Free Republic

The decay of society is so much harder to quantify than economic decline is. The government keeps lots of statistics on things like unemployment and inflation, but it really does not keep track of how sick and twisted people are becoming. Most of us recognize that the character of the American people has changed dramatically over the decades, but unlike the national debt, you can't easily point to a chart or a graph to show exactly how bad things are getting. In this article, my approach will be to point you to various "signs" of social decay. Signs tell...

....Future Credit Downgrades and a U.S. Default The idea of a decline in the safety of U.S. Treasuries causing a flight to safety in which investors buy still more U.S. bonds is a sign that markets are truly irrational. But if nothing effective is done, this game eventually will come to an end. As the U.S. credit rating is downgraded again and again, somewhere this side of BBB-minus (the lowest "investment grade" rating) the markets will finally panic and decide that U.S. deficits can no longer be supported. That will make it impossible to sell enough Treasuries to finance America's...

A state commission in Indiana that was asked to review whether Barack Obama is eligible to be on the state’s 2012 ballot has scheduled a hearing for Friday, and warned the parties to the argument that those who fail to attend may be subject to a default decision. The notice was signed by Trent Deckard and J. Bradley King, co-directors of the Indiana Election Commission, and regards case No. 2012-176, which is a challenge to Obama brought by Karl Swihart. “The hearing is called to determine the merits of the candidate challenge pursuant to Indiana Code 3-8-1-2,” the notice, addressed...

"If they don't get the Drachma back, you will be responsible for something truly truly horrible!".

The Hercules Redevelopment Agency is in default on a $2.4 million bond interest payment due today. "It was inevitable there would be a default because there's not enough tax increment," City Manager Steve Duran said late Tuesday after a session in Contra Costa Superior Court in Martinez with the bond insurer, Ambac Assurance Corp. The redevelopment agency's bond debt obligations have exceeded revenue from property tax increments in recent years, and as of this week, the agency's non-housing component was $3.8 million underwater, Duran said. "You can't get blood from a turnip," he said. Ambac's suit accuses Hercules of misappropriating...

[T]he real question that we face for all the markets is WHEN will the Sovereign Debt Crisis go into meltdown? We are in the 13th year from the Major Directional Change of 1999 that marked the birth of the Euro, low in gold and crude oil, and the bubble in shares that peaked in many countries in 2000. Just as the United States has been obsessed with the Great Depression as government always is ready to stimulate and many see this as pending hyperinflation with the end of the world, Germany suffers from the opposite delusion. There, the fear is...

Geithner: I won't serve second termBy Peter Schroeder - 01/25/12 04:27 PM ET Treasury Secretary Timothy Geithner does not anticipate serving a second term under President Obama. Geithner said in an interview with Bloomberg Television that he is "pretty confident" the president would not ask him to stay on if he is reelected. "I'm confident he'll be president. But I'm also confident he's going to have the privilege of having another secretary of the Treasury," he said, adding that he planned to do "something else." Geithner mulled leaving the administration this summer once a deal to raise the federal debt...

A notary public who signed tens of thousands of false documents in a massive foreclosure scam before blowing the whistle on the scandal has been found dead in her Las Vegas home. NBC station KSNV of Las Vegas reported that the woman, Tracy Lawrence, 43, was scheduled to be sentenced Monday morning after she pleaded guilty this month to notarizing the signature of an individual not in her presence. She failed to show up for her hearing, and police found her body at her home later in the day. It could not immediately be determined whether Lawrence, who faced up...

I spoke with someone from Athens today. It’s not a pretty picture. Issues related to subsistence have replaced the fervor for demonstrations. This may not last according to this resident. The closing of stores and shops is escalating. Apparently, 20% of all retail establishments are shuttered. Nearly every block has one reminder of the ongoing depression in the economy. The Greek Diaspora is in full swing. People are leaving the country, old and young alike. They are going to Europe, where the prospects of jobs stink, but not as badly at Greece. They are also fleeing to America (family members...

In a paper entitled “Greek debt: The endgame scenarios”, Buchheit, one of the most prominent lawyers globally in debt restructuring cases, said that that “the restructuring could be facilitated in some way by a change to Greek law”. If English law is applied to the new bonds issued under the complex PSI, the Greek side would have to face the following consequences: Property confiscation: According to international law as well as many national legal systems, when a property is located within the jurisdiction of the legislating state, the latter has the power (de facto or by law) to nationalise or...

Romney, indeed, is the perfect foil for the Obama campaign, first because he is the very epitome of a Republican born rich who got richer by moving money around -- a millionaire plutocrat who just can't relate to "ordinary" Americans, and second because he is yet another Republican political/dynastic legatee. Think about it: We've gone from one Bush trying to outdo his Senate father by becoming president, to another Bush trying to outdo his president father by winning two terms as president, to a McCain trying to outdo his admiral father and admiral grandfather by becoming president... and now to...

Global investment in clean energy reached a new high of $260 billion (€203 billion) last year, despite the financial crisis and the anti-environment agenda of Republicans in the US Congress, a United Nations investors' summit was told on Thursday (12 January). Data from Bloomberg New Energy Finance, which tracks clean energy investment, showed a 5% increase compared with 2010, driven largely by a surge of money going to the solar industry. Investment in solar power rose 36% last year to $136.6 billion. And while the US domestic political scene was riven by the furore over a $535-million government loan to...

(CNSNews.com) - Federal spending bills approved by the Republican-controlled House of Representatives have increased the national debt by more than $1 trillion dollars in just 10 months. Republicans won a majority in the U.S. House of Representatives in the November 2010 elections and took control of the House on Jan. 5, 2011, when the chamber convened and elected Rep. John Boehner (R.-Ohio) as speaker. But the Republican-controlled House did not gain a veto power over federal spending until March 4, 2011. That was the expiration date of the continuing resolution (CR) that the lame-duck Democrat-controlled Congress approved in December 2010....

Politico has a story about Newt agreeing not to go after Romney any more about Bain, and Newt was just on Hannity’s radio show on the issue. (I’ll post the audio if I can get it.) Newt said there are three or four instances where the record is really bad and Romney needs to defend it. Newt said the challenge is not to the model but how Romney acted in specific instances, and how odd it is that Romney runs on his business record but doesn’t want to discuss the record. Newt made the point that it is impossible to...

n March of 2005, the American Public Transportation Association (APTA) and its Pennsylvania counterpart (PPTA) honored Senator Rick Santorum for his dedication to public transportation. APTA president William W. Millar noted Santorum’s “tireless advocacy” and contributions on “both the national and local level.” This recognition came shortly after Santorum appeared on Meet the Press with Joe Biden and vowed to oppose President Bush in his efforts to cut Amtrak funding. “Without substantial government funds or other intervening action, Amtrak would quickly enter bankruptcy and shut down all of its services, leaving millions of riders and thousands of communities without access...

Yesterday the Supreme Court heard oral arguments in the case of Sackett v. Environmental Protection Agency. At issue is whether the EPA’s use of “administrative compliance orders,” which are essentially government commands issued to property owners, should be subject to judicial review under the Fifth Amendment's Due Process Clause. In other words, when the EPA tells a homeowner to stop building because of a possible violation of the Clean Water Act, does that homeowner have the right to promptly challenge the EPA in court? As Robert Barnes observes in The Washington Post, “Justices across the ideological spectrum appeared troubled by...

Are you ready for the vegetable census? Yesterday I received the “2012 National Agricultural Classification Survey” from the US Dept. of Agriculture. It was accompanied by a cover letter stating (in large, bold font) that my response is required by law; and, if I do not reply, I “may be personally visited.” I am not and have never been a farmer or rancher. My land has never been farmed or ranched. I do, however, have a vegetable garden that I built in 2009. This garden is private and noncommercial. There is no illegal activity whatsoever on my property. The survey...

Well, here’s the totalitarian state, right before my eyes! Today in the mail came a largish envelop for me from The “National Agricultural Statistics Service”, postage and fees paid by USDA Permit No. G-38. A prominant blocked off area on the envelop front stated in large bold letters, “YOUR RESPONSE IS REQUIRED BY LAW.” Also on the envelop and several places inside I find Obama-style logos for the USDA, and one with “AGRICULTURE COUNTS” around the outside, and at the base of the rolling landscape “NASS,” which stands for National Agricultural Statistics Service. That’s right: now we have a National...

Hostess Brands Inc. is preparing to file for Chapter 11 bankruptcy protection as soon as this week, said people familiar with the matter, a move that would mark the second significant court restructuring for the Twinkies and Wonder Bread baker in the past several years. The privately held Irving, Texas, company, which employs roughly 19,000 people and carries more than $860 million in debt, has been facing a cash squeeze amid high labor costs and rising prices for sugar, flour and other ingredients, according to people familiar with the matter. Those costs together have proved higher than the company's roughly...

We Are All Occupiers Now. If Romney’s opponents embrace the rhetoric and class warfare of the Occupy Wall Street crowd any closer, they’re going to start pooping on police cars. [emphasis mine] So, here we are, at the day of the first primary, and the main objection to Mitt Romney from Newt Gingrich and Rick Perry is that he fired a bunch of people? More than his liberal-softie sounding rhetoric in 1994 and 2002? More than his crusade to liberate us from the individual mandate of Obamacare in order to leave the states free to enact their own individual mandates?...