Monthly Archives: July 2014

Japan consumer price growth at 32-year high

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“Consumer prices in Japan rose at an annual rate of 3.4% in May, the fastest pace in 32 years, as the effect of the sales tax hike from 5% to 8% started to be felt.  The price growth in May follows a 3.2% jump in April and is a big boost for Japan’s attempt to trigger inflation.  The country’s central bank has set a target of a 2% inflation rate.  The measures, which include boosting the country’s money supply, have started to have an impact and consumer prices in the country have now risen for 12 months in a row. Policymakers have been hoping that consumers and business will be encouraged to start spending and not hold back on purchases, as they may have to pay more later on.”

http://www.bbc.com/news/business-28031007

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BIS: Central banks warned of ‘false sense of security’

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“‘The Bank for International Settlements (BIS) has warned that ultra-low interest rates have lulled governments and markets “into a false sense of security’.  The Basel-based organisation – usually dubbed the ‘central banks’ central bank’ – urged policy makers to begin to normalise rates.  ‘The risk of normalising too late and too gradually should not be underestimated,’ the BIS said.   Markets have rallied since January.  The FTSE all-world share index is up 5% so far this year, while the ‘fear index’, is at a 7-year low.  ‘Overall, it is hard to avoid the sense of a puzzling disconnect between the markets’ buoyancy and underlying economic developments globally,’ the BIS said in its annual report.”

http://www.bbc.com/news/business-28081771

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More than half the members of Congress are millionaires

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“Wealthy members of Congress are living the high life at taxpayer expense, while most of the rest of the country continues to suffer through one of the worst economic periods in our lifetimes.  According to a CSRP analysis, more than half of the members of Congress are millionaires.  This is the first time that this has ever happened in U.S. history.  In addition, the same study found that a hundred members of Congress are actually worth at least five million dollars.  We have a government of the wealthy, by the wealthy and for the wealthy, but as you will see below, that isn’t stopping members of Congress from wasting taxpayer money in some incredibly bizarre ways.”

http://endoftheamericandream.com/archives/for-the-first-time-ever-more-than-half-the-members-of-congress-are-millionaires

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Why I Am Leaving California After 52 Years

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“California has the fourth-highest state and local tax burden in nation according to the Tax Foundation. Yet, my fellow citizens blithely approved 23 of 30 local government tax increases across the state in the June 4 elections. At the same time, they approved 42 of 55 proposed ballot initiatives to raise local government or school debt even though California has the highest total state and local government debt in the nation according to State Budget Solutions.  In California, with no oversight and no transparency, regulatory agencies pass rules by the thousand and never measure if they actually work or worry about how much they cost.”

http://reason.org/news/show/why-i-am-leaving-california

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Why business is leaving California for Texas

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“Part of the appeal of the Lone Star state, in addition to lower taxes, says Puzder, is that ‘you don’t have the very burdensome wage and hour laws that you have in California.’ Even permitting procedures become a factor in growth prospects for certain states.  Puzder gave the example that, ‘in Texas it takes 60-63 days to get permits. In Los Angeles it takes 280 days and in San Francisco we’re not sure how many days it takes because it has been so long since anyone could open a restaurant there.’ These factors are crucial for new businesses because the property sits idle until permitting allows construction to begin, creating losses for every day there’s a delay, according to Puzder.”

http://finance.yahoo.com/news/why-business-is-leaving-california-for-texas-174227275.html

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Toyota’s withdrawal to Texas an economic blow to California city

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“Toyota Motor Corp’s decision to move its North American sales headquarters from California to Texas was met by disbelief in Torrance, this Los Angeles exurb where the Japanese car manufacturer has run its U.S. operations since 1982.  The two biggest employers in Torrance, which has a population of 147,000 according to city figures, are Toyota and Honda. Both have about 4,000 employees. Losing Toyota will mean an annual loss of $1.2 million in tax revenue.  About five percent of the city’s workforce is employed by Toyota. Last year the city had an annual budget of $271 million, and $121 million of long-term debt.”

http://www.reuters.com/article/2014/04/28/us-autos-toyota-motor-torrance-idUSBREA3R1EW20140428

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New York City’s ‘Affordable Housing’ Bonanza for the Rich

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“In May, New York City Mayor Bill de Blasio (D) unveiled a plan to build 80,000 new affordable housing units, ‘marshaling every corner of government and the private sector,’ he boasted, ‘in an unprecedented response’ to the city’s ‘crisis of affordability.’ De Blasio, who ran on a promise to reduce inequality, is now enabling upper middle class New Yorkers to tap into these subsidies to serve their housing needs. In a city in which one in five households lives below the poverty line, spending limited government dollars so professionals earning six figures don’t have to leave their favored neighborhoods is obscene.”

http://reason.com/archives/2014/07/03/new-york-citys-affordable-housing-bonanz/print

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The Prison Industry in the United States: A New Form of Slavery?

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“For the tycoons who have invested in the prison industry, it has been like finding a pot of gold. They don’t have to worry about strikes or paying unemployment insurance, vacations or comp time. All of their workers are full-time, and never arrive late or are absent because of family problems; moreover, if they don’t like the pay of 25 cents an hour and refuse to work, they are locked up in isolation cells.  There are approximately 2 million inmates in state, federal and private prisons throughout the country. According to California Prison Focus, ‘no other society in human history has imprisoned so many of its own citizens.'”

http://www.globalresearch.ca/the-prison-industry-in-the-united-states-big-business-or-a-new-form-of-slavery/8289

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Bill Bonner: Jailhouse humour

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Bill-Bonner2

“We’re not going to let a little thing like forced labour spoil our Freedom Fest holiday.  Anyway, it is only poor people who get caught up in the prisons’ slave market. So, we have nothing to worry about. We can hire a shyster lawyer when we need one.  Besides, we like the Land of the Free. Which is to say, we appreciate hypocrisy. After all, it is the ‘homage that vice pays to virtue’. Without it, virtue wouldn’t get any strokes at all.  Free minds and free markets are virtues too. Nobody cares about them either. Not in America. We have the schools to shackle minds. And we have the feds to lock up, beat up, and tie up the markets.”

http://moneyweek.com/bill-bonner-jailhouse-humour/

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The World’s Biggest Ponzi Scheme Exposed

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“The poor saps in this Ponzi scheme are on the hook for a whopping $222 TRILLION!  Just like Charles Ponzi and Bernie Madoff, paying off promises with other people’s money is exactly how the United States Government operates.  For decades, the US government has been racking up debt in your name and the names of your loved ones.  Your personal stake in this Ponzi scheme is $714,000 and growing. Even newborn babies are immediately stuck with this bill!   And it’s not like the United States Government is doing all of this for our own good. Ponzi and Madoff stole to live a life of luxury. What the American government is doing with your money is much, much worse…”

http://www.bonnerandpartners.com/ponzi/

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