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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 [...]
zerohedge.com
March 19, 2013
While we explained exactly why there is a possibility of a Europe-style wealth tax in the US, it appears the American Banking Association has decided to put out fires early…
While the crisis in Cyprus is a real concern for depositors in Cypriot’s banks, it has no implication for depositors in U.S. institutions. Depositors in U.S. banks are insured up to $250,000 and no insured depositor has ever lost money [...]
Hyperinflationary episodes have appeared several times over the past century – 55, to be exact – as the world’s nations have experimented with fiat currencies backed by the full faith and credit of the governments that issue them.At times, that full faith and credit has been misplaced – and holders of unstable currencies have been caught empty-handed in countries all over the world.
Often, this is can be a recurring theme among developing [...]
Last year, for the first time in our history, literally every Republican on Capitol Hill held the full faith and credit of the United States hostage as part of an easily-avoidable debt-ceiling crisis. The GOP made a series of non-negotiable demands, and said they would crash the economy, on purpose, unless Democrats paid the ransom. It was a move without parallel in the American political tradition.
We’re still coming to terms [...]
House Minority Leader Nancy Pelosi, D-Calif., thinks that President Obama should unilaterally eliminate the debt ceiling, rather than negotiate with Congress to spend more money when the United States hits the debt ceiling later this year.
“I would like to see the Constitution used to protect the country’s full faith and credit, as the Constitution does,” Pelosi told reporters Wednesday. She was endorsing the idea that Obama should use the 14th Amendment — [...]
Fitch Downgrades Providence, RI’s GO Bonds to ‘BBB’; Outlook Negative
NEW YORK, Mar 14, 2012 (BUSINESS WIRE) — Fitch Ratings takes the following rating action on the following City of Providence, RI’s (the city) outstanding general obligation (GO) bonds:
–$2.45 million GO bonds, series 2000, downgraded to ‘BBB’ from ‘A’;
–$11.090 million GO bonds, series 2001B, downgraded to ‘BBB’ from ‘A’;
–$1.89 million GO refunding bonds, series 2001C, downgraded to ‘BBB’ [...]
1) Euroland/ECB has a balance sheet that is 30% larger then the Fed, a collective economy that is 15% smaller than the US and a currency that is 31% stronger than the US Dollar.
2) The Euro is a currency that is backed by the full faith and credit of “?????”, i.e. no one. The present conventional wisdom is that the Euro is a DMark in disguise with an implicit guarantee [...]
The media are starting to break the oath of silence and report the truth about last month’s events:
http://www.nypost.com/f/print/news/business/qe_has_already_begun_in_euro…
QE3 has already begun in Europe
By JONATHON TRUGMAN
Last Updated:7:58 PM, January 15, 2012
Posted:9:56 PM, January 14, 2012
Most Americans associate a covert action with the CIA, not the Fed. But that’s exactly whatBen Bernankedid at the end of November.
The Fed chief authorized a coordinated action that lowered pricing on US “dollar swaps” by 50 [...]
From Charles Hugh Smith:
To understand why Federal Reserve Chairman Ben Bernanke’s efforts to restart economic “growth” have failed so completely and miserably, we need to compare the present with the end of the Great Depression. There is a wealth of irony in the Chairman’s supposed expertise on the Great Depression, as his policies have backfired on “fixing” the Great Recession.
Rather than “fix” the economic malaise by re-inflating the credit-boom bubble, [...]
That was the headline front and center of the online New York Times this evening.
www.nytimes.com/2011/12/24/business/in-alabama-a-test-of-the-full-faith-and-credit-pledge-to-repay-bonds.html
Is the idea that municipal bankruptcies may cause repayment issues really a surprise at this point in the economic trainwreck? Wow.
Chip
by Robert Paulson
Title: How the USA got to where it finds itself, why the full faith and credit of governments is inferior to real assets and how we can fix it once and for all
I used to think like a statist, and I used to agree with them. It’s appealing to redistribute wealth, especially when it’s not fairly achieved.
But what I’ve realized is that the solution [...]
Illustration by Mark Owens
Forget free-market fundamentals. What matters most to the capital markets now is whether the governments of the U.S. and western Europe have the will and the wherewithal to save the global financial system from disaster yet again.
A healthy climate for the efficient allocation of capital, this is not.
By pledging to keep its benchmark interest rate near zero through at least mid-2013, the Federal Reserve succeeded (for [...]
By Rep. Ron Paul (R-Texas) - 08/01/11 12:15 PM ET
One might think that the recent drama over the debt ceiling involves one side wanting to increase or maintain spending with the other side wanting to drastically cut spending, but that is far from the truth. In spite of the rhetoric being thrown around, the real debate is over how much government spending will increase.
No [...]
by ZH
Following a resumption of the “failed” debt ceiling discussion as of 11 am this morning, John Boehner has just released the following broad statement: “As I said last night, over this weekend Congress will forge a responsible path forward. House and Senate leaders will be working to find a bipartisan solution to significantly reduce Washington spending and preserve the full faith and credit of the [...]
From Jeffrey Snider first posted at RealClearMarkets
Bernanke Employs a Modified ‘Pump and Dump’
Gold is not money, according to Federal Reserve Chairman Bernanke. When pressed on the subject, he demurred that banks, including, I presume, central banks, continue to hold gold due to nothing more than “tradition”. Thus, he feels there is a vast difference between dollars and gold. It is curious word for him to choose [...]
“I was truly hopeful that the President could be persuaded to view the upcoming debt limit vote as an opportunity to cut Washington spending and the debt that has ballooned since he took office, and to preserve entitlements at the same time. But in the end, he just wasn’t interested in doing something of that magnitude that would pass. He really gave us three bad [...]
by ZH
Bill Buckler’s latest Buckaneer report does a 10,000 foot quantification of the one most critical, yet underreported, trend in America’s transformation from past to future: its gradual, and ever faster, conversion into a totalitarian, centrally-planned state.
The proportions and the nations change, but the question remains the same. We here at The Privateer have raised this question before in relation to the US [...]
One day after being named to a presidential task force to negotiate deficit reduction, House Majority Leader Eric Cantor fired off a stark warning to Democrats that the GOP “will not grant their request for a debt limit increase” without major spending cuts or budget process reforms.
The Virginia Republican’s missive is a clear escalation in the long-running Washington spending war, with no less than the full faith and credit of [...]
The Obama administration has been sounding hazard warnings all year on the need to raise the U.S. debt limit, but it has yet to deliver the worst news: Congress may have to raise it by more than $2 trillion.
Neither the administration nor lawmakers in Congress want to talk about it, but an increase of at least $1 trillion is needed to keep the government [...]
by Michael Smith
Money has always been a matter of trust. Even when it was made of gold, there was still a need to believe it wasn’t tainted. As money has moved beyond metal to notes, its value and virtue has changed, too. The U.S. Dollar says “In God We Trust†but implies trust in Uncle Sam to make good on the note. Such trust requires maintaining a value proposition [...]
The Fed Admits To Breaking The Law
After months of litigation and political scrutiny, the Federal Reserve yesterday ended a policy of secrecy over its Bear Stearns Cos. bailout.
In a 4:30 p.m. announcement in a week of congressional recess and religious holidays, the central bank released details of securities bought to aid Bear Stearns’s takeover by JPMorgan Chase & Co. Bloomberg News sued the Fed for that information.
The problem is this: [...]
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