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DES MOINES (Reuters) - Social conservative Rick Santorum and former Massachusetts Governor Mitt Romney were tied at 24 percent of the vote in the Iowa Republican presidential caucuses on Tuesday after more than half the precincts reported, CNN and Fox News said.
Students stuck with gargantuan loans for life are bound in a bank-dominated "improvement" of indentured servitude. Yesterday ( Risk is Necessary for Adaptation, Innovation and Success) I discussed the inevitable failure of systems in which risk has been transferred from those who reap the gain to others. In the case of student loans, the risk has been transferred to students who enter decades of indentured servitude. Indentured servitude has a long history in the U.S.; many immigrants accepted servitude of between two and seven years in exchange for passage to the New World. Orphans were indentured out of orphanages to the age of 21--potentially a much longer servitude. Indeed, the labor of anyone on the public dole could be auctioned off: From Wilma A. Dunaway's
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A political scandal surrounding German President Christian Wulff intensified Tuesday as new information emerged that he tried to squelch media reports about his private business dealings.

Read more: WSJ.com: World News

LONDON (Reuters) - Deutsche Boerse and NYSE Euronext have extended the deadline for completion of their planned merger to March 31 next year as they seek to convince European regulators to back the $9 billion deal.

Read more: Reuters: Top News


Today, at one point in the afternoon, CNBC's Michelle Caruso Cabrera "broke" the new that according to the IIF and its always amusing chairman Charles Dallara,

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The devalue-your-way to prosperity proponents are out in full force in spite of the mathematical silliness of it all. Three writers of the Wall Street Journal article Weak Currency Stands to Buoy Zone Exports propose Europe is in the midst of a "weak recession" and a falling Euro will help exporters. Weak recession? We will see about that. At the top of the "beggar-thy-neighbor", weak-currency devaluation list is Martin Feldstein who writing on the Financial Times specifically proposes A

Read more: Mish's Global Economic Trend Analysis

Investment banks are lowering expectations and cutting costs in Asia, a region that has been a crucial source of growth for the industry in recent years.

Read more: WSJ.com: World News

The European Central Bank tapped Belgian economist Peter Praet to head its economics division, the first time in the central bank's 13-year history that the coveted post will be held by a non-German.

Read more: WSJ.com: World News

Joe Lieberman is at it again. And by "it," I mean throwing around the word "terrorist" as an excuse to further sanitize the web for our "protection." Having already talked Google into allowing users to flag Youtube videos as "terrorist," Lieberman went a step further, asking for the "Report as Terrorist" option to be applied to Blogger as well. Having taken a swing at long-form blogging, Lieberman is now taking the fight to the other end of the "wordiness" spectrum: Twitter.Senators want to
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TEHRAN (Reuters) - Closing off the Gulf to oil tankers will be "easier than drinking a glass of water" for Iran if the Islamic state deems it necessary, state television reported on Wednesday, ratcheting up fears over the world's most important oil chokepoint.

Read more: Reuters: Top News

Iran's army chief warned that American warships should stay out of the Persian Gulf, while an Iranian court sentenced the daughter of a prominent politician to six months in prison on charges of propagating against the Islamic regime.

Read more: WSJ.com: World News

There was some concern that GoDaddy had only said they were pulling their support for SOPA, but hadn't actually done so. However, the company is now pointing out that it officially asked to be removed from the Judiciary Committee's list of SOPA supporters and that's now been done. I will note, however, that despite the claims that it is no longer supporting SOPA, the Graphic Artists Guild is still listed. Add to this the Judiciary Committee having to scrub the list of a bunch of law firms who never agreed to support the bill, as well as companies like Gibson Guitar, and it seems that the Judiciary Committee is going to be kept busy whittling down this list. Of course, it's unclear why the Judiciary Committee only puts up a list of (rapidly shrinking) supporters. If it wanted to
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Arab League observers arrived in the restive city of Homs as a massive protest against the government erupted and deadly clashes with security forces left more than a dozen people killed, according to Syrian human-rights organizations.

Read more: WSJ.com: World News

The Japanese and Indian governments agreed to set up a three-year, $15 billion bilateral-currency swap line in an effort to buttress their economies against Europe's sovereign debt crisis.

Read more: WSJ.com: World News

Former Fed Vice President Tells CNBC That Bernanke Is Secretly Bailing Out Europe

Read more: Max Keiser

PORT HARCOURT (Reuters) - Assailants threw a crude homemade bomb into an Arabic school in southern Nigeria's Delta state overnight, police said, wounding seven people and escalating tensions between Muslims and Christians after a spate of church bombings across the nation.

Read more: Reuters: Top News

China is building a new class of ballistic missiles designed to arc through the stratosphere and explode onto the deck of a U.S. aircraft carrier, potentially forcing U.S. carriers to stay farther away from its shores.

Read more: WSJ.com: World News

If we look at tax revenues and income in a practical way, we find "tax the rich" will not close the widening $1.5 trillion gap between Federal revenues and spending. Clearly, $1.5 trillion annual Federal deficits to fund the Status Quo--fully 10% of the nation's GDP--is unsustainable. Eventually, the ad hoc "solutions" currently being pushed by the Federal Reserve--zero interest rates to keep borrowing costs artificially low and money-printing operations that buy Treasury debt--will encounter political and/or market pressures which will limit the marginal effectiveness of these interventions, and the real cost of these historically unprecedented deficits will trigger a host of unintended consequences--all negative. Everyone knows there are only two ways to bring deficits back
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On Monday, I had the pleasure of doing a live video for Capital Account with Lauren Lyster. I come in at about the 2:45 minute mark for much of the rest of the 30 minute session. Discussion is about the Eurozone, trade with China, regulations, gold, and alleged "malfunctioning markets". Link if video does not play: Mish on Malfunctioning Bureaucrats, Gold's Recent Decline and Chinese Chicken Feet I had fun doing this and hope to be back on again. Mike "Mish"

Read more: Mish's Global Economic Trend Analysis

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