Newswire 11/29/2010

[The Liberty Insight Newswire is an aggregation of what we consider to be important financial and political news and commentary from across the web.]

Today’s stories include Russia and China abandoning the US$ for bilateral trade, ATMs in Australia not dispensing cash, and a candid admission by FDIC chairwoman Sheila Bair about the deficit.

With Unemployment Benefits, It’s the Invisible That Truly Matters
Forbes, Nov. 28,2010

This opinion piece helps explain why unemployment benefits, while well-intentioned, have consequences.


Computer Meltdown Leaves Millions of Aussies Without Cash
Brisbane Times, Nov. 27, 2010

A computer virus knocked out several transactions and froze ATMs at Australia National Bank last Wednesday leaving millions of people struggling to access their cash.  Moral of the story- Every family should have at least two weeks of living expenses in cash stashed at their house in case of emergency.


Will the next economic crisis start in Washington?
Washington Post, Nov. 26, 2010

Sheila Bair, Chairman of the FDIC, has a stern warning about the US deficit. It’s nice to see Washington insiders beginning to level with the American people.


There’s No Escaping Hauser’s Law
Wall Street Journal, Nov. 26, 2010

With congress set to decide whether to extend the so-called Bush tax cuts, here’s something to consider.  “Over the past six decades, tax revenues as a percentage of GDP have averaged just under 19% regardless of the top marginal personal income tax rate. The top marginal rate has been as high as 92% (1952-53) and as low as 28% (1988-90). This observation was first reported in an op-ed I wrote for this newspaper in March 1993. A wit later dubbed this ‘Hauser’s Law.'”


China, Russia Quit Dollar on Bilateral Trade
People’s Daily, Nov. 24, 2010

Another nail in the dollar’s coffin… “China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday in St. Petersburg.”

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