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Prime Minister Jan Peter Balkenende's unpopular effort to extend the deployment of the 1,950 Dutch troops in Afghanistan backfired on Feb. 20 when 12 Cabinet members resigned, bringing the government to a standstill. Although Dutch forces account for only 2% of coalition troops in Afghanistan, the move rebuffs President Obama's appeal for increased participation from U.S. allies. Dutch soldiers are expected to withdraw fully by the end of the year...
Many of the credit-card changes signed into law last May by President Obama took effect Feb. 22. Some key provisions: retroactive interest-rate hikes are prohibited unless the account is more than 60 days past due, users can opt out of paying for overdraft protection, and annual or application fees cannot total more than 25% of the initial credit limit. While the changes provide more transparency for the consumer, analysts warn that banks may find loopholes for new fees to make up for lost revenue...
...Navy removed Graf from command of the guided-missile cruiser U.S.S. Cowpens in January for "cruelty and maltreatment" of her crew. But Kaprow's account makes clear that such conduct also occurred on the first ship Graf commanded. His tale is noteworthy because, unlike most others who witnessed Graf in command, Kaprow was an independent Navy outsider not subject to Graf's orders. Questions continue to swirl about how Graf not only retained her command but kept getting promoted despite reports from eyewitnesses like Kaprow. Graf has declined interview requests, and there has been scant support offered...
...maximize their utility based on economic and psychological incentives. However, until now, most theory has failed to incorporate the effect of identity on an individual’s economic choices.. A new integration of economics and sociology, “identity economics,” that takes into account the influence of social contexts on humans’ choices, has major ramifications for many areas of both corporate and policy interest, including problems that have plagued the American education system. Understanding students’ incentives through both economic and social incentives give useful ideas for improving our schools...
These revelations come as the financial meltdown has punched a huge hole in projected revenues for governments, which are suddenly a whole lot less tolerant of tax cheats. That's particularly true in Germany, whose wealthy account for a significant portion (at least 10%) of the $1.8 trillion in Swiss banking assets. That translates into hundreds of millions in lost revenue and is the reason the German Finance Minister recently thundered, "There's no future for bank secrecy. It's finished. Its time has run out." The Swiss are not going to be so easily convinced. The Swiss government...