Ready for some news this Tuesday evening? Well, here ’tis.
❖ The US intends to relieve Egypt of $1 billion of debt “as part of an American and international assistance package . . . to bolster its transition to democracy . . ..”
❖ Another 100,000 Syrians fled the country in August alone, the highest monthly figure yet, bringing the total to approximately 235,300.
❖ “ Moody’s has lowered its outlook for the European Union’s AAA credit rating to “negative” and warned that the bloc’s rating could be downgraded.” Germany, France, Netherlands and the UK, which account for 45% of the EU’s budget revenue, are on negative outlook.
❖ Andalusia joins Valencia, Murcia and Catalonia in requesting a bailout. “Meanwhile, Spain said that it will immediately inject 4.5bn euros into Bankia, the lender that the government was forced to part-nationalise in June.”
❖ The “ average self-employed Greek ” spends 82% of income “servicing debt”. Professionals spend over 100%, and the amount of unreported income is estimated to be 28billion euros.
Money Matters USA
❖ “ 6 Myths That Are Destroying The Economy “: US will become like Greece; the Fed “is out of bullets”; technology and globalization = high unemployment; more debt won’t solve the debt crisis; we’re at the mercy of China, which owns us; “government can’t create wealth or jobs”.
❖ Uncle Sugar subsidizes the Wall Street traders , too, since trading “on Wall Street relies on borrowed money, or leverage, that can be obtained cheaply as long as the traders belong to a conglomerate [e.g., Bank of America, JP Morgan, Citigroup] that gets federally insured deposits.”
❖ Erskine Bowles of the Simpson-Bowles deficit commission has had other jobs over the past decade or so, including