links for 2011-08-24
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Some of France's wealthiest people have called on the government to tackle its deficit by raising taxes – on the rich.
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(Reuters) – Genna Saucedo supervises cashiers at a Wal-Mart in Pico Rivera, California, but her wages aren't enough to feed herself and her 12-year-old son.
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New York Attorney General Eric Schneiderman, accused of trying to undermine the work of a group negotiating a nationwide foreclosure settlement with U.S. banks, was removed from the panel’s leadership.
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The US banking sector is not healthy. There is a fundamental misunderstanding about the Wall Street bailouts amongst the public, and quite a few policy makers at Treasury and the Federal Reserve: Somehow, they “fixed” the banking system. All it took was few trillion dollars in liquidity and a few $100 billion dollars in recapitalization, and all is now fine (I suspect some people at the Fed know the Truth).
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Eurobonds are being touted as the silver bullet to resolve the Eurozone crisis. This column argues that the Eurobonds proposal fails on legal, political, and economic grounds. It says that, whatever the variant, Eurobonds only make sense in a political union—and given the vast differences in national political systems and their quality of governance, any political union created on paper will not work in practice.
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WASHINGTON (Reuters) – Some internal Bank of America files obtained by WikiLeaks have been destroyed, according to a former close collaborator of Julian Assange, the whistleblowing website's founder.In
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AT&T, Verizon, Sprint and T-Mobile saw massive service interruptions. But one cellphone-based service managed to work as normal: BBM.
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The magnitude 5.8 earthquake that shook the East Coast on Tuesday was centered near a nuclear power plant, raising concerns that the facility could have been damaged. North Anna Power Station, located about 10 miles from the epicenter, is running its safety systems on backup generators after the quake knocked…
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Funny, I was thinking just the same thing.
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TOKYO (Reuters) – Moody's Investors Service cut its rating on Japan's government debt by one notch to Aa3 on Wednesday, blaming a build-up of debt since the 2009 global recession and revolving-door political leadership that has hampered effective economic strategies.
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Jyrki Katainen, the Finnish prime minister, has threatened to withdraw support for the Greek bailout in a move that could crush the fragile signs of recovery on global markets.
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BERLIN (Reuters) – A minister in Angela Merkel's conservative party propelled Germany into a debate about guarantees on bailout payments to Greece, backing a demand from Finland for collateral, but Berlin distanced itself from her comments.
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Dennis Gartman, the economist and editor of the Gartman Letter, is reducing his gold holdings because prices became “too frothy” after the metal surged to a record above $1,910 an ounce.
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