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Category: Economy - Browse by Category - News - Analysis - Highlights - Multimedia - Latest Comments Page 4 Saturday November 28th, 2015

Thursday July 23rd, 2015
Currencies Depend on Faith, Gold Doesn't posted 07/23/2015, 3:45 PM (Peter Schiff)
[Category: Economy]
In his July 17th Blog, Let's Get Real About Gold, author and Wall Street Journal columnist Jason Zweig likened investor interest in gold with the "Pet Rock" craze of the 1970's, when consumers became convinced that a rock in a box would provide continuous companionship, elevate their social standing, and give them something hip to talk about at parties. Zweig asserts that investor faith in gold, which he... (more)

Monday July 20th, 2015

Gold, Precious Metals Flash Crash Following $2.7 Billion Notional Dump posted 07/20/2015, 3:46 PM (ZeroHedge)
[Category: Economy]
The last time gold plummeted by just over $30 per ounce (dragging down silver and bitcoin with it) and resulted in a crash so furious it led to a "Velocity Logic" market halt for 10 seconds, was on January 6, 2014. Many said this was just perfectly normal selling, although we explicitly said (and showed) that it was a clear case of an HFT algo gone wild (following an order to do just that and slam all sell stops) when someone manipulated the market and repriced gold substantially lower. ... (more)

Friday July 17th, 2015

China Increases Gold Holdings By 57% "In One Month" In First Official Update Since 2009 posted 07/17/2015, 3:03 PM (ZeroHedge)
[Category: Economy]
Back in April we wrote that "The Mystery Of China's Gold Holdings Is Coming To An End" as a result of China willingness to add the Yuan to the IMF's SDR currency basket which would require the disclosure of China's gold holding ahead of an IMF meeting on SDR composition which may be held in October. ... (more)

Thursday July 16th, 2015

How Socialism Destroyed Puerto Rico, and How Capitalism Can Save It posted 07/16/2015, 1:40 PM (Peter Schiff )
[Category: Economy]
While Greece is now dominating the debt default stage, the real tragedy is playing out much closer to home, with the downward spiral of Puerto Rico. As in Greece, the Puerto Rican economy has been destroyed by its participation in an unrealistic monetary system that it does not control and the failure of domestic politicians to confront their own insolvency. But the damage done to the Puerto Rican economy by the United States has been far more debilitating than whatever damage the European Union... (more)

How Student Loans Create Demand for Useless Degrees posted 07/16/2015, 1:39 PM (Mises Institute)
[Category: Economy]
Apart from driving up prices, one of the main problems of subsidized government loans is the fact that a student can get the same loan terms for a high-risk degree in art history as for a safer degree in engineering.... (more)

Wednesday July 15th, 2015

Trendy But Calm: Adult Coloring Books Selling Like Crazy posted 07/15/2015, 2:59 PM (Associated Press)
[Category: Economy]
NEW YORK (AP) -- Adult coloring books are giving Harper Lee a run for the money on best-seller lists this summer.

Dover Publications has sold more than 3 million adult coloring books with titles like "Flower Fashion Fantasies." Quarto Publishing will have 1.3 million in print this year ranging from mandalas to fairies. "Secret Garden: An Inky Treasure Hunt," by one of the genre's most popular illustrators, Johanna Basford, remains a top seller on Amazon two years after its initia
... (more)

Tuesday July 14th, 2015

Peter Schiff On The Real Reason Greece Folded... And What They'd Do If They Were Actually Smart posted 07/14/2015, 1:41 PM (Peter Schiff)
[Category: Economy]

Friday July 10th, 2015

Peter Schiff: The Chickens are Coming Home to Roost posted 07/10/2015, 10:48 AM (YouTube)
[Category: Economy]

Thursday July 9th, 2015

What In The World Just Happened To The New York Stock Exchange? posted 07/09/2015, 10:31 AM (The Economic Collapse)
[Category: Economy]
Do you believe that the New York Stock Exchange shut down because of a “technical glitch” on Wednesday?  At 11:32 AM on Wednesday morning, trading on the New York Stock Exchange was halted due to “internal technical issues”, and it did not resume until 3:10 PM.  Officials insist that there is no evidence that a cyberattack caused the technical problems even though hactivists had hinted that something may happen the night before.  Adding to the suspicion is the fact that United Airlines and t... (more)

China Soars Most Since 2009 After Government Threatens Short Sellers With Arrest, Global Stocks Surge posted 07/09/2015, 10:31 AM (ZeroHedge)
[Category: Economy]
Here is a brief sample of some of the measures the Chinese government and the PBOC have unleashed in just the past ten days to prop up the crashing market include.... (more)

Lenin and Marx: Sound Money Advocates? posted 07/09/2015, 10:31 AM (Mises Institute)
[Category: Economy]
Most modern socialists are in favor of inflation, because it is supposed, in Keynes’s words, to “euthanize the rentiers.” It doesn’t mean however, that the “founding fathers” of socialism were in favor of inflation. In fact, the opposite is true. Karl Marx had a wide knowledge of the economic literature and even though he’s usually wrong, he was correct in his preference for a gold standard.

As for Lenin, he was in his writings opposed to inflation and saw paper money as a means u
... (more)

Wednesday July 8th, 2015

Video: Americans Choose Free Hershey Bar Over Silver Bar Worth $150 posted 07/08/2015, 10:23 AM (Infowars)
[Category: Economy]

Given the choice between a free Hershey bar and a silver bar worth $150, people on the streets of San Diego chose the chocolate bar – another jaw-dropping illustration of how ignorant Americans are when it comes to precious metals.

Mark Dice’s previous video showed him attempting to sell the 10oz silver bullion for as little as 99 cents, with no takers. This time San Diegans
... (more)

European Stocks, Chinese Stocks And Commodities Are All Crashing - Are U.S. Stocks Next? posted 07/08/2015, 10:23 AM (The Economic Collapse)
[Category: Economy]
A global stock market crash has begun.  European stocks are crashing, Chinese stocks are crashing, and commodities are crashing.  And guess what?  All of those things happened before U.S. stocks crashed in the fall of 2008 too.  In so many ways, it se... (more)

Marc Faber: Likelihood of Greek Contagion Is Very High posted 07/08/2015, 10:23 AM (Bloomberg)
[Category: Economy]

July 6 -- Marc Faber, publisher of the Gloom, Boom & Doom report, talks about the contagion risk posed by the Greek debt crisis and the prospects for a resolution. Faber, speaking with Olivia Sterns and Matt Miller on Bloomberg Television's "Bloomberg Markets," also discusses the Chines stock market.

Tuesday July 7th, 2015

Hawaii Just Became The First State To Ban Plastic Bags At Grocery Checkouts posted 07/07/2015, 10:48 AM (Huffington Post)
[Category: Economy]
As of Wednesday, grocery stores across the entire state of Hawaii are banned from distributing plastic bags.

The City and County of Honolulu -- which covers the entirety of Oahu, Hawaii's most populated island -- is now enforcing a ban that prohibits stores from handing plastic bags to customers at checkout, making Oahu the last populated island in the state to give the bags the boot.
... (more)

China $159 Billion State Pension Fund Ordered Not to Sell Local Shares posted 07/07/2015, 10:47 AM (
[Category: Economy]
China's state pension fund ordered its asset managers not to sell any local shares on Monday, after Beijing halted new equity issues and forced the central bank to extend credit to brokers as part of emergency measures aimed at bolstering markets.

The extraordinary intervention helped push the Shanghai Composite Index up 2.4 per cent on Monday but the rise in the overall market disguised big falls among smaller stocks not linked to the government.
... (more)

Monday July 6th, 2015

Peter Schiff: The Big Picture posted 07/06/2015, 10:27 AM (Peter Schiff)
[Category: Economy]
The past four years or so have been extremely frustrating for investors like me who have structured their portfolios around the belief that the current experiments in central bank stimulus, the anti-business drift in Washington, and America's mediocre economy and unresolved debt issues would push down the value of the dollar, push up commodity prices, and favor assets in economies with relatively low debt levels and higher GDP growth. But since the beginning of 2011, the Dow Jones Industrial Av... (more)

Friday July 3rd, 2015

What’s Driving Bolivia’s Booming Economy posted 07/03/2015, 8:11 AM (Mises Institute)
[Category: Economy]
To the surprise of many, Bolivia is now Latin America’s fastest growing economy. At a 5 percent growth rate it now outstrips once dominant but now stagnating regional competitors like Brazil and Peru. Furthermore Bolivia boasts some very impressive macrofundametals: its level of international reserves are the highest in all of Latin America, it has slashed its government debt, and its inflation rate stands at a respectable 5 percent. This accompanies a 307 percent increase in average income and ... (more)

Thursday July 2nd, 2015

Chicago Institutes New "Amusement Tax" On Netflix, Streaming Services posted 07/02/2015, 7:07 PM (InformationLiberation)
[Category: Economy]
Chicago has just expanded their 20-year-old "amusement tax" law -- yes they have a tax on amusement -- to apply to streaming services like Netflix and Spotify, but according to the mayor's spokeswoman, this expansion of the law is not an expansion of the law, it's just a clarification of the law in the name of "fairness."

From the Chicago Tribune:
Chicagoans who pay to stream movies and music from services like Netflix and Spotify will now need to fork over... (more)

Record 93.6 Million People Not in American Labor Force, Highest Since 1977 posted 07/02/2015, 7:07 PM (The Daily Sheeple)
[Category: Economy]
While the White House again is smiling through its teeth and claiming, “the strongest two-year job growth since 2000,” a record-setting 93,626,000 Americans did not even participate in the nation's labor force at all in June 2015.

That means that 93.6 million Americans age 16 or older who were not in the military or institutionalized did not hold down a job and didn’t try to find one
... (more)

Wednesday July 1st, 2015

Barack Obama Promises That Events In Greece And Puerto Rico Will Not Cause A Global Financial Crisis posted 07/01/2015, 8:38 AM (The American Dream)
[Category: Economy]
Barack Obama says that we shouldn’t be alarmed by what is happening over in Greece.  On Tuesday, he told reporters that this “is an issue primarily of concern to Europe” and that “I think the markets have properly factored in the risks involved“.  And apparently Obama is not too concerned abou... (more)

Economic Stagnation and the Global Bubble posted 07/01/2015, 8:38 AM (David Stockman)
[Category: Economy]
You’d think with all the “stimulus” from Washington over the fifteen years since the dotcom bust, American capitalism would be booming. It’s not. On the measures which count when it comes to sustainable growth and real wealth creation, the trends are slipping backwards — not leaping higher.

After a look at new jobs data in April, we find the number of breadwinner jobs in the US economy is still two million below where it was when Bill Clinton still had his hands on matters in the
... (more)

Monday June 29th, 2015

Oregon Legalizes Pot this Week -- But Thanks to the Liquor Control Commission, You Can't Buy It posted 06/29/2015, 2:44 PM (The Free Thought Project)
[Category: Economy]
Oregon — While marijuana legalization activists are cheering on the states end to pot prohibition this Wednesday, the way the law is set up has many shaking their heads.

Thanks to the 56 percent of Oregon residents voting in favor of Measure 91 last November, come this Wednesday, all residents 21 and older will legally be allowed to possess and use recreational reefer. There is, however, a catch, no one can sell it or buy it.

If Oregonians want to partake in the pot
... (more)

Sunday June 28th, 2015

Greek Banks And Stock Exchange In Shutdown posted 06/28/2015, 10:27 PM (SKY News)
[Category: Economy]
Banks in Greece and the country's stock exchange will be shut all week in a sign of the deepening financial crisis.

The drastic move comes after people rushed to withdraw their cash amid panic ahead of the referendum on bailout terms.

Under the controls, there will be a daily €60 limit on withdrawals from cash machines, which will reopen on Tuesday.

The euro fell sharply against the dollar in amid investor jitters of a Greek debt default and exit from
... (more)

Thursday June 25th, 2015

Greece Illustrates 150 Years of Socialist Failure in Europe posted 06/25/2015, 3:51 AM (Mises Canada)
[Category: Economy]
Greece cannot pay its debts…ever. Nor can several other members of the European Union. That’s why Europe’s elite are loath to place Greece in default. If Greece is allowed to abrogate its debts, why should any of the other debtor members of the EU pay up? The financial consequences of massive default by most of the EU members is hard to predict, but it won’t be pretty. Europe has built a financial house of cards, and the slightest loss of confidence will bring it crashing down.

... (more)

VIDEO: Americans Refuse to Purchase 10 oz Silver Bar Worth $160 for 10 Bucks posted 06/25/2015, 3:51 AM (Infowars)
[Category: Economy]

Prankster Mark Dice’s latest video proves that Americans have absolutely no idea about the value of precious metals. Asked if they would like to purchase a 10oz silver bar worth $160 for just ten bucks, every single one refused.

What makes the footage even more jaw-dropping is that Dice was stood feet away from a coin shop, where anyone could have immediately walked in and excha
... (more)

Tuesday June 23rd, 2015

Courts Rule That Disabled Woman Living Below the Poverty Line Must Repay Student Loans posted 06/23/2015, 1:12 AM (Bloomberg)
[Category: Economy]
Monica Stitt, a 45-year-old woman, is unemployed, disabled, and living far below the poverty line. Still, a federal district judge decided in June that she could not cancel more than $37,000 in student debt in bankruptcy, because she hadn’t made a good-faith attempt at repaying the loans.

Her entire income—about $10,000 per year, according to the judge—consisted of Social Security disability benefits and public assistance. She has been unemployed since 2008.

... (more)
The compassion of the state.

Monday June 22nd, 2015

The 'Recycling' Scam Falls Apart posted 06/22/2015, 5:04 AM (InformationLiberation)
[Category: Economy]
Since it's inception, recycling has always been a scam. With the exception of aluminum, all recycled products require more energy to be "recycled" than to be made fresh. Nonetheless, governments and environmentalists have profited off such schemes as recycling plants serve as both a handout to politically connected corporations and a jobs scheme for opportunist politicians. The scam is finally now coming to an end as the economic reality is setting in.
... (more)

Which Countries Prefer Capitalism? posted 06/22/2015, 5:02 AM (The Beacon)
[Category: Economy]
A survey conducted by the Pew Research Center gauges the opinion among citizens of various countries of the free market. They were asked if they agreed that under such a system the majority is better off even though some are rich and some are poor. The results invite interesting conclusions.

People in emerging countries have more faith in the market than those in developed societies. Among the latter, between
... (more)

Friday June 19th, 2015

DC's First Cat Cafe Opens Tomorrow (No Thanks to Regulators) posted 06/19/2015, 4:47 PM (Reason)
[Category: Economy]

Even though Kanchan Singh is a born optimist, there were moments when she thought her dream of starting Washington, DC's first cat cafe would never get its paws off the ground.

Singh, 24, got the idea for her first business venture while backpacking in Thailand. Walking among the temples and medieval city walls in the city of Chiang Mai, Singh stepped into Catmosphere, a wildly p
... (more)

Carl Icahn: Donald Trump Is Completely Correct That "We Are In A Bubble Like You've Never Seen Before" posted 06/19/2015, 4:46 PM (ZeroHedge)
[Category: Economy]
Yesterday during an interview on MSNBC, presidential candidate Donald Trump said he has some big names in mind for the Treasury secretary if he wins the White House. "I'd like guys like Jack Welch. I like guys like Henry Kravis. I'd love to bring my friend Carl Icahn." He also opined on the economy and the stock market, admitting that the Fed has benefited people like him but that the economy and is in a "big fat economic and financial bubble like you've never seen before."... (more)

Wednesday June 17th, 2015

California Says Uber Driver Is Employee, Not a Contractor posted 06/17/2015, 2:00 PM (The New York Times)
[Category: Economy]
In what could prove to be a ruling with serious implications for the on-demand economy, the California Labor Commission has ruled that an Uber driver should be classified as an employee, not an independent contractor.

The ruling, made in March, came to light after Uber filed an appeal Tuesday evening. The ruling ordered the company to reimburse Barbara Ann Berwick, a former Uber driver, $4,152.20 in expenses and other costs for the period when Ms. Berwick worked as a driver.
... (more)

Tuesday June 16th, 2015

Pay Low-Income Families More to Boost Economic Growth, Says IMF posted 06/16/2015, 2:21 PM (The Guardian)
[Category: Economy]
The idea that increased income inequality makes economies more dynamic has been rejected by an International Monetary Fund study, which shows the widening income gap between rich and poor is bad for growth.

A report by five IMF economists dismissed “trickle-down” economics, and said that if governments wanted to increase the pace of growth they should concentrate on helping the poorest 20% of citizens.
... (more)

Gold and Economic Inequality posted 06/16/2015, 2:20 PM (Mises Institute)
[Category: Economy]
Inequality is a top news items for 2015 driven largely by the Baltimore riots, the minimum wage debate, Thomas Piketty’s book Capital in the Twenty-First Century, and now the entry of socialist Bernie Sanders into the race for US president.

The Left wants more welfare, better schools, free college, enhanced job training, and more. The Right, in contrast, wants welfare reform, charter schools, tax reform — not to be confused with tax cuts — and use of the negative income tax.
... (more)

Monday June 15th, 2015

The Miracle of Air-Conditioning posted 06/15/2015, 1:15 PM (Cato @ Liberty)
[Category: Economy]
With the temperature in Washington, D.C. in the mid-90s, it is perhaps worthwhile to recall what life was like before the arrival of air-conditioning. Below are a few excerpts from a New Yorker essay about air conditioning penned by the great Arthur Miller in 1998:
Exactly what year it was I can no longer recall--probably 1927 or '28--there was an extraordinarily hot September, w... (more)

Friday June 12th, 2015

How Obama Will Centrally-Plan Your Neighborhood: Here Comes The "Affirmatively Furthering Fair Housing" Rule posted 06/12/2015, 11:59 AM (ZeroHedge)
[Category: Economy]
Because centrally-planning the market and the double seasonally-adjusted economy was not enough, the Obama administration is now set to create a wealth-adjusted community utopia. According to The Hill, the administration is moving forward with regulations designed to help diversify America’s wealthier neighborhoods, such as building affordable housing in more affluent areas. ... (more)

Marc Faber: Forget a Fed Rate Hike; QE4 Coming posted 06/12/2015, 11:57 AM (CNBC)
[Category: Economy]
While some U.S. economic data suggest the economy is ready for normalizing monetary policy, Marc Faber said Thursday the Fed will have to unleash another round of quantitative easing.

"When I look at the whole financial sector … I feel like [I'm] on the Titanic. We're fighting about deck chairs, [meaning] which assets are performing best and we're fighting over the best tables in the ballroom, but I think it's best to find your safety boat and ladder because I think the financial
... (more)

Thursday June 11th, 2015

Let's Hope Machines Take Our Jobs: We Want Wealth, Not Jobs posted 06/11/2015, 11:43 AM (Mises Institute)
[Category: Economy]
The job-threatening rise of the machines is an economically illiterate meme that refuses to die. We’re actually probably in the early stages of it, a bull-market in neo-luddism, if you will. Bastiat’s “Candlemakers Petititon” answered this one long ago, but today I’ll run a little thought experiment that owes it all to good old Bastiat.

Let’s say Weird Al Yankovic invents a machine capable of making everything with a si
... (more)

Thanks A Lot, NSA posted 06/11/2015, 11:39 AM (Becky Akers)
[Category: Economy]
The "Information Technology and Innovation Foundation, a Washington think tank" predicted "nearly two years ago [that] losses for the cloud computing sector" would range between $22 billion and $35 billion, thanks to the NSA's espionage. Actually, neither the tankers nor the journalists reporting this story phrase it that way: they instead blame... (more)

Honduras Presses Ahead for ZEDE Liftoff in June posted 06/11/2015, 11:38 AM (PanamPost)
[Category: Economy]
The Honduran government will begin building the first Zones for Employment and Economic Development (ZEDE) in the Central American nation in June, fulfilling a campaign promise made by President Juan Orlando Hernández, according to government sources.

The idea behind the project is to create a pole for investment and development in designated
... (more)

Bond Crash Across the World as Deflation Trade Goes Horribly Wrong posted 06/11/2015, 11:39 AM (The Telegraph)
[Category: Economy]
Markets ignored clear warnings in Europe and America that the money supply is catching fire, signalling a surge of inflation later this year.... (more)

Wednesday June 10th, 2015

Hospitals Are Blatantly Ripping Us Off posted 06/10/2015, 10:57 AM (The Economic Collapse)
[Category: Economy]
Most Americans are deathly afraid to go to the hospital these days – and it is because of the immense pain that it will cause to their wallets.  If you want to get on a path that will lead you to bankruptcy, just start going to the hospital a lot.  In America today, hospitals and doctors are blatantly ripping us off and they aren’t making any apologies for it.  As you will read about below, some hospitals mark up treatments by 1,000 percent.  In other instances, basic medical su... (more)

Kim Dotcom's MegaNet Preps Jan 2016 Crowdfunding Campaign posted 06/10/2015, 10:41 AM (TorrentFreak)
[Category: Economy]
Kim Dotcom's dream of a people-powered, censorship-resistant Internet will rely on the goodwill of supporters to get off the ground. In an announcement this morning, the entrepreneur confirmed that his MegaNet project will seek equity via a crowd-funding campaign set to launch on the January 2016 anniversary of the raid on Megaupload.... (more)

Monday June 8th, 2015

Possible $500,000 Bitcoin Cloud Mining Ponzi Scheme Uncovered posted 06/08/2015, 7:50 AM (Bitcoin Magazine)
[Category: Economy]
Roughly nine months ago, Bitcoin Foundation Chief Scientist Gavin Andresen made a rather interesting comment on Reddit in which he claimed, "I suspect many [cloud mining companies] will turn out to be Ponzi schemes."

There have been a few cloud mining scams uncovered over the past year or two, and it appears that another one coul
... (more)

Friday June 5th, 2015

Are There Rules for Trade? posted 06/05/2015, 8:14 AM (Laurence M. Vance)
[Category: Economy]
Barack Obama has been lobbying Congress for Trade Promotion Authority (TPA), also known as “fast-track authority,” so the executive branch can work in secret on trade deals before submitting them to Congress for a quick up-or-down vote with limited time for debate, no provision for amendments, and no possibility of a Senate filibuster.

The president has made passage of the Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP) a top priority
... (more)

How Governments Keep You (and Your Money) From Leaving posted 06/05/2015, 8:14 AM (Mises Institute)
[Category: Economy]
The IRS reports that more people renounced their US citizenship during the first quarter of 2015 than during any other quarter in history. Notably, a sizable portion of those renouncing their citizenship are doing so to escape heavy taxation. The United States is the only country other than the military dictatorship of Eritrea that taxes its citizens living abroad on all forms of in... (more)

America's Unwanted Ivy Leaguers Are Flocking to India posted 06/05/2015, 8:13 AM (Bloomberg)
[Category: Economy]
Kunal Bahl's American dream was coming together in late 2007. He had Ivy League degrees in business and engineering, a debut job at Microsoft Corp. and a roadmap to the career he’d always wanted in Silicon Valley.

Then his application for a U.S. visa was rejected and he was kicked out the country. Lucky for him.

Back in India, he got over the shock and founded a company in New Delhi with a childhood friend. Today is one of the most highly valued startup
... (more)

Thursday June 4th, 2015

Dark Markets Continue To Grow, Despite Silk Road Trial posted 06/04/2015, 5:33 AM (Techdirt)
[Category: Economy]
With Ross Ulbricht sentenced to life in prison to make an example of him in the new online version of our nation's drug wars, it raises a similar question to the one in the offline world: does this kind of thing have any impact at all? The Economist has a chart suggesting that nothing at all is changing and demand creates supply, as the number of drug listing... (more)

Meet the People Getting Screwed Over By Jerry Brown's High Speed Rail posted 06/04/2015, 5:32 AM (Reason)
[Category: Economy]

Hundreds in Central Valley may lose property to make way for flawed train.

Tuesday June 2nd, 2015

Florida Agency Says Uber Drivers Are Employees, Not Contractors posted 06/02/2015, 5:15 AM (Techdirt)
[Category: Economy]
There are a series of big important lawsuits currently under way, exploring the question of whether or not drivers for ride hailing services like Uber and Lyft are "employees" or "contractors." It seems fairly obvious that they should be contractors -- they use their own equipment, they set their own schedules,... (more)

We Need Actual Free Trade, Not the TPP posted 06/02/2015, 5:13 AM (Mises Institute)
[Category: Economy]
The TPP is not about any type of liberalization, but is about centralizing political power. The TPP will further transfer the negotiation and implementation of trade policy into the hands of a small number of global regulators and bureaucrats, while further reducing the prerogatives of Congress and state legislators in the US. ... (more)

Abercrombie Must Allow Hijabs posted 06/02/2015, 5:13 AM (The Daily Beast)
[Category: Economy]
The Supreme Court on Monday found that Abercrombie & Fitch is liable for discriminating against a young Muslim woman who wears a religious headscarf, reversing a lower court ruling.... (more)
Next up, Hooters! - Chris

Wednesday May 27th, 2015

No, Tax Breaks are not Subsidies posted 05/27/2015, 4:24 PM (Mises Institute)
[Category: Economy]
There’s a popular misconception that giving tax breaks to industries is the same as subsidizing them. Sadly, like many economic myths, this one just won’t die.

The video game industry offers a recent example. Critics have been arguing for years that US game developers are given unfair advantages and “subsidies” through a range of state and federal tax breaks that lower the cost of game design and artificially prop up production.
... (more)

Tuesday May 26th, 2015

Criminals Use IRS Website to Steal Data On 104,000 People posted 05/26/2015, 6:16 PM (CNN)
[Category: Economy]
A "sophisticated" organized crime syndicate used the IRS website to steal tax forms full of personal financial information on 104,000 taxpayers, the agency said Tuesday.

Until the IRS discovered this latest data leak, its website provided a service called "Get Transcript." It's an easy way to download several years of tax forms for tasks like applying for a mortgage, or college financial aid.

An unnamed cybermafia used this app to download forms full of personal
... (more)

Venezuela: World's Highest Inflation Rate posted 05/26/2015, 6:15 PM (Cato @ Liberty)
[Category: Economy]
Venezuela's bolivar is collapsing. And as night follows day, Venezuela's annual implied inflation rate is soaring. Last week, the annual inflation rate broke through the 500% level. It now stands at 510%.

When infl
... (more)

Court Order Forbids 'Poor Pirate' To Use BitTorrent posted 05/26/2015, 6:15 PM (TorrentFreak)
[Category: Economy]
A federal court in Oregon has signed off on a highly peculiar judgment against a Dallas Buyers Club pirate. Citing "financial hardship," the woman doesn't have to pay the $7,500 in costs and fees as long as she promises not to download any infringing material in the future, and removes any and all BitTorrent clients.... (more)

Sunday May 24th, 2015

Why Do We Celebrate Rising Home Prices? posted 05/24/2015, 11:33 PM (Mises Institute)
[Category: Economy]
The Fed and the government have gone to great lengths to prop up home prices. But it seems a bit odd to try to increase the cost of a basic necessity like housing. Why not do the same with food and clothing?... (more)

Friday May 22nd, 2015

George Soros Warns "No Exaggeration" That China-US On "Threshold Of World War 3" posted 05/22/2015, 4:53 PM (ZeroHedge)
[Category: Economy]
While admitting that reaching agreement between the two countries will be difficult to achieve, George Soros - speaking at The World Bank's Bretton Woods conference this week - warned that unless the U.S. makes 'major concessions' and allows China's currency to join the IMF's basket of currencies, "there is a real danger China will align itself with Russia politically and militarily, and then the threat of world war becomes real."... (more)

Wednesday May 20th, 2015

Uber Faces Potentially Devastating Court Ruling posted 05/20/2015, 4:08 PM (Mises Institute)
[Category: Economy]
Uber, Lyft, and similar rideshare companies represent a direct threat to state-controlled taxi cartels and their (increasingly unsellable) medallions. Now a class action lawsuit against Uber has been cleared for a federal court jury in California, alleging that its drivers should be classified as employees rather than independent contractors. If so, Uber potentially could owe mi... (more)

Tuesday May 19th, 2015

The Forgotten Depression posted 05/19/2015, 2:45 PM (Llewellyn H. Rockwell, Jr.)
[Category: Economy]
As the financial crisis of 2008 took shape, the policy recommendations were not slow in coming: why, economic stability and American prosperity demand fiscal and monetary stimulus to jump-start the sick economy back to life. And so we got fiscal stimulus, as well as a program of monetary expansion without precedent in US history.

David Stockman recently noted that we have in effect had fifteen solid years of stimulus -- not just the high-profile programs like the $700 billion TARP
... (more)

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Donald Sutherland Reveals The Real Meaning Of The Hunger Games - 11/27Drone Pilots Have Bank Accounts and Credit Cards Frozen by Feds For Exposing US Murder - 11/27World's Most 'Adorable' Drug Kingpin Is Actually The Daughter of Texas DEA Head Honcho - 11/26Pot Breathalyzers: Coming Soon to A Drug War Near You - 11/27City Settles After Police Chief Arrested Man For Calling Public Official A 'Liar' - 11/27Georgia Sheriff Puts Up Sign Warning People Who Disagree With Him About God to Leave - 11/27Bezos Beats Musk - 11/27Is Black Friday Racist? - 11/25

Man Follows Speeding Cop, Finds Out He Was Speeding To Buy PeanutsMission Creeps: Homeland Security Agents Confiscate Women's Panties For 'Copyright Infringement'Cop Shoots Couple's Dog, Threatens Jail For Trying To Save Dog's LifeSWAT Team Shoots Teen Girl & Her Dog During Pot Raid On Wrong HomeDurham, NC Cop Testifies Faking 911 Calls To Enter Homes Is "Official Policy"Indiana Sheriff Says US A "War Zone" To Justify New MRAP Military VehicleTampa Cops Surveil Pot Dealer, Catch Him Selling Pot, Raid His Home & Kill Him"You Just Shot An Unarmed Man!": Witness Says Police Shot His Friend With His Hands UpCop Receives 'Silver Valor Award' For Shooting Man With Cell Phone He Mistook For GunAnonymous Cop Pens Bizarre Editorial Calling for 'End of Anonymity on the Internet,' Says All Internet Posters Should be Forced to Register with the Government for 'Public Safety'