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But yeah, like you, I'm tired of it never coming and the banksters always finding a new scam to continue the ponzi and make it bigger.
Wondering what your taxes pay for?
If you live in Illinois, you might want to look at this....
I'm sure you'll find that the $250k+ wages are reasonable for public school teachers, right? Or the half-million+ wages are reasonable for university employees? Ever wonder why college tuitions are so high? Half-million dollar+ salaries might have something to do with that, eh?
Pigs at the trough folks, and you're being extorted to pay for it. Property taxes, income taxes, taxes taxes and more taxes. All "for the childern", you see, even though teaching and administering a school should be a middle-class job (which means it pays a middle-class wage, and that, incidentally, is $50,000/year.)
Oh, it doesn't stop with "middle class" teachers either. No no, we also have "middle class" cops and firefighters, who make well over $150,000 too. Naw, there's nothing wrong with that.
When you're done throwing up at the active duty salaries, you might look at "retired". There you will find people making more than $30,000 a month in retirement pension "benefits" -- promises your wonderful state and local governments made and now are fulfilling -- and guess who's getting the bill? You are.
Then there are the State Worker's Compensation Claims. Some are probably legitimate. But I gotta admit, getting $300,000 worth of taxpayer funds due to "overexertion by lifting objects" sounds pretty good to me. Where do I sign up to soak the taxpayer with this one?
But what deal could there be? The problem is enormous. The budget “hole” will be at least a trillion in 2012. It will get bigger every year. The Republicans have said “no more taxes.” The Democrats have said, “We need to spend more”. These seem like irreconcilable differences.
Fortunately, the Congressional Budget Office has come up with a solution. It’s a neat one at that. Neither overt new taxes nor cutbacks in spending would be required. This magic would be accomplished with a very big stealth tax. The CBO looked at eliminating all tax deductions.
But before you dismiss it, consider what will be happening in the weeks between November 10 and December 31. America will be on the edge of a cliff. The option described by the CBO is the only thing that is both politically feasible and large enough to fill a very big bucket.
"According to data from the GSEE, participation in refineries, shipyards, and transport ships, reached 100%, banks, PPC, OTE and EYDAP, 80%, ports and construction 70% while 60% moved to participate in metal workers. About 15,000 workers and members of leftist organizations took part in the strike gathering held at 11 am in Syntagma Square. Despite the constant rain, the protesters staged a symbolic encirclement of Parliament until late afternoon." "One in two people and one in three women are unemployed, 12% of our citizens living with zero income and 50% below the poverty line,"
MERKEL SAYS 'WE NEED GREAT BRITAIN IN THE EUROPEAN UNION' - BLOOMBERG
MERKEL SAYS EUROPEAN NATIONS WILL NEED TO CEDE MORE POWER TO EU.
Greek Prime Minister Lucas Papademos may quit if the three parties that support his government don't back a new financing plan, Greece's Skai TV reported Friday on its website, without citing sources, according to Bloomberg.
Greece's finance minister said negotiations for the bailout deal his country needs to avoid defaulting on its debts must be completed by late Sunday, but that a breakthrough is being held up by demands from debt inspectors for more austerity measures. Evangelos Venizelos said Saturday the negotiations in Athens with rescue creditors for a new euro130 billion ($171 billion) bailout deal are at "a very crucial stage." Read more: www.foxnews.com...
"The negotiations with the troika on the new programme are continuing and it is obvious that very great pressure is being exercised on Greece, on the Greek people" Venizelos said. He added that citizens were faced with the “dramatic and acute quandary” because the country’s salvation, its continued presence in the euro, the debt restructuring deal, the finalisation of the new loan agreement and the disbursement of the money “entail a huge social cost and sacrifices". "No one wants to restrict salaries and pensions or living standards. But on the other hand, a failure of the [troika] negotiations, a failure of the programme, or a Greek default would entail even greater sacrifices," he said.
The MF Global story may have fallen off the front pages but it is clear that the Judge Martin Glenn is not about to hold the feet of any of the bankers to the fire. Instead, the $1.2 billion in missing client funds is simply going to vanish in thin air like a magic trick. Moody’s has suggested that will be the case and those who were not even trading are taking the losses.
The House Financial Services Committee will continue grilling the ratings agencies, but this is just a show. There will be no indictments and no demands for the bankers to return the stolen money. New York simply does not obey the law. Even in the case of Princeton Economics, a managed a public fund for Deutsche Bank was seized by O’Melveny & Myers who made every investor in the fund prove it was their money in order to claim their own property. That was totally illegal. They are supposed to TRACE funds and demand their return if tainted. O’Melveny & Myers illegally seized everything and shifted the burden to clients to prove it was their money. It was the classic presumption of guilt. New York protects New York banks – period! It will neither honor the laws of the United States nor those that govern international property rights.
For this reason, you simply have to be insane to have funds in New York, or at any fund who keeps their cash in New York. MF Global has shown that all the regulations & laws mean NOTHING and the USA has been reduced to a third world country untrustworthy of one’s capital. Money that was taken from client accounts AS A MATTER OF LAW must be returned by those to whom it was paid for MF Global’s losses.
Israeli trade and labor unions have launched a general strike over the rights of contract workers, shutting down city councils, schools, trains, banks, post offices, airports and the stock market.
The trade unions demand that the finance ministry improve the employment conditions of contract workers, including social workers and cleaners.
The unions started the strike on Wednesday after late-night talks between trade union umbrella group Histadrut and the finance ministry broke down.
Israel's Ben Gurion International Airport near Tel Aviv also shut down to leave thousands of travelers stranded.
Hospitals were operating with limited capacity due to the strike action that was organized by Histadrut. University staffers and social workers also joined the one-day walkout that came into effect at 6:00 a.m. (0400 GMT) Wednesday.
Reports say half a million Israeli public and private sector workers participated in the general strike. The unions accused the administration of Israeli Prime Minister Benjamin Netanyahu of failing to improve the rights of contract workers.
Netanyahu warned that a strike would be counterproductive and that it “will not solve the problem of contract workers.”
“The Israeli economy is in a delicate situation and now is not the time to risk the stability that we have achieved,” he said in a statement on Tuesday.
TROIKA DRAFT GREEK ACCORD SAYS 2012 GDP TO SHRINK AS MUCH AS 5%
GREECE TO CUT MEDICINE SPENDING TO 1.5% OF GDP FROM 1.9% OF GDP
GREECE PLEDGES TO MERGE ALL AUXILIARY PENSION FUNDS
GREECE TO PLEDGE 20% CUT IN MINIMUM WAGE IN TROIKA DRAFT
TROIKA DRAFT GREEK ACCORD RENEWS PLEDGE TO CUT 150,000 EMPLOYEE - or the US equivalent of nearly 5 million workers...
Automatic transformation of employment contracts from limited time to indefinite (allowing for easier layoffs)
German FinMin: Greek deal on spending cuts appears to not yet fulfill bailout conditions
WSJ reports that "President Barack Obama's budget request to Congress on Monday will forecast a deficit of $1.33 trillion in fiscal year 2012 and will include hundreds of billions of dollars of proposed infrastructure spending, according to draft documents viewed by Dow Jones Newswires and The Wall Street Journal. The projected deficit is higher than the $1.296 trillion deficit in 2011 and also slightly higher than a roughly $1.15 trillion projection released by the Congressional Budget Office last week. The budget, according to the documents, will forecast a $901 billion deficit for fiscal 2013, which would be equivalent to 5.5% of gross domestic product. That is up from the administration's September forecast of a deficit of $833 billion, or 5.1% of GDP."
In other words while we already know that the total debt by the end of 2012 will be about $16.4 trillion (and likely more, we just use the next debt target, pardon debt ceiling as a referenece point), this means that by the end of 2013, total US debt will be at least $17.4 trillion. Assuming that US 2011 GDP of $15.1 trillion grows by the consensus forecast 2% in 2012 and 3% in 2013, it means that by the end of next year GDP will be $15.8 trillion, or a debt-to-GDP ratio of 110%. Half way from where we are now, to where Italy was yesterday. And of course, both the real final deficit and Debt to GDP will be far, far worse, but that's irrelevant.
Last but not least, it also means that the Treasury debt ceiling will now with almost absolutely certainty, be breached before the election, meaning as Obama is electioneering, the Treasury will be plunder government pension funds to stay under the ceiling for as long as possible.
- Austria: outlook on Aaa rating changed to negative
- France: outlook on Aaa rating changed to negative
- Italy: downgraded to A3 from A2, negative outlook
- Malta: downgraded to A3 from A2, negative outlook
- Portugal: downgraded to Ba3 from Ba2, negative outlook
- Slovakia: downgraded to A2 from A1, negative outlook
- Slovenia: downgraded to A2 from A1, negative outlook
- Spain: downgraded to A3 from A1, negative outlook
- United Kingdom: outlook on Aaa rating changed to negative
FRIEDEN EUROPEANS CAN'T DO MUCH FOR GREECE BEYOND AGREEMENT - BBG
FRIEDEN: GREECE NEEDS STRUCTURAL REFORMS, SHORT-TERM FINANCING - BBG
FRIEDEN: GREECE HAS HISTORY OF PROBLEMS IMPLEMENTING DECISIONS - BBG
FRIEDEN: GREECE SHOULDN'T BE IN EURO-ZONE IF CONDITIONS NOT MET - BBG
And... drumroll please:
FRIEDEN SAYS HE WISHES U.S. MORE INVOLVED IN STRENGTHENING IMF - BBG