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Charles B. Warren, a real estate economist and appraiser in Pleasant Hill, California, asks: “In the Los Angeles region, who will be Greece and who Germany” if California voters approve Proposition 31 on the November ballot? Warren once was a visiting professor at Istanbul Technical University in Turkey. He was referring to the European Union, where solvent Germany has been bailing out the overspending of Greece, Italy and other countries. After [...] Prime Minister Mariano Rajoy delayed seeking a second rescue for Spain while pledging to continue bailing out its regions as Valencia requested more money to settle bills and cover debt. Rajoy spoke today following a meeting in Madrid with French President Francois Hollande. Catalonia, Valencia and Murcia this week claimed more than half of an 18 billion-euro ($23 billion) fund announced by Rajoy last month to help the regions face bond redemptions and finance [...] Despite the government’s well massaged economic statistics the latest census data shows its bad out there. Really bad. As world leaders finally begin to admit that we are smack dab in the middle of another Great Depression and the economy stands at the cusp of another earth-shaking collapse of the financial system, the US census reports that nearly 100 million Americans are now classified as living in poverty or are considered “near poor.” That’s [...] What you are looking at is the responsiveness to “crowding out” of the private sector by the federal government. Here are the percentages of the GDP the feds consumes starting in 1975.
21.3 21.4 20.9 20.7 20.7 20.1 21.7 Now 1981 to 1990. 22.2 23.1 23.5 22.2 22.8 22.5 21.6 21.3 21.2 21,9
Notice how the effectiveness of debt decreases when Reagan ran a record, for then, deficit in 1982-83. Now 1991 to 2001
22.3 22.1 21.4 21.0 [...] From Forbes: … Stores spend billions on the science of getting you to part with your money. They understand how your brain works and then use this against you. Well, with these tricks under your belt, you can beat them at their game and feel more in control. And you’ll be able to enjoy shopping without coming home with a spending hangover. 1. Be wary of… Read full article… by James Angelos On a recent trip to Greece, I visited my aunt in her Athens apartment. I’d arrived from Berlin, and she, like many Greeks these days, wanted to talk about Germany in not the nicest terms. “The Germans are so strict!” she said, feeling, as do most of her compatriots, under the thumb of German-backed austerity measures. After all, she added, Greeks had for long been such loyal buyers of German [...] by AP BRUSSELS (AP) — All European Union countries except Britain and the Czech Republic agreed Monday to sign a new treaty designed to stop overspending in the eurozone and put an end to the bloc’s crippling debt crisis, while EU leaders also pledged to stimulate growth and employment. The new treaty, known as the fiscal compact, was agreed at a summit of European leaders in Brussels on Monday. It includes strict debt [...] I use this reference to an old Marlon Brando movie, on man’s hidden impulses, as an allegory to try and understand the Euro zone financial collapse. Here is the time line as I understand it and the key calls made at each instant. 1° At the early 2009 G20 meeting in London, Merkozy started their two ‘man’ divergent act. Merkel reminded the world that ECB was independent. Sarkozy said we needed [...] http://patriotupdate.com/15644/forbes-rich-nations-go-broke-by-overpromising-and-overspending It’s just history, folks. In the article - In England the penny contained 1,438 milligrams of silver in 1299, but by 1526 it had been debased to 687 milligrams, falling further to [...] by freep.com Running short on cash to fund basic services and payroll, Detroit stopped paying some of its vendors in a move that experts say could increase the likelihood of the state appointing an emergency manager or contractors pushing the city into bankruptcy court. City Council President Pro Tem Gary Brown, the lone Detroit elected official calling for some state intervention, said the city must act more quickly to reduce a runaway deficit [...] By EconMatters In addition to decades of overspending beyond means, there are also some less discussed contributory factors leading to the current debt crisis in the Euro Zone, particularly when compared to the United States.
The following charts from the Telegraph illustrate how regulations and poor administration have held back Portugal, Ireland, Italy, Greece and Spain’s economies, using data from the Doing Business project, which carried out by the World Bank, measures the time and cost [...] Via Peter Tchir of TF Market Advisors Greece is about to get an installment of 8 billion Euro. I’m going to assume that is their quarterly installment. Greece is running a primary deficit of about 6 billion Euro (as best as I can figure out). So that is 1.5 billion per quarter. So about 19 cents of every Euro of bailout money makes it way to fund Greece’s current overspending. As best as we [...] In a recent research note Andrew Garthwaite of Credit Suisse discussed the two things that concern him most about the enduring crisis in Europe: “At which points do countries reach the breaking point in terms of the amount of austerity they can endure? Greek GDP has already declined 14% from peak and the Greek parliament is set to vote on the new round of austerity measures at the end of November [...] Washington’s Blog Polls Show that Americans Think We Overreacted, Overspent and Weakened Ourselves Through the War on Terror As the Brooking Institution reported yesterday, Americans that the government overreacted and overspent in reaction to 9/11: These are a summary of findings of a new poll conducted by the Program on International Policy Attitudes (PIPA) and the Anwar Sadat Chair for Peace and Development [...]
WASHINGTON (AP) — President Barack Obama and a startling number of Republican senators lauded a bipartisan deficit-reduction plan Tuesday that includes $1 trillion in higher taxes, raising hopes of a last-minute compromise to repair the nation’s finances while averting a government default. Wall Street saluted as well. Obama said he hoped congressional leaders would “start talking turkey” as soon as Wednesday along the lines of [...] WASHINGTON, D.C. – House Majority Leader Eric Cantor (R-VA) today issued the following statement regarding House consideration of a balanced budget amendment, H.J. Res. 1, sponsored by Congressman Bob Goodlatte: “We are being asked by the Obama Administration to approve a debt limit increase. While President Obama inherited a bad economy, his overspending and failure to enact pro-growth policies have made it worse and now [...] June 2011 marks the 40th anniversary of President Richard Nixon’s declaration of a “war on drugs” — a war that has cost roughly a trillion dollars, has produced little to no effect on the supply of or demand for drugs in the United States, and has contributed to making America the world’s largest incarcerator. Throughout the month, check back daily for posts about the drug [...] Pimco That adorable skunk, Pepé Le Pew, is one of my wife Sue’s favourite cartoon characters. There’s something affable, even romantic about him as he seeks to woo his female companions with a French accent and promises of a skunk bungalow and bedrooms full of little Pepés in future years. It’s easy to love a skunk – but only on the silver screen, and if in [...] From PIMCO Skunked Medicare, Medicaid and Social Security now account for 44% of total federal spending and are steadily rising. That adorable [...] by Striker 1) First go manufacturing/production/plant infrastructure and jobs which really began to speed up over 15 years ago. Not to return for decades, because they are so difficult to bring back once gone and because the competition is light years ahead now. 2) Then unnecessary overspending by government and citizens of the country for 9 years. Count them out a little: long running war of choice, debt to income ratios for [...] by OldYeller The average age of a fiat currency at it’s death is 35 years. Our dollar is 39 years old. We, like every other fiat currency printer will print ours extinct because we are addicted to debt. Hyperinflation is not as rare as governments would like you to believe. Whenever a government spends far more than it takes in, the risk of hyperinflation is there. It wipes out the value of [...] 1) US Home Seizures Reach Record for Third Time in Five Months “U.S. home seizures reached a record for the third time in five months in August as lenders completed the foreclosure process for thousands of delinquent owners, according to RealtyTrac Inc. Bank repossessions climbed 25 percent from a year earlier to 95,364, the most since the Irvine, California-based data provider began keeping records in 2005. Foreclosure filings, [...] |
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