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subsidiaries, and then resell the products at higher prices, paying little or no taxes in the foreign country. In December 2008, the New York-based bank holding company Goldman Sachs reported its first quarterly loss and then issued a statement that its tax rate was dropping from 34.1 to 1.0 per cent. The company, which received $10 billion and debt guarantees from the US government in October 2008, expects to pay only $14 million in taxes worldwide for 2008 compared with $6 billion for 2007. It cited "changes in geographic earnings mix" as the reason for the decrease. In an update, Rachel Keeler of Dollars & Sense noted: "The G-20 meetings in April of 2009 declared a crackdown on tax havens as the first step to financial recovery. However, the offshore banking world now harbours $11.5 trillion in individual wealth alone, and many countries will continue to resist regulation and inspections from outside their borders." Ecuador's domestic laws, US Securities and Exchange Commission regulations and general principles o international law. Ecuador's use of legitimacy as a lega argument for defaulting set a major precedent. The country's debt rose from $1.174 billion in 1970 to over $14.250 billion in 2006, a 12-fold increase, due in large part to interest rates that rose at the discretion o US banks and the Federal Reserve from six per cent in 1979 to 21 per cent in 1981. Salomon Smith Barney, now part of Citigroup, issued unauthorised restructuring o Ecuador's debt in 2000 that led to exorbitant interes rates, which combined with illegal borrowing by former dictators has turned the country into a major capita exporter to its northern "benefactors". trillion in individual wealth alone, and many countries fl. Corporations Profit from Occupation of Palestine will continue to resist regulation and inspections from Israeli and international corporations are directly outside their borders." involved in the occupation of Palestine. These occupying companies lead real estate deals, 9. US Arms Used for War develop the Israeli colonies and Crimes in Gaza . . infrastructure, and contribute to Israel's repeated firing of US- Yet, with shocking lack of the construction and operation made white phosphorus shells regard, both houses of US of an ethnic separation system over densely populated areas of including checkpoints, walls and Gaza during its recent military Congress overwhelmingly roads. They also supply campaign was indiscriminate endorsed resolutions to equipment used in he contro and is evidence of war crimes, . . and repression of civilians. said Human Rights Watch in a support a continuation of The ongoing business o report, "Rain of Fire", released Israel's "self-defence" construction in the occupied territories of the West Bank and provides witness accounts of Golan Heights includes housing e devastating effects that developments and extensive white phosphorus munitions had on civilians and __ infrastructure projects such as roads and water systems property in Gaza. Human Rights Watch researchers found for the exclusive use of Israeli settlers, on lands spent shells, canister liners and dozens of burnt felt confiscated from Palestinians. While the US government wedges containing white phosphorus on city streets, has on numerous occasions affirmed the illegality of apartment roofs and residential courtyards as well as ata _—Israeli settlements on Palestinian land, it encourages UN school in Gaza immediately after hostilities ended in American support by providing tax deductions for on March 25, 2009. The report anuary. donations to these settlements, which have nearly The devastating Israeli firepower, unleashed largely on _—_ doubled within a year and are rapidly accelerating. Palestinian civilians in Gaza during the three-week attack Extensive grassroots research is being conducted by s arting on December 27, 2008, was fuelled by US- __ the Israeli group Coalition of Women for Peace. reannana ani fA Fae ith TIO tas, AAAs regard, both houses of US Congress overwhelmingly endorsed resolutions to support a continuation of Israel's "self-defence". January. The devastating Israeli firepower, unleashed largely on Palestinian civilians in Gaza during the three-week attack starting on December 27, 2008, was fuelled by US- supplied weapons paid for with US tax dollars. The UN Security Council, Amnesty International, the International Red Cross and voices of protest from around the world demanded a ceasefire. Yet, with shocking lack of regard, both houses of US Congress overwhelmingly endorsed resolutions to support a continuation of Israel's "self-defence". 12. Mysterious Death of Karl Rove's Election Thief Karl Rove's chief IT consultant Mike Connell—who was acing subpoena in connection with presidential election raud in Ohio in 2004—mysteriously died in a private plane crash in 2008. Connell was allegedly the central igure in a longstanding plot to electronically flip votes to Republicans. In July 2008, he was named as a key witness in the case filed against Ohio Secretary of State J. enneth Blackwell on August 31, 2006 by Columbus attorneys Clifford Arnebeck and Robert Fitrakis. The case ook on fresh momentum in July 2008 when Arnebeck announced a new filing, inspired in part by the coming orward of GOP IT security expert Stephen Spoonamore, who said he was prepared to testify to the plausibility of 10. Ecuador Declares Foreign Debt Illegitimate In November 2008, Ecuador became the first country to undertake an examination of the legitimacy and structure of its foreign debt. An independent debt audit documented hundreds of allegations of irregularity, illegality and illegitimacy in contracts of debt to predatory international lenders. The loans violated 16 * NEXUS Yet, with shocking lack of DECEMBER 2009 - JANUARY 2010 www.nexusmagazine.com