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The Republican-controlled United States House of Representatives approved a bill on Thursday that would require the government to begin paying back foreign nations before spending funds on domestic items.
http://rt.com/usa/pay-bill-first-house-070/
Full Faith and Credit Act – Requires the Secretary of the Treasury, in addition to any other authority provided by law, to issue obligations to pay with legal tender, and solely for the purpose of paying, the principal and interest on U.S. obligations [...]
Mac Slavo
April 30th, 2013
SHTFplan.com
“The United States is like the Titanic, and I’m here with the lifeboat trying to get people to leave the ship… I see a real financial crisis coming for the United States.”
Peter Schiff
August 2006
In 2006, when he faced off with many well known Titans of investing and warned of an impending financial disaster and economic collapse, Peter Schiff was laughed at by his colleagues. He urged Americans [...]
By Paul B. Farrell, MarketWatch
America needs a new war? For the economy to survive? Job market to revive? Capitalism thrive? Maybe. Here’s why:
Forbes reported that GDP data “fell for the first time in three and a half years in the fourth quarter … declining by an annualized 0.1%” while “economists had expected GDP to increase 1%. A dramatic 15% drop in government spending dragged on economic activity. Defense [...]
Economists See No Crisis With U.S. Debt as Economy Gains
“Three years after a government spending surge in response to the recession drove the U.S. past that red line — the nation’s $16.7 trillion total debt is now 106 percent of the $15.8 trillion economy”
=======================================================
Federal Debt: Total Public Debt as Percent of Gross Domestic Product (GFDEGDQ188S)
Federal Debt: Total Public Debt as Percent of Gross Domestic Product (GFDEGDQ188S)
2012:Q4: 103.66867 Percent of GDP Last 5 [...]
Federal Debt: Total Public Debt as Percent of Gross Domestic Product (GFDEGDQ188S)
Federal Debt: Total Public Debt as Percent of Gross Domestic Product (GFDEGDQ188S)
2012:Q4: 103.66867 Percent of GDP Last 5 Observations
2012:Q3:
101.61433
2012:Q2:
101.72876
2012:Q1:
100.67048
2011:Q4:
99.35996
Quarterly, Seasonally Adjusted, Updated: 2013-03-13 10:31 AM CDT
SAX
(CNSNews.com) – The federal debt has increased $2.5 trillion over the past two years, during a time when federal spending has been governed by a series of deals cut between Republican House Speaker John Boehner and Democratic President Barack Obama.
Boehner became speaker on Jan. 5, 2011, when the 112th Congress began its first session. At that time, the federal government was operating under a continuing resolution (CR) passed on Dec. [...]
by Terence P. Jeffrey, CNSnews:
During the month of February–as President Barack Obama was warning Americans they would see dramatic effects in their lives if “sequestration” of some planned federal spending kicked in–the federal government’s debt climbed by $253.5 billion.
That one-month increase in the debt was nearly six times as much as the $44 billion in spending cuts the Congressional Budget Office estimates will take place in all of fiscal 2013 as [...]
by Charles Hugh-Smith of OfTwoMinds blog,
Inflating phantom assets to collateralize expanding debt is failing due to diminishing returns on stimulus, zero-interest rates, money-printing and monetization of Federal debt.
That the policies of central states and banks have led to one disastrous asset bubble after another over the past 15 years is undeniable. This poses the question: is this serial bubble-blowing intentional, or are the bubbles merely unintended consequences of the neoliberal, neofeudal model [...]
Peter Schiff: Economy ‘Stuck in Serious Recession’
Officially, the last recession ended in June 2009. But Peter Schiff, CEO of Euro Pacific Capital, doesn’t see it that way.
And he thinks Wednesday’s gross domestic product (GDP) report, which shows the economy contracted 0.1 percent in the fourth quarter, backs him up.
“The weaker-than-expected GDP report shows just how out of touch most professional economists remain with respect to the fundamental weakness of the [...]
(CNSNews.com) – During Barack Obama’s first term as president of the United States, the debt of the federal government increased by $5.8 trillion, which exceeds the combined debt accumulated under all presidents from George Washington through Bill Clinton.
The new federal debt accumulated in Obama’s first term equaled approximately $50,521 for each of household in the country.
On Jan. 20, 2009, when Obama was first inaugurated, the total debt of the federal [...]
from Money News:
OK, it’s official. According to the Treasury Department, the U.S. debt jumped to $16.1 trillion in 2012 from $14.8 trillion in 2011. That’s a $1.3 trillion deficit for the last year. Remarkable. During President Barack Obama’s first term, the federal debt rose by roughly $6 trillion.
Now, if they are bold, House Republicans will take advantage of these dismal numbers. Bold means bold spending cuts, as in cut spending [...]
Congress loves to spend taxpayer dollars. That’s part of the reason why the federal debt is nearly $16 trillion. Since 2001, more than two billion of those dollars have gone into renovations to the controversial Guantanamo Bay military base in Cuba.
One of those renovations was a go-kart track for the troops that opened in 2006. The price tag? A cool $400,000.
Much of the public knows about the controversial military prison [...]
Peter Schiff: Many Other Cliffs Await the US Economy – CNBC 12/05/2012
Economic Collapse Not Only Possible But IMMINENT w Peter Schiff
Peter Schiff: Even if you raise taxes to 100%, we couldn’t pay it off. We’re going to default.
http://www.youtube.com/watch?v=bPL8y-oo0Jk&feature=player_embedded
Paul B. Farrell: Washington ‘clowns’ set up 42% stock-market drop
By Paul B. Farrell, MarketWatch
One fiscal cliff down. Three more to go: The $16.4 trillion Federal Debt Limit cliff, the $1 trillion Sequestration [...]
In a move that is rich in irony, President Obama agreed Tuesday night to sign an emergency deficit reduction bill that does almost nothing to rein in spending and then jetted out to Hawaii to resume his vacation at an extra cost of more than $3 million to taxpayers.
The price tag is in addition to more than $4 million that is already being spent on the Obamas’ Hawaii idyll, bringing [...]
 The “deal” calls for $43 in new taxes for every $1 in spending cuts. What a sellout by the senate republicans.
One can only hope the house republicans have more balls and kill this pathetic sellout.
NEW REPUBLICAN MATH: $1 IN CUTS FOR EVERY $41 IN TAXES
According to the Congressional Budget Office, the last-minute fiscal cliff deal reached by congressional leaders and President Barack Obama cuts only $15 billion in spending while increasing [...]
Bruce Walker * American Thinker
Punditry is in a fit. The federal government is headed for a fiscal cliff. What can we do? What should we do?
Conservatives have some clear ideas: cut the capital gains tax rate, which will increase revenue; open up all federal laws to energy production, which will also increase revenue without raising tax rates; cut entitlements and federal salaries by five percent; and promise no tax rate [...]
The U.S. Treasury on Wednesday announced the first in a possible series of emergency steps to push back the day when the government will exceed its legal borrowing authority as imposed by the U.S. Congress.
The Treasury said on Dec. 28 it would suspend issuance of State and Local Government Series securities, known as “slugs”, which are special low-interest Treasury securities offered to state and local governments to temporarily invest proceeds [...]
from caseyresearch:
While the price of gold has languished in a trading range much of the year, leaving some investors scratching their heads, many have been buying – and in some cases, really loading up.
It’s a tad puzzling that gold hasn’t broken into new highs, despite enough catalysts to move a herd of stubborn mules. But that’s the hand we’re dealt right now. We can’t get up from the table until the game [...]
From Jim Pethokoukis:
Economist Michael Feroli of JPMorgan makes a great point in a new report about the fiscal cliff. Almost whatever the outcome, he points out it will do little-to-nothing to change the nation’s lethal long-term budget trajectory. Focusing, as the current negotiations do, on a completely arbitrary 10-year budget window is a complete distraction. The national debt will still be rocketing higher:
In the chart, the green line indicates the [...]
from caseyresearch:
International investors begin to move away from the US$…
Good day. I made it through a busy Monday yesterday as we deal with being a few people short on the desk this week. The phones were busy as they typically are on a Monday morning, and Mike mentioned that there must have been a full moon as we dealt with some unusual customer requests. It certainly made for a wild [...]
House Speaker John A. Boehner has offered to push any fight over the federal debt limit off for a year, a major concession that would deprive Republicans of leverage in the budget battle but is breathing new life into stalled talks over the year-end “fiscal cliff.”
The offer came Friday, according to people in both parties familiar with the talks, as part of the latest effort by Boehner (R-Ohio) to strike [...]
from By Terry Weiss, Money Morning:
Richard Duncan, formerly of the World Bank and chief economist at Blackhorse Asset Mgmt., says America’s $16 trillion federal debt has escalated into a “death spiral, “as he told CNBC.
And it could result in a depression so severe that he doesn’t “think our civilization could survive it.”
And Duncan is not alone in warning that the U.S. economy may go into a “death spiral.”
Since the recession, noted economists [...]
Since the collapse of the economy in 2008, the government has poured $520 billion – an amount equal to about half its annual deficit in recent years – into unemployment benefit extensions.
White House officials have assured Democrats that Obama is committed to extending them another year, at a cost of about $30 billion, as part of an agreement for sidestepping the fiscal cliff and reducing the size of annual increases [...]
Listen to top Democrats and Republicans talk on camera, and it sounds like they could not be further apart on a year-end tax-and-spending deal — a down payment on a $4 trillion grand bargain.
But behind the scenes, top officials who have been involved in the talks for many months say the contours of a deal — including the size of tax hikes and spending cuts it will most likely contain [...]
“The senators gave Geithner a “hard deadline” of Nov. 1 for providing an initial response to these questions. Julia Lawless, spokesperson for the Republicans on the Senate Finance Committee, confirmed that as of Nov. 6 the committee had received no response from the Treasury secretary.
As of Oct. 31, according to the Daily Treasury Statement (DTS), the portion of the federal debt subject to the legal limit was $16,222,235,000,000–just $171.765 billion below the [...]
By Ron Paul:
Hurricane Sandy was one of the worst natural disasters the east coast has ever seen. Clean-up and recovery will take months, if not years and estimates run in the tens of billions of dollars. Parts of New York and New Jersey will never be the same. Entire seashore communities have been wiped out, but the determination to rebuild has been lauded as courageous and admirable. Yet as with all [...]
“-Both parties fully support the Federal Reserve.
-Both parties supported the nomination of Ben Bernanke to a second term as the head of the Federal Reserve.
-Both parties endlessly push the job-killing “free trade” agenda of the global elite.
-Both parties see nothing wrong with running absolutely enormous trade deficits with the rest of the world.
-Both parties supported TARP.
-Both parties supported the “economic stimulus” packages.
-Both parties supported the auto industry bailouts.
-Both parties have [...]
As we’ve stated repeatedly, the US is Greece X 100.
A former top federal monetary executive says the U.S. could be headed toward a Greece-like debt crisis and financial meltdown, and blames both political parties for the mess.
Former U.S. comptroller general and Government Accountability Office chief Dave Walker was in Phoenix this week as part of a national tour to talk about the federal deficit and debt, and its potential impacts [...]
Richard Duncan, formerly of the World Bank and chief economist at Blackhorse Asset Mgmt., says America’s $16 trillion federal debt has escalated into a “death spiral, “as he told CNBC.
And it could result in a depression so severe that he doesn’t “think our civilization could survive it.”
And Duncan is not alone in warning that the U.S. economy may go into a “death spiral.”
Since the recession, noted economists including Laurence Kotlikoff, [...]
By the end of this year, the federal debt is expected to be $16.2 trillion, which is $6.2 trillion more than when President Obama first came into office four years ago. Moreover, new analysis by the Republican side of the Senate Budget Committee finds that, over the next 4 years, if Barack Obama remains president and his budget is enacted, $4.4 trillion will be added to the federal debt.
Here’s a [...]
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