Here's another reason Bernanke is printing. He needs to get cheap money into the economy so that it finds its way into the hands of states like California, who will otherwise be suffocated in debt.
Things are coming together now. The next G20 meeting will be swell and increased world governance must soon follow.
Last week's midterm elections have been characterized as a victory for grassroots Americans who are fed up with Washington and the political status quo. In particular, the elections are being touted as a clear indicator that voters demand reductions
"For the next eight months, the nation’s central bank will be monetizing the federal debt." It gets worse: even though Fisher realizes that what he is doing is unconstitutional, he also admits that the Fed's actions are now is effectively a policy...
U.S. President Barack Obama defended the Federal Reserve's policy of printing dollars on Monday after China and Russia stepped up criticism ahead of this week's Group of 20 meeting.
This issue of the debt ceiling is a hot, hot, hot topic right now, since newly-emboldened GOP leaders are making noises about not increasing it...
The IMF has its Fiscal Monitor for November out and it points to particular countries at the center of global worries in regards to debt and largess.
Transfers have made states dependent on federal assistance. New York, for example, spent in excess of 250% of its tax receipts over the last decade. The largest 15 states by GDP spent on average over 220% of their tax receipts.
Anyway, normally this is a perfunctory issue, but with the debt being such a huge issue right now, this is one to watch. A vote will come some time in 2011. (Editor Note - The Debt Ceiling will come to a vote by March 2011.)
If the Congress does not vote to hike it, the US will basically go into default right away, and that would create all sorts of havoc for the global economy.
Mesopotamian economic thought c. 2000 BC rested on a more realistic mathematical foundation than does today’s orthodoxy. At least the Babylonians appear to have recognized that over time the debt overhead became more and more...
Boston University economist Laurence Kotlikoff says U.S. government debt is not $13.5-trillion (U.S.), which is 60 per cent of current gross domestic product, as global investors and American taxpayers think, but rather 14-fold higher: $200-trillion.
The volume of US debt that will roll over in the next two years is simply staggering (Never mind the new debt). Nomura's Rates Radar Weekly shows the vertical ascent that is about to take place. Bernanke needs to depreciate the value of...
News Corp. Chairman and Chief Executive Officer Rupert Murdoch was stepping onto an elevator at the Allen & Co. media gathering in Sun Valley, Idaho, last year, when he was asked about a $1.1 million settlement his company had just paid.
Strangely, this past September, the US equity market rose by about 8.8%, its best return for that month, since that same September (1939). To me the parallels are ominous. What were those people thinking back in 1939? Could a coming world war...
After years of costly delays, a computerized FBI case management system still isn't finished.
Britain announced deep and wide-ranging budget cuts today that aim to eliminate its $245 billion deficit over the next five years.
Chancellor George Osborne has unveiled the biggest UK spending cuts since World War II, with welfare, councils and police budgets all hit.
The unfolding foreclosure scandal just keeps expanding. Scrutiny first fell on the “robo-signers” who rubber-stamped banks’ foreclosure paperwork, but they’re one of the many players who may have contributed to the mess.
The fiscal imbalance meant the US was on a path toward an explosion of debt. With the looming retirement of baby boomers, spiraling healthcare costs, plummeting savings rates and increasing reliance on foreign lenders, we face unprecedented fiscal...
That means the government had to borrow 37 cents out of every dollar it spent as tax revenues continued to lag while spending on food stamps and unemployment benefits went up...
$2,000,000,000,000.00 dollars has been stolen from the US Treasury!! What happened? Who did it? Did they get away with it?
Massive wealth confiscation program would replace 401(k) system with Social Security-run ponzi scheme
Those costs do not include the future medical costs of injured soldiers, the countless wrecked lives of US soldiers and the lives of millions of innocent civilians killed in the needless war in Iraq.
Why? Because as the chart shows, more than ever, personal income is comprised of government transfer payments, not actually real income derived from the productive part of society.
If you look closely at the chart you can see there is an enormous ramp in the required roll-over of 2 year notes starting in February 2011, and running thru September 2011.
California Democrats in the House of Representatives are calling for federal investigations into whether financial institutions broke any laws in their handling of foreclosures in the midst of the housing crisis.
Dominant Social Theme: If you know too much, sit down!
People have been freaking out about the national debt since 1790, when Alexander Hamilton proposed incorporating $75-million in war debt into the first national bank.
Dominant Social Theme: We're doing everything we can here at the central bank. You're simply going to have to trust us. It will all work out.