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Fatster’s Roundup for July 6, 2012

Good news! You have the entire weekend to recover from your mid-week holiday.

International Developments

? “Thousands of families in Syria had fled their homes in the past two weeks due to heavy fighting . . . Food prices have tripled in parts of seven provinces where the livelihoods of farmers and livestock herders are at risk of collapse because the wheat harvest is being delayed by a shortage of diesel . . . ” and on and on goes the suffering.

? As the war in Syria grinds on, so does the war of words between the super-powers, including Moscow’s statement that the ‘Western position on Syria . . . could aggravate the situation to the point of war.” Reactions to the Russian statement have included this one: “Canada joined the U.S. in launching a diplomatic salvo against Russia on Friday. . . Canada is ‘horrified’ by Syrian President Bashar Assad” and so on.

? Following US Secretary of State Hillary Clinton’s personally-delivered apology, Pakistan is again allowing trucks to cart supplies for NATO troops through Pakistan to Afghanistan. Jim White explains that the US will be rebuilding roads in Pakistan, instead of paying the $50,000/container fee–and the Taliban are pleased “because their supply of cash [from NATO and the International Security Assistance Force] will now also re-open”.

? “A New Zealand prosecutor working with U.S. authorities hoping to extradite MegaUpload founder Kim Dotcom said Thursday that a judge and defense attorneys do not have the right to see the prosecution’s evidence against Dotcom because he’s not facing trial in the country.”

? Why are they doing this? “Navy plans $40 million fiber-optic link to Guantanamo base” from an “undisclosed link in South Florida” Particularly since they are also doing this: “US administration considers turning Taliban detainees over to Afghanistan” which would “send several Taliban detainees from the military prison at Guantanamo Bay, Cuba, to a prison in Afghanistan . . ..

International Economics

? “IMF to Cut Global Growth Forecasts in Another Blow to Confidence”. What confidence? Anyway, the not-so-rosy prediction shows “how quickly the world economy has deteriorated.” Or how slowly they’ve been willing to admit it.

? ProPublica has put together a neat primer on the Libor scandal, laying it out clearly and succinctly.

? Robert Scheer: “Modern international bankers form a class of thieves the likes of which the world has never before seen. Or, indeed, imagined.” Much more.

? The “UK has spent more on saving banks in a year than it had on science ‘since Jesus’.”

? “‘Stressed’ Bank of England official stabbed self to death . . . [in April] . . . due to the over-whelming pressure he was under at work . . ..”

? This is getting mean as can be: “[UK Prime Minister] David Cameron ‘prepared to halt immigration of Greeks into UK’.

? “Portugal’s Constitutional Court has struck down a key part of the government’s deficit-cutting programme–limiting “extra holiday and Christmas pay for public sector workers.”

? President Obama “has pledged to get tougher on China’s trade policies” and the US has “filed a complaint against China with the World Trade Organization over tariffs on American-made automobile exports . . ..”

? The Vatican has a $19 million deficit, said to be the worst ” in years”.

Money Matters USA

? Insult to injury: “Rich corporations with money offshore want a tax holiday; Sen. Carl Levin says, ‘I want them to pay their taxes like the rest of us'”. It would be nice if they did have to pay taxes like “the rest of us”–without all those subsidies and loopholes and write-offs and overseas stashes.

? “Retailers post worst June sales in three years. Sales rose only 0.1%, much less than the 0.5% Wall Street wanted. [cont’d.]

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David Dayen

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