More Cities Should Go Bankrupt (jdargis)
American Airlines filed for bankruptcy in December 2011, and through bankruptcy has managed to once again emerge as a profitable company. In its reinvigorated form, it’s merging with US Airways and like many airlines before it, it will be much stronger post-bankruptcy than pre-. More recently, bankruptcy helped bring Twinkies back from the brink of extinction.
“Mostly what we’re getting are questions,” said Saunteel Jenkins, the president of Detroit’s City Council. “City employees want to know whether they’ll get paid. Constituents want to know what it means for services. People want to know, what does this mean for me?”
The problem has nothing to do with the usual padding and pay-to-play scandals that can plague pension funds. Rather, it is the possibility that a fundamental error has for decades been ingrained into actuarial standards of practice so that certain calculations are always done incorrectly. Over time, this mistake, if that is what it is, has worked its way into generally accepted accounting principles, been overlooked by outside auditors and even affected state and municipal credit ratings, although the ratings firms have lately been trying to correct for it.
Unlike most art museums around the country, which are owned by nonprofit corporations that hold a collection in trust for citizens, the institute is owned by Detroit, as is much of its collection — which is not particularly deep but includes gems by artists like Bruegel, Caravaggio, Rembrandt and van Gogh. It is considered among the top 10 encyclopedic museums in the country.
Debt is a lien, so whenever you use FRNs to buy anything, whatever you purchase carries with it a lien. This is why when you purchase a house or a car, the government keeps real title, and all you get is an equitable title, usage, like a rental because you pay annual rent back to the government. Whenever you sell your house or car, the lien transfers with it.
Why baseball is a metaphor for life in America (westcoastjan)
At baseball, the crowds are constantly on the move – buying beer, hot dogs and popcorn, except of course when they stand motionless together, caps over their hearts, for a belting rendition of the Star Spangled Banner or God Bless America.
On the surface, this is the America of my imagination – loud, proud and in your face.
Here are the important points, outlined by the Guardian, in the manifesto to clean up global taxation. Each point provides a glimpse into the games that have been played, costing rich and poor nations tens of billions in tax revenues.
Can Europe’s new designs help the UK’s housing crisis? (westcoastjan)
In rural Ireland, architect Dominic Stevens built his timber-framed house from scratch in 50 days – and for just 25,000 euros ($32,800). It has since become the flagship example of a self-build movement called Irish Vernacular.
In the Netherlands, Beatrice Galilee visits residents of a floating house development in Ijburg Amsterdam. Having lived with water for centuries, the Dutch are –unsurprisingly – leading the way in this new form of ‘aqua-tecture’.
Gold & Silver
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