Small Business Saturday

S. Res. 320

   Whereas small businesses represent 99.7 percent of all businesses having employees (commonly referred to as ``employer firms'') in the United States;

   Whereas small businesses employ 1/2 of the employees in the private sector in the United States;

   Whereas small businesses pay 44 percent of the total payroll of the employees in the private sector in the United States;

   Whereas small businesses are responsible for more than 50 percent of the private, nonfarm product of the gross domestic product;

   Whereas small businesses generated 65 percent of net new jobs during the last 17 years;

   Whereas small businesses generate 60 to 80 percent of all new jobs annually;

   Whereas small businesses focus on 2 key strategies: deepening relationships with customers and creating value for customers;

   Whereas, for every $100 spent with locally owned, independent stores, $68 returns to the community through local taxes, payroll, and other expenditures;

   Whereas 92 percent of consumers in the United States agree that the success of small businesses is critical to the overall economic health of the United States;

   Whereas 93 percent of consumers in the United States agree that small businesses contribute positively to the local community by supplying jobs and generating tax revenue;

   Whereas 91 percent of consumers in the United States have small businesses in their community that the consumers would miss if the small businesses closed;

   Whereas 99 percent of consumers in the United States agree that it is important to support the small businesses in their community; and

   Whereas 90 percent of consumers in the United States are willing to pledge support for a ``buy local'' movement: Now, therefore, be it

    Resolved, That the Senate--

    (1) designates November 26, 2011, as ``Small Business Saturday''; and

    (2) supports efforts--

    (A) to encourage consumers to shop locally; and

    (B) to increase awareness of the value of locally owned small businesses and the impact of locally owned small businesses on the economy of the United States. 

7,000 Days Since Black Wednesday

In politics and economics, Black Wednesday refers to the events of 16 September 1992 when the British Conservative government was forced to withdraw the pound sterling from the European Exchange Rate Mechanism (ERM) after they were unable to keep sterling above its agreed lower limit. George Soros, the most high profile of the currency market investors, made over US$1 billion profit by short selling sterling.

In 1997 the UK Treasury estimated the cost of Black Wednesday at £3.4 billion, with the actual cost being £3.3 billion which was revealed in 2005 under the Freedom of Information Act (FoI).

The trading losses in August and September were estimated at £800m, but the main loss to taxpayers arose because the devaluation could have made them a profit. The papers show that if the government had maintained $24bn foreign currency reserves and the pound had fallen by the same amount, the UK would have made a £2.4bn profit on sterling's devaluation. Newspapers also revealed that the Treasury spent £27bn of reserves in propping up the pound.

George Soros Funded by the House of Rothschild