TEN SQUARE MILES OF CRIMINAL ENTERPRISE

“The world’s richest elite and those who fully understand the situation are buying gold like hot cakes.”

Events over the past five months since the carefully orchestrated storm was set for bank “bail outs” should make it clear to any American not walking around in a self-imposed coma that we have crossed the Rubicon. As I have written for many years: Non essential businesses will continue to go under as Americans only have enough disposable income for absolute necessities like shelter, food and transportation to their jobs or the unemployment office. This massive give away by Congress since last September is simply sealing our fate.

Americans are frightened, confused. Already we’ve seen several tragedies where fathers have killed their entire families and themselves because he’s lost his job and the bills were piling up. We will see more and worse. We the people are now being held hostage with a gun to our head to aid and assist in the final destruction of our constitutional republic. We are being held hostage with the gun of government to our heads to fund the final destruction of capitalism, freedom and liberty.

We the people are being held hostage with the gun of totalitarian government to fund the continuation of the unconstitutional, immoral invasions of Iraq and Afghanistan based on lies and manipulation. To fund organizations who conduct massive vote fraud (ACORN), filth in the Arts and schools and more killing of unborn babies. Fund the furtherance of one world government as the impostor president is openly shoving communism down our throats with the approval from most members of Congress.

Read moreTEN SQUARE MILES OF CRIMINAL ENTERPRISE

UBS Sued by U.S. to Disclose Names of Up to 52,000 Holding Secret Accounts


The UBS AG logo hangs on the bank’s headquarters on Paradeplatz in Zurich, on Feb. 7, 2009. Photographer: Christophe Bosset/Bloomberg News

Feb. 19 (Bloomberg) — The U.S. government sued UBS AG, Switzerland’s largest bank, to try to force disclosure of the identities of as many as 52,000 American customers who allegedly hid their secret Swiss accounts from U.S. tax authorities.

U.S. customers had 32,940 secret accounts containing cash and 20,877 accounts holding securities, according to the Justice Department lawsuit filed today in federal court in Miami. U.S. customers failed to report and pay U.S. taxes on income earned in those accounts, which held about $14.8 billion in assets during the middle of this decade, according to the court filing.

“At a time when millions of Americans are losing their jobs, their homes and their health care, it is appalling that more than 50,000 of the wealthiest among us have actively sought to evade their civic and legal duty to pay taxes,” John A. DiCicco, acting assistant attorney general in the Justice Department’s tax division, said in a statement.

The lawsuit came a day after UBS agreed to pay $780 million and disclose the names of about 250 account holders to avoid U.S. prosecution on a charge that it helped thousands of wealthy Americans evade taxes. The U.S. and Zurich-based UBS disagreed over how many account holders the bank must disclose to the Internal Revenue Service, agreeing to resolve it in court.

Read moreUBS Sued by U.S. to Disclose Names of Up to 52,000 Holding Secret Accounts

Britain faces £100bn cut in spending according to ‘Bankrupt Britain’ report

BRITAIN faces years of painful adjustment as a result of the debt the government has taken on in the financial crisis, a report says.

Bankrupt Britain, written by City experts, says taxes will have to rise and the level of public spending will have to be cut by as much as £100 billion to put the government’s finances back into shape.

Its author, Malcolm Offord, a City fund manager with more than 20 years’ experience with Charterhouse, looked at the UK economy from the perspective of an investor considering putting money into a company.

Working with colleagues, he calculates that in the absence of government action, the national debt will balloon to more than 150% of gross domestic product over the next 10 years, compared with Labour’s “ceiling”, now breached, of 40%. The priority, he says, is to reverse the “profligate” spending that gave Britain an unacceptably big budget deficit at the start of the recession.

Reducing debt, the paper says, will require cutting the level of public spending by £60 billion by 2014 and £100 billion by 2020. Public spending is £623 billion this year, with a third going on social security.

Tax rises would also be needed, the paper says, focusing on an increase in the top rate of tax to 50%. But raising taxes too much would be self-defeating, hitting economic growth.

Read moreBritain faces £100bn cut in spending according to ‘Bankrupt Britain’ report

Unpaid taxes return to haunt Obama cabinet


Tom Daschle: Nominated as Health Secretary despite $140,000 tax debt

The high ethical standards which Barack Obama set for his administration have hit a bump on the road, after revelations that his choice for Health Secretary, Thomas Daschle, waited nearly a month after being nominated before revealing to the President that he was a tax delinquent.

Mr Daschle, one of Mr Obama’s earliest backers, only paid the back taxes totalling $140,000 (£97,000) on 2 January and told the White House about it two days later. The money covered tax owed on additional income from consulting work, undertaken for a wealthy New York investor, as well as the exclusive use of a Cadillac limousine complete with driver.

The Senate finance committee meets today to discuss Mr Daschle’s nomination. He is the second of Mr Obama’s cabinet picks to have found themselves scrambling to smooth out their financial records. Tim Geithner’s confirmation as Treasury Secretary was delayed after it was discovered he had failed to pay $34,000 in taxes.

Read moreUnpaid taxes return to haunt Obama cabinet

Fate of UBS hangs on tax evasion case

The future of UBS, the giant Swiss bank, rests on the outcome of tense negotiations with US investigators as its long-running multi-billion-dollar tax evasion case concludes this month.

A series of hearings in Washington over the next four weeks will determine whether UBS faces criminal prosecutions and possibly even the loss of its US bank licence.

The bank is being investigated by US authorities for its alleged part in what is claimed to be a massive tax evasion scheme. The US has accused UBS of helping rich Americans hide billions of dollars. Last November, a senior member of the executive board of UBS was charged by US authorities with tax evasion. He has resigned from the board to defend himself. UBS has been co-operating with investigators and has made it plain that it is taking the issue seriously.

Read moreFate of UBS hangs on tax evasion case

$4B shortfall – New York City may cut 23,000 jobs

Mayor says New York City may need to reduce payroll by 23,000 and increase sales tax to close $4 billion budget gap.

NEW YORK (CNNMoney.com) — The Big Apple will have to tighten its belt as the city that leans heavily on Wall Street’s profits is expected to suffer a dramatic decrease in tax revenues in coming years.

Mayor Michael Bloomberg said Friday that New York City may have to cut tens of thousands of jobs and it may have to increase the sales tax to make up for the city’s $4 billion budget shortfall in the fiscal year that begins in July.

“We had prepared for a downturn, but I think it’s safe to say nobody prepared for the severity of the downturn that we have been experiencing,” said Bloomberg.

As many as 23,000 city employees might be cut from the city payroll as part of an effort to save roughly $1 billion in expenses, the city said.

The public school system would suffer. If new aid does not come from the state, 14,000 teachers could lose their jobs. Most of the remaining 9,000 positions would be lost through attrition and about 1,000 layoffs.

The tax hikes could raise an estimated $900 million, Bloomberg said, but that may be “nowhere near adequate,” depending on the aid the city gets from the state and federal governments. He said he is hoping to get some concessions from city labor unions and aid from the state and federal governments totaling $2 billion.

Read more$4B shortfall – New York City may cut 23,000 jobs

Gerald Celente: The Collapse of 2009; The Greatest Depression

If Nostradamus were alive today, he’d have a hard time keeping up with Gerald Celente.
– New York Post

When CNN wants to know about the Top Trends, we ask Gerald Celente.
– CNN Headline News

There’s not a better trend forecaster than Gerald Celente. The man knows what he’s talking about. – CNBC

Those who take their predictions seriously … consider the Trends Research Institute.
– The Wall Street Journal

A network of 25 experts whose range of specialties would rival many university faculties.
– The Economist

1 of 4:

17. Januar 2009
Source: YouTube

Read moreGerald Celente: The Collapse of 2009; The Greatest Depression

Lindsey Williams: America will see a financial collapse (1-22-09)

Don’t miss:
Lindsey Williams: The Dollar And The US Will Collapse; Saudi Arabia And Dubai Will Fall; US Will Be Third World Country; The Greatest Depression Is Coming
Ron Paul on Glenn Beck: Destruction of the dollar
Jim Rogers: I Would Sell All Government Bonds
Jim Rogers: US creditor nations to shun Treasuries
Time to Sell Treasuries, Biggest Korean Fund Says
U.S. Treasuries bubble about to blow: Societe Generale
The Bond Bubble – Marc Faber, Peter Schiff, Max Keiser
Peter Schiff: We are the United States of Madoff
Peter Schiff: The World Won’t Buy Unlimited U.S. Debt
China’s US bond appetite to slow: economists
Willem Buiter warns of massive dollar collapse

1 of 4:

Source: YouTube

Read moreLindsey Williams: America will see a financial collapse (1-22-09)

GAO: 83% of big U.S companies, contractors use offshore tax havens

Citigroup – which has received $25 billion from the bailout fund, plus $300 billion in government guarantees – has set up 427 tax haven subsidiaries to do business: 91 in Luxembourg, 90 in the Cayman Islands and 35 in the British Virgin Islands. Other havens include Switzerland, Hong Kong, Panama and Mauritius.”



The Government Accountability Office (GAO) has just issued a report showing that most of the nation’s largest public companies and government contractors rely on offshore subsidiaries to do business and cut their tax bills. Some of these same firms – including big banks and insurers – have already received tens of billions in taxpayer money from the federal bailout fund.

Citigroup, Bank of America, Morgan Stanley, American International Group, American Express have set up hundreds of tax-haven subsidiaries, the report states. All have taken billions from the bailout fund. Pepsi and Caterpillar, both of which have received billions in tax dollars from being major government contractors, also shelter revenue in offshore subsidiaries, The Washington Post says.

Read moreGAO: 83% of big U.S companies, contractors use offshore tax havens

Thousands bankrupted over unpaid council tax

Thousands of vulnerable people are being forced into bankruptcy as town halls use increasingly aggressive tactics to chase council tax arrears.

Some households owing hundreds of pounds are saddled with debts in five figures as a result of such action, The Times has learnt.

Pensioners and poor families have even had to sell their homes to meet huge legal costs arising from bank-rupcy orders that dwarf the original debt, according to Citizens Advice.

Bailiffs were used in 1.2 million cases to recover council tax arrears last year, and 2.5 million households received courts summonses. Of 19,156 bankruptcy petitions, one in five was lodged by local authorities. In 1992-93 the proportion was one in a hundred.

Read moreThousands bankrupted over unpaid council tax

Labour planning secret tax on ‘nice houses’

Millions of middle-class home owners living in desirable neighbourhoods are facing higher council tax bills after the next election following a secret Government exercise to assess the “niceness” of different areas.

Labour planning secret tax on 'nice houses'. (Pictured: Holland Park, London)
Cities are being divided up under the new tax plans, with desirable neighbourhoods being charged higher rates. Tories plan to publish a dossier on the system today.

Tax inspectors have divided England into 10,000 new “localities” with each neighbourhood ranked on the socio-economic class of its residents and environmental factors such as crime and traffic levels.

The inspectors have even purchased demographic data disclosing how many company executives, pensioners or students live in particular streets, The Daily Telegraph has learned.

This has been collated on a secret database which is being used to assess the desirability of neighbourhoods to help determine council tax bills if Labour wins power again at the next election. (It really does not matter who you vote for, because those politicians are all puppets.)

Read moreLabour planning secret tax on ‘nice houses’

City of London recession to trigger £11bn tax revenue black hole

The financial crisis will result in tax revenues from City bonuses alone falling by as much as £4bn next year, according to one of Britain’s most influential economic forecasting firms.


Restrictions on bonuses at the banks which the Government is helping to rescue will also have the unintended consequence of lowering tax revenues Photo: MICHAEL WALTER

As investment banks, hedge funds and private equity firms – three of the principal drivers of the Square Mile’s explosive growth of recent years – cut tens of thousands of jobs, the Centre for Economics and Business Research (CEBR) expects the Treasury to face an overall City-generated taxation “black hole” of more than £10bn.

The CEBR believes the Government will collect around £5bn less than previously-estimated in corporation tax, while tax generated by bonuses, National Insurance contributions and base salaries is likely to fall by around £6bn.

The bleak forecasts underline the many ways in which cutbacks in the City, which has become a crucial engine of national economic growth, will contribute to an expected recession in Britain.

Restrictions on bonuses at the banks which the Government is helping to rescue will also have the unintended consequence of lowering tax revenues from City firms.

The deficit means Alistair Darling, the Chancellor, may need to borrow up to £110bn in the next financial year to plug the hole in the national balance sheet – almost three times the estimate of the £38bn forecast in his Budget statement last March.

Read moreCity of London recession to trigger £11bn tax revenue black hole

Darling: tax may rise in downturn

The Chancellor signalled last night that taxes might have to rise if the economic downturn is prolonged.

Alistair Darling warned that Government revenue has collapsed because of the recession. He said that ministers would attempt to stimulate the economy by accelerating spending projects even if it meant a sharp increase in Government borrowing.

He is expected to announce plans today for a £4bn loan package designed to help small businesses cope with tough trading conditions ahead.

Read moreDarling: tax may rise in downturn

‘Environmental volunteers’ will be encouraged to spy on their neighbours

Councils are recruiting residents to report anyone who drops litter, fails to recycle their rubbish properly, or who allows their dog to foul the streets.

Advertisements looking for people to sign up for the unpaid “environmental volunteer” jobs have been posted across the country in recent months.

Critics said the scheme is encouraging a Big Brother society where friends and neighbours will be encouraged to “snoop” on one another.

The recruitment drive follows news that the Home Office is granting police powers to council staff and private security guards, allowing then to hand out fines for low-scale offences and ask for personal details.

Read more‘Environmental volunteers’ will be encouraged to spy on their neighbours

Lone accountant takes on IRS and wins

In this Feb. 25, 2005 file photo, Charles Ulrich talks about taxes from his
Charles Ulrich talks about taxes from his Baxter, Minn. home. (AP Photo)

WASHINGTON – It took seven years, but Charles Ulrich did something many people dream about, but few succeed at: He beat the IRS in a tax dispute.
Not only that, but tax experts say potentially millions of other taxpayers could benefit from his victory.

The accountant from Baxter, Minn., challenged the method the IRS has used for more than 20 years to tax shares and cash distributed by mutual life insurance firms to their policyholders when they reorganize as public companies.

A federal court recently agreed with his interpretation.

“There’s a tremendous amount of money at stake,” said Robert Willens, a New York City-based tax analyst at Robert Willens LLC. “Tens of thousands of people could be in line for a refund.”

Read moreLone accountant takes on IRS and wins

Bush’s Dirty Little Medicare Secret

We already know about the lies orchestrated by the White House to justify the invasion of Iraq . But there is a bigger secret that has not yet hit the mainstream media. And it probably never will until it’s too late. Those of you who read my book already know about it because I discuss it at length. For those of you who haven’t had a chance to read America’s Financial Apocalypse , I’m going to expose this secret now.

Read moreBush’s Dirty Little Medicare Secret

US: Most companies paid no federal income taxes

Report says most corporations pay no federal income taxes; lawmakers blame loopholes

WASHINGTON (AP) – Two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005, according to a new report from Congress.

The study by the Government Accountability Office, expected to be released Tuesday, said about 68 percent of foreign companies doing business in the U.S. avoided corporate taxes over the same period.

Collectively, the companies  reported trillions of dollars in sales, according to GAO’s estimate.

Read moreUS: Most companies paid no federal income taxes

More than 29 states face total budget shortfall

At least 29 states plus the District of Columbia, including several of the nation’s largest states, faced an estimated $48 billion in combined shortfalls in their budgets for fiscal year 2009 (which began July 1, 2008 in most states.) At least three other states expect budget problems in fiscal year 2010.

Read moreMore than 29 states face total budget shortfall

Jim Rogers: Fannie Plan a `Disaster’; Goldman Says Sell

The U.S. economy is in a recession, possibly the worst since World War II, Rogers said.

“They’re ruining what has been one of the greatest economies in the world,” Rogers said. Bernanke and Paulson “are bailing out their friends on Wall Street but there are 300 million Americans that are going to have to pay for this.”

July 14 (Bloomberg) — The U.S. Treasury Department’s plan to shore up Fannie Mae and Freddie Mac is an “unmitigated disaster” and the largest U.S. mortgage lenders are “basically insolvent,” according to investor Jim Rogers.

Taxpayers will be saddled with debt if Congress approves U.S. Treasury Secretary Henry Paulson‘s request for the authority to buy unlimited stakes in and lend to Fannie Mae and Freddie Mac, Rogers said in a Bloomberg Television interview. Rogers is betting that Fannie Mae shares will keep tumbling.

Goldman Sachs Group Inc. analyst Daniel Zimmerman said the mortgage finance companies’ shares may fall another 35 percent and lowered his share-price estimate for Fannie Mae to $7 from $18 and for Freddie Mac to $5 from $17. Freddie Mac fell 64 cents, or 8.3 percent, to $7.11 in New York Stock Exchange trading, while Fannie Mae fell 52 cents, or 5.1 percent, to $9.73.

“I don’t know where these guys get the audacity to take our money, taxpayer money, and buy stock in Fannie Mae,” Rogers, 65, said in an interview from Singapore. “So we’re going to bail out everybody else in the world. And it ruins the Federal Reserve’s balance sheet and it makes the dollar more vulnerable and it increases inflation.”

The chairman of Rogers Holdings, who in April 2006 correctly predicted oil would reach $100 a barrel and gold $1,000 an ounce, also said the commodities bull market has a “long way to go” and advised buying agricultural commodities.

`Solvency Crisis’

Read moreJim Rogers: Fannie Plan a `Disaster’; Goldman Says Sell

McCain Would Give America’s 200 Largest Corporations $45 Billion In Tax Breaks

If you’re a CEO of one of America’s largest corporations and have enjoyed the Presidency of George W. Bush, a contribution to the McCain campaign is looking like a pretty good investment.

A new report from the Center For American Progress Action Fund finds that a key piece of John McCain’s tax plan — cutting the corporate tax rate from 35% to 25% — would cut taxes by almost $45 billion every year for America’s 200 largest corporations as identified by Fortune Magazine.

Eight companies — Wal-Mart Stores Inc., Exxon Mobil Corp., ConocoPhillips Co., Bank ƒƒof America Corp., AT&T, Berkshire Hathaway Inc., JPMorgan Chase & Co., and Microsoft Corp. — would each receive over $1 billion a year.

The following table shows the tax savings to America’s five largest firms. See a full list of all 200 companies and their savings under McCain here:

These giveaways are just one part of McCain’s doubling of the Bush tax cuts for corporations and the wealthy which would create the largest deficits in 25 years and drive the United States into the deepest deficits since World War II.

A recent analysis by the Public Campaign Action Fund found that John McCain’s campaign has received $5.6 million from the PACs and executives of the Fortune 200.

Over the past eight years, under George W. Bush, American workers have seen their wages stagnate as corporate profits have skyrocketed. John McCain’s misguided priorities show he’s more of the same: the same $45 billion in tax cuts for America’s 200 largest companies could be used to lift over 9 million Americans out of poverty.

Read moreMcCain Would Give America’s 200 Largest Corporations $45 Billion In Tax Breaks

City Pension Funds Lose Billions

Taxpayers Could Be On the Hook

New York City officials are bracing for increased pressure on the budget as the city’s pension funds are reeling from the credit crisis and posting billions of dollars in losses. In the nine months leading up to March 31, the city’s five pension funds lost a total of nearly $5 billion, or 4.4%, according to data from the city comptroller’s office. This is a far cry from projections published as recently as last month, when budget planners assumed the pension system would post no losses.

If those losses are not recovered by the end of the fiscal year, which ends Monday, the city will have to pay out several billion dollars through 2015, with the first payment of $190 million set for 2010.

The government will have to make up the shortfall from the poor performance of the pension funds at a time when it is already suffering from tax revenue losses due to a souring economy.

“In itself, it’s manageable,” the research director for the Citizens Budget Commission, Charles Brecher, said of the pension fund losses. “The fact that it’s going to be combined with revenue shortfalls means that we’ve got serious problems.”

The Teachers’ Retirement System of the City of New York, which has lost 5.06% of its value in the nine months ending March 31, has been the worst performer so far this year. The New York City Employees’ Retirement System, which lost 3.98% in the same period, performed the best. Other pension funds include the New York City Police Pension Fund, the New York City Fire Department Pension Fund, and the Board of Education Retirement System of the City of New York. Numbers for the state pension system are not yet available, a spokesman for the state comptroller said.

Read moreCity Pension Funds Lose Billions

US infrastructure is falling apart

The basic infrastructure all of us depend on every day – including aviation, highway, public transit and rail – is falling apart and needs a proper flushing, if we could find a public water system that worked properly.

That pretty much sums up a depressing report issued today by the congressional watchdogs at the Government Accountability Office today on the state of the US infrastructure. Not only are the problems large, but some of the solutions, such as increased taxes, vehicle usage fees, airline passenger levies as well as adding tolls on highways are as controversial and they would be painful.

And then there are the problems. “For example, demand has outpaced the capacity of our nation’s surface transportation and aviation systems, resulting in decreased performance and reliability. Furthermore, as we recently reported, federal surface transportation programs are not effectively addressing key challenges, such as congestion, because the federal goals and roles are unclear, many programs lack links to performance or needs, and the programs often do not employ the best tools and approaches. In addition, water utilities are facing pressure to upgrade the nation’s aging and deteriorating water infrastructure to improve security, serve growing demands, and meet new regulatory requirements.

Given these types of challenges and the federal government’s fiscal outlook, it is clear that the federal government cannot continue with business as usual, ” the GAO said.

Read moreUS infrastructure is falling apart