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Keyword: debtcrisis

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  • It Will Take An Ax, Not A Scalpel, To Control Federal Spending

    04/29/2017 11:55:30 AM PDT · by Tolerance Sucks Rocks · 52 replies
    Inestor's Business Daily ^ | April 27, 2017 | Adam Brandon (Freedomworks)
    The federal government once again hit the debt ceiling. The ceiling limits the amount of money the federal government can borrow ó a number that was set at $20.1 trillion. Although the issue should have been dealt with in 2015, then-Speaker John Boehner capitulated to President Obama and postponed the debt limit until March 16, 2017. Since then, the federal debt has grown by $1,414,397,000,000 ó more than one trillion in less than two years. President Trump promised during his campaign to bring back American prosperity and make Washington work for everyone ó not just for the small group of...
  • Bankruptcy is the only way Greece can fashion a new beginning

    07/06/2015 11:52:23 AM PDT · by Tolerance Sucks Rocks · 32 replies
    The Washington Times ^ | July 5, 2015 | Stephen Moore
    Almost every option facing debt-drenched Greece is bad, but there is only one that will end this Greek tragedy for good. Let Greece go bankrupt. Then let this once-rich nation, hit the restart button to rebuild its economy. What Iím suggesting for Greece is what might be called the Detroit option. Put Greece under receivership and let these new authorities figure out how to manage the debt and decide who will take a haircut and how big. Pensioners, bondholders, welfare recipients, government workers, the International Monetary Fund, all will have to settle for less ó maybe a lot less. Itís...
  • Why The Puerto Rico Debt Crisis Is Such A Huge Threat To The U.S. Financial System

    07/05/2015 3:52:11 PM PDT · by SeekAndFind · 54 replies
    TEC ^ | 07/03/2015 | Michael Snyder
    The debt crisis in Puerto Rico could potentially cost financial institutions in the United States tens of billions of dollars in losses. This week, Puerto Rico Governor Alejandro Garcia Padilla publicly announced that Puerto Rico‚Äôs 73 billion dollar debt is ‚Äúnot payable,‚ÄĚ and a special adviser that was recently appointed to help straighten out the island‚Äôs finances said that it is ‚Äúinsolvent‚ÄĚ and will totally run out of cash very shortly. At this point, Puerto Rico‚Äôs debt is approximately 15 times larger than the per capita median debt of the 50 U.S. states. Yes, the Greek debt crisis is larger,...
  • The Greeks should vote ďno!Ē

    07/04/2015 10:27:15 AM PDT · by Tolerance Sucks Rocks · 61 replies
    The Washington Times ^ | July 2, 2015 | Peter Morici
    Sunday, Greeks should vote ‚Äúno‚ÄĚ!Hellenic voters are being asked whether they accept the terms offered by the European Union, European Central Bank and International Monetary Fund to extend the bailout for Athens‚Äė troubled finances or give Prime Minister Tsipras a mandate to insist on a better deal.Those conditions include more cuts in government supported pensions, higher taxes and labor market reforms other European governments‚Äô are often not inclined to accept in the conduct of their own affairs.Urging a Yes vote, European leaders and their supporters in private institutions claim more austerity would reinvigorate the Greek economy and permit Greeks to...
  • Progressive Paradise Lost

    07/04/2015 10:07:58 AM PDT · by Tolerance Sucks Rocks · 20 replies
    The Daily Signal ^ | July 1, 2015 | Salim Furth
    It¬ís a progressive paradise.Public employees get 30¬†vacation days a year. Anyone who works over eight hours in a day gets paid time-and-a-half. Employees have strong rights.The minimum wage is high: 77 percent of the median wage.Environmental regulations are settled beyond the pressure of local economic interests. The forests and mountains are pristine destinations for ecotourism.Energy costs are kept high, pushing consumption down to a level deemed ¬ďsocially beneficial¬Ē. Utilities have strong public backing and provide jobs to thousands.Union jobs in shipping are protected from outsourcing to cut-rate foreign competitors.The social safety net is buoyant and provides a solid working-class standard...
  • The sooner Greece defaults and dumps the Euro the better

    06/28/2015 6:46:15 PM PDT · by Tolerance Sucks Rocks · 17 replies
    The Washington Times ^ | June 26, 2015 | Peter Morici
    <p>Greece and its principal creditorsóthe European Union, European Central Bank and International Monetary Fundóshould acknowledge that Athens will never be able to repay the Ä131 billion it owes, write down its debt and let the Aegean nation exit the euro gracefully.</p>
  • Ex OMB chief Stockman: "It is the biggest speculative disaster in human history."

    03/31/2015 7:59:48 PM PDT · by concernedcitizen76 · 52 replies
    Zero Hedge ^ | March 01, 2015 | Tyler Durden
    David Alan Stockman interviewed on CBS-TV 60 Minutes (October 2010) Highlights of recent interview by Harry Dent. David Stockman: People don't want to hear the reality and the truth that we're facing. But I think there is an enormous appetite out in the country to get a different perspective than what you have from the media day in and day out, so I say the fed is out of control. Its balance sheet is exploded. It's printing money like never before. Zero interest rates for 70 months have basically destroyed the pricing function in the financial markets. I said...
  • They Are Slowly Making Cash Illegal

    03/29/2015 6:44:19 PM PDT · by SeekAndFind · 75 replies
    TEC ^ | 03/29/2015 | Michael Snyder
    The move to a cashless society won’t happen overnight. Instead, it is being implemented very slowly and systematically in a series of incremental steps. All over the planet, governments are starting to place restrictions on the use of cash for security reasons. As citizens, we are being told that this is being done to thwart criminals, terrorists, drug runners, money launderers and tax evaders. Other forms of payment are much easier for governments to track, and so they very much prefer them. But we are rapidly getting to the point where the use of cash is considered to be a...
  • Fears of a new global crash as debts and dollarís value rise

    03/29/2015 6:19:27 PM PDT · by 9thLife · 13 replies
    the guardian ^ | Saturday 28 March 2015 12.00 EDT | Heather Stewart
    Greek ministers are spending this weekend, almost five grinding years since Athens was first bailed out, wrangling over the details of the spending cuts and economic reforms they have drawn up to appease their creditors. As the recriminations fly between Europeís capitals, campaigners are warning that the global community has failed to learn the lessons of the Greek debt crisis Ė or even of Argentinaís default in 2001, the consequences of which are still being contested furiously in courts on both sides of the Atlantic. As Janet Yellenís Federal Reserve prepares to raise interest rates, boosting the value of the...
  • In Greek tragedy, entrepreneurs triumph

    01/06/2015 5:27:42 AM PST · by Tolerance Sucks Rocks · 16 replies
    The Washingtont Times ^ | January 5, 2015 | Polyxeni Athanasoulia and Nikolia Apostolou
    ATHENS, Greece ó In these disastrous economic times, opening a store on tony Voukourestiou Street next to global luxury brands such as Dior and Prada is a goal many Greek fashion designers can only dream about. But despite the crippling financial crisis that has been plaguing Greece for the past six years, 35-year-old Penny Vomva opened a storefront for her designer clothing and accessories company, RIEN, on the boutique-lined thoroughfare last month. Ms. Vomva is delighted, but she also is concerned about the shifting fortunes of the Greek economy. ďMy line of handmade leather bags costs 180 euros to 450...
  • 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 isnít 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 ‚ÄĒ 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 ceilingóthe amount of money the federal government is authorized to borrow at any given timeówill 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¬ó93% of them last year¬óare 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)
    ďAfter putting $803,436 in Obamaís re-election campaign, a media giant attempted to keep Americans from seeing the video by banning it from their sites,Ē 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 ďGreat RecessionĒ, provides disturbing evidence in...
  • Editorial: We are now in a massive Ďdollar bubbleí and itís 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 Obamaís 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...