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How Much Does Mental Health Disability Pay In 2023 - 0 views

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    How Much Does Mental Health Disability Pay In 2023 Social Security Disability Insurance (SSDI or SSD) is the sole source of income for millions of Americans who are unable to work due to a non-work-related injury or illness. SSDI benefits are available only to workers and former workers with a substantial employment history. Both physical and mental disabilities are covered under the Social Security Act. While SSDI pays the same benefits for qualifying mental impairments as it does for physical impairments, the amount each individual receives in benefits depends on their history of earnings. This blog post will explain how Social Security defines qualifying disabilities, including mental impairments, and determines each individual's benefit payment. At The Clauson Law Firm, we know how important it is for every disability applicant and benefit recipient to understand how their benefits are arrived at, what affects their continued benefits, and how their benefits can change over time. Contact Clauson Law today if you have questions about qualifying for SSDI benefits or need help filing a claim or appealing a denial. We've helped thousands of disabled people across the U.S. with their disability claims. Mental Impairments And Social Security Disability More than 40% of SSD cases in the United States have some mental health or intellectual impairment as a component in the claim. Mental health impairments can result from an almost unlimited array of circumstances, including traumatic stress; depression; genetic predisposition to depression, bipolar disorder, or schizophrenia; or traumatic brain injury (TBI); one of the many forms of dementia; and others. The ways in which mental impairments affect the person suffering can often interfere with their ability to perform work on a regular basis. These are discussed in detail in the section "Common Mental Disabilities that May Qualify for SSDI" below. But first, let's look at how you qualify for SSD benefits and how you
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    How Much Does Mental Health Disability Pay In 2023
Gary Edwards

Google News - 0 views

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    An incredible story is unfolding in Egypt where the new military government is digging through volumes of documents seized in raids on the Muslim Brotherhood. The documents are said to show that Barak Obama has been funneling Billions of dollars into the Muslim Brotherhood. excerpt: "Bare Naked Islam has done extensive reporting on the "bribes." The ... Evidence we have obtained lends credibility to the charges of "gifts" (bribes) being taken in U.S. dollars from the U.S. Embassy in Cairo" that were distributed to top ministerial level officials in the Mursi government. Via Almesryoon: "A judicial source stated that over the past few days, a number of complaints have beenfiled with the Attorney General Hisham Barakat. These complaints accuse the leaders of the Muslim Brotherhood and leaders of the centrist party of receiving gifts from the American embassy in Cairo. The sponsors of these complaints stated that among these leaders are Mohamed Badie, General Guide of the Muslim Brotherhood, Khairat Al-Shater, deputy leader and businessman, Mohamed Beltagy leading the group, Essam el-Erian, deputy head of the Freedom and Justice Party of, and Abu Ela Mady, head of the Wasat Party, Essam Sultan, deputy head of the Wasat Party." The strength of these allegations is seemingly bolstered by another case alluded to by the newspaper in which a document is referenced. This document reportedly reveals monthly "gifts" being paid to Muslim Brotherhood leaders in Egypt by the Prime Minister Hamad bin Jassim bin Jabor Al Thani, Minister of Foreign Affairs to the Mursi government. These monthly payments were said to be denominated in U.S. dollars to each leader. Evidence for such allegations are substantiated by a document we have obtained. It includes the names of several recipients of funds and even includes their signatures acknowledging receipt of the funds. This ledger, obtained from inside the Mursi government, lends additional credibility to the rep
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

Taxpayers strike it rich? - Foster Gamble - YouTube - 0 views

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    Excellent video blog/discussion with Foster Gamble of the Thrive Movement.  Foster explains CAFR: The Comprehensive Annual Financial Report that local and State governments must file annually.  The CAFR includes the investments funds that governments control.  For local cities lfiling bankruptcy, ike Stockton, CA, the CAFR's are in the hundreds of millions of dollars.  Foster explains that Stockton is foot dragging on their CAFR, perhaps hoping to break the union pension and healthcare funds through a quick chapter 9 bankruptcy where the CAFR isn't put on the table? This is good stuff, demonstrating fully that governments are in the business of seizing wealth and control of property by hook or by crook.  Nice finish with the Iceland story.  The Icelanders refused to play the Bankster game, and jailed Rothschild-Rockefeller banksters and politicians while refusing to pay both the interest and debt those clowns had racked up. Excerpt: As cities and states struggle to balance their budgets, folks everywhere are losing their jobs, parks are closing and people most in need are getting left in the dust. As Foster describes in this video blog, it doesn't have to be this way. Trillions of dollars of taxpayer money is currently sitting in unpublicized government investment funds and people are organizing to get it back.
Gary Edwards

The Europeanization of America - WSJ.com Pete Dupont - 0 views

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    So where is the new Obama administration likely to take us? Seven things seem certain: The U.S. military will withdraw from Iraq quickly and substantially, regardless of conditions on the ground or the obvious consequence of emboldening terrorists there and around the globe. Protectionism will become our national trade policy; free trade agreements with other nations will be reduced and limited. Income taxes will rise on middle- and upper-income people and businesses, and individuals will pay much higher Social Security taxes, all to carry out the new president's goals of "spreading the wealth around." Federal government spending will substantially increase. The new Obama proposals come to more than $300 billion annually, for education, health care, energy, environmental and many other programs, in addition to whatever is needed to meet our economic challenges. Mr. Obama proposes more than a 10% annual spending growth increase, considerably higher than under the first President Bush (6.7%), Bill Clinton (3.3%) or George W. Bush (6.4%). Federal regulation of the economy will expand, on everything from financial management companies to electricity generation and personal energy use. The power of labor unions will substantially increase, beginning with repeal of secret ballot voting to decide on union representation. Free speech will be curtailed through the reimposition of the Fairness Doctrine to limit the conservative talk radio that so irritates the liberal establishment. These policy changes will be the beginning of the Europeanization of America.
Gary Edwards

American Thinker: Whose Mess? - 0 views

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    Economic comparison that describes the prosperity differences between a Republican led congress and a Democratic controlled congress. Excerpt: If you want to give Bill Clinton credit for economic results during his terms, you have to link those results to his policies.  If you want to give him credit for those policies, you must admit that they were virtually all in line with Republican rhetoric and antithetical to modern liberalism. But here's what you can't do and remain intellectually honest:  praise Clinton and damn Bush, and then encourage Obama to do the exact opposite of what Clinton did and to add multiple trillions of dollars to Bush's spending and deficit levels. Conservatives like me have always encouraged tax rate cuts, spending cuts, free trade and eliminating government programs like welfare and the byzantine farm program.  Reagan did what he could (with a Democrat-controlled House the entire time), and the economy grew 3.5% annually over his eight years.  Clinton did these things as well (with Republicans controlling both houses of Congress his last six years), and the economy grew 3.8% annually over his eight years. This is not hard: cut taxes, cut spending, cut programs.  Oh, and elect Republicans to the Senate.  At least that's what the facts say.
Paul Merrell

Sorry for letting them snoop? Dell apologizes for 'inconvenience' caused by NSA backdoo... - 0 views

  • Security researcher Jacob Appelbaum dropped a bombshell of sorts earlier this week when he accused American tech companies of placing government-friendly backdoors in their devices. Now Texas-based Dell Computers is offering an apology. Or to put it more accurately, Dell told an irate customer on Monday that they “regret the inconvenience” caused by selling to the public for years a number of products that the intelligence community has been able to fully compromise in complete silence up until this week. Dell, Apple, Western Digital and an array of other Silicon Valley-firms were all name-checked during Appelbaum’s hour-long presentation Monday at the thirtieth annual Chaos Communication Congress in Hamburg, Germany. As RT reported then, the 30-year-old hacker-cum-activist unveiled before the audience at the annual expo a collection of never-before published National Security Agency documents detailing how the NSA goes to great lengths to compromise the computers and systems of groups on its long list of adversaries.
  • Spreading viruses and malware to infect targets and eavesdrop on their communications is just one of the ways the United States’ spy firm conducts surveillance, Appelbaum said. Along with those exploits, he added, the NSA has been manually inserting microscopic computer chips into commercially available products and using custom-made devices like hacked USB cables to silently collect intelligence. One of the most alarming methods of attack discussed during his address, however, comes as a result of all but certain collusion on the part of major United States tech companies. The NSA has information about vulnerabilities in products sold by the biggest names in the US computer industry, Appelbaum said, and at the drop off a hat the agency has the ability of launching any which type of attack to exploit the flaws in publically available products.
  • The NSA has knowledge pertaining to vulnerabilities in computer servers made by Dell and even Apple’s highly popular iPhone, among other devices, Appelbaum told his audience. “Hey Dell, why is that?” Appelbaum asked. “Love to hear your statement about that.”
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  • Appelbaum didn’t leave Dell off the hook after revealing just that one exploit known to the NSA, however. Before concluding his presentation, he displayed a top-secret document in which the agency makes reference to a hardware implant that could be manually installed onto Dell PowerEdge servers to exploit the JTAG debugging interface on its processor — a critical circuitry component that apparently contains a vulnerability known to the US government. “Why did Dell leave a JTAG debugging interface on these servers?” asked Appelbaum. “Because it’s like leaving a vulnerability in. Is that a bugdoor, or a backdoor or just a mistake? Well hopefully they will change these things or at least make it so that if you were to see this, you would know that you have some problems. Hopefully Dell will release some information about how to mitigate this advance persistent threat.” Appelbaum also provoked Apple by acknowledging that the NSA boasts of being able to hack into any of their mobile devices running the iOS operating system. “Either they have a huge collection of exploits that work against Apple products — meaning they are hoarding information about critical systems American companies product and sabotaging them — or Apple sabotages it themselves,” he said.
  • @DellCares @dellcarespro Inconvenience? You got to be F*ckin kidding me! You place an NSA bug in our servers and call it an inconvenience? — Martijn Wismeijer (@twiet) December 31, 2013
  • TechDirt reporter Mike Masnick noticed early Tuesday that Dell’s official customer service Twitter account opted to issue a cookie-cutter response that drips of insincerity. “Thanks you for reaching out and regret the inconvenience,” the Dell account tweeted to Wismeijer. “Our colleagues at @DellCaresPro will be able to help you out.” “Inconvenience? You got to be F*ckin kidding me!” Wismeijer responded. “You place an NSA bug in our servers and call it an inconvenience?”
  • Security researcher Jacob Appelbaum dropped a bombshell of sorts earlier this week when he accused American tech companies of placing government-friendly backdoors in their devices. Now Texas-based Dell Computers is offering an apology. Or to put it more accurately, Dell told an irate customer on Monday that they “regret the inconvenience” caused by selling to the public for years a number of products that the intelligence community has been able to fully compromise in complete silence up until this week. Dell, Apple, Western Digital and an array of other Silicon Valley-firms were all name-checked during Appelbaum’s hour-long presentation Monday at the thirtieth annual Chaos Communication Congress in Hamburg, Germany. As RT reported then, the 30-year-old hacker-cum-activist unveiled before the audience at the annual expo a collection of never-before published National Security Agency documents detailing how the NSA goes to great lengths to compromise the computers and systems of groups on its long list of adversaries.
Paul Merrell

Reassured by NSA's Internal Procedures? Don't Be. They Still Don't Tell the Whole Story... - 0 views

  • Yesterday, the Guardian released two previously-classified documents describing the internal "minimization" and "targeting" procedures used by the NSA to conduct surveillance under Section 702. These procedures are approved by the Foreign Intelligence Surveillance Court (FISC) on an annual basis and are supposed to serve as the bulwark between the NSA's vast surveillance capabilities and the private communications of Americans. As we noted earlier today, the procedures, themselves, aren't reassuring: far too much discretion is retained by NSA analysts, the procedures frequently resolve doubt in favor of collection, and information is obtained that could otherwise never be obtained without a warrant. Which would be bad enough, if it were the end of the story. But it's not.
  • Unless the government substantially changed the procedures between August 2010 and October 2011, these are the very procedures that the FISC eventually found resulted in illegal and unconstitutional surveillance. In October 2011, the FISC issued an 86-page opinion finding that collection carried out under the NSA's classified minimization procedures was unconstitutional. The opinion remains secret, but it is very likely that yesterday's leaked NSA documents show the very minimization procedures the Director of National Intelligence admitted the FISC had found resulted in surveillance that was “unreasonable under the Fourth Amendment" and "circumvented the spirit of the law." And for good reason: the procedures are unconstitutional. They allow for the government to obtain and keep huge amounts of information it could never Constitutionally get without a warrant based on probable cause. As we explained, the procedures are designed such that the NSA will routinely fail to exclude or remove United States persons' communications, and the removal of those communications are wholly entrusted to the "reasonable discretion" of an analyst.  
  • Yesterday, the Guardian released two previously-classified documents describing the internal "minimization" and "targeting" procedures used by the NSA to conduct surveillance under Section 702. These procedures are approved by the Foreign Intelligence Surveillance Court (FISC) on an annual basis and are supposed to serve as the bulwark between the NSA's vast surveillance capabilities and the private communications of Americans. As we noted earlier today, the procedures, themselves, aren't reassuring: far too much discretion is retained by NSA analysts, the procedures frequently resolve doubt in favor of collection, and information is obtained that could otherwise never be obtained without a warrant. Which would be bad enough, if it were the end of the story. But it's not. The targeting and minimization documents released yesterday are dated a few months after the first publicly known scandal over the new FAA procedures: In April 2009, the New York Times reported that Section 702 surveillance had “intercepted the private e-mail messages and phone calls of Americans . . . on a scale that went beyond the broad legal limits established by Congress." In June 2009, the Times reported that members of Congress were saying NSA's "recent intercepts of the private telephone calls and e-mail messages of Americans are broader than previously acknowledged." Rep. Rush Holt described the problems as "so flagrant that they can't be accidental."
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  • Presumably, following these "flagrant" abuses (and likely in response to the Congressional criticism of the original procedures), the government refined the procedures. The documents released yesterday are the "improved" targeting and minimization procedures, which appear to have been reused the following year, in 2010, in the FISC's annual certification. But these amended procedures still didn't stop illegal spying under Section 702. Unless the government substantially changed the procedures between August 2010 and October 2011, these are the mimization rules that the FISC eventually found to result in illegal and unconstitutional surveillance. In October 2011, the FISC issued an 86-page opinion finding that collection carried out under the NSA's minimization procedures was unconstitutional. The opinion remains secret, but it is likely that yesterday's leaked NSA documents show the very procedures the Director of National Intelligence admitted had been found to result in surveillance that was “unreasonable under the Fourth Amendment" and "circumvented the spirit of the law." And for good reason: the procedures are unconstitutional.
  • EFF has been litigating to uncover this critical FISC opinion through the Freedom of Information Act and to uncover the "secret law" the government has been hiding from the American public. And EFF isn't alone in fighting for the release of these documents. A bipartisan coalition of Senators just announced legislation that would require the Attorney General to declassify significant FISC opinions, a move they say would help put an end to precisely this kind of "secret law."
Paul Merrell

Obama concedes NSA bulk collection of phone data may be unnecessary | World news | theg... - 0 views

  • President Barack Obama has conceded that mass collection of private data by the US government may be unnecessary and said there were different ways of “skinning the cat”, which could allow intelligence agencies to keep the country safe without compromising privacy. In an apparent endorsement of a recommendation by a review panel to shift responsibility for the bulk collection of telephone records away from the National Security Agency and on to the phone companies, the president said change was necessary to restore public confidence. “In light of the disclosures, it is clear that whatever benefits the configuration of this particular programme may have, may be outweighed by the concerns that people have on its potential abuse,” Obama told an end-of-year White House press conference. “If it that’s the case, there may be a better way of skinning the cat.”
  • Though insisting he will not make a final decision until January, this is the furthest the president has gone in backing calls to dismantle the programme to collect telephone data, a practice the NSA claims has legal foundation under section 215 of the Patriot Act. This week, a federal judge said the program “very likely” violates the US constitution. “There are ways we can do this potentially that give people greater assurance that there are checks and balances, sufficient oversight and transparency,” Obama added. “Programmes like 215 could be redesigned in ways that give you the same information when you need it without creating these potentials for abuse. That’s exactly what we should be doing: to evaluate things in a very clear specific way and moving forward on changes. And that’s what I intend to do.”
  • The president would not comment on a suggestion last weekend by Richard Ledgett, the NSA official investigating the Snowden leaks, that an amnesty might be appropriate in exchange for the return of the data Snowden took from the agency. Obama said he could not comment specifically because Snowden was “under indictment”, something not previously disclosed. While the Justice Department filed a criminal complaint against Snowden on espionage-related charges in June, there has been no public subsequent indictment, although it is possible one exists under gag order. The Justice Department referred comment on a Snowden indictment to the White House. Caitlin Hayden, the chief spokeswoman for the White House National Security Council, clarified that Obama was referring to the criminal complaint against Snowden. It remains unclear if there is an indictment under seal. 
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  • The president also went further than his review panel in suggesting the US needed to rein in its overseas surveillance activities. “We have got to provide more confidence to the international community. In a virtual world, some of these boundaries don’t matter any more,” he said. “The values that we have got as Americans are ones that we have to be willing to apply beyond our borders, perhaps more systematically than we have done in the past.”
  • Conspicuously, Obama declined to rebut one assessment from his surveillance review group – that the bulk collection of US call data was not essential to stopping a terrorist attack. Instead, he contended that there had been “no abuse” of the bulk phone data collection. But in 2009, a judge on the secret surveillance court prevented the NSA from searching through its databases of US phone information after discovering “daily violations” resulting from NSA searches of Americans’ phone records without reasonable suspicion of connections to terrorism. That data was inaccessible to the NSA for almost all of 2009, before the Fisa court was convinced the NSA had sufficient safeguards in place for preventing similar violations
  • In another indication of the shifting landscape on surveillance, the telecoms giant AT&T announced on Friday that it will begin publishing a semi-annual report about its complicity with government surveillance requests. AT&T followed its competitor Verizon, which announced a similar move on Thursday.
  • The first such report is expected for early 2014, Watts said. While technology firms like Yahoo and Google have pushed for greater transparency about providing their customer data to the government, the telecommunications firms – which have cooperated with the NSA since the agency’s 1952 inception – did not join them before the events of the past week.
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    Movement on the NSA. Obama hints that the NSA's section 215 metadata collection will end, fesses up that Snowden has been criminally indicted, but declines to discuss whether Snowden might be pardoned in exchange for turning over his NSA document collection, notably not ruling it out. And finally, two of the giant telcos, AT&T and Verizon, have announced intent to do semi-annual public reports on their collaboration with government spy agencies. Amazing what a federal court decision can do, particularly when immediately followed by the president's own blue-ribbon panel report, both holding that the section 215 program has resulted in no terrorist attacks being prevented and that the program in unconstitutional. Obama finally reaches his tipping point. A good week for civil libertarians.   
Paul Merrell

Ukraine's Made-in-USA Finance Minister | Consortiumnews - 0 views

  • Ukraine’s new Finance Minister Natalie Jaresko, a former U.S. State Department officer who was granted Ukrainian citizenship only this week, headed a U.S. government-funded investment project for Ukraine that involved substantial insider dealings, including $1 million-plus fees to a management company that she also controlled. Jaresko served as president and chief executive officer of Western NIS Enterprise Fund (WNISEF), which was created by the U.S. Agency for International Development (U.S. AID) with $150 million to spur business activity in Ukraine. She also was cofounder and managing partner of Horizon Capital which managed WNISEF’s investments at a rate of 2 to 2.5 percent of committed capital, fees exceeding $1 million in recent years, according to WNISEF’s 2012 annual report.
  • Based on the data from WNISEF’s 2012 annual report, it also appeared that the U.S. taxpayers had lost about one-third of their investment in WNISEF, with the fund’s balance at $98,074,030, compared to the initial U.S. government grant of $150 million. Given the collapsing Ukrainian economy since the Feb. 22 coup, the value of the fund is likely to have slipped even further. (Efforts to get more recent data from WNISEF’s and Horizon Capital’s Web sites were impossible Friday because the sites were down.) Beyond the long list of “related party transactions” in the annual report, there also have been vague allegations of improprieties involving Jaresko from one company insider, her ex-husband, Ihor Figlus. But his whistle-blowing was shut down by a court order issued at Jaresko’s insistence. John Helmer, a longtime foreign correspondent in Russia, disclosed the outlines of this dispute in an article examining Jaresko’s history as a recipient of U.S. AID’s largesse and how it enabled her to become an investment banker via WNISEF, Horizon Capital and Emerging Europe Growth Fund.
  • Helmer wrote: “Exactly what happened when Jaresko left the State Department to go into her government-paid business in Ukraine has been spelled out by her ex-husband in papers filed in the Chancery Court of Delaware in 2012 and 2013. … “Without Figlus and without the US Government, Jaresko would not have had an investment business in Ukraine. The money to finance the business, and their partnership stakes, turns out to have been loaned to Figlus and Jaresko from Washington.” According to Helmer’s article, Figlus had reviewed company records in 2011 and concluded that some loans were “improper,” but he lacked the money to investigate so he turned to Mark Rachkevych, a reporter for the Kyiv Post, and gave him information to investigate the propriety of the loans. “When Jaresko realized the beans were spilling, she sent Figlus a reminder that he had signed a non-disclosure agreement” and secured a temporary injunction in Delaware on behalf of Horizon Capital and EEGF to prevent Figlus from further revealing company secrets, Helmer wrote.
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  • Jaresco, who served in the U.S. Embassy in Kiev after the collapse of the Soviet Union, has said that Western NIS Enterprise Fund was “funded by the U.S. government to invest in small and medium-sized businesses in Ukraine and Moldova – in essence, to ‘kick-start’ the private equity industry in the region.” While the ultimate success of that U.S.-funded endeavor may still be unknown, it is clear that the U.S. AID money did “kick-start” Jaresco’s career in equity investments and put her on the path that has now taken her to the job of Ukraine’s new finance minister. Ukrainian President Petro Poroshenko cited her experience in these investment fields to explain his unusual decision to bring in an American to run Ukraine’s finances and grant her citizenship.
  • The substantial U.S. government sum invested in Jaresco’s WNISEF-based equity fund also sheds new light on how it was possible for Assistant Secretary of State for European Affairs Victoria Nuland to tally up U.S. spending on Ukraine since it became independent in 1991 and reach the astounding figure of “more than $5 billion,” which she announced to a meeting of U.S.-Ukrainian business leaders last December as she was pushing for “regime change” in Kiev. The figure was so high that it surprised some of Nuland’s State Department colleagues. Several months later – after a U.S.-backed coup had overthrown Yanukovych and pitched Ukraine into a nasty civil war – Under Secretary of State for Public Affairs Richard Stengel cited the $5 billion figure as “ludicrous” Russian disinformation after hearing the number on Russia’s RT network.
  • Stengel, a former Time magazine editor, didn’t seem to know that the figure had come from a fellow senior State Department official. Nuland’s “more than $5 billion” figure did seem high, even if one counted the many millions of dollars spent over the past couple of decades by U.S. AID (which puts its contributions to Ukraine at $1.8 billion) and the U.S.-funded National Endowment for Democracy, which has financed hundreds of projects for supporting Ukrainian political activists, media operatives and non-governmental organizations. But if one looks at the $150 million largesse bestowed on Natalie Jaresco, you can begin to understand the old adage that a hundred million dollars here and a hundred million dollars there soon adds up to real money.
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    The Ukraine coup government just keeps getting more and more absurdly corrupt. 
Paul Merrell

Jeb Bush's Administration Steered Florida Pension Money to George W. Bush's Fundraisers - 0 views

  • Four years before the financial collapse, Goldman Sachs executive George Herbert Walker IV had much to be thankful for. "I've been fortunate to be a small part of teams leading U.S. restructurings, European privatizations, global pension management and now hedge fund and private equity investing,” he said in the annual report of a banking colossus that would soon be known as the “great vampire squid” of Wall Street. “The world,” said Walker, “just keeps getting more interesting." As the head of Goldman Sachs’ alternative investment unit, Walker’s ebullience was understandable. At the same time he was raising $100,000 for his cousin George W. Bush’s successful presidential re-election effort, the administration of another cousin, Florida Gov. Jeb Bush, returned the family favor, delivering $150 million of Florida pension money to an alternative investment fund run by Walker’s firm. Like other executives whose companies received Florida pension money, Walker is now renewing the cycle, reportedly attending in February a high-dollar fundraiser for Jeb Bush’s political committee.
  • Walker is not alone: He is one of 19 top fundraisers for George W. Bush -- known as “Pioneers” and “Rangers” -- whose financial firms received state business from Jeb Bush’s administration in Tallahassee. In all, an International Business Times’ review of government documents shows Jeb Bush oversaw Florida directing at least $1.7 billion of state workers’ retirement money to the financial firms of his elder brother’s major donors. As Jeb Bush oversaw the State Board of Administration (SBA) that runs Florida’s massive public pension system, the state shifted billions of dollars into higher-risk, higher-fee alternative investments, benefiting the same sector of the investment industry he would work in upon leaving office. Many of those state deals delivered returns that fell short of projections. Roughly 20 percent of that system’s 53 private investment deals during Bush’s governorship went to companies that employed his brother’s Pioneers. Those financial firms, in turn, delivered more than $5 million of campaign cash to George W. Bush, the Republican National Committee and Jeb Bush’s Republican Party of Florida. (Click here to see the full list of Bush Pioneers whose firms received Florida pension investments from Jeb Bush’s administration).
  • Ethics experts say the connection between Bush family donors and Florida pension deals raises questions about whether the investments were properly insulated from political influence. “If not an actual conflict of interest, these examples would provide fodder for apparent conflicts of interest,” said Common Cause Florida’s Peter Butzin. “Those folks who give … expect something in return. And if that something in return is not blatantly sending business their way or resulting in a particular vote, it most certainly is at least providing an opportunity for access, to get the foot in the door, so that they can make the case with that official.” Jeb Bush’s aides did not respond to questions from IBTimes, and Walker declined to comment for this story. Dennis MacKee, an SBA spokesperson, said the agency’s “elected Trustees do not now, nor did they during Governor Bush’s term, participate in the selection of individual investments.” MacKee’s statement conflicts with emails reviewed by IBTimes that show that, as governor, Jeb Bush was deeply involved in the state’s investment decisions, periodically brokering conversations between Florida officials and individual financial firms, including one whose top executive was a longtime Bush family donor.
Paul Merrell

Barack Obama's top aide says Israeli 'occupation' must end - Edward-Isaac Dovere - POLI... - 0 views

  • White House Chief of Staff Denis McDonough made clear in a speech to a left-leaning Israel advocacy group that President Barack Obama isn’t letting Israeli Prime Minister Benjamin Netanyahu off the hook for his dismissal of a two-state solution. That stance, as well as Netanyahu’s suggestion also made in the closing days before last week’s Israeli elections that he’d approved settlements in contested territory in Jerusalem for the strategic purpose of changing the borders are “so very troubling,” McDonough told J Street’s annual conference in Washington. He called the pro-Israel group, which opposes some of Netanyahu’s policies, “our partner.” Story Continued Below McDonough added that the White House isn’t impressed by Netanyahu’s efforts since last Tuesday to backtrack on what he meant when he said there wouldn’t be a Palestinian state established so long as he’s prime minister. “We cannot simply pretend that these comments were never made,” McDonough said.
  • McDonough said the Obama administration is well aware of the regional security problems Netanyahu referenced in explaining why he didn’t see a two-state solution as an imminent possibility. But he said Obama does not believe that is or could be reason to back off talks — and this is not simply matter of personal “pique” about Netanyahu, the chief of staff said. “The United States will never stop working for a two-state solution and a lasting peace that Israelis and Palestinians so richly deserve,” he said. McDonough then described the alternate to a two-state agreement: a one-state solution based on unilateral annexation and abandonment of democratic rights for Palestinians that, he warned, “would only contribute to Israel’s further isolation.” In other words, he said, more divestment, boycotts and efforts to delegitimize Israel in the international community. “An occupation that has lasted more than 50 years must end,” McDonough said, one of several times he brought the crowd to its feet.
Gary Edwards

Stopping America's Federal Debt Explosion by Martin Feldstein - Project Syndicate - 0 views

  • the fiscal deficit is the most serious long-term economic problem facing US policymakers.
  • A decade ago, the federal debt was just 35% of GDP. It is now more than double that and projected to reach 86% in 2016. But that’s just the beginning. The annual budget deficit projected for 2016 is 5% of GDP. If it stays at that level, the debt ratio would eventually rise to 125%.
  • The high and rising level of the national debt hurts the US economy in many ways. Paying the interest requires higher federal taxes or a larger budget deficit. In 2016, the interest on the national debt is equal to nearly 16% of the revenue from personal income tax. By 2026, the projected interest on the national debt will equal more than 31% of this revenue, even if interest rates rise as slowly as the CBO projects.
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  • the time will come when the US will have to pay the interest by exporting more goods and services than it imports. And boosting net exports will require a weaker dollar to make US products more attractive to foreign buyers and foreign goods more expensive to US buyers, implying a loss in Americans’ standard of living.
  • Increased borrowing by the federal government also means crowding out the private sector. Lower borrowing and capital investment by firms reduces future productivity growth and growth in real incomes.
  • Federal taxes now take 18.3% of GDP and are projected to remain at that level for the next decade, unless tax rules or rates are changed. The rate structure for personal taxation has changed over the past 30 years, with the top tax rate rising from 28% in 1986 to more than 40% now. The corporate rate of 35% is already the highest in the industrial world.
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    "CAMBRIDGE - The US Congressional Budget Office (CBO) has just delivered the bad news that the national debt is now rising faster than GDP and heading toward ratios that we usually associate with Italy or Spain. That confirms my view that the fiscal deficit is the most serious long-term economic problem facing US policymakers. A decade ago, the federal debt was just 35% of GDP. It is now more than double that and projected to reach 86% in 2016. But that's just the beginning. The annual budget deficit projected for 2016 is 5% of GDP. If it stays at that level, the debt ratio would eventually rise to 125%. Support Project Syndicate's mission Project Syndicate needs your help to provide readers everywhere equal access to the ideas and debates shaping their lives. LEARN MORE Even that projection assumes that interest rates on the national debt will rise slowly, averaging less than 3.5% in 2026. But if the US debt ratio really is on the fast track to triple-digit levels, investors in the US and abroad may rightly fear that the government has lost control of the budget process. With debt exploding, foreign bondholders could begin to worry that the US will find a way to reduce its real value by stoking inflation or imposing a withholding tax on all government bond interest. In that case, investors will insist on a risk premium: higher interest rates on Treasury debt. Higher interest rates, in turn, would increase the deficit - and thus the future level of the debt ratio - even more. The high and rising level of the national debt hurts the US economy in many ways. Paying the interest requires higher federal taxes or a larger budget deficit. In 2016, the interest on the national debt is equal to nearly 16% of the revenue from personal income tax. By 2026, the projected interest on the national debt will equal more than 31% of this revenue, even if interest rates rise as slowly as the CBO projects. Foreign investors now own more than half of net government debt, and
Paul Merrell

Putin orders military to take tough action against threats in Syria - MIDEAST - 0 views

  • Sub Categories: » HOMEPAGE / WORLD/ MIDEASTSaturday,December 12 2015, Your time is 1:49:10 AMMIDEAST >Putin orders military to take tough action against threats in Syria MOSCOW - Agence France-PressePrint Page Send to friend » Share on FacebookRussian President Vladimir Putin addresses the audience during an annual meeting at the Defence Ministry in Moscow, Russia, December 11, 2015. REUTERS PhotoPresident Vladimir Putin on Dec. 11 ordered his forces in Syria to take tough action against any threats, speaking two weeks after Turkey shot down a Russian warplane in the war-torn country."I order you to act as tough as possible," he told a defence meeting in televised remarks.     "Any targets threatening the Russian grouping or our land infrastructure should be immediately destroyed."   "I would like to warn those who would once again try to organise some sort of provocations against our servicemen," he said in a thinly veiled threat to Ankara.
  • Putin's call for a tougher military response is also likely to cause concern among monitors who have repeatedly accused Russia of conducting an indiscriminate bombing campaign and killing civilians in Syria.   Russia has been carrying out air strikes in the war-ravaged nation at the request of President Bashar al-Assad since the end of September, while a US-led coalition is conducting its own campaign targeting the Islamic State of Iraq and the Levant (ISIL).      Earlier this week Russia said it hit IS targets with missiles fired from a submarine in the Mediterranean for the first time since launching the campaign on September 30.     Putin rejected claims that Russia is using the Syrian campaign, which also saw the military fire off cruise missiles from warships in the Caspean Sea, to showcase its top weapons to the West.   "Our actions there are not guided by some unclear abstract geopolitical interests, nor are they guided by a desire to practice and test new weapons systems which is of course important in itself," Putin said at the defence meeting.   "The most important thing is not this. The most important thing is to prevent the threat to Russia itself."   Defence Minister Sergei Shoigu, for his part, said ISIL jihadists now control 70 percent of Syrian territory, putting their number at 60,000.
Paul Merrell

Afghan Holocaust, Afghan Genocide - 0 views

  • This site is dedicated to informing people about the ongoing, US Alliance-imposed Afghan Holocaust and Afghan Genocide that as of 2012 is associated with post-2001 violent and non-violent avoidable deaths totalling 7.2  million and Afghan and Pashtun refugees totalling 5-6 million – an Afghan Holocaust ( a huge number of deaths) and an Afghan Genocide as defined by Article 2 of the UN Geneva Convention (see: http://www.edwebproject.org/sideshow/genocide/convention.html ) which states: “In the present Convention, genocide means any of the following acts committed with intent to destroy, in whole or in part, a national, ethnic, racial or religious group, as such: a) Killing members of the group; b) Causing serious bodily or mental harm to members of the group; c) Deliberately inflicting on the group conditions of life calculated to bring about its physical destruction in whole or in part; d) Imposing measures intended to prevent births within the group; e) Forcibly transferring children of the group to another group.”Also utterly ignored by Neocon American and Zionist  Imperialist (NAZI)-perverted and subverted Western Mainstream media are the 1.2 million people who have died world-wide since 9-11 due to US Alliance restoration of the Taliban-destroyed Afghan opium industry from 6% of world market share in 2001 to 93% in 2007, the breakdown (as of 2015)  including 280,000 Americans, 256,000 Indonesians, 68,000 Iranians, 25,000 British, 14,000 Canadians, 10,000 Germans, 5,000 Australians and 500 French.
  • As of January 2014  deaths from the Afghanistan War include approximately 7 million violent and non-violent excess deaths of Indigenous Afghans since 2001 and 3,417 US Alliance deaths (see: http://icasualties.org/oif/ ).As of January  2014 it is estimated from the latest UN Population Division data that in Occupied Afghanistan post-invasion non-violent excess deaths total 5.5 million.  Assuming expert US-Australian advice that the level of violence has been 4 times lower in the Afghan War than in the Iraq War where the ratio of violent deaths to non-violent avoidable deaths was 1.5 million/1.2million = 1.25, then post-invasion violent deaths in Afghanistan can be estimated at 1.25 x 5.5 million/4 = 1.7 million. Post-invasion violent and non-violent avoidable deaths total 5.5 million plus 1.7 million = 7.2 million; and post-invasion under-5 infant deaths total 3.0 million (90% avoidable and due to US Alliance war crimes in gross violence of the Geneva Convention – Articles 55 and 56 of the Geneva Convention Relative to the Protection of Civilian Persons in Time of War demand that an Occupier must supply life-sustaining food and medical requisites “to the fullest extent of the means available to it” (see: http://www1.umn.edu/humanrts/instree/y4gcpcp.htm ) but according to the WHO (see: http://www.who.int/countries/en/ ) the “total annual expenditure on health per capita” permitted in Occupied Afghanistan is $50 as compared to $8,608 in Occupier US, $3,322 in Occupier UK, $4.086 in Occupier France, $4,371 in Occupier Germany  and $3,692  in Occupier racist, white Apartheid Australia).  
  • There are 3-4 million Afghan refugees plus a further 2.5 million Pashtun refugees generated in NW Pakistan by the obscene war policies of war criminal Nobel Peace Prize Laureate Obama – this carnage involving 4.5 million post-invasion violent and non-violent excess Afghan deaths constitutes an Afghan Holocaust and an Afghan Genocide as defined by Article 2 of the UN Genocide Convention (see: http://www.edwebproject.org/sideshow/genocide/convention.html ).
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  • As of January 2014  2009 it was estimated from the latest UN Population Division data that in Occupied Afghanistan post-invasion non-violent excess deaths totalled 5.5 million and post-invasion violent deaths totalled 1.7 million (this based on assuming expert US-Australian advice that the level of violence has been 4 times lower in the Afghan War than in the Iraq War).
  • The US Alliance restored the Taliban-destroyed Afghan opium industry from about 6% of world market share in 2001 to 93% in 2007 (see UNODC World Drug Report 2007: http://www.unodc.org/unodc/en/data-and-analysis/WDR-2007.html and World Drug Report 2009: http://www.unodc.org/unodc/en/data-and-analysis/WDR-2009.html   and World Drug Report , Opium/heroin market, 2009: http://www.unodc.org/documents/wdr/WDR_2009/WDR2009_Opium_Heroin_Market.pdf ).
  • About 0.1 million people die from opiate drug-related causes each year (see Australian National Drug Research Centre: http://db.ndri.curtin.edu.au/media.asp?mediarelid=40 ; UN Office on Drugs and Crime (UNODC), “Addiction, crime and insurgency. The transnational threat of Afghan opium”, 2009: http://www.unodc.org/documents/data-and-analysis/Afghanistan/Afghan_Opium_Trade_2009_web.pdf ) and hence about 0.8 million have died since the invasion of Afghanistan in October 2001, of whom about 90%, i.e. 0.9 x 0.8 million = 0.7 million people, have died as a result of the huge expansion of the Afghan opium industry under US Alliance occupation. In 2005 in the US, of 18,347 deaths due to narcotics and psychodysleptics, 12, 262 were due to heroin (2,011), other opioids (5,789) or methadone (4,462) (see Health E-stat, “Increases in poisoning and methadone-related deaths: United States,1999-2005 “: http://www.cdc.gov/nchs/data/hestat/poisoning/poisoning.pdf  ) . Given the over 90% contribution of the US restoration of the Taliban-destroyed opium industry to world illicit heroin production, and the interconnectedness and effective indistinguishability of "Afghan-derived heroin" from the "pool" of other abusively-used opiates, one can accordingly crudely estimate 0.9 x 12,262 persons/year x 8 years = 88,286 US opiate drug-related deaths (0.9 x 2,011 deaths/year x 8 years = 14,479 heroin-related deaths) connected with the aftermath of the US invasion and occupation of Afghanistan.
  • Global deaths from violent priorities and ignoring Developing World poverty. Professor John Holdren (Professor of Environmental Policy at the Kennedy School of Government at Harvard University; Director of the Woods Hole Research Center;  recent Chairman of the American Association for the Advancement of Science) identified nuclear weapons, poverty and global warming as the three biggest threats facing Humanity (see: http://www.aaas.org/news/releases/2007/0216am_holdren_address.shtml ). The US military budget is now about $1 trillion per annum (see: http://en.wikipedia.org/wiki/Military_budget_of_the_United_States ) and 2001 Economics Nobel Laureate and former World Bank Chief Economist, Professor Joseph Stiglitz (Columbia University) has estimated that the accrual cost (long-term committed cost as opposed to the shirt-term budgeted cost) of the Iraq War is about $3 trillion (see: http://www.abc.net.au/lateline/content/2007/s2236161.htm and “The Three Trillion Dollar War” by Joseph Stiglitz). In 2009, funds for war had been equally distributed between Iraq and Afghanistan, which each received $700 million. But in 2010, the bulk of the funds - $1.2 billion dollars will go to Afghanistan (see: http://www.defencetalk.com/afghan-war-costs-to-overtake-iraq-in-2010-pentagon-18679/ ). The budgeted cost from Congress of the Afghan War is estimated to have been $38 billion (see: http://www.asianews.it/index.php?l=en&art=16570
  • Poverty results in the deaths of 16 million people annually (including 9.5 million under-5 year old infants) from deprivation and deprivation exacerbated disease (2003 data; see Gideon Polya, “Body Count. Global avoidable mortality since 1950”, G.M. Polya, Melbourne, 2007). yet high female literacy, good governance, good primary health care and a modest increase in economic security could abolish this global avoidable mortality holocaust. It is estimated that the simple expedient of increasing the per capita of all countries to about $1000 would cost only $1.4 trillion, roughly the annual global “defence” budget and about 2.65 of global GNP (2003) ( p169,  Gideon Polya, “Body Count. Global avoidable mortality since 1950”). Global deaths from worsening climate genocide. Both Dr James Lovelock FRS (Gaia hypothesis) and Professor Kevin Anderson ( Director, Tyndall Centre for Climate Change Research, University of Manchester, UK) have recently estimated that fewer than 1 billion people will survive this century due to unaddressed, man-made global warming – noting that the world population is expected to reach 9.5 billion by 2050, these estimates translate to a climate genocide involving deaths of 10 billion people this century, this including 6 billion under-5 year old infants, 3 billion Muslims, 2 billion Indians, 0.5 billion Bengalis, 0.3 billion Pakistanis and 0.3 billion Bangladeshis (see “Climate Genocide”: http://sites.google.com/site/climategenocide/ ).
  • US Alliance war policies in a swathe of countries from Occupied Haiti to Occupied Afghanistan and NW Pakistan, coupled with similarly greedy and  racist US Alliance global warming policies, oppose and prevent global equity and will ultimately kill 10 billion non-Europeans this century.
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    Nauseating statistics. Site also has stats for Palestine and Iraq.
Gary Edwards

75 Economic Numbers From 2012 That Are Almost Too Crazy To Believe - 0 views

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    Thanks to Marbux we have this extraordinary collection of facts and figures describing the economic catastrophe that has hit the USA.  excerpt: "What a year 2012 has been!  The mainstream media continues to tell us what a "great job" the Obama administration and the Federal Reserve are doing of managing the economy, but meanwhile things just continue to get even worse for the poor and the middle class.  It is imperative that we educate the American people about the true condition of our economy and about why all of this is happening.  If nothing is done, our debt problems will continue to get worse, millions of jobs will continue to leave the country, small businesses will continue to be suffocated, the middle class will continue to collapse, and poverty in the United States will continue to explode.  Just "tweaking" things slightly is not going to fix our economy.  We need a fundamental change in direction.  Right now we are living in a bubble of debt-fueled false prosperity that allows us to continue to consume far more wealth than we produce, but when that bubble bursts we are going to experience the most painful economic "adjustment" that America has ever gone through.  We need to be able to explain to our fellow Americans what is coming, why it is coming and what needs to be done.  Hopefully the crazy economic numbers that I have included in this article will be shocking enough to wake some people up. The end of the year is a time when people tend to gather with family and friends more than they do during the rest of the year.  Hopefully many of you will use the list below as a tool to help start some conversations about the coming economic collapse with your loved ones.  Sadly, most Americans still tend to doubt that we are heading into economic oblivion.  So if you have someone among your family and friends that believes that everything is going to be "just fine", just show them these numbers.  They are a good summary of the problems that the U
Gary Edwards

A few facts to tighten your sphincters. | The Rugged Individualist - 0 views

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    Good post from Roy Filly collecting the facts about our out-of-control federal spending problem.   "What stunned House Speaker John Boehner more than anything else during his prolonged closed-door budget negotiations with Barack Obama was this revelation: "At one point several weeks ago," Mr. Boehner says, "the president said to me, 'We don't have a spending problem.' " [...] The president's insistence that Washington doesn't have a spending problem, Mr. Boehner says, is predicated on the belief that massive federal deficits stem from what Mr. Obama called "a health-care problem." Mr. Boehner says that after he recovered from his astonishment-"They blame all of the fiscal woes on our health-care system"-he replied: "Clearly we have a health-care problem, which is about to get worse with ObamaCare. But, Mr. President, we have a very serious spending problem." He repeated this message so often, he says, that toward the end of the negotiations, the president became irritated and said: "I'm getting tired of hearing you say that." We had a spirited argument a few posts ago about who was at fault for our annual trillion dollar deficits. I stopped arguing because it became clear to me, at least, that it doesn't matter who is at fault. We are spending much more over the past 10 years (and my chart only goes to 2010). As of December, our federal government borrowed 46 cents of every dollar it has spent so far in fiscal 2013. Blame whomever you like. No nation can survive with a fiscal plan that calls for such massive spending. Blame Bush, if that makes you feel better, but our Chief Executive Officer is Barack Hussein Obama and it is his job to solve the problem, not kick the can down the road. We are out of road. When our CEO states that "we don't have a spending problem" as I look at the chart above it does not inspire confidence."
Gary Edwards

Doug Casey on American Socialism - Casey Research - 0 views

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    "Doug Casey on American Socialism"  .  Awesome interview, especially the discussion on Liberalism and how the socialist Norman Thomas decided to co-opt the term as an effective replacement for the disreputable socialism.  Links to the Thomas 1932 socialist platform that Casey points out has pretty much been put into place.   Good discussion.  Focus on an article published by socialist apologist and idiot, Allan Colmes.
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    I agree that Colmes is far from the sharpest knife in the drawer. In my opinion, he was largely a Fox News invention to give Shawn Hannity a far weaker opponent to argue against that Hannity's idiocy could still overcome. There are in reality liberals that Hannity could never have gone toe-to-toe with. (That's not an endorsement of liberalism; it's commentary on the quality of Hannity's arguments.) The show was mostly a variant of the straw man logical fallacy; the fact that Colmes lacked the ability to think critically or communicate effectively made Hannity "win" the pseudo-debate in the eyes of those unable to think critically themselves. I have some criticism of Casey's remarks that apply more generally to my experience of strict Libertarians and perhaps even farther to strict adherents to any "ism." My criticism boils down to a couple of examples of hard issues usually avoided by strict Libertarians. -- The Disabled: When discussing Social Security disability benefits, Casey changes the subject from the genuinely disabled to a short rant about those whose disability claims are bogus and the "ambulance chasing" lawyers who pursue their claims. But if pressed to the wall and forced to answer, I strongly suspect that Casey would admit that there are people, likely the majority of Social Security disability benefits, whose claims are genuine. The net effect of his relevant argument: an impression that he has a Darwinian view that he would leave the disabled dying in the streets without sustenance or medical care. That kind of society is unacceptable to me. Perhaps it is to Casey too, but if so I think it was incumbent on him to offer a solution for the genuinely disabled. (In fairness, I'll note that at one point Casey hinted but did not forthrightly say that he would favor financial assistance for single mothers in Harlem.) -- Medical Care: I agree that our health care system is badly broken. But again Casey is long on criticism but short on realistic idea
Gary Edwards

World Economy Now Worth Less than Risky Derivatives FDIC is Liable For | Western Free P... - 0 views

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    quote:  Regardless of what those Occupying Wall Street have to say about it, you can be a capitalist and believe that what is happening here is wrong. A private corporation should not be able to plunder the U.S. Treasury to cover its losses via the FDIC. There appears to be very little information publicly available as to what could possibly even be worth 75 trillion dollars, but it's most definitely not cash or paychecks from the individual depositors the FDIC was designed to protect. In fact, it appears to be 75 trillion dollars of risky debt packaged as derivatives. To put that in perspective, the annual GDP of all of planet Earth is only 58 trillion dollars!
Paul Merrell

The Credit Card Gravy Train » CounterPunch: Tells the Facts, Names the Names - 0 views

  • You pay off your credit card balance every month, thinking you are taking advantage of the “interest-free grace period” and getting free credit. You may even use your credit card when you could have used cash, just to get the free frequent flier or cash-back rewards. But those popular features are misleading. Even when the balance is paid on time every month, credit card use imposes a huge hidden cost on users—hidden because the cost is deducted from what the merchant receives, then passed on to you in the form of higher prices. Visa and MasterCard charge merchants about 2% of the value of every credit card transaction, and American Express charges even more. That may not sound like much. But consider that for balances that are paid off monthly (meaning most of them), the banks make 2% or more on a loan averaging only about 25 days (depending on when in the month the charge was made and when in the grace period it was paid). Two percent interest for 25 days works out to a 33.5% return annually (1.02^(365/25) – 1), and that figure may be conservative. Merchant fees were originally designed as a way to avoid usury and Truth-in-Lending laws. Visa and MasterCard are independent entities, but they were set up by big Wall Street banks, and the card-issuing banks get about 80% of the fees. The annual returns not only fall in the usurious category, but they are returns on other people’s money – usually the borrower’s own money!  Here is how it works . . . .
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