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Keyword: debt

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  • Greek Debt Crisis Adds to a Spike in Burglaries and Robberies

    07/31/2015 6:39:30 PM PDT · by familyop · 3 replies
    The New York Times ^ | JULY 31, 2015 | ANEMONA HARTOCOLLIS
    One evening three weeks ago in Kifissia, an affluent garden suburb of Athens, a retired financial adviser and his wife decided to take in one of the delights of summer here, an outdoor movie. They pulled tight the shutters, set the alarm, locked the house and strolled off. Halfway through the movie the alarm company called, and they rushed home to find the alarm immersed in a bucket of water, the shutters jimmied and a safe emptied of jewelry. The speed and sophistication of the crime were astonishing, the financial adviserís wife said, still feeling vulnerable and not willing to...
  • Debt Slaves: 7 Out Of 10 Americans Believe That Debt ĎIs A Necessity In Their Livesí

    07/31/2015 11:02:38 AM PDT · by SeekAndFind · 58 replies
    EAD ^ | 07/31/2015 | Michael Snyder
    Could you live without debt? Most Americans say that they cannot. According to a brand new Pew survey, approximately 7 out of every 10 Americans believe that ‚Äúdebt is a necessity in their lives‚ÄĚ, and approximately 8 out of every 10 Americans actually have debt right now. Most of us like to think that ‚Äúsomeday‚ÄĚ we will get out of the hole and quit being debt slaves, but very few of us ever actually accomplish this. That is because the entire system is designed to trap us in debt before we even get out into the ‚Äúreal world‚ÄĚ and keep...
  • [Church of Scientology Press Release] Medicare at 50 - Still Flawed, After All These Years

    Medicare at 50--Still Flawed, After All These Years ST. PAUL, Minn.óThis Thursday, Medicare will mark a milestoneó50 years since it was signed into law by President Lyndon B. Johnson on July 30, 1965. Designed as part of LBJís ďGreat SocietyĒ initiative, Medicare was intended to provide low-cost hospitalization and medical insurance for the nationís elderly. But the program has been in crisis for years and needs an escape plan, not a rescue plan, says Twila Brase, president and co-founder of Citizensí Council for Health Freedom (CCHF, www.cchfreedom.org), a national organization dedicated to preserving patient-centered health care and protecting patient and...
  • U.S. Bank Stadium could be coming in over budget, Duane Benson discusses future

    07/25/2015 1:31:29 PM PDT · by TurboZamboni · 20 replies
    kttc ^ | 7-23-15 | Ali Killam
    Some controversy is swirling around the new Vikings Stadium, as some are saying the project could be millions of dollars over budget. One member of the Minnesota Sports Facilities Authority is speaking out on the issue and facing opposition from other members. Duane Benson has served as the MSFA treasurer since the group's inception back in 2012, however, he is preparing to leave the group in light of recent turmoil and says the $1.1 billion project's finances are anything but in order at the moment. As the groundbreaking project continues to break the bank, Benson says there is a problem--perhaps...
  • This Is Why A Serious Decline In U.S Shale Plays Is Not Far Away

    07/24/2015 11:13:14 AM PDT · by bananaman22 · 12 replies
    Oilprice.com ^ | 24-07-2015 | KingKurt
    The plunge in oil prices last year led many to say that a decline in U.S. oil production wouldn't be far behind. This was because almost all the growth in U.S. production in recent years had come from high-cost tight oil deposits which could not be profitable at these new lower oil prices. These wells were also known to have production declines that averaged 40 percent per year. Overall U.S. production, however, confounded the conventional logic and continued to rise--until early June when it stalled and then dropped slightly. Anyone who understood that U.S. drillers in shale plays had large...
  • Americaís government debt bomb [But No, we're not the next Greece]

    07/20/2015 4:54:30 AM PDT · by SeekAndFind · 10 replies
    Washington Times ^ | 07/20/2015 | Stephen Moore
    Iím asked every day if America is the next Greece or Detroit or Puerto Rico ó and the answer is an unequivocal no. The U.S. economy ó especially the private sector ó is structurally very healthy. That wasnít the case on the eve of the great financial meltdown of 2008 when American companies and households were leveraged up to their eyebrows. Whatís different today from eight years ago is that now itís the government thatís in the fiscal intensive care unit while companies and households have rebooted. The stunning improvement in business and family balance sheets is arguably the most...
  • Commodities crash could turn Australia into a new Greece

    07/19/2015 2:51:40 PM PDT · by BlopAndStop · 9 replies
    The Telegraph ^ | 19 July 2015 | Andrew Critchlow
    Last month Gina Rinehart, Australiaís richest woman and matriarch of Perthís Hancock mining dynasty delivered an unwelcome shock to her workers in Western Australia: accept a possible 10pc pay cut or face the risk of future redundancies. Ms Rinehart, whose family have accumulated vast wealth from iron ore mining, has seen her fortune dwindle since commodity prices began their inexorable slide last year. The Australian mining mogul has seen her estimated wealth collapse to around $11bn (£7bn) from a fortune that was thought to be worth around $30bn just three years ago. This colossal collapse in wealth is symptomatic of...
  • Pension Shocker: Plans Face $2 Trillion Shortfall, Moody's Says

    07/18/2015 6:25:47 PM PDT · by SeekAndFind · 28 replies
    Zero Hedge ^ | 07/18/2015 | Tyler Durden
    Last month, in "Cities, States Shun Moody's For Blowing The Whistle On Pension Liabilities," we highlighted a rift between Moodyís and some local governments over the return assumptions for public pension plans. To recap, when it comes to underfunded pension liabilities, one major concern is that in a world characterized by ZIRP and NIRP, itís not entirely clear that public pension funds are using realistic investment return assumptions. The lower the return assumption, the larger the unfunded liability. After 2008, Moodyís stopped relying on the investment return assumptions of cities and states opting instead to use its own models....
  • The Bankruptcy Of The Planet Accelerates Ė 24 Nations Are Currently Facing A Debt Crisis

    07/18/2015 6:20:56 PM PDT · by SeekAndFind · 8 replies
    There has been so much attention on Greece in recent weeks, but the truth is that Greece represents only a very tiny fraction of an unprecedented global debt bomb which threatens to explode at any moment. As you are about to see, there are 24 nations that are currently facing a full-blown debt crisis, and there are 14 more that are rapidly heading toward one. Right now, the debt to GDP ratio for the entire planet is up to an all-time record high of 286 percent, and globally there is approximately 200 TRILLION dollars of debt on the books. That...
  • The True Cost of Immigration

    07/17/2015 6:37:48 AM PDT · by Sean_Anthony · 2 replies
    Canada Free Press ^ | 07/17/15 | Arnold Ahlert
    Our unsustainable predicament Democrats, along with a number of equally feckless Republicans, are extolling the virtues of ďcomprehensive immigration reform.Ē Such jargon obscures their real agenda, which is the abandonment of the rule of law in favor of a political expediency that benefits the ruling class and its campaign contributors. A ruling class and campaign contributors who seek to ďfundamentally transform the United States of AmericaĒ into a nation where progressive power is permanent, and cheap labor is plentiful. Hence, while those virtues are put front and center before the public, the vices associated with illegal immigration are relegated to...
  • Our Economy Is More Like Chinaís and Europeís Than We Care to Admit

    07/16/2015 5:05:53 AM PDT · by SeekAndFind · 2 replies
    National Review ^ | 07/16/2015 | Kevin Williamson
    In 2015, the human race will create about $75 trillion in economic output, well more than half of which will be the product of the three largest economies: those of the United States ($18 trillion), the European Union ($16 trillion), and China ($11 trillion). Two of those economies are in the midst of serious economic and political crises. The other is in the grip of something much more difficult to overcome: complacency. Europe is being convulsed by a debt crisis in which Greece is, for the moment, the lead player, but which very well may grow much more intense if...
  • A Scary Thought: Could America Become the Next Greece?

    07/15/2015 12:25:36 PM PDT · by SeekAndFind · 26 replies
    The National Interest ^ | 07/15/2015 | Romina Boccia
    In June, Greece defaulted on a Ä1.73 billion payment to the International Monetary Fund. In a national referendum shortly thereafter, the Greeks strongly rejected European conditions for receiving yet another bailout. For the first time in the Eurozoneís history, the exit of one of its member countries became a very real possibility. [SNIP] While there are important differences between the U.S. and Greek economies, policy makers and the public should be concerned with the dismal U.S. fiscal outlook. The Congressional Budget Office (CBO) estimates in its alternative fiscal scenario that U.S. publicly held debt will grow to 180 percent (exceeding...
  • And Now Italy Ė Non-Performing Bank Loans Hit a New Record High

    07/15/2015 8:26:07 AM PDT · by SeekAndFind · 4 replies
    Acting Man ^ | 07/15/2015 | Pater Tenebrarum
    While all Eyes are on Greece, Italy‚Äôs Banks are Drowning in Bad Debt The real danger to the euro area probably doesn‚Äôt emanate from Greece, but from two of its heavyweights, namely France and Italy. A small note in the European press reminds us that all is not well in at least one of these countries, least of all with its banks (currently this is only a ¬ďpage 16 story¬Ē, but it has great potential to eventually move to the front page).¬†Regional distribution of non-performing loans in Italy¬†The note reads as follows:¬† ¬ďRome ‚Äď because of the recession of recent...
  • The U.S. and Greece: Far Too Much in Common

    07/15/2015 7:29:57 AM PDT · by SeekAndFind · 3 replies
    National Review ^ | 07/15/2015 | Michael Tanner
    Our situation is nowhere near as bad as Greeceís ó but itís bad enough. Last week, Keith Hall, director of the Congressional Budget Office, told Congress that the United States could be facing a Greek-style debt crisis down the road. ďUnfortunately,Ē Hall testified, ďthere is no way to predict confidently whether or when such a fiscal crisis might occur in the United States. . . . But all else being equal, the larger a governmentís debt, the greater the risk of a fiscal crisis.Ē Thatís not exactly a ringing vote of confidence. Obviously there are big differences between the U.S....
  • Why a Financial Collapse Is a Certainty

    07/14/2015 6:26:33 PM PDT · by SkyPilot · 53 replies
    Rapture Ready ^ | Matt Ward
    There is an unsolvable problem at the heart of our financial system. The outcome of this problem is inevitable. The joblessness, increasing debt and recession that we see now is only the first stage of a crisis that is certain to come soon. Everything about our way of life is about to change. Many people believe that today is as bad as it will get and that things will not get worse. The truth is that this is just the start of what is about to unfold. We will all be witnesses to the real consequences of this coming collapse...
  • Should Congress Abolish the Federal Debt Limit?

    07/14/2015 3:57:37 AM PDT · by expat_panama · 35 replies
    Real Time Ec onomics ^ | Jul 10, 2015 | Nick Timiraos
    The U.S.†Treasury†has been using emergency measures to avoid breaching the federal borrowing limit since March.†Is it time to ditch the debt ceiling?The Government Accountability Office raises that question in a new report that both quantifies the damage caused by past episodes of debt-ceiling brinksmanship and offers Congress with possible ways out.The report is particularly relevant right now because the U.S. Treasury has been using emergency measures to avoid breaching the federal borrowing limit since March. Budget analysts estimate that it can use those measures, such as halting certain pension investments, until it is unable to borrow money sometime in November...
  • For America's economy, the end is nigh [Fundamental Transformation Complete]

    07/13/2015 3:47:47 PM PDT · by Jan_Sobieski · 31 replies
    World Net Daily ^ | 7/12/2015 | Lord Monckton
    ...Mr. Obamaís mission to destroy Americaís economy is complete. The damage he has done is irreversible. The dollar is history. The American economy is going down, and soon. The posh commentators say the collapse will be gradual rather than sudden. But few are now predicting there will not be collapse at all. Here are just some of the pointers. First and foremost, U.S. public debt is $18.3 trillion. By the time Mr. Obama leaves the White House late next year, he will have doubled it in a single ďpresidency.Ē On top of that, Uncle Sam has unfunded liabilities of at...
  • What Assets Did Greece Just Hand Over To Europe: "Airports, Airplanes, Infrastructure ...

    07/13/2015 8:55:22 AM PDT · by SeekAndFind · 23 replies
    Zero Hedge ^ | 07/13/2015 | Tyler Durden
    The Simpsons had it right all along: With the provocative and dramatic Greek "time out" language pulled from the final finmin and summit draft language, the two most humiliating aspects of the latest extend and pretend "deal" for the Greek people will be the return of the Troika's (surely we can call it the Troika again as part of the Greek capitulation) IMF mission to Athens, and the escrowing of some €50 billion in  Greek assets in a liquidation fund. Granted said fund will not be domiciled in Luxembourg as was originally envisioned, but Europe will still have control and...
  • European Leaders Reach Agreement to Resolve Greek Debt Crisis

    07/13/2015 5:09:22 AM PDT · by afraidfortherepublic · 11 replies
    New York Times ^ | 7-13-15 | JAMES KANTER and ANDREW HIGGINS
    BRUSSELS ó Greece and its European creditors announced an agreement here on Monday that aims to resolve the countryís debt crisis and keep it in the eurozone, but that will require further budgetary belt-tightening that Primes Minister Alexis Tsipras could have trouble selling back in Athens. The agreement does not guarantee that Greece will receive its third bailout in five years. But it does allow the start of detailed negotiations on a new assistance package for Greece. One open question is whether the deal gives enough confidence to the European Central Bank to let it continue channeling sorely needed emergency...
  • Greece debt crisis: Eurozone summit strikes deal (Nullify Greek Vote)

    07/13/2015 4:51:34 AM PDT · by Enlightened1 · 8 replies
    BBC ^ | 07/13/15
    Eurozone leaders have agreed to offer Greece a third bailout, after marathon talks in Brussels. Amid one of the worst crises in the EU's history, the head of the European Commission said the risk of Greece leaving the eurozone had been averted. Greek Prime Minister Alexis Tsipras said that after a "tough battle", Greece had secured a "growth package" and debt restructuring. Greece will now have to pass reforms demanded by the eurozone by Wednesday. These include measures to streamline pensions, raise tax revenue and liberalise the labour market. An EU statement spoke of up to Ä86bn (£61bn) of financing...
  • Greece is a victim of its own cronyism and corruption

    07/13/2015 3:22:29 AM PDT · by familyop · 9 replies
    The Telegraph ^ | 10 Jul 2015 | Pavlos Eleftheriadis
    Starting in the Eighties populist spending and cronyism became the norm for both main parties, PaSoK and the conservative New Democracy party, which followed Papandreouís practices when it returned to power in the 1990s. The civil service became part of the spoils of government. There was no room for universal benefits or long-term strategies of assisting the poor. Everyone was out to secure the best short-term outcome for themselves. The big winners were the public sector unions, the utility companiesí unions and the professionals: doctors, lawyers, engineers, pharmacists. The economy remained closed and protectionist, working largely for the benefit of...
  • CBO: Debt Headed To 103% GDP; Only Time That High Was WWII; Financial Crisis Could Strike Any Moment

    07/10/2015 6:05:02 PM PDT · by E. Pluribus Unum · 11 replies
    PatDollard.com ^ | 07/10/2015 | Darby Crash
    (CNSNews.com) Ė Testifying in the U.S Senate yesterday, Congressional Budget Office Director Keith Hall warned that the publicly held debt of the U.S. government, when measured as a percentage of Gross Domestic Product, is headed toward a level the United States has seen only once in its historyóat the end of World War II.To simply keep the debt at the high historical level where it currently sitsó74 percent of GDPĖwould require either significant increases in federal tax revenue or decreases in non-interest federal spending (or a combination of the two).Historically, U.S. government debt as a percentage of GDP hit its...
  • CBO: Debt Headed to 103% of GDP; Level Seen Only in WWII

    07/10/2015 5:24:07 PM PDT · by John W · 6 replies
    csnnews.com ^ | July 10, 2015 | Terence P. Jeffrey
    Testifying in the U.S Senate yesterday, Congressional Budget Office Director Keith Hall warned that the publicly held debt of the U.S. government, when measured as a percentage of Gross Domestic Product, is headed toward a level the United States has seen only once in its historyóat the end of World War II. To simply keep the debt at the high historical level where it currently sitsó74 percent of GDP--would require either significant increases in federal tax revenue or decreases in non-interest federal spending (or a combination of the two).
  • CBO: Debt Headed to 103% of GDP; Level Seen Only in WWII; 'No Way to Predict Whether or When' Fiscal

    07/10/2015 5:39:41 PM PDT · by Nachum · 23 replies
    cns news ^ | 7/10/15
    (CNSNews.com) - Testifying in the U.S Senate yesterday, Congressional Budget Office Director Keith Hall warned that the publicly held debt of the U.S. government, when measured as a percentage of Gross Domestic Product, is headed toward a level the United States has seen only once in its historyóat the end of World War II. To simply keep the debt at the high historical level where it currently sitsó74 percent of GDP--would require either significant increases in federal tax revenue or decreases in non-interest federal spending (or a combination of the two). Historically, U.S. government debt as a percentage of GDP...
  • America, Like Greece, May End with a Lawless Whimper

    07/10/2015 8:45:26 AM PDT · by SeekAndFind · 5 replies
    National Review ^ | 07/10/2015 | Victor Davis Hanson
    Barbarians at the gate usually donít bring down once-successful civilizations. Nor does climate change. Even mass epidemics such as the plague that decimated sixth-century Byzantium do not necessarily destroy a culture. Far more dangerous are institutionalized corruption, a lack of transparency, and creeping neglect of existing laws. All the German euros in the world will not save Greece if Greeks continue to dodge taxes, featherbed government, and see corruption as a business model. Even obeying so-called minor laws counts. It is no coincidence that a country where drivers routinely flout traffic laws and throw trash out the window is also...
  • A Greek Tragedy: Could Federal Debt Turn the United States into Greece?

    07/10/2015 5:37:34 AM PDT · by Kaslin · 19 replies
    Townhall.com ^ | July 10, 2015 | Allen West
    Editorís Note: This column was coauthored by Geno Lattus. The perfect formula for financial crisis: Imagine a country that spends more than it makes and continues to borrow to make up the difference, leaving it forever catching up on debt payments because of mounting interest. Another analysis on the Greek crisis? No. The United States is running its government in the same fundamental way as Greece and a meltdown may be coming soon. The Greek Formula. Greece recently defaulted on a $1.8 billion debt payment to the International Monetary Fund (IMF). After borrowing large sums, big bailouts and profligate government...
  • 3 reasons the average American may be worse off than Greece

    07/09/2015 1:39:58 PM PDT · by SeekAndFind · 15 replies
    Fortune ^ | 07/09/2015 | S. Kumar
    Greece may be dealing with a debt crisis, but the average U.S. household may have more to lose. The fate of debt-troubled Greece is now only days away from being decided. Greek Prime Minister Alexis Tsipras requested bailout funds on Wednesday, promising to submit reform proposals later this week. Either the country will agree to severe austerity measures in exchange for a reprieve from its lenders or will have to exit the eurozone and strike out on its own. Whatever happens, the average American may be worse off than Greece. Here are three ways to look at it: 1) Americans...
  • Bad Math and a Coming Nationwide Public Pension Crisis

    07/09/2015 5:27:25 AM PDT · by SeekAndFind · 22 replies
    New York Times ^ | 07/09/2015 | By MARY WILLIAMS WALSH
    When Jim Palermo was serving as a trustee of the village of La Grange, Ill., he noticed something peculiar about the local police officers and firefighters. They were not going to live as long as might be expected, at least according to pension tables. After Mr. Palermo dug into the numbers, he found that the actuary ó the person who advises pension plan trustees about how much money to set aside ó was using a mortality table from 1971 that showed La Grangeís roughly 100 police officers and firefighters were expected to die, on average, before reaching 75, compared with...
  • Thank Goodness The Stupid, Socialist Greeks Said "No" To A Bailout!

    07/07/2015 5:29:11 AM PDT · by Kaslin · 21 replies
    Townhall.com ^ | July 7, 2015 | John Hawkins
    ¬ďThe problem with socialism is that you eventually run out of other people's money.¬Ē ¬Ė Margaret Thatcher Greece is liberal economics on steroids, Detroit writ large, and a place where the "takers" outnumber the "makers." In other words, if you want to know what the end road is for the sort of economics pushed by people like Barack Obama, Hillary Clinton and Paul Krugman, Greece is it. According to the World Bank, Greece¬ís labor participation rate is only 53%. It¬ís hard for private industry to take advantage of an underemployed populace because government regulations and powerful unions make it difficult...
  • Bankruptcy is the only way Greece can fashion a new beginning

    07/06/2015 11:52:23 AM PDT · by Tolerance Sucks Rocks · 32 replies
    The Washington Times ^ | July 5, 2015 | Stephen Moore
    Almost every option facing debt-drenched Greece is bad, but there is only one that will end this Greek tragedy for good. Let Greece go bankrupt. Then let this once-rich nation, hit the restart button to rebuild its economy. What Iím suggesting for Greece is what might be called the Detroit option. Put Greece under receivership and let these new authorities figure out how to manage the debt and decide who will take a haircut and how big. Pensioners, bondholders, welfare recipients, government workers, the International Monetary Fund, all will have to settle for less ó maybe a lot less. Itís...
  • Financial Markets Crumble As Greece Rejects Austerity, China Teeters On Collapse

    07/06/2015 10:50:57 AM PDT · by SkyPilot · 89 replies
    Addicting Info ^ | 6 July 15 | Nathaniel Downes
    In 2011 the biggest fear from the Greek financial crisis was that it would cause a ripple effect throughout the global economy. But despite years given to de-leverage themselves, banks worldwide are still exposed to Greece, carrying more derivatives than ever tied to the tiny European state. Now that the Greek citizens have rejected the austerity measures proposed by the EU, we are facing a real potential of a Greek default, which could trigger a cascade collapse of credit default swaps and cause the implosion of the German central bank. Then, a continent away, we are facing trouble of a...
  • Thomas Piketty: "Germany Has Never Repaid Its Debts; It Has No Standing To Lecture Other Nations"

    07/06/2015 10:04:32 AM PDT · by SeekAndFind · 35 replies
    Zero Hedge ^ | 07/06/2015 | Tyler Durden
    One year after Thomas Piketty sold a record number of economic textbook paperweights which virtually nobody read past page 26, once again showing the power of constant media hype, the French economist and wealth redistributor is out and about, this time pouring more gasoline on the fire started by the IMF last week when it released the Greek debt sustainability analysis showing Greece needs a 30% haircut, only to be met with stern resistance by, who else, Germany who know very well that should Greece get a debt haircut it will unleash the European dominoes which not even all...
  • Greenfield: Socialismís Greek Staring Contest

    07/06/2015 4:06:57 AM PDT · by Louis Foxwell · 9 replies
    FrontPage ^ | Daniel Greenfield
    Socialismís Greek Staring Contest The day will come when America faces its own inner Greece. July 5, 2015 Daniel Greenfield, a Shillman Journalism Fellow at the Freedom Center, is a New York writer focusing on radical Islam. The Greeks gambled in their referendum that European elites were more committed to their ideological obsession with integrating Europe than with mere economics. Stand up to a bunch of corrupt Greek civil servants and Europe risks going back to the bad old days of nation states and independent economies. It is likely that their bet will pay off. After all even a cursory...
  • Yanis Varoufakis Resigns as Finance Minister of Greece After Vote

    07/06/2015 4:49:37 AM PDT · by SeekAndFind · 11 replies
    New York Times ^ | 07/06/2015 | By LIZ ALDERMAN and JACK EWING
    ATHENS ó Greeceís combative finance minister, Yanis Varoufakis, who took a strong stand in demanding that creditors write off some of his countryís debts, abruptly resigned on Monday morning. Mr. Varoufakis had played a central role in rallying votes for a resounding no on a referendum on Sunday that asked Greeks whether they were willing to accept an arrangement with creditors that would require considerable further austerity, such as pension cuts. Mr. Varoufakis had threatened last week to resign in the event of a yes vote, and his decision to step down after he and his allies prevailed in the...
  • The Greeks should vote ďno!Ē

    07/04/2015 10:27:15 AM PDT · by Tolerance Sucks Rocks · 61 replies
    The Washington Times ^ | July 2, 2015 | Peter Morici
    Sunday, Greeks should vote ‚Äúno‚ÄĚ!Hellenic voters are being asked whether they accept the terms offered by the European Union, European Central Bank and International Monetary Fund to extend the bailout for Athens‚Äė troubled finances or give Prime Minister Tsipras a mandate to insist on a better deal.Those conditions include more cuts in government supported pensions, higher taxes and labor market reforms other European governments‚Äô are often not inclined to accept in the conduct of their own affairs.Urging a Yes vote, European leaders and their supporters in private institutions claim more austerity would reinvigorate the Greek economy and permit Greeks to...
  • Progressive Paradise Lost

    07/04/2015 10:07:58 AM PDT · by Tolerance Sucks Rocks · 20 replies
    The Daily Signal ^ | July 1, 2015 | Salim Furth
    It¬ís a progressive paradise.Public employees get 30¬†vacation days a year. Anyone who works over eight hours in a day gets paid time-and-a-half. Employees have strong rights.The minimum wage is high: 77 percent of the median wage.Environmental regulations are settled beyond the pressure of local economic interests. The forests and mountains are pristine destinations for ecotourism.Energy costs are kept high, pushing consumption down to a level deemed ¬ďsocially beneficial¬Ē. Utilities have strong public backing and provide jobs to thousands.Union jobs in shipping are protected from outsourcing to cut-rate foreign competitors.The social safety net is buoyant and provides a solid working-class standard...
  • Why anyone who compares Puerto Rico to Greece is wrong

    07/04/2015 6:36:17 AM PDT · by SeekAndFind · 16 replies
    Washington Post ^ | 07/04/2015 | By Matt O'Brien
    Its economy has been shrinking for years, its debts have been piling up for even longer, and its government has finally admitted that even brutal tax hikes and spending cuts wouldn't be enough for it to pay back everything it owes. I'm talking, of course, about Puerto Rico. Its governor, Alejandro GarcŪa Padilla, admitted to the New York Times on Sunday that the island is going to have restructure its $72 billion in debt that is "not payable." Now, if it sounds like you've been hearing some variation of this story for years now, it's because you haveójust about Greece....
  • China State Official Hints Beijing May Bailout Greece

    07/03/2015 6:57:07 AM PDT · by SeekAndFind · 15 replies
    Zero Hedge ^ | 07/03/2015 | Tyler Durden
    On Monday, after Greek PM Alexis Tsiprasí dramatic referendum call sparked a run on Greek ATMs, grocery stores, and gas stations, we did our part to help ameliorate the situation by sending a subtle message to Athens: Dear Greece, if you want to apply for a loan from the Asian Infrastructure Investment Bank, send an email to: information@aiibank.orgó zerohedge (@zerohedge) June 28, 2015 Indeed, now may be an opportune time to tap Beijing for a few billion given that China officially launched the AIIB this week.†As a reminder, the success of Chinaís AIIB membership drive was a political disaster...
  • Greek debt crisis: Major rallies due ahead of vote

    07/02/2015 9:55:37 PM PDT · by BenLurkin · 7 replies
    BBC ^ | 46 minutes ago
    Divisions in Greece have sharpened ahead of the vote. One poll cited by euro2day.gr said 47% of people were leaning toward a "Yes" vote, with the "No" camp at 43%. A previous poll suggested the "No" camp had a shrinking lead. Mr Tsipras has said that a strong "No" vote will help lead to a "better agreement" with creditors. "Our efforts are focused on overcoming the crisis as fast as possible, with a solution that preserves the dignity and sovereignty of our people,'' he said. But EU leaders have warned that a "No" vote on Sunday may see Greece leave...
  • The Greeks Invented Mathematics, and Now Itís Bankrupting Them

    07/02/2015 7:39:59 AM PDT · by SeekAndFind · 24 replies
    National Review ^ | 07/02/2015 | Kevin Williamson
    In the short term, the world runs on words; in the long term, the world runs on numbers. It is as though the Muses came to an agreement: In the here and now, mankind is subject to rhetoric, but mathematics gets the final say. In Athens, in San Juan, in Detroit, in Sacramento, in Springfield, and, soon enough, in Washington, Mathematics is arousing herself from her torpor, and she is cranky as hell. The long term is here. Greece has defaulted on its sovereign debt, and its banks have been shut down. Television viewers accustomed to watching a few odd...
  • How will the National Socialist Leftís excuse the failure of socialism in Greece?

    07/01/2015 2:37:24 PM PDT · by Voice of Reason1 · 38 replies
    Itís axiomatic that when a socialist regime hits the skids, the left will generally try to claim that such regime is Ďright wingí somehow. Such claims can and will be completely irrational on their face, but for the national socialist Left itís all about talking points and a simplistic ( but Ďsuperiorí) mentality that favors headlines and shallow thought on the subject And before you complain that I dare use the word Ďnationalí next to the word Ďsocialistí I would ask that you please explain in detail (with documentation) Just how in Hadesí the word national modifies the meaning of...
  • U.S. debt headed toward Greek levels [Psalms 9:17]

    07/01/2015 9:11:48 AM PDT · by Jan_Sobieski · 10 replies
    Washington Examiner ^ | 6/30/2015 | Jason Russell
    United States' projected debt over the next 25 years looks a lot like Greece's over the past 25. With all the chaos unravelling in Greece, Congress would be wise to do what it takes to avoid reaching Greek debt levels. But it's not a matter of sticking to the status quo and avoiding bad decisions that would put the budget on a Greek-like path, because the budget is on that path already. A quarter-century ago, Greek debt levels were roughly 75 percent of Greece's economy ó about equal to what the U.S. has now. As of 2014, Greek debt...
  • Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt

    07/01/2015 7:45:42 AM PDT · by SeekAndFind · 8 replies
    Der Spiegel ^ | 02/08/2010 | By Beat Balzli
    Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country's already bloated deficit. Greeks aren't very welcome in the Rue Alphones Weicker in Luxembourg. It's home to Eurostat, the European Union's statistical office. The number crunchers there are deeply annoyed with Athens. Investigative reports state that important data "cannot be confirmed" or has been requested but "not received." Creative accounting took priority when it came to totting...
  • Puerto Rico's Financial Crisis Is U.S.' Crisis, Too

    07/01/2015 6:33:34 AM PDT · by SeekAndFind · 14 replies
    IBD ^ | 07/01/2015
    With the financial world transfixed by Greece's debt-driven meltdown, Puerto Rico announces it can't pay its $73 billion in debt. Once again, we're learning that welfare statism is no replacement for fiscal responsibility. Compared to Greece's $353 billion in debt, Puerto Rico's $73 billion doesn't sound so big. On a per capita basis, it's about a third less. But appearances deceive. Puerto Rico is in deep, owing actually much more than that amount. We learned this after a report on Monday, co-authored by former International Monetary Fund No. 2 Anne Krueger, revealed the island's finances are a shambles. The devastating...
  • Glastonbury comes to Greece: festival-like atmosphere at huge anti-bailout protest

    06/30/2015 4:51:20 PM PDT · by familyop · 11 replies
    The Telegraph ^ | 30 Jun 2015 | Colin Freeman
    Rally in downtown Athens has live music, speeches - and "solidarity from the people of Carlisle"...Just like an outdoor summer festival, there were huge crowds, live bands, and the occasional whiff of marijuana...Instead, with the music, food stalls and smattering of ageing hippies, the only thing that made it different from last weekend's Glastonbury festival was that the weather was better... However, as with Glastonbury, not everyone paid close attention to the headline acts. Some focused on the side-shows, such as stalls set up by Greece's myriad other radical groups, who think even Syriza represents a sell-out. The Greek Socialist...
  • Bailouts, Bail-ins, and the Greeksí Trojan Horse

    06/29/2015 12:59:47 PM PDT · by Sean_Anthony · 3 replies
    Canada Free Press ^ | 06/29/15 | Dr. Ileana Johnson Paugh
    The Greek market may be shocked and defaults of various debt instruments may emerge. While Americans are eagerly signing petitions to ban the American flag on the heels of Louis Farrakhanís Nation of Islam leader call to ban the Stars and Stripes ďdue to its links to racismĒ or are busily banning anything attached in any way to the Confederate flag and our history, the United States and the world are in serious financial trouble driven by out-of-control debt, particularly the most visible nation of all, Greece. Healthcare for illegals, gay marriage, and other non-stop crises occupy American overwhelmed minds,...
  • It's Not Politics, It's Math

    06/29/2015 11:19:04 AM PDT · by SatinDoll · 15 replies
    The Market-Ticker ^ | June 29, 2015 | Karl Denninger
    No, really? (smiley face) ďThe debt is not payable,Ē Mr. GarcŪa Padilla said. ďThere is no other option. I would love to have an easier option. This is not politics, this is math.Ē Well I'll be damned. On the other side of the table, of course, are hedge funds that bought the debt when Puerto Rico got in trouble at a deep discount and expect 100 cents on the dollar. They're not inclined to bargain, and will now (of course) look to the government to hand them a gun to use on Padilla. Unfortunately that doesn't change the math either....
  • Unpaid Internships Are Worth it: Suck it Up Millennials

    06/29/2015 7:50:18 AM PDT · by Kaslin · 28 replies
    Townhall.com ^ | June 29, 2015 | Kristan Hawkins
    A die-hard Hillary Clinton supporter Ė a young, female Millennial Ė recently applied to be a fellow with the campaign and was accepted. However, she was asked to move out of state and work for free. It was hard not to laugh at her over-the-top, entitled millennial reaction published in USA Today: ďFinding out that Hillary perpetuates the exploitation known as unpaid internships was like discovering that Santa wasn't real.Ē Poor baby. Millennials are in a tough position right now. They are hard pressed to find work, with 14% of them unemployed, others barely able to make it on a...
  • Puerto Rico now belongs to Wall Street [Governor Admits Debts Cannot be Paid]

    06/29/2015 9:27:01 AM PDT · by SeekAndFind · 33 replies
    Business Insider ^ | 06/29/2015 | LINETTE LOPEZ AND SHANE FERRO
    The governor of Puerto Rico has admitted that it can't keep paying down the over $72 billion worth of public debt obligations. As a result, it finds itself in a uniquely awful position. It can't go into bankruptcy according to its own laws, so now it has to deal exclusively with its creditors to restructure its debt. That means it has to deal with Wall Street. "I think the surprise was that it happened this quickly," said Brian Kelly, CEO of Connecticut-based fund Brian Kelly Capital. "We thought it would take 6 months to a year... the solution is a...
  • If you like the Greek debt crisis, you'll love the Puerto Rico meltdown

    06/29/2015 6:43:57 AM PDT · by SeekAndFind · 32 replies
    American Thinker ^ | 06/29/2015 | Rick Moran
    The governor of Puerto Rico told the New York Times that the island cannot pay back it's $72 billion debt and will seek permission from its creditors†to defer payments. The news precedes an address by Governor†Alejandro Garcia to the Puerto Rican legislature, where he will unveil a budget that cuts about $670 million from a $9.8 billion budget, while setting aside another $1.5 billion to pay the debt. Fox News: Gov. Alejandro Garcia Padilla's spokesman, Jesus Manuel Ortiz, confirmed that the island's government is seeking to defer payments while negotiating with creditors. He confirmed comments by Garcia that appeared...