Daily Digest 7/24 - Widespread Drought Is Likely to Worsen, Why You Pay Too Much In Taxes
Why You Pay Too Much In Taxes (Thomas C.)
Pulitzer prize winning reporter David Cay Johnston reports that - in 16 states - giant companies pocket your "state income taxes".
This includes foreign corporations.
Workers are never informed that their "state income taxes" are being pocketed. And states often refuse to make this information public, claiming that it is "proprietary information".
Spanish Bond Yields Soar (dons)
In bond trading Monday, the yield, or interest rate, on 10-year Spanish government debt reached a peak of 7.51 percent, its highest level since the euro currency was established in 1999. The rate, a basic measure of the government’s borrowing cost, ended the day at 7.43, still well above the 7 percent level that many analysts fear could eventually shut Spain out of public markets and force it to seek a bailout.
Prior to fiscal 2008, the federal government had never increased its debt by as much as $1 trillion in a single fiscal year. From fiscal 2008 onward, however, the federal government has increased its debt by at least $1 trillion each and every fiscal year.
Wall Street and the financial sector have already contributed $37.1 million to Romney's campaign coffers (versus President Obama's $4.8 million), according to the latest June Federal Election Committee (FEC) filings.
Anecdotal reports suggest that the various attempts to shore up banks’ condition with phony financials and vast theft of public money are coming to an end. Despite these stopgaps, banks are still struggling, in many cases taking steps to delay or prevent withdrawal of funds. This amounts to a sort of soft default, which may progress soon to a hard default.
Most countries in the world have some sort of currency link, formal or informal, with major international currencies, to maintain stable trade conditions. This link might be a fixed system, like Hong Kong’s currency board, or it might be a more casual arrangement, such as Russia’s unofficial policy of maintaining the ruble in a stable band compared to the dollar or euro.
CNOOC is offering $27.50 cash a share for Nexen, which has oil sands operations in the Canadian province of Alberta, shale gas in the province of British Columbia and extensive exploration and production holdings in the North Sea, Gulf of Mexico and offshore West Africa.
The government has declared one-third of the nation’s counties — 1,297 of them across 29 states — federal disaster areas as a result of the drought, which will allow farmers to apply for low-interest loans to get them through the disappointing growing season.
Global Warming's Terrifying New Math (Ali S.)
This idea of a global "carbon budget" emerged about a decade ago, as scientists began to calculate how much oil, coal and gas could still safely be burned. Since we've increased the Earth's temperature by 0.8 degrees so far, we're currently less than halfway to the target. But, in fact, computer models calculate that even if we stopped increasing CO2 now, the temperature would likely still rise another 0.8 degrees, as previously released carbon continues to overheat the atmosphere. That means we're already three-quarters of the way to the two-degree target.
Lots of idle young guys add up to lots of trouble. And with the Taliban and many other men opposing education for girls and basic rights for women, the prospects for female empowerment and widespread family-planning programs in Afghanistan are looking grim. After all, women’s rights are key to slowing population growth.
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