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The federal deficit hit $1.3 trillion for the just-completed budget year. That means the government had to borrow 37 cents out of every dollar it spent as tax revenues continued to lag while spending went up as the economy pulled out of recession.
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"What Bernanke is saying to Congress is ‘run up the deficits because I'm going to monetize it for you,'" Schiff says. "He is enabling the government to get bigger, which is going to make employment worse, not better. He's throwing gasoline on a fire.
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Unless consumers have gone on a tear in the third quarter (highly unlikely with renewed slowdown in housing as well as the recent Gallup survey above), these retail sales reports are simply not believable.
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Neoliberal Capitalism developed a solution for this paucity of natural windfalls: the partnership of the Financial Elites and the Central State. The Central State gathered powers of taxation and control which enable it to "enforce" the collection...
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And here's how it looks on a state-by-state basis. Note that the dark green states are in the worst shape. (Arizona appears to be in serious trouble because of it's over dependence on home building, and real estate sales.)
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A VAT is the most micro form of taxation on consumption that needs the most macro form of law enforcement, an even bigger, all consuming IRS.
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The issue with the recent robo-signing scandal is that clear title could disappear in the American mortgage market. Part of the outrage is that U.S. banks have been foreclosing on mortgages which they don’t even own.
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I swear to God Almighty: Mortgage Backed Securities are America’s Herpes – the gift that keeps on oozing.
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Banks, and especially regional banks, are about to experience the mother of all delinquency-to-foreclosure cliff events, as squatters now certainly will have no intention of ever paying down their mortgage.
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Lower- and middle-income Americans' self-reported average daily spending in stores, restaurants, gas stations, and online averaged $48 per day during September -- down $6 from August and $16 from July.
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With the spot price of silver closing in on $25/ounce and gold nearing $1400/ounce and climbing, many people are thinking they should sell their metals. Instead, people should buy silver and gold, as the “price” will continue to climb because the val
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Today, the Economic Collapse has followed up this list with 24 facts of their own, which confirm what Zero Hedge readers know: namely that the US economy has officially entered the "Late Roman Empire" phase of its civilization.
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The global elite have engineered a total economic collapse.
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The statistics Williams uses are based on the original formulas the United States government used for years before they were changed to hide the economic meltdown Washington’s policies were creating. Some have accused the Social Security system as be
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Walmart has rolled back its rollbacks. Earlier this year, the retailer tried to spark sluggish U.S. sales by lowering its prices — already bargains — even further. One analyst called it "an initiative that screams: Price! Price! Price!" These rollbac
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GOP More PO'ed About Economy, and More Likely to Vote
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The issue with the recent robo-signing scandal is that clear title could disappear in the American mortgage market. Part of the outrage is that U.S. banks have been foreclosing on mortgages which they don’t even own.
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A lot of big money around the world is going to drop the dollar and basically disenfranchise the US economy. This is not just a remark in passing, this means that the US economy goes belly up effectively and the dollar gets completely wiped out...
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This is a vote from the commodity market that Bernanke, Congress and you, the American public, will not force the scams and frauds in the banking system that have been festering since 2007 into the open where they can be resolved.
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Making loans to people who are uncreditworthy, because they’ll agree to pay you more, and that’s how you grow rapidly. You can grow really fast if you loan to people who can’t you pay you back
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Non-commercial demand for dollars is collapsing in much of the global economy, in part because the Fed is transferring something like three quarters of a trillion dollars annually from individual and corporate savers to the Wall Street banks.
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Far from providing the "all green" call participants had desired, Adam Levitin said that what we have recently seen and heard in the news is “just the tip of the iceberg” and that the foreclosure halt may well cause a "systemic problem"
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The US government has been playing with the economic numbers for years and now the statistics have become nothing more than a carnival shell game. John Williams of American Business Analytics & Research LLC, has meticulously compiled the real numbers
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A bunch of leading hedge fund managers has just published a collection of essays looking at the serious possibility that the recent financial unpleasantness was just an amuse-bouche for the main event – the really ghastly crash that awaits us...
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Will There Be a Second Revolution? - When the Dollar Crashes, Ron Paul might run - Mandated Dollar Destruction, Peter Schiff on quantitative easing and November 3rd - Silver Chopsticks and Rice, Stock up, and you could be very rich in 5-10 years, Ji
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Japan struggled for 20 years with "zombie banks"—so called because their debts, if properly recognized, made them insolvent. Here in America, we have millions of zombie homeowners. Why is this any better?
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Over the next three months, eight percent plan to increase employment (unchanged), and 16 percent plan to reduce their workforce (up three points), yielding a seasonally adjusted net negative three percent of owners planning to create new jobs...
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Google is using its vast database of web shopping data to construct the ‘Google Price Index’ – a daily measure of inflation that could provide an alternative to official statistics. Highlights how economic data can be gathered far more rapidly using
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Economists and entrepreneurs deal with reality—and from what I’ve been reading lately, quite different realities. I’m too simple to grasp parallel universes, so I’ve got to pick one to believe. Do I trust an economist that has studied job creation, o
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The Killing and Reviving of the American Dream - The Federal Reserve Will Implode - You Are a Secret Conspiracy Theorist - Be Like the Chechens - QE2 Can Sink the Dollar - A Boot on Your Throat
