European Union - An Overview of the European Union - New Comment

The precursor to the European Union was established after World War II in the late 1940′s in an effort to unite the countries of Europe and end the period of wars between neighbouring countries. 

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New comment on Ace Finance News harvey commented on European Union - An Overview of the European Union. in response to acefinance: The precursor to the European Union was established after World War II in the late 1940′s in an effort to unite the countries of Europe and end the period of wars between neighbouring countries. These nations began to officially unite in 1949 with the Council of Europe. In 1950 the creation of the European Coal […] This is a really good site post, I am delighted I came across it. Ill be back down the track to check out other posts that you write! Thanks Reply    Comments Thanks for flying with WordPress.com

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Was Declaring Bankruptcy A Smart Decision?

Was Declaring Bankruptcy A Smart Decision?:
Nadya Suleman has made no secret of her financial troubles, which came to a head this week when the “Octomom” filed for bankruptcy. The mother of 14 owes creditors nearly $1 million, court papers showed, roughly 20 times as much as the value of her assets. ”It is pretty extreme in terms of how much debt she has,” says Richard Hipp, manager of bankruptcy operations at non-profit credit counselling organization In Charge Debt Solutions. The bankruptcy might give Suleman a fresh start, but the filing means that her creditors — which include a Christian school and her own father — are out of luck.

Suleman filed for Chapter 7 bankruptcy, in which a debtor’s assets are liquidated and nearly all unsecured debt is discharged. This might seem like a more drastic option than Chapter 13, which lets filers hang onto some assets — such as a house or a car — if they agree to enter a repayment plan. Before filing, a person considering bankruptcy has to meet with an attorney and go through a means test, which helps determine which type of bankruptcy is most appropriate for them. The test compares the person’s monthly expenses and income to see how much is left over that could be used to pay off debt.

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Thank you, Ian {Editor}  

Houston Family Gets Locked Inside Restaurant For Leaving Bad Tip

Houston Family Gets Locked Inside Restaurant For Leaving Bad Tip:
Houston resident Jasmine Marks learned a valuable tip on restaurant gratuity while eating out with her family last week.

According to NCB affiliate KPRC Local 2, Marks and her family were locked inside La Fisherman restaurant after they refused to pay the 17 percent tip that was automatically added to their bill.

The reason, Marks told the news station, was because the service was slow, she and her party did not get everything they paid for and the staff was rude. The restaurant claims, however, that the mandatory gratuity is customary for parties of five or more, like Marks'. It's a rule that they've even printed on the bottom of every menu, KPRC reports.

"We asked her, could the gratuity be removed? Could we give our own tip?" Marks said. The response she got was to speak with a restaurant manager, but when that didn't work, a staffer called the police to intervene.

"I asked the police officer twice, maybe three times, is it against the law if we don't pay the gratuity and he never gave me a straight answer," Marks went on to say. The family conceded to paying the 17 percent tip in an effort to avoid further trouble.

In a study published last month in the Journal of Black Studies, 40 percent of waiters admit they discriminate against black customers because of a perception they don't tip as much as white patrons.

The survey found that blacks were typically described as “picky,” “demanding,” and “rude,” according to the Washington Examiner.

Dan Parson, president of Houston's Better Business Bureau, who received a complaint about Marks' experience, told KPRC that consumers need to understand the restaurant's policy before they even sit down.

"I mean every sign walking in the door. What credit cards do you accept, not accept? What are your hours? Seventeen percent gratuity for the six of you? If you don't like it, go," he said.

All the posts are provided by me and any comments l provide are my own view of the markets and are not the views of the article writer and or news provider.

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Thank you Ian {Editor} 

Geithner Op-Ed: 'What the world must do to boost growth'

U.S. Department of the Treasury
Subject: Geithner Op-Ed: 'What the world must do to boost growth'

Geithner Op-Ed: 'What the world must do to boost growth'

What the world must do to boost growth

By Tim Geithner

 

The world economy is in the midst of the second slowdown of this recovery from the financial crisis of 2008 and 2009. The question is not whether we have the economic or financial capacity to act to strengthen growth, but whether we have the political ability to do the right things.

 

The shocks behind the slowdown – oil prices, Japan's disaster, the crisis in Europe – are severe enough to have been dangerous even if they had happened during a global boom. They are more dangerous now because they hit a world still healing from financial crisis and because of the general fear that political constraints will prevent governments and central banks from acting sensibly with the tools available.

 

With interest rates very low in the major economies, budget deficits swollen by the crisis, and the financial imbalances of the crisis only partly resolved, there are limits on what policy can do to help strengthen growth.

 

But the biggest constraints on action in the major developed economies now have less to do with those economic realities and more to do with political paralysis, misplaced fears about inflation and moral hazard, and unwarranted disaffection with the efficacy of the traditional fiscal tools of tax cuts and investment to encourage growth.

 

The three most important things that have to happen for the world economy to regain momentum are these. First, the U.S. should act to strengthen growth and employment. President Barack Obama will push for the very substantial package of public investments, tax incentives, and targeted jobs measures he will put forward tonight, combined with a carefully balanced mix of fiscal reforms designed to restore fiscal sustainability over the medium term.

 

Second, Europe needs to take more forceful action to generate confidence that it can and will resolve its crisis. This requires governments working together and alongside the European Central Bank in an unequivocal commitment to support Europe's financial system and ensure governments can borrow at sustainable interest rates as they reform. Finally, China and other emerging economies need to continue to strengthen domestic demand and allow their exchange rates to adjust to market forces.

 

In early 2009, the world showed remarkable unity and deployed remarkable financial force in rescuing the global economy. The challenges now are different and cannot realistically be confronted by a repeat of that coordinated global response of financial stabilisation and fiscal and monetary stimulus.

 

But the imperative remains to strengthen economic growth. Fiscal policy everywhere has to be guided by the imperatives of growth. Where deficits and interest rates are too high, governments have no choice but to consolidate. Where fiscal positions are stronger and interest rates low, some countries have room to take more action to support growth, and others can at least slow the pace of consolidation. Where more fiscal reforms are necessary to achieve long-run sustainability, the emphasis should be on policy changes that take effect over the medium term.

 

As for monetary policy, with growth slower and oil prices lower, inflation risks are on average, though not everywhere, less acute. This means some central banks will continue to ease policy, while some will keep rates lower longer and slow the pace of expected tightening. None of the major central banks are out of ammunition. The repair and restructuring of financial systems has to be accelerated where it has lagged. Countries that forced more capital into their banking systems early in the crisis are better placed to support the recovery. Those that did not should move more forcefully now.

 

Financial reforms designed to prevent the next crisis need to be designed and implemented in a way that does not exacerbate the slowdown. We need more progress in rebalancing global demand, with broader and faster appreciation of the remnimbi and the other policies necessary to strengthen domestic consumption in China and other emerging economies with large external surpluses.

 

The outlook is not all dark. Oil prices have eased somewhat, relieving pressures on consumers and businesses. Growth in emerging markets remains quite strong. Most private forecasters expect U.S. growth to be stronger in the quarters ahead than during the first half of this year. The IMF expects the world economy as a whole to continue to expand at a moderate pace.

 

But the risks of a longer period of relatively weak growth are significant, and it makes sense for policy makers to act to reduce the risk of that outcome. One of the most important lessons from the history of financial crises is that the political will to act to secure recovery fades too quickly in the face of the political costs of the initial response and early optimism about growth. This was a terrible crisis. Recovery was always going to be slow, fragile, and take time. We have more work to do. We are better off doing it together.

 

The writer is US Treasury Secretary​

U.S. Department of the Treasury · 1500 Pennsylvania Ave, NW, Washington, D.C. 20220 · (202) 622-2000

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Thank you Ian{Editor}

Eric T. Schneiderman: Honoring Labor Day By Rooting Out Wage Theft

Eric T. Schneiderman: Honoring Labor Day By Rooting Out Wage Theft:
Imagine a restaurant dishwasher who is robbed on payday while riding the bus home. A pickpocket steals all of his wages, leaving him with nothing to show for a week of hard work. If the thief were caught, he or she would be arrested and would surely face criminal charges.

Now imagine that same dishwasher, also deprived of his week of wages, except there is a different culprit: his boss. After six long days in a hot restaurant kitchen the boss refuses to pay him because "business is bad" or this was a "try-out week" or because two dishes broke, or for no apparent reason at all. If this culprit were caught, typically he would face only civil charges. He would have to pay the wages owed, and maybe a small penalty as well.

Because civil penalties for wage theft are paltry, employers often treat them as simply a cost of doing business. A 2010 study by the National Employment Law Project found that 21 percent of surveyed low-wage workers in New York City were paid less than the lawful minimum wage, and 77 percent of those who worked over 40 hours per week did not receive legally required overtime pay.

Lawmakers and prosecutors must reverse this trend by treating wage theft as what it is -- theft, and pursuing criminal charges accordingly.

Criminal convictions mean more accountability. And, these employers will have to note the conviction on applications for government aid and licensing forms. Simply put, criminal penalties are a serious deterrent to wage theft; small fines are not.

Some states do treat wage theft as a serious offense. In New York, failure to pay proper wages is a misdemeanor; we also criminalize retaliation against employees for reporting violations. Other states have followed New York's lead. In May of last year, Texas Governor Rick Perry signed into law the "Wage Theft Bill," which strengthened the state's theft of services statute in relation to nonpayment of wages. It's a felony in Texas to steal services worth more than $1500.

Even where there are no laws directly criminalizing wage theft, prosecutors can use other statutes to target unscrupulous employers, because these firms often violate a host of laws. After all, how likely is it that a construction company using underpaid day labor will be diligent about paying taxes or following building codes? Or that a food processing company with workplace safety and health violations will be meticulous about food safety for the public?

Lawless employers harm not only workers; they endanger the public, deprive schools, parks, and police of needed funds, and undermine honest employers who can't compete with bottom feeders.

Just this year, my office has arrested employers in a range of industries: a car wash operator, the founder of a tortilla factory, a restaurant owner, a construction firm performing public work. Many have pled guilty to a range of charges including false filings, theft of services, falsification of business records, and schemes to defraud. Some of them will be going to jail.

To be sure, not all labor law violations should be treated as criminal cases. Some infractions are inadvertent or minor. But criminal charges are appropriate for employers who stiff their workers altogether or who pay far below the minimum wage; for those who file false tax documents or otherwise commit fraud; for repeat violators who refuse to follow the law, or wrongdoers who obstruct justice by firing employees who testify about violations.

In this time of deep political divisions, there should be nothing controversial about the notion that working people who do their jobs should be paid for their work.

An employer who knowingly violates labor laws is not an upstanding businessman saving a few bucks. In the end, he is hardly any different from the pickpocket, and the law should treat him as such.

All the posts are provided by me and any comments l provide are my own view of the markets and are not the views of the article writer and or news provider.

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Mary Pritchard: Money Fears - How to fight financial stress

Mary Pritchard: Money Fear: 12 Ways To Fight Financial Stress:
In the past couple of weeks, I've been blogging on how to cope with stress. Why? Because let's face it, we are one stressed out bunch of people. The scary fact is that, in the American Psychological Association's study "Stress in America," the majority of American adults surveyed reported that their stress had increased during the past five years. And respondents fully realized that their stress levels were taking a toll on their health. In fact, 88 percent of women and 78 percent of men surveyed reported that their stress level had a strong or very strong impact on their physical health.

When asked, "Which of the following, if any, have you experienced in the last month as a result of stress?" Americans responded:

• Irritability or anger (42 percent)

• Fatigue (37 percent)

• Lack of interest, motivation or energy (35 percent)

• Headaches (32 percent)

• Upset stomachs (24 percent)

• Change in appetite (17 percent)

• Change in sex drive (11 percent)

This begs the question: What are we so stressed out about? You name it, it was probably on the list, but the top ten reported stressors among American adults in 2011 were:

• Money (75 percent)

• Work (70 percent)

• The economy (67 percent)

• Relationships (58 percent)

• Family responsibilities (57 percent)

• Family health problems (53 percent)

• Personal health concerns (53 percent)

• Job stability (49 percent)

• Housing costs (49 percent)

• Personal safety (32 percent)

Notice any common themes here? Financial issues (money, housing costs)? Check. Work issues (could be work-related stress and/or job stability concerns and/or money-related issues)? Check. Insecurity about the economy, which relates to both money and work? Check. Relationship issues? Check. Health issues that often connect to relationship or work issues? Check.

But since the number-one reported issue is money, let's start there. Three-quarters of adult Americans are worried about money, and I'm guessing they're not worried about having too much.

If you find yourself among that 75 percent, what should you do? First, identify exactly what you are stressing out about. According to personal finance expert and "Money Girl" podcaster Laura Adams, there are 4 primary reasons people freak out about money:

1) They consistently spend more than they make, living under the threat of ever-present bill collectors.

2) They spend exactly what they make, living paycheck-to-paycheck.

3) They have a huge amount of debt (e.g., student loans) and are finding it hard to make any progress on reducing it.

4) They don't understand how to manage their finances and feel lost or overwhelmed about how to do so.

Getting back to my last blog, as a stressor, money concerns may be both controllable and uncontrollable at the same time. Thus, you should take a twofold approach when coping with them:

Problem-Focused Approaches

Regardless of why you got into debt in the first place, there are a number of things you can do to make your debt more manageable:

1. Seek the help of a professional. You're probably thinking, "If I don't have any money, how can I afford to pay a professional?" Rest assured, a lot of professionals offer free consultations or reduced/sliding rates for their services. Just type "debt services" or "debt consolidation" into Google and see what comes up. Just make sure the company seems reputable.

2. Plan. Make concrete, yet achievable, goals for yourself to get out of debt. If you don't know where to start, talk to a financially savvy friend or financial advisor.

3. Create a budget. The first step is to figure out what you actually spend your money on over the course of a week. You might be surprised at what you can cut out. For example, do you really need to eat out every day, or can you save money by taking your lunch to work? Do you really need premium cable or satellite TV? If you've never done a budget before, there are a number of software programs and apps available for low or no cost to get you started. If you need more ideas, check out these debt-reduction tips.

4. Clip coupons and stock up on bulk and sale items. It may seem like a simple strategy, but there are countless ways to save significantly on your weekly grocery bill. Sure, you may have to try a different brand, but every penny counts when it comes to savings and debt reduction. Plus, you might even find that you like the new brand better.

5. Learn how to cook. Americans spend nearly $400 billion a year on eating out. It's usually much cheaper to buy and cook your own meals. Don't know where to start? Go to the library and check out a cookbook or go to YouTube and watch cooking demos. Culinary adventures await!

6. Shop at secondhand stores. You can usually find good quality, slightly worn (and sometimes even brand new) clothes at Goodwill, the Salvation Army and other secondhand or consignment stores. Since Americans spend nearly $200 billion a year on apparel (not including jewelry), buying used clothes can add up to significant savings.

7. Go green. Find ways you can save on household expenses.

8. Leave your credit cards at home and pay in cash. It's much easier to avoid temptation and racking up even more debt if you leave the credit cards at home. "Don't spend what you don't have" should be your motto for a while.

Emotion-Focused Approaches

1. Try hypnosis. Don't laugh or roll your eyes at me. There's actually some evidence that hypnosis is a valid way to cope with stress -- including financial stress.

2. Vent. Talk to your friends, family, neighbors, pastor, counselor, dog -- just get this off of your chest. Who knows? Whoever you talk to might actually have some helpful suggestions.

3. Take care of yourself. Now is not the time to neglect your physical and mental health. Maybe for financial reasons, you need to cut out that biweekly yoga or tae kwon do class for a little while, but that doesn't mean you can't practice at home on your own.

4. Try to see the glass as half-full instead of half-empty. Don't make your situation out to be worse than it is. This can lead to the "what-the-hell effect," causing you to spend more than you might have otherwise.

Hopefully you're feeling a little less afraid of your financial situation right now. Leave me a comment and let me know what works and what doesn't work for you. Please also leave some ideas of things that have worked well for you in the past. If we put our heads together, we should be able to get out of debt, one penny at a time.

Stayed tuned for next week's installment on coping with work stress.

For more by Mary Pritchard, click here.

For more on becoming fearless, click here.

All the posts are provided by me and any comments l provide are my own view of the markets and are not the views of the article writer and or news provider.

Please tweet at #AceDebtNews or email your News & Views to our Ace News Desk

Merkel Calls For Solidarity With Euro Nations

Its too little too late for put the Euro Zone back on course! As German Chancellor Angela Merkel on Monday stresses solidarity with other euro nations while her finance minister expressed scepticism about the European Central Bank’s ability to combat the regional debt crisis, media reports said only a short while ago!

The posts l provide are my views of good recipes and also are shared from a number of contacts, news and blogging services. They are not always tried and tested by me unless it states that l have cooked any myself,whereby it will be noted on the post accordingly.

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Thank you, Ian [Editor]