The U.S. government is expected to hit the $14.294 trillion debt ceiling Monday, setting in motion an uncertain, 11-week political scramble to avoid a default. The Treasury Department plans to announce Monday it will stop issuing and reinvesting government securities in certain government pension plans, part of a series of steps designed to delay a […]
Posted by Colin Barr– Think the debate about U.S. creditworthiness can’t get any sillier? Guess again. A week after Standard & Poor’s finally told us what we already knew, that the U.S. fiscal fiasco is in danger of spinning out of control, along comes Weiss Ratings of Jupiter, Fla., to reaffirm we can’t max out […]
Normally, nobody aside from political science buffs paid much heed to the Finnish elections. This time Europe was fully tuned in due to the rise in the polls for the True Finns, a populist party that opposes bailouts for the EU’s beleaguered members. Now the interest in Finland will persist as the True Finns quintupled […]
Violence on the streets as backlash grows over Greece’s austerity package and €110bn bailout A growing chorus of voices is urging the Greek government to restructure its debt as fears grow that a €110bn bailout has failed to rescue the country from the financial abyss and is forcing ordinary people into an era of futile […]
Even the baseline scenario in places like Las Vegas and Miami is grim, where Case Shiller projects a 21% decline in home prices from 2010 to 2012. But in one scenario it could be worse. 6.7 million delinquent mortgages are waiting to flood the market around the country — and with near-zero cure rates most […]
Both political parties have failed to come up with any credible plan to solve this crisis, writes Jeremy Warner. If you want to scare yourself with statistics, go to www.usdebtclock.org. This brilliantly conceived internet graphic engenders much the same feeling you get when watching the extortion of the meter in a London taxi; at some […]
The US is going down a similar road as that taken by Greece and Portugal with regard to its budget decisions, John E. Silvia, chief economist at Wells Fargo, said on Wednesday. “To me—being in Europe for a few days—the plot in Greece and Portugal sounds an awful lot like the same plot that’s going […]
(CNSNews.com) – House Budget Chairman Congressman Paul Ryan (R-Wis.) said President Barack Obama’s budget strategy is to “do nothing, punt, duck, kick the can down the road” while the debt remains on track to eventually hit 800 percent of GDP. Ryan added that the CBO is saying it “can’t conceive of any way” that the […]
As Heritage expert J.D. Foster, Ph.D. noted in his January 2011 paper “Congress Has Time and Options on Debt Limit“, Congress had time to discuss how it wants to proceed on the debt limit. Secretary of the Treasury Timothy Geithner’s letter of April 4, 2011 estimates that the Federal Government will not reach the statutory debt […]
One of the most frequently asked questions we receive at the National Inflation Association (NIA) is what warning signs will there be when hyperinflation is imminent. In our opinion, the majority of the warning signs that hyperinflation is imminent are already here today, but most Americans are failing to properly recognize them. NIA believes that […]
