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Photo credit: Margaret Bourke

OND is a community feature  on Daily Kos, consisting of news stories from around the world, sometimes coupled with a daily theme, original research or commentary.  Editors of OND impart their own presentation styles and content choices, typically publishing each day near 12:00AM Eastern Time.  I tend to look at newspapers' web sites around the world and country.  Use links from my twitter feed sometimes.  Lots of twitter tonight.

OND Editors consist of founder Magnifico, regular editors jlms qkw, maggiejean, wader, Oke, rfall, and JML9999, alumni editors palantir, BentLiberal and ScottyUrb, guest editor annetteboardman, and current editor-in-chief Neon Vincent.   We invited our readers to comment & share other news.

20 Photos That Change The Holocaust Narrative
PopChassid.com, h/t to Little Green Footballs
Victims. Helpless. Downtrodden.

That’s the narrative that’s been spread about Jews for the last 70 years since the Holocaust. We’ve embraced it to our detriment. We can’t seem to address antisemitism without running to the world and screaming that we’re being persecuted, rather than standing up strongly in defiance, aware of our own inner strength.

The Holocaust has scarred us, a yetzer hara (sneaky bastard of a voice in our heads), that keeps trying to tell us how we are defined by our past, controlled by events that happened to us, instead of using those moments as points of growth.

CONFLICT

No Concerns About Bahrain Grand Prix
This article has been converted into a photo, so you will have to right-click to see this British executive say that everything is normal and safe.  Some might disagree:
Americans For Democracy and Human Rights in Bahrain

On March 28, a civilian court in Bahrain overturned the convictions against 21 Bahraini medics who had been convicted and sentenced last year for participating in illegal gatherings during the 2011 Bahrain uprising. While the acquittal of these 21 medics represents a positive step for the Bahrain government, more than a dozen medical professionals remain convicted of politically-motivated charges. Additionally, many of the medics who were acquitted have yet to return to their jobs, and none have received compensation for the treatment they endured.
And there is more at Youtube.  

From Afghanistan, headlines only.  My heart breaks.
Ten children and US diplomat killed in weekend of Afghanistan violence
Six Americans killed in Afghanistan as top US general arrives

AROUND THE WORLD

Peru bores through Andes to water desert after century of dreams
Reuters; Mitra Taj

Peru's Olmos Valley might be a desert now, with rare rains and rivers that trickle to life for just a few months a year, but a radical engineering solution for water scarcity could soon create an agricultural bonanza here.

Fresh water that now tumbles down the eastern flank of the Andes mountains to the Amazon basin and eventually the Atlantic Ocean will instead move west through the mountains to irrigate this patch of desert on Peru's coast. It will then drain into the Pacific Ocean.

The Herculean project to reverse the flow of water and realize a century-old dream is in many ways the most important water work ever in Peru. It could serve as a blueprint for the kind of construction projects needed to tackle worsening water scarcity.

Call it extreme engineering in the age of global warming.

peruelcomercio
Photo credit: "El Comercio"
Peru: Heavy machinery destroys Nazca lines
Peru This Week; Manuel Vigo
A group of ancient lines in the archaeological zone of Buenos Aires, in Nazca, have been destroyed by heavy machinery, El Comercio reported.

According to the daily, the machinery belongs to a firm that is removing limestone from the area.

The lines are located near kilometer marker 444 of the Panamericana Sur Highway. The area adjacent to the lines have reportedly also been affected, due to land being removed from the area.

Eduardo Herrán Gómez de la Torre, director of research at Ojos de Condor, described the extensive damage in the area. "We have witnessed the irreparable destruction to a set of lines and trapezoids that existed in the area,” Herrán said.

h/t Radlein. Second Peru story in my twitter in about 5 seconds a couple hours ago. I later saw a third but am not including it so I can get to additional countries.  

gazahair_460x230
Ayman al-Sayed, 19, right, with his hair cut, stands with Mohammed Hanouna, 18, left, in Gaza City. Al-Sayed used to have shoulder-length hair but says he was grabbed by Hamas police. Photo AP
'Indecent hair' prompts head-shaving in Gaza
AP via New Zealand Herald

Police in Hamas-ruled Gaza have started grabbing young men with long or gel-styled spiky hair off the streets, bundling them into jeeps, mocking them and shaving their heads, two of those targeted and a rights group has said.

It is the latest sign that the Islamic militants are imposing their strict practices on the population.

Hamas has been slowly forcing its fundamentalist interpretation of the religion on already conservative Gaza since it overran the territory in 2007, but the new crackdown on long hair and tight or low-waist pants in several cases accompanied by beatings appears to be one of the most aggressive phases of the campaign so far.

At least the morality police are picking on men. Although that is a little comfort for me.

Kashmir policy dictated by spy agencies, says Jairam Ramesh
Prasad Nichenametla, Hindustan Times

Spy agencies are dictating India’s Kashmir policy and the Centre isn’t sensitive enough to the aspirations of the state’s people, Union minister Jairam Ramesh has said.

At the end of a two-day trip to the Valley, the first by a central minister from outside the state following Afzal Guru’s hanging in February, Ramesh said Kashmir had come a long way from its troubled past and the time was now ripe for good politics and growth “What Kashmir needs is the right political engagement, not a strategy influenced by spy and security agencies. It’s the political vacuum that allowed the growth of militant, secessionist groups.”

“Kashmir is transforming but has India changed its mindset towards it? We are not showing enough sensitivity to Kashmiris, who suffer suspicion and humiliation in our cities. India should respect their culture and embrace them whole-heartedly,” he said.

I think they are saying their spy agency does not represent the will of the people?

CharlDevenishGallo
Charl Devenish for Gallo
SA to send troops to join UN mission in DRC
Reuters via Mail & Guardian

The deployment comes as South Africa is coming to grips with its worst military setback since the end of apartheid in 1994. Thirteen of its troops were killed last month in a shootout with rebels in the neighbouring Central African Republic (CAR).

"The DRC deployment has nothing to do with the CAR. Neither did the CAR incident influence the decision to send the troops into the DRC. They are two different issues," Brigadier General Xolani Mabanga told Reuters on Sunday.

The size and timing of the deployment will depend on the terms set by the United Nations, he added.

It is looking awfully sticky and complicated in mid-Africa.  

'Secrecy-Cloaked Companies': Deutsche Bank Criticized for Offshore Operations
dsl w
wires; Der Spiegel

Of the institutions under scrutiny by an international consortium of investigative journalists, Germany's Deutsche Bank appears to be a significant European player in the flow of offshore money. Research by German public broadcaster NDR and the Süddeutsche Zeitung newspaper has found that the company has helped to maintain more than 300 secretive offshore companies and trusts through its Singapore branch. Most of these are located in the British Virgin Islands.

The information comes from records obtained by the International Consortium of Investigative Journalists (ICIJ) in a reporting project that has been jointly published by media in 46 counties.

The records include details on more than 122,000 offshore companies or trusts spread across over more than 170 countries and territories and the names of 130,000 people who have allegedly parked their money in offshore tax havens. They involve a "well-paid industry of accountants, middlemen and other operatives" who have "helped offshore patrons shroud their identities and business interests, providing shelter in many cases to money laundering or other misconduct," the ICIJ wrote. This network includes "many of the world's top banks -- including UBS, Clariden and Deutsche Bank," which it accuses of having "aggressively worked to provide their customers with secrecy-cloaked companies in the British Virgin Islands and other offshore hideaways."

PS: The LandesBanken (state banks) are dirty too.  

ACROSS THE COUNTRY

colonial_williamsburg-620x412
Fife and drum corps march in Illumination of the Taverns in Colonial Williamsburg. (Credit: Steve Heap via Shutterstock)
Colonial Williamsburg: Where the Tea Party gets schooled
Salon.com; Andrew O'Hehir

Beyond the glaring racial hypocrisy, other “Revolutionary City” episodes bring up uncomfortable contrasts. When Benedict Arnold and the Redcoats “take” the town (as they briefly did, in 1781), the infamous traitor scoffs at our boos and catcalls. You losers threw away British security over a few pennies in taxes on tea, he demands, wrecking your economy and leading to all this death and suffering. What was that all about? No one in the crowd can come up with anything good. “Religious freedom!” someone shouts. “Worship whatever deity you please,” Arnold retorts, as long as you tithe to the Church of England. “We’re taxed too much!” says someone else. Your taxes under the Continental Congress are 100 times higher than under the king, he tells us. You can almost feel the anxiety of the crowd: If the Revolution was about something bigger than church or taxes, what was it?

Sneakier still, in an almost Brechtian vein, is “A Court of Tar and Feathers,” an episode with undertones of the Milgram experiment. Three men from the crowd are hauled up on an outdoor stage to serve as the jury in a kangaroo-court case against a suspected Loyalist, who is accused of demeaning the Revolution. Indeed, we’ve heard him say it: “I sing the cause of America each time I visit the necessary house.” Guilty as charged! The men on stage are rushed into a sentence: The miscreant must issue a craven apology, or be tied up at the “liberty post,” coated with tar and feathers and ridden out of town on a rail. No, we don’t actually see this happen, but it’s a scary moment.

I can only assume that other people in the crowd noticed that this guy was being persecuted and threatened with torture for exercising the most basic of our constitutional rights, one that all Americans supposedly understand and treasure. (We do tend to give it up pretty easily in times of crisis, don’t we?) Maybe sometimes during this scenario somebody speaks up for him, and the actors have to veer off script a little. But we all just stood there politely and watched, which I guess was pretty much the point.

I chose the closing paragraphs.

The Year in Hate and Extremism
Southern Poverty Law Center.com; Mark Potok

Capping four years of explosive growth sparked by the election of America’s first black president and anger over the economy, the number of conspiracy-minded antigovernment “Patriot” groups reached an all-time high of 1,360 in 2012, while the number of hard-core hate groups remained above 1,000. As President Obama enters his second term with an agenda of gun control and immigration reform, the rage on the right is likely to intensify.

The furious reaction to the Obama administration’s gun control proposals is reminiscent of the anger that greeted the passage of the 1993 Brady Bill and the 1994 ban on assault weapons supported by another relatively liberal Democrat — Bill Clinton. The passage of those bills, along with what was seen by the right as the federal government’s violent suppression of political dissidents at Waco, Texas, and Ruby Ridge, Idaho, in the early 1990s, led to the first wave of the Patriot movement that burst into public consciousness with the 1995 Oklahoma City bombing. The number of Patriot groups in that era peaked in 1996 at 858, more than 500 groups fewer than the number active in 2012.

For many, the election of America’s first black president symbolizes the country’s changing demographics, with the loss of its white majority predicted by 2043. (In 2011, for the first time, non-white births outnumbered the births of white children.) But the backlash to that trend predates Obama’s presidency by many years. Between 2000 and 2010, the number of hate groups rose from 602 to more than 1,000, where the count remains today. Now that comprehensive immigration reform is poised to legitimize and potentially accelerate the country’s demographic change, the backlash to that change may accelerate as well.

‘Pro-Lifers’ Want To Kill NV Assemblywoman For Supporting Sex Ed
Addicting Info; Elizabeth Parker
When your state has the fourth highest teen pregnancy rate in the nation, and among the eight highest rates for repeat teen pregnancies, you’d think legislators might reconsider their abstinence-only sexual education programs. And, in the case of Nevada, you’d be right. Unfortunately, supporting sexual education and teen pregnancy prevention may prove deadly … as Democratic Nevada State Assembly Woman Lucy Flores has discovered.
- - - - -
It took less than two days for the right-wing media to jump on Flores, and for the death threats to start arriving, as reported by Tara Culp-Ressler from Think Progress. All LifeNews.Com and their fellow pro-life media outlets had to do was waft red-meat headlines in the air — like “Democratic Legislator: I Don’t Regret Killing My Baby in Abortion” — and wait for the feeding frenzy to begin.
Pro-Life Death Threats.  

Capitol Offenses: Bribes, Wires, and Little Surprise
Pro-Publica.com; Joe Sexton

Here at ProPublica, we’re great believers in the idea that public revelation of scandal leads to reforms. Over the years, we’ve seen plenty of evidence that sunshine is a disinfectant, from the New Orleans police department to California’s nursing board.

But I have to admit that there may be one pestilent corner of the body politic where such cause and effect physics don’t yet seem to apply, a black hole within which the forces of greed have to date overwhelmed all good sense and every call for redemption.

You’ve already guessed, of course, that we’re talking about Albany, New York.

Like many of the notorious outposts on America’s map of graft, Albany has a storied history of dishonest behavior. When Abraham Lincoln wanted to push the 13th Amendment through a recalcitrant Congress, his Secretary of State, William Seward, told the president he’d need to make some ethically dicey promises, work best left to an operative skilled in the darkest arts of politics.

“I’ll fetch a friend from Albany,” Seward, a former New York governor, is quoted as saying in the movie "Lincoln." “Spare you the exposure and liability.”

Connecting the latest news back through time to Lincoln.  

HERE IN UTAH

LDS leader warns against being ‘swallowed up’ in tolerance
Fox13.com; Mark Green

Members of the Church of Jesus Christ of Latter-day Saints may focus on the expanded role of women in the LDS Church’s 183rd Annual General Conference, but the outside world will likely hear as much or more about LDS Apostle Boyd K. Packer’s remarks regarding tolerance.

“The family, The fundamental organization for time and eternity is under attack from forces seen and unseen,” he said during his speech.

Packer said that tolerance can be dangerous for the faithful if it goes too far.

“We need to be careful of the tolerance trend, so that we do not get swallowed up in it,” he said during his address. “The permissiveness afforded by the weakening of the laws of the land to tolerate and legalize immorality does not reduce the serious spiritual consequence that is the result from a violation of God’s law of Chastity.”

Oh noes! Too much tolerance!  This has a very red-herring feeling to me.  Like there's something else to pay attention to, such as what the LDS church and its members are actually doing in terms of human rights.  

warehousepic
(Al Hartmann | The Salt Lake Tribune) Huge moving crane off-loads semi truck trailors with goods from rail cars at Union Pacific's intermodal shipping container hub at 5600 West and 10th South on July 12 2012. The huge hub offloads containers from trains and trucks pickup the loads for delivery troughout the intermountain west.
Under one (big) roof, Utah offers low-cost way to do business
By Steven Oberbeck;The Salt Lake Tribune

Informally known as the "Crossroads of the West," Utah long has been viewed as a place ideally suited as a staging ground for the movement of manufactured goods between the East and West coasts, Canada and Mexico.

And now, one of the nation’s leading corporate site-selection companies has released a survey showing that state, and the Salt Lake City area in particular, have a lot more going for them than just their central location and easy access to the interstate highway system and major railroad lines.

The study by The Boyd Co. of Princeton, N.J., found that the cost of operating a 500,000-square-foot distribution warehouse locally that employed 175 workers at annual salary of $31,500 was $15.1 million a year, the second lowest among 30 cities it studied.

From the featured comments:  "But it is cheap to operate here- that's the double edged sword of low paid workers, they're cheap to hire but they're not great customers." -Hail to the Chef userid.

OTHER

cn_image.size.cover-may-2013-audrey-hepburn
By Bud Fraker/From mptvimages.com. Digital Colorization by Lorna Clark.
Audrey Hepburn on Vanity Fair's May 2013 cover.
Audrey Hepburn’s Son: My Mother Never Thought She Was Beautiful
Vanity Fair

“She didn’t live a life secluded or behind bars; she would walk around and everybody knew her. She was part of the city. The majority of these photos are in the streets,” Audrey Hepburn’s son Luca Dotti tells Vanity Fair’s Laura Jacobs about the time his mother spent in Rome. To prepare for his new book Audrey in Rome, Dotti gathered some 2,500 photos from the archives of the Reporters Associati that capture his mother throughout the Eternal City. Dotti says what struck him the most was that “even in these candid shots she was always herself—perfect.”

Reflecting on his mother’s signature style, evidenced in many of the images in the book, Dotti remembers that scarves were her vice. “Well, it wasn’t like Imelda Marcos and shoes,” he says. “She had, like every woman, maybe 30 or 40. It was a good way to be in disguise, big sunglasses and a scarf. Occasionally she was able to do her shopping without having all the crowds behind.” Hepburn’s iconic look was, according to her son, what she thought of as “a good mixture of defects.” Dotti explains, “She thought she had a big nose and big feet, and she was too skinny and not enough breast. She would look in the mirror and say, ‘I don’t understand why people see me as beautiful.’ ”

kristinropernhmu
Ceremonial Basket, photo by Kristin Roper; copyright Natural History Museum of Utah
The Mathematical Mind of A Basket Weaver
When starting a basket, Black coils bundles of sumac branches (rods) and then wraps them with strips of dyed split sumac (laces). As he weaves in the ceremonial pattern, he counts the number of times he wraps the lace around the rods. "The size and the width of my lace...they really do matter. Because once when I start counting it has to be all the same size and about the same amount of wrap. ...It's hard to try and keep it the same size."

Jim Barta, an associate professor of elementary education at Utah State University, says basket weavers are master mathematicians, a fact that often goes unappreciated.

As an ethnomathematician, Barta studies the relationship between mathematics and cultural identity. His training helped him realize that the structured ways in which math is taught in most schools doesn't necessarily resonate with people from different cultures. To help Native Americans understand the relevance of math, he uncovers the mathematical concepts that exist in their cultures, like basket weaving.

Early in his career, Barta was asked to make a basket with rope and yarn while at an educational conference. The instructor then demonstrated that the diameter of each coil of the basket graphed against the number of coils yields a linear function. The mathematical equation offers a way to calculate the diameter of each coil in a basket without actually having to build one.

This diary is cross-posted in purple and is available for further crossposting, please inquire.
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Comment Preferences

  •  news tips (27+ / 0-)

    129208383694944532

    i have some new-to-me grumpy cats, but they are rather hostile in their mood.  

    Ted Kennedy: “The work goes on, the cause endures, the hope still lives, and the dream shall never die…”

    by jlms qkw on Sun Apr 07, 2013 at 08:49:24 PM PDT

  •  Keystone XL Blogathon April 12th-April 22nd (19+ / 0-)

    Stay tuned as Patriot Daily News Clearinghouse will announce details in a few days.  We would like all of you to participate, recommend diaries, and make lots of comments.  Here's how you can help in promoting Daily Kos diaries about the environment.  

    Thanks.


    The above quote is by Terri Swearingen.  According to her Wiki entry, she is a nurse from the state of Ohio.

    She was awarded the Goldman Environmental Prize in 1997, for organizing the protests against Waste Technologies Industries toxic waste incinerator in the Appalachian town of East Liverpool, Ohio. Swearingen's efforts influenced stricter nationwide limits for heavy metals and dioxin emissions from waste incinerators.

  •  Looking At The Holocaust Image..... (18+ / 0-)

    It reminded me of one of my favorite books; Viktor Frankl's Man's Search For Meaning. Frankl was a holocaust survivor who lost his wife & other family members, but also developed his ideas for Logotherapy from he witnessed in the camps.

    Logotherapy is considered the Third Viennese School of Psychotherapy, with the other two being Sigmund Freud's belief that human behavior is based around seeking pleasure & Alfred Adler's use of Nietzschean philosophy to argue that humans base their actions on a desire for power.

    In contrast, Frankl argues that humans want to find meaning in their lives.

    We stumbled on in the darkness, over big stones and through large puddles, along the one road leading from the camp. The accompanying guards kept shouting at us and driving us with the butts of their rifles. Anyone with very sore feet supported himself on his neighbor's arm. Hardly a word was spoken; the icy wind did not encourage talk. Hiding his mouth behind his upturned collar, the man marching next to me whispered suddenly: "If our wives could see us now! I do hope they are better off in their camps and don't know what is happening to us."

    That brought thoughts of my own wife to mind. And as we stumbled on for miles, slipping on icy spots, supporting each other time and again, dragging one another up and onward, nothing was said, but we both knew: each of us was thinking of his wife. Occasionally I looked at the sky, where the stars were fading and the pink light of the morning was beginning to spread behind a dark bank of clouds. But my mind clung to my wife's image, imagining it with an uncanny acuteness. I heard her answering me, saw her smile, her frank and encouraging look. Real or not, her look was then more luminous than the sun which was beginning to rise.

    A thought transfixed me: for the first time in my life I saw the truth as it is set into song by so many poets, proclaimed as the final wisdom by so many thinkers. The truth — that love is the ultimate and the highest goal to which man can aspire. Then I grasped the meaning of the greatest secret that human poetry and human thought and belief have to impart: The salvation of man is through love and in love. I understood how a man who has nothing left in this world still may know bliss, be it only for a brief moment, in the contemplation of his beloved. In a position of utter desolation, when man cannot express himself in positive action, when his only achievement may consist in enduring his sufferings in the right way — an honorable way — in such a position man can, through loving contemplation of the image he carries of his beloved, achieve fulfillment. For the first time in my life I was able to understand the meaning of the words, "The angels are lost in perpetual contemplation of an infinite glory."

    We who lived, in concentration camps can remember the men who walked through the huts comforting others, giving away their last piece of bread. They may have been few in number, but they offer sufficient proof that everything can be taken from a man but one thing: the last of the human freedoms — to choose one's attitude in any given set of circumstances, to choose one's own way.
    Some details of a particular man's inner greatness may have come to one's mind, like the story of the young woman whose death I witnessed in a concentration camp. It is a simple story. There is little to tell and it may sound as if I had invented it; but to me it seems like a poem.

    This young woman knew that she would die in the next few days. But when I talked to her she was cheerful in spite of this knowledge. "I am grateful that fate has hit me so hard," she told me. "In my former life I was spoiled and did not take spiritual accomplishments seriously." Pointing through the window of the hut, she said, "This tree here is the only friend I have in my loneliness." Through that window she could see just one branch of a chestnut tree, and on the branch were two blossoms. "I often talk to this tree," she said to me. I was startled and didn't quite know how to take her words. Was she delirious? Did she have occasional hallucinations? Anxiously I asked her if the tree replied. "Yes." What did it say to her? She answered, "It said to me, 'I am here — I am here — I am life, eternal life.'" ...

  •  Thanks jlms ... (15+ / 0-)
    Pro life death threats.
    Who would have thought?

    Once again good editorial commenting.

    The good thing about science is that it's true whether or not you believe in it.― Neil deGrasse Tyson

    by maggiejean on Sun Apr 07, 2013 at 09:12:38 PM PDT

  •  In keeping with the (12+ / 0-)

    OND opening, from remembrance:

    Tomorrow is Holocaust Remembrance Day, Yom Ha'Shoah. Tonight we light a candle to mourn the 6 million Jews who died and we look forward to the future and the resilience of the Jewish people.

    "WE KINDLE this light in memory of the 6 million Jews
    Murdered by the Nazis and their collaborators.
    May the memory of the righteous be for a blessing."

    While knowing that even today genocide remains an evil in our present world. We all have a responsibility to remember, to teach and do something about it.

    The good thing about science is that it's true whether or not you believe in it.― Neil deGrasse Tyson

    by maggiejean on Sun Apr 07, 2013 at 09:16:42 PM PDT

    •  Yom Ha'Shoah (1+ / 0-)
      Recommended by:
      jlms qkw

      We were in Israel during Yom Ha'Shoah. We have nothing that comes remotely close in sheer emotion. That's why this has me seething:

      Israeli police said several rockets were fired from Gaza at Israel the previous evening, as annual ceremonies were held nationwide to remember the 6 million Jews murdered by German Nazis and their collaborators.
      http://www.huffingtonpost.com/...
      The Palestinian people are getting exactly what they asked for when the voted Hamas into power.

      "Every gun that is made, every warship launched, every rocket fired, signifies in the final sense a theft from those who hunger and are not fed, those who are cold and are not clothed." --General Dwight D. Eisenhower

      by risasperson on Mon Apr 08, 2013 at 10:17:37 AM PDT

      [ Parent ]

  •  You inspired me (16+ / 0-)

    so I just snapped a photo of a basket my daughter the archaeologist made as a student.

    Ceiling Cat rules....srsly.

    by side pocket on Sun Apr 07, 2013 at 09:22:09 PM PDT

  •  Ok So the German banks are hiding info on offshore (10+ / 0-)

    accounts and the EU austerity fixation points back to Angela Merkel  and the German Government.

    Is this the mother of all coincidences?

    I want 1 less Tiny Coffin, Why Don't You? Support The President's Gun Violence Plan.

    by JML9999 on Sun Apr 07, 2013 at 09:35:47 PM PDT

    •  there were TWO articles (7+ / 0-)

      at der spiegel on dirty german banking, i could hardly choose between them!  and that's just in today's news.  

      Ted Kennedy: “The work goes on, the cause endures, the hope still lives, and the dream shall never die…”

      by jlms qkw on Sun Apr 07, 2013 at 09:44:16 PM PDT

      [ Parent ]

      •  Resistance is futile they are the Luxembourg (3+ / 0-)
        Recommended by:
        maggiejean, jlms qkw, side pocket

        http://www.huffingtonpost.com/...

        Luxembourg, European Union's Wealthiest Country, Eyed As Next Ticking Bomb After Cyprus

        -------------------------snip--------------------------
        The increased scrutiny has taken Luxembourg's government by surprise and put it on the defensive. It has rejected calls to shrink its country's main source of wealth to a more manageable size, claiming that its banking industry is much more secure than Cyprus's and any crackdown would not only harm its own economy but that of the wider eurozone.

        Cyprus was forced to seek a bailout from its eurozone partners after its once-thriving banking industry collapsed. The country couldn't afford to bail out its financial sector which, thanks to massive deposits of foreigners, had grown to eight times the size of its economy. The 10 billion euro ($13 billion) rescue loan package comes with tough austerity measures attached, as well as a brutal shrinking of the banking industry and significant losses for savers with deposits larger than 100,000 euros.

        In comparison, the balance sheets of the banks in Luxembourg have swollen to about 22 times the country's annual economic output of 44 billion euros – making it Europe's richest country per capita. The country is also the world's second-largest center for investment funds, with about 3,800 funds holding assets worth (EURO)2.5 trillion ($3.2 trillion) – about 55 times the country's gross domestic product. It has 141 banks based there, with five of them domestic institutions and the remainder being mainly divisions of foreign banks.

        "There are no parallels between Cyprus and Luxembourg, and we don't allow any parallels to be forced on us," Prime Minister Jean-Claude Juncker said last week. "Cyprus is a special case; other financial hubs in Europe don't have these problems."

        I want 1 less Tiny Coffin, Why Don't You? Support The President's Gun Violence Plan.

        by JML9999 on Sun Apr 07, 2013 at 10:39:33 PM PDT

        [ Parent ]

  •  Thank you!!! (6+ / 0-)

    Best wishes to all here!

    I really appreciate the wonderful comments and pictures, too.

    The basket is gorgeous!

    My two sets of families and the grandbabies are safely home from FL.  :)

    Join us at Bookflurries-Bookchat on Wednesday nights 8:00 PM EST

    by cfk on Sun Apr 07, 2013 at 09:49:43 PM PDT

  •  did the Cheerios bandit get you again little man? (0+ / 0-)

    It is good politics to oppose the black guy in the White House right now especially for the Republican Party. ~ State Rep. Kris Crawford, R - SC

    by anyname on Mon Apr 08, 2013 at 03:42:23 AM PDT

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