From Charles Freeman, via John Ross Crooks, currency trader: “One [longer term strategic issue] is very apposite today, and that is the future of the U.S. dollar as a reserve currency. At Bretton Woods, the dollar became the global reserve currency, backed by gold. A quarter century later, Nixon eliminated the gold backing for our …
Imitation Europeans and Foreign Devils, and From Dreaming About his Father to Repeating his Mistakes
The Elitist Snob discovers that the Europeans aren't on the same wavelength as he is: While President Nicolas Sarkozy of France did not repeat an earlier threat to walk out of the conference - "I just got here," he joked - he made it clear he would reject an agreement that puts off stringent new …
They Pretend to Pay Us and We Pretend to Work, and the Business of Excess Compensation in the Internal Revenue Code
They used to say that in the old Soviet Union about the end result of this: But now, in a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new …
The Real Problem with Glenn Beck
The New York Times is worried: "There are absolutely historical precedents for what is happening with Beck," said Tom Rosenstiel, the director of the Project for Excellence in Journalism. "There was a lot of radio evangelism during the Depression. People were frustrated and frightened. There are a lot of scary parallels now." The conservative writer …
Giving Wagoner the Boot: Moving Towards the Yank Version of British Leyland
We're one step closer... Instead of granting GM's request for up to $30 billion in loans, the administration will provide only enough money to keep it going for the next 60 days while it develops an even more sweeping restructuring plan under new leadership. The government is expected to demand tough concessions from union workers …
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Running the Population Down
This time, it's the UK: JONATHON PORRITT, one of Gordon Brown's leading green advisers, is to warn that Britain must drastically reduce its population if it is to build a sustainable society. Porritt's call will come at this week's annual conference of the Optimum Population Trust (OPT), of which he is patron. The trust will …
The Good News and the Bad News About Obama’s Reduction of the Charitable Deduction
As a follow-up to this, we have this: Here's what it means in real terms for the 5% of Americans whose household income exceeds $250,000 a year. Those families can currently save $350 in taxes for every $1,000 donated to charity; under Obama's plan, that amount would drop to $280 per $1,000 donation. "By doing …
Promoting a Compassionate Agenda vs. Making Fun of the Special Olympics
Barack Obama's comparison of his bowling game with the Special Olympics (which is unfair; there are people in the Special Olympics who can handily beat him) has gotten a lot of press. There are those, however who view this as a passing gaffe. But, as the French would remind us, "what fills the heart will …
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The Pagan Charles Grassley: From Victory at Sea to Defeat in Manhattan
He may not think of himself in this way, but... Iowa Sen. Charles Grassley suggested that AIG executives should take a Japanese approach toward accepting responsibility for the collapse of the insurance giant by resigning or killing themselves. The Republican lawmaker's harsh comments came during an interview with Cedar Rapids, Iowa, radio station WMT on …
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Tax Collection, Late Roman Style: “There began to be fewer men who paid taxes than there were who received wages…”
This, under the Roman Emperor Gelarius: But that which gave rise to public and universal calamity, was the tax imposed at once on each province and city. Surveyors having been spread abroad, and occupied in a general and severe scrutiny, horrible scenes were exhibited, like the outrages of victorious enemies, and the wretched state of …
Positive Infinity 