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STORIES:
Computer Sales in Free Fall - (online.wsj.com) The personal computer is in
crisis, and getting little help from Microsoft Corp.'s Windows 8
software once seen as a possible savior. Research firm IDC issued an alarming
report Wednesday for PC makers such as Dell Inc. and Hewlett-Packard Co. saying
world-wide shipments of laptops and desktops fell 14% in the first quarter from
a year earlier. That is the sharpest drop since IDC began tracking this data in
1994 and marks the fourth straight quarter of declines.
The
Euro Zone Crisis Is Back—On Multiple Fronts - (www.cnbc.com)
Europe's finance ministers
meeting in Dublin on Friday are facing a renewed crisis on multiple fronts,with
a backlash against austerity acting as a gloomy backdrop for negotiations over
bailout extensions for Portugal and Ireland, while tackling Cyprus's botched
bailout and growing worries about Slovenia. Investors, increasingly aware of
the euro zone's disarray, will be closely watching the results of that meeting.
On Thursday, Cyprus confirmed that the cost of its troika-initiated bailout had
surged to 23 billion euros ($30 billion) from 17.5 billion euros, further
jeopardizing its moribund economy. It has also confirmed that it
may have to sell most of its gold reserves to raise about 400
million euros to finance its part of the bailout.
The crisis isn't over in the US or Europe - (www.spiegel.de)
In a SPIEGEL
interview, Harvard economist Carmen Reinhart argues governments are incapable
of reducing their debts and that central banks are now stepping up to resolve
the crisis themselves. In the end, she argues, everyday savers will pay the
price. SPIEGEL: Ms. Reinhart, central banks around the world are flooding
the markets with cheap money in order to spur economies and support
governments. Are these institutions losing their independence? Reinhart: No central bank will admit it is
keeping rates low to help governments out of their debt crises. But in fact
they are bending over backwards to help governments to finance their deficits.
This is nothing new in history. After World War II, there was a long phase in
which central banks were subservient to governments. It has only been since the
1970s that they have become politically more independent. The pendulum seems to
be swinging back as a result of the financial crisis.
Tobin
Tax is madness for Europe, and economic war against Britain - (www.telegraph.co.uk) France's experiment with the Tobin Tax has
proved a spectacular flop. Its finance ministry admits that the scattershot
levy on financial transactions has raised just a third of the money expected
since August. Total takings will be a paltry €800m in 2013, but that overlooks
the much greater damage inflicted on French finance, industry and the
government's own tax base. "France is shooting itself in the foot,"
said Paul-Henri de La Porte du Theil, head of French finance industry AFG. Jean-Yves
Hocher from Crédit Agricole said it would cost his company €17bn. One French
banker told Les Echos that the tax was "a weapon of mass
destruction that is going to ruin our financial sector". The Bourse de
Paris and the nexus of French funds in Paris was already in slow decline even
before this act of idiocy. Le Figaro fears that the entire industry
will now whither on the vine.
What You Can Buy For Having
Your House Stolen – (forhavingmyhousestolen.tumblr.com/)
“Hello, yes, it’s very nice
to meet you, too, I’m LAWYER.” “Ok, so, you were approved for a loan
modification? Great! So legally the bank can no longer foreclose on you. Oh?
You are still being foreclosed on? I’m very sorry to hear that.” “How long has
this been going on? And you received $500 as a part of the@USOCC settlement
with the banks?” “Well, you can still pursue legal action. Next steps? Well,
I’m afraid our one hour is up. If you’d like to continue, we’ll need to
schedule another meeting. And yes, my rate is $500/hour, so if you need to set
up a payment plan we can definitely help you with that…”
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