A study issued by the Public Policy Institute of California (PPIC), a non-partisan think-tank, just confirmed that during the 2009-2010 recessions, every income bracket in California lost income faster than the rest of the United States. But even more disturbing, all but the top 25% of earners now make less than equivalent income classes in […]
While the main matter of business for the EU summit starting Thursday is to come up with another “ultimate” plan to convince investors that the EU has the economic crisis under control, the item of Serbia’s candidacy will also come up. The Serbs believe that they have played ball with the EU on a number of issues […]
The European debt crisis has now recorded a positive result it has effectively ended Belgium’s governmental crisis that had lasted 541 days. Since the last elections Belgium has not been able to form a government that requires in effect a dual coalition not only between right and left but also between Dutch-speaking Flanders and French-speaking […]
If little Greece (11 m. people) and tiny Ireland (6 m. people) rattled Europe’s windows, because of their debts, Italy is about to blow up Europe’s shaky house. Here is why. Italy is huge (60 m. people, $2 trillion economy, $34,000 per capita GDP), and nearly bankrupt. Italy has the world’s third largest bond […]
Few things are as galling as being right too soon. Back in 1970, dissident Soviet historian Andrei Amalrik wrote a book boldly called “Will the Soviet Union Survive Until 1984?” He predicted that it would not, which greatly annoyed the Communist regime. He was sent to Siberia for his temerity, and later forced to leave […]
China’s state media Tuesday blasted the United States over its “ticking debt bomb” and urged American lawmakers to be more responsible after they failed to agree on deficit-cutting measures. China is the world’s largest foreign holder of US Treasuries with a portfolio of around $1.15 trillion, prompting Beijing’s keen interest in the state of the US […]
(Forbes) “There is definitely going to be another financial crisis around the corner,” says hedge fund legend Mark Mobius, “because we haven’t solved any of the things that caused the previous crisis.” We’re raising our alert status for the next financial crisis. We already raised it last week after spreads on U.S. credit default swaps started blowing out. […]
ATHENS — The Greek government was plunged into chaos on Tuesday and faced an imminent collapse, as lawmakers rebelled against Prime Minister George Papandreou’s surprise call for a popular referendum on a new debt deal with Greece’s foreign lenders. Such a collapse would not only render the referendum plan moot, it would likely scuttle — […]
Speech by Congressman McClintock given to the California Independent Automobile Dealers Association We are in the third year of policies predicated on the assumption that if Government just injects enough money into the economy, it can jump start consumer spending and therefore, economic growth. For three years, this administration has squandered more than a trillion […]
Act II of the European Summit is going to take place on Wednesday (Act I concluded on Sunday), when the world will see whether the hints about “progress” in stanching the European debt crisis have a basis in reality. It is now apparent that what Europe had tried to avoid for the past half year, a […]
