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Keyword: debtcrisis

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  • 20 Signs That The Global Economic Crisis Is Starting To Catch Fire

    02/14/2014 7:46:25 PM PST · by Tolerance Sucks Rocks · 49 replies
    Freedom Outpost ^ | February 14, 2014 | Michael Snyder
    If you have been waiting for the "global economic crisis" to begin, just open up your eyes and look around. I know that most Americans tend to ignore what happens in the rest of the world because they consider it to be "irrelevant" to their daily lives, but the truth is that the massive economic problems that are currently sweeping across Europe, Asia and South America are going to be affecting all of us here in the U.S. very soon. Sadly, most of the big news organizations in this country seem to be more concerned about the fate of Justin...
  • Why America Is Headed Toward Bankruptcy In 13 Terrifying Quotes

    01/11/2014 6:50:24 AM PST · by Kaslin · 53 replies
    Townhall.com ^ | January 11, 2014 | John Hawkins
    Like Enron, Greece, and Donald Trump before us, America is about to go bankrupt. Unfortunately, our bankruptcy will probably be more Enron and less Donald Trump because we're very unlikely to come back bigger and better in the lifetime of anyone reading this column. Instead, most Americans are probably going to experience skyrocketing taxes, spiraling inflation, widespread disorder, and a dramatically reduced standard of living. This isn’t a crisis that our great-grandchildren will have to figure out one day. To the contrary, it's entirely possible it will occur within the next decade and unless we make big changes no one...
  • The "French Way of Life" on Collision Course with Germany

    06/09/2013 5:23:55 AM PDT · by Kaslin · 17 replies
    Townhall.com ^ | June 9, 2013 | Mike Shedlock
    I received still more emails from French and Canadian readers on preserving culture. Since it's a slow news day, let's take a look at them. Olivier writes "Wouldn't a true conservative pay at least some respect to local cultural norms instead of trying to impose some economic diktat from on down?" Talk about getting things ass backwards. It is the social police attempting to impose cultural and economic diktats to preserve the local bookstore and the local farm to the point of absolute absurdity. Email From Canada Reader Mike from Canada writes ... Hi Mish, I totally agree with the...
  • Charts of the Day: The origin of the debt crisis (It took decades to get to the mess we are in)

    01/22/2013 8:19:52 AM PST · by SeekAndFind · 7 replies
    Hotair ^ | 01/22/2013 | Ed Morrissey
    Republicans blame Barack Obama for the national-debt explosion, and for good reason; about a third of the existing national debt has accrued in his four years in office. Democrats blame George W. Bush for it, as deficits returned during his eight years after a momentary respite under Bill Clinton and a (briefly) fiscal-conservative Republican Congress. A few Democrats still blame Ronald Reagan, whose defense spending supposedly first delivered big deficit spending.However, a new study from the St. Louis Fed argues that the problem began farther back — in 1970, when the federal government began to implement benefit programs that decoupled...
  • The Myth of Government Default [If you think gun control is a problem, read this]

    01/11/2013 10:05:56 AM PST · by IndePundit · 20 replies
    Wall Street Journal ^ | 1/11/13 | David Rivkin & Lee Casey
    Three false arguments, pushed hard by the Obama administration and accepted on faith by the media and much of the political establishment, must be laid to rest if the American people are to understand the issues at stake in the federal "debt ceiling" debate. The first is that Congress's failure to raise the debt ceiling—the amount of money the federal government is authorized to borrow at any given time—will cause a default on the national debt. The second is that federal entitlement programs are constitutionally protected from spending cuts. The third is that the president can raise the debt ceiling...
  • This student-debt crisis is escalating quickly

    11/30/2012 8:44:13 AM PST · by SeekAndFind · 18 replies
    Hotair ^ | 11/30/2012 | Erika Johnsen
    Throughout his perpetual campaigning, President Obama has made a big point about being the champion of students and young people in helping to make college more accessible and affordable and helping out with student debt --- and yet, miraculously, here we are with student-loan debt and college tuition prices both quickly ballooning, and no end in sight. Could it be that perhaps the government trying to do more to "help" prospective-and-past students is actually what's dramatically worsening the student-debt problem? From the WSJ: Nearly all student loans—93% of them last year—are made directly by the government, which asks little or...
  • Time for Congressional Republicans To Expose Obama's Agenda

    11/30/2012 5:33:56 AM PST · by Kaslin · 32 replies
    Townhall.com ^ | November 30, 2012 | David Limbaugh
    We can get back to discussing GOP minority constituent recruitment soon, but in the meantime, we have a fiscal cliff issue that beckons -- the real fiscal cliff (America's imminent financial collapse), not the government shutdown molehill everyone is agonizing over. Congressional Republicans should look at their party's loss in the presidential election as liberating. They surely now understand that the strategy of soft-pedaling Obama's record and agenda doesn't work. They surely grasp that its fear of calling President Obama out on his real intentions and the disastrous consequences of his destructive policies just plays into his hands and enables...
  • KRUGMAN: This Is The Chart That Debunks What Everyone Says About The National Debt

    11/25/2012 2:35:18 PM PST · by blam · 46 replies
    TBI ^ | Joe Weisenthal
    KRUGMAN: This Is The Chart That Debunks What Everyone Says About The National Debt Joe WeisenthalNov. 25, 2012, 11:05 AMPaul Krugman posts a simple chart that makes a profound point. It compares the yield on UK debt vs. US debt. What should stand out for you, instantly, is that the two countries borrow at virtually identical rates, and have for years. What this should show to people is that much of the popular stories that people tell about sovereign debt is a myth. Countries that borrow in their own currencies and can "print" at will don't have default risk, so...
  • Controversial Interview Exposes 5 Signs Stocks Will Collapse in 2013

    11/24/2012 5:06:35 PM PST · by Olog-hai · 27 replies
    MoneyNews.com ^ | Friday, 23 Nov 2012 07:05 PM | (Newsmax Wires)
    “After putting $803,436 in Obama’s re-election campaign, a media giant attempted to keep Americans from seeing the video by banning it from their sites,” stated Aaron DeHoog, the financial publisher who is unapologetic for the release of controversial footage that has gained international attention. The video DeHoog is referring to is a stunning interview with famed economist Robert Wiedemer, author of the New York Times best-selling book Aftershock. Wiedemer, best known for correctly predicting the collapse of the U.S. housing market, equity markets, and consumer spending that almost sank the United States during the “Great Recession”, provides disturbing evidence in...
  • Editorial: We are now in a massive ‘dollar bubble’ and it’s going to pop

    11/24/2012 5:33:22 PM PST · by upchuck · 183 replies
    The Tribune Papers ^ | November 10, 2010
    [Note: This editorial published on Nov 10, 2012] We are now rushing down a course that is going to create incredible economic hardships for millions of Americans. The increase in the amount of debt that has been added to our economy is astronomical. And there is no end in sight. We now have over $16 trillion of debt, and with Obama’s policies it will be almost impossible to reverse that course. Debt is the problem. Big debt is a big problem. There are only four ways to tackle it: increase taxes to bring in more dollars, reduce spending to save...
  • 7 Questions That Will Determine the Success or Failure Of Barack Obama's Second Term

    11/20/2012 4:24:20 AM PST · by Kaslin · 28 replies
    Townhall.com ^ | November 20, 2012 | John Hawkins
    When British Prime Minister Harold Macmillan was asked what might knock his administration off course, he famously responded, "Events, dear boy, events." There's a lot of truth to that. At any point in time, an unexpected event can throw the political world into turmoil. However, more often than not, it's not the blindside hit that gets you so much as the freight train you've seen coming for miles. When Barack Obama came into office, he had a number of serious challenges to deal with and not only has he effectively addressed very few of them, many of them have worsened...
  • The 20 Best Quotes From Romney and Ryan In The 2012 Debates

    10/26/2012 4:39:46 AM PDT · by Kaslin · 6 replies
    Townhall.com ^ | October 26, 2012 | John Hawkins
    20) I can tell you that if you were to elect President Obama, you know what you’re going to get. You’re going to get a repeat of the last four years. We just can’t afford four more years like the last four years. -- Mitt Romney 19) We don’t have to settle for what we’re going through. We don’t have to settle for gasoline at four bucks. We don’t have to settle for unemployment at a chronically high level. We don’t have to settle for 47 million people on food stamps. We don’t have to settle for 50 percent of...
  • The Magnitude of the Mess We're In

    09/17/2012 3:04:01 AM PDT · by Evil Slayer · 26 replies
    The Wall Street Journal ^ | 9/16/12 | George P. Shultz
    Sometimes a few facts tell important stories. The American economy now is full of facts that tell stories that you really don't want, but need, to hear. Where are we now? Did you know that annual spending by the federal government now exceeds the 2007 level by about $1 trillion? With a slow economy, revenues are little changed. The result is an unprecedented string of federal budget deficits, $1.4 trillion in 2009, $1.3 trillion in 2010, $1.3 trillion in 2011, and another $1.2 trillion on the way this year. The four-year increase in borrowing amounts to $55,000 per U.S. household....
  • Romney-Ryan Forces Americans to Finally Face Looming Fiscal Doom

    08/21/2012 7:09:11 AM PDT · by Kaslin · 11 replies
    Townhall.com ^ | August 21, 2012 | Ken Blackwell
    We do not know who will win the White House in November. But we do know that American politics has crossed the Rubicon on spending and entitlements, and these issues will at long last complete the journey from a forbidden third rail to a central element of national politics. Even if Mitt Romney and Paul Ryan lose this year’s battle to Barack Obama, they will win the war on the challenge of our generation. Congressman Paul Ryan is best known for his budget, the Ryan Roadmap, which ties together the two sides of our fiscal-crisis coin: First, the major entitlements...
  • German official: Obama should get his own debt under control before handing out free advice

    06/25/2012 7:54:41 AM PDT · by Kaslin · 15 replies
    Hot Air.com ^ | June 25, 2012 | Erika Johnson
    In a not-so-subtle rebuke of President Obama’s tendency to offer unsolicited recommendations on how Europeans should handle their debt crises on Sunday evening, Germany’s finance minister suggested that perhaps His Munificence should focus on his own problems before trying to fix everybody else’s. Wolfgang Schaeuble told public broadcaster ZDF in an interview late Sunday that “people are always very quick at giving others advice.”He says: “Mr. Obama should first of all take care of reducing the American deficit, which is higher than in the eurozone.” An unfortunate and embarrassing truth — the EU’s debt-to-GDP ratio is well over eighty percent,...
  • Bankia SA : Spain's Bankia shares suspended: regulator (Spain's Largest Bank!)

    05/25/2012 12:18:01 AM PDT · by tcrlaf · 3 replies
    Thomson Reuters ^ | 5-25-12 | Tracy Rucinski
    Trading in the securities of Spanish lender Bankia has been suspended "due to circumstances that may affect the normal share trading," stock market regulator CNMV said on Friday. Bankia will ask the state for more than 15 billion euros ($19 billion) to bail it out when its new management team presents a restructuring plan on Friday, a financial sector source said late on Thursday.
  • ALL Any American Needs to Know About the Astonishing Obama Debt Crisis... in Pictures

    04/21/2012 7:25:32 AM PDT · by Reaganite Republican · 16 replies
    Reaganite Republican ^ | April 21, 2012 | Reaganite Republican
    Your credit card's been stolen- and the punk that  did it has been running hog-wild ever since Every American voter needs to see this stuff...  please help to drill reality into some of the thicker skulls within your own personal sphere from now until the election.  Just look at the charts, what's to debate unless you're talking to some hard-core, incurable Cloward-Pivenist?  We're doomed if we don't 86 this guy... period More at Reaganite Republican... RightChange  SodaHead   PoliticoMafioso   FinanceWand   Oddhammer.com One Conservative Voice   TownHall   DittoRush   The Roanoke Slant    TerrellAfterMath   Cartoon-a-Day   Two Minute Conservative   BabylonToday
  • Debt the New Equity - Major Economic Dislocation

    04/04/2012 2:36:17 AM PDT · by OwenKellogg · 6 replies
    American Thinker ^ | April3, 2011 | Frank Ryan
    In 2008, the financial world as we know it changed. Many of the principles we were taught were invalidated, it seemed. Save for retirement and live happily ever after was the conventional wisdom. Then the market crashed! In his book The Age of Turbulence, Alan Greenspan discusses the importance of the rule of law in a healthy economy. Dr. Greenspan notes that the vast majority of business transactions go through normally because of trust and the "rule of law." But what if the rule of law changes such that the circumstances under which normal commerce is undertaken become disrupted? In...
  • The Overextendted America

    03/22/2012 10:44:27 AM PDT · by trappedincanuckistan · 22 replies · 1+ views
    The American Spectator ^ | March 22, 2012 | R. Emmett Tyrell
    We in America today live in a country circumscribed by entitlement policies devised by an America that has steadily been disappearing. Those policies established over a generation ago cannot possibly in mathematical or demographic terms support the America of the present much less the America of the future. That is the stark reality. We need to reform those policies or we shall go bankrupt, and raising taxes on the so-called rich will not fix things. Even raising taxes on the middle class will not fix things. Nor will spending a trillion dollars more than we have on hand fix things....
  • A St. Patrick's Day Message: Ireland Is Not Greece

    03/16/2012 5:57:11 AM PDT · by SeekAndFind · 7 replies
    CNBC ^ | 03/16/2012 | By: Catherine Boyle
    As large parts of the world turn green to celebrate St. Patrick’s Day, the Irish Prime Minister Enda Kenny has been flying the green, white and gold flag on a charm offensive around the world. Kenny is packing in trips to London, China and New York within a couple of weeks in an effort to carry forward the country’s gradual return to economic health, which has been based largely on attracting foreign investment. He opens the New York Stock Exchange on Monday, after visiting at the White House over the weekend. “This is a very important push for Ireland,” Irish...
  • Surprise! Obama has a secret plan to deal with a catastrophic U.S. debt crisis.

    03/13/2012 6:37:09 AM PDT · by SeekAndFind · 51 replies
    The American ^ | 03/13/2012 | James Pethokoukis
    This is a stunner. In the new book The Escape Artists: How Obama’s Team Fumbled the Recovery, journalist Noam Scheiber uncovers this tantalizing tidbit: In May 2009, the president asked [White House budget director Peter Orszag] to draft a secret memo laying out the government’s options in the event of a fiscal crisis, in which a runaway deficit sent interest rates spiraling upward. No other member of the Obama economic team was even aware of the assignment. OK, let’s take this step by step:1. The Obama administration has already conceded it has no long-term plan to deal with rising U.S....
  • Time for IMF to save Europe(Larry Summers)

    12/15/2011 4:40:54 AM PST · by TigerLikesRooster · 9 replies
    Japan Times ^ | 12/15/11 | LAURENCE H. SUMMERS
    Thursday, Dec. 15, 2011 Time for IMF to save Europe By LAURENCE H. SUMMERS The Washington Post WASHINGTON — European leaders met last week for yet another "historic" summit at which the fate of Europe is said to hang in the balance. Yet it is clear that this will not be the last one convened to deal with the financial crisis. Given that Europe is the largest component of the global economy, the rest of the world has a stake in helping to avoid major financial accidents. It also has a stake in aiding continued growth in Europe and ensuring...
  • GOP Lawmakers Push to Keep U.S. Funds Out of Euro Bailouts (DeMint leads charge against EU bailout)

    12/10/2011 4:54:33 PM PST · by rabscuttle385 · 8 replies
    AP / Fox ^ | 2011-12-10
    Republican lawmakers on Capitol Hill are moving to block the International Monetary Fund from using U.S. money for European bailouts, as talks intensify across the pond over how to stanch the debt crisis. Some U.S. lawmakers want their concerns addressed as part of the feverish end-of-year budget talks. On the House and Senate side, lawmakers have introduced legislation to wall off U.S. taxpayer money from playing any role in averting a European meltdown. "It's time to stop the bailouts and start restoring fiscal discipline to our own economy," Sen. Jim DeMint, R-S.C., said in a statement, as he and 25...
  • To Grow And Thrive, EU Nations Must Balance Their Budgets

    12/07/2011 4:24:08 PM PST · by Kaslin · 2 replies
    IBD Editorials ^ | December 7, 2011 | SEN. JIM DEMINT AND REP. CATHY MCMORRIS RODGERS
    With the European debt crisis dominating the news and threatening to pull the world into a double-dip recession, there are growing calls for Uncle Sam to come to the rescue. The U.S. is already committing untold billions to the $1.4 trillion European bailout fund, but that's not enough, according to some European leaders and even U.S. politicians. They say that while the EU bailout is costly, it's also necessary. They are only right about the cost. These endless bailouts are not only unnecessary, but are in fact dangerous. "The problem with socialism," former Prime Minister Margaret Thatcher once said, "is...
  • 10 Of The Best Economics Quotes From Milton Friedman

    11/29/2011 5:00:38 AM PST · by Kaslin · 15 replies
    Townhall.com ^ | November 29, 2011 | John Hawkins
    Milton Friedman was an extraordinary Nobel Prize-winning economist whose ideas helped underpin modern conservative economic theory. His contributions to economics and the conservative movement cannot be underestimated. Sadly, Milton Friedman passed away a little more than five years ago at the ripe old age of 94. Although Friedman is no longer with us, his words, his ideas, and his legacy live on. In honor of Friedman, here are some of his best quotations. 10) "If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand." 9) "I am in favor...
  • Obama's Lilliputian Legacy

    11/14/2011 10:41:00 AM PST · by Kaslin · 3 replies
    Townhall.com ^ | November 14, 2011 | Lurita Doan
    Obama is a national embarrassment and each day proves himself even more incapable of honestly confronting the nation’s urgent issues.  Just days ago, Americans were once again left gob-smacked as Obama beat the drums for the SAVE awards, his signature effort to cut the $1.4 trillion annual deficit.    This Obama initiative hopes to demonstrate the president’s commitment to fiscal sanity by cutting wasteful spending. The basic idea of the SAVE awards is a good one.  Federal employees are encouraged to identify and propose cost-saving ideas and to finger poorly performing programs that should be cut.  With an almost $4 trillion...
  • Pope’s Top Cardinal Forbids Justice & Peace From Issuing Documents Without Permission

    11/10/2011 12:03:07 PM PST · by Publius804 · 16 replies
    American Papist ^ | 11/10/11 | Thomas Peters
    Very notable news, via Vatican expert Sandro Magister, following the aftermath of the Justice & Peace’s ill-advised white paper (emphasis mine) Precisely when the G20 summit in Cannes was coming to its weak and uncertain conclusion, on that same Friday, November 4 at the Vatican, a smaller summit convened in the secretariat of state was doing damage control on the latest of many moments of confusion in the Roman curia. In the hot seat was the document on the global financial crisis released ten days earlier by the pontifical council for justice and peace. A document that had disturbed many,...
  • It Is 1931. We Are Austria. If The Fed Doesn't Save Us Here Comes Another Great Depression...

    11/09/2011 3:27:31 PM PST · by blam · 76 replies
    TBI ^ | 11-9-2011 | Henry Blodget
    DELONG: It Is 1931. We Are Austria. If The Fed Doesn't Save Us Here Comes Another Great Depression... Henry Blodget Nov. 9, 2011, 5:21 PM How does Berkeley professor Brad Delong feel about what's going on in Europe? He's freaking out: Time to Spread Foam on the Runway: The Federal Reserve Needs to Act Now to Firewall Off the Eurocrisis I have been complaining for some time now that Reinhart and Rogoff think that the time is always 1931 and that we are always Austria--that the great fiscal crisis is about to erupt and send us lurching down toward Great...
  • Greek PM calls referendum on EU debt deal

    10/31/2011 2:05:55 PM PDT · by ScaniaBoy · 14 replies
    Daily Telegraph ^ | 31 Oct 2011 | By AFP
    "The plan of initiatives calls for a confidence vote," Papandreou told his Socialist party lawmakers in parliament, moments after he had also announced a referendum would also be held on the EU deal. "The command of the Greek people will bind us," he said.
  • EU: Nicolas Sarkozy tells David Cameron: 'We’re sick of you telling us what to do'

    10/24/2011 1:27:09 AM PDT · by bruinbirdman · 8 replies
    The Telegraph ^ | 10/23/2011 | Bruno Waterfield, Brussels
    David Cameron clashed repeatedly with Nicolas Sarkozy today after the French President tried to exclude Britain and non-eurozone countries from a critical Brussels summit to rescue European banks. During two hours of bitter exchanges during a meeting of all 27 EU leaders before a crisis summit of the eurozone’s 17 members on Wednesday, President Sarkozy fought hard to get the Prime Minister barred from talks that would finalise a 100billion euros cash injection into banks. ”We’re sick of you criticising us and telling us what to do. You say you hate the euro, you didn’t want to join and now...
  • Monster Prediction From BofA: Another US Debt Downgrade Is Coming In Just A Few Weeks

    10/22/2011 9:17:42 AM PDT · by TigerLikesRooster · 19 replies
    Business Insider ^ | 10/22/11 | Joe Weisenthal
    Monster Prediction From BofA: Another US Debt Downgrade Is Coming In Just A Few Weeks Joe Weisenthal | Oct. 22, 2011, 7:04 AM | 4,055 | 48 In an analyst note, Bofa/ML Ethan S. Harris drops a bit of a bombshell prediction: We expect a moderate slowdown in the beginning of next year, as two small policy shocks—another debt downgrade and fiscal tightening—hit the economy. The “not-so-super” Deficit Commission is very unlikely to come up with a credible deficit-reduction plan. The committee is more divided than the overall Congress. Since the fall-back plan is sharp cuts in discretionary spending, the...
  • Greek Workers Prepare for "The Mother of All Strikes"

    10/19/2011 12:34:34 AM PDT · by Watchdog85 · 28 replies
    Reuters ^ | 18 October, 2011 | Harry Papachristou and Lefteris Papadimas
    Unions representing around half of Greece's 4 million-strong workforce have called a 48 hour general strike for Wednesday and Thursday to protest against a sweeping package of austerity measures due to be passed in parliament this week. A wave of smaller strikes over recent days by groups ranging from rubbish collectors to tax officials, journalists and seamen has given a foretaste of this week's protest which will culminate in mass demonstrations in front of parliament, the scene of violent clashes in June. The protest, dubbed "the mother of all strikes" by the daily Ta Nea newspaper, is expected to be...
  • IMF Issues Brand New Warning About The Massive Risks To The Banking System

    09/21/2011 6:51:14 AM PDT · by blam · 1 replies
    TBI ^ | 9-21-2011 | Joe Weisenthal
    IMF Issues Brand New Warning About The Massive Risks To The Banking System Joe Weisenthal Sep. 21, 2011, 9:37 AMReleased this morning by the IMF. A new statement on huge risks to the banking sector. ------------------------------ * Weak growth, balance sheets and political resolve cause crisis of confidence * Large number of countries effected by government debt risks * Policymakers need to act to repair household, government and financial balance sheets Financial stability risks have risen sharply in recent months, as slower economic growth, market turbulence in Europe, and the credit downgrade of the United States have weighed on the...
  • Greek Crisis Exacts the Cruelest Toll (Suicides up by 40% in the first five months of this year)

    09/20/2011 4:59:56 PM PDT · by SeekAndFind · 14 replies
    Wall Street Journal ^ | 09/19/2011 | Marcus Walker
    HERAKLION, Greece—The first time he despaired of his debts, Vaggelis Petrakis drank a poisonous brew of beer and gasoline. A note he left didn't mention the financial woes of his fruit and vegetable business, of which his family was well aware. Instead, he left instructions for his children on how to look after his animals. "Put mother rabbit in a different place from the little rabbits," the note began. Then he had second thoughts and called his son, Stelios, who took him to a hospital. Mr. Petrakis survived that suicide attempt. But Greece's collapsing economy and the ruin of his...
  • Ex-IMF Chief Strauss Kahn: Greece Unable To Pay Debt, Loss Unavoidable

    09/18/2011 7:27:35 PM PDT · by marshmallow · 11 replies
    The Wall Street Journal ^ | 9/18/11 | Inti Landauro
    <p>PARIS (Dow Jones)--The former International Monetary Fund's Managing Director, Dominique Strauss Kahn, Sunday said Greece is unable to pay its debt and its creditors will have to take losses on the debt they hold.</p> <p>"Greece got poorer, we can say Greeks will pay on their own, but they can't," Strauss Kahn said in an interview on French TV channel TF1. "There is a loss and it must be taken by governments and banks," he said.</p>
  • Greek bizman 'fired' again!

    09/17/2011 9:48:24 PM PDT · by ConservativeStatement · 3 replies
    New York Post ^ | September 17, 2011 | ANDY SOLTIS
    This is the fiery face of Greece’s financial crisis. A small-business owner, unable to pay off bank loans that have plagued him for months, set himself on fire yesterday -- his third attempt, authorities said. The unidentified 56-year-old went to a Piraeus Bank branch in Thessaloniki in northern Greece and tried to renegotiate payments on loans he had taken out on his home and failing business, police said. When bank officials refused, the man went outside, doused himself with gasoline from a can and set his clothing on fire -- as he shouted that he was in debt.
  • Geithner heads to Europe as debt fears mount

    09/12/2011 7:26:43 PM PDT · by jonatron · 22 replies
    Reuters ^ | 9/12/2011 | By Jan Strupczewski and Glenn Somerville
    ...Geithner is expected to attend the euro zone meeting on Friday and then return to Washington. The Treasury said on Monday only that he will discuss efforts to boost global recovery and cooperate on financial regulation, but U.S. attention is focused on risks posed by potential European debt contagion. The danger that a Greek debt default could roil bigger European economies was underlined on Monday as heavily exposed French banks' shares plunged and investor confidence in the euro zone's ability to surmount a sovereign debt crisis ebbed. Underscoring concerns by the United States about the global economic dangers from Europe's...
  • Is the world doomed to suffer another Depression?

    09/07/2011 8:14:32 AM PDT · by SeekAndFind · 13 replies
    Telegraph ^ | 09/07/2011 | Jeremy Warner
    Europe is in disarray, stock markets are plunging, the banking crisis is back in full swing, gold is at record levels, and both the UK and US are self-evidently slipping back towards recession – not since the autumn of 2008 have things looked quite so ominous. We appear to be at another pivotal moment, with Western economies once more staring into the abyss. At a conference in Frankfurt this week, Josef Ackermann, chief executive of Deutsche Bank, compared events to the Lehman Brothers catastrophe of 2008 and warned that many banks in Europe are essentially bust. His opposite number at...
  • Coming Soon to a Country Near You: Greek Interest Rates Hit 60 Percent

    08/29/2011 8:04:02 AM PDT · by Kaslin · 15 replies
    Townhall.com ^ | August 29, 2011 | Mike Shedlock
    Once again the bond markets have spoken, and once again the message is the same: default. Greek two-year bonds are near 44%, having touched as high as 46%. The interest rate on 1-year Greek government debt is a stunning 59.8%.  Greece Not Saved  Supposedly "Greece was Saved" on that blue circle when yet another bailout (throwing more good money after bad) was approved.  The deal unraveled for numerous reasons but demands by Finland for collateral are at or near the top of the list. Austria, Slovakia, and the Netherlands now want collateral as well.  Under great pressure from Germany, the...
  • Euro bail-out in doubt as "hysteria" sweeps Germany

    08/28/2011 1:56:00 PM PDT · by bruinbirdman · 31 replies
    The Telegraph ^ | 8/28/2011 | Ambrose Evans-Pritchard
    German Chancellor Angela Merkel no longer has enough coalition votes in the Bundestag to secure backing for Europe's revamped rescue machinery, threatening a consitutional crisis in Germany and a fresh eruption of the euro debt saga. Mrs Merkel has cancelled a high-profile trip to Russia on September 7, the crucial day when the package goes to the Bundestag and the country's constitutional court rules on the legality of the EU's bail-out machinery. If the court rules that the €440bn rescue fund (EFSF) breaches Treaty law or undermines German fiscal sovereignty, it risks setting off an instant brushfire across monetary union....
  • China paper warns of impact from euro crisis "Black Death"

    08/21/2011 9:50:14 PM PDT · by TigerLikesRooster · 9 replies
    Reuters ^ | 08/21/11 | Chris Buckley
    China paper warns of impact from euro crisis "Black Death" Reuters By Chris Buckley | Reuters – 3 hrs ago BEIJING (Reuters) - The "Black Death" of debt crisis across the Euro zone will hurt China by sapping demand for exports, although Beijing's relatively small holdings of euro assets will limit any damage to foreign exchange reserves, the nation's top official newspaper said on Monday. The bleak diagnosis for the euro's prospects appeared in the overseas edition of the People's Daily, the top newspaper of China's ruling Communist Party, in a commentary by a former central bank official and an...
  • The Debt Crisis at American Colleges (Is this the next bubble to burst?)

    08/21/2011 7:05:19 AM PDT · by SeekAndFind · 47 replies
    The Atlantic ^ | 08/17/2011
    Borrowing looms large in American life from homes to cars. But the explosion of student debt in the last decade is a pernicious trend that the colleges themselves are encouraging. How do colleges manage it? Kenyon has erected $70 million sports palace featuring a 20-lane olympic pool. Stanford's professors now get paid sabbaticals every fourth year, handing them $115,000 for not teaching. Vanderbilt pays its president $2.4 million. Alumni gifts and endowment earnings help with the costs. But a major source is tuition payments, which at private schools are breaking the $40,000 barrier, more than many families earn. Sadly, there's...
  • MOODY'S ANALYST BREAKS SILENCE: Says Ratings Agency Rotten To Core ...

    08/19/2011 3:31:48 PM PDT · by dynachrome · 14 replies
    Business Insider ^ | 8-19-11 | Henry Blodget
    highlights of Harrington's story below. Here are some key points: Moody's ratings often do not reflect its analysts' private conclusions. Instead, rating committees privately conclude that certain securities deserve certain ratings--but then vote with management to give the securities the higher ratings that issuer clients want. Moody's management and "compliance" officers do everything possible to make issuer clients happy--and they view analysts who do not do the same as "troublesome." Management employs a variety of tactics to transform these troublesome analysts into "pliant corporate citizens" who have Moody's best interests at heart. Moody's product managers participate in--and vote on--ratings decisions....
  • Mr. President, It's 3AM!

    08/11/2011 3:07:04 AM PDT · by OwenKellogg · 16 replies
    American Thinker ^ | August 11,2011 | Colonel Frank Ryan, USMCR Retired
    During the 2008 presidential campaign, then-candidate Hilary Clinton ridiculed Barack Obama's inexperience with the famous ad asking who you wanted to answer the phone during a crisis at 3AM. Today, it is apparent that our nation desperately needs someone with experience, decisiveness, and leadership to navigate these troubled economic waters. .... Blame at 3AM is not the issue. The issue in time of crisis is the response and only the response. Thus far, our nation's response has been to increase the debt ceiling and provide a tepid response to critical spending issues. It's now 3AM and the world is wondering...
  • Prosperity Palin Style

    08/09/2011 4:46:55 PM PDT · by GodGunsGuts · 65 replies · 2+ views
    Californians4Palin ^ | August 9, 2011 | Joel Schwartz
    While I was doing research for another blog post, I happened upon a lamestream media (LA Times) story from 2008 about the massive budget surplus that accumulated under Sarah Palin’s bountiful watch as governor of Alaska. Try to imagine waking up one morning and reading a newspaper article in which the experts quoted had something like this to say about our nation’s federal budget:...
  • Liberals outline stimulus agenda in 'Contract for the American Dream'

    08/09/2011 9:22:06 AM PDT · by Sub-Driver · 55 replies
    Liberals outline stimulus agenda in 'Contract for the American Dream' By Erik Wasson - 08/09/11 10:57 AM ET Liberal organizations and unions are frustrated that President Obama has not aggressively pushed a new jobs stimulus agenda and they are offering up a consolidated fall agenda for Democrats to embrace as an alternative to austerity. Representatives of MoveOn, Rebuild the Dream and the Center for Economic Policy and Research will join Rep. Jan Schakowsky (D-Ill.) on Tuesday to launch a progressive “Contract for the American Dream” to urge the administration and Congress to turn away from budget cutting and focus on...
  • Sarah Palin: Conquering the Storm

    08/08/2011 4:29:31 PM PDT · by Bigtigermike · 6 replies
    Facebook ^ | Monday August 8, 2011 | Sarah Palin
    Conquering the Storm by Sarah Palin on Monday, August 8, 2011 at 3:53pm In the coming days we’ll sort through the repercussions of S&P’s downgrade of our credit rating, including concerns about the impact a potential interest rate increase would have on our ability to service our suffocating $14.5 trillion debt. I’m surprised that so many people seem surprised by S&P’s decision. Weren’t people paying attention over the last year or so when we were getting warning after warning from various credit rating agencies that this was coming? I’ve been writing and speaking about it myself for quite some time....
  • Recreating the Dream

    08/07/2011 7:35:43 AM PDT · by OwenKellogg · 5 replies
    via email from the author ^ | August 4, 2011 | Colonel Frank Ryan, USMCR Retired
    The American Dream can be restored to reality. I have never been as optimistic about the future of our great nation as I am today despite significant leadership shortfalls in our elected leaders. The solutions to our crisis are so apparent and so easy to enact once our Congress either gets in the fight or gets out of the way. The sheer unwillingness of Congress to stand firm on a national program of controlling spending is mindboggling. It can only be explained by recognizing that entitlements are and stimulus funding is how politicians get reelected. Many legislators are only about...
  • Markets are 'Revolting Against' Insanity: CEO Mark Fisher

    08/06/2011 8:50:23 PM PDT · by george76 · 20 replies
    CNBC ^ | , 5 Aug 2011 | Gennine Kelly
    The markets are "finally just revolting against all this insanity" and forcing us to come to grips with the reality of our debt crisis, Social Security, health care and all the problems with the European countries, Mark Fisher, oil and natural gas trader and CEO of MBF Clearing, told CNBC Friday. The anxiety level is at such a high that people, it doesn't matter whether we are or not [going into a recession], it's the perception of where we are,"
  • Euro Builder Ends His Career on a Bitter Note

    08/06/2011 3:47:18 AM PDT · by TigerLikesRooster · 20 replies
    NYT ^ | 08/05/11 | JACK EWING
    August 5, 2011 Euro Builder Ends His Career on a Bitter Note By JACK EWING FRANKFURT — Jean-Claude Trichet, the president of the European Central Bank, has spent much of his career building and defending the euro. But now, in a bitter twist, it looks as if his career may well end with the common currency in shambles. Mr. Trichet, 68, will retire at the end of October after an eight-year term. Yet markets are crashing, bond investors have turned on Italy and Spain, and it appears certain that when Mr. Trichet returns to civilian life on Nov. 1, the...