Greece should brace itself for some form of capital controls, say analysts at Credit Suisse. As Greece has closed the door on making a deal with its international creditors, we can expect urgent fiscal control measures to come in from Monday. Here’s more from a Credit Suisse note sent on Friday: “A “No deal” scenario […]
Throughout the showdown between Greece and its creditors, the weak Obama administration has largely sat on the sidelines, issuing the occasional warning about the potential economic impact of a default. Now that Greece is on the verge of bankruptcy, Obama is also starting to worry about the political fallout and the potential for Russia to gain increased influence over […]
Greece has moved closer to default and possible exit from the eurozone after telling the International Monetary Fund it would not be making a debt repayment of €300m (£219m) due on Friday. Greece follows the footsteps of Zambia. A country which eventually ended with debt restructuring. Greeks are digesting the news that they are only the second […]
By Katerina Nikolopoulou Athens (AFP) – Greece warned Sunday it has no money to repay the International Monetary Fund on time in June unless a deal is reached with its creditors, in a stark warning that the country could be just days away from defaulting. Athens already had a close shave in May, when it […]
The U.S. has a $210 trillion “fiscal gap” and “may well be in worse fiscal shape than any developed country, including Greece,” Boston University economist Laurence Kotlikoff told members of the Senate Budget Committee in written and oral testimony on Feb. 25. “The first point I want to get across is that our nation is […]
By Dave Macy The president is not a stupid man. He may be cunning, devious, easily given to retribution, a monstrous ideologue, an Islamic terrorist denier, and a socialist at heart. But he is not stupid. On the other hand he is not that smart. His actions betray his intellect. What he does with executive […]
By Greg Campbell Many Americans are rooting for a Dr. Ben Carson candidacy in 2016. The no-nonsense surgeon who has been a vocal opponent of Obamacare and a supporter of a return to a government by, of and for the people has been cagey and tight-lipped about whether or not he will run for president […]
The fact remains that Main Street is in trouble. The nation requires an economy in which new businesses are created and existing ones can afford to expand. That is not happening By Alan Caruba The U.S. was the world’s number one economy prior to World War II, but it took off bigtime after the war […]
Welfare recipients can’t use their EBT cards at liquor stores but they can at marijuana dispensaries in states such as Colorado that have legalized pot, Sen. Jeff Sessions revealed Tuesday. The Alabama Republican announced that he was drafting legislation to close the welfare-for-weed loophole after the U.S. Department of Health and Human Services confirmed to […]
By Alan Caruba : Let’s look at just some of the latest news about the U.S. economy: # According to the Treasury Department’s Bureau of Fiscal Services, the federal government paid $2,007,358,200,000—over $2 trillion—in benefits and entitlements in the 2013 fiscal year, October 1, 2012 to September 30, 2013. Most of the benefits, 69.7% came from non-means tested […]
