The Cyprus Money Grab Coming To A Bank Near You?

March 17th,

Cyprus is a beta test.  The banksters are trying to commit bank robbery in broad daylight, and they are eager to see if the rest of the world will let them get away with it.  Cyprus was probably chosen because it is very small (therefore nobody will care too much about it) and because there is a lot of foreign (i.e. Russian) money parked there.  The IMF and the EU could have easily bailed out Cyprus without any trouble whatsoever, but they purposely decided not to do that.  Instead, they decided that this would be a great time to test the idea of a “wealth tax”.  The government of Cyprus was given two options by the IMF and the EU – either they could confiscate money from private bank accounts or they could leave the eurozone.  Apparently this was presented as a “take it or leave it” proposition, and many are using the world “blackmail” to describe what has happened.  Sadly, this decision is going to set a very ominous precedent for the future and it is going to have ripple effects far beyond Cyprus.  After the banksters steal money from bank accounts in Cyprus they will start doing it everywhere.  If this “bank robbery” goes well, it will only be a matter of time before depositors in nations such as Greece, Italy, Spain and Portugal are asked to take “haircuts” as well.  And what will happen one day when the U.S. financial system collapses?  Will U.S. bank accounts also be hit with a “one time” wealth tax?  That is very frightening to think about.
Cyprus is a very small nation, so it is not the amount of money involved that is such a big deal.  Rather, the reason why this is all so troubling is that this “wealth tax” is shattering confidence in the European banking system.  Never before have the banksters come directly after bank accounts.
If everything goes according to plan, every bank account in Cyprus will be hit with a “one time fee” this week.  Accounts with less than 100,000 euros will be hit with a 6.75% tax, and accounts with more than 100,000 euros will be hit with a 9.9% tax.
Have you ever wondered how billionaires continue to get RICHER, while the rest of the world is struggling?
"I study billionaires for a living. To be more specific, I study how these investors generate such huge and consistent profits in the stock markets -- year-in and year-out."
CLICK HERE to get your Free E-Book, “The Little Black Book Of Billionaires Secrets”
How would you feel if something like this happened where you live?
How would you feel if the banksters suddenly demanded that you hand over 10 percent of all the money that you had in the bank?
And why would anyone want to still put money into the bank in nations such as Greece, Italy, Spain or Portugal after all of this?
One writer for Forbes has called this “probably the single most inexplicably irresponsible decision in banking supervision in the advanced world since the 1930s.“  And I would agree with that statement.  I certainly did not expect to see anything like this in Europe.  This is going to cause people to pull money out of banks all over the continent.  If I was living in Europe (and especially if I was living in one of the more financially-troubled countries) that is exactly what I would be doing.
The bank runs that we witnessed in Cyprus over the weekend may just be a preview of what is coming.  When this “wealth tax” was announced, it triggered a run on the ATMs and many of them ran out of cash very rapidly.  A bank holiday was declared for Monday, and all electronic transfers of money were banned.
Needless to say, the people of Cyprus were not too pleased about all of this.  In fact, one very angry man actually parked his bulldozer outside of one bank branch and threatened to physically bulldoze his way inside.
But this robbery by the banksters has not been completed yet.  First, the Cypriot Parliament must approve the new law authorizing this wealth confiscation on Monday.  If it is approved, then the actually wealth confiscation will take place on Tuesday morning.
According to Reuters, the new president of Cyprus is warning that if the bank account tax is not approved the two largest banks in Cyprus will collapse and there will be complete and total financial chaos in his country…
President Nicos Anastasiades, elected three weeks ago with a pledge to negotiate a swift bailout, said refusal to agree to terms would have led to the collapse of the two largest banks.
“On Tuesday … We would either choose the catastrophic scenario of disorderly bankruptcy or the scenario of a painful but controlled management of the crisis,” Anastasiades said in written statement.
In several statements since his election, he had previously categorically ruled out a deposit haircut.
The fact that the new president had previously ruled out any kind of a wealth tax has a lot of people very, very upset.  They feel like they were flat out lied to…
“I’m furious,” said Chris Drake, a former Middle East correspondent for the BBC who lives in Cyprus. “There were plenty of opportunities to take our money out; we didn’t because we were promised it was a red line which would not be crossed.”
But apparently the wealth confiscation could actually have been far worse.  According to one report, the IMF and the EU were originally demanding a 40% wealth tax on bank account holders in Cyprus…
As the President of Cyprus proclaims  to his people that “we’ should all take responsibility as his historic decision will “lead to the permanent rescue of the economy,” it appears that the settled-upon 9.9% haircut is a ‘good deal’ compared to the stunning 40% of total deposits that Germany’s FinMin Schaeuble and the IMF demanded.
Could you imagine?
How would you feel if you woke up someday and 40% of all your money had been taken out of your bank accounts?
At this point, there is still some doubt about whether this plan will actually be adopted or not.
Right now the new president of Cyprus does not have the votes that he needs, but you can be sure that there is some high level arm twisting going on.
Originally the vote was supposed to happen on Sunday, but it was delayed until Monday to allow for some extra “persuading” to be done.
And of course the people of Cyprus are overwhelmingly against this wealth tax.  In fact, one poll found that 71 percent of the entire population of Cyprus wants this plan to be voted down.
The funny thing is that Cyprus is not even in that bad of shape.
The unemployment rate is around 12 percent, but in other European nations such as Greece and Spain the unemployment rate is more than double that.
Cyprus has a debt to GDP ratio of about 87 percent, but the United States has a debt to GDP ratio of well over 100 percent.
So if they will go directly after bank accounts in Cyprus, what will stop them from going after bank accounts in larger nations when the time comes?
In the final analysis, this is a game changer.  No longer will any bank account in the western world be considered to be 100 percent safe.
Trust is a funny thing.  It takes a long time to build, but it can be destroyed in a single moment.
Trust in European banks has now been severely damaged, and that damage is not going to be undone any time soon.
A recent blog post by the CEO of Saxo Bank, Lars Christensen, did a great job of explaining how incredibly damaging this move by the IMF and the EU truly is…
This is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver. Although the representatives at the bailout press conference tried to present this as a one-off, they were not willing to rule out similar measures elsewhere – not that it would have mattered much as the trust is gone anyway. It is now difficult to expect any kind of limitation to what measures the Troika and EU might take when the crisis really starts to bite.
if you can do this once, you can do it again. if you can confiscate 10 percent of a bank customer’s money, you can confiscate 25, 50 or even 100 percent. I now believe we will see worse as the panic increases, with politicians desperately trying to keep the EUR alive.
Depositors in other prospective bailout countries must be running scared – is it safe to keep money in an Italian, Spanish or Greek bank any more? I dont know, must be the answer. Is it prudent to take the risk? You decide. I fear this will lead to massive capital outflows from weak Eurozone countries, just about the last thing they need right now.
This is the biggest moment that we have witnessed since the beginning of the European financial crisis.
Financial authorities in Europe could try to calm nerves by at least pretending that this will never happen again in any other country, but so far  they are refusing to do that…
Jeroen Dijsselbloem, president of the group of euro-area ministers, on Saturday declined to rule out taxes on depositors in countries beyond Cyprus, although he said such a measure was not currently being considered.
Such a measure is “not currently being considered” for other members of the eurozone?
Yeah, that sure is going to make people feel a lot more confident in what is coming next.
I have insisted over and over that the next wave of the economic collapse would originate in Europe, and we may have just witnessed the decision that will cause the dominoes to start to fall.
The banksters have sent a very clear message.  When the chips are down, they are going to come after YOUR money.
ETF Daily News
So what do you think about the bank robbery that is taking place in Cyprus?  Please feel free to post a comment with your thoughts below…
This article is brought to you courtesy of Michael Snyder from The Economic Collapse Blog.

Did God Discover the God Particle?

By Deepak Chopra, M.D., FACP, Rudolph Tanzi, Ph.D., Joseph P. and Rose F. Kennedy Professor of Neurology, Harvard Medical School, and Menas Kafatos, Ph.D., Fletcher Jones Endowed Professor in Computational Physics, Chapman University

The possible discovery of the Higgs boson would not have been splashed across every major media if the tag "God particle" weren't attached to it. Physicists hate the term, but they love the publicity. There are huge government grants at stake as well as the prestige of the Large Hadron Collider at CERN in Switzerland. After you read the headline, however, there's little doubt that a general reader cannot actually grasp what a Higgs boson is (or a large hadron accelerator, either).

If you watch enough PBS programs and listen to a few physicists, some clarity emerges that a non-physicist can understand. The Higgs boson discovery adds validation to a mathematical model of force fields in the universe. It attaches a real particle to an expectation, the expectation that buried inside force fields was the key to why subatomic particles have mass. Mass would be acquired as a particle meets with resistance when it moves through the vacuum of space, a kind of "molasses" that slows it down.

This molasses is very elusive. It took many billions of colliding protons in the huge CERN accelerator, backed up by 100,000 computers around the world, to analyze the data before the discovery seemed real. Even then, most physicists are guarded about whether this new particle actually is a Higgs boson. They are equally guarded about whether its properties will uphold the Standard Model of force fields or in fact create more problems.

But behind all the hoopla and uncertainty, the news flew around the world that a basic building block of the universe has been uncovered, bringing quantum physics closer to its triumphant goal of explaining creation -- hence the inflated and rather silly label of God particle. Yet from another perspective, nothing like an explanation of the universe is emerging at all. Physics may be getting closer to the day, in fact, when the way it views the universe classically reaches a dead end.

Here we will refer to some technical matters, but stick with us. The preliminary discovery comes as a culmination of many years of both theoretical and experimental work, since 1964 when the British physicist Peter Higgs, along with Robert Brout, François Englert, Gerald Guralnik, C. R. Hagen, and Tom Kibble, hypothesized the existence of a field, filling all vacuum. They used symmetry breaking (which would allow particles to acquire their masses without violating other aspects of theory that were correct). This ubiquitous Higgs field would allow all particles in the universe to acquire mass through interactions with it, through a kind of dragging as they move in space. High energy proton collisions at the LHC should, in principle, reveal the elusive Higgs. The Higgs, unlike the photon, has a mass, expected to be in the approximate range of 125 (or more) times the mass of the proton.

The Higgs boson is the last, missing link in the highly successful quantum theory of particles, called the Standard Model. It is also highly unstable, very elusive. To detect it, one has to observe many, many high energy collisions of protons and build up the statistics. In the LHC collider, particles are accelerated through a tunnel, brought together at speeds close to the speed of light, producing showers of particles, with high energies, capable of generating the Higgs particle. It exists for only a tiny fraction of a second before breaking up into many other particles and can be detected only indirectly by identifying the results of its immediate decay and analyzing them to show they were probably produced from a Higgs boson.

Even in its lowest energy state, the Higgs field filling all vacuum has non-zero values everywhere. In fact, ripples or waves in the quantum Higgs field, create for fleeting moments the Higgs particles. The Higgs boson is itself very massive, and it must interact with itself. It itself mediates interactions with the Higgs field and is itself an excitation of the Higgs field.

The full properties of the Higgs (or whatever was observed by the teams) are not yet known. In fact, the signature of what they observed may be multiple Higgs bosons with the properties required by the next theory that the Standard Model would extend into supersymmetry.

Particle physicists are not the only ones excited by the prospect of finding the missing link in the theory: Cosmologists seem to agree that all the luminous matter in the universe makes up only 4 percent of whatever there is in the universe. All the hundreds of billions of galaxies composed of many billions of stars make up just 4 percent of everything! The rest of it may be in the form of dark matter and even more exotic (but unknown) dark energy. So if the "Higgs-like" particle discovered at CERN turns out to be more exotic form, it could help us understand at least dark energy.

These possible future developments could get us closer to what particle physicists call the Theory of Everything, a rather particle-centered view of the cosmos, because their theory of everything, as envisaged, says nothing and in fact cannot say anything about life, evolution and the phenomena of mind and awareness. It is not even clear how gravity, the last of the four forces of nature, will fit into Standard Model, developing into supersymmetry and perhaps developing into superstring theory. But it would be a start.

With no lucrative grants but a lot of far-reaching thought, a band of cosmologists and other physicists sees that the materialist view of the universe doesn't hold water. It hasn't for quite a long time, because quantum theory demolished the solid, reassuring physical universe almost a century ago. Once it was discovered that matter is made up of invisible clouds of energy, once photons were found to behave like particles in one mode and energy waves in another, once the Uncertainty Principle turned actual existence into virtual existence, the blows to materialism became decisive. The great quantum pioneers noted definitively that all other fundamental particles have no fixed physical attributes at all. Instead, particles are pure potential existing in a quantum force field, and they collapse into being a particle you can see and measure only when observed by the scientist who is measuring them.

None of that is in dispute. In fact, more demolition work to the physicalist view of the universe has been done since then (physicalist seems to be the preferred replacement for materialist). We now know, again without dispute, that two particles can be entangled, which means that when one displays a certain value, its partner will instantaneously display a complementary value, even if the two are separated by billions of light years. This simultaneous linkage defies the speed of light. Another crack in the physicalist model is called reverse causation, in which an event can create effects on particles that appear to be going backward instead of forward in time -- thus the common-sense notion of cause and effect is undermined.

With all this demolition work at hand, why do the vast majority of physicists hold on to any kind of physicalist explanations? First, because the mathematics works. Second, because the alternative isn't taught in grad school. The alternative is to include consciousness in the mix. If the observer makes the difference between a wave and a particle, and if the universe displays itself to us as matter (which is all particles), then perhaps the observer is needed to make the universe appear as we see it. This possibility is logical and by no means outlandish. It occurred to some quantum pioneers (although not Einstein) almost a century ago, because in some ways consciousness is inescapable.

The universe does need molasses, or even glue, as forces holding protons together are sometimes called. There are huge complexities and mysteries that we are skipping over, yet the existence of the universe isn't a technical question open only to specialists with advanced scientific degrees. "Why are we here?" is a universal question, and to answer it, you must ask "Why are we conscious? Where did mind come from?" After all, if the observer plays such a key role in turning waves into particles, you can't get very far if you don't know what the observer is actually doing.

In the alternative explanation, the entire universe is imbued with consciousness. Just as there are force fields, invisible but all-pervasive, a consciousness field can exist to uphold the activity we call "mind." The universe evolves, regulates itself, takes creative leaps, and exhibits exquisite mathematical rigor and beauty. The hallmarks of intelligence are there, waiting for the next paradigm shift. At the moment, the word "intelligence" brings up the red herring of intelligent design, which no one except religious fundamentalists wants to be associated with. "Consciousness" gives us a less-tainted word, and there is a growing community of theorists seriously thinking about a conscious universe.

If it exists, then you and I are embedded in the consciousness field. It is the source of our own consciousness. Which means that we are not alone. As one physicist said, "The universe knew that we were coming." An infinite consciousness that spans all of creation sounds like a new definition of God. If so, then we are part of God's mind, and that includes science. The whole argument leads to a wild conclusion by most people's standards: It is God who is discovering the God particle. Infinite consciousness has created individual consciousness to go out into creation and look around. As it does, individual consciousness -- meaning you and I -- has been given free will and choice. We don't have to see our link to the infinite consciousness field. We can take our time discovering who we are and where we come from. But the day seems very near when it will seem quite real and quite natural to say that the conscious universe saw us coming.
Source: Huffinton Post - God Particle

I’ll make 'damn sure' big companies pay their tax, says David Cameron

Cameron says he will use his G8 presidency to seek collective backing to tackle corporate abuses

The world’s most powerful leaders must mount a concerted effort to prevent multinational companies such as Starbucks and Amazon legally avoid large corporation tax bills, David Cameron will urge in his role as president of the G8.

  

The Prime Minister vowed to make “damn sure” that multinational firms paid their fair share of tax on their UK operations.

He is to use Britain’s presidency of the G8 group of the most industrialised nations, which began this week, to discuss ways of stopping global companies moving their money through different jurisdictions to minimise tax payments.

HM Revenue & Customs has been accused of being “too lenient” towards big businesses that indulge in aggressive tax planning. The credibility of HMRC and the tax system rests on it becoming “more aggressive and assertive in confronting corporate tax avoidance”, the chair of the Public Accounts Committee, Margaret Hodge, said last month.

Mr Cameron says a crackdown can only be effective if countries around the world act collectively to tackle abuses. Britain, along with Germany and France, has asked the Organisation for Economic Cooperation and Development to investigate whether tax loopholes can be closed.

He signalled his determination to confront global corporations during an appearance in Lancashire before business leaders and entrepreneurs. Asked why “Starbucks and Amazon” were allowed to avoid paying large corporation tax bills despite their extensive British presence, he replied: “We have got to crack that, you’re absolutely right.

“This is a really important issue. I think we’re offering actually a fair deal to businesses. We’re saying, ‘Look, we’re going to have a really low rate of corporation tax’ but I want to make damn sure that those companies pay it.

“It’s simply not fair and not right what some of them are doing by saying, ‘I’ve got lots of sales here in the UK but I’m going to pay a sort of royalty fee to another company that I own in another country that has some special tax dispensation’.”

Mr Cameron said he wanted to start a debate in the UK about “really aggressive tax avoidance”.

He said: “We do need a debate in this country, not only what is against the law – that’s tax evasion, that is against the law, that’s illegal and if you do that the Inland Revenue will come down on you like a ton of bricks – but what is unacceptable in terms of really aggressive tax avoidance.

Mr Cameron added: “We’ve got a low top rate of income tax now; we’ve got a low rate of corporation tax now; we are a fair tax country. But I think it’s fair then to say to business, you know, we’re playing fair by you; you’ve got to play fair by us.

Mr Cameron said he had put the issue “right at the top of the agenda” for the G8 this year as well as tackling it nationally.

“It’s simply not fair and not right what some of them are doing by saying, I’ve got lots of sales here in the UK but I’m going to pay a sort of royalty fee to another company that I own in another country that has some special tax dispensation.”

The Commons Public Accounts Committee last month condemned the “unconvincing, and, in some cases, evasive” evidence it had received from representatives of Starbucks, Google and Amazon who were called in front of it to defend their tax affairs.

http://www.independent.co.uk/news/uk/politics/ill-make-damn-sure-big-companies-pay-their-tax-says-david-cameron-8439137.html

With Autonomy, H-P Bought An Old-Fashioned Accounting Scandal. Here's How It Worked.

HP Shares Plunge After A $8.8 Billion Writedown Of Accounting Problems At Autonomy- Abram Brown 11/20/2012

Whitman: $8.8 billion worth of vaporware:-

The story was first told to me late last year, and like a lot of stories of financial impropriety inside a huge company, it was almost impossible to nail down. Hewlett-Packard‘s Autonomy division, my source told me, was vaporware writ large: A $10 billion software company with an overhyped flagship product that was literally being given away because customers didn’t have a use for it.

Today, Meg Whitman admitted as much. H-P announced it was writing off 88% of the purchase price for Autonomy and accused “some former members of Autonomy’s management team” of using “accounting improprieties, misrepresentations and disclosure failures” to hide the software company’s true performance and value.

In the release, H-P identified one of the oldest accounting tricks in the book, a variation on the one “Chainsaw Al” Dunlap used to accelerate revenue at Sunbeam — by getting customers to “buy” products now, under terms that really just borrowed from the future.

I spoke to my source again this morning and he detailed what he saw at H-P, from his position deep within the 300,000-employee company.

“What I saw was exactly what Meg Whitman wrote in her internal memo to employees,” my source said. “There was really sketchy accounting going on.”

Autonomy was founded as Cambridge Neurodynamics in 1991 by Michael Lynch, a Cambridge-educated computer scientist, according to this flattering profile by the Guardian after he left H-P in May. The company was based on the then-hot concept of Bayesian search, named after 18th-century mathematician Thomas Bayes, and ultimately developed an all-encompassing software package it called IDOL — Intelligent Data Operating Layer.

H-P today said it stands behind IDOL and well it should. Otherwise it would have to write off the entire $10 billion it paid for Autonomy. But my source doesn’t think much of the product, which is supposed to find all of a company’s data, wherever it resides, and whether or not it can be identified by specific words. (Typical example: Finding documents that contain the phrase “flightless bird” when you’re looking for “penguin.”)

“It’s the primary smoke and mirrors that Autonomy has used to make people think they’ve got something very impressive,” he told me. “It’s a fancy search engine.”
I attempted to reach Lynch this morning, unsuccessfully. His spokeswoman told Reuters he is still  reviewing H-P’s allegations. H-P said it has referred the information it uncovered in a forensic accounting to fraud officials in the U.S. and the U.K.

Here’s what my source observed personally. Autonomy grew through acquisitions, buying everything from storage companies like Iron Mountain to enterprise software firms like Interwoven. They’d then go to customers and offer them a deal they couldn’t refuse. Say a customer had $5 million and four years left on a data-storage contract, or “disk,” in the trade. Autonomy would offer them, say, the same amount of storage for $4 million but structure it as a $3 million purchase of IDOL software, paid for up front, and $1 million worth of disk. The software sales dropped to the bottom line and burnished Autonomy’s reputation for being a fast-growing, cutting-edge software company a la Oracle, while the revenue actually came from the low-margin, commodity storage business.

“They would basically give them software for free but shift the costs around to make it look like they got $3 million in software sales,” said my source, who directly observed such deals.

Lynch’s management team also was practiced at the art of wringing attractive-looking growth out of a string of ho-hum acquisitions. The typical strategy was to bolt IDOL and other software onto a company’s existing products and try and convince customers to pay more for the “new” products. If that failed, they’d milk the existing customer base by halting development and outsourcing support, my source says, using the cash from the runoff business to fund more acquisitions.

“Mike Lynch was famous for saying Autonomy never put an end of life on any product,” said my source. “But the customers were screaming.”

Now, my source has never been a Mike Lynch fan. In sales meetings, he says, Lynch “loved to do vague and theoretical academic-type presentations to show what a visionary he was.”

And Autonomy may have some powerful features my source didn’t appreciate. The Defense Department reportedly is a customer. But from his perch within the company, it looked like a lot of vaporware wrapped up in fancy Cambridge talk and the kind of accounting tricks managers have engaged in since the dawn of publicly traded stock.

With its announcement today, H-P seems to agree. The company accused former managers of “a willful effort” “to inflate the underlying financial metrics of the company in order to mislead investors and potential buyers. These misrepresentations and lack of disclosure severely impacted HP management’s ability to fairly value Autonomy at the time of the deal.”

Calling customers wouldn’t necessarily have uncovered the problem, my source says.

“I think these companies are embarrassed to admit they spent $10 million on software that doesn’t actually work,” he said.

http://www.forbes.com/sites/danielfisher/2012/11/20/with-autonomy-h-p-bought-an-old-fashioned-accounting-scandal/

Ford under fire over grants payment

By Press Association, Nov 6, 2012

Car giant Ford has been criticised for accepting millions of pounds from UK taxpayers in the run-up to announcing the closure of its last British assembly plant, with the loss of 1,400 jobs.

The vehicle manufacturer received cash from the regional growth fund (RGF) to help develop its Dagenham base, and was given an £80 million loan from the European Investment Bank (EIB) for its factory in Turkey, before revealing it would shut its plant at Swaythling in Southampton.

Production of Ford's Transit van will switch from Swaythling to Turkey, having been based in Southampton - the company's last UK vehicle assembly plant - for 40 years.

The Government said the regional growth fund cash helped protect jobs - and argued the money could still have been granted even if ministers knew about the plan to shut Swaythling next July. But Labour's former innovation and skills secretary John Denham, MP for Southampton Itchen, said: "It is extraordinary that a regional growth fund grant was made to Ford without the Government being aware of the wider Ford strategy.

"I think that is a weakness of the regional growth fund compared with the old regional development agency structures, which were much more likely to ensure bits of Government dealing with major companies were aware of the whole of the company's strategy. By dividing the regional growth fund into separate grants, there is no sense of engagement with the company."

Shadow business minister Iain Wright claimed it was a "huge failing of the RGF" that the money was approved without the Government knowing of the company's plans to shut Swaythling.

But Business Minister Michael Fallon claimed the RGF cash would protect hundreds of jobs: "We announced on October 19 our conditional offer of £9.3 million to support Ford's investment of £156 million into Dagenham to build an all-new engine series at the plant. That investment - and it may be of no comfort to those in the Southampton area - will safeguard some 450 jobs and create 50 new jobs while supporting many more in the supply chain and wider economy."

It emerged at the weekend that the EIB loaned Ford £80 million to invest in Turkey as part of its moves to prepare the country's economy for possible European Union membership. The money, part of which came from British taxpayers, was signed off by the EIB, whose governors include Chancellor George Osborne.

Mr Fallon backed the EIB cash, saying the loan was "not based on the cessation of production at Southampton". He added: "It is incorrect to imply the EIB loan is responsible itself for exporting jobs from the UK."

Conservative MP Caroline Nokes (Romsey and Southampton North), who led today's Westminster Hall debate, said the revelation Turkey would benefit from Swaythling's demise sparked concern and anger. She believed the firm had "a moral duty to declare its hand" before applying for cash.

http://money.aol.co.uk/2012/11/06/ford-under-fire-over-grants-payment/

Evangelicals, excluded from proposed Russian religious hatred law, voice displeasure

BY BARRY DUKE – OCTOBER 1, 2012

RUSSIA, increasingly sinking into a mire of religious fervour, is apparently contemplating a new law that would carry a three-year jail sentence for anyone insulting any of the four recognised religions in the country: Russian orthodoxy, Islam, Judaism, and Buddhism.

According to this Persecution Blog report, if such a law is enforced, life will be made intolerable for evangelical Christians.

Wally Kulakoff, a representative of Russian Ministries in Moscow, said that, because the Duma has openly proclaimed that there are only four traditional religions in Russia, Protestants are left out in the cold.

Kulakoff pointed out that evangelical Christians insult many when they say God had a son

He became the Lamb of God who takes away the sins of the world. Islam says that they have a god who does not have a son, and anyone who claims God had a son has no right to live on this earth. Now, who is insulting who

Kulakoff added:

Non-traditional religion in Russia with be chastised, prohibited, [and] will have to go underground. There will be no room for the Protestant church

Russian Ministries School is training next-generation church leaders – young people who are already leaders in their community. If this law is passed and it’s interpreted harshly, Kulakoff says:

Then Russian Ministries’ School Without Walls goes underground and will continue to have an impact, but in another form. Rather than [operating] openly, it’ll be more excluded and secluded.

Kulakoff warned that the proposed law could have far-reaching impact, saying that the greatest insult to the Orthodox Church is to have a Bible translation that they didn’t authorise

That means Russia will say you can only use one Bible …  the more modern, the more contemporary translations will be illegal

[This is clearly a response to the hypocrisy of the west - just a different set of red lines]

Source:- Freethinker/

US debt collectors cash in on $1 trillion in student loans

RT Sunday, 9 September 2012
young people trapped for life

WASHINGTON — Most US college students hope to land a good job with a high salary after graduation. But for some the reality is very different. Many find themselves faced with insurmountable debt — and a loan industry that’s happy to cash in on their misfortune. ­

As the number of people taking out government-backed student loans has soared, so has the number of borrowers who have fallen behind in making payments.

MORE AND MORE SINKING INTO HOLE

Around 5.9 million people nationwide have fallen at least 12 months behind in their payments. This number has grown by a third in the last five years, according to a State Higher Education Finance survey.

Many who can’t repay their loans feel they have no choice but to default. It’s a decision that can be disastrous — ruining a borrower’s credit and increasing the amount they owe. It can also result in penalties of up to 25 per cent of the balance.

SCARY SCENARIO

Despite the scary consequences, young adults across America have chosen to default on their loans. And that decision has resulted in a cat-and-mouse game with the government.

“I keep changing my phone number. In a year, this is probably my fourth phone number,” former student Amanda Cordeiro told the New York Times.

Cordeiro receives up to seven calls a day from debt collectors attempting to recover her $55,000 in overdue student loans. But phone calls are just the beginning.

NO STATUTE OF LIMITATIONS

Since the federal government imposes no statute of limitations for collecting loan repayments, escaping the debt is nearly impossible.

“You are going to pay it, or you are going to die with it,” said John Ulzheimer, president of consumer education at SmartCredit.com.

As America’s poor economy causes companies and small businesses to close their doors, the debt collection industry is booming.

Conserve, a debt collection agency in New York, expects to double its payroll in the next three years.

“There is great opportunity,” the company’s president and founder Mark E. Davitt, told the New York Times.

It’s easy to see where that opportunity comes from.

$1 TRILLION IN OUTSTANDING LOANS

The nationwide student loan balance is more than $1 trillion. It’s a number that makes borrowers cringe.

However, debt collectors are more than grateful for the astronomically high amount of debt among college graduates.

Debt collectors used to receive a steady and reliable income from credit card debt, but the slowing economy has made collection a challenge.

Now, student loans are filling that hole. In fact, many are calling students the “new oil well” for the debt collection industry.

“While the Department of Education debt collection contract has been one of the most highly sought-after contracts within the ARM industry for years, I believe it is now THE most sought-after contract within this industry, centered within the most sought-after market — student loans,” mergers and acquisitions specialist Mark Russell wrote on Insidearm.com.

WIN-WIN SITUATION FOR SOME

It’s a win-win situation for both the government and collection agencies. Government officials estimate they will collect 76 to 82 cents on every dollar of loans made in fiscal 2013 that end up in default. Borrowers then have to pay collection costs, which go straight to the debt agencies.

In addition to the balance, borrowers are charged for collection costs, which go straight to the debt agencies.

The rewards trickle down to other areas, too.

COLLUSION WITH GOVERNMENT

Educational Credit Management Corp. (ECMC), a Minnesota based agency, benefits from its 18-year-old agreement with the US government, according to Bloomberg News.

The company charges fees to borrowers and earns commissions from taxpayers when it collects on defaulted student loans. And the rewards are lucrative.

ECMC’s debt collectors earn financial perks as a reward from extracting money from defaulted borrowers. In 2010, the company’s top performers received bonuses equivalent to as much as 10 times their base salaries, which range from $33,000 to $46,000.

'CLOSEST THING TO DEBTORS' PRISON'

It’s a never-ending cycle between borrower and lender — and the winner is almost always the lender. After all, it’s nearly impossible to hide from the government.

“It’s the closest thing to debtors' prison that there is on this Earth,” former student Patrick Writer said of his federal loan.

Us student Loan Debt