Without real change default is inevitable. Default happens every day through monetary policy tricks. Every time the Federal Reserve engages in more quantitative easing and devalues the dollar, it is defaulting on the American people by eroding thei
"Why are some countries rich and others poor?" Dive into all of the usual suspects behind economic growth--natural resources, technological innovation, savings rate--without mention of perhaps the most primal of measurements: penis size.
TO BEGIN, consider one of the most important measures of property, the kilogram. It’s a measure of mass or, for non-scientific purposes, weight. According to the papers last week, a global scramble is under way to define this most basic unit after it
This must be another one of those things that accompany the American economy two years into the recovery...
Mayor Rahm Emanuel is sending layoff notices to about 625 city of Chicago employees — and delaying 61 blocks of curb and gutter improvements and 76 blocks of sidewalk repairs — after union leaders didn’t agree to work-rule changes the mayor wants or
It Ain't Money - If they can't print it. Article by Peter Schiff. / The Phony Gold Standard - Beware it, says Robert Blumen. / How to Make Your Old Car Look New - Eric Peters on the little things.
Today's bad economic data trifecta is complete, with the UMichigan consumer confidence number plummeting to 63.8 from 71.5, and well below consensus of 72.2. The number is far below the lowest Wall Street prediction of 68...
This interactive Nat Geo chart shows the distribution of income around the globe:
The endgame in the fight to increase the nation’s debt limit has only begun, but intense exchanges between the 2 parties made it clear this is not a negotiation over dollars as a broader clash between the 2 parties over the size and role of governmen
"As long as possible, the Treasury would want to try to make payments on the principal and interest to the government debt, because failure to do that would certainly throw the financial system into enormous disarray and have major impacts on the glo
Ending entitlements planned
Piigs, Pressitutes, and the Global Meltdown - Gerald Celente on what's ahead, and why the media want to hide it. / Fibber for the State - Tom Woods on a top historian's ignorance or worse on American economic history. / Don't Question: Submit, Obey –
The Power Elites' response--borrow and blow trillions to prop up the engine of their own wealth, the banks, borrow trillions from future taxpayers to maintain the current Status Quo, and devalue the U.S. dollar--have all failed to reflate housing...
Borders designated a group of liquidators as the opening bidders in a looming bankruptcy-court auction amid difficulties getting publishers to relax terms under which they ship merchandise to the U.S.'s second-largest bookstore chain...
For all of you punters out there, Irish bookmaker Paddy Power has set the line on a US ratings downgrade by Moody's and on whether the US debt ceiling will be raised! If you are a follower of odds, then betting against the ratings downgrade and f
What happens if President Obama and Congress don’t strike a debt deal? On Aug. 3, Obama forced to make a set of extraordinarily difficult choices about what to pay or not pay. By then, the president would be relying on daily tax revenue to pay the bi
The United States may lose its top-notch credit rating in the next few weeks if lawmakers fail to increase the country's legal borrowing limit and the government misses debt payments, Moody's Investors Service warned on Wednesday. Moody's is the f
n June 30, QE2 ended with a whimper. The Fed’s second round of “quantitative easing” involved $600 billion created with a computer keystroke for the purchase of long-term government bonds. But the government never actually got the money, which went
Today's News - Guest Host - Barry Hess in studio
In 1922, Greek armies trying to conquer western Anatolia were routed by Turkey's military leader, Mustafa Kemal Ataturk. Hundreds of thousands of ethnic Greeks were uprooted from Ionian coastal areas.
This campaign of lies is now running out of gas. The market is calling "Bull!" on everything that is being emitted from the so-called "authorities"...
While the demand at stores like the 99-Cent Store or Dollar Tree is still relatively high, the biggest chains in the nation have fallen short of Wall Street’s expectations for several months, a trend that may prove even more ominous...
The S&P 500 briefly fell 2 percent as stocks extended losses late on Monday amid concerns about the euro-zone debt crisis and worries about the lack of progress in U.S. budget talks. The Dow Jones industrial average .DJI was down
Geithner: "[For A Lot of People] It's Going to Feel Very Hard, Harder than Anything They've Experienced in Their Lifetime Now, For a Long Time to Come"
The White House could resort to an little-known line in the US constitution to prevent a ruinous default if Democrats and Republicans do not agree to raise the debt ceiling by August 2, experts say. The 143-year-old clause, written to address stil
A small team of U.S. Treasury officials is discussing options to stave off default if Congress fails to raise the country's borrowing limit by an August 2 deadline, sources familiar with the matter said on Wednesday.
#9 Only 66.8% of American men had a job last year. That was the lowest level that has ever been recorded in all of U.S. history.
The household survey was even worse. Total employment fell by 445,000. Full-time employment is down by 0.5% in the last year, while part-time is up 3%. David Rosenberg calls this the just-in-time labor market.
When looked at in terms of levels - that is, dollars outstanding - it becomes even more stark what's going on and how badly we're screwing our young adults who simply do not know better and are taking horrifically-bad "advice" doled out...
“Now the policy cupboard is bare, and “we can see what the emperor looks like disrobed. It’s not a pretty picture.”The economy, Dave goes on, is in a very fragile state. Which isn’t all that surprising since it still bears the scars of the credit...