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Archive for May 18th, 2012

It’s well known that private businesses soak the poor. What’s less well known is that the government does it as well.

“The trick is to rob them in ways that are systematic, impersonal, and almost impossible to trace to individual perpetrators. Employers, for example, can simply program their computers to shave a few dollars off each paycheck, or they can require workers to show up 30 minutes or more before the time clock starts ticking.

Lenders, including major credit companies as well as payday lenders, have taken over the traditional role of the street-corner loan shark, charging the poor insanely high rates of interest. When supplemented with late fees (themselves subject to interest), the resulting effective interest rate can be as high as 600% a year, which is perfectly legal in many states.”

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Is Greece About Ready to Leave the Euro in the Dust?

European officials are working on contingency plans in case Greece bombs out of the euro zone, the EU’s trade commissioner said on Friday, while Berlin said it was prepared for all eventualities.
German Finance Minister Wolfgang Schaeuble, one of Greece’s harsher critics, said market turmoil fuelled by the euro zone debt crisis could last another year or two.

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