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Fatster’s Roundup

Good morning!

International Developments

? “Pakistan’s PM [Raja Pervez Ashraf] has hailed as ‘a victory’ for democracy the completion of a full term by an elected government for the first time in the country’s history.”  Ashraf “is facing corruption allegations.”

? “High-ranking Syrian general defects from army”. Also, “Human Rights Watch said Syria’s government is killing an increasing number of civilians with cluster bombs.”

? “Objections to U.S. Troops Intensify in Afghanistan“.  BTW, the US missed the March 10th deadline given by Afghan President Hamid Karzai for “all Special Operations troops” to be out of Wardak Province.

? From her ivory-towered prison to the nitty gritty of political life: Burma’s Aung San Suu Kyi has much to learn.

? “Senior UK military figures”  say “Iraq war planning wholly irresponsible” and “lack of intelligence [about Iraq] a national disgrace”.   Paul Wolfowitz “has conceded that a series of blunders” by GWB & Co. “plunged Iraq into a cycle of violence that ‘spiralled out of control'”.

International Finance

? “Europe Announces Stunning Bailout For Cyprus–Bank Depositors To Get Instant 10% Tax Before Banks Reopen This Week”.  Actually, that’s 9.9% for €100,000+ deposits in Cyprus  banks and 6.75% for lower amounts. “People in Cyprus have reacted with shock“.  Cyprus wants relief for “small depositors”.  More here and here.

? Wall Street Journal’s “Observations on Cyprus”: “decline of sovereign immunity”, “Let banks grow at your peril”, “Euro-zone=political poison”, “property rights are conditional in a financial crisis”, “solidarity among [euro zone] governments is limited”.

? “World poverty is shrinking rapidly . . .  [UN] report uses nutrition and education as yardsticks as well as income”.   Prediction: acute poverty will be eradicated in 20 years.

Money Matters USA

? Sen. Elizabeth Warren (D-MA):  “St. Patrick drove snakes out of Ireland . . . to Wall Street.

The President of the Dallas Fed says it’s time to break up the too-big-to-fail banks–“practitioners of crony capitalism”,  “threaten[ing] financial stability”.

? “People in their 30s and younger currently have a net worth half of what” their parents had at the same age.

? US House Republicans “unanimously voted down a bill that would have raised the minimum wage.”  Six Democrats joined in:  Barrow (GA), Matheson (UT), McIntyre (NC), Owens (NY), Peterson (MN), Schrader (OR).

? “Records show Detroit’s [new] emergency manager has tax liens on his Maryland home:  [Kevin] Orr says he didn’t know about them, promises immediate action.”[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.