G.G. sent this piece by Peter Schiff: Why America Should Declare Bankruptcy Now [1]
Writing in Sovereign Man, Simon Black points out that Senator Schumer’s proposed “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy” is written retroactively [2], for anyone that has expatriated in the past ten years! Perhaps Mr. Schumer [3] missed reading Article 1, Clause 3 in the U.S. Constitution [4]. (Which bars any ex post facto laws.)
Jim W. sent us this: Japan is Broke – Highest Debt Ratio of Any Industrialized Nation [5]
China Warns Australia to Choose “Godfather” – China or U.S. [6]
CDV sent this: Greece: Top Three risks facing U.S. [7]
Items from The Economatrix:
Derivative Scandals: Taxpayer Supported Gambling [8]
Double Trouble at JPMorgan: Trader’s Losses Could Exceed $7 Billion [9]