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Keyword: uscrisis

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  • Pandemic of pension woes is plaguing the nation

    08/07/2013 12:33:47 PM PDT · by Lorianne · 37 replies
    CNBC ^ | 05 August 2012 | John W. Schoen
    Detroit, you're not alone. Across the nation, cities and states are watching Detroit's largest-ever municipal bankruptcy filing with fear. Years of underfunded retirement promises to public sector workers, which helped lay Detroit low, could plunge them into a similar financial hole. A CNBC.com analysis of more than 120 of the nation's largest state and local pension plans finds they face a wide range of financial burdens as aging work forces near retirement. Thanks to a patchwork of accounting practices and rosy investment assumptions, it's not even clear just how big a financial hole many states and cities have dug for...
  • The Unsteady States of America

    08/07/2013 12:21:24 PM PDT · by Lorianne · 6 replies
    The Economist ^ | 27 July 2013
    WHEN Greece ran into financial trouble three years ago, the problem soon spread. Many observers were mystified. How could such a little country set off a continental crisis? The Greeks were stereotyped as a nation of tax-dodgers who had been living high on borrowed money for years. The Portuguese, Italians and Spanish insisted that their finances were fundamentally sound. The Germans wondered what it had to do with them at all. But the contagion was powerful, and Europe’s economy has yet to recover. America seems in a similar state of denial about Detroit filing for bankruptcy (see article). Many people...
  • The Federal Reserve Is Paying Banks NOT To Lend 1.8 Trillion Dollars To The American People

    07/01/2013 5:51:32 PM PDT · by lbryce · 19 replies
    The Economic Collapse ^ | July 1, 2013 | Michael Snyder
    Did you know that U.S. banks have more than 1.8 trillion dollars parked at the Federal Reserve and that the Fed is actually paying them not to lend that money to us? We were always told that the goal of quantitative easing was to "help the economy", but the truth is that the vast majority of the money that the Fed has created through quantitative easing has not even gotten into the system. Instead, most of it is sitting at the Fed slowly earning interest for the bankers. Back in October 2008, just as the last financial crisis was starting,...
  • US States need $980 BILLION to fill pension gap, says Moody’s

    06/30/2013 7:03:17 AM PDT · by Lorianne · 14 replies
    Financial Times ^ | 27 June 2013 | Norma Cohen
    High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/b763a6f8-de91-11e2-b990-00144feab7de.html#ixzz2XhyE9i1y US states would need to raise $980bn to cover the aggregate shortfalls in their retirement schemes for public sector workers, according to an analysis of state obligations. Moody’s Investors Service, which provides credit ratings for states and municipalities, looked at the detailed financial accounts for each state and its schemes in the most recent financial year available. If all 50 states...
  • WE GOT PROBLEMS...[Economic Collapse Problems]

    06/28/2013 12:16:30 PM PDT · by SatinDoll · 21 replies
    The Market-ticker ^ | June 28, 2013 | Karl Denninger
    Greece and, for that matter, the rest of Europe are showing cracks again this morning. The Dollar is screaming higher (how's that "dollar collapse" thesis working out?) Gold is around $1,200; up fractionally on the day, but in general not in good shape -- and making a mockery of the "Gold to $5,000" callers. Interest rates are again going up, while The Fed is trying to claim that they really didn't say that they were going to taper. But that's a lie, because they have to stop the QE. This isn't about wanting to exit, it's about being forced to...
  • Not Prepared: 17 Signs That Most Americans Will Be Wiped Out By The Coming Economic Collapse

    06/25/2013 3:02:39 PM PDT · by Kartographer · 143 replies
    TheEconomicCollapseBlog ^ | 6/25/13 | By Michael
    #1 According to a survey that was just released, 76 percent of all Americans are living paycheck to paycheck. But most Americans are acting as if their jobs will always be there. But the truth is that mass layoffs can occur at any time. In fact, it just happened at one of the largest law firms in New York City. #2 27 percent of all Americans do not have even a single pennysaved up. #3 46 percent of all Americans have $800 or less saved up. #4 Less than one out of every four Americans has enough money stored away...
  • Has the Great Financial Crisis Finally Arrived?

    06/22/2013 9:29:41 PM PDT · by blam · 14 replies
    The Market Oracle ^ | 6-22-2013 | Graham Summers
    Has the Great Financial Crisis Finally Arrived? Stock-Markets / Credit Crisis 2013 June 23, 2013 - 05:33 AM GMT By: Graham Summers The technical damage from yesterday’s bloodbath was severe. Spain, which lead the “Europe is saved” party from the lows last year has just taken out its trendline. So much for the “crisis is over” proclamations. We’re heading back down in a big way. The S&P 500 has also taken out its trendline. QE Forever is dead and buried. What will hold the market up now? Copper is indicating that the entire post-2009 “recovery” is ending. We’re moving back...
  • The Last Mystery of the Financial Crisis

    06/21/2013 11:28:11 AM PDT · by posterchild · 11 replies
    Rolling Stone via finance.yahoo.com ^ | Fri June 21, 2013 | Matt Taibbi
    What about the ratings agencies? That's what "they" always say about the financial crisis and the teeming rat's nest of corruption it left behind. Everybody else got plenty of blame: the greed-fattened banks, the sleeping regulators, the unscrupulous mortgage hucksters like spray-tanned Countrywide ex-CEO Angelo Mozilo. But what about the ratings agencies? Isn't it true that almost none of the fraud that's swallowed Wall Street in the past decade could have taken place without companies like Moody's and Standard & Poor's rubber-stamping it? Aren't they guilty, too? Man, are they ever. And a lot more than even the least generous...
  • 5 Tips to Prepare for a Cyprus-Type Event

    04/08/2013 1:31:19 PM PDT · by Kartographer · 54 replies
    1) Have your Standard Preparedness Supplies in Order. 2) Have Cash. 3) Have Precious Metals. 4) Buy a safe, then buy another one. 5) Off Shore Banking.
  • RARE HUSSMAN INTERVIEW: Profit Margins Will Collapse, Stocks Will Tank

    04/11/2013 7:05:43 AM PDT · by blam · 8 replies
    TBI ^ | 4-11-2013 | Henry Blodget
    RARE HUSSMAN INTERVIEW: Profit Margins Will Collapse, Stocks Will Tank Henry BlodgetApril. 11, 2013, 6:20 AM Fund manager John Hussman of the Hussman Funds has been hammering on what is probably the biggest risk to future stock performance: The risk that today's record-high profit margins will fall, taking corporate earnings down with them. Those who want stocks to keep charging higher have come up with a list of many reasons why it's "different this time" and today's profit margins will keep on increasing. These include: Almost half of big corporate profits now come from international operations, so profit-to-US GDP measures...
  • Who Really Owns the U.S. National Debt? (Final Edition for FY2012!)

    04/10/2013 6:39:42 AM PDT · by SeekAndFind · 2 replies
    The U.S. Treasury Department has revised its estimates of the foreign ownership through the end of Fiscal Year 2012, which means that we can now finalize our picture of just who the major holders of the 16.027 trillion dollars of the outstanding U.S. government debt issued through 30 September 2012 are: Overall, U.S. entities own 66% of all debt issued by the U.S. federal government. Ranking the major U.S. entities from high to low, we find that: U.S. individuals and institutions, which includes regular Americans, banks, insurance companies and other government entities, own 30.5% of the nation's debt. The...
  • US Treasury chief urges EU to ease off austerity

    04/08/2013 4:08:03 AM PDT · by John W · 20 replies
    AP via Yahoo news ^ | April 8, 2013 | Juergen Baetz
    BRUSSELS (AP) — European countries should ease off their austerity and adopt more growth-friendly policies, U.S. Treasury Secretary Jacob Lew said Monday as he kicked off a series of meetings with the region's top leaders. America's biggest trading partner and the world's largest economic bloc has entered the fourth year of its debt crisis, which has plunged many of the 27 EU governments into recession. The U.S. administration hopes Europe will relent in its focus on debt reduction, which has been hurting growth through spending cuts and tax increases. Lew, who became treasury secretary in February, started his first official...
  • The 'it can't happen here' syndrome (planned economic collapse of USA)

    04/06/2013 9:19:48 PM PDT · by Perseverando · 53 replies
    WND ^ | Arpil 5, 2013 | Patrice Lewis
    Exclusive: Patrice Lewis tries to warn distracted Americans of looming economic crash Snip: When we hear the mainstream media assuring us in soothing, condescending tones that we’re in an economic “recovery” – despite all evidence to the contrary – we want desperately to believe them. We don’t want anything to disrupt our ordinary, comfortable lives. We genuinely believe that if we cling to our normal way of life and habitual methods of doing things – despite overwhelming proof that something dangerous is looming – then everything will be OK. It can’t happen here. But the situation in Cyprus is potentially...
  • Jim Rogers: We're Wiping Out The Savings Class Globally, To Terrible Consequence (video)

    04/05/2013 10:05:06 AM PDT · by dennisw · 13 replies
    youtube ^ | Published on Mar 9, 2013 | Jim Rogers
      videohttps://www.youtube.com/watch?v=J0TSQaKMK2w   Jim Rogers decries the growing uncertainty and recklessness of global central planners as the world enters unchartered financial markets: For the first time in recorded history, we have nearly every central bank printing money and trying to debase their currency. This has never happened before. How it’s going to work out, I don't know. It just depends on which one goes down the most and first, and they take turns. When one says a currency is going down, the question is against what? because they are all trying to debase themselves. It’s a peculiar time in world history.I own the...
  • The Stockman Backlash (How his opinion piece 'Sundown in America' caused a huge brouhaha)

    04/05/2013 7:57:26 AM PDT · by SeekAndFind · 13 replies
    Townhall ^ | 04/05/2013 | Peter Schiff
    This week, while economists should have been closely considering the implications of the actual bankruptcy of Stockton, California, they instead heaped scorn on the perceived ideological bankruptcy of David Stockman. In other words, Stockman trumped Stockton. Ronald Reagan's former Budget Director contributed "Sundown in America" a multi-page opinion piece to the Sunday New York Times which loudly and eloquently described the illusions of our current economic system. While I don't agree with everything Stockman believes, I think he is showing great wisdom and courage in making dire predictions and calling for extreme changes in our policy and politics. What was...
  • DC Misses Another Layup

    04/03/2013 12:43:00 PM PDT · by Kaslin · 2 replies
    Townhall.com ^ | April 3, 2013 | John Ransom
    First the bad news: In a basketball shoot around witnessed by reporters Obama missed 20 of 22 shots including a layup. On the brighter side, North Korea is restarting its shuttered nuclear facility in order to process weapons grade nuclear material to target the US; the Cyprus contagion has not abated, but seems to be spreading; factory orders fell in the US and Europe; and unemployment remains little changed-- except for all those people who stopped looking for work. No wonder the S&P 500 is making new highs. As the world runs from one man-caused-crisis to another, something in our...
  • First Cyprus, Next the US

    03/20/2013 11:53:55 AM PDT · by quesney · 12 replies
    Slowly but surely we have seen the walls that once limited what government could do pulled down. Retroactive tax increases are now permitted. U.S. residents can be taxed as punishment for private services they choose not to purchase. Can confiscation of assets with due process, in the name of the greater national good be far behind—even though such a move would violate the constitutional protections we all currently enjoy? The welfare state is out of control and cannot pay its bills. It is writing checks it literally cannot cash, having to take out IOU after IOU to get the markets...
  • Two Of The Biggest Problems In The Financial System Will Hit In 2013

    01/14/2013 10:55:48 AM PST · by blam · 14 replies
    TMO ^ | 1-14-2013 | Graham Summers
    Two Of The Biggest Problems In The Financial System Will Hit In 2013 Stock-Markets / Financial Markets 2013Jan 14, 2013 - 03:11 AM By: Graham Summers This week is options expiration week: the week in which various call and put positions will expire. Wall Street is notorious for using these weeks to gun the markets this way and that in order to insure that the greatest number of puts and calls expire worthless. So expect the market to be even more volatile than usual this week. Outside of this, the investment world is slowly emerging from its Central Bank policy...
  • The Myth of Government Default [If you think gun control is a problem, read this]

    01/11/2013 10:05:56 AM PST · by IndePundit · 20 replies
    Wall Street Journal ^ | 1/11/13 | David Rivkin & Lee Casey
    Three false arguments, pushed hard by the Obama administration and accepted on faith by the media and much of the political establishment, must be laid to rest if the American people are to understand the issues at stake in the federal "debt ceiling" debate. The first is that Congress's failure to raise the debt ceiling—the amount of money the federal government is authorized to borrow at any given time—will cause a default on the national debt. The second is that federal entitlement programs are constitutionally protected from spending cuts. The third is that the president can raise the debt ceiling...
  • Economic Collapse! A Leading Indicator Of Better Times To Come

    01/10/2013 7:48:18 AM PST · by blam · 6 replies
    TMO ^ | 1-10-2013 | Darryl R Schoon
    Economic Collapse! A Leading Indicator Of Better Times To Come Economics / Global EconomyJan 10, 2013 - 04:00 AM By: Darryl R Schoon It’s going to get better; but, first, it’s going to get worse Time of the Vulture, 3rd ed. 2012 When I presented Time of The Vulture: How to Survive the Crisis and Prosper in the Process to the Positive Deviant Network in March 2007, the economic collapse hadn’t yet happened. The next year, it did. At the time, I suggested those in attendance shed debt, sell their homes and buy gold. Then, the US real estate market...
  • Do You Live in a “Death Spiral” State?

    01/06/2013 8:10:45 AM PST · by Kaslin · 16 replies
    Townhall.com ^ | January 6, 2013 | Daniel J. Mitchell
    Three years ago, I put together a “Moocher Index” that measured the degree to which non-poor people in a state were benefiting from redistribution programs. As you can see if you click on the nearby table, Vermont was the worst state, followed by Mississippi, Maine, New York, and Massachusetts.I confessed that my Moocher Index was a crude and imprecise tool, but it was one of my most popular posts in the early days of this blog. Probably because it was a way of measuring the degree to which people were being lured to ride in the wagon of government dependency...
  • Obama Fears 'Catastrophic' Debt Fight

    01/05/2013 12:57:40 PM PST · by AtlasStalled · 29 replies
    Yahoo ^ | 01/05/12 | Mary Bruce
    In his first weekly address of the New Year, President Obama touts the "fiscal cliff" compromise as "one more step in the broader effort to grow our economy and shrink our deficits" but warns that another "manufactured crisis" over the debt ceiling could wreak havoc on the economy.
  • Canadian Summarizes Our Collapse: "Everyone Takes, Nobody Makes, Money Is Free, Money Is Worthless"

    12/26/2012 8:04:35 PM PST · by SeekAndFind · 22 replies
    Zero Hedge ^ | 12/26/2012 | Tyler Durden
    On this lackluster Boxing Day dominated by illiquid moves in every asset class, we thought a few succinct minutes spent comprehending the US and European government policies of social welfare and their outcomes was time well spent. Canadian MP Pierre Poilievre delivers a rather epic speech destroying the myths of US and European 'wealth' noting that "Once the US citizen is in debt, the US government encourages them to stay in debt," noting that "the US government encouraged millions of Americans to spend money they did not have on homes they could not afford using loans they could never...
  • Obama’s hidden-tax heist (How the Fed masks Obama's Spending effects)

    12/26/2012 7:00:25 AM PST · by SeekAndFind · 1 replies
    Washington Times ^ | 12/26/2012 | Richard Rahn
    How is it possible that the government can spend almost twice as much as it takes in without having high inflation? The fact is that over a long period of time, it can’t. In the short run, which can be a few years, the government can paper over its fiscal irresponsibility by expropriating most of the productivity gains in the private sector through regulatory and central bank actions. This is precisely what has been happening in the United States. The reason real, after-tax, per capita incomes have been able to increase year by year for most Americans for the past...
  • A Fiscal Flowchart For Dummies: Here Is What Happens Next

    12/21/2012 5:49:50 AM PST · by SeekAndFind · 20 replies
    Zero Hedge ^ | 12/21/2012 | Tyler Durden
    Confused by what is about to take place amid the loud noise, political posturing and rhetoric that as soon as tomorrow will hit an unseen before level as Obama's plan to split the GOP has worked so well it has completely backfired and thrown any game theoretical forecasts out of the window? Here is Goldman's fiscal flowchart, which is not for faint of heart, as ever more signs point to the box with the all caps "recession" written all over it. 
  • The 12 Charts Recapping The 12 Months Of 2012

    12/23/2012 1:25:42 PM PST · by Zakeet · 4 replies
    Zero Hedge ^ | December 23, 2012
    From Gas Prices to Food Stamps; from 'Bulk Ammo' to Consumer Confidence; and from Earnings to Economic Data, these 12 charts of the 12 months of 2012 are definitely Not Jim Cramer's.
  • Loss of Confidence: Currency Hoarding and the Crash in Homeowner Equity

    12/23/2012 9:19:58 AM PST · by whitedog57 · 24 replies
    Confounded Interest ^ | 12/23/2012 | Anthony B. Sanders
    As we rapidly approach Christmas and the Holiday Season, it will be interesting to see what happens to checking account and credit card balances after it is over. It is interesting to note the surge in demand deposits at commercial banks since the end of 2008. A similar measure, Total Checkable Deposits (TCDSL), has also surged. Between anemic GDP growth and the rapid growth in bank deposits (at incredibly low deposit rates), it is no wonder that M2 Money Velocity is dead. Of course, the crash of the housing market and the loss of consumer confidence in the economy may...
  • "The Shape Of The Next Crisis" - A Preview By Elliott's Paul Singer

    12/09/2012 7:08:44 PM PST · by Perdogg · 5 replies
    Transcribed from a speech given by Paul Singer of Elliott Management Investing is an art, more so than a science. And for me, what I get paid for is managing the “dark art,” if you will, of risk management and trying to be a visionary and having a dark vision at all times about what can go wrong. It’s a particularly fruitful and impactful time to be thinking about risk management and the thing I want talk about today is what I’ve described as “The Shape of the Next Crisis.” That doesn’t mean we’re going to be talking about the...
  • CBO: Feds Borrowing $4.8 billion Per Day in FY 2013, So Far

    12/08/2012 1:18:57 PM PST · by yoe · 5 replies
    CNSNEWS ^ | December 7, 2012 | Matt Cover
    The federal government ran a deficit of $292 billion for the first two months of fiscal year 2013 – October and November 2012 – amounting to $4.8 billion of borrowed money each day. “The federal budget deficit was $292 billion for the first two months of fiscal year 2013, $57 billion more than the shortfall recorded in October and November of last year,” CBO said in its Monthly Budget Review Friday. This means that the government borrowed $4.8 billion for each calendar day so far in 2013. If the Treasury Department restricted its borrowing to only weekdays, its per day...
  • CBO: Current Law Brings 55% Increase in Annual Spending, $4.25T in New Debt--And Record Taxation

    12/05/2012 3:44:24 PM PST · by Hotlanta Mike · 17 replies
    CNSNews.com ^ | December 5, 2012 | Terence P. Jeffrey
    If Congress allows current laws signed by President Barack Obama to stand and follows the fiscal path they have set for the next decade, federal tax revenues will rise to a record level as a percentage GDP, according to the Congressional Budget Office, but annual federal spending will also increase by 55 percent and continuous deficits will require Congress to lift the federal debt limit by another $4.25 trillion even as the government rakes in unprecedented tax revenue. Under the so-called "fiscal cliff" scenario, in which all of the Bush tax cuts are allowed to expire and “sequestration” of some...
  • KRUGMAN: This Is The Chart That Debunks What Everyone Says About The National Debt

    11/25/2012 2:35:18 PM PST · by blam · 46 replies
    TBI ^ | Joe Weisenthal
    KRUGMAN: This Is The Chart That Debunks What Everyone Says About The National Debt Joe WeisenthalNov. 25, 2012, 11:05 AMPaul Krugman posts a simple chart that makes a profound point. It compares the yield on UK debt vs. US debt. What should stand out for you, instantly, is that the two countries borrow at virtually identical rates, and have for years. What this should show to people is that much of the popular stories that people tell about sovereign debt is a myth. Countries that borrow in their own currencies and can "print" at will don't have default risk, so...
  • Controversial Interview Exposes 5 Signs Stocks Will Collapse in 2013

    11/24/2012 5:06:35 PM PST · by Olog-hai · 27 replies
    MoneyNews.com ^ | Friday, 23 Nov 2012 07:05 PM | (Newsmax Wires)
    “After putting $803,436 in Obama’s re-election campaign, a media giant attempted to keep Americans from seeing the video by banning it from their sites,” stated Aaron DeHoog, the financial publisher who is unapologetic for the release of controversial footage that has gained international attention. The video DeHoog is referring to is a stunning interview with famed economist Robert Wiedemer, author of the New York Times best-selling book Aftershock. Wiedemer, best known for correctly predicting the collapse of the U.S. housing market, equity markets, and consumer spending that almost sank the United States during the “Great Recession”, provides disturbing evidence in...
  • Editorial: We are now in a massive ‘dollar bubble’ and it’s going to pop

    11/24/2012 5:33:22 PM PST · by upchuck · 183 replies
    The Tribune Papers ^ | November 10, 2010
    [Note: This editorial published on Nov 10, 2012] We are now rushing down a course that is going to create incredible economic hardships for millions of Americans. The increase in the amount of debt that has been added to our economy is astronomical. And there is no end in sight. We now have over $16 trillion of debt, and with Obama’s policies it will be almost impossible to reverse that course. Debt is the problem. Big debt is a big problem. There are only four ways to tackle it: increase taxes to bring in more dollars, reduce spending to save...
  • Wealthy Dump Assets Amid Worries About Going Over 'Cliff'

    11/13/2012 7:54:41 PM PST · by ilovesarah2012 · 23 replies
    cnbc.com ^ | November 12, 2012 | Robert Frank
    For many of the wealthy, 2012 is becoming a good year to sell. They're worried about the "fiscal cliff," which is when tax cuts expire and spending cuts are set to go into effect at the end of the year. Fearing an increase in capital gains and dividend taxes, many of the rich are unloading stocks, businesses and homes before the end of the year. Wealth advisors say that with capital-gains taxes potentially going to 25 percent from 15 percent, and other possible increases in the dividend tax, estate tax and other taxes, many clients are selling now to save...
  • Fitch Ratings warns of U.S. credit downgrade from fiscal cliff (Debt Ceiling to be reached soon)

    11/07/2012 8:27:45 AM PST · by SeekAndFind · 12 replies
    Los Angeles Times ^ | 11/07/2012 | Jim Puzzanghera
    WASHINGTON -- Fitch Ratings said that there would be "no fiscal honeymoon" for President Obama, warning early Wednesday that the U.S. probably would lose its AAA credit rating if the White House and Congress don't address looming tax increases, spending cuts and the fast-approaching debt ceiling. "The economic policy challenge facing the president is to put in place a credible deficit-reduction plan necessary to underpin economic recovery and confidence in the full faith and credit of the U.S.," said Fitch, one of the three major credit rating companies. The expiration of the George W. Bush-era tax cuts and the start...
  • Angst returns on German recession fears and US fiscal cliff

    11/07/2012 1:25:01 PM PST · by bruinbirdman · 4 replies
    The Telegraph ^ | 11/7/2012 | Ambrose Evans-Pritchard
    Stock markets skidded across the world and investors retreated to safe-haven assets on fears that Europe’s festering crisis has spread to Germany and a bitterly-divided Washington may struggle to avert a fiscal crisis. Mario Draghi, the European Central Bank’s president, warned that Germany is no longer insulated from the slump in southern Europe. "The latest data suggest that these developments are now starting to affect the German economy," he said, triggering an immediate sell-off on Europe’s bourses and pushing the euro down to almost $1.27 against the dollar. Germany’s industrial output dropped 1.8pc in September and orders fell 3.3pc, far...
  • US Crashes Out Of The Top 10 In World Prosperity Index

    11/05/2012 1:48:34 PM PST · by SeekAndFind · 25 replies
    Business Insider ^ | 11/05/2012 | Joshua Berlinger
    The United States is no longer one of the world's ten most "prosperous" countries for the first time according to the Legatum Institute.The Legatum Prosperity Index assessed and ranked the prosperity of 142 countries based on eight sub-categories: economy, entrepreneurship and opportunity, health, governance, education, safety and security, personal freedom, and social capital.America experienced an "unprecedented" fall to twelfth in the rankings, as it experienced "weakening performance across five of the Index’s eight sub-categories."When referring to the U.S., the language of the report had a somewhat dire tone. It claims that "the American Dream is in jeopardy," and "the national ethos of the...
  • President Obama's Debt, Measured in Gold

    11/06/2012 8:07:09 AM PST · by Kaslin · 15 replies
    Townhall.com ^ | November 6, 2012 | Political Calculations
    How much gold would the U.S. Treasury have to pay out from the nation's bullion depository at Fort Knox to fully pay off the national debt of $16.222 trillion (as of 1 November 2012)? Quick side note: That figure is some $5.595 trillion higher than the $10.627 trillion it was back on 20 January 2009, when Barack Obama was sworn into office. To answer the question, we've updated our tool for converting cash into an equivalent value in gold! Now, in addition to figuring out how big a solid gold cube would have to be to correspond to a given...
  • Fiscal Cliff: Liability for unfunded liabilities equals $1,058,193 per taxpayer!

    11/05/2012 9:42:10 AM PST · by whitedog57 · 15 replies
    Confounded Interest ^ | 11/05/2012 | Anthony B. Sanders
    From the U.S. to Germany and even Japan, where the bond market is twice the size of the economy, investors can’t get enough government securities even though rising debt loads are blamed for curbing global growth. This comes as hourly wage income in the US slowed dramatically after January 31, 2009. To counter the economic malaise, benchmark interest rates are close to zero in the U.S. and Japan and are a record low 0.75 percent in Europe. Investors remain jittery about economic prospects in the US, Europe and Japan. And the mode of US Treasury debt comes due in 2013....
  • Jim Rogers: It's Going To Get Really "Bad After The Next Election"

    10/15/2012 2:08:13 AM PDT · by bruinbirdman · 48 replies
    Money Morning ^ | 10/14/2012 | Terry Weiss
    In a riveting interview on CNBC, legendary investor Jim Rogers warned Americans to prepare for "Financial Armageddon," saying he fully expects the economy to implode after the U.S. election. Rogers, who for years has been an outspoken critic of the Feds policies of "Quantitative Easing," says the world is "drowning in too much debt." He put the blame squarely on U.S. and European governments for abusing their "license to print money." In the U.S. alone, the national debt has surged to nearly $16 trillion, that's more than $50,000 for every American man, woman and child. "[They] need to stop spending...
  • How A European Economic Collapse Would Effect the U.S.

    10/13/2012 7:46:27 PM PDT · by PieterCasparzen · 19 replies
    Vanity | 10/13/2012 | Vanity
    Large banks, toast. What about U.S. exports ? I hear this from the talking heads. We must be concerned about our exports ! EEEeek ! If Europe "collapses", we won't be able to sell them our goods and services ! Well, here are our top 15 export clients, according to census.gov: Rank Country Exports (Year-to-Date) Percent of Total Exports --- Total, All Countries 1,480.7 100.0% --- Total, Top 15 Countries 1,061.9 71.7% 1 Canada 280.9 19.0% 2 Mexico 197.5 13.3% 3 China 103.9 7.0% 4 Japan 66.2 4.5% 5 United Kingdom 56.0 3.8% 6 Germany 49.1 3.3% 7 Korea, South...
  • Charts of the Day: Deficits and spending (Pay attention to government estimates vs reality)

    10/07/2012 4:31:57 PM PDT · by SeekAndFind · 5 replies
    Hotair ^ | 10/07/2012 | Ed Morrissey
    Via Instapundit, this is the chart to keep in mind when it comes to deficits and campaign promises. It's pretty self-explanatory, but pay close attention to the huge jump in deficit spending between FY2008 and FY2009 --- and the very large gap between White House and even CBO estimates and reality (in gray) in FY2010-12:A few things to bear in mind: As Glenn Reynolds notes, the war spending began in FY2002 for Afghanistan and FY2003 for Iraq. Also, the Bush-era tax rate reductions were fully implemented in FY2003, but probably had their full impact in FY2004. The combination pushed deficits...
  • Here's Goldman's Worst-Possible, Black-Sky Scenario For The Fiscal Cliff

    10/07/2012 4:43:18 PM PDT · by blam · 7 replies
    TBI ^ | 10-7-2012 | Joe Weisenthal
    Here's Goldman's Worst-Possible, Black-Sky Scenario For The Fiscal Cliff Joe WeisenthalOctober 7, 2012What's the worst possible thing that could happen when we hit the fiscal cliff? Here's Goldman's Alec Phillips and Jan Hatzius going through some of the possibilities: Under the baseline “not so good” scenario, fiscal policy would shave nearly 1˝ percentage points from real GDP growth in early 2013, compared with ľ points in 2012. In this case, we expect a renewed moderate GDP growth slowdown to a 1˝% pace in early 2013. Under the alternative “bad” scenario, the fiscal drag would rise to nearly 2 percentage points...
  • The Magnitude of the Mess We're In

    09/17/2012 3:04:01 AM PDT · by Evil Slayer · 26 replies
    The Wall Street Journal ^ | 9/16/12 | George P. Shultz
    Sometimes a few facts tell important stories. The American economy now is full of facts that tell stories that you really don't want, but need, to hear. Where are we now? Did you know that annual spending by the federal government now exceeds the 2007 level by about $1 trillion? With a slow economy, revenues are little changed. The result is an unprecedented string of federal budget deficits, $1.4 trillion in 2009, $1.3 trillion in 2010, $1.3 trillion in 2011, and another $1.2 trillion on the way this year. The four-year increase in borrowing amounts to $55,000 per U.S. household....
  • Germany says U.S. debt levels "much too high"

    09/11/2012 5:47:51 AM PDT · by Perdogg · 54 replies
    Reuters ^ | 09.11.12
    German Finance Minister Wolfgang Schaeuble questioned on Tuesday how the United States could deal with its high levels of government debt after November's presidential election.
  • Prepare For The Coming Housing Collapse Part Two

    09/06/2012 9:58:02 AM PDT · by blam · 22 replies
    TBI ^ | 9-6-2012 | Keith Jurow
    Prepare For The Coming Housing Collapse Part Two Keith Jurow, ContributorSeptember 6, 2012 Keith Jurow is a former senior economic writer for the Holt Investment Advisory, who researches and writes about the housing market. . Editor’s Note: BUSINESS INSIDER has been featuring Keith Jurow’s housing market articles regularly for the past two years. He is the author of Minyanville.com’s Housing Market Report. In my last BUSINESS INSIDER article posted in May, I explained why a housing collapse in major metros was coming and why you needed to prepare now. Since then, Wall Street economists, analysts and other pundits have smugly...
  • Technicals flash amber as ECB and Fed struggle to validate rhetoric

    09/02/2012 5:34:38 PM PDT · by bruinbirdman · 4 replies
    The Telegraph ^ | 9/2/2012 | Ambrose Evans-Pritchard
    Louise Yamada clinched her reputation as America’s oracle of technical analysis with an emphatic sell warning at the top of the Wall Street boom in 2007. She is watching the torrid rise on US and European bourses with mounting unease. Retail investors have not taken part. America’s mutual funds haemorrhaged further $12.7bn in July, the fifth consecutive monthly outflow. “A lot of this rally is just short-covering by hedge funds. There is underlying weakness creeping into the markets. Volume is low, and going down. You could call it a vacuum rally. New highs against new lows have been deteriorating.” The...
  • Yikes: If we thought our unemployment rate was bad now… (This is how Obama's America will look like)

    09/01/2012 11:23:50 AM PDT · by SeekAndFind · 9 replies
    Hotair ^ | 08/31/2012 | Erika Johnsen
    It is bad, of course. More than three years with more than a (rather generously calculated) eight percent unemployment rate is unacceptable and egregious. But things can still stand to get a whole lot worse — and they will, if we continue to follow the proffered example of debt accumulation that Europe has laid out for us. Bloomberg reports: Euro-area unemployment rose to a record and inflation quickened more than economists forecast as rising energy costs threaten to deepen the economic slump.The jobless rate in the economy of the 17 nations using the euro was 11.3 percent in July, the...
  • Forsaken And Forgotten

    08/26/2012 7:32:21 AM PDT · by ex-Texan · 18 replies
    The Economic Collapse ^ | 8/25/2012 | Staff Members
    America is becoming a very cold place. If you don't have money, you don't really matter much in our society. The ads on television aren't for you - they are directed at people that actually have good jobs and that can afford to buy the nice little "extras" in life. The politicians aren't really interested in you either - they figure that they can buy your vote with all of the money that they are getting from the wealthy people. When you don't have money, even friends and relatives start to distance themselves from you. Perhaps they are afraid that...
  • Durable Goods Orders (Ex-airplanes) Fall 3.4%, Bernanke Tells Issa About A Possible Hail Mary Pass

    08/24/2012 9:21:18 AM PDT · by whitedog57 · 4 replies
    Confounded Interest ^ | 08/24/2012 | Anthony B. Sanders
    Demand for U.S. capital goods such as machinery and communications gear dropped in July by the most in eight months, indicating companies are pulling back on investment. Bookings for non-military capital equipment excluding airplanes slumped 3.4 percent, a Commerce Department report showed today in Washington. Durable goods orders actually rose 4.2%, but that includes airplane sales. Qantas just cancelled a HUGE order from Boeing for 35 787 Dreamliners. This should result in a big DECREASE in the next month, so I am focusing on Capital Goods New Orders Nondefense Ex Aircraft & Parts MoM. US Flash PMI came out earlier...