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December 16, 2009 / Hal (GT)

Outrageous! Our Government Let’s Citi off hook.

I’m more than just a bit outraged by this Reuters report:

U.S. forgoes billions in tax on Citi: report

The U.S. government “quietly” agreed not to collect billions of dollars in potential taxes from Citigroup Inc as part of its deal to allow the bank to repay its taxpayer bailout, The Washington Post reported.

The Internal Revenue Service issued a notice on Friday that extends the benefit to Citi and other companies in which the government owns a stake, the Post reported.

Did you catch that last bit? Sounds like cronyism in the least to me, the beginnings of Fascism at it’s worst.

Meanwhile more echoes of the end result of fiat currency (failure) is showing up around the world.

EU, IMF Revolt: Greece, Iceland, Latvia May Lead the Way

Total financial collapse, once a problem only for developing countries, has now come to Europe. The International Monetary Fund is imposing its “austerity measures” on the outer circle of the European Union, with Greece, Iceland and Latvia the hardest hit. But these are not your ordinary third world debtor supplicants. Historically, the Vikings of Iceland repeatedly repulsed British invaders; Latvian tribes repulsed even the Vikings; and the Greeks conquered the whole Persian empire. If anyone can stand up to the IMF, these stalwart European warriors can.

If you have debt, get out of it ASAP.

Right now the spot price of Gold is trading at $1137.80. Silver  $17.69. Track the market in real time with the Adobe Air free application ExactPrice.


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