The report estimates Arizona's current deficit at $2.1 billion, nearly triple the $825 million cited by the Legislature and Gov. Jan Brewer.
In other words, the Fed would be dancing the Monetization Waltz, just like Latin American countries used to back in the 1970’s: Proof positive that America is indeed a banana republic—only with nukes.
Let me be clear: If you extend the debt ceiling and by doing so allow deficits of this sort to continue for another year, say much less two, you will have placed a loaded shotgun in the mouth of this nation and pulled the trigger.
Which means at a run rate of $125 billion in net monthly issuance, the US may not even get to the end of March at the current burn rate. Which also means Congress better start the discussion on raising the debt ceiling as soon as February.
President Barack Obama's chief economic adviser warned Sunday that "the impact on the economy would be catastrophic" if Congress fails to raise the debt ceiling.
[After a $1M, US taxpayer project,] the Baghdad park is nearly waterless. Much of the compound is in ruins, swing sets have become piles of twisted steel, and the personal watercraft's engines have been gutted for spare parts.
By mid-year confidence in Ben’s master plan will wane. He is trapped in the paradox of Catch-22. When you start hearing about QE3 you’ll know that the gig is up.
When you speak of "playing chicken", to which chicken are you referring? The one where Congress refuses to play this game and demands that The Administration and Congress actually find the revenue...
If we get to the point where you've damaged the full faith and credit of the United States, that would be the first default in history caused purely by insanity."
Throughout history the rise and fall of empires isn't slow or cyclical, as we like to think, but arrhythmic...it mostly happens very, very suddenly. America is a superpower on the edge of chaos...
The ultimate showdown will occur over extending the $14.294 trillion debt limit, probably by early March.
The benefit from the fiscal stimulus has already been negated by the jump in oil and other commodity prices, whereby the token weekly paycheck increase has been more than offset by gas price increases...
However you look at it, the States have a huge collective hole in their budgets. And this hole is going to get worse, before it gets any better—just like the Federal government’s massive yearly deficit.
But the American people don't want to hear that we have spent decades creating a horrific debt crisis that is not going to be easy to fix.
Let sovereign money rule (at a state level).
2011 will be the year of the municipal default. At least that's what analysts like Meredith Whitney predict, as do bond investors that have been fleeing the muni market.
The poorest state in the nation has spent over $500,000 on the governor's air travel since 2007.
Austrians Do Not Call for Establishing a Gold Standard by Decree
What is "it"? The logic of the free market.
Whitney predicts that we will see a number of large defaults next year (50+), and makes the case that their are some serious structural issues in the muni markets.
Which means that Meredith Whitney has done it again.
They work hard; they need to get paid.
Meredith Whitney appeared on CNBC today defending her important call about the very real problems in the muni bond sector.
We need new solutions to ensure the Anglo-American axis remains on top.
While this graph puts the US defence budget at $US711 billion in 2009, that doesn't include a number of "off-budget" items that, on some estimates, push US defence spending above $US1.3 trillion
Overdrawn American cities could face financial collapse in 2011, defaulting on hundreds of billions of dollars of borrowings and derailing the US economic recovery.
America's military and economic empire could collapse at any time, but predicting the precise day, week or month of its potential demise is unattainable, according to a former New York Times war correspondent who spoke with Raw Story.
In this video presentation, Porter Stansberry methodically lays out his case for why a currency crisis is coming to the US dollar...
At an estimated $24.5 trillion in federal debt, our $2 trillion per year run rate is spot on. Another thing that is spot on: our prediction that the US will need not one but two debt ceiling increases in 2011.
Over here we have had a much larger tumor and we have not been diagnosed. When you are pumping more and more painkillers [qe2s], you stay in the same place and there are harmful side effects. Here, we are not yet at a consciousness.