“European officials reached an agreement to support Cyprus, which initially sought aid in June 2012. Cyprus will become the fifth euro zone country to receive assistance,” writes Marc to Market in a Zero Hedge blog burst titled The meaning of Cyprus.
Caption: The final phase of the nation-state system of organization–the market state–has passed into its opposite on the island of Cyprus.
[...] There will be an immediate tax on depositors in Cyprus. Large deposits, which are defined as in excess of 100k euros, will lose 9.9%. The government will take 6.75% from small depositors. This is expected to raise 5.8 bln euros.
Electronic transfers have been frozen and reports suggest ATMs have run out of cash within hours of the announcement. Cyprus is on holiday on Monday and when the banks re-open on Tuesday the tax will have been collected; the funds confiscated.
This is the most controversial aspect of the concessions. It is unprecedented in terms of euro area aid programs. It is not though unprecedented in modern times in Europe. Italy, it may be recalled, taxed (confiscated) 5% of savings to ensure it would be able to join the monetary union in the first place. Moreover, what is generally not appreciated is that in the EU, unlike in America, depositors do not have preferred status over bond holders. This makes them significantly more vulnerable [...]
More on the student loan debt crisis by Martha C. White in a Time Magazine Business & Money blog burst titled Student Loan Debt Crisis: How’d We Get Here and What Happens Next?
[...] The broader economic implications are troubling. Graduates struggling to dig out from a mountain of student debt also tend to put off getting married, buying homes, and having kids. And since a bigger chunk of their income will go towards servicing the mortgages or car loans they are able to obtain at higher rates, they’ll have less spending power when they do eventually buy big-ticket items like homes and cars. Consumer Financial Protection Bureau student-loan ombudsman Rohit Chopra warned last year that the magnitude of student loan debt could even hold back a housing recovery. “Student-loan borrowers are sending big payments every month to their loan servicers rather than becoming first-time homebuyers,” he said [...]
The era of cheap money in the form of super-low interest rates that incent debt over equity or savings is killing not just our economy but entire generations in the form of elderly who cannot live on their savings, under-performing pension funds, and our future economy in the form of our debt-slave university graduates who can’t find jobs anyway.
Yuri Nosovsky writes the following for Pravda.Ru in an article titled Beauty won’t save the world:
[...] It turns out, beauty is not an insurance against evil, on the contrary, it often contributes to the manifestation of the darkest parts of human soul. It is more than jealousy or desire to have the same thing as your neighbor. Beautiful creations of nature can also manifest dark instincts.
After a series of studies, this phenomenon was noticed by scientists at Yale University in the U.S. Often, for example, seeing a pretty baby, even the baby’s relatives squeeze their cheeks, clearly mimicking pinches. While no real pain is inflicted, the intent is obvious. A similar reaction may be caused by cute kittens, puppies, etc. [...]
The numbers are here for Iowa, New Hampshire, South Carolina, and Florida, the four early primary states where Gingrich holds commanding double digit leads in 3 of the 4. The core premise of Willard Mitt Romney’s campaign was a divided conservative base that would allow him to develop momentum by means of early primary victories in the form of electoral pluralities. So now he is suddenly where he never wanted to be: in a head to head struggle against a perceived conservative candidate going into Iowa with the conservative base rapidly consolidating its position both locally in the early primary states and nationally.
You may as well try to fly. Read More »
[Willard Mitt Romney's] Hopes for wrapping up the nomination with a quick-strike victory, which would require a strong showing in Iowa, are fading, write Jonathan Martin, Maggie Haberman and Reid J. Epstein for POLITICO.com in a story titled Gingrich surge prompts Romney reboot
Martin, Haberman, and Epstein continue:
Romney’s comments effectively marked a public concession that the play-it-safe approach he’s held to so far this year – limiting his interviews and doing only modest amounts of retail campaigning – simply won’t cut it anymore [...] Read More »
Wintery Knight concludes his post titled Mitt Romney gaffe: Romney fails miserably in interview with Bret Baier: “Is this thin-skinned RINO the person we want in the Oval office in 2012? Why elect a clone of Obama?”
Romney tells Baier his interview was overly aggressive:
Romney-Baier interview part 1
Commentary: Read More »