“When a country is indebted to the degree that we’re indebted, the country always defaults. We will default because the debt is unsustainable,” Rep. Ron Paul (R-TX) said on the House floor yesterday. “If we don’t understand this, this default will not be because we don’t send out the checks. We will send out the […]
The US is indebted mainly to …well.. Americans. Still, foreigners hold about 47 percent of the national debt, with China and Japan owning the biggest chunks, but not the majority. The U.S. owes somebody a whole pile of money. You knew that, right? Years of deficit spending have run up the national debt to a […]
Federal Reserve Chairman Ben Bernanke is due to deliver the Semiannual Monetary Policy Report to Congress today before the House Financial Services Committee. What will he say about unemployment, if anything at all? The stakes are high with Bernanke’s approval rating at an all-time low. The hearing starts at 10 a.m. The Senate Finance Committee […]
The Federal Reserve’s massive stimulus program had little impact on the U.S. economy besides weakening the dollar and helping U.S. exports, Federal Reserve Governor Alan Greenspan told CNBC Thursday. In a blunt critique of his successor, Fed Chairman Ben Bernanke, Greenspan said the $2 trillion in quantative easing over the past two years had done […]
Financial market weirdness had to ruin a perfectly quiet start to Wednesday, look at this 5 minute drop, right off a cliff! Notably, there was just a major drop in the dollar (against the yen) today. This drop off a cliff is mainly because of the U.S Federal Reserves Q&A on Tuesday. The market tanked […]
If you listen to Ben Bernanke, Barack Obama and the mainstream media long enough, and if you didn’t know any better, you might be tempted to think that the economic crisis is long gone and that we are in the midst of a burgeoning economic recovery. Unfortunately, the truth is that the economic crisis is […]
Mises Daily: People often ask me, “What do you think the government should do instead of QE inflation?” My stock answer is that the government should not try to fight the depression with government spending and cheap credit. Trying to stop the market from correcting the errors of the past only delays the consequences and […]
Two recessions, a couple of market crashes, and stubbornly high unemployment are all wreaking havoc on America’s middle class. In the accompanying interview, The Daily Ticker’s Aaron Task discusses the state of the middle class with Sherle Schwenninger, director of economic growth and American strategy programs at the New America Foundation. Schwenninger’s recent report “The […]
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 […]
Gold and silver are on fire to start the week, and obviously that means the dollar is sagging hard. There are reports of unnamed PBOC officials talking about shifting the bank’s massive reserves into hard assets outside the dollar. There’s another report of a banker (via ZeroHedge) urging a massive slashing of USD reserves. So […]
