Majority Of Fortune 500 Using Offshore Tax Schemes To Hide $90 Billion

By: Friday June 6, 2014 10:17 am

According to a new report from Citizens for Tax Justice and the U.S. Public Interest Research Group, the majority of America’s Fortune 500 companies are cheating the tax man to the amount of approximately $90 billion by using offshore tax havens. That cheating leaves the rest of US taxpayers on the hook to make up [...]

Resetting the Market: Ireland’s Plan for Mass Mortgage Write-Downs

By: Tuesday October 9, 2012 7:45 am

Ireland had one of the larger housing bubbles in the world. I remember visiting the country in 2006 and seeing these brand-new roads and buildings everywhere. The Celtic Tiger included a housing boom, and that went bust in a hurry. For years, the country has struggled under bailouts and austerity programs. The Irish housing market [...]

Spanish Bank Bailout Already Collapsing as Solution for Europe

By: Tuesday June 12, 2012 7:40 am

The pattern I’m seeing in Europe these days is that each “solution” is given less and less time to work before the markets go right back into crisis mode. And indeed, that’s where we are. The Spanish bank bailout lifted spirits on Friday, and by Monday everyone went back to the same worries. Global markets [...]

Austerity Fever Breaking in Europe

By: Friday January 20, 2012 9:35 am

I mentioned Ireland’s woes in my last post. It reflects a consistent pattern: austerity coming out of an economic crisis, based on faulty ideas of an expansionary contraction, followed by a backslide into recession. In some cases, the debt load increases as a result, defeating the original purpose of the austerity. That hasn’t happened yet [...]

Greece Nearing Deal on Sovereign Debt Haircut

By: Friday January 20, 2012 8:55 am

In Greece, creditors and the government continued their work on a debt deal that would give a haircut to debt holders and set a new interest rate going forward, reducing Greece’s debt level. After hedge funds appeared to be playing a game of chicken by holding out on a deal, cooler heads may have prevailed. [...]

The New America: Home Demolition Rises as “Solution” to Housing Crisis

By: Thursday October 13, 2011 11:34 am

Foreclosures continue to increase across the country. They grew last quarter, with 610,337 filings (that averages out to almost 2.5 million annually). This change in direction suggests a new uptick in foreclosure activity. New default notices also increased 14%. And the foreclosure backlog continued to pile up, because banks cannot prove ownership of many of [...]

Euro Debt Crisis Roils in Ireland, Portgual

By: Thursday March 24, 2011 9:48 am

One crisis that hasn’t got much attention in the news lately, owing mainly to crisis overload I would imagine, is the European debt crisis. But that has not gone away. In fact, the Portuguese Prime Minister had to resign yesterday: Europe’s debt market jitters flared up again Wednesday as investors worried about the near-term fates [...]

Ireland’s Savage Austerity

By: Wednesday November 24, 2010 8:03 am

If you thought the Irish government couldn’t possibly close its budget deficit without raising its obscenely low 12.5% corporate tax rate, you were wrong. The austerity program leaves the corporate rate untouched, balancing the budget on the backs of the people instead. Ten billion in euros come from spending cuts, and five billion from tax [...]

Ireland To Accept Bank Bailout from EU, IMF

By: Monday November 22, 2010 6:28 am

After days of denying any talks with the EU or the IMF, Ireland’s top leaders acknowledged they would take a bailout for their troubled banks, totaling around $100 billion dollars. “A small sovereign like Ireland faced with an outsized problem that we have in our banking sector, cannot on its own address all those problems,” [...]

Ireland, Greece Sink Further Into Debt After Austerity Measures

By: Monday November 15, 2010 10:57 am

Over the weekend, it looked like the EU was prepared to provide a large rescue to Ireland, a bailout that could reach as high as $77 billion dollars, to help them tackle their growing debt burden. The Irish government repeatedly denied that they were seeking such assistance from the EU, and by Monday, the urgency [...]

European Financial Crisis Not Near Over

By: Wednesday September 29, 2010 9:45 am

Everybody decided to notice today that Europe’s debt-ridden economies did not solve their problems with austerity measures, they exacerbated them: Fears that Europe could see another Greek-like debt crisis unfold in Ireland or Portugal escalated Tuesday, with investors selling off their bonds and analysts warning that both nations might be heading into critical periods that [...]

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