Krugman: We're Going To Have To Default On Our Debt One Way Or Another
• Businessinsider.com/So what will happen? In the end, I’d argue, what must happen is an effective default on a significant part of debt, one way or another.
Contents Pages by Subject
Government Debt & Financing
Queen tried to use state poverty fund to heat Buckingham Palace
• www.independent.co.ukMinisters were asked if money earmarked for schools, hospitals and low-income families could be used to meet soaring fuel bills
Department of Labor begins hearings today: How to confiscate your retirement savings and make you th
• The PPJ GazetteThe Labor Department begins the faux hearings today in advance of the confiscation fo 401(k), IRA and private pension accounts. The 11 trillion in these acounts will be converted to treasuries and bonds and sold to creditors of the corporate US gove
Treasury Continues To Issue 50% More Debt Than Needed To Fund Deficit
• ZeroHedge.comWhat received less fanfare was that the comparable increase in debt in the month of August 2010 was $212 billion, compared to $143.6 billion a year earlier. In other words, more than twice the the deficit had to be issued in the month of August.
Our Debt Is More Than All the Money in the World
• National Review OnlineFor perspective: At the time that 2008 article was written, the entire supply of money in the world (“broad money,” i.e., global M3, meaning cash, consumer-account deposits, checkable accounts, CDs, long-term deposits, travelers’ checks, money-market
Plan to Bribe Taliban Fighters Stalls Over Lack of Funds
•A January plan to throw hundreds of millions of dollars in bribes at “low-level” Taliban fighters in the hope that they will switch sides and back the US-led occupation took a summit earlier this year by storm.
Obama to Propose Business Tax Relief, $50 Billion Spending
•President Barack Obama proposed spending at least $50 billion to rehabilitate the nation’s transportation infrastructure to help spur an economy that’s lost jobs for three straight months.
Jim Rogers: US Must Stop Printing Money, Copy Europe
• CNBCRogers said that with central banks "flooding the world with money," the only place to invest right now is in real assets, whether it's in "silver, or rice or natural gas."
The US Builds Machines Of War While The Economy is Left To Die
• Washingtonsblog.com/By contrast, military manufacturing is now 123 percent greater than it was in 2000 -- it has more than doubled while the rest of the manufacturing sector has been shrinking...
Chairman Of Joint Chiefs Of Staff: National Debt Is Biggest Threat To Security
• ZeroHedge.comNot China, not Russia, not North Korea, not Iran, not terrorists...According to Admiral Mike Mullen, the Chairman of the Joint Chiefs of Staff, the "single biggest threat" to American national security is the US national debt...
US Government Matches Every Dollar In Tax Revenue With Dollar In New Debt
• ZeroHedge.comSince Sept. 2008, or the month when capitalism collapsed, the US government has undertaken the most peculiar matching program: for every dollar of individual tax revenue, the government has issued just over one dollar of incremental debt.
Forget Debt To GDP: Debt To Revenue Matters More, And U.S. Is The Worst
• Businessinsider.com/Morgan Stanley have published a report, and while it makes some interesting points about who is going to get hit when sovereigns begin to exact "Financial Oppression" on creditors what we're most interested in is the discussion of debt to GDP ratios.
America is Bankrupt: U.S. Deficit Really $202 Trillion, Kotlikoff Says
• finance.yahoo.com/tech-tickerForget the official debt,” he tells Aaron in this clip. The “real” deficit - including non-budgetary items like unfunded liabilities of Medicare, Medicaid, Social Security and the defense budget - is actually $202 trillion, or 15 times the “official"
$13.3 Trillion in Debt: What It Means to Your Standard of Living
• EconomicPolicyJournal.comIt boggles the mind to think what research could be conducted and products produced and created if that money was available for the business sector.
It Looks Like U.S. Government Bonds Aren't Supported By China Anymore
• Businessinsider.com/This makes the U.S. government bond rally, or bubble depending on your view, even more peculiar. You can't blame it on China propping the market with its standard dollar-recycling activities anymore, it seems.
Britain taking "radical" step of reducing government by 25% - are you listening, Obama?
• The EconomistWhen Cameron failed to win the election outright in May and had to share power with Clegg’s Liberal Democrats, many feared a government as underwhelming as his election campaign. Yet, it has emerged as a radical force.
Bill Gross Urges Full Nationalization Of GSEs, Fannie and Freddie
• ZeroHedge.com & BusinessInsider.comThe GSEs are nationalized now in all but writing, this would be logical. Alas, the fact that US Debt to GDP would jump from 90% to 140% may make this proposal a little difficult to implement.
Schwarzenegger orders government worker furloughs
• Judy Lin via Associated PressGov. Arnold Schwarzenegger on Wednesday brought back furloughs for thousands of state workers until California passes a budget that addresses a $19 billion deficit.
A Daily Show Tribute To Money: You're Welcome - Debt Ceiling
• The Daily ShowThe United States and it's debt.
RNC fails to report $7M in debt to FEC
• Ralph Z. Hallow via The Washington TimesParty treasurer faults Steele The Republican National Committee failed to report more than $7 million in debt to the Federal Election Commission in recent months - a move that made its bottom line appear healthier than it is heading into the midte
Repudiate Government Debt: A Modest Solution
• Butler Shaffer via LewRockwell.com"We cannot solve our problems with the same thinking we used when we created them."
Our $1 trillion foreign policy bill
• www.unitedliberty.org Jason PyeDo we spend $1 trillion a year on foreign policy? That was a claim recently made by Rep. Ron Paul (R-TX). The statement got the attention of the folks over at Politifact. They reviewed it, and they found it to be true:
Perpetual War Machine Depression-Proof at Least ‘Until 2016′
• Bloomberg NewsThe government’s “spending on weapons through 2016 likely will grow faster than the overall defense budget, which will have annual increases of only about 1 percent above inflation”, Mr. Cappacio reported.
Post office announces 2-cent rate increase
• Randolph E. Schmid via Associated Press WriterCash-strapped post office announces plans for 2-cent rate increase in January
Federal Spending by the Numbers 2010
• Brian RiedlThe 2010 edition of “Federal Spending by the Numbers” shows spending and deficits continuing to grow at a pace not seen since World War II. Washington will spend $30,543 per household in 2010—$5,000 per household more than just two years ago.
Gold and Government Debt: The Only Two Things Going Up
Bill BonnerLet’s see…what’s in the news today? Stocks went down again yesterday. The Dow got trimmed by 96 points. Gold, on the other hand, went up $3 to $1,245.The first half of the year came to a close with the S&P 500 down 6%, global stocks down 10%, oil do
John Boehner: Raise Retirement Age To 70; Ensuring there's enough money to pay for the war
• Nick WingHouse Minority Leader John Boehner (R-Ohio) . . . that the Social Security retirement age should be raised to 70. . .Ensuring there's enough money to pay for the war will require reforming the country's entitlement system, Boehner said
Joint Chiefs chairman reiterates security threat of high debt - impacts Military Purchases!
• Roxana Tiron, The HillPentagon leaders, the military services and contractors must work together to cut bloat and unnecessary programs, the chairman of the JCOS said Thursday. .The goal is to find more savings within the defense budget without cutting the top-line number
The Wasteful War Machine: How we throw money away with the military-industrial-congressional complex
• Marshall AuerbackIt’s interesting how the deficit hawks always discuss wasteful government spending . . the web of political and economic relations weaving together the military-industrial-congressional complex, or MICC, operates according to its own internal rhythms
Calif. license plates might go digital, show ads
• Yahoo NewsThe move is intended as a moneymaker for a state facing a $19 billion deficit. The device would mimic a standard license plate when the vehicle is in motion but would switch to digital ads or other messages when it is stopped for more than four secon
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