Monthly Archives: September 2013

The Treasury Secretary on How Unstable U.S. Government Finances Are

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EPJ13

“Treasury Secretary Jack Lew made the following statement during remarks today before the Economic Club of Washington D.C.:  ‘[W]e are relying on investors from all over the world to continue to hold U.S. bonds.  Every Thursday, we roll-over approximately $100 billion in U.S. bills.  If U.S. bond holders decided that they wanted to be repaid rather than continuing to roll-over their investments, we could unexpectedly dissipate our entire cash balance.'”

http://www.economicpolicyjournal.com/2013/09/the-treasury-secretary-on-how-unstable.html

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‘Beanie Babies’ creator will pay $53.5 million to IRS for $885,300 delinquency

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“The creator of the wildly popular Beanie Babies toy line agreed to plead guilty to felony tax evasion charges and will pay a $53.5 million penalty as part of a settlement agreement, the Chicago Tribune reported on Wednesday. Prosecutors accused Warner of failing to notify his accountants about both a Swiss bank account and the $3.1 million in foreign income it generated. He subsequently did not disclose that income in his 2002 tax return, enabling him to avoid paying $885,300 in taxes for that year. UBS revealed Warner’s account as part of a 2009 agreement with the IRS after admitting that it helped U.S. clients hide their accounts.”

http://www.rawstory.com/rs/2013/09/18/beanie-babies-creator-will-pay-53-5-million-penalty-for-tax-evasion/

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How to Finance a Second Passport, and More…

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“Financing is available for this purpose from a few banks, but at less favorable terms than in the USA. You won’t find a regular 30-year mortgage, for instance. The best most banks offer is a five-year mortgage on 50% of the purchase price with a balloon payment at the end. Interest rates are higher, too. After five years, you can roll over the mortgage for another five years. But you might not need to… a recent change in the law lets you sell your real estate five years after you qualify for citizenship. You can even sell it to someone else seeking economic citizenship.”

http://nestmann.com/how-to-finance-a-second-passport-and-more

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HSBC Whistleblower Speaks, Uncovered Terrorist Financing

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HSBC Whistleblower Speaks, Uncovered Terrorist Financing

“Luke Rudkowski interviews Everett Stern, a former employee of HSBC that uncovered and blew the whistle on the company knowingly financing criminals, terrorists and drug cartels.”

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Bernanke Hates This Fed Candidate

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Bernanke Hates This Fed Candidate

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Bill Bonner: Larry Summers Was a Lousy Choice Anyway

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“Yes, Summers is smarter than we are.  Yes, he has a better academic record.  Yes, he is a real economist.  Yes, he has widespread political support and a winning personality.  But beyond those things, studies find that people with lower IQs make better truck drivers than people with high IQs. Which puts the critical question right out in the open:  What kind of thing is running a central bank? And how smart do you have to be to be a successful central banker?”

http://dailyreckoning.com/larry-summers-was-a-lousy-choice-anyway/

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Here’s Why You Think Inflation Is Much Higher Than the Government Says

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EPJ13

“According to the Bureau of Labor Statistics, producer prices for finished goods moved up just 1.4 percent for the 12 months ended in August, the smallest advance since a 0.5-percent rise in April 2013.  According to the BLS release, over the past 12 months, at the producer level:   Fresh and dry vegetables are up 47.1%.   The price of chickens is up 6.2%.   Residential gasoline is up 7.7%.   Soaps and detergents are up 6.6%.   Footwear is up 4.9%.   Processed eggs are up 10.3%.   Milk is up 6.7%.  So if you don’t eat, wear shoes or wash, there is hardly any price inflation.”

http://www.economicpolicyjournal.com/2013/09/heres-why-you-think-price-inflation-is.html

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Ron Paul: Yellen likely frontrunner in Fed race

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“Former Rep. Ron Paul, (R-TX), provides his take on the Fed and what a taper could mean for the future of the economy and markets.”

http://finance.yahoo.com/video/ron-paul-yellen-likely-frontrunner-151600280.html

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Terrible News: Mark Zuckerberg Does D.C.

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EPJ13

“Mark Zuckerberg appears to have learned the lessons of his Silicon Valley predecessors — he’s not waiting to get caught in Washington’s cross hairs before trying to find friends on Capitol Hill.  In a rare personal lobbying blitz, the 29-year-old Facebook CEO and billionaire is slated this week to meet with top Senate and House Republican and Democratic leaders and the chairman of the Senate Commerce, Science and Transportation Committee.[…]  Zuckerberg’s visit also highlights his company’s ongoing shift from a thriving tech startup in Silicon Valley to a prominent corporation with vested interests in Washington.”

http://www.economicpolicyjournal.com/2013/09/terrible-news-mark-zuckerberg-does-dc.html

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Georgia congressman complains: ‘I’m stuck here making $172,000 a year’

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“A Georgia Republican congressman was caught complaining about what he described as a low salary in a closed-door meeting with fellow party members concerning the Affordable Care Act. During a discussion concerning a possible exemption for lawmakers and staff members from taking part in the state health exchanges mandated by the new law, Rep. Phil Gingrey (R-GA) reportedly lamented that aides can become lobbyists ‘and make 500,000 a year. Meanwhile I’m stuck here making $172,000 a year.’  USA Today reported that Gingrey’s net worth is estimated to be between $3 million and $7.6 million, while the median household income in Georgia is $49,736.”

http://www.rawstory.com/rs/2013/09/18/georgia-repub-complains-im-stuck-here-making-172000-a-year/

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