The latest numbers on the Eurozone economies are showing nothing, with an official recession call barely avoided. And without Germany’s slightly better economic performance in the first quarter, the recession would be official.

JPMorgan Chase's $2 billion trading loss has predictably generated calls for more bank regulation. But one free-market advocate, Dan Amoss of the Daily Reckoning made this suggestion: "Here’s an idea: it’s called 'capitalism.' Take away the subsidies and bailouts for banks, along with the regulatory red tape. If they want to blow themselves up, fine — but losses would fall on the risk managers making those decisions and bank shareholders, not taxpayers or depositors…."

Facebook co-founder Eduardo Saverin is expected to save hundreds of millions of dollars or more on his tax liabilities after becoming one of the more high-profile individuals to renounce U.S. citizenship in recent years. The Brazilian-born multi-billionaire now lives in Singapore, where the government does not impose capital-gains taxes or take a cut of income earned abroad.

 JBS CEO Art Thompson's video news update for May 14-20, 2012.

 In an impassioned plea before the European Union’s so-called “Parliament,” United Kingdom Independence Party (UKIP) leader and popular MEP Nigel Farage compared the EU to the Titanic hitting the infamous iceberg — warning that mass civil unrest, revolution, the re-emergence of National Socialism (Nazism) and economic disaster could all be imminent unless the controversial integration project is abandoned immediately. Europe’s rulers, as usual, largely ignored the speech. But citizens and analysts alike took notice. 

The HHS has adopted a “too-big-to-control” model that is wasting billions of taxpayer dollars, House Republicans said Wednesday.

Reports of mutant shrimp spawned recent news stories linking Gulf of Mexico shrimping closures to the British Petroleum oil leak of 2010. It turns out the closures are regularly scheduled seasonal occurrences that allow small shrimp to grow to a marketable size.

In a landmark step with global implications, the Federal Reserve — despite national security concerns — approved the first communist Chinese takeover of a U.S. bank: New York's Bank of East Asia.

 

In a rare moment of bipartisan unity, lawmakers and economists on both sides of the aisle largely agreed on two points: The Federal Reserve System as it stands is hurting America and something must be done to stop it. Just what exactly needs to happen, however, was the subject of considerable debate during a Subcommittee on Domestic Monetary Policy hearing Tuesday chaired by sound-money advocate and GOP presidential contender Rep. Ron Paul (R-Texas).

Mitt Romney told a Cleveland audience that he will not cut $1 trillion from the federal budget in his first year in office — a clear swipe at Ron Paul's budget proposal.

 

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