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Tue, 11 Aug 2020
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Hungary outlaws homeless in move condemned by charities

Image
© Reuters
Some 10,000 people are said to be homeless in the capital Budapest
A new legal regulation has come into force in Hungary making homelessness punishable by a fine of around $600 (£384) or prison.

MPs from the ruling conservative party proposed the regulation, on the grounds that Budapest could not cope with the large number of people on the streets.

Critics, including charities for the homeless, say it is unenforceable and that hostels lack sufficient places.

According to an amendment to the local government act, passed by a strong majority in parliament last month, those found sleeping on the streets will first receive a warning.

They can subsequently be imprisoned or ordered to pay the fine.

Smiley

Kentucky Church Votes to Ban Interracial Couples

Image
© Unknown
Gulnare Free Will Baptist Church votes on resolution that says the church 'does not condone interracial marriage'

A tiny church in rural Kentucky has voted to ban interracial couples from joining its congregation, pitting members against each other in an argument over race.

Members at the Gulnare Free Will Baptist Church in Kentucky voted on Sunday on the resolution, which says the church "does not condone interracial marriage".

The church member who crafted the resolution, Melvin Thompson, said he is not racist and called the matter an "internal affair".

"I am not racist. I will tell you that. I am not prejudiced against any race of people, have never in my lifetime spoke evil about a race," said Thompson, the church's former pastor who stepped down earlier this year.

"That's what this is being portrayed as, but it is not."

V

Comfortably Numb

The Wall album cover
© Pink Floyd
Hello?
Is there anybody in there?
Just nod if you can hear me.
Is there anyone at home?
Come on, now,
I hear you're feeling down.
Well I can ease your pain
And get you on your feet again.
Relax.
I need some information first.
Just the basic facts
Can you show me where it hurts?

Pink Floyd -
Comfortably Numb

As I observe the zombie like reactions of Americans to our catastrophic economic highway to collapse, the continued plundering and pillaging of the national treasury by criminal Wall Street bankers, non-enforcement of existing laws against those who committed the largest crime in history, and reaction to young people across the country getting beaten, bludgeoned, shot with tear gas and pepper sprayed by police, I can't help but wonder whether there is anyone home. Why are most Americans so passively accepting of these calamitous conditions? How did we become so comfortably numb? I've concluded Americans have chosen willful ignorance over thoughtful critical thinking due to their own intellectual laziness and overpowering mind manipulation by the elite through their propaganda emitting media machines. Some people are awaking from their trance, but the vast majority is still slumbering or fuming at erroneous perpetrators.

Both the Tea Party movement and the Occupy Wall Street movement are a reflection of the mood change in the country, which is a result of government overreach, political corruption, dysfunctional economic policies, and a financial system designed to enrich the few while defrauding the many. The common theme is anger, frustration and disillusionment with a system so badly broken it appears unfixable through the existing supposedly democratic methods. The system has been captured by an oligarchy of moneyed interests from the financial industry, mega-corporations, and military industrial complex, protected by their captured puppets in Washington DC and sustained by the propaganda peddling corporate media. The differences in political parties are meaningless as they each advocate big government solutions to all social, economic, foreign relations, and monetary issues.

Heart - Black

Woman "Imprisoned" on Scientology Cruise Ship for 12 Years

freewinds
© Unknown
The Church of Scientology's flagship vessel, "Freewinds"
For most people, an extended stay aboard a luxury cruise liner sounds like a dream vacation.

But Valeska Paris says she was held against her will aboard the Scientology cruise ship Freewinds for more than a decade. During her stay on the vessel, she alleges, she was forced into hard labor and never allowed to leave the ship without an escort.

In an interview with the Australian Broadcasting Corporation's (ABC News) Lateline program, Paris claims that Church of Scientology leader David Miscavige sent her to the ship when she was 18 in order to prevent her family from pulling her out of the organization.

Comment:



Bulb

Brazil bans Chevron, might jail recent oil spill culprits

brazil,oil spill

Giant oil spill off the coast of Brazil was caused by Chevron.

Non-renewable energy continues to violate Earth and human rights everywhere it's drilled

Although cover-ups of the causes of the 2010 Gulf of Mexico "spill" and the recent Brazil spill are similar, unlike U.S. government treatment of the companies involved in the nation's largest eco-disaster that began with the April 20 deep sea oil rig explosion, Brazil has banned California-based Chevron from the nation and jail terms for officials are expected due to Big Energy's involvement with the oil spill that leaked some 2,400 barrels of oil into the sea off Rio de Janeiro on Nov. 8.

"The company's treatment of the regulatory agency and the Brazilian government was unacceptable," director of the ANP Magda Chambriard told Bloomberg.

"We had to go aboard the platform to search for the original images even after the company was notified to provide us with the video."

Attention

US: Students Protest Debt While These Companies Rake in Money

Student Loans
© Minyanville
What price education?

Last week, a group of students gathered at Zuccotti Park dressed in graduation robes and covered in chains to protest heavy college debts. Meanwhile, according to Salon.com, a Hunter College student burned his Sallie Mae loan bill in protest.

While burning a bill may not have quite the symbolic significance of burning a draft card, rumblings of a student debt revolt have been in the air for a little while. In perhaps the most blatant example, the chain wearing Zuccotti students announced the formation of the Occupy Student Debt Campaign. One campaign organizer, quoted by Fast Company, believes that her entire life has been destroyed by student loan debt.

Meanwhile, several prominent US companies are making a ton of money off of student loans. The Salon.com article lists the five biggest student lenders, starting with Sallie Mae, who currently own $151.4 billion in loans. They're followed by Wells Fargo, Discover, Nelnet, and JP Morgan Chase, all of whom own at least $10 billion dollars worth of debt.

More damningly, these lenders have been accused of engaging in several predatory practices. For example, its been suggested that Sallie Mae has made subprime loans to students attending for profit schools with high dropout rates. Wells Fargo has recently begun offering fixed rate loans but the percentages go as high as 14% for "those attending community colleges or trade schools, or in other words, for lower-income borrowers."

Vader

US: Having More Than 7 Days Of Food Makes You A Suspected Terrorist


Pirates

Central banks move to shore up financial system

The Federal Reserve said Wednesday that it joined some of the world's major central banks in a coordinated action to inject liquidity into the global financial system as the euro zone's financial crisis threatens to squeeze credit worldwide.

Joining in the move were: the Fed, The Bank of Canada, the Bank of England, the Bank of Japan and the European Central Bank, the Fed said.


"The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity," the Fed said in a statement.

The central banks agreed to lower the pricing on current temporary U.S. liquidity swap arrangements by 50 basis points from Dec. 5. The move makes more dollars available to banks at a cheaper rate, thereby easing worries about the availability of funds to banks.

Comment:
Image
© Monte Wolverton/Cagiecartoons



Chart Pie

Bank of America shares slide again, down 62% this year

Image
© Unknown
Another trading day and another low for Bank of America's stock.

Shares of Bank of America dropped more than 3 percent Tuesday, hitting a new 52-week low of $5.03 -- its lowest level since March 12, 2009.

It's been a tough year for the troubled bank, which has seen its share price decline roughly 62% from the start of the year.

Among other challenges, Bank of America has struggled under mounting issues related to its mortgage business.

The bank's rapidly declining share price is likely to increase pressure on the bank to slim down and sell assets. Bank of America has already said it plans to lay off 30,000 workers over the next several years.

Back in September, when that layoff announcement was made, investors worried about Bank of America's stock falling below a psychologically jarring level of $6. It dropped below that level on Oct. 3.

The bar keeps being lowered to new, more precarious thresholds. As Bank of America's shares hover near $5, they're still relatively far from the stock's all-time intraday low of $2.53 hit on Feb. 20, 2009.

A spokesperson for Bank of America said the bank does not comment on its share price.

Despite a rally in the stock market Tuesday, shares of most other major banks including Goldman Sachs, Morgan Stanley, and JPMorgan Chase fell.

Dollar

Banks hit hard by S&P downgrades

Image
© Emmanuel Dunand/AFP/Getty
People walk past a Bank of America branch in New York in this 2009 file photo.
Banks face a double hit to costs and revenues from a spate of credit rating downgrades, another burden for a sector already struggling because of Europe's failure to deal decisively with its financial crisis.

Standard & Poor's on Tuesday cut its ratings on 15 big banks such as Bank of America Corp. and Morgan Stanley, as it seeks to give more insight into its methods and repair its reputation after the credit crisis.

But while the downgrades were driven by a revision of the agency's internal models and not because of a change in the banks, they will have a real impact on funding costs for the sector, already on edge because of Europe's debt crisis.

"It will likely raise concerns about their short term funding because they will be sidelined by money market funds who are the traditional buyers of that short-term paper," said Andrew Fraser, investment director at Standard Life.