“I feel like if I leave it at home, I go a bit crazy,” said James Vohradsky, a 20-year-old student who had queued for 17 hours with his sister. “I have to drive back and get it. I can’t do my normal day without it….”
–From a Reuters article this week about the launch of the newest version of Apple’s Iphone
Anger over a film trailer mocking a sanctified Muslim religious figure has sparked violent protests across the Middle East that have taken the lives of dozens of people. Now, the strife is manifesting itself in the form of cyber war waged against America at home.
Over the course of this week, three major U.S. financial institutions have seen their web infrastructure targeted in technical attacks. On at least two occasions, groups or individuals claiming to be aligned with Muslims said the attacks were a reprisal for the ”˜Innocence of Muslims’ trailer that ridiculed the Prophet Mohammad.
Gov. Jerry Brown of California announced when he came into office last year that he had found an alarming $28 billion “wall of debt” looming over the state, which had to be dismantled.
Since then, he has slowed the issuance of municipal bonds, called for spending cuts and tried to persuade the state’s famously antitax voters to approve a tax increase this fall.
On Thursday, an independent group of fiscal experts said Mr. Brown’s efforts were all well and good, but in fact, the “wall of debt” was several times as big as the governor thought.
The dismal economy and skyrocketing gas prices may have accomplished what years of advocacy failed to: getting more people to stop driving solo. The share of workers driving to work alone dropped slightly from 2010 to 2011 while commutes on public transportation rose nationally and in some of the largest metropolitan areas, according to Census data out today Thursday.
Group commuting ”” riding buses, trains, subways or sharing cars or vans ”” rose from 2005 to 2011 in more than a third of 342 metropolitan areas for which data exist, according to a USA TODAY analysis.
About two-thirds saw jumps in residents using public transit. The share driving to work alone dropped in about two-thirds or more than 200 metros.
According to Statistics Canada, “grey divorce” has been steadily growing among those 55 and over, with rates expected to increase as more people continue to age.
While marriage remains the predominant family structure in Canada, it only represents 67 per cent of Canadian families, down from 70.5 per cent a decade ago ”” and 91.6 per cent in 1961, before the advent of the Divorce Act, Statistics Canada reported Wednesday in its latest batch of 2011 census data.
And for the first time, the number of common-law families in Canada outstripped the number of single-parent families in 2011, another sign of the declining popularity of matrimony.
After hitting $54,489 in 2007 (inflation adjusted), median household income has dropped by nearly $4,500:
2007 – $54,489
2008 – $52,546
2009 – $52,195
2010 – $50,831
2011 – $50,054
Median household income is defined by the U.S. Census Bureau as “the amount which divides the income distribution into two equal groups, half having income above that amount, and half having income below that amount.”
Read it all and you can find the full census report there.
Over 200 people from the UK’s leading businesses met in London this morning to search for a new blueprint for doing better business in Great Britain. They were seeking to unite corporate purpose with personal values so that businesses better serve society. The conference explored the themes of the business need for change, the inevitability of a conflict between profit maximisation and developing common good, and the distinctive practical contribution of a faith based ethical framework to personal and corporate responsibility.
The conference was facilitated by the Archbishop of Westminster, Vincent Nichols.
“I think one of the most vivid images that we had this morning was that a duty of business is to contribute to the adhesiveness of a society ”“ to its ”˜glue’ is the phrase that we used ”“ because if a society doesn’t have some glue, then it’s bad for business,” Archbishop Nichols said. “Because it’s difficult to understand that society. It’s difficult to get to appreciate what its needs are and what therefore what business can creatively respond to.”
Listen to it all (a little over 9 minutes).
While the front pages of our newspapers have been dominated the Olympics and Paralympics, the business pages continue to reflect the human and economic costs of a business ethos that culminated in the financial crisis and subsequent loss of trust in banking and business.
Four years or more after the crisis broke, we are still talking of the lessons to be learnt ”“ but not much nearer identifying what exactly they are, let alone applying them.
I was encouraged by several prominent business leaders to explore whether the Church was able to provide a forum for further reflection on this situation, so we could together move on.
When history books trace the evolution of the euro crisis, September 2012 will mark the beginning of a new chapter. Recent days have seen decisive moves from Europe’s notoriously incremental policymaking machinery. On September 12th Germany’s constitutional court backed the European Stability Mechanism (ESM), the euro zone’s permanent rescue fund, removing the last big hurdle to its launch. The same day, the European Commission laid out a blueprint for joint European banking supervision, the first step to a banking union. Days earlier the European Central Bank (ECB) announced that, under certain conditions, it would buy unlimited amounts of the bonds of troubled euro-zone countries.
Taken together, these actions mark a big change. At best, they constitute the foundations of a more sustainable monetary union. The euro zone now has a plan for bank supervision. It will be haggled over and watered-down, but the record of European diplomacy suggests that once proposals exist, something, eventually, tends to be agreed on…. Most important, the euro zone now has a central bank committed to being a lender of last resort. Yes, the commitment is conditional on countries securing help from, and adhering to, a rescue plan. But the ECB has made clear, for the first time, that it is willing to intervene without limit if need be.
So people who spend most of their money on groceries and gasoline and electricity ”” usually the poorest among us ”” effectively pay a lower sales tax, because those items aren’t taxed. So do wealthier people who spend most of their money on services ”” from lawn care to attorney fees ”” which also are untaxed. People who spend more of their money on clothing or electronics or restaurant meals or most consumer goods pay a higher effective tax rate because those items are taxed.
Now, there are perfectly legitimate reasons to write exemptions into the tax code. It can make the code more equitable: A sales tax is regressive, because poor people must spend a larger portion of their income than wealthier people, who are able to save or invest more; exempting groceries is one way to make the tax less regressive. Exemptions also can discourage those activities that we as a society want to discourage and encourage activities that we want to encourage; hence, a higher tax on cigarettes, and tax breaks for creating jobs in low-income counties.
The problem comes when the loopholes swallow the whole ”” as they clearly have when twice as many sales are exempted as taxed. The problem comes when the tax exemptions do not reflect generally agreed-upon values, but instead reflect the lobbying power of the favored interests. Or inertia.
Ten years ago, I was nearly 30 and over $90,000 in debt. I had spent my twenties trying to build an interesting life; I had two degrees; I had lived in New York and the Bay Area; I had worked in a series of interesting jobs; I spent a lot of time traveling overseas. But I had also made a couple of critically stupid and shortsighted decisions. I had invested tens of thousands of dollars in a master’s degree in landscape architecture that I realized I didn’t want halfway through. While maxing out my student loans, I had also collected a toxic mix of maxed-out credit cards, personal loans, and $2,000 I had borrowed from my father for a crisis long since forgotten. My life consisted of loan deferments and minimum payments.
Like so many other lost children, I had fallen into a career in IT. The work was boring, but led to jobs with cool organizations””a lot of jobs, because I kept quitting them. As soon as I had any money in the bank, I’d quit and go backpacking in Southeast Asia. My adventures were life-changing experiences, but I was eventually left with a CV that was pretty scattershot.
My luck securing interesting jobs dried up. In 2001, I ended up living with my dad for four months and working at a banking infrastructure company in suburban Pittsburgh. I should have taken that as a warning that I needed to get it together, but I thought it was just an aberration. It was not.
Cash-strapped officials in Europe are looking for a way to ease their financial burden by upending centuries of tradition and seeking to tap one of the last untouched sources of wealth: the Catholic Church.
Thousands of public officials who have seen the financial crisis hit their budgets are chipping away at the various tax breaks and privileges the church has enjoyed for centuries.
The Federal Reserve’s announcement Thursday is a big deal.
It’s a big deal because of what they’re doing. They’re buying $85 billion in assets every month through the end of the year, and then they’re potentially going to keep doing it in 2013. They’re promising to keep interest rates low through the recovery, and then keep them low after the recovery strengthens.
But it’s a bigger deal because of what they’re saying. Thursday, the Federal Reserve said, finally, that they’re not content with 8 percent unemployment and a sluggish recovery, and they’re willing to actually do something about it. If you’re an investor or a business owner trying to decide what the market is going to look like next year, you just got a lot more optimistic.
Read it all and there is more (with reasons for concern) there.
Entrepreneurs say their technology could smooth revolutionary reforms of medical care in the US, which spends $2.6tn a year on health, or 17 per cent of gross domestic product. As policy changes roll out over the next few years, insurance companies will be forced to limit their profits, and hospitals will face penalties if patients return to the hospital within 30 days of being discharged. Doctors will no longer be paid for how many X-rays they take or laboratory tests they run but for how well their patients are doing.
However, while the entrepreneurs exude optimism about their ability to streamline the healthcare system, the sprawling industry proved resistant of reforms in the 1990s. It was difficult to translate the vision of a few bright technology experts to the massive healthcare administration sector.
Fears about the proposed technology revolution resonate in several other countries that have hit roadblocks when turning to technology to address healthcare problems. Doctors and other medical professionals around the world have historically been slow to adopt new technology, wary of the costs and the time needed to learn and adjust to new administrative procedures.
When New York City announced last spring it intended to evict religious groups from public school facilities they rented for weekend services, churches fought back with a very public campaign. In June they won a court injunction against the city allowing the churches to stay, for now.
Meeting space is nearly as tight in Toronto as New York, but the Toronto District School Board (TDSB) in late August informed churches renting public school space that, beginning Sept. 1, faith-based organizations no longer qualified for reduced rates available to other charitable non-religious organizations, such as the Girl Guides. With only a couple of days’ notice these churches saw their rent doubled, quadrupled, or worse, with another 44 percent hike for all renters scheduled to take effect Jan. 1, 2013.
The rent increases could drive out many of the hundreds of churches now meeting in Toronto public schools. And Canadian churches lack the experience, inclination, and legal advocacy groups that the New York churches had to duke it out in the public square over what strikes many as religious discrimination.
Unemployment taxes for S.C. businesses could rise by as much as 12 percent next year because state officials are not enforcing a new state law, a state senator said Tuesday.
But officials at the state Department of Employment and Workforce, which administers the state’s jobless benefits, say they expect those tax rates to drop by 12 percent, adding they are enforcing the law.
Earlier this year, lawmakers passed a law that strips unemployment benefits from people who were fired for misconduct. State Sen. Kevin Bryant, R-Anderson, and some other Republican senators say the state agency is not enforcing the new law properly.
After decades of grinding poverty under successive military dictatorships, Myanmar’s rice farmers have a chance at a better future through rural reforms ushered in by the country’s quasi-civilian government. Microfinance is at the root of it.
The guarantees of small, low-interest loans to this least developed country’s debt-ridden farmers turn a page in the ledger of rural credit, which had virtually dried up within the small agriculture banking system during the 50 years of military rule, forcing farmers to borrow from money lenders at usurious interest rates.
Small loans ranging from 60 to 600 dollars are being offered to the agriculture sector by organisations like the Livelihood and Food Security Trust Fund (LIFT), a Western donor-backed microfinance initiative facilitated by the introduction last November of a microfinance law in Myanmar (also known as Burma).
A funny thing sticks in my mind about Black Wednesday. As dusk arrived, I was standing in the media scrum outside the Treasury, waiting for Norman Lamont to read the last rites over sterling’s membership of the European exchange rate mechanism (ERM). The photographers wanted the chancellor to deliver his statement standing next to a drain; but when a government official saw what they were up to, he taped a piece of paper over it. “They are not going to get their ‘pound goes down the drain’ picture now,” he said proudly. They didn’t need to, of course: the defeated look on the chancellor’s face said it all.
September 16, 1992 ”“ 20 years ago next Sunday ”“ had been a convulsive day. It dawned bright and sunny and ended with a dark cloud hanging over John Major’s government, which had been unexpectedly re-elected just five months earlier. The economy was in recession, the House of Commons was in recess and the Liberal Democrat conference, under way in Harrogate, was about to become even more irrelevant than usual.
We had known for days, if not weeks, that a reckoning was coming….
[The] primate of the Anglican Church of Nigeria Most Reverend Nicholas Okoh has rejected the proposed introduction of N5000 notes by the Central Bank of Nigeria (CBN) and the coining of some lower denominations.
Speaking in Abuja at the weekend at the consecration of Nathaniel Oladejo Ogundipe as Bishop of Ifo, Most Reverend Oko said there are other economic challenges for the CBN to tackle than the introduction of [a] higher denomination….
Shoppers are not the only ones feeling the squeeze of rising food prices.
Shelves are going bare in food banks and pantries as more market demand for food means the federal government is buying less produce, meat and dairy products to give to the needy.
As a result, food banks and pantries nationwide say they are giving out less food, even as record numbers of families turn to them.
Are you better off than you were four years ago? It’s a harder question than you might think.
If you examine the numbers, they suggest that most Americans aren’t better off than they were four years ago — but aren’t much worse off, either. The big difference may be their state of mind. When Barack Obama took office, the economy was collapsing. People were terrified. Companies were firing hundreds of thousands; the stock market was plunging. This fright has now morphed into a quiet dread that the economy is stuck in a state of insecure stagnation, which the government can’t cure and that will crush people’s dreams.
Just how Americans react to this change may determine whether they feel “worse off” — and how they’ll vote in November. Are people so relieved that we avoided a depression that they forgive the economy’s subsequent miserable performance as a lesser evil? Or are they so angry over Obama’s apparent powerlessness to engineer a strong recovery that their discontent overshadows any earlier success?
The problem with the unemployment metric is that an additional 6.6% report being “underemployed,” meaning they are left out of the 8.1% unemployed because they have part-time work but wish they were employed full time; they’re not classified as “unemployed.” They’re not in the 8.1% everyone’s watching, and this makes things complicated. Nearly 15% underemployed, including the unemployed, is much more accurate and significant than the single 8.1%.
My big point here is that the current U.S. unemployment metric is an over-complicated mess and misleads smart American leaders and citizens. Bluntly, we don’t honestly know when we see the government’s unemployment data if the employment situation got a little better or a little worse.
Gallup has a solution and breakthrough. We will start reporting Payroll to Population employment rates (P2P) every day on our website as of today. We will use a big sample of 30,000 completed telephone interviews in the U.S. and compute a new global employment metric that will be pure and unadjusted.
The Church in Egypt is being subjected to “cheap political blackmail and political thuggery” as Islamists demand that its funds come under state control in what could be seen as a ploy to deflect growing scrutiny of Muslim Brotherhood finances and affairs.
This was the assessment of Christian rights’ group Copts Without Chains to the call last week by Islamists in the Constituent Assembly that the government monitor church finances. Khaled Saeed, spokesman for the Salafist Front, said in a debate on Egyptian TV on 28 August that the measure was “necessary” to know where the Church’s money goes and “if it is on the right track or not”.
Absurdly over-stating the power of the Christian community in Egypt, Saeed claimed that the smallest monastery in Egypt was larger than the Vatican, and he alleged there were concerns of a “church state within the Egyptian civil state”.
Herewith the blurb about it:
The clock is ticking. Every second, it seems, someone in the world takes on more debt. The idea of a debt clock for an individual nation is familiar to anyone who has been to Times Square in New York, where the American public shortfall is revealed. Our clock (updated September 2012) shows the global figure for almost all government debts in dollar terms.
Does it matter? After all, world governments owe the money to their own citizens, not to the Martians. But the rising total is important for two reasons. First, when debt rises faster than economic output (as it has been doing in recent years), higher government debt implies more state interference in the economy and higher taxes in the future. Second, debt must be rolled over at regular intervals. This creates a recurring popularity test for individual governments, rather as reality TV show contestants face a public phone vote every week. Fail that vote, as various euro-zone governments have done, and the country (and its neighbours) can be plunged into crisis.
Now, before you click the link, note that for each country when you click on it you get the following: Public Debt, Public Debt/Person, Population, Public Debt as a % of GDP, and Total Annual Debt Change. Please guess these numbers for your own country and then go and check it out (the country to country comparisons are fascinating).
Germany should leave the euro zone if it is not prepared to take a more decisive lead in helping the euro zone’s weaker nations escape a spiral of increasing indebtedness and economic decline, veteran financier George Soros said on Saturday.
Soros said Europe faced a prolonged depression and an acrimonious end to the European unification project if steps were not taken to help its southern nations grow their way out of the debt crisis by collectively assuming some of their debt and relaxing its German-led insistence on austerity.
“Germany should either lead in developing a growth policy, political union and burden-sharing, accept the cost of leadership, or leave through an amicable arrangement,” Soros said in an interview with Reuters television in Vienna.
Greeted with initial fanfare by investors and economic officials, the unlimited bond-buying plan that the European Central Bank president, Mario Draghi, announced Thursday ran into immediate political problems in the crucial countries of Germany, Spain and Italy.
In Germany, despite Chancellor Angela Merkel’s support for Mr. Draghi and the independence of the Central Bank, political and news media reaction was scathing, with accusations that the bank, in seeking to stabilize the euro currency union, was subverting its mandate to fight inflation and forcing debt upon euro zone members.
“A Black Day for the Euro,” “Over the Red Line” and “Pandora’s Box Opened Forever” were some of the German headlines, with the normally sympathetic Süddeutsche Zeitung headlining an editorial: “The E.C.B. Rewards Mismanagement.” Even the German Bundesbank, officially part of the European Central Bank, put out a statement commenting acidly that the plan was “financing governments by printing bank notes.”
Dr Williams criticises the way the economy has been run during the financial crisis, saying that public life has become tainted by a “myth” that it is possible to guarantee financial security.
“A mythology of control and guaranteed security, combined with the fantasy that unlimited material growth is possible… has poisoned social and political life across a growing number of countries.
“No theologian has an automatic skill in economics; but there is an ethical perspective here, plainly rooted in theology, that obliges us to question the nostrums of recent decades, and above all persistently to ask the awkward question of what we want growth for, what model of well-being we actually assume in our economics.
U.S. job growth slowed in August, a sign of a slack recovery that could mute any postconvention momentum for President Barack Obama and spur the Federal Reserve to take further steps in an effort to stimulate the economy.
U.S. payrolls increased by a seasonally adjusted 96,000 jobs last month, the Labor Department said Friday. The politically important unemployment rate, obtained by a separate survey of U.S. households, fell to 8.1% from 8.3%.
Economists surveyed by Dow Jones Newswires expected a gain of 125,000 in payrolls and an 8.3% jobless rate.
Africa is in the midst of an epic elephant slaughter. Conservation groups say poachers are wiping out tens of thousands of elephants a year, more than at any time in the previous two decades, with the underground ivory trade becoming increasingly militarized.
Like blood diamonds from Sierra Leone or plundered minerals from Congo, ivory, it seems, is the latest conflict resource in Africa, dragged out of remote battle zones, easily converted into cash and now fueling conflicts across the continent.
Some of Africa’s most notorious armed groups, including the Lord’s Resistance Army, the Shabab and Darfur’s janjaweed, are hunting down elephants and using the tusks to buy weapons and sustain their mayhem. Organized crime syndicates are linking up with them to move the ivory around the world, exploiting turbulent states, porous borders and corrupt officials from sub-Saharan Africa to China, law enforcement officials say.