Winter
Winter has snow,
Winter has frost,
And everyone's trying to keep warm at all costs.
Winter has robins,
Winter has snails,
And during winter we see ice in the pails.
Winter is bare,
Winter is cold,
And so winter makes people really feel old.
I wrote this at school in 1968
Thursday, 8 October 2015
Wednesday, 7 October 2015
Where is the money?
A study released this week by Citizens for Tax Justice used the companies' own financial filings with the Securities and Exchange Commission to reach the following conclusions.
The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they repatriated the funds. They found that nearly three-quarters of the firms on the Fortune 500 list of biggest American companies by gross revenue operate tax haven subsidiaries in countries like Bermuda, Ireland, Luxembourg and the Netherlands.
Technology firm Apple was holding $181.1 billion offshore, more than any other U.S. company, and would owe an estimated $59.2 billion in U.S. taxes if it tried to bring the money back to the United States from its three overseas tax havens.
The conglomerate General Electric has booked $119 billion offshore in 18 tax havens, software firm Microsoft is holding $108.3 billion in five tax haven subsidiaries and drug company Pfizer is holding $74 billion in 151 subsidiaries.
Fifty-seven of the companies disclosed that they would expect to pay a combined $184.4 billion in additional U.S. taxes if their profits were not held offshore. Their filings indicated they were paying about 6% in taxes overseas, compared to a 35% U.S. corporate tax rate.
Tax evasion is the illegal evasion of taxes by individuals, corporations and trusts and it appears that no government can deal with it.
The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they repatriated the funds. They found that nearly three-quarters of the firms on the Fortune 500 list of biggest American companies by gross revenue operate tax haven subsidiaries in countries like Bermuda, Ireland, Luxembourg and the Netherlands.
Technology firm Apple was holding $181.1 billion offshore, more than any other U.S. company, and would owe an estimated $59.2 billion in U.S. taxes if it tried to bring the money back to the United States from its three overseas tax havens.
The conglomerate General Electric has booked $119 billion offshore in 18 tax havens, software firm Microsoft is holding $108.3 billion in five tax haven subsidiaries and drug company Pfizer is holding $74 billion in 151 subsidiaries.
Fifty-seven of the companies disclosed that they would expect to pay a combined $184.4 billion in additional U.S. taxes if their profits were not held offshore. Their filings indicated they were paying about 6% in taxes overseas, compared to a 35% U.S. corporate tax rate.
Tax evasion is the illegal evasion of taxes by individuals, corporations and trusts and it appears that no government can deal with it.
Tuesday, 6 October 2015
Confusion surrounding Syria
Turkey opened its borders after the Syrian civil war erupted in 2011. Nearly two million refugees are currently registered in the country, of which about 200,000 are housed in official camps, mostly in the south. A growing number are seeking a better life in the EU and are crossing over to Greece by the thousand every day, causing severe anxiety in parts of Europe and creating tensions along borders farther north.
EU leaders have turned to the Turkish government for help to stem the flow of migrants.
Instead Turkey calls for the establishment of a security zone along the border in northern Syria where refugees could be resettled. This would require clearing the area of Islamic State [ISIS] fighters and, Ankara suggests, handing control to moderate Syrian opposition groups.
The plan would neatly serve Turkey’s separate aim of reducing the influence of Syrian Kurdish fighters. Many Turks are more worried about Kurdish rebels than IS. Yet Germany’s Angela Merkel has expressed doubts that the refugees’ safety could be secured inside Syria. Not entirely by coincidence, the Turkish authorities have generally turned a blind eye to the refugee flow to Europe, though they have repeatedly prevented refugees from crossing the land border to Bulgaria and Greece and driven them back into Turkey.
FROM the Bodrum peninsula in Turkey the Greek island of Kos is only four kilometres [2.5 miles] away. European tourists can make the 45-minute crossing comfortably for £12.50, while those fleeing evil in Syria and elsewhere must pay smugglers a minimum of $1,000 for a perilous night journey in a crowded boat.
There are so many separate issues in this zone it is a wonder that anyone knows what is going on.
EU leaders have turned to the Turkish government for help to stem the flow of migrants.
Instead Turkey calls for the establishment of a security zone along the border in northern Syria where refugees could be resettled. This would require clearing the area of Islamic State [ISIS] fighters and, Ankara suggests, handing control to moderate Syrian opposition groups.
The plan would neatly serve Turkey’s separate aim of reducing the influence of Syrian Kurdish fighters. Many Turks are more worried about Kurdish rebels than IS. Yet Germany’s Angela Merkel has expressed doubts that the refugees’ safety could be secured inside Syria. Not entirely by coincidence, the Turkish authorities have generally turned a blind eye to the refugee flow to Europe, though they have repeatedly prevented refugees from crossing the land border to Bulgaria and Greece and driven them back into Turkey.
FROM the Bodrum peninsula in Turkey the Greek island of Kos is only four kilometres [2.5 miles] away. European tourists can make the 45-minute crossing comfortably for £12.50, while those fleeing evil in Syria and elsewhere must pay smugglers a minimum of $1,000 for a perilous night journey in a crowded boat.
There are so many separate issues in this zone it is a wonder that anyone knows what is going on.
Monday, 5 October 2015
Interest rates
Most economists have until now maintained that the economy isn't able to cope with higher rates, which could reduce demand and stifle the UK's fragile recovery. Companies might struggle and this would have a knock-on effect on jobs. In terms of personal finance, a rates increase would be bad news for many mortgage borrowers who would feel the pinch.
Then there are the 'hawks' calling for a rise, who cite falling unemployment as a sign that inflationary pressure might be building up in the background. In any case, they add, the markets are being distorted by rates being too low for too long, and this reduces incentives to save and forces people and businesses to take on more risk in the hunt for returns.
Commentators have been watching out for statistical signs that would either bolster confidence that a rates rise was on the cards or definitively kick the issue into the long grass.
The Financial Times notes that figures from the Office for National Statistics have revealed that productivity rose at the fastest rate for four years in the second quarter and passed its pre-recession peak. The figures also show a rise in labour costs of 2.2 per cent. This is far higher than expected and above the Bank of England's inflation target, an early sign that maybe, finally, inflationary pressure is beginning to build.
On the other hand, industry figures show that the manufacturing sector is seeing waning expansion and actually recorded a net fall in jobs last month for the first time in more than two years, according to the BBC.
Savers have had a tough time since 2008 and it does not look as though there will be a change this year, if the government wants to encourage saving it should consider it’s position.
Then there are the 'hawks' calling for a rise, who cite falling unemployment as a sign that inflationary pressure might be building up in the background. In any case, they add, the markets are being distorted by rates being too low for too long, and this reduces incentives to save and forces people and businesses to take on more risk in the hunt for returns.
Commentators have been watching out for statistical signs that would either bolster confidence that a rates rise was on the cards or definitively kick the issue into the long grass.
The Financial Times notes that figures from the Office for National Statistics have revealed that productivity rose at the fastest rate for four years in the second quarter and passed its pre-recession peak. The figures also show a rise in labour costs of 2.2 per cent. This is far higher than expected and above the Bank of England's inflation target, an early sign that maybe, finally, inflationary pressure is beginning to build.
On the other hand, industry figures show that the manufacturing sector is seeing waning expansion and actually recorded a net fall in jobs last month for the first time in more than two years, according to the BBC.
Savers have had a tough time since 2008 and it does not look as though there will be a change this year, if the government wants to encourage saving it should consider it’s position.
Friday, 2 October 2015
The Referendum
Sometime in 2017 there will be a referendum in Britain concerning Europe, it was yes or no to staying in, now it is leave or remain as if words will make a difference.
However, the bigger issue must be what happens if Britain votes to leave? Will it cause a domino effect and then most of the other countries leave too, anti-EU feeling is growing everywhere. What then? How small can Europe be politically before it does not exist?
The Dutch are showing, by a recent poll that they too want changes in the relationship they have with Europe. I am sure that most countries are thinking about their position within Europe at the moment, it started with the Euro and is continuing with the migrant / refugee crisis.
It will only take one country to leave, will it be Britain?
However, the bigger issue must be what happens if Britain votes to leave? Will it cause a domino effect and then most of the other countries leave too, anti-EU feeling is growing everywhere. What then? How small can Europe be politically before it does not exist?
The Dutch are showing, by a recent poll that they too want changes in the relationship they have with Europe. I am sure that most countries are thinking about their position within Europe at the moment, it started with the Euro and is continuing with the migrant / refugee crisis.
It will only take one country to leave, will it be Britain?
Thursday, 1 October 2015
Russia moves in
I am having trouble trying to get the west to grip the situation around Vladimir Putin’s land grab programme, so I have decided to move onto finance.
Putin is allocating unprecedented amounts of secret funds to accelerate Russia’s largest military build up since the Cold War, according to data compiled by Bloomberg. The part of the federal budget that is so-called black -- authorised but not itemised -- has doubled since 2010 to 21 % and now totals 3.2 trillion roubles [£50 billion], an independent think tank in Moscow, estimates.
Stung by sanctions over Ukraine and oil’s plunge, Putin is turning to defence spending to revive a shrinking economy. The outlays on new tanks, missiles and uniforms highlight the growing militarization that is swelling the deficit and crowding out services such as health care. Thousands of army conscripts will be moved into commercial enterprises for the first time to aid in the rearmament effort.
Russia is assembling S-300 anti-aircraft defence systems to start shipments to Iran.
Since bringing the country back from the brink of bankruptcy a decade and a half ago, Putin has increased defence spending more than 20-fold in rouble terms. Defence and the related category of national security and law enforcement now eat up 34 % of the budget, more than double the ratio in 2010.
After years of chronic funding problems for weapons makers, Russia has started to prepay for the goods and services it buys from the more than 1,300 organizations and 2.5 million people that make up the defence industry. About half of this year’s defence budget was dispensed in just the first quarter, though most of what was paid for is classified.
Russia also has about 2.5 million active reservists out of a total population of 143 million, according to Global Firepower, which studies the conventional war making capabilities of 129 countries. It ranks Russia No. 2, after the U.S. and ahead of China, India and the U.K.
Russia wants to expand and Syria in now in view.
Putin is allocating unprecedented amounts of secret funds to accelerate Russia’s largest military build up since the Cold War, according to data compiled by Bloomberg. The part of the federal budget that is so-called black -- authorised but not itemised -- has doubled since 2010 to 21 % and now totals 3.2 trillion roubles [£50 billion], an independent think tank in Moscow, estimates.
Stung by sanctions over Ukraine and oil’s plunge, Putin is turning to defence spending to revive a shrinking economy. The outlays on new tanks, missiles and uniforms highlight the growing militarization that is swelling the deficit and crowding out services such as health care. Thousands of army conscripts will be moved into commercial enterprises for the first time to aid in the rearmament effort.
Russia is assembling S-300 anti-aircraft defence systems to start shipments to Iran.
Since bringing the country back from the brink of bankruptcy a decade and a half ago, Putin has increased defence spending more than 20-fold in rouble terms. Defence and the related category of national security and law enforcement now eat up 34 % of the budget, more than double the ratio in 2010.
After years of chronic funding problems for weapons makers, Russia has started to prepay for the goods and services it buys from the more than 1,300 organizations and 2.5 million people that make up the defence industry. About half of this year’s defence budget was dispensed in just the first quarter, though most of what was paid for is classified.
Russia also has about 2.5 million active reservists out of a total population of 143 million, according to Global Firepower, which studies the conventional war making capabilities of 129 countries. It ranks Russia No. 2, after the U.S. and ahead of China, India and the U.K.
Russia wants to expand and Syria in now in view.
Wednesday, 30 September 2015
Silver Spoon Politics
Is silver spoon politics finished?
The biggest political revolution happening at the moment is the surprise leadership election of Jeremy Corbyn for the labour party. Why did the three safe candidates lose out so heavily?
The popular thought why over 250,000 people voted for Jeremy Corbyn over the other three Blairite clones is because they wanted change, so what change do they want?
Jeremy Corbyn’s answers may be wrong, but many of his questions are right. Instead of patronising his supporters, the insular ruling elite and their allies in big business and big finance should realise they are the cause of Corbyn.
Love him or hate him, a Corbyn victory means that political pundits can no longer claim that the age of mass parties is over or that young people are irredeemably apathetic. Not only about the result but at the sense that political business could return to normal.
Yesterday Corbyn gave his first party conference speech to the faithful in Brighton and it was clearly different to what was expected. He wanted to impress on his audience the move towards a kinder politics. He attacked David Cameron's shocking broken promises and vowed to create a more caring society. There was not a lot of policy but it appears that he has consolidated his position and presumably over the next twelve months detail will be added.
It has been claimed that Blair's new labour has moved on, perhaps passed away would be a better description and new politics has moved in, can it last?
The biggest political revolution happening at the moment is the surprise leadership election of Jeremy Corbyn for the labour party. Why did the three safe candidates lose out so heavily?
The popular thought why over 250,000 people voted for Jeremy Corbyn over the other three Blairite clones is because they wanted change, so what change do they want?
Jeremy Corbyn’s answers may be wrong, but many of his questions are right. Instead of patronising his supporters, the insular ruling elite and their allies in big business and big finance should realise they are the cause of Corbyn.
Love him or hate him, a Corbyn victory means that political pundits can no longer claim that the age of mass parties is over or that young people are irredeemably apathetic. Not only about the result but at the sense that political business could return to normal.
Yesterday Corbyn gave his first party conference speech to the faithful in Brighton and it was clearly different to what was expected. He wanted to impress on his audience the move towards a kinder politics. He attacked David Cameron's shocking broken promises and vowed to create a more caring society. There was not a lot of policy but it appears that he has consolidated his position and presumably over the next twelve months detail will be added.
It has been claimed that Blair's new labour has moved on, perhaps passed away would be a better description and new politics has moved in, can it last?
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