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Keyword: usdebt

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  • Donald Trump's wild idea about dealing with debt may be here sooner than you'd think

    05/30/2016 9:01:01 AM PDT · by Lorianne · 66 replies
    Telegraph (UK) ^ | 28 May 2016 | Peter Spence
    One of the wildest ideas to hit the US Presidential campaign trail might become a reality sooner than you would think. Donald Trump, the Republican party’s nominee, has claimed that the US national debt, standing at more than $19 trillion (£13 trillion), does not need to be repaid. “This is the United States government, you never have to default, because you print the money,” he declared live on air. His comments signal his belief that America’s authorities, could, if they wanted, print enough money to pay back their creditors without raising an extra cent in taxes. To many, Trump’s comments were startling....
  • Central Bank Dump Of US Debt Deepens

    05/20/2016 6:42:09 PM PDT · by Lorianne · 25 replies
    Contra Corner ^ | 18 May 2016 | Patrick Gillespie
    Central banks are dumping Americas debt at a record pace. China, Russia and Brazil sold off U.S. Treasury bonds as they tried to soften the blow of the global economic slowdown. They each sold off at least $1 billion in U.S. Treasury bonds in March. In all, central banks sold a net $17 billion. Sales had hit a record $57 billion in January. So far this year, the global bank debt dump has reached $123 billion. Its the fastest pace for a U.S. debt selloff by global central banks since at least 1978, according to Treasury Department data published Monday...
  • Saudi Arabia holds $117B in US debt

    05/19/2016 9:16:10 AM PDT · by Lorianne · 13 replies
    CNBC ^ | 16 May 2016 | Jacob Pramuk
    The Treasury Department said Monday that Saudi Arabia held $116.8 billion in U.S. debt at the end of March, revealing for the first time the holdings of the world's biggest oil exporter. The pile puts Saudi Arabia among the largest foreign nation holders of American debt. Still, it sits well behind countries like China and Japan, which both had more than $1 trillion in Treasury securities at the end of March. Saudi Arabia's holdings could be even larger than officially listed, according to Bloomberg, which first reported the total. Saudi Arabia has about $587 billion in foreign reserves and central...
  • Trump: U.S. can never default because it prints money

    05/09/2016 6:09:29 AM PDT · by GIdget2004 · 183 replies
    Politico ^ | 05/09/2016 | Nick Gass
    Donald Trump assailed the media on Monday for what he said was a misrepresentation of his comments on debt, rejecting the notion that he would have the United States default on his debt. "I said if we can buy back government debt as a discount. In other words, if interest rates go up and we can buy bonds back as a discount, if we are liquid enough as a country we should do that. In other words, we can buy back debt as a discount," the presumptive Republican nominee said in a telephone interview on CNN's "New Day." Those who...
  • Trump just exposed America's dirty little secret: Schiff

    05/08/2016 5:20:55 PM PDT · by RayofHope · 125 replies
    CNBC ^ | 05/08/2016 | Trump just exposed America's dirty little secret: Schiff
    Presumptive Republican presidential nominee Donald Trump just revealed an inconvenient truth about U.S. debt, the outspoken and often controversial Peter Schiff told CNBC in a recent interview. Last week, Trump joined CNBC's "Squawk Box" last week to discuss a wide range of topics including U.S. debt, interest rates and replacing Fed Chair Janet Yellen. It was Trump's comments about potentially renegotiating the more than $19 trillion in U.S. debt and the sensitivity surrounding higher interest rates that raised eyebrows. While some observers argued that Trump's approach could be tantamount to a debt default, Schiff told CNBC the GOP nominee was...
  • In 6 Months Since Budget Deal: Debt Up $1 Trillion

    05/02/2016 10:07:35 AM PDT · by BradtotheBone · 29 replies
    CNS NEWS ^ | May 2, 2016 | Terrence P Jeffery
    (CNSNews.com) - In the six months that have passed since then-retiring House Speaker John Boehner and Senate Majority Leader Mitch McConnell cut a budget deal with President Barack Obama that suspended the legal limit on the federal debt until March 15, 2017, the federal debt has increased by just over $1 trillion. The Senate passed The Bipartisan Budget Act of 2015 with a vote held in the early morning hours of Friday, Oct. 30. Obama signed it on Monday, Nov. 2. At the close business on Oct. 30, 2015, the total federal debt was $18,152,981,685,747.52. By the close of business...
  • Debtors face day of reckoning as credit bubble bursts

    03/06/2016 8:53:47 AM PST · by NRx · 73 replies
    The Telegraph ^ | 03-06-2016 | Mehreen Khan
    The world's credit boom is beginning to show dangerous signs of unraveling, ushering in a period of fresh turmoil for the over-indebted global economy, the Bank of International Settlements has warned. The globe's top financial watchdog called time on the world's debt binge, noting that debt issuance and cross border flows in emerging economies slowed for the first time since the aftermath of the global credit crunch at the end of last year. With financial markets thrown into fresh paroxysms in 2016, oscillating between extremes of "hope and fear", the over-leveraged world was finally approaching a day of reckoning, said...
  • OECD's William White: In Terms of Debt, the Situation Is Way Worse than 2007

    02/26/2016 8:49:35 AM PST · by Lorianne · 2 replies
    Financial Sense ^ | 24 February 2016
    William White, chairman of the Economic and Development Review Committee at the OECD and former chief economist at the Bank for International Settlements (BIS), says the risks posed by global debt levels are greater today than they were in 2007 and that central banking monetary policy has lost its effectiveness. He also explains the crucial differences between modern macroeconomic modeling and complexity theory (or viewing the economy as a complex adaptive system) and the key lessons this has for policymakers, both fiscal and monetary. Here's a portion of his recent interview with Financial Sense airing Friday on the Newshour page:...
  • CBO Issues Dire Warning on U.S. Government finances

    01/20/2016 5:27:15 PM PST · by Lorianne · 38 replies
    China Money Report ^ | 20 January 2016 | D. Collins
    Government estimates of debt over the next decade have gone from adding $1.5 trillion in debt to $9.4 trillion due to recent tax legislation. That will put the country up over $30 trillion in debt assuming there are no further recessions. This is the decade of no return. Seems blowing up peoples countries and importing their poor and putting them on benefits is no longer working. We have also tried closing all our factories and letting the world scam us out of jobs in the “free trade” system. World’s highest tax rates…not seeming to help either. Cramming people into “universities”...
  • Puerto Rico Is Greece, and These 5 States Are Next To Go

    01/03/2016 6:22:48 PM PST · by SeekAndFind · 31 replies
    Zero Hedge ^ | 01/03/2016 | Tyler Durden
    <p>As Wilbur Ross so eloquently noted, for Puerto Rico "it's the end of the beginning... and the beginning of the end," as he explained "Puerto Rico is the US version of Greece." However, as JPMorgan explains, for some states the pain is really just beginning as Municipal bond risk will only become more important over time, as assets of some severely underfunded plans are gradually depleted.</p>
  • Former U.S. Comptroller: National Debt is $65 Trillion, Not $18 Trillion

    11/10/2015 2:45:28 PM PST · by HomerBohn · 41 replies
    The New American ^ | 11/10/2015 | Michael Tennant
    June, the Congressional Budget Office (CBO) put the U.S. government's debt at a staggering $18 trillion. But according to a former U.S. comptroller general, the actual debt is $65 trillion -- more than triple the official figure -- and it isn't going to improve as long as politicians continue to put their personal and partisan interests ahead of the nation's. David Walker, who served as the head of the Government Accountability Office (GAO) from 1998 to 2008, told John Catsimatidis, host of "The Cats Roundtable" on New York radio station WNYM, that there's much more to the debt than just...
  • Our Debt and Unfunded Obligations: Bankruptcy Is Our Only Hope

    10/16/2015 6:43:29 AM PDT · by SeekAndFind · 27 replies
    National Review ^ | 10/16/2015 | Kevin D. Williamson
    Its an ill financial wind that blows no one some good. A very nice and very rich old lady once explained to me that, in her view, the golden age of the American economy happened in the first years of the Reagan administration. This puzzled me: The United States had dipped into recession in 1980, and Paul Volcker was standing on the economic brakes to wring the Carter-era inflation out of the economy, jacking the federal-funds target rate up to damned near 20 percent. People were paying 18.5 percent on their mortgages. But, of course, usurious interest rates are pretty...
  • Yes, The US Government Really Is Bankrupt

    10/19/2015 7:23:22 AM PDT · by smartyaz · 22 replies
    Zero Hedge ^ | 10/19/15 | Tyler Durden
    Ive long-stated that the government of the United States is completely insolvent. And that is 100% true statement. The governments own numbers show that official liabilities, including debt held by the public and federal retirement benefits, total $20.7 trillion. Yet the governments assets, including the value of the entire federal highway system, the national parks, cash balances, etc. totals just over $3 trillion. In total, their net worth is NEGATIVE $17.7 TRILLION a level that completely dwarfs the housing crisis. If you include the governments own estimates of the Social Security shortfall, this number declines to NEGATIVE $60 TRILLION. And...
  • 90 Days: Treasury Says Debt Has Been Frozen at $18,112,975,000,000

    06/15/2015 10:19:03 AM PDT · by SaveFerris · 39 replies
    CNSNews.com ^ | June 15, 2015 | 12:48 PM EDT | Terence P. Jeffrey
    (CNSNews.com) - The portion of the federal debt that is subject to a legal limit set by Congress closed Thursday, June 11, at $18,112,975,000,000, according to the latest Daily Treasury Statement, which was published at 4:00 p.m. on Friday. That, according to the Treasury's statements, makes 90 straight days the debt subject to the limit has been frozen at $18,112,975,000,000. $18,112,975,000,000 is about $25 million below the current legal debt limit of $18,113,000,080,959.35.
  • Fed said to have emergency plan to intervene if U.S. defaulted on debt

    05/12/2015 1:12:16 PM PDT · by Citizen Zed · 26 replies
    Reuters ^ | 5-11-2015 | Sarah N. Lynch and Jason Lange
    The Federal Reserve drew up extensive plans for handling a U.S. debt default that included scheduling deferred payments and lending cash to investors, according to a lawmaker who cited Fed documents. America courted disaster in 2011 and 2013 when political fights over the national debt nearly left the federal government unable to pay its bills. Analysts and officials warned that missing payments could lead to economic calamity, and details have only slowly emerged over how financial officials braced for the unthinkable. In a June 2014 letter to Treasury Secretary Jack Lew seen by Reuters on Monday, Republican Representative Jeb Hensarling...
  • Economist Tells Congress: U.S. May Be in Worse Fiscal Shape Than Greece

    03/10/2015 3:11:57 PM PDT · by Jan_Sobieski · 86 replies
    CNSNews.com ^ | 03/09/2015 | Barbara Hollingsworth
    (CNSNews.com) -- The U.S. has a $210 trillion fiscal gap and may well be in worse fiscal shape than any developed country, including Greece, Boston University economist Laurence Kotlikoff told members of the Senate Budget Committee in written and oral testimony on Feb. 25. The first point I want to get across is that our nation is broke, Kotlikoff testified. Our nations broke, and its not broke in 75 years or 50 years or 25 years or 10 years. Its broke today. "Indeed, it may well be in worse fiscal shape than any developed country, including Greece," he said. (See...
  • US Debt Soars By $100 Billion On Last Day Of 2014, Hits Record $18.14 Trillion

    01/02/2015 2:41:00 PM PST · by blam · 42 replies
    Zero Hedge ^ | 1-2-1015 | Tyler Durden
    Tyler Durden 01/02/2015 It seems like it was only yesterday when we reported that, in yet another slight of hand for the US Treasury and Social Security Administration, US debt rose by $32 billion on the last day of November sending total US debt above $18 trillion for the first time ever. As we further noted, it also meant "that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently." Fast forward to today when we are happy to report that according to the US Treasury, America's debt-funded spending...
  • Obama: "A Trillion Here, a Trillion There, and it is Still Not Nearly Enough Money"

    03/12/2014 1:43:09 PM PDT · by Kaslin · 18 replies
    Townhall.com ^ | March 12, 2014 | Donald Lambro
    WASHINGTON - The federal government has grown obscenely fat over the years, and under President Obama it's gotten much fatter, eating into our economy and the very foundations that made America great. It has outgrown our incomes and now threatens us with suffocating debt, costly regulations, punishing mandates, and a punitive tax code that's invaded every nook and cranny of our society and our daily lives. You don't hear much about this growing crisis, certainly not in the national news media which never saw a federal domestic program it didn't like. Even a lot less in Congress which enacts our...
  • The Fallacy of Being Economically but Not Morally Conservative

    03/02/2014 2:06:40 PM PST · by Kaslin · 29 replies
    Townhall.com ^ | March 2, 2014 | Michael Youssef
    Regular readers of my column know that I usually dont use the words conservative and liberal. Why is that? Because those words in todays lingolike the words love and democracycan mean almost anything you want. Unlike past times when precision in meanings was important, we have now produced a generation that no longer understands the historic or political meaning of those words. Within the population of the confused, however, my greatest disappointment is held for those who describe themselves as economically conservative, but socially liberal. But do they even know what that means? On the economics side, this is what...
  • $205 Trillion in Unfunded Liabilities

    02/13/2014 8:13:12 AM PST · by Rusty0604 · 30 replies
    Daily Reckoning ^ | 02/12/2014 | Gary North
    The nonpartisan Congressional Budget Office is acting in a bipartisan way to cover up the biggest single threat to the bipartisan political alliance that is stripping America of its wealth: the United States Congress. There is no question that the following policy is bipartisan. Democrats and Republicans in Congress are completely agreed that the following information should not get out to the American people, namely, that the present value of the United States governments off-budget liabilities is over $200 trillion. The CBO has two sets of books. This is what any Ponzi scheme requires. It releases one set of books...
  • Interest on our country's debt to nearly quadruple over decade - CBO

    02/12/2014 10:10:08 AM PST · by SeekAndFind · 16 replies
    CNN Money ^ | 02/05/2014 | By Jeanne Sahadi
    <p>For the next few years, deficits are looking pretty good. But the interest owed on the country's cumulative debt is set to nearly quadruple over the next decade.</p> <p>The Congressional Budget Office projects that interest will be $233 billion this year, or 1.3% as a share of the economy.</p>
  • Obama Adds Over $500 Billion In New Debt in Just Three Months Under McConnells Blank Check

    01/22/2014 3:59:41 PM PST · by kristinn · 17 replies
    The Gateway Pundit ^ | Wednesday, Janaury 22, 2014 | Kristinn Taylor
    Obama Adds Over $500 Billion In New Debt in Just Three Months Under McConnells Blank Check Debt Ceiling Deal Half a Trillion in Just Three Months President Barack Obama has blown through more than $500 billion in deficit spending in the three months since passage of the deal proposed by Senate Minority Leader Mitch McConnell (R-KY) on easing the debt ceiling battles that gave Obama virtually unlimited borrowing authority from October 17, 2013 through this February 7th. Treasury Secretary Jack Lew sent a letter to Congress today imploring the debt ceiling be raised by February 7th, or the end of...
  • No Accounting for Government Cost

    01/04/2014 7:30:42 AM PST · by Innovative · 16 replies
    Barron's ^ | Jan 4, 2014 | Joseph H. Marrent
    The financial position of the U.S. is not just troubled; it is artificially created to fool the people. The nation's budget deficit and debt are exponentially higher than what our politicians say they are. None of the headline figures used as the basis of public discourse have any relevance to the true state of U.S. finances. The government's financial reporting is misleading because our political leaders have subverted the democratic process to advance their personal interests. Adding all of the costs associated with the nation's social-insurance programs to the amounts reflected in the Financial Report shows that over the past...
  • Your share of the national debt is now $1.1 million

    10/30/2013 1:19:35 AM PDT · by Errant · 8 replies
    Rare ^ | 29 October, 2013 | Merrill Matthews
    Each U.S. taxpayer now has a federal-debt liability of $1.1 million, and rising. Remember that when President Obama boasts that the federal deficitthe shortfall between annual revenues and spendingis declining. Of course, the primary reason for the decline is the sequester, which was his idea but now adamantly opposes. The public tends to focus on the total national debt, which just passed the $17 trillion markup from $10.6 trillion when President Obama took office. But that figure pales in comparison to the federal governments long term unfunded liabilitiesmoney the government is obligated to pay over and above the revenues it...
  • CARSON: Your government is morbidly obese

    10/30/2013 9:35:33 AM PDT · by jazusamo · 15 replies
    The Washington Times ^ | October 29, 2013 | Ben S. Carson
    We have all heard the news stories about people so morbidly obese that they could not exit their house or apartment. I remember one story of a person who had to be lifted out with a crane after a wall was removed. These people are addicted to eating, and in some cases, ate incessantly even though they knew that they were jeopardizing their health and eventually, their lives. They grew so large that they were barely able to move and rendered themselves largely useless except as a food-disposal unit. This reminds me of our federal government, which was once agile...
  • Everyone The U.S. Government Owes Money To, In One Graph

    10/10/2013 1:33:21 PM PDT · by Responsibility2nd · 42 replies
    NPR ^ | 10/10/2013 | Quoctrung Bui
    If Congress doesn't raise the debt ceiling soon, the U.S. government won't be able to pay its debts. Here's who the government owes money to — all the holders of U.S. Treasury debt, broken down by category and by how much government debt they hold. Notes The graph includes debt owed to the Social Security trust fund and other federal funds. These are sometimes excluded when calculating the debt for other purposes. For details, see this GAO report. Source: Federal Reserve; FMS; GAO; Social Security Administration Credit: Quoctrung Bui For more, see our story: What A U.S. Default Would Mean...
  • US Debt Already Exceeds Debt Limit by $48 Billion Minimum; Gold vs. Debt Ceiling

    10/09/2013 10:12:17 AM PDT · by Rusty0604 · 4 replies
    Mish's Global Economic Trend Analysis ^ | 10/08/2013 | Mish Shedlock
    Please note that the current debt limit is $16.699 trillion. Debt to the Penny Interestingly, the US Treasury website Debt to the Penny and Who Hold It shows the current public debt as 16,747,429,285,635.12 (the same as Nick shows in the above chart). Treasury Stops Updating National Debt You do not have to be a math genius to figure out that "debt to the penny" already exceeds the debt limit. I asked Nick about that and he replied ... Since mid-May, "debt to the penny" hasn't been rising. When they postponed raising the debt limit they stopped showing any increase...
  • Chart: 'Americas Per Capita Government Debt Worse Than Greece'

    10/09/2013 5:10:43 AM PDT · by Red in Blue PA · 6 replies
    Weekly Standard ^ | FEB 23, 2012
  • Who Is Going To Buy The US Debt If This War Causes China, Russia To Turn On Us?

    09/07/2013 1:48:47 PM PDT · by RKBA Democrat · 49 replies
    Zero Hedge ^ | 9-7-13 | Tyler Durden/Michael Snyder
    <p>Full title: Who Is Going To Buy The US Debt If This War Causes China, Russia And The Rest Of The World To Turn On Us?</p> <p>Yesterday we implied a difficult question when we illustrated the huge size of US Treasury bond holdings that China and Russia have between them - accounting for 25% of all foreign held debt - implicitly funding US standards of living (along with the Federal Reserve). The difficult question is "Can the U.S. really afford to greatly anger the rest of the world when they are the ones that are paying our bills?" What is going to happen if China, Russia and many other large nations stop buying our debt and start rapidly dumping U.S. debt that they already own? If the United States is not very careful, it is going to pay a tremendous economic price for taking military action in Syria.</p>
  • The Debt Ceiling Could Hit Sooner Than Anyone Thinks

    08/27/2013 9:10:29 AM PDT · by SeekAndFind · 15 replies
    National Journal ^ | 08/27/2013 | Patrick Reis and Matt Berman
    The debt ceiling is a time bomb with a faulty timer: All of Washington sees it ticking toward default, but nobody knows exactly when it will explode. In a letter to House Speaker John Boehner, Treasury Secretary Jacob Lew projected that the department's "extraordinary measures" currently being taken to avoid default will be "exhausted in the middle of October." From there, Lew writes, the United States would have only whatever cash Treasury has on hand, estimated to be about $50 billion. Lew calls that potential situation "unacceptable." But Lew, like everyone else, is just working off his department's best guess....
  • Federal Reserve holds $2 trillion in U.S. debt

    08/20/2013 7:56:29 AM PDT · by Prospero · 32 replies
    cnsnews.com ^ | August 19, 2013 | Terence P. Jeffrey
    The Federal Reserves holdings of publicly traded U.S. Treasury securitiesfederal government debtpushed above $2 trillion for the first time last week, hitting approximately $2,001,093,000,000 as of Aug. 14, according to the Feds latest weekly accounting. The Feds accounting for the previous week showed that it had owned approximately $1,993,375,000,000 in U.S. Treasury securities as of Aug. 7. Back on Dec. 31, 2008, before the Fed began its strategy of Quantitative Easing," the Fed owned only $475.9 billion in U.S. Treasury securities. Since then, the Feds holdings of U.S. government debt have more than quadrupled
  • 70 Straight Days: Treasury Says Debt Stuck at Exactly $16,699,396,000,000.00

    07/30/2013 11:11:12 AM PDT · by topher · 46 replies
    cnsnews.com ^ | July 29, 2013 - 5:21 PM | By Terence P. Jeffrey
    (CNSNews.com) - According to the Daily Treasury Statement for July 26, which the Treasury released this afternoon, the federal debt has been stuck at exactly $16,699,396,000,000.00 for 70 straight days. That is approximately $25 million below the legal limit of $16,699,421,095,673.60 that Congress has imposed on the debt. The portion of the federal debt subject to the legal limit set by Congress first hit $16,699,396,000,000.00 at the close of business on May 17. At the close of every business day since then, it has also been $16,699,396,000,000.00, according to the official accounting published by the Treasury Department.
  • Oh, Yeah, the Economy

    06/20/2013 5:19:07 AM PDT · by Kaslin · 5 replies
    Townhall.com ^ | June 20, 2013 | Larry Elder
    The recent Obama administration scandals shift the spotlight from the economy. Yet the recovery remains depressingly sluggish, with the labor force participation rate at a 34-year low as millions of able-bodied, able-minded Americans simply stopped looking for work. With President Obama in the fifth year of his presidency, let us examine the effect of the stimulus program, tax hikes, Obamacare and additional regulation on the economy. It isn't pretty. For the richest Americans, their net worth has fully recovered. For the non-rich, the recovery tells a very different story. At the start of "recovery" in 2009, the mean net worth...
  • Who Really Owns the U.S. National Debt? (Final Edition for FY2012!)

    04/10/2013 6:39:42 AM PDT · by SeekAndFind · 2 replies
    The U.S. Treasury Department has revised its estimates of the foreign ownership through the end of Fiscal Year 2012, which means that we can now finalize our picture of just who the major holders of the 16.027 trillion dollars of the outstanding U.S. government debt issued through 30 September 2012 are: Overall, U.S. entities own 66% of all debt issued by the U.S. federal government. Ranking the major U.S. entities from high to low, we find that: U.S. individuals and institutions, which includes regular Americans, banks, insurance companies and other government entities, own 30.5% of the nation's debt. The...
  • The Decline of America [VDH]

    02/14/2013 6:01:19 AM PST · by Servant of the Cross · 23 replies
    National Review ^ | 2/14/2013 | Victor Davis Hanson
    History shows that the destruction of affluent societies is often self-induced. Why do once-successful societies ossify and decline? Hundreds of reasons have been adduced for the fall of Rome and the end of the Old Regime in 18th-century France. Reasons run from inflation and excessive spending to resource depletion and enemy invasion, when historians attempt to understand the sudden collapse of the Mycenaeans, the Aztecs, and, apparently, the modern Greeks. In literature from Catullus to Edward Gibbon, wealth and leisure and who gets the most of both more often than poverty and exhaustion, cause civilization to implode. One...
  • Santelli Rips the Keynesians: The Answer Is Always More Money (Video)

    01/15/2013 3:26:13 PM PST · by Hojczyk · 6 replies
    Gateway Pundit ^ | January 15, 2013 | Jim Hoft
    The answer is always more money in ten years when we look back, is the weight of all this debt going to take care of all of these impulsive upticks? http://www.thegatewaypundit.com/2013/01/santelli-rips-the-keynesians-the-answer-is-always-more-money-video/
  • Fitch Warns It May Downgrade U.S. Over Debt Standoff

    01/15/2013 12:42:34 PM PST · by drewh · 11 replies
    The Wall Street Journal ^ | Updated January 15, 2013, 2:32 p.m.
    A major credit-rating firm warned it could downgrade the U.S. if lawmakers prioritize debt payments over other government obligations such as Social Security, or fail to tackle the nation's growing debt burden in the ongoing budget negotiations. Fitch Ratings, one of the ratings firms that are closely watching the U.S. inch closer to its borrowing limit, unveiled two potential routes to a downgrade Tuesday, laying out their analysis more specifically than in prior reports. Analysts predict the U.S. will hit its so-called debt ceiling between Feb. 15 and March 1. Fitch's warning comes as President Barack Obama and Republican leaders...
  • A US Default Would Be The Financial Equivalent Of This Painting Of Hell

    01/14/2013 2:03:02 PM PST · by blam · 36 replies
    TBI ^ | 1-14-2013 | Brett LoGiurato
    A US Default Would Be The Financial Equivalent Of This Painting Of Hell Brett LoGiuratoJanuary 14, 2013 Earlier today, President Barack Obama almost dared Republicans to not increase the nation's borrowing limit in a White House press conference. "If Congressional Republicans refuse to pay Americas bills on time, Social Security checks, veterans benefits will be delayed," Obama said. "... Investors around the world will ask if the United States of America is in fact a safe bet. Markets could go haywire. Interest rates would spike for anyone who borrowed money." One analyst Michael Feroli, the chief economist at JP...
  • 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 ceilingthe amount of money the federal government is authorized to borrow at any given timewill 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...
  • Economic Collapse! A Leading Indicator Of Better Times To Come

    01/10/2013 7:48:18 AM PST · by blam · 6 replies
    TMO ^ | 1-10-2013 | Darryl R Schoon
    Economic Collapse! A Leading Indicator Of Better Times To Come Economics / Global EconomyJan 10, 2013 - 04:00 AM By: Darryl R Schoon Its going to get better; but, first, its going to get worse Time of the Vulture, 3rd ed. 2012 When I presented Time of The Vulture: How to Survive the Crisis and Prosper in the Process to the Positive Deviant Network in March 2007, the economic collapse hadnt yet happened. The next year, it did. At the time, I suggested those in attendance shed debt, sell their homes and buy gold. Then, the US real estate market...
  • Report: Debt Ceiling X Date Feb. 15 (government unable to pay its bills by mid-February)

    01/08/2013 11:09:37 AM PST · by drewh · 7 replies
    Politico.com ^ | 1/8/13 6:28 EST | By KATIE GLUECK
    The next debt ceiling battle could come as soon as mid-February, when the federal government looks to hit its borrowing limit, a new report says. Based on financial data from Treasury, we estimate that the government will be unable to pay all of its bills as early as February 15, also known as the X Date said Steve Bell, senior director of the Economic Policy Project at the Bipartisan Policy Center, in a statement. The Bipartisan Policy Center announced the findings of the organizations study on Monday. According to a release from the Center, their analysis indicates that the federal...
  • Obama Fears 'Catastrophic' Debt Fight

    01/05/2013 12:57:40 PM PST · by AtlasStalled · 29 replies
    Yahoo ^ | 01/05/12 | Mary Bruce
    In his first weekly address of the New Year, President Obama touts the "fiscal cliff" compromise as "one more step in the broader effort to grow our economy and shrink our deficits" but warns that another "manufactured crisis" over the debt ceiling could wreak havoc on the economy.
  • Canadian Summarizes Our Collapse: "Everyone Takes, Nobody Makes, Money Is Free, Money Is Worthless"

    12/26/2012 8:04:35 PM PST · by SeekAndFind · 22 replies
    Zero Hedge ^ | 12/26/2012 | Tyler Durden
    On this lackluster Boxing Day dominated by illiquid moves in every asset class, we thought a few succinct minutes spent comprehending the US and European government policies of social welfare and their outcomes was time well spent. Canadian MP Pierre Poilievre delivers a rather epic speech destroying the myths of US and European 'wealth' noting that "Once the US citizen is in debt, the US government encourages them to stay in debt," noting that "the US government encouraged millions of Americans to spend money they did not have on homes they could not afford using loans they could never...
  • Syria Fires Scud Missiles at Insurgents, U.S. Says

    12/12/2012 9:45:46 AM PST · by Zakeet · 33 replies
    New York Times ^ | December 12, 2012 | Mark Landler, Aida Alami, Alan Cowell and Anne Bernard
    Syrian forces loyal to President Bashar al-Assad have fired Scud missiles at rebel fighters in recent days, Obama administration officials said on Wednesday. The move represents a significant escalation in the fighting, which has already killed more than 40,000 civilians in a nearly two-year-old conflict that has threatened to destabilize the Middle East. One American official, who asked not to be identified because he was discussing classified information, said that missiles had been fired from the Damascus area at targets in northern Syria. The total is number is probably north of six now, said another American official, and that the...
  • "The Shape Of The Next Crisis" - A Preview By Elliott's Paul Singer

    12/09/2012 7:08:44 PM PST · by Perdogg · 5 replies
    Transcribed from a speech given by Paul Singer of Elliott Management Investing is an art, more so than a science. And for me, what I get paid for is managing the dark art, if you will, of risk management and trying to be a visionary and having a dark vision at all times about what can go wrong. Its a particularly fruitful and impactful time to be thinking about risk management and the thing I want talk about today is what Ive described as The Shape of the Next Crisis. That doesnt mean were going to be talking about the...
  • CBO: Feds Borrowing $4.8 billion Per Day in FY 2013, So Far

    12/08/2012 1:18:57 PM PST · by yoe · 5 replies
    CNSNEWS ^ | December 7, 2012 | Matt Cover
    The federal government ran a deficit of $292 billion for the first two months of fiscal year 2013 October and November 2012 amounting to $4.8 billion of borrowed money each day. The federal budget deficit was $292 billion for the first two months of fiscal year 2013, $57 billion more than the shortfall recorded in October and November of last year, CBO said in its Monthly Budget Review Friday. This means that the government borrowed $4.8 billion for each calendar day so far in 2013. If the Treasury Department restricted its borrowing to only weekdays, its per day...
  • Strange Days: Print Two-One Trillion Dollar Coins to Solve Debt Ceiling Crisis?

    12/09/2012 10:31:28 AM PST · by whitedog57 · 23 replies
    Confounded Interest ^ | 12/09/2012 | Anthony B. Sanders
    The Washington Post had interesting article about solving the debt ceiling crisis. The author recommended that Treasury produce two-one trillion dollar platinum coins and deposit them at The Fed. I like it, says Joseph Gagnon of the Peterson Institute for International Economics. Theres nothing thats obviously economically problematic about it. Actually, Mr. Gagnon, there are a few problems with it. 1. Moral hazard. The President orders trillion dollar coins to be produced, then gives one each to campaign donors and other party favorites (note that I did not mention our current President by name since this would be a temptation...
  • Strange Days: Print Two-One Trillion Dollar Coins to Solve Debt Ceiling Crisis?

    12/09/2012 10:31:28 AM PST · by whitedog57 · 6 replies
    Confounded Interest ^ | 12/09/2012 | Anthony B. Sanders
    The Washington Post had interesting article about solving the debt ceiling crisis. The author recommended that Treasury produce two-one trillion dollar platinum coins and deposit them at The Fed. I like it, says Joseph Gagnon of the Peterson Institute for International Economics. Theres nothing thats obviously economically problematic about it. Actually, Mr. Gagnon, there are a few problems with it. 1. Moral hazard. The President orders trillion dollar coins to be produced, then gives one each to campaign donors and other party favorites (note that I did not mention our current President by name since this would be a temptation...
  • Mr. Obama, do we bailout Detroit today, USA tomorrow?

    12/07/2012 1:35:09 PM PST · by Marketfly1 · 6 replies
    Bayoubuzz.com ^ | December 7, 2012 | Jeff Crouere
    In fact, Ms. Watson said it was the Presidents obligation to help Detroit because our people in an overwhelming way voted for him, so there ought to be a quid pro quo. Because 75% of Wayne County voters supported Obama, Watson says that Detroit leaders should bring home some bacon as they did during the Jimmy Carter administration. Maybe Ms. Watson does not realize that vote buying is illegal. Her attitude is typical of many Obama supporters who want something such as a check, a phone, a job or in this case some bacon from the federal government.
  • CBO: Current Law Brings 55% Increase in Annual Spending, $4.25T in New Debt--And Record Taxation

    12/05/2012 3:44:24 PM PST · by Hotlanta Mike · 17 replies
    CNSNews.com ^ | December 5, 2012 | Terence P. Jeffrey
    If Congress allows current laws signed by President Barack Obama to stand and follows the fiscal path they have set for the next decade, federal tax revenues will rise to a record level as a percentage GDP, according to the Congressional Budget Office, but annual federal spending will also increase by 55 percent and continuous deficits will require Congress to lift the federal debt limit by another $4.25 trillion even as the government rakes in unprecedented tax revenue. Under the so-called "fiscal cliff" scenario, in which all of the Bush tax cuts are allowed to expire and sequestration of some...