Level Nine Sports

 advertise with indeep media

UPDATED! Will the US Fall Over the Fiscal Cliff?

Posted: December 28th, 2012 | Author: | Filed under: Bailout, Business News, News | Tags: , , , , , , , , | Comments Off on UPDATED! Will the US Fall Over the Fiscal Cliff?

UPDATE Will the US Fall Over the Fiscal Cliff via Associated PressUS president Barack Obama will return to Washington – from vacation in his home state of Hawaii – to host congressional leaders, including his bitter Republican rivals, in a last-ditch attempt to halt America’s slide over the fiscal cliff.

A White House spokesman said the president would meet House speaker John Boehner and Senate minority leader Mitch McConnell, and Democratic allies Senate majority leader Harry Reid and House minority leader Nancy Pelosi.

The meeting – scheduled for Friday afternoon local time – comes amid bitter partisan exchanges and mounting pessimism over whether a budget deal can be struck.

Before leaving his Hawaiian Christmas vacation, President Obama telephoned congressional leaders to discuss the situation, which could push the US back into recession.

He returned to Washington overnight, but Senator Reid said a deal to avert the $US600 billion package of higher taxes and spending cuts, due to kick in with the New Year, looked unlikely.

With the deadline to solve the latest potential economic crisis in the US rapidly approaching, you have probably heard of the fiscal cliff – but what is it? :: Read the full article »»»»

The Pain In Spain

Posted: April 28th, 2012 | Author: | Filed under: Business News | Tags: , , , , | Comments Off on The Pain In Spain

The Pain IN Spain

Spain’s unemployment rate has hit a 20-year high, with more than 5.6 million people out of work. In the first three months of this year close to 370,000 people lost their jobs and Spain’s jobless rate is now at 24.4 per cent. Unemployment is highest among the youth population, at 50 per cent :: Read the full article »»»»

Beware Greeks Baring Reciepts

Posted: October 8th, 2011 | Author: | Filed under: Bailout, Blip, M.Aaron.Silverman, Socially Engineered | Tags: , , , , , , , , | Comments Off on Beware Greeks Baring Reciepts

The only thing certain in life is death and taxes!

Unless you live in Greece, where, as our favorite New Yorker –  James Surowiecki  – puts it, “Tax Evasion is the National Pastime.” To fix the problem, the government is going to start tracking its citizens’ spending in real-time.

Surowiecki has attributed many of Greece’s financial woes to its huge untaxed shadow economy, which is estimated to be more than 25% of  GDP. Some studies suggest that Greece is missing out on more than $30 billion in taxes, so the cash-strapped country is trying something new: forcing consumers to track their spending with a government-issued tax card.

The cards look like credit cards, but contain no personally identifiable information beyond the person’s tax id number. They will swipe during a purchase; the amount of the sale will be sent to their bank; and then the banks will report the spending to the Ministry of Finance at the end of each month. The cards have been made available at Greek banks this week and are voluntary – for now.

According to a remarkable presentation that a member of Greece’s central bank gave last fall, the gap between what Greek taxpayers owed last year and what they paid was about a third of total tax revenue, roughly the size of the country’s budget deficit. The “shadow economy”—business that’s legal but off the books—is larger in Greece than in almost any other European country, accounting for an estimated 27.5 per cent of its G.D.P. (In the United States, by contrast, that number is closer to nine per cent.) And the culture of evasion has negative consequences beyond the current crisis. It means that the revenue burden falls too heavily on honest taxpayers. It makes the system unduly regressive, since the rich cheat more. And it’s wasteful: it forces the government to spend extra money on collection (relative to G.D.P., Greece spends four times as much collecting income taxes as the U.S. does), even as evaders are devoting plenty of time and energy to hiding their income.

Surowieki wrote that “the reason tax reform will be such a tall order for Greece, in sum, is that it requires more than a policy shift; it requires a cultural shift.” Perhaps knowing that Big Brother is watching every loosening of the purse strings will help accomplish that.

Read Surowiekis Full article: www.newyorker.com
source: the new yorker

Pascal Lamy: Trade Growth Is In Asia

Posted: July 26th, 2010 | Author: | Filed under: Business News | Tags: , , , , | Comments Off on Pascal Lamy: Trade Growth Is In Asia

World Trade Organization Director General Pascal Lamy gives his outlook for this year’s global trade.

How does global trade look this year and what can be done to increase global trade? The other reason behind this sharp contraction was the drying up of trade finance. Many companies, particularly in the developing world, found it difficult to obtain this banking lending, despite the fact that it is among the safest and easiest forms of finance. But with a global credit crunch in place, all forms of finance were affected. After the trade finance package mobilized by the London G20, this area of finance is returning to normal but there are areas in which the problem persists, namely central Europe, Central Asia and Africa.
Pascal Lamy: The picture this year is much brighter, but you are right, last year was a bad year for trade. There were two things that lead to the sharp deterioration of trade in 2009. By far the most significant factor was the collapse in demand and business investment. When the world economy contracts, there will be an impact on trade as well, because trade is merely the conveyor belt between supply and demand. When demand falls off, so will trade. In fact, trade will contract even more due to the multiplier effect, brought about by vertical supply chains, in which the value of many products is counted more than once as inputs and assembled products cross borders. Read the full article »»»»