Mercury Rising 鳯女

Politics, life, and other things that matter

Archive for March 10th, 2009

Sights along the road to financial Armageddon

Posted by Charles II on March 10, 2009

Danny Schechter has an interesting piece on the financial crisis, in which he notes:

There is also a darker dimension with reports that legitimate businesses are turning to the mafia and organized crime gangs for the billions they need to stay in business. Douglas Farah writes in the Counterterrorism blog: “There is strong anecdotal evidence that cartels from South America to Southeast Asia and Europe… are stepping in to credit breach, building relations with businessmen desperate to stay in business, who would not normally look to the ‘informal’ economy for a loan.”

This will serve to extend the tentacles of these groups even further into the legal society and financial structure. As (one) article notes, “Stronger organized crime means a weaker state.”

A story in the Washington Post “says a new report estimated that organized crime syndicates in Italy – including Naples’s Camorra, Sicily’s Cosa Nostra, Calabria’s ‘Ndrangheta – collect about 250 million euros, or $315 million, from retailers every day. That is about a billion dollars every three days, or about $122 billion a year siphoned out of a single economy. Is it any wonder Italy is a constant economic wreck?”

He also says that anarchists are sponsoring National Burn A Banker Day in Britain.

It’s time to nationalize.

Posted in corruption, financial crisis | 1 Comment »

Why I Watch The UpTake (and other Minnesotans should, too)

Posted by Phoenix Woman on March 10, 2009

Because The UpTake brings me news like this, from its liveblog summary:

Twitter noahkunin: SURPRISE! Tax system in MN became MORE regressive according to new government report. I am beside myself with shock. [PDF}
Twitter noahkunin: Report goes on to explain explosion of regressive taxes due to overall income inequality, not changes in tax law. [PDF]
Twitter theuptake: New MN figures show richest 1% pay 6.9% of their income in taxes. Poorest pay 23.7% This is not fair! PDF-

They do good work. Throw ’em a few shekels if you can.

Posted in distributed reporting and research, media, News Links, news media | 2 Comments »

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