Politics Plus

I knew that there was a ton of money squirreled away in tax havens by the super rich, but I had absolutely no idea just how much it is, or just how few own all that wealth.  The bottom 40% of Americans own 0.2% of the wealth, but that does not count the wealth hidden in tax havens.

A new report by the Tax ,sJustice Network released Sunday reveals that between $21 trillion and $31 trillion is currently tucked away in global tax havens by the global super-rich–an amount that far exceeds previous estimates. Through exploiting gaps in global tax rules, the global financial elite are managing to hide "as much as the American and Japanese GDPs put together" from taxation, leaving the world's poor to carry the burden of global debt through harsh austerity measures.

The report pools data from the World Bank, International Monetary Fund, United Nations and global central banks.

In the report, The Price of Offshore Revisited, the Tax Justice Network details the ways in which the trillions of dollars are essentially smuggled out of countries into tax free havens such as Switzerland and the Cayman Islands through private banks.

According to the calculations, £6.3tn of assets is owned by only 92,000 people–0.001% of the world's population… [emphasis added]

Inserted from <Common Dreams>

Picture credit: Democratic Underground

I suppose I owe Willard an apology.  I have thought of him as a member of the 1%, when perhaps I should have said the .001%.

I know all that money is not US, but just to give you an idea of the magnitude of that wealth, if the high estimate is correct, it is enough to pay off the entire US national debt… twice.

Most Americans now recognize that Climate Change is a real problem, except those intellectually euthanized by Faux Noise.  However, many of us are not aware of all the ways it effects us right now.  I came across an excellent article that details ten such ways.

The onslaught of extreme weather and record temperatures this year have had an impact on people globally, directly through drought and temperature, and more indirectly impacting food prices and public transportation.

Here are 10 impacts we’re seeing right now that climate change is very likely worsening, in some cases playing a major role:

Rising Food Prices

Over half of the Continental U.S. is now facing severe drought–the worst in fifty years. As a result of extreme temperatures and little rain, corn production suffers although analysts predicted record production at the start of the year. In coming months, record-high food prices will continue to rise, affecting thousands of supermarket products. See also “Story of the Year: Warming-Driven Drought and Extreme Weather Emerge as Key Threat to Global Food Security.”

Goodbye Glaciers, Sea Ice

This week, an iceberg twice the size of Manhattan tore itself off of one of the largest glaciers in North Greenland, following another break of comparable size in 2010. Scientists say that such dramatic change is unprecedented, and report that “the Arctic had the largest sea ice loss on record for June.” [ClimateProgress]

Landslides

A recent landslide on an Alaskan glacier was massive enough to register as a 3.4-magnitude earthquake, even recorded in Canada. “We are seeing an increase in rock slides in mountain areas throughout the world because of permafrost degradation,” a scientist said. [Huffington Post]

Inserted from <Think Progress>

Picture Credit: The Telegraph

I have given you three of the ten ways.  I strongly recommend that you click through for the other seven.

While neither party is environmentally ideal, only one recognizes the problem and supports green energy.  Therefore the notion that they are the same does not hold water.  Democrats have proposed dozens of pro environment measures, only to be blocked by Republicans.

The temperature’s cooling, the power is back on in Washington, D.C., the fires are almost out in Colorado and they’ve almost cleaned up from the flooding in Florida.

So naturally, those who continue to deny (at the peril of the rest of us) the connection between climate change and extreme weather disasters are once again raising their heads and raising their voices.

Sen. Jim Inhofe, the igloo-building, oil-state politician who recently authored a book proclaiming global warming is a hoax, used the Senate floor as a stage to do just that on Wednesday. Columnist George Will used the airwaves over the weekend to say that prolonged record high temperatures and the hottest year on record just means it’s summer – get over it…

Inserted from <Huffington Post>

Picture Credit: 350 or bust

In January, either Republicans or Democrats will be in power.  There are no other viable options for most places.  If you want to save the earth, you’d better help make sure that Republicans are removed from power.

Although we keep fighting the flow of anonymous campaign cash fuelling dishonest attacks against Obama and other Democratic candidates, let us not forget that there are also corporations, that we do know about, fuelling attack ads that are just as bad.

Have you eaten at White Castle recently? Or caught a movie at Regal Cinemas?

If so, you may be unwittingly helping finance right-wing attack ads.

That’s because many of the country’s most common brands are run by rich conservatives who are using their personal wealth to bankroll outside spending groups that are running attack ads smearing progressives. From Marriott Hotels to Brawny paper towels, and from the Los Angeles Lakers to the Coachella music festival, corporate executives at these organizations have given millions of dollars to groups like Mitt Romney’s Super PAC Restore Our Future.

Some corporations, like Waffle House, give direct donations to conservative attack ad groups like Karl Rove’s American Crossroads…

Inserted from <Think Progress>

Hat-tip: Sue aka Purplegem

If you don’t recognize the logos, click through.  The article has descriptions of how each company is working to help Republicans finish turning America into a corporate plutocracy.

They must think we won’t know and wont care.

Deny them your patronage.

Let trhe4m know that you are doing so and why.

Republican efforts to sabotage the economy have been largely successful, making the 112th the least productive Congress in US history.  Those efforts reached their apex a year ago when Republicans blackmailed America, and caused a drop in the US credit rating.  The downside of that episode it that it caused many Americans to recognize for the first time that Republicans are selling-out America for political gain.  Because Republicans fear reminding the voting public of that fact immediately before a national election, they may try to kick the can down the road, just beyond the election.

Top congressional Republicans are plotting ways to avoid a government shutdown fight when the fiscal year ends Sept. 30, believing the partisan brinkmanship that defined last year’s budget battles would be devastating to their party heading into the November elections.

In early September, House Republican leaders want to pass a three-month temporary funding measure that sticks to last year’s debt-limit agreement, according to aides involved with the planning. But that could spark a fight with some House and Senate conservatives who yearn for the lower funding numbers in Rep. Paul Ryan’s budget.

“I think somebody does need to stand up and bring it all to a screeching halt,” said Sen. Rand Paul (R-Ky.). “I’m not talking about shutting down the government but having a real debate over spending cuts.”

But while higher spending levels might irk conservatives who are itching for a funding fight, it’s aimed at comforting Republicans in both chambers who see political peril in drawing attention away from the economy with a battle that could shut down the government. They’d like for the fight to end quietly this year in the hopes a Republican sweep in November would allow them to freely rewrite spending bills in early 2013… [emphasis added]

Inserted from <Politico>

Picture Credit: Imagination Soup

Lets look at the possibilities here, if Republicans get their way and kick the can.  If the Republicans win the House and Senate, it will work to their advantage, because it will have helped them win by disguising their true nature.  If Democrats win the House and Senate, it will work to Republican advantage, because it will give Republicans a last chance to sabotage the economy in the lame duck session.

Therefore, I think that, if Democrats allow a temporary extension at all, which I seriously question, they should hold out for an extension that at least takes us past the lame duck session and into the 113th Congress.

The thing to remember about Republican negotiation strategy is this.  It’s always based on Heads I win, Tails you lose.