The jobs don’t pay enough and the rents are insane. Now New York City’s young add student loans to their misery 

Young and in Debt in New York City

Student Loans Make it Hard to Rent or Buy a Home

By 

For young people, moving to New York City hasn’t made much mathematical sense for decades. The jobs don’t pay enough, the internships don’t pay at all, and the rents are prohibitive by any sane standard.

But now add a new economic fact of life to that list: soaring student loandebt. More students are taking out bigger loans than ever before, and in the last 10 years alone, education debt tripled, reaching over $1 trillion. A record number of college students are graduating knee deep in a financial hole before they begin their adult lives.

Still, new research suggests that college is working, economically. Four years on campus nets the average graduate almost twice as much in wages as someone without a degree. Those odds may be comforting in the long run, but not when you’re young, deeply in debt and trying to nest in New York City.

Read more » The New York Times
http://www.nytimes.com/2014/06/08/realestate/student-loans-make-it-hard-to-rent-or-buy-a-home.html?smid=tw-nytimes&_r=0

Pakistan’s Karachi airport under attack: officials

Karachi (AFP) – Heavily armed militants attacked Pakistan’s busiest airport in the southern city of Karachi Sunday night, forcing the suspension of all flights, officials said.

Senior police official Rao Muhammad Anwar said the militants were armed with automatic weapons and grenades and were exchanging gunfire with security officials.

“Exchange of fire is continuing. We don’t know the exact number of the attackers but suspect four to six terrorists have attacked the airport,” he said.

Read more » Yahoo News
http://news.yahoo.com/pakistans-karachi-airport-under-attack-officials-191503030.html

Facebook under fire for blocking pages in Pakistan

By New York Times

By Declan Walsh and Salman Masood 

LONDON: Facebook said Friday that it had blocked users in Pakistan from access to the pages of a popular Pakistani rock band and several left-wing political pages, drawing sharp criticism from free-speech activists who accused the US company of caving in to government censors.

Members of the band, Laal, whose members have frequently spoken out against the Taliban, confirmed that their Facebook page, which had more than 400,000 “likes,” had been blocked.

After an outcry on so ..

Top US delegation meets exiled Baloch leaders

BalochBy Murtaza Ali Shah

LONDON: A delegation of the US Congressmen accompanied by top official from the US State Department met two exiled Baloch leaders and assured them of the open and clandestine help in their activities in Balochistan and abroad. Khan of Kalat Mir Suleman Khan Dawood and Hyrbyair Marri held talks with a delegation of US congressmen at a central London location.

Sources have told The News that officials linked with America’s State Department were also present in the meeting where the situation in Balochistan was extensively discussed and the two asked the US officials to step up support for their efforts.

US Rep. Steve King, Rep. Louie Gohmert, and Rep. Dana Tyrone Rohrabacher were confirmed present in the meeting but a source said that two other senators were also part of the meeting. Some of these representatives have been meeting the Baloch exiled leaders for many months now but the presence of some US government officials have provoked interest in this meeting. The meeting will be viewed with interest in Pakistan where a great level of suspicion at the official level exists that elements of the US establishment are deeply involved in Balochistan and have been helping some armed Baloch groups, directly and indirectly.

Rep. Louie Gohmert told the Baloch nationalist leaders that he would do his best to highlight their movement. For several years, Hyrbyair Marri and Khan of Kalat have been living in exile in London. Both have been given asylum status by the British government. Mehran Marri, Khair Bux Marri’s youngest son and Balochistan’s unofficial representative at the United Nation Human Rights Council, has also held several meetings in recent days with ambassadors of European countries in Geneva. A source told that a delegation of the US administration met Marri in Brussels a few days ago.

Mehran Marri and Brahumdagh Bugti, who have been given asylum by the Swiss government, work closely at the European level US Representatives have assured the Baloch leaders that they would continue to work on their behalf to speak against Pakistan. The issue of the discovery of the alleged mass graves in Balochistan was also discussed in the London meeting. Some US congressmen have been showing increasing interest in Balochistan in recent months and have taken it upon themselves to talk about the issue.

Balochistan and human rights officials say several bodies have been uncovered recently in Balochistan but Pakistani officials put the number at just over a dozen and its hoped that a judicial inquiry would be held into these allegations. Although US politicians and the government figures deny supporting the Baloch nationalist political movement or the armed insurgency but such meetings will only strengthen the view of those in Pakistan who believe that the US continues to grow interest in the resource rich province, which is also of huge strategic importance in the region.

Courtesy: The News
http://www.thenews.com.pk/Todays-News-2-230061-Top-US-delegation-meets-exiled-Baloch-leaders

Geo News to sue ISI for defamation

By Reuters

ISLAMABAD: Geo News is suing the Inter-Services Intelligence (ISI) for defamation over accusations of being anti-state, it said on Friday.

Geo News, part of the privately-owned Jang Group, has also given the ISI 14 days to issue a public apology.

“Geo and Jang Group (have) served a legal notice on the Ministry of Defence, Inter-Services Intelligence and Pakistan Electronic Media Regulatory Authority for defaming and maligning the group,” the channel said in a report published in a newspaper owned by the media house.

“More than 8,000 journalists, workers and professionals attached to the group and their families are not only being harassed but also attacked and tortured across Pakistan.”

The suing by Geo News was followed by a suspension of the channel’s license for 15 days along with a fine of Rs10 million.

Read more » DAWN
http://www.dawn.com/news/1110985

European Central Bank hurls cash at sluggish euro zone economy, seeks to force bank lending

FRANKFURT (Reuters) – The European Central Bank launched a raft of measures on Thursday to fight low inflation and boost the euro zone economy, cutting rates, imposing negative interest rates on its overnight depositors and offering banks new long-term funds.

By John O’Donnell and Eva Taylor

FRANKFURT (Reuters) – The European Central Bank launched a raft of measures on Thursday to fight low inflation and boost the euro zone economy, cutting rates, imposing negative interest rates on its overnight depositors and offering banks new long-term funds.

The ECB cut all its main rates to record lows in a drive to fight off the risk of Japan-like deflation and bring down the euro’s exchange rate. For the first time, it will charge banks 0.10 percent for parking funds at the central bank overnight.

It stopped short of large-scale asset purchases known as quantitative easing for now, but ECB President Mario Draghi said more action would come it necessary.

Draghi outlined a four-year 400 billion euro ($544.86 billion) scheme giving banks that have been holding back credit due to looming stress tests an incentive to increase lending to businesses in the euro zone.

“Now we are in a completely different world,” Draghi told a news conference, citing “low inflation, a weak recovery and weak monetary and credit dynamics”.

The package, adopted unanimously, was aimed at increasing lending to the “real economy”, he said.

Other steps included extending the duration of unlimited cheap liquidity for euro zone banks, injecting about 170 billion euros by stopping tenders that withdrew funds spent on past government bond purchases, and preparing for possible future purchases of asset-backed securities to support small business.

Read more » MSN
http://money.ca.msn.com/investing/news/breaking-news/ecb-hurls-cash-at-sluggish-euro-zone-economy-seeks-to-force-bank-lending

“Are we finished? The answer is no.” – Mario Draghi, president of the European Central Bank says

Draghi Unveils Historic Measures to Counter Deflation Threat

Mario Draghi, president of the European Central Bank (ECB), reacts whilst speaking at a news conference where he unveiled historic measures to face down inflation in Frankfurt, Germany, on Thursday, June 5, 2014.

Bloomberg News reported:

The ECB today cut its deposit rate to minus 0.1 percent, becoming the first major central bank to take one of its main rates negative. In a bid to get credit flowing to parts of the economy that need it, the ECB also opened a 400-billion-euro ($542 billion) liquidity channel tied to bank lending and officials will start work on an asset-purchase plan. While conceding that rates are at the lower bound “for all practical purposes,” he signaled the the ECB is willing to act again.

“We think it’s a significant package,” Draghi told reporters in Frankfurt. “Are we finished? The answer is no.”

Courtesy: Bloomberg

No more English, Modi chooses Hindi for talks with foreign leaders

ModiWritten by Pranab Dhal Samanta | New Delhi

Prime Minister Narendra Modi, it appears, has taken a call to hold his diplomatic conversations in Hindi, with interpreters being deployed in almost all his meetings, including those where the dignitary on the other side speaks in English.

While Modi is quite conversant in English given that many New Delhi-based diplomats have met him and never found language to be an impediment, sources said he seems to have decided to stick to the national language in his interactions. That he is reasonably comfortable with the English language is clear by the fact that interpreters are not required to translate from English to Hindi.

For instance, Sri Lankan President Mahinda Rajapaksa spoke in English during his bilateral meeting with Modi and at no stage did the PM require the interpreter’s assistance to understand what the Lankan President was saying. However, his responses were always in Hindi for which the services of the interpreter were used. In fact, he followed the same protocol with the Special Envoy of the Sultan of Oman, who spoke in English.

But with those who spoke Hindi or Urdu, the interpreter was not required, like the one-on-one with Pakistan Prime Minister Nawaz Sharif. In fact, Afghanistan President Hamid Karzai, who has studied in India, also spoke in Urdu with some Hindi words and so a translator was not needed.

Read more » The Indian Express
http://indianexpress.com/article/india/politics/no-more-english-modi-chooses-hindi-for-talks-with-foreign-leaders/#.U49a19yYHAc.facebook

Three police officers shot dead in Canada – BBC

Canada shooting: Manhunt as police officers killed in Moncton

Constable Damien Theriault: “People should stay inside and lock their doors”. A manhunt is under way in the Canadian city of Moncton after three police officers were shot dead and two hurt.

Police said they were searching for Justin Bourque, 24, who was “armed and dangerous”, and tweeted a picture of a suspect with weapons. Officials have warned people to stay inside and lock their doors.

The Royal Canadian Mounted Police (RCMP) told the BBC the officers were shot responding to reports of an armed man wearing camouflage clothing.

Read more » BBC
http://www.bbc.com/news/27709330

Court to decide if Indian guru is dead or meditating

His Holiness Shri Ashutosh Maharaj was determined to be clinically dead by physicians in January 2014, but his followers insist he is in a state of deep meditation. The Punjab High Court is set to decide his state and therefore what will happen to his $170 million estate.

According to his wife and son, Maharaj died Jan. 29 of a heart attack. His death was confirmed by physicians and the Punjab police. His followers in the Divya Jyoti Jagrati Sansthan sect say he has achieved a transcendent state called “samadhi” where he is at one with the universe. They are keeping him “alive” in a commercial freezer in his ashram.

Maharaj’s family say that the sect’s elders are insisting he is alive so they can control his finances. Maharaj is one of India’s wealthiest religious leaders with an estate worth an estimated $170 million. Maharaj had no named successor so his fortune would remain in a charitable trust if declared dead by the courts.

The Punjab High Court has dismissed the police report, saying Maharaj’s death is a “spiritual matter.” It will hear an application from his wife and son to investigate his death and return his body.

Courtesy: http://cir.ca/news/indian-guru-dead-or-meditating

Russia lifts arms embargo to Pakistan: report

By AFP

MOSCOW: Russia has lifted its embargo on arms supplies to Pakistan and is holding talks on supplying Islamabad with combat helicopters, the head of state-owned Rostec, Sergei Chemezov, said Monday, the ITAR-TASS news agency reported. “Such a decision has been taken. We are holding talks on supplying the helicopters,” Chemezov said, adding that the negotiations were about Russian Mi-35 Hind attack helicopters.

Read more » DAWN
http://www.dawn.com/news/1110131

 

Thomas Piketty’s Capital: everything you need to know about the surprise bestseller

The radical economist’s book Capital in the Twenty-First Century has angered the right with its powerful argument about wealth, democracy and why capitalism will always create inequality. Not read it yet? Here’s what it means

By The Guardian

That capitalism is unfair has been said before. But it is the way Thomas Piketty says it – subtly but with relentless logic – that has sent rightwing economics into a frenzy, both here and in the US.

His book, Capital in the Twenty-First Century, has shot to the top of the Amazon bestseller list. Carrying it under your arm has, in certain latitudes of Manhattan, become the newest tool for making a social connection among young progressives. Meanwhile, he is beencondemned as neo-Marxist by rightwing commentators. So why the fuss?

Piketty’s argument is that, in an economy where the rate of return on capital outstrips the rate of growth, inherited wealth will always grow faster than earned wealth. So the fact that rich kids can swan aimlessly from gap year to internship to a job at father’s bank/ministry/TV network – while the poor kids sweat into their barista uniforms – is not an accident: it is the system working normally.

If you get slow growth alongside better financial returns, then inherited wealth will, on average, “dominate wealth amassed from a lifetime’s labour by a wide margin”, says Piketty. Wealth will concentrate to levels incompatible with democracy, let alone social justice. Capitalism, in short, automatically creates levels of inequality that are unsustainable. The rising wealth of the 1% is neither a blip, nor rhetoric.

To understand why the mainstream finds this proposition so annoying, you have to understand that “distribution” – the polite name for inequality – was thought to be a closed subject. Simon Kuznets, the Belarussian émigré who became a major figure in American economics, used the available data to show that, while societies become more unequal in the first stages of industrialisation, inequality subsides as they achieve maturity. This “Kuznets Curve” had been accepted by most parts of the economics profession until Piketty and his collaborators produced the evidence that it is false.

In fact, the curve goes in exactly the opposite direction: capitalism started out unequal, flattened inequality for much of the 20th century, but is now headed back towards Dickensian levels of inequality worldwide.

Continue reading Thomas Piketty’s Capital: everything you need to know about the surprise bestseller

Australia cuts ties with Thailand over military coup

By Reuters

PERTH Australia (Reuters) – Australia downgraded ties with Thailand on Saturday in the wake of this month’s military coup, imposing a travel ban on the junta leaders and cutting defense cooperation in some of the toughest punitive measures taken by a foreign government.

The U.S. and other foreign governments have condemned the May 22 coup, calling for a rapid return to democracy.

The Australian government said it had postponed three activities with the Thai military and would prevent the leaders of the coup from traveling to Australia as it continues to have “grave concerns” about the military’s actions in Thailand.

Read more » The Chicago Tribune
http://articles.chicagotribune.com/2014-05-31/news/sns-rt-us-thailand-politics-australia-20140530_1_military-junta-coup-leader-military-coup

Solar Roadways! This Invention Can Change The World. Just Watch.

This video is currently going viral and has been seen by over 6 million people. A crowd funding campaign is currently underway for “Solar Roadways” which would essentially turn all roads into ways solar panels, which would end our reliance on oil. I, for one, support this project. Wouldn’t you?

Read more at http://blog.petflow.com/this-invention/#Hjpf4pDeUaFai4tM.99