| The term red pill and its opposite, blue pill, are pop culture terms that have become a common symbol for the choice between the blissful ignorance of illusion (blue) and embracing the sometimes painful truth of reality (red). |
| Take The Journey |
|
|
- Talk of a Greek Exit Gets Louder
- Doug Casey on Taxes and Freedom, Part II
- Is Facebook the Rusty Hinge of the Stock Market?
- Fitch Downgrades Japan
- Doug Casey on Taxes and Freedom
- Greeks Run on Banks as Euro-Confidence Wanes
- To the Class of 2012
- Hedge Funds Bail On Euro Now
- Expatriation in the Wake of the Facebook IPO
IRS field agent: Here’s how illegals scam system
Insider reveals: ‘The fraud has been going on for years. Business as usual’
“Angry, resigned, helpless.”
That’s how one Northern California Internal Revenue Service employee described revelations that millions of illegal aliens are claiming and receiving billions of dollars in tax refunds for alleged family members in Mexico using a loophole in the tax code.
Knowledge of the scam has grown following a report by Indianapolis television station, WTHR-TV. The report documented illegal aliens filing the IRS Additional Child Tax Credit form for children – often nieces and nephews – who have never lived in the United States. To legally qualify, a child must be present in the filer’s U.S. residence for over half the year.
“We’ve seen sometimes 10 or 12 dependents, most times nieces and nephews, on these tax forms,” a tax preparer-turned-whistleblower told WTHR News. “The more you put on there, the more you get back.”
“Here’s a return right here: we’ve got a $10,300 refund for nine nieces and nephews.”
“We’re getting an $11,000 refund on this tax return. There’s seven nieces and nephews,” he said, pointing to another set of documents. “I can bring out stacks and stacks. It’s just so easy it’s ridiculous.”
Continue reading
Millions Of Illegal Immigrants Are Using A Massive Scam To Get Bigger Tax Refunds Than You Are
Did you know that illegal immigrants all over the United States are using a massive scam to receive tax refunds from the federal government that are often in excess of $10,000? It is estimated that 2 million illegal immigrants are filing fraudulent tax returns each year and that they are pulling in more than4 billion dollars in tax refunds every year that they are not entitled to. They are doing this by abusing the additional child tax credit and the IRS knows all about it and yet they refuse to do anything to stop it. Illegal immigrants are filing tax returns that sometimes claim 10 or 12 nieces and nephews as dependents, and most of the time those nieces and nephews do not even live in the United States. So while you and I are being taxed into oblivion, many illegal immigrants are often pulling in tax refunds that are well into five figures. At a time when the federal government is absolutely drowning in debt, this is the type of fraud that desperately needs to be cracked down on, and yet the IRS refuses to take action.
Continue reading
Obama signature creates ‘continental perimeter’
Move described as key step in advance of North American Union.
Barack Obama and Canadian Prime Minister Stephen Harper quietly have taken a major step toward erasing the border between the two nations with a new “Beyond the Border” bilateral declaration.
In a ceremony designed to remain below the radar of national public opinion, Obama and Harper bypassed Congress to sign on the basis of their executive authority a declaration that put in place a new national security vision defined not by U.S. national borders, but by a continental view of a “North American perimeter.”
It happened Friday, the day the Obama administration usually pushes through issues that it prefers the media ignore.
By signing the declaration, the Obama administration has implemented without congressional approval a key initiative President Bush began under the Security and Prosperity Partnership of North America, moving the United States and Canada beyond the North American Free Trade Agreement, commonly known as NAFTA, toward a developing North American Union regional government.
The declaration signed by the two heads of state and titled “Beyond the Border: A Shared Vision for Perimeter Security and Economic Competitiveness,” was described as “For Immediate Release” on the websites of the White House and the Canadian chief executive.
Harper followed Obama’s lead in signing the declaration as a form of executive order, deciding to bypass the Canadian parliament, much as Obama had decided against taking a proposed bilateral “Beyond the Border” declaration to Congress for prior review and approval.
Continue reading
The 86 million invisible unemployed
NEW YORK (CNNMoney) — There are far more jobless people in the United States than you might think.
While it’s true that the unemployment rate is falling, that doesn’t include the millions of nonworking adults who aren’t even looking for a job anymore. And hiring isn’t strong enough to keep up with population growth.
As a result, the labor force is now at its smallest size since the 1980s when compared to the broader working age population.
“We’ve been getting some job growth and it’s been significant, but it hasn’t yet been strong enough that you start to get people re-engaging in the labor market,” said Keith Hall, a senior research fellow at the Mercatus Center and former commissioner of the Bureau of Labor Statistics.
A person is counted as part of the labor force if they have a job or have looked for one in the last four weeks. As of April, only 63.6% of Americans over the age of 16 currently fall into that category, according to the Labor Department. That’s the lowest labor force participation rate since 1981.
It’s a worrisome sign for the economy and partly explains why the unemployment rate has been falling recently. Only people looking for work are considered officially unemployed.
Jason Everett, for example, wouldn’t be counted.
Out of work for nearly three years now, Everett has given up his job search altogether.
Instead, the unemployed plumber and Air Force veteran takes a few community college courses and looks after his two children while his wife is the primary breadwinner.
“I’m not even totally convinced the college degree is really going to help at this point, but I figure at least I’ll be doing something,” he said.
Continue reading
US Companies Are Furiously Creating Jobs… Abroad
Whatever one thinks of the practical implications of the Kalecki equation (and as we pointed out a month ago, GMO’s James Montier sure doesn’t think much particularly when one accounts for the ever critical issue of asset depreciation), it intuitively has one important implication: every incremental dollar of debt created at the public level during a time of stagnant growth (such as Q1 2012 as already shown earlier) should offset one dollar of deleveraging in the private sector. In turn, this should facilitate the growth of private America so it can eventually take back the reins of debt creation back from the public sector (and ostensibly help it delever, although that would mean running a surplus – something America has done only once in the post-war period). This growth would manifest itself directly by the hiring of Americans by US corporations, small, medium and large, who in turn, courtesy of their newly found job safety, would proceed to spend, and slowly but surely restart the frozen velocity of money which would then spur inflation, growth, public sector deleveraging, and all those other things we learn about in Econ 101. All of the above works… in theory. In practice, not so much. Because as the WSJ demonstrates, in the period 2009-2011, America’s largest multinational companies: those who benefit the most from the public sector increasing its debt/GDP to the most since WWII, or just over 100% and rapidly rising, and thus those who should return the favor by hiring American workers, have instead hired three times as many foreigners as they have hired US workers. Those among us cynically inclined could say, correctly, that the US is incurring record levels of leverage to fund foreign leverage, foreign employment, and, most importantly, foreign leverage.
Continue reading
Peak Dow, Peak GDP and Peak Oil
Peak Oil and Peak Credit do not exist in a vacuum; they’re why we have Peak GDP, Peak Dow and peak Income.
You don’t get Peak Oil and cheap abundance in everything else: you get Peak X, Y and Z, for example Peak Oil, Peak Dow and Peak GDP. Peaks come in causal series, one such series: Peak Housing, Peak Fraud, Peak Suburbia and Peak Property Taxes.
Would we really be surprised if Peak Oil was associated with Peak GDP and Peak Dow Jones stock market average? Let’s start with a chart of global oil production and the Dow Jones Industrial Average (DJIA), courtesy of Chartist Friend from Pittsburgh.
This chart suggests the Dow may track oil production on the downside, just as it tracked it on the upside.
