The Internal Revenue Service has been seizing bank accounts belonging to small businesses and individuals who regularly made deposits of less than $10,000, but broke no laws. And the government is refusing to return all the money taken.
Business confidence in Germany, the EU’s largest economy, declined for a sixth consecutive month in October. The data is ominous for the eurozone on a whole, which is failing to grow, and may dip back into recession by the end of the year.
Nearly one in five leading European banks have failed the stress test conducted by the European Central Bank, which revealed a $31.2 billion (€24.6 billion) capital gap in 25 banks showing they’re not ready to withstand a three-year recession.
The American Dream is slipping further away from the vast majority of Americans than it has in a quarter century. Now 90 percent of US households are poorer than they were in 1987, according to both a new study and the head of the Federal Reserve.