Why Congress doesn’t work: Lawmakers’ avoidance of accountability undermines self-government | TAC

…We’ve moved away from that agreement over the past 100 years, but the experiment in self-governance is not over. It has only been interrupted.
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Only the voters can save America now. Washington has broken with concept of self-governance | WT

The Supreme Court’s Obamacare ruling on Thursday cuts right to the very fabric of the relationship between a once-limited government and a once-free citizen, but the eternal struggle between liberty and tyranny endures. It is a beginning, not an end.

As enormously important as the high court’s Obamacare ruling is – and it’s huge – it’s not the final word. The legal and political dust has not yet settled, and it will take some time for the unpredictable ripples to form the powerful waves of history. Yet, history waits for no man, so we begin by asking: What now? Continue reading

Forget Broccoli | ZeroHedge

…If America wants to overturn current legal norms America needs to elect different politicians. But with a greater and greater welfare-bound population, it seems inevitable that more and more Americans will vote themselves greater and greater quantities of free stuff…

via Guest Post: Forget Broccoli | ZeroHedge.

Capital Controls Hit Spain: Government Laws Prohibit Cash Transactions Over €2,500… | Mish’s Global Economic Trend Analysis

GE Note: You think we very behind this here in the US? Think again.

Capital Controls Hit Spain: Government Laws Prohibit Cash Transactions Over €2,500; Minimum Fine of €10,000 for Failure to Report Foreign Accounts

If Spain is seeking further instability, a new law on financial transactions is sure to do just that. Via Google Translate, Spain passes a law limiting cash payments to 2,500 euros.

Key Provisions

  • Minimum fine of €10,000 for taxpayers who do not report their foreign accounts.\
  • Fine of €5,000 for each additional account
  • Cash transactions greater than €2,500 prohibited
  • Cash transaction restrictions apply to individuals and businesses

The US requires reporting of foreign accounts as well, supposedly for the same reason, preventing tax fraud.

In Spain however, consumers and businesses are already very nervous (and rightfully so), of a Spain exit from the euro with a return to the Spanish peseta accompanied by an immediate devaluation.

In that context, these controls are only going to make consumers and businesses even more nervous, if not outright suspicious about what is going on.

via Mish’s Global Economic Trend Analysis:

Survey: More Than 25% of Americans Have No Emergency Savings | MoneyNews

While nearly half of Americans don’t have enough money saved to cover emergencies, one-quarter don’t have any money saved, according to Bankrate.com’s Financial Security Index survey.The general rule of thumb is to have enough cash saved to cover at least six months of expenses.However, only 25 percent of Americans have saved that amount and 17 percent have three to five months’ expenses saved, while 28 percent have no emergency savings and 21 percent have less than three months’ expenses saved. Continue reading