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Source: http://www.legaldebthelponline.com/2012/04/08/credit-card-debt-reduction-credit-card-debt-reduction/

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13 Signs That America's Prison System Is Out Of Control

prisoner

Since the war on drugs started in 1971, America's prison population has surged 700 percent to 2.4 million.

Prisoners have become part of the economy, manufacturing and assembling products for major corporations, while private prisons have emerged as multi-billion dollar operations.

Now that there are more Americans under correctional supervision than were in Stalin's gulags, it's officially out of control.

The U.S. has 5 percent of the world's population but 25 percent of the world's prison population

Since the war on drugs started in 1970, America's prison population has surged 700 percent to 2.4 million

There have been more than 40 million arrests for drug-related offenses in the past forty years

Source: The Pew Charitable Trust

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European Stocks Go Red As Italy Pays More To Borrow

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Shares traded on the Italian FTSE MIB and Spanish IBEX 35 are down after the European Central Bank hinted at stepping up purchasing sovereign bonds of both countries. So far, Italy is off 1.24 percent.

Yields on government bonds in both those countries have tightened slightly in early trading.

Portugal's PSI 20, notably, is off around 2 percent.

Core Europe seems to be holding on to gains, however. The DAX is up 0.45 percent and the CAC 40 is 0.16 percent higher this morning.

Today's big news so far is from the ECB. Its monthly statement indicated that officials there believe inflation will  dip under 2 percent next year, making monetary policy easing a likelihood. More easing appeared to be off the table in the near-term after ECB President Mario Draghi said the bank was worried about inflation after the last ECB decision.

Farther east, Asian markets rallied. The Shanghai composite led the way, rising 1.82 percent, but all major markets gained. The only sour point there was south Korea, where tensions remain high about an upcoming North Korea missile launch.

U.S. futures are up about 0.50 percent right now, indicating a higher open.

UPDATE: European shares have moved sharply lower, and an Italian bond auction left much to be desired.

Only the DAX is holding onto gains. Italy and Spain continue to lead the drop. The FTSE MIB is down 1.58 percent and the IBEX 35 is off 2.17 percent.

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Swiss Bank Accounts: Why Mitt Romney (or an Average Joe) Might Want One

--> Mitt RomneyThink of Swiss bank accounts, and what likely comes to mind are the shady dealings of international criminals, secret agents and tax dodgers. But is that image more fiction than fact?

On Monday, Mitt Romney's Swiss bank account came back into the limelight when Sen. Dick Durbin (D- Ill.) publicly noted that no presidential hopeful has ever had a portfolio like Romney's, and that Romney is most likely the first to possess a bank account in the famously secretive financial haven.

So are we to infer that Candidate Bland might have a secret lair somewhere? (Whether you picture it equipped with Q-invented good-guy gadgets and a dry martini, or host to a super-villain's requisite Persian cat and horde of henchmen is, of course, up to you.)

Not exactly. In fact, that Swiss account only means he's part of a trend: Their use is on the uptick for Americans as they try to protect their assets amidst the shaky economy.

'Plenty of Good Banks in the United States'

That's not to say holding a foreign account is politically wise: It's essentially a triple blemish for a candidate. First, a Swiss account appears to be a clear sign of distrust in the American banking system and value of the dollar; second, it leads to speculation about what assets he might be hiding. (Not to mention the fact that Romney has been accused of skimping on his taxes by holding funds overseas -- already a touchy subject for the wealthy ex-governor, who has only disclosed his last two tax returns.) And third, to Middle America, it could make him appear even more out of touch.

The account has become an easy target for Democrats, with Durbin pointing out billionaire Warren Buffet's expressed reason for never opening a Swiss bank account: "There are plenty of good banks in the United States."

"So I started asking people why [would] you have a Swiss bank account?" Durbin said. "There are two reasonable explanations. Number one, you believe the Swiss franc is a stronger currency than the United States' dollar, and that apparently is the decision the Romney family made during the Bush presidency. And secondly, you want to conceal something, you want to hide something."

But Romney is not alone in moving assets to Switzerland, and like many other holders of those accounts, there's no inherent reason to assume he's involved in anything questionable.

Swiss BankThe Myth of the Swiss Bank Account

Swiss bank accounts aren't just for criminals trying to hide their monetary tracks. They're also popular among people in countries with unstable banks, monetary policies or governments, because they provide added privacy and security for assets.

Douglass S. Lodmell, partner and co-founder of Lodmell & Lodmell in Phoenix, is an expert in asset protection, and helps clients procure Swiss bank accounts. He dismisses the common conception of Swiss bank accounts as part of some hush-hush omerta system.

"There is the James Bond vision of Swiss bank accounts," Lodmell said. "People think there are numbered secret bank accounts, that when you open the account you get only a number."

That cinematic conception of espionage and illicit financial dealings is false, according to Lodmell.

"Those don't exist," he said. "A lot of that is the perception is that if you bank in Switzerland, you are trying to go under the radar or off the grid, that it means you're hiding something."

The IRS' Long Battle with Switzerland

Sen. Carl Levin (D-Mich) is one of the most outspoken critics of Romney's Swiss bank account, and is of the mind that having such an account is cause for raised eyebrows.

"I saw in the paper this morning that the spokesperson for the Romney campaign said that it was just an ordinary bank account in Switzerland," Levin said in January. "We went after UBS in my subcommittee, we have seen abuses by American wealthy folks trying to hide from Uncle Sam, putting their money in Swiss bank accounts and bank accounts in other tax havens. ... There is no such thing as an ordinary Swiss bank account."

But not so fast: In fact, there is transparency, Lodmell said. When opening a Swiss bank account, Americans have to file an FBAR form with the IRS that discloses the assets. Back when the "international man of mystery" concept of the Swiss bank account holder was born, that wasn't the case. These days, it's not such a good tax dodging device.

"There's no reason to believe that he pays even one cent less in tax," he said.

Why Would You Want a Swiss Bank Account?

The stability of U.S. financial system has certainly come under question in the years since the fall of Lehman Brothers and Bear Stearns.

"There's a valid point that the U.S. banking infrastructure is not as reliable," Lodmell said.

And the money you put in Swiss bank account -- except for those at UBS or Credit Swiss -- is in a privately held bank where the account holders' assets are completely segregated, and insulated from the troubles than might effect the American system.

Those banks also have a Tier 1 capital ratio -- and the proportion of capital on reserve is five times as high as it must be for U.S. banks. And as you might recall from the series of stress tests banks have had to undergo in recent years, those reserves are a core measure of a bank's financial strength from a regulator's perspective.

"Any sophisticated person interested in an asset protection plan should consider Swiss banking," Lodmell said. "The point is to remove the money from the U.S. system with an international asset protection trust ... whether you're a business owner, [an] employer in California where laws are particularly harsh, or a doctor who could be sued for malpractice."

"A lot of people use the nest egg approach," Lodmell said. "If [Romney] has a portion of his money over there, that's the most practical thing in the world. It's not a commentary on the U.S. system, so it's just smart business. I would not accuse him of being a traitor. He's a shrewd business man... it doesn't mean you don't believe in the U.S dollar or America."

Gallery on Mitt Romney


Growing Popularity

As the economy stays in the tank and uncertainty over the U.S. economy grows, Swiss bank accounts become appealing.

"More people do want Swiss bank accounts," Lodmell said. "There's huge confusion about whether we're going to go into hyper inflation, deflation. The demand is big. I think it's going to get bigger if the market takes a nose dive -- there are going to be people questioning where they hold their money, and the banking institutional risk is going to be front and center. We're in the domino effect in what's going on in Europe. Our banking system is not indomitable."

All that worry has resulted in a lot more money being moved Geneva-ward. In fact, since 2008 when the recession kicked into high gear, Lodmell & Lodmell has seen Swiss bank accounts being opened five times more rapidly than before.

That's a remarkable number considering the fact that it has become much harder to open a private Swiss bank account since the U.S. government's push against UBS two years ago to try to nab tax evaders.

With the outlook for various world currencies as uncertain as it is, the stability of the Swiss franc is another reason people are gravitating toward Swiss banks. And Swiss bank account assets can be held in 22 different currencies, giving depositors a way to participate in the foreign exchange game, for example, holding some assets held in yen and the rest in dollars.

Switzerland doesn't have major government debt. It's a small country, with a government that doesn't spend more than it has and takes a conservative approach to its overall finances. Its gold reserves help to stabilize the economy and have historically helped to protect the Swiss franc against inflation.

And there's no reason to think that Romney's Swiss account is anything more than that: a bit of extra asset protection in an uncertain financial world.

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Source: http://www.dailyfinance.com/2012/04/11/mitt-romney-swiss-bank-accounts/

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Here Is George Zimmerman's Mugshot

George Zimmerman was charged with the second-degree murder earlier Wednesday evening in the shooting of Trayvon Martin

Zimmerman's new lawyer, Mark O'Mara, said later in a press conference that earlier in the day, Zimmerman had turned himself in, and that he was "troubled" by the allegations and "scared."

Zimmerman, a neighborhood watch captain, claimed self-defense when he shot and killed the teenager Martin in late February. Local authorities did not charge him, under Florida's increasingly controversial He will appear in court on Thursday, according to CBS Miami, where prosecutors will request that he be held without bond until trial. 

The Associated Press has Zimmerman's mugshot from his booking Wednesday:

George Zimmerman mugshot

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SPOTTED: An Awesome Mystery Car Is Cruising Around Florida

Normally, our Photo of the Day consists of some supercar flare from Italy, Germany, or France. But this time, we have something totally different.

Reader Javier Pradilla sent in this photo that he snapped on the Florida Turnpike, and for the first time ever, we had a problem.

That problem? We had no idea what this is. We posed the question to the Twitterverse and one intrepid follower came back with the answer: Scorpion P6.

Even if it remained a mystery, the P6 would have remained one of the coolest cars we've seen all year.

Have you spotted a rare or unusual car/plane/train/boat/industry person in your travels? Did you take a photo? Do you like sharing?

If you answered yes to these questions, please send the picture to tokulski@businessinsider.com with the subject line "Spotted." Be sure to include where you saw it to be considered for our Photo of the Day.

Unknown Crazy Car

Take a look at yesterday's epic Photo of the Day >

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Some Shocking Facts of Debt Settlements

Some Shocking Facts of Debt Settlements Wait, before you make any debt settlement decision. Do you actually know what you are really in for?? Are you sure you are going to go about debt consolidation or is it debt settlement for you? If not,then how come you are sure to choose one over the other [...]

Source: http://www.legaldebthelponline.com/2012/03/30/some-shocking-facts-of-debt-settlements/

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How To Play The Long-Awaited Snapback In Stocks

Traders and active investors looking to take advantage of the weakness to position for a pop in the S&P 500 may want to consider the index's leveraged other: the SSO.

Source: http://www.forbes.com/sites/greatspeculations/2012/04/11/how-to-play-the-long-awaited-snapback-in-the-sp-500/

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How to Consolidate Your Debts With Credit Counseling

How to Consolidate Your Debts With Credit Counseling You can consolidate your debt several ways, but credit counseling has the least amount of disadvantages for paying off your debt, if you are going to get outside debt relief. Ideally, you want to pay off your debt on your own, but this is not always an [...]

Source: http://www.legaldebthelponline.com/2012/04/07/how-to-consolidate-your-debts-with-credit-counseling/

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