While the media-manufactured “scandal” of “rich people” allegedly hiding money from politicians in offshore accounts continues to be exposed as largely bogus, there have been some interesting revelations of alleged corruption among politicians and dictators to emerge from the so-called Panama Papers. The ruthless Communist Chinese dictatorship, which is censoring all news about the leak in domestic outlets, appears to be the regime with the most top level officials implicated.
Hundreds of other tyrants, politicians, bureaucrats, judges, crony bankers, officials, and their family members have also been ensnared, according to news reports about the leaked documents. Despite the lack of media attention, even the Hillary Clinton campaign, via senior Democrat operatives John and Tony Podesta and the Kremlin bank their firm represents, has been indirectly caught up in the maelstrom.
Ten or the largest banks have $147 billion in revolving credit lines to the oil industry that are likely to expand their exposure to the energy industry just when they'd rather reduce it.
There is a positive in all of the underfinanced public retirement plans: Massive implosions of pension plans will force beneficiaries to become more self-reliant and less dependent upon governments' and politicians' promises.
In a deal that defies currently accepted norms, Donald Trump has rented out the 50th floor of the Trump Building at 40 Wall Street to American Precious Metals Exchange (APMEX) and has allowed the company to pay the security deposit in gold.
Globalist voices pushing a global taxation regime and an end to financial privacy worldwide reacted with glee at the “Panama Papers” leak, in which millions of documents relating to private international capital flows were handed to select establishment media outlets by a George Soros-funded organization.
A $15 minimum wage law was passed in California, and New York's will soon follow. But high minimum wages only end up hurting the economy and the poor.
Threats by labor unions have forced California lawmakers to strike a deal this weekend that could increase minimum wage to $15 an hour, generating concerns from business owners that the deal will drive up their costs, force them to cut back on the number of employees, and even put them out of business. Despite fears over the long-term negative effects such a wage increase would have on businesses and the availability of jobs for low-skilled workers, lawmakers have apparently caved to union threats to launch fully funded political campaigns that would take the issue directly to the voters in November.