s up from 1.5 percent a year earlier, it’s below the 2.2 percent average for 2006, the year house prices started falling, government data show.
  • “The middle has really collapsed,” said Lawrence Katz, an economics professor at Harvard University in Cambridge, Massachusetts, and a former chief economist at the Labor Department in Washington. Even those with college degrees are having trouble keeping up, he said. While they earn more than those with less schooling, they’ve seen no real wage growth in recent years. The median income of men 25 years of age and older with a bachelor’s degree was $56,656 last year, 10 percent less than in 2007 after taking account of inflation, according to Census data.
  • It’s the richest of the rich who are reaping the most benefit as an increasingly interconnected and technologically sophisticated world puts a premium on those perceived to have the highest skills — a phenomenon dubbed “winner take all” by Cornell University Professor Robert Frank. Government policies also play a role. The Treasury Department, for instance, taxes capital gains racked up by the wealthy on the sale of shares, bonds and other assets at about half the rate of ordinary income. The top 1 percent captured 95 percent of the gains in incomes in the first three years of the recovery, based on analysis of tax returns by Saez. Those less well-off, meanwhile, are running out of ways to cope. The percentage of working-age women who are in the labor force steadily climbed from a post-World War II low of 32 percent to a peak of 60.3 percent in April 2000, fueling a jump in dual-income households and helping Americans deal with slow wage growth for a while. Since the recession ended, the workforce participation rate for women has been in decline, echoing a longer-running trend among men. November data showed 57 percent of women in the labor force and 69.4 percent of men.
  • The disparity has widened since the recovery began in mid-2009. The richest 10 percent of Americans earned a larger share of income last year than at any time since 1917, according to Emmanuel Saez, an economist at the University of California at Berkeley. Those in the top one-tenth of income distribution made at least $146,000 in 2012, almost 12 times what those in the bottom tenth made, Census Bureau data show. Economists have posited a variety of explanations for the growing differences in incomes. Manufacturing companies moved once high-paying jobs abroad, to China and elsewhere. Technological advances led to the loss of clerical and office work, especially relating to routine tasks. The decline of unions — 11.3 percent of workers were represented in 2012 compared with 20.1 percent in 1983 — has advantaged bosses at the expense of their employees.
  • Millennials — adults aged 18 to 32 — are still slow to set out on their own more than four years after the recession ended, according to an Oct. 18 report by the Pew Research Center in Washington. Just over one in three head their own households, close to a 38-year low set in 2010. Obama has proposed a raft of policies to attack the widening wage gap — from simplifying the tax code and increasing exports to enhancing worker training and boosting pre-kindergarten education. Yet in a divided Washington he hasn’t made much progress pushing them through. The president’s renewed focus on income inequality has more to do with politics than policy, said Douglas Holtz-Eakin, president of the American Action Forum, a self-described center- right institute in Washington.
  • “It’s great politics to demagogue income distribution and complain about the rich getting ahead and the poor falling behind,” said Holtz-Eakin, a former Congressional Budget Office director. “The substance of what he’s actually done doesn’t match the enormity of the problem as he’s portrayed it.”
  • The wage-gap debate has reverberated to other parts of Washington, as the SEC published a rule Sept. 18 that would compel public companies to reveal pay ratios between chief executives and their employees. While businesses have decried the requirement as overreach, some investors welcome the data as a way to help assess a company’s health.
  • Across companies in the S&P 500, the average multiple of CEO compensation to that of rank-and-file workers is 204, up 20 percent since 2009, according to data compiled by Bloomberg in April. The Fed also has been caught up in the debate over growing income disparities. Lawmakers from both parties have questioned whether its bond-buying policy, called quantitative easing, has benefited the rich at the expense of those less well-off by boosting prices of stocks and other assets.
  • The S&P 500 stock index has risen 29 percent in 2013. The richest third of U.S. households account for 89 percent of all equities ownership, according to the Center for Retirement Research at Boston College.
  • Janet Yellen, nominated to take over as Fed chairman next year, defended the central bank’s actions at a Senate Banking Committee hearing on Nov. 14. “The policies we’ve undertaken have been meant to generate a robust recovery,” Yellen told the committee. The growing calls for action to reduce income inequality have translated into a national push for a higher minimum wage. Fast-food workers in 100 cities took to the streets Dec. 5 to demand a $15 hourly salary.
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    Monetary policy of, by, and for banksters continues in the U.S. One irony is that banksters press for transition to an all digital currency so that savers can be penalized, a blatant "trickle-up"economic policy, whilst also pressing for more bank bailouts, wielding the thoroughly-discredited "trickle down" economic theory. But "trickle down" theory, in the context of bank bailouts, has not successfully trickled down and the only beneficiaries have been the few Americans who can still invest in the stock market, paying the highest dividends to the wealthiest among us. Has their ever been a time when the stock market's behavior has been so divorced from the well-being of the middle and lower economic classes? I doubt there has been at least in the last 50 years. Where would we be if the bank bail-out trillions had instead been mailed as checks to the middle and lower economic classes? "Trickle up" works and that is what built the American economy to its peak in inflation-adjusted dollars -- an affluent middle class. But do not expect leadership from Washington, D.C. in correcting income inquequality; only political rhetoric and a fight over extension of unemployment benefits, now lapsed. "According to the World Bank, the GINI coefficient "measures the extent to which the distribution of income or consumption expenditure among individuals households within an economy deviates from a perfectly equal distribution." Therefore it is used as an indication of income inequality within countries. ... In the late 2000s, Chile had the highest GINI coefficient, after taxes and transfers, among OECD member countries. The United States, Turkey and Mexico came right before it. At the other end of the scale, Slovenia, Denmark and Norway led the ranking with the lowest levels of income inequality." http://www.gfmag.com/tools/global-database/economic-data/11944-wealth-distribution-income-inequality.html#ixzz2pGpv4xGZ Higher minimum wages? How about instead abolishing the Feder
Gary Edwards

Just 62 people control more wealth than half the world's population: study - CSMonitor.com - 1 views

  • Oxfam argues that there are several reasons for why the disparity between rich and poor has become so vast, including what the report terms “the global spider’s web of tax havens and the industry of tax avoidance, which has blossomed over recent decades.”Oxfam estimates that nearly $7.6 trillion, or more than twice the combined GDP of the United Kingdom and Germany, is currently being held offshore.
  • The Oxfam study also suggests that the global economy’s push on the importance of capital over labor is another reason for widening inequality. This not only concentrates national incomes in the hands of those few that control it, Oxfam says, but has implications for private companies as well. It increases pay for executives while preventing many workers in the very lowest-paying jobs at the bottom from earning higher wages.
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    "A recent study conducted by Oxfam International indicates that just 62 people, 53 of them men, now control over half the world's wealth. The study, 'An Economy for the 1 Percent,' was released ahead of the World Economic Forum (WEF) in Davos, Switzerland. The study from the anti-poverty NGO calculated that 62 people held the same amount of wealth as the world's 3.6 billion poorest citizens in 2015.  That's a huge drop from the estimated 388 people who controlled that amount of wealth in 2010, and the concentrated amount of wealth that those 62 people possess has increased by 44 percent over that same five-year period, to $1.76 trillion dollars. It is true that global poverty has declined substantially since 1990, according to Oxfam. However, the study found that at the same time that global wealth rose dramatically among the world's richest 1 percent, the relative wealth of those living in extreme poverty has declined dramatically since 2010, by approximately $1 trillion."
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    The divide between the haves and the have-nots has been deepening for decades and is well known. This year, the topic has become part of presidential election politics thanks to Bernie Sanders. But while the situation has no public defenders, we have yet to see a single piece of legislation submitted to remedy the situation. That leaves the situation as a talking point rather than the focus of remedial action, which leads to the conclusion that those who talk about it don't care enough about it to do anything to reverse the situation. Example, since the financial crash of 2007 we have no bill to reintroduce Glass\Seagall, no bill to break up the too-big-to-fail banks (which are no bigger than before), no bill to back the U.S. out of the trade agreements that have shipped millions of American jobs overseas, no bill to increase taxes for the wealthy, etc. Instead, we see a majority of members of Congreess voting to maintain the status quo, which is that the rich get richer and the poor get poorer. The cure? Step 1 is adoption of the We the People Amendment to get corporations and money out of the election process. https://movetoamend.org/wethepeopleamendment
Gary Edwards

The FED (Federal Reserve Bank) is a Commercial Privately Owned Bank - 1 views

  • The US Congress has the option to buy back the FED at $450 millions (per Congressional Records). When the Congress does this, it will own back the billions of US Government Bonds held by the FED. The US Government will actually PROFIT by buying back the FED! Also, the US government no longer has to pay interests to the FED owners on those bonds.
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    Excellent research on the Federal Reserve! excerpt: WHY THE FED SHOULD BE ABOLISHED 1. The US Congress has the option to buy back the FED at $450 millions (per Congressional Records). When the Congress does this, it will own back the billions of US Government Bonds held by the FED. The US Government will actually PROFIT by buying back the FED! Also, the US government no longer has to pay interests to the FED owners on those bonds. 2. Through their ownerships in the FED, FOREIGN POWERS CAN and WILL influence the US economy. By controlling our interest rates and money supply, they can actually create economic disaster in the US , should the US disagree with them. 3. Although the FED directors must be confirmed by the Senate, the awesome lobbying power of the FED owners makes this process meaningless. The owners of the FED can and will put whoever they wish in the position. 4. Abolishing the FED will lead to lower inflation. At this moment, the FED prints as much money as needed to buy the US Government Bonds. Since the FED prints this MONEY out of THIN AIR, this leads to an INCREASE of MONEY SUPPLY, WITHOUT increase in GOODS/SERVICES. This, as all of us know it, leads to INFLATION. If the general public buy those bonds with money that they EARNED by providing GOODS/SERVICES, the money supply level is contant in relation to the goods/services level. Thus, there is no inflationary pressure from selling these bonds. 5. Abolishing the FED will reduce the national debt level. By buying back the FED at $450 millions, the US Government will buy back the billions of dollars of bonds held by the FED. Thus, the net effect is a reduction in national debt. After buying back the FED, the US Government does not have to pay interest on those bonds it buys back, further reducing the national debt. 6. Abolishing the FED will lead to eventual balance budget. Today, even if the US Economy only grows by a meager 2% per year, the US Government should be able to put 2% of US-GDP dol
Gary Edwards

GOP Platform Rejects UN Agenda 21 as Threat to Sovereignty - 0 views

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    Too bad Romney didn't think enough of the GOP Platform to sell it to the American people.  Probably cost him the election, and us our country. "The official GOP platform approved at the Republican National Convention in Tampa included tough language rejecting the United Nations "sustainability" scheme known as Agenda 21 for the threat it represents to national sovereignty, drawing praise from conservative and Tea Party leaders across the country. The Republican Party document also rejected any form of UN global taxes and slammed a wide range of the international body's controversial programs.  In a section of the 54-page platform entitled "Sovereign American Leadership in International Organizations," the GOP noted that multilateral bodies such as the UN and NATO sometimes fail to serve the cause of peace and prosperity. As such, the U.S. government must always reserve the right to go its own way. "There can be no substitute for principled American leadership," the platform says. The UN in particular remains in "dire need of reform," Republicans said in the document, attacking the global organization's "overpaid bureaucrats," its "scandal-ridden management," and the fact that some of the world's most barbaric tyrants hold seats on the so-called "Human Rights Council." Unless and until the situation improves, the platform stated, the UN can never expect the full support of the American people. Some Republicans such as Congressman Ron Paul go further, calling for the United States to get out of the UN entirely. Some matters, however, are non-negotiable. "We strongly reject the U.N. Agenda 21 as erosive of American sovereignty, and we oppose any form of U.N. Global Tax," the platform explains. The language echoes a resolution adopted by the GOP earlier this year slamming the planetary scheme to enforce so-called "sustainable development" on the world. Since then, state and local Republican parties as well as state legisl
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