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Banks warn Fed of possible charges to depositors, negative interest rate

Banks have warned that if the Fed lowers the deposit rate on deposits they hold at the Fed (currently .25%) they would need to pass on the cost to the end user (depositor) to cover costs of Federal Insurance (FDIC) and other overhead costs associated with holding deposits.  Passing on fees to customers would likely […]

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Uncontrolled Global Nuclear Radiation Risk

A risky maneuver of the melted Fukushima Daiichi reactor could cause a significant risk for uncontrolled global nuclear radiation, say experts: After repeated delays since the summer of 2011, the Tokyo Electric Power Company has launched a high-risk operation to empty the spent-fuel pool atop Reactor 4 at the Dai-ichi (No.1) Fukushima Nuclear Power Plant. […]

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Switzerland Rejects Proposal To Limit Executive Pay

In a bold pro-corporate move, Switzerland has rejected a proposal that would limit executive pay.  Only 6 months ago, 70% of Switzerland supported and applauded this proposal.  See infographic.  More from Zero Hedge: Confirming that the brotherhood of the “fairness doctrine” in which everyone is equal to everyone else (but some are too big to fail […]

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The World’s 2170 Billionaires Control $33 Trillion In Net Worth, Double The US GDP

Apparently, 2170 people control more wealth than twice the GDP of the United States, supposedly the most economically strong country in the world.  Their wealth has increased by 60% since 2009.  They largely operate behind the scenes, but considering their economic influence, they should not be disregarded as just benefactors of a good economy.  If […]

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Economics revolution brewing against neoclassical, orthodox economics

The Soviets had an expression about the paradoxes in the Capitalist West, that they would sell each other nooses to kill themselves.  It appears that due to the transformation of the educational system to a market based system, and less so of an abstract academic, intellectual nature (where students pay and expect to get a […]

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Fed may taper if data meet criteria

In typical Fedspeak, the Fed has said absolutely nothing while discussing tapering, saying that they may taper if conditions warrant, with an unknown amount. *FOMC SAW `SEVERAL SIGNIFICANT RISKS’ REMAINING FOR ECONOMY  *FED TAPER LIKELY IN COMING MONTHS ON BETTER DATA, MINUTES SHOW *METLIFE FOUNDATION, SESAME WORKSHOP PARTNER TO PROVIDE FINL *FOMC SAW DOWNSIDE RISKS […]

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America placing bets on online gambling

As the crisis forces local governments to seek new sources of revenue, due to a deteriorating financial situation for many of them, facing bankruptcy or worse; local governments are getting creative.  Some have imposed strange new taxes, but many have fallen back on the age old industry; gambling.  Gambling has had an interesting history in […]

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Hearing: Security Flaws in Obamacare Website Endanger Americans

  A panel of IT experts recommended that Americans do not use the healthcare.gov website due to security flaws that could lead to identity theft or worse.  The experts said they’ve ‘never seen anything like it’ and that it would be easy for a hacker with basic knowledge to break into the site, stealing private […]

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