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December 1, 2015 / 19 Kislev, 5776
At a Glance

Posts Tagged ‘debt’

Argentine Prez Cristina Kirchner Doesn’t Get Why her Shylock Comment Angers Jews

Thursday, July 9th, 2015

(JNi.media) Argentine President Cristina Fernandez de Kirchner is in trouble over her evoking of William Shakespeare’s “Merchant of Venice” Jewish antagonist, Shylock, in an attempt to explain Argentina’s national debt to… schoolchildren.

Argentine Jews, needless to say, were not amused.

Kirchner told the kids that Argentina’s economic trouble could be understood by reading “The Merchant of Venice,” where the heartless Jewish moneylender seeks revenge on his nice, Christian debtors, whose only fault is that they took his money and wouldn’t give it back.

Kirchner tweeted that the idea had come to her after she asked the children what Shakespeare play they were reading and they told her: “Romeo and Juliet.”

And, so, she tweeted, “I said, you have to read the ‘Merchant of Venice’ to understand the vulture funds,” and that, apparently, made everybody laugh. So she tweeted, “No, don’t laugh, Usury and bloodsuckers have been immortalized in the greatest literature for centuries.”

The vulture banker, in case you haven’t been following the Argentine debt crisis over the past decade or more, is Jewish Billionaire Paul Singer, whom Kirchner and her Minister of the Economy Axel Kicillof have actually accused of behaving like a vulture — for insisting Argentina pay him back the $1.5 billion they owe him.

He’s dragged them through US courts, and has been beating them, to the point where the Argentine credit rating has been seriously curtailed. And when they offer him fistfuls of Argentine pesos he insists—Shylock that he is—on green bucks, which clearly spell, “In God we trust,” not in Argentine promissory notes.

This is, then, an ancient rivalry, and the President figured she was using humor to illustrate financial matters for the little ones.

Kirchner would not apologize, and instead tweeted an ad for “The Merchant of Venice” which was performed two years ago in Spain by an Israeli company.

Which means she honestly did not comprehend the difference between watching a WW2 movie and joining the Nazi party.

The last political celebrity to put his foot in his mouth over “The Merchant” was everybody’s favorite VP, Joe Biden. Speaking at a conference celebrating the 40th anniversary of the Legal Services Corporation, Biden shared stories he’d heard from his son (now departed), Beau, about his military experience in Iraq as Major in the Judge Advocate General (JAG) Corps.

“That’s one of the things that he finds was most in need when he was over there in Iraq for a year,” Biden said, “that people would come to him and talk about what was happening to them at home in terms of foreclosures, in terms of bad loans that were being…I mean these Shylocks who took advantage of, um, these women and men while overseas.”

It’s the gift that keeps on giving.

While the US Is Aiding Abbas, the EU Says He’s Crooked

Monday, October 14th, 2013

A London newspaper report of a  European Union audit citing gross corruption in the Palestinian Authority is the latest, but not the last, exposure of a PA regime that is a decaying creature living on borrowed time.

In August, the United States signed a $148 million agreement with the Palestinian Authority to support the budget in Ramallah.

U.S. Consul General Michael Ratney stressed how much the Obama administration supports Abbas government in order to strengthen its institutions, all part of the master plan to show that the Palestinian Authority functions as a state. All it needs, according to the U.S. State Dept., is the stamp of approval that it is a country.

The very idea of creating a new Arab state within Israel’s current borders is a dream for President Barack Obama, so he had no trouble in August to waive restrictions set by Congress to send more tax dollars to Ramallah,  part of a prize for resuming the so-called peace talks that are rapidly on their way to joining previous discussions in the grave from which they were exhumed in July.

Shortly after the U.S. aid, France and the Palestinian Authority signed a $15 million agreement to bail out Abbas’ depleted coffers, which have a bottom line of approximately minus $500 million.

Hamdallah then met EU foreign policy chief Catherine Ashton, one of Israel’s biggest thorns in the you know where, to ask for more money.

When it comes to schooring, Abbas has it all over the Jews.

As usual, the PA says it needs money because Israel is choking it as well as Gaza with the famous siege that does not exist., except for that which the Egyptian military regime has imposed. But  that does not count since it is not part of the Zionist lobby.

Make no mistake about it, says Abbas. “Israel exploits our resources and lands which directly leads to an increase in the deficit which we must contend with,” and “the central reason for this is the Israeli occupation.”

That is the magic code word for Abbas to get whatever he wants. If there is not enough rain, it is because of the occupation. If it is Tuesday and not Wednesday, it is because of the occupation.

Now it is October. It’s salary time again, and guess what? Palestinian Authority  Finance Minister Shukri Bishara told Abbas it has no money to pay its workers, who officially comprise nearly 8 percent of the total population in Judea and Samaria, but in fact the number is far larger.

It has been reported year after that the Palestinian Authority is a welfare state and that it cannot exist on its own.

Anyone who simply travels through Judea and Samaria can see for himself huge villas and thousands of luxury cars. What people don’t see, or don’t want to see, is that many of those homes and cars were paid for by the billions of dollars a year that are controlled by officials who make Congressmen’s pork barrel look like small potatoes.

The Times of London revealed Sunday that a European Union audit shows that corruption and mismanagement managed to waste about $2 billion, which is three or four times the annual deficit and also is nearly equal to the total amount of money the EU has given to the Palestinian Authority in the four-year period ending last year.

This is no news to Palestinian Authority Arabs. The EU auditors could have saved themselves a lot of work and trouble if they simply had asked the local Arabs, just like pollsters did last year, when they discovered that an overwhelming 71 percent of Arabs believe that there is corruption in their government.

In order to boost the confidence of Abbas to remain corrupt, Uncle Sam will pay out approximately $440 million to Ramallah this years, which is less than the $513.4 million doled out last year but still $440 million more than zero, not including support for UNRWA.

Aid to Israel is in the billions, but a large part of it is funneled right back into the United States for purchases of Made in USA defense components.

In the case of the Palestinian Authority, the only money that goes back into the coffers of the United States is that which Abbas forks over in restaurants when schnooring in Washington.

Is Obama Listening? Israel’s Debt Shrinks by 30 Percent

Tuesday, October 8th, 2013

The Israeli government’s deficit shrank by 30 percent, from $5.7 billion in the first nine months of 2013  to only $4 billion in the same period this year, Globes reported on Monday.

September’s deficit was only $250 million.

The deficit for the past 12 months represents 3.2 percent of the Gross Domestic Product (GDP), slightly more than the desired ceiling of 3 percent. The continuing decline in the government deficit will probably bring down number to below 3 percent by the end of the year.

Tax revenues grow by nearly 10 percent in the nine-month period, not including  September payments that were not recorded until October because of the recent  holidays.

Spending grew by 5.1 percent but less than the budgeted 8.8 percent  increase.

Rich Get Richer: Germany Saves $55 Billion on Crisis

Tuesday, August 20th, 2013

Germany is profiting from the debt crisis that’s debilitating most of their neighbors to the south and south-east, by saving more than 40 billion euros in interest on its government debt. Meanwhile, German treasury bonds doing fabulously well due to strong demand from investors seeking a safe haven, Spigel reported.

According to the German Finance Ministry, Germany will save a total of €40.9 billion (roughly $55 billion) in interest payments in the years 2010 to 2014, because of the difference between actual and budgeted interest payments.

On average, the interest rate on all new federal government bond issues fell by almost a full percentage point in the 2010 to 2014 period, according to the report, and Germany is a considered a very safe creditor in investors’ circles.

The rule of when it rains it pours seems to be working in Germany’s favor as well: it is seeing unprecedented high tax revenues from its robust economy, which has also led to a decline in new borrowing.

Between 2010 and 2012, the German government issued €73 billion (about $97 billion) less in new debt than it had planned.

On the other side of things, according to the Finance Ministry, the costs of the euro crisis for Germany have so far added up to €599 million, Spiegel reported.

This should be good news to all of us paranoids who fear a reawakening of the sleeping German militaristic giant who would try once more to conquer the world. Who needs to conquer the world when you can buy it for so much less?

Tale of 2 Debts: Moody’s OKs Israel’s A1 Rating; US Sinks in Red

Thursday, August 15th, 2013

Moody’s Investors Service affirmed the Israeli government’s A1 debt rating Thursday and credited Israel’s stable economy, while in the United States, an economist claims that the national debt is a staggering $70 trillion, 3.5 times the admitted amount.

Moody’s said it is upholding Israel’s current rating because of the resilience of the economy, expectation of a lower debt and favorable diplomacy with, particularly with the United States.

“Growth in the small, open economy has been sustained even with shrinking demand from Europe, a key trading partner,” according to Moody’s. It cited Israel as being a haven for entrepreneurs and a leader in the high-tech industry.

Another strong factor in Israel’s favor is the export of natural gas, which will help reduce the national debt, reduce taxes and create jobs.

On the negative side is “Iran’s nuclear program being the largest threat to Israeli territorial security,” Moody’s added. “However, a certain status quo has been achieved by maintaining a strong military deterrent, close ties with the US and friendly relations between the Israeli, Egyptian and Jordanian armies, It also credited the resumed talks with “helping to reduce Israel’s international diplomatic isolation.”

Coincidentally, IBM announced on Thursday it is buying up the Israeli Trusteer data security company for an estimated $750 million. Previously this year, foreign companies have purchased several Israeli firms for a total of more than $3 billion.

Israel not only has been the eye in the center of the Middle East hurricane that has swept through Arab countries but also has one of the strongest and most stable economies in the Western world.

In the United States, a poll released Thursday by Gallup shows that President Barack Obama’s economy rating is at an all-time low of 35 percent, reflecting large scale unemployment that is not reported because so many Americans have given up looking for work.

In addition, Fox News reported that University of California at San Diego Prof. James Hamilton estimates that the U.S. national debt is $70 trillion, 3.5 times the official debt of $16.9

That works out to approximately $175,000, plus change, for every man, woman and child. And that does not include a tip for the president.

“Hamilton believes the government is miscalculating what it owes by leaving out certain unfunded liabilities that include government loan guarantees, deposit insurance, and actions taken by the Federal Reserve as well as the cost of other government trust funds,” Fox reported. “Factoring in those figures brings the total amount the government owes to a staggering $70 trillion.”

Hamilton is not the first economist to estimate the debt to be so high, but the government prefers its own figures, for obvious reasons.

Eventually, say economists, the Treasury’s printing presses will be working overtime, leading to high inflation and interest rates, a double-whammy that can cause “stag-flation,” a recession with inflation.

The conclusion is that it would be wise to book early for a one-way ticket to Israel.

The Left: Getting Rich by Fighting for the Poor

Sunday, March 10th, 2013

Hugo Chavez’s death was met with tributes from Iran, Bolivia, China and El Salvador. The Western left did not waste much time adding their withered roses to El Comandante’s coffin. George Galloway called him another Spartacus. Jimmy Carter described him as a leader who fought for the “neglected and trampled.” Michael Moore praised him for declaring that the oil belongs to the people.

Whether or not the oil belongs to the people is a matter of some debate considering how much of it seemed to end up in Chavez’s pocket.

Chavez died with an estimated net worth of two billion dollars making him the fourth richest man in Venezuela and the 49th richest man in Latin America. For a while, Chavez weathered attacks from the media empire of Gustavo A. Cisneros, the richest man in Venezuela. Then before the 2004 election, their mutual friend Jimmy Carter brokered an agreement between them. Cisneros’ media stopped criticizing Chavez and both men bent to the task of getting even richer.

While the Bolivarian Spartacus lined his pockets with oil money, Venezuela’s middle-class was struggling to get by in a country where the private sector had imploded. Income increased on paper, but decreased in reality as inflation increases ate the difference. Around the same time that Comrade Hugo was launching the third phase of his Bolivarian Revolution, inflation had decreased household income 8.8 percent while consumer goods prices increased 27 percent.

On his deathbed, Hugo Chavez devalued his country’s currency for the fifth time by 32 percent, after tripling the deficit during his previous term when the national debt had increased by 90 percent. From 2008 to 2011, Chavez’s oil-rich government increased the debt by nearly 50 billion in a country of less than 30 million. That same year, The Economist speculated that Venezuela might go bankrupt.

Chavez had swollen the ranks of Venezuela’s public employees to 2.5 million in a country where the 15-64 population numbered only 18 million. With 1 public employee to every 7 working adults, the entire mess was subsidized by oil exports and debt. When the price of oil fell, only debt was left.

Those public employees became Chavez’s campaign staff with no choice but to vote for him or see their positions wiped out to keep the economy from crashing. And they won him one last election.

The dead tyrant leaves behind the lowest GDP growth rate and highest inflation rate in Latin America. He leaves behind an economy where more than half the population depends on government benefits or government jobs. He leaves behind a giant pile of debt for the people and 2 billion dollars in misappropriated oil money for his heirs.

But we don’t need to look to a leftist banana republic south of the border to see how profitable fighting for the poor can be.

Seven of the 10 richest counties in America are now in the Washington D.C. area. Arlington County alone added $6,000 to its average income in one year alone. D.C. and its bedroom communities got rich at twice the rate of the rest of the country and in the last election; Obama won eight of the 10 richest counties in the country.

Washington D.C. is richer than Silicon Valley. Median income in the D.C. area has hit $84,523 despite the city itself having horrendous unemployment and poverty statistics. The top five percent in D.C. earns 60 percent more than the top 5 percent in other cities and 54 times what the bottom fifth earns in that same city.

This wealth of government money isn’t a rising tide that lifts all boats. Income inequality in Washington D.C. is one of the worst in the nation. For families with children, the income inequality level in D.C. is double the average for the rest of the country.

But when you concentrate the wealth of the land in a single imperial city, then you end up with a sharp gap between the poor and the fighters for the poor. Mid-level jobs are disappearing, but high-level jobs continue to grow. Small businesses are going out of business, but lawyers and consultants are being hired at a breathtaking rate.

Washington D.C. has the highest concentration of lawyers in the country. One out of every 12 city residents is a lawyer. One in 25 of the country’s lawyers lives in Washington D.C. In 2009, the Office of Personnel Management reported that there were 31,797 practicing lawyers in the Federal government earning an average salary of $127,500 a year. Or to put it another way, the taxpayers were spending double Hugo Chavez’s two billion dollar net worth each year just to pay the lawyers.

Hiding Money From Your Spouse

Tuesday, January 29th, 2013

Do you have any secret funds or debts that your spouse doesn’t know about? I’m referring here to a hidden bank account or an unknown credit card or debt that you have never told anyone about.

If you do, then you are definitely not alone, as a recent Prudential Insurance company survey showed. When the British newspaper The Telegraph published the results of the survey at the end of November, it revealed that around 20 percent of British citizens have debts that they have not disclosed to their partners. Additionally, a slightly smaller number of people admitted that they had hidden investments and savings that were totally unknown to their spouses.

Those asked gave several reasons for concealing their debts. Many times, the underlying cause was a combination of bad monetary habits and embarrassment – over borrowing money to cover everyday living costs, or needing to pay off debts that shouldn’t have arisen. Some said their overspending had been caused by emotional distress, leading to financial problems. In many cases (22 percent), the reason for hiding savings was the fear of a breakup and making sure that there would be some money if this would occur. Eight percent even said that they hide these funds because they simply don’t trust the way their spouse handles money.

As a financial adviser, I often work with couples who argue with each other about money or who don’t trust each other when it comes to financial matters. Indeed, I noticed that attitudes to money are a huge cause of domestic disharmony. The statistics above definitely bear this out; they certainly don’t provide a very positive view of money or relationships.

The best way to combat these difficulties is to meet them head-on and prevent them from happening right from the beginning. If you have a son or daughter who is about to get married, sit down with the young couple and discuss financial habits, such as budgeting and saving. At the same time, emphasize openness and good communication in marriage. Trust and honesty are not only good values with regard to money, but also for marriage in general.

I recently discussed these issues with Sherrie Miller, co-founder of Choice of the Heart, an organization that prepares couples for marriage. And even if you have been married for twenty-five years, it certainly does no harm to review your financial habits with your spouse and to listen to some good and useful advice. Watch the video of my interview with Sherrie to learn more about financial fidelity and other tips for creating (and improving) a strong marriage.

Printed from: http://www.jewishpress.com/blogs/goldstein-on-gelt/hiding-money-from-your-spouse/2013/01/29/

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