The Internal Revenue Service’s targeting of conservative groups is outrageous. Those who did this should be fired immediately. That’s obvious.
It continues a slovenly week for Barack Obama. The President has been very proud of the absence of scandal in his Administration, and rightly so. The inability of his opponents to find any significant corruption in the historic $800 billion stimulus package was a real achievement, given the speed of the payout. None [...]
Mark Mobius – Europe Has to Have a Default
Mark Mobius, Executive Chairman at Templeton Emerging Markets Group says the only way to solve the euro zone’s debt crisis is for a default to happen.
Mark Mobius: Default Only Answer for Eurozone
Bailouts have not worked, the executive chairman at Templeton Emerging Markets Group told CNBC.
“At the end of the day, you just have to have a default. The default will take place [...]
$275 billion worth of economic drag is already in the pipeline for 2013 without even Obamaquester
President Obama has been so busy proactively blaming Republicans for the allegedly dire consequences of the March 1 sequester that he has failed to notice something far more damaging to the American economy. The tax increases already enacted on Jan. 1 by Congress and the president, coupled with the “tax” of higher fuel prices, altogether mean that about $275 [...]
Today’s AM fix was USD 1,580.00, EUR 1,196.15 and GBP 1,034.78 per ounce.
Yesterday’s AM fix was USD 1,568.50, EUR 1,189.34 and GBP 1,030.96 per ounce.
Silver is trading at $28.65/oz, €21.80/oz and £18.81/oz. Platinum is trading at $1,611.50/oz, palladium at $731.00/oz and rhodium at $1,175/oz.
Gold climbed $12.30 or 0.79% yesterday in New York and closed at $1,576.90/oz. Silver surged to a high of $28.88 and finished with a gain of [...]
If your predictions are wildly out-of-whack with reality, you need to change your approach.
Here’s a 2009 Obama administration graph authored by Jared Bernstein and Christina Romer showing their calculations for future unemployment levels with and without the Obama stimulus, updated by James Pethikoukis to show the actual figures…
These predictions have been an unmitigated disaster. Not only did the real figures not match up to the advertised ones, but they [...]
The Fed has decided to go all-out in fueling the next massive asset bubbles through its QE3 bazooka. The Fed announced plans to buy $40 billion worth of mortgage securities per month on an open-ended basis, while continuing to reinvest its income from the securities purchased during QE1 and QE2.
Now here is the dangerous side to this equation. This rally will also lead oil and grains to new highs, which [...]
Financial collapses may have different immediate triggers, but they all originate from the same cause: an explosion of credit. This iron law of financial calamity should make us very worried about the consequences of easy credit in China in recent years. From the beginning of 2009 to the end of June this year, Chinese banks have issued roughly 35 trillion yuan ($5.4 trillion) in new loans, equal to 73 percent [...]
China’s massive bank financed stimulus was intended to keep the economy moving. It may instead lead to economic disaster.
Financial collapses may have different immediate triggers, but they all originate from the same cause: an explosion of credit. This iron law of financial calamity should make us very worried about the consequences of easy credit in China in recent years.
From the beginning of 2009 to the end of June this year, Chinese banks [...]
Glenn Beck : Unstoppable Economic Collapse is Imminent the world has no engine of growth most of the G20 countries have reached a stalled growth , the only engine of growth in the United States is the stimulus package . The bankers have finally gotten their day. They have removed all competitors to their fiat currencies that surround the world. As the US prints more, so will other countries. Other [...]
Brazilian President Dilma Rousseff is set to unveil a R$133bn ($65.6bn)stimulus and investment package on Wednesday in an effort shore up …
Brazil’s labour market defies slowdown
beyondbrics Brazil economy
Tax breaks boost Brazilian car production
Brazil After the carnival
Special reports Investing in Brazil 2012
From Gold Core
Market Optimistic On Central Bank Intervention
Today’s AM fix was USD 1,613.00, EUR 1,300.39, and GBP 1,032.39 per ounce.
Yesterday’s AM fix was USD 1,606.75, EUR 1,299.43 and GBP 1,032.28 per ounce.
Silver is trading at $28.08/oz, €22.71/oz and £18.01/oz. Platinum is trading at $1,415.70/oz, palladium at $582.50/oz and rhodium at $1,100/oz.
Ireland observed a national holiday on Monday.
Gold climbed $8.40 or 0.52% in New York yesterday and closed at $1,611.20/oz. Silver hit [...]
Ireland Plans $2.76 Billion Stimulus Package
The Irish government Tuesday said it has found over €2.25 billion ($2.76 billion) to salvage a number of delayed road, school and health-care construction projects, which it hopes will create jobs without increasing the debt burden of the troubled economy.
Spain: King Juan Carlos And Crown Prince Felipe Take 7% Pay Cuts in Austerity Drive
King Juan Carlos and Crown Prince Felipe are cutting their yearly salaries [...]
Proof that the markets are being artificially held up by the stimulus packages that US and Europe are fraudulantly using to their own ends.
Now, if the job figures are good then the FR is less likely to throw another stimulus package out there which the baying animals on the stock exchange are all ready to stick their snouts into.
Market logic sours sentiment across Europe and the UK as investors seek [...]
At the Tiger Lane Bridge recruitment centre in Beijing, a handful of men scan a board plastered with job ads. Waiters, cooks, teachers, security guards, welders, telephone operators and drivers are all in demand.
But the job seekers, – who are outnumbered roughly ten-to-one by the positions advertised – are in no great rush.
“Actually, I’ve got a job already. I just come here every now and again to see if [...]
Economic consequences of worst-case scenario being considered
The government is drafting plans to address the potential consequences of a Greek exit fromthe eurozone as leading Chinese economists warned that such a scenario could plunge theglobal economy into a new recession.
“The government is working on plans for the worst-case scenario of Greece leaving theeurozone later this year,” Wang Haifeng, director of international economics at the Institute forInternational Economic Research, under the National [...]
Wolf Richter www.testosteronepit.com
The ugly jobs report gave Mitt Romney’s campaign what it had been waiting for: a huge boost. And they’re out making hay. Romney called it “devastating news for American workers and American families.” An army of Republican talking heads swarmed over the land and pummeled President Obama with the jobs report. And just as Republicans see victory edge closer, shrill voices are now calling for the Fed to launch the next [...]
The government of China will soon resume paying subsidies to rural residents who trade in old vehicles for new, fuel efficient ones in an effort to rekindle demand amid a slowdown in the world’s largest auto market, a government official told Reuters on Monday.
Beijing has used such incentives before, as in 2009 when the government introduced a similar stimulus package with tax incentives for cars with engine sizes of 1.6 liters or [...]
The Feds reported that the first quarter GDP growth this year dropped to 2.2 percent, down 27% from Q4/11. Keynesian economic proved to be a bust–transferring money from one pocket to the other failed once again.
The Obama-Pelosi regime bet the farm (and a trillion of our taxpayer dollars) on a big government Keynesian stimulus package and it failed. In contrast, back in 1980 during a similar economic downturn President Ronald [...]
One of President Obama’s largest financial backers is a key executive at the largest Swiss bank in the world, complicating his criticism of presumptive Republican nominee Mitt Romney.
Robert Wolf is president of Swiss financial giant UBS Investment Bank and chairman of UBS Americas. He has been one of Obama’s most prolific fundraisers dating back to 2006, when the former Senator from Illinois initiated his run for the White House.
Wolf has bundled more [...]
“Follow the money.” As a young journalist on the political left, I often heeded this well-worn advice. If conservatives were denying the science of global warming, I figured, big fossil-fuel companies must be behind it. After all, that was the story with the tobacco industry and the dangers of smoking. Why not here?
And so I covered the attacks on the established scientific knowledge on climate change, evolution and many more [...]
Spain is the new Greece. Portugal is going to debate this, as they’re banged up, but Spain is a unique disaster. The major issue is that no one cares about them. Sans development and tourism, which are in soliatry for a decade or so, you’ve got a paper bag full of water. Take a look thru the headlines in April of 2010, things were contained. We got confirmation Spain is a bag of [...]
The federal debt has increased by $4.47 trillion since President Barack Obama released his first federal budget on Feb. 26, 2009. That budget was entitled, “A New Era of Responsibility.” On Feb. 26, 2009, as Obama released his budget for fiscal 2010, the national debt stood at $10.88 trillion (10,881,159,722,022.36). At the close of business on Feb. 9, 2012, the national debt stood at $15.36 trillion ($15,355,838,921,022.16). That represents an [...]
by Peter Ferrara
Image via Wikipedia
The record of President Obama’s first three years in office is in, and nothing that happens now can go back and change that. What that record shows is that President Obama, with his throwback, old-fashioned, 1970s Keynesian economics, has put America through the worst recovery from a recession since the Great Depression.
The recession started in December, 2007. Go to the website of the National Bureau of Economic Research (www.nber.org) [...]
Nelson was considered one of the most endangered Dem incumbents this cycle. | AP Photo
By JOHN BRESNAHAN | 12/27/11 1:09 PM EST Updated: 12/27/11 3:41 PM EST
Democratic Sen. Ben Nelson of Nebraska announced his retirement from the Senate Tuesday, delivering a serious blow to Democratic efforts to hold on to the majority in the chamber next November.
“There’s much more that needs to be done to keep America strong. And while I relish the opportunity to [...]
Just so we get our facts straight when the subject is discussed.
CBO: Stimulus added up to 3.3M jobs
The CBO report estimates that 500,000 to 3.3 million jobs were created by the stimulus. | AP Photo Close
By JOSH BOAK | 11/22/11 4:12 PM EST
The economy would have been in much worse shape without the 2009 stimulus — which increased employment in the third quarter of this year by as many as [...]
The Congressional Budget Office on Tuesday downgraded its estimate of the benefits of President Obama’s 2009 stimulus package, saying it may have sustained as few as 700,000 jobs at its peak last year and that over the long run it will actually be a net drag on the economy.
CBO said that while the Recovery Act boosted the economy in the short run, the extra debt that the stimulus piled up “crowds [...]
China’s Vice Premier Wang Qishan speaks during a news conference at the Foreign Office …
BEIJING (Reuters) – A long-term global recession is certain to happen and China must focus on domestic problems, Chinese Vice Premier Wang Qishan has said.
“The one thing that we can be certain of, among all the uncertainties, is that the global economic recession caused by the international financial crisis will be chronic,” Wang was quoted by the [...]
It’s a slow day in the small town of Pumphandle and the streets are deserted. Times are tough, everybody is in debt, and everybody is living on credit.
A tourist visiting the area drives through town, stops at the motel, and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs to pick one for the night.
As soon as he walks upstairs, the motel owner grabs [...]