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Fatster’s Roundup

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‘Morning, all.

International Developments

? Ethnic tensions erupt as Mali troops hunt down suspected Islamists: Malian army soldiers in Timbuktu make little effort to stop looting of shops owned by Tuareg and Arab minorities”. Update: French troops have retaken Kidal airport.  No resistance reported.

? “The conflict in Syria has reached ‘unprecedented levels of horror’, peace envoy Lakhdar Brahimi has told the UN Security Council.”  According to Syrian teevee, Israeli airplanes “carried out an airstrike” inside Syria.  “Syria to receive $1.5bn humanitarian aid after [UN head] Ban Ki-moon appeal: Arab Gulf states among nations pledging aid”.

International Finance

? Oxfam:  “end extreme wealth by 2025, and reverse the rapid increase in inequality seen in the majority of countries in the last twenty years”.

? Oh, nooooos.  JPMorgan traders during that London Whale scandal were betting “against the very derivatives positions placed by its chief investment officer”.

? “Libor Lies Revealed in Rigging of $300 Trillion Benchmark”.  Emerging details about how this huge global  rip-off was done–at the expense of regular folks (e.g., mortgages, savings accounts, etc).  So much for “light-touch supervision”.

? “Zimbabwe has $217 in the bank: finance minister”

Money Matters USA

? Lanny Breuer who prosecuted very “few cases related to the financial crisis during his time as head of the Justice Department’s criminal division”, has resigned.  Emptywheel has much to add.

? When all taxes are combined, “the poorest 20 percent of Americans pay an average effective tax rate of 11.1 percent . . . the middle 20 percent pays a 9.4 percent rate . . . [and] the top 1 percent . . .  just 5.6 percent”.  Complete report here.

? Fascinating history of debt and class.  E.g., The very wealthy Robert Morris had a  comfortable, well-appointed debtors’ prison cell and entertained George Washington for dinner  there while “common folks” struggled to even stay alive in their cells.  Much more, continuing to the present day where debt “is relentlessly turning a developed country into an underdeveloped one.” [cont’d.]

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Dan Wright

Dan Wright

Daniel Wright is a longtime blogger and currently writes for Shadowproof. He lives in New Jersey, by choice.