Raising The Debt Ceiling: The Real Nightmare Comes Next Month
• BusinessInsider.com/A point that needs to be made: This fight over whether to shut down the government for a few days is chicken-scratch.
Contents Pages by Subject
Government Debt & Financing
No Path to Prosperity: Ryan's Incredulous Budget-Balancing Proposal
• GlobalEconomicAnalysis.blogspot.comNo credible proposal can ignore interest on the national debt. I counted 10 instances of the phrase "excluding interest" in the CBO reply.
Is a government shutdown really a shutdown? Apparently it isn't!
• The Political CommentatorWhen is a "Government shutdown" not really a "government shutdown"? When the government shuts down! Confused? Think of it more as a political football! I was on my way back to my office listening to Rush when he brought up the potential for
The Fed Undermines Foreign Policy
• dailybell.comLast week I was both surprised and pleased when the Supreme Court upheld lower court decisions requiring the Federal Reserve Bank to comply with requests for information made by Bloomberg under the Freedom of Information Act ("FOIA").
March Madness: U.S. Gov't Spent More Than Eight Times Its Monthly Revenue
• cnsnews.comThe U.S. Treasury has released a final statement for the month of March that demonstrates that financial madness has gripped the federal government.
U.S. to reach debt limit by May 16: Geithner
• www.reuters.comThe United States will hit the legal limit on its ability to borrow no later than May 16, Treasury Secretary Timothy Geithner said on Monday, ramping up the pressure on Congress to act to avoid a default.
Geithner: "Debt Ceiling To Be Breached No Later Than May 16"
• ZeroHedge.comDefaulting on legal obligations of the United States would lead to sharply higher interest rates and borrowing costs, declining home values and reduced retirement savings for Americans. Default would cause a financial crisis potentially more severe..
IMF: US Must Raise All Taxes, Cut Entitlements 35% To Contain Future Budget
• ZeroHedge.comWho Will Pay and How?" The obvious answer is naturally the Fed. The unobvious answer, according to the IMF, is the impossible: a slashing all of USSA's entitlement benefits by a whopping 35% combined with a hike in all tax rates.
Default: Fast Approaching A Concrete Wall At 100MPH
• Market-ticker.orgGreece didn't "choose" their impending default. Neither did Iceland. Neither did Ireland. All three had it thrust upon them due to the insane policies of their governments. Such it will be in our case, without fear or favor.
Portugal Advised to Beg
• dailybell.comThere is a solution to every economic crisis, even PIGish over-spending. Friends help friends, after all, and nations help nations.
Peter Schiff - Housing Market Will Fall For Many More Years
• youtube.comThe fact the builders are finally letting up is a good thing. They were trying to introduce more supply to an oversupplied market.
"Skunked": Bill Gross On How "The U.S. Will Likely Default On Its Debt"
• ZeroHedge.comI am confident that this country will default on its debt; not in conventional ways, but by picking the pocket of savers via a combination of less observable, yet historically verifiable policies – inflation, currency devaluation...
JPMorgan CEO says Hundreds of Municipalities "Won't Make It"
• EconomicPolicyJournal.comJamie Dimon: I wouldn’t panic about what I’m about to say. You’re going to see some municipalities not make it. I don’t think it’s going to shatter America, I just think it’s a part of the credit cycle.
Senate Dems to Boehner: Ditch the tea party or shut down the government
• RawStory.comSenate Democrats on Tuesday posed an ultimatum to Speaker John Boehner (R-OH) on the budget: Bring your tea party "extremists" in line or prepare for a government shutdown come April 8.
GE: "Imagination at Work" in Building the Corporate State
• Miles Mogulescu, HuffPostWatching Political Journalism on NBC (owned mostly by GE): "Meet the Press is Sponsored by GE: Imagination at Work" while a GE "Imagination at Work" logo filled the screen.
Cost of Libya Intervention $600 Million for First Week, Pentagon Says
• blogs.abcnews.comOne week after an international military coalition intervened in Libya, the cost to U.S. taxpayers has reached at least $600 million, according figures provided by the Pentagon.
Cash for Clunkers 2: The Return of Government Motors
• www.washingtontimes.comReady for another cash for clunkers program? It looks like General Motors is attempting to replace it's own consumer incentives with tax payer money.
Constitutional Problems with the Libyan War
• dailybell.comLast week the Obama Administration took the United States to war against Libya without bothering to notify Congress, much less obtain a Constitutionally-mandated declaration of war.
Bill Bonner: Printing Money to Save the World
• LewRockwell.comOh…and you can imagine what this does to the poor householder. He’s caught in the middle. The real economy pushes the value of his main asset down…while the feds push up the cost of his most important supplies – food and energy.
A Tea Party Defense Budget
• www.amconmag.comTea Partiers rightly fear national ruin unless government spending is reduced. The numbers quickly show such reductions must include the defense budget.
Personal Income and Outlays for February: Federal Deficit May Hit $2.5 Trillion
• Market-ticker.orgWhat? $105.4 billion in change in tax receipts in one month? Please tell me I'm reading this wrong. My current estimate is about $2 trillion for Calendar Year 2011; this would boost that to near $2.5 trillion!
Anti-cuts march: Tens of thousands at London protest
• BBC.co.ukMore than 250,000 people have attended a march and rally in central London against public spending cuts.
Five Days into Operation Odyssey Dawn, Costs Mounting
• Megan Scully, National JournalTodd Harrison, a senior fellow at the Center for Strategic and Budgetary Assessments, said the U.S. costs could “easily pass the $1 billion mark on this operation, regardless of how well things go.”
The Treasury Auction Shell Game
• dailybell.comVery few people have either the time or patience to sift through the data released by the Treasury Department in the wake of its bond auctions.
US Finances Rank Near Worst in the World
• CNBC.comThe US ranks near the bottom of developed global economies in terms of financial stability and will stay there unless it addresses its burgeoning debt problems, a new study has found.
Another Voice: US Will Go Bankrupt
• Market-ticker.org$100 billion in spending reductions from pre-planned increase levels when you're spending $1,700 billion more than you are taking in via taxes is not "real action" and do nothing to take us away from that "tipping point." It is in fact mashing the...
Cost of military campaign in Libya could wipe out GOP's spending cuts
• thehill.comU.S. military operations in Libya could wipe out a significant chunk of the budget cuts won by congressional Republicans in recent weeks, defense analysts say.
Bill Bonner on The Failing US Bond Market, and The Coming Hyperinflation
• LewRockwell.comBill Bonner: Neither. It is in a Great Correction of the credit expansion that began after WWII. This will continue for many years to come and probably lead to enough excess money-printing by the feds to create a hyperinflationary blow-up.
Economic Disinformation: Lies, Damn Lies, and Statistics
• economicedge.blogspot.com/It requires income to service debts, not some trumped up measurement of production. Even using our crooked $14 Trillion current debt number, it is 583% of our nation’s $2.4 trillion annual income:
The Real Deficit We Need to Address Now!
• ZeroHedge.comThose deficits are the mental deficits of our leaders.
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