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Greetings.

International Developments

? Egypt’s Muslim Brotherhood is upset that the US is characterizing the overthrow of President Mohamed Mursi as “restoring democracy”, rather than “military coup.”  Update: “Egypt military says protesters use children as human shields.”

? “State Department Issues New Worldwide Travel Alert on Terror”.

? “Samantha Power confirmed as Obama’s UN ambassador.”

? “Spanish train crash: investigators say driver got three speed warnings”, the last one when the train was “250 metres before curve where train crashed.”

? Oh, how the mighty have fallen!  “Italy ex-PM Berlusconi in angry tirade at ruling” (prison sentence for tax fraud).

? “Man Who Showed Reporters Alleged Toronto Mayor Crack Video Jailed.”

International Finance

? Spain’s unemployment rate is 26.3% which the IMF is using as an excuse to “give more flexibility to employers”, i.e., “to weaken labor laws” in terms of “hiring and firing by reducing legal requirements for temporary and permanent workers.”

Money Matters USA

? “Michigan Leads Nation in Massive Corporate Tax Breaks. (The Untold Story of Detroit’s Decline).”

? “Orders to U.S. Factories Rose in June Pointing to Growth Pickup.”

? Steve Cohen of SAC seems to be in federal prosecutors’ cross-hairs.  Will they follow through, or will Cohen receive a slap on the wrist? [cont’d.]