Do You Own an Offshore Bank Account?

I know that few of you do. One person that does is the Republican candidate for president, Mitt Romney. Just Google the above question and you will obtain quite a few responses. Google, “Romney’s secret offshore bank accounts.” You will see articles posted by Vanity Fair, Huffington Post, and the NY Daily News. I know what you are thinking. Those are all Liberal news companies. You would be wrong. The NY Daily News is owned by one wealthy businessman, Mort Zuckerman. The same Mort Zuckerman who also owns U.S. News & World Report. The same Mort Zuckerman who has been appearing as a guest on many political talk shows and slamming Barack Obama.

This is the New York Daily News report.

Mitt Romney’s massive fortune – estimated to be as high as $250 million – is held in a complex and opaque network of offshore havens that are impossible to penetrate, according to a report in Vanity Fair.

By Kristen A. Lee / NEW YORK DAILY NEWS

Mitt Romney’s massive fortune – estimated to be as high as $250 million – is held in a complex and opaque network of offshore havens that are impossible to penetrate, according to a report in Vanity Fair.

Romney had a Swiss bank account and has interests in tax havens like Bermuda and the Cayman Islands. The Romney campaign has insisted he does not use the havens to avoid paying U.S. taxes, but Vanity Fair wrote it is impossible to confirm that he is not seeing a savings.

The Republican candidate paid a 14 percent tax rate on $21.7 million in income in 2010 – far lower than the rate paid by many Americans because his earnings comes from investments rather than wages.

Vanity Fair noted that Romney has continued to receive large payments from Bain Capital since leaving the private equity firm in 1999.

Romney has personal interests in at least a dozen of the 138 or more funds organized by Bain in the Cayman Islands. Vanity Fair said the Romney-related funds are worth as much as $30 million and hidden behind confidentiality disclaimers.

The report also raised questions about Romney’s blind trusts, which are used by politicians to remove conflicts of interests by turning investment control over to an independent trustee.

Romney’s financial disclosure form lists 25 such investments in an open-ended category labeled “over $1 million,” Vanity Fair reported. Many of them are set up in tax havens like the Cayman Islands.

Meanwhile, the Romney campaign is distancing itself from the CEO of Barclays, who stepped down from the British bank Tuesday amid an interest-rate fixing scandal.

Robert Diamond will no longer co-host a London fundraiser scheduled for July 27 when Romney will be in town for the Olympics.

“Mr. Diamond decided to step aside as a co-host for the upcoming London reception to focus all his attention on Barclays,” Romney spokeswoman Andrea Saul told The Financial Times. “We respect his decision.” The fundraiser will go on without the former CEO.

Barclays was fined $453 million last week by U.S. and British regulators for submitting false reports on interbank borrowing rates between 2005 and 2009.

Israeli Draft Pits Secular Jews vs. Ultra-Orthodox

A central problem for the State of Israel is that it is a theocratic democracy. People can elect representatives, but religious leaders have a lot of power over what the government can do. How can Israel, a country that holds itself out as the one true democracy in the Middle East, allow a minority religious sect to dictate its rights and the rule of law for the entire nation?

This article was posted by the Associated Press on my home page. It has been abridged due to its length.

ARON HELLER

From Associated Press

July 07, 2012 3:09 PM EDT

JERUSALEM (AP) — Deep in the heart of Mea Shearim, a Jerusalem bastion of hardline ultra-Orthodox Jews, hundreds of bearded young men in black suits have their noses burrowed into books, immersed in biblical study and oblivious to their surroundings.

They are the creme de la creme of a cloistered community, the Harvard of the ultra-Orthodox world, who are expected neither to work for a living nor serve in the military with other Israelis.

The fight centers on whether ultra-Orthodox males should be drafted into the military along with other Jews, but it really is about a much deeper issue: the place of Judaism in the Jewish state.

The question has come to the fore as the government races to meet a Supreme Court-ordered deadline to revamp the nation’s draft law. In its current form, secular males must perform three years of compulsory service when they turn 18. Ultra-Orthodox men, like the young scholars at the Mir Yeshiva, have special exemptions that allow them to continue studying in their isolated enclaves while collecting government subsidies.

For their supporters, seminary students are preserving a tradition that has served as the very bedrock of Judaism for thousands of years.

“Jews need to study the Bible. That is what makes us unique as a people,” Yerach Tucker, a 30-year-old spokesman for the ultra-Orthodox community, said proudly as he guided a visitor through the Mir Yeshiva. “It is the essence of our lives.”

But polls show the vast majority of Israelis, who risk their lives and put their careers on hold while serving in the military, object strongly to the arrangement, and many see it as the essence of everything that is wrong with their country.

This resentment has fueled a broader high-decibel culture war.

“It is something so ethical, so basic, that we have all grown up upon: service, giving to the state. Everyone here has to give something to society because we are one society,” said Boaz Nol, a reserve officer who was among those planning a massive protest in Tel Aviv against the continued exemptions.

More than 10,000 reservists and their supporters turned out for the rally Saturday night, many of them carrying placards reading “everybody serves.”

The Supreme Court earlier this year ruled the draft exemptions illegal and gave the government until Aug. 1 to figure out a new, fairer system. That is proving far more difficult than expected.

Benjamin Netanyahu’s largest governing partner, the centrist Kadima Party, is now threatening to quit the government, just two months after joining the coalition with the goal of reforming the draft. Netanyahu has vowed to find a compromise.

Dan Halutz, a former Israeli military chief turned Kadima politician, visited the reservists’ protest tent in Tel Aviv Saturday and announced that he was leaving the party.

A glimpse into the world of the ultra-Orthodox shows just how intractable the issue has become. The draft exemptions date back to the time of Israel’s independence in 1948, when founding father David Ben-Gurion exempted 400 exemplary seminary students to help rebuild great schools of Jewish learning destroyed in the Holocaust, when 6 million Jews were murdered.

As ultra-Orthodox parties became power brokers, the numbers mounted. Ultra-Orthodox officials now estimate there are about 100,000 full-time Torah learners of draft age. The heavy emphasis on religious study, begun early on in a separate system of elementary schools, has pushed many ultra-Orthodox men to shun the work world, relying on welfare as they spend their days immersed in holy texts. The ultra-Orthodox make up about 10 percent of Israel’s 8 million citizens.

Steep unemployment, believed to hover around 50 percent, coupled with a high birthrate has fueled deep poverty in the ultra-Orthodox sector. Experts say if these trends continue, Israel’s long-term economic prospects are in danger.

Leaders speak proudly of centuries-old traditions of prayer and learning that they believe has allowed the Jewish people to survive such tragedies as the Spanish Inquisition, European pogroms and the Holocaust.

Ultra-Orthodox leaders insist they will never be forced to serve in the military.

For decades, a string of secular-led Israeli governments have maintained the status quo, either because of their dependence on ultra-Orthodox political kingmakers or out of fear of an angry backlash from a sector that hasn’t hesitated to block roads, clash with police or mobilize tens of thousands of activists into the streets when ordered by their rabbis.

With the clock ticking, Netanyahu now faces a near-impossible task as he tries to satisfy the demands of the secular masses, the Supreme Court and various coalition partners all while preventing sectarian unrest.

Before the parliamentary committee collapse, ultra-Orthodox parties boycotted the panel.

A day after Netanyahu disbanded the committee, its chairman nonetheless released his recommendations. Among the proposals: that no more than 20 percent of ultra-Orthodox males, roughly 1,500 people a year, be granted exemptions, while others be permitted to defer service for no more than five years. A national service option was also introduced for those who didn’t fit into the military.

The details of the debate have dominated political discussion in Israel, handing Netanyahu his biggest challenge yet since he formed a 94-member coalition in early May. His office says he will meet quietly with political leaders in the coming days in order to formulate a fair draft law.

Unlike other Israelis, who mark graduations, military promotions, and professional accomplishments, the ultra-Orthodox only celebrate study. Later this month, for instance, thousands of believers are scheduled to pack a basketball arena to mark the completion of a full study of the Talmud — a seven-year odyssey in which 2,700 pages of rabbinical debates over Jewish law are meticulously dissected at a pace of one page a day.

Many ultra-Orthodox sects aren’t even Zionist and refuse to recognize Israel as a Jewish state until the coming of the Messiah. Some tiny extreme sects even side with the Palestinians and Israel’s archenemy Iran.

Most object to change on much simpler grounds. In Hebrew, the ultra-Orthodox are known as “Haredim,” or “those who fear” God. But it’s not death they fear in the military — it’s immersion in what they see as a secular and hedonistic society.

“The main reason that we can’t serve is that the military simply doesn’t suit us. The military is a secular melting pot,” said Chaim Walder, a well-known ultra-Orthodox author and activist.

It’s not clear how much the military even wants Haredi conscripts. While it formally calls for everyone to serve, military officials acknowledge it will be extremely difficult to incorporate them into the army.

Many Haredi men lack basic skills, like rudimentary math, because their independent school systems barely teach them. Their aversion to direct contact with women would require segregation and could undercut the military’s record of giving female soldiers equal opportunities.

Insubordination could also grow if ultra-Orthodox men found themselves forced to choose between religious beliefs and commanders’ orders.

The costs would also be high: Drafting this community would require special arrangements, such as kitchens conforming to the strictest interpretation of Jewish dietary law and a large chunk of the day set aside for bible study. And as those who are married and with children are entitled to higher salaries — the military would face another financial burden.

Inclusion has been successful in some areas however. The army has designed a number of roles specifically for the needs of ultra-Orthodox soldiers, including a segregated infantry unit as well as computer, technology and intelligence units.

A military official involved in the effort said 85 percent of discharged ultra-Orthodox soldiers went on to find jobs in civilian life.

But altogether, the numbers remain small. Fewer than 1,300 conscripts participated in these programs over the past year, military figures show.

Some leading rabbis have ruled that those not cut out for intensive seminary life or those who were already married — and perhaps less susceptible to the lure of the secular world — could be eligible to serve or take part in a range of civil service options being considered.

“The only thing that is truly keeping us safe here is bible study,” Chaim Walder said. “We are protecting the country with our prayer. We are making sure that there is something here to protect.”
____

Follow Aron Heller at http://www.twitter.com/aronhellerap

Can Anyone Fix This Economy?

Read Mitt’s plan then read Barack’s plan. If it’s “the economy stupid” then where is the plan to set the nation on a course to recovery?

The number of new employees added to the job payrolls has been less than breathtaking. With 5 million long term unemployed is anything other than low pay service sector jobs going to be created in the coming years? The number of new June jobs is 80,000. The unemployment rate remains at 8.2% for a second straight month. That is less than the number required to keep pace with our growing population according to most economists. Perhaps the better question to ask is what are the plans of the two candidates for president?

From Mitt Romney’s campaign web site.

Mitt’s Plan

Mitt Romney sees two important objectives that America can pursue immediately to build on the extraordinary traditional strengths of its workforce. The first is to retrain American workers to ensure that they have the education and skills to match the jobs of today’s economy. The second is to attract the best and the brightest from around the world.

Retraining Workers

Mitt Romney will approach retraining policy with a conservative mindset that recognizes it as an area where the federal government is particularly ill-equipped to succeed. Retraining efforts must be founded upon a partnership that brings together the states and the private sector. The sprawling federal network of redundant bureaucracies should be dismantled and the funds used for better purposes. One particularly promising approach that Romney supports and believes states should be encouraged to pursue is a system of Personal Reemployment Accounts for unemployed individuals. These accounts would facilitate programs that place individuals directly into companies that provide on-the-job training—as governor of Massachusetts, Romney helped create just such a program.

Eliminate redundancy in federal retraining programs by consolidating programs and funding streams, centering as much activity as possible in a single agency
Give states authority to manage retraining programs by block granting federal funds
Facilitate the creation of Personal Reemployment Accounts
Encourage greater private sector involvement in retraining programs

Attracting the Best and the Brightest

To ensure that America continues to lead the world in innovation and economic dynamism, a Romney administration would press for an immigration policy designed to maximize America’s economic potential. The United States needs to attract and retain job creators from wherever they come. Foreign-born residents with advanced degrees start companies, create jobs, and drive innovation at an especially high rate. While lawful immigrants comprise about 8 percent of the population, immigrants start 16 percent of our top-performing, high-technology companies, hold the position of CEO or lead engineer in 25 percent of high-tech firms, and produce over 25 percent of all patent applications filed from the United States.

Raise visa caps for highly skilled workers
Grant permanent residency to eligible graduates with advanced degrees in math, science, and engineering

Barack Obama jobs plan is not posted on his campaign web site. Instead his site points to the growth of jobs and offers these successes and plans.

Barack’s Plan

 489,000: Jobs added in the manufacturing sector since January 2010

 233,000: Jobs added in the auto industry since June 2009—the most growth in a decade

 100%: The percent of investment in plants and equipment that businesses could expense under a tax cut extension President Obama proposed, which would spur investment in the United States

 18%: Tax deduction President Obama has proposed for domestic advanced manufacturing technologies—which would double the current 9 percent deduction

 20%: Income tax credit the President has proposed providing to companies on expenses related to moving operations back to the United States

Neither candidate offers any idea to re-employ those middle class wage earners that have faced a devastatingly long unemployment period. As matter of fact no one has offered one sensible plan. If Mitt Romney believes that the independent voters will elect him to office by just saying Obama has failed to re-invigorate the economy he is not likely to gain my support. He should not gain your support either. Vague references to re-training programs when the there are no growing industries are not enough.

If my choice is between just another face and no plan then I will vote for Obama. At least he has the experience that no other job in the world can provide. Then again why should I vote for a leader who has not been able to change our course?

Supreme Court Chief Justice John Roberts Surprises Everyone

ObamaCare Lives

How could Chief Justice John Roberts have voted with the liberal justices in favor of Obama care? Charles Krauthammer has written a piece for the National Review contending that the “Commerce Clause contained, constitutional principle of enumerated powers [has been] reaffirmed.” “Law upheld, Supreme Court’s reputation for neutrality maintained.” He suggests that Roberts was more concerned with the Court’s reputation than the outcome of this case. I disagree.

George Will, also writing in the National Review offered similar analysis.

We may never know Roberts’ thinking. Considering the far reaching consequences of his (Roberts) decision I cannot believe that he would not be more concerned with the impact this law will have on almost every American.

John Roberts said the law was legal under the right of the Federal government’s power to tax. The Obama administration denied the penalty against the non-insured is a tax. Roberts obviously had to search out his justification for voting in favor of the law. It must have come as a great surprise in the White House when they heard Roberts’ reasoning.

One thing is obvious. The media proved that even their smartest commentators could not conjure the outcome nor explain the logic of John Roberts.

Bob Schieffer Fails the Hardball Test

He [Mitt Romney] has a great allergy to specifics and details

Rich Lowry
National Review

Most probably every Sunday morning political interview program wanted to be the first to interview Mitt Romney. CBS won the honor but what did they agree not to ask in the interview? Were the questions submitted in advance so that Romney had an opportunity to prepare his answers?

Mr. Schieffer threw one softball question after another. Of course Romney was able to answer the questions.

Where were questions like:

Considering that you are so wealthy how can you relate to the average American?
Specifically what will you do as president to help re-employ millions of Americans?
What are the industries that can continue to be the mainstay of the American economy?
How will you reduce the national debt without reducing Medicare and Social Security benefits?
Do we really need a military budget that is six times that of the next highest military budget in the world?
What is your plan on dealing with the 12 million illegal aliens in this country?

Instead we learned nothing except that he will use military action, if necessary, to stop Iran from obtaining a nuclear capability. He sustained his same positions, offered during the GOP debates, on every issue that Bob Schieffer introduced.

I did not expect too many worthwhile answers from Romney. I did expect Schieffer to ask the hard questions.

Obama Plays Politics on the Issue of Illegal Aliens

“How can we win a majority of the Hispanic vote?” President Obama asks his staff.

“I believe in the idea of amnesty for those who have put down roots and lived here, even though sometime back they may have entered illegally,” Ronald Reagan said in 1984.

According to NPR “The law (signed by President Reagan) granted amnesty to nearly 3 million illegal immigrants, yet was largely considered unsuccessful because the strict sanctions on employers were stripped out of the bill for passage.”

What that law did provide was an encouragement of another 12 million illegal immigrants.

What do you suppose Obama’s decision to issue work permits to grown children who came here as babies will do? My expectation is that there will be another wave of illegal immigrants.

American Exceptionalism and the Reality of a Competitive World Economy

American exceptionalism is the theory that the United States is different from other countries.

Working class Americans (that is most of us) are in a perpetual struggle to live a comfortable life. However, we are on the brink of a new reality. We must compete with every other country in the world. Will American exceptionalism prevail?

The Washington Post reports that American median income fell nearly 8 percent, to $45,800, in 2010. This is no surprise. It is simply a validation of what we already knew. It is not going to get better any time soon. In that same article the Post said our wealth has declined by 40%. That too is no surprise since home have values have dropped by 40% to 50% in most areas of the country.

Many will try to blame one of the two political parties. That would be a mistake. If you look at the laws passed and the trends of American business you will quickly realize that this state of affairs has been going on for decades but was accelerated by the Great Recession.

The painful reality is that Americans must become more ingenious in their struggle to earn the kinds of livings that has become part of the culture. Our politicians keep telling us that Americans are unique, creative, and exceptional.

Today that all seem like a lot of baloney.

Capitalism is the Dominant force in the U.S.A.

Why Barack Obama Cannot Re-Make America

The American system of free enterprise is designed for people to make money. Those that are smartest find every way to earn money, as long as it is legal, no matter who it hurts.

Bain Capital is an asset management and financial services company that provides venture money for new and struggling companies. Like any privately held company it is in business to earn the highest possible return for its investors. There are many other companies like Bain Capital. The Blackstone Group and the Carlyle Group to name just another two. Sam Zell, a wealthy real estate investor in Chicago, bought the Tribune Company without investing a single dime of his own money (thanks to some ingenious financing) but the company is now bankrupt (you thought he bought it to prop up that company?).

The system has always functioned that way. The founding of the nation was all about free enterprise. Those leaders in Philadelphia were mostly rich men who objected to taxation by the crown. They invented the expression “taxation without representation” to rally the general public. The best example is John Hancock. Before the American Revolution, Hancock was one of the wealthiest men in the Thirteen Colonies, having inherited a profitable shipping business from his uncle. John Adams was a well to do lawyer living in the Boston area. Thomas Jefferson and George Washington were both wealthy land owners in Virginia.

If you do not agree with this form of economics you will have to live elsewhere. You will not be successful in changing 200 plus years of a system that has built the wealthiest nation in the world.

Alternative countries that you ought to consider are Italy, France, Germany, Canada, UK, Australia, and New Zealand. You might notice that many of these countries are part of the British Commonwealth that Americans hated in 1776. They do have capitalism but also make a greater effort at providing more social programs.

The choice is yours. Just stop complaining about our system. It is what it is!

Was Christopher Columbus a Jew?

Hypothèse très intéressante et instrutive!……

The question: Was Columbus secretly a Jew?

Today marks the 508th anniversary of the death of Christopher Columbus.

Everybody knows the story of Columbus, right? He was an Italian explorer from Genoa who set sail in 1492 to enrich the Spanish monarchs with gold and spices from the orient. Not quite.

For too long, scholars have ignored Columbus’ grand passion: the quest to liberate Jerusalem from the Muslims.

During Columbus’ lifetime, Jews became the target of fanatical religious persecution. On March 31, 1492, King Ferdinand and Queen Isabella proclaimed that all Jews were to be expelled from Spain. The edict especially targeted the 800,000 Jews who had never converted, and gave them four months to pack up and get out.

The Jews who were forced to renounce Judaism and embrace Catholicism were known as “Conversos,” or converts. There were also those who feigned conversion, practicing Catholicism outwardly while covertly practicing Judaism, the so-called “Marranos,” or swine.

Tens of thousands of Marranos were tortured by the Spanish Inquisition. They were pressured to offer names of friends and family members, who were ultimately paraded in front of crowds, tied to stakes and burned alive. Their land and personal possessions were then divvied up by the church and crown.

Recently, a number of Spanish scholars, such as Jose Erugo, Celso Garcia de la Riega, Otero Sanchez and Nicholas Dias Perez, have concluded that Columbus was a Marrano, whose survival depended upon the suppression of all evidence of his Jewish background in face of the brutal, systematic ethnic cleansing.

Columbus, who was known in Spain as Crist bal Col n and didn’t speak Italian, signed his last will and testament on May 19, 1506, and made five curious — and revealing — provisions.

Two of his wishes — tithe one-tenth of his income to the poor and provide an anonymous dowry for poor girls — are part of Jewish customs. He also decreed to give money to a Jew who lived at the entrance of the Lisbon Jewish Quarter.

On those documents, Columbus used a triangular signature of dots and letters that resembled inscriptions found on gravestones of Jewish cemeteries in Spain. He ordered his heirs to use the signature in perpetuity.

According to British historian Cecil Roth’s “The History of the Marranos,” the anagram was a cryptic substitute for the Kaddish, a prayer recited in the synagogue by mourners after the death of a close relative. Thus, Columbus’ subterfuge allowed his sons to say Kaddish for their crypto-Jewish father when he died. Finally, Columbus left money to support the crusade he hoped his successors would take up to liberate the Holy Land.

Estelle Irizarry, a linguistics professor at Georgetown University, has analyzed the language and syntax of hundreds of handwritten letters, diaries and documents of Columbus and concluded that the explorer’s primary written and spoken language was Castilian Spanish. Irizarry explains that 15th-century Castilian Spanish was the “Yiddish” of Spanish Jewry, known as “Ladino.” At the top left-hand corner of all but one of the 13 letters written by Columbus to his son Diego contained the handwritten Hebrew letters bet-hei, meaning b’ezrat Hashem (with God’s help). Observant Jews have for centuries customarily added this blessing to their letters. No letters to outsiders bear this mark, and the one letter to Diego in which this was omitted was one meant for King Ferdinand.

In Simon Weisenthal’s book, “Sails of Hope,” he argues that Columbus’ voyage was motivated by a desire to find a safe haven for the Jews in light of their expulsion from Spain. Likewise, Carol Delaney, a cultural anthropologist at Stanford University, concludes that Columbus was a deeply religious man whose purpose was to sail to Asia to obtain gold in order to finance a crusade to take back Jerusalem and rebuild the Jews’ holy Temple.

In Columbus’ day, Jews widely believed that Jerusalem had to be liberated and the Temple rebuilt for the Messiah to come.

Scholars point to the date on which Columbus set sail as further evidence of his true motives. He was originally going to sail on August 2, 1492, a day that happened to coincide with the Jewish holiday of Tisha B’Av, marking the destruction of the First and Second Holy Temples of Jerusalem. Columbus postponed this original sail date by one day to avoid embarking on the holiday, which would have been considered by Jews to be an unlucky day to set sail. (Coincidentally or significantly, the day he set forth was the very day that Jews were, by law, given the choice of converting, leaving Spain, or being killed.)

Columbus’ voyage was not, as is commonly believed, funded by the deep pockets of Queen Isabella, but rather by two Jewish Conversos and another prominent Jew. Louis de Santangel and Gabriel Sanchez advanced an interest free loan of 17,000 ducats from their own pockets to help pay for the voyage, as did Don Isaac Abrabanel, rabbi and Jewish statesman.

Indeed, the first two letters Columbus sent back from his journey were not to Ferdinand and Isabella, but to Santangel and Sanchez, thanking them for their support and telling them what he had found.

The evidence seem to bear out a far more complicated picture of the man for whom our nation now celebrates a national holiday and has named its capital.

As we witness bloodshed the world over in the name of religious freedom, it is valuable to take another look at the man who sailed the seas in search of such freedoms — landing in a place that would eventually come to hold such an ideal at its very core.

This entire discussion was on CNN Opinion. I thought others would find it interesting

David Bancroft

“The time for change has come.”

Those are Barack Obama’s words in a clip from a speech that Chris Matthews plays in the introduction to his weekend program on NBC. As we all know there has been no change. Grid lock has come since the GOP won control of the House of Representatives.

Guests on Matthews’ show this past Saturday all agreed that while the president is well liked the public has grown weary of the words that have not brought a renewed economy. John Heilemann, one of the members of that panel said, “Mitt Romney is never going to be likable” but acknowledged that the public might overlook that likability to see the economy in a recovery mode. No one on the panel disagreed. This is a panel of well respected Obama supporters.

Just last night Bill Clinton was in a NYC fund raiser for Obama. He pointed out that the austerity of Europe, that is Romney’s plan, has resulted in even higher unemployment than we are experiencing in the United States. However, today’s win of Wisconsin Gov. Scott Walker sent the message that Americans are not buying the Democratic Party arguments.

The argument that things could be worse just doesn’t cut it for most
Americans. Desparate Americans want results. Obama has not provided what Americans want.

A new president is on the horizon. The race is Romney’s to lose.