The US national debt is twenty times higher than is officially reported, approaching $222 trillion, and today’s children could soon be paying their parent’s debts, reputed American economist Laurence Kotlikoff told RT….
“In politics, nothing happens by accident. If it happens, you can bet it was planned that way.” – Franklin D. Roosevelt
from Deviant Investor:
The US government spends $1 – $2 Trillion more each year than it collects in revenues, using strictly cash accounting. This is not sustainable. But the deficit is actually far worse when accrued liabilities are included – as calculated by Laurence Kotlikoff. Using his numbers, the fiscal gap is approximately [...]
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Welcome to Capital Account. Simpson-Bowles, Obama’s bipartisan deficit commission of 2010, has become a political football in the Presidential race. In attempts to score political points Mitt Romney, Paul Ryan, and Joe Biden have flung it around in recent speeches and interviews. We talk to Former Republican Senator and co-chair of the Simpson-Bowles commission, Alan Simpson about how he and his co-chair propose to fix the deficit.
Plus there [...]
From Egan Jones:
Synopsis: KINGDOM OF SPAIN EJR Sen Rating(Curr/Prj) BB+/ BB Rating Analysis – 4/30/12 EJR CP Rating: A3 Debt: EUR643.1B, Cash: EUR95.1B EJR’s 1 yr. Default Probability: 3.0% Miserable trend – over the past three fiscal years (i.e., from 2008 to 2010), Spain’s GDP declined from EUR1.09 trillion to EUR1.07 trillion. Meanwhile, its debt mushroomed from EUR381 billion to EUR563 billion. The recently-reported quarters are of little comfort since the [...]
The global economy is moving into a “survival period” in which gold will provide one of the few areas of protection for investors, according to Richard Russell.
The publisher of Dow Theory Letters – the world’s longest-running daily investment letter – and a long-time gold bull, Russell reiterated his bullish case for the yellow metal and gold-related investments this week.
“I now think of compounding in terms of debt and the compounding of [...]
Initial Blows Exchanged as Debt-Cap Fight Begins
By Damian Paletta and Patrick O’Connor, January 7, 2011
“Mr. Geithner said that with a current debt level of $13.95 trillion, the U.S. could hit the $14.3 trillion limit as soon as March 31, but more likely at some point before May 16. He called for lawmakers to raise the ceiling to an unspecified level by the end of March.
That’s like bailing out the entire US national debt.Â If this happens in all the PIIGS countries, Europe is in REALLY deep doo-doo.
According to MarketWatch:
The International Monetary Fund, European Union and European Central Bank are preparing a 120-billion-euro ($164 billion) bailout of Ireland, requiring the country to raise taxes and nationalize more banks, the Sunday Times of London reported.
The plan, which would exceed the 110-billion-euro bailout created [...]
1. 39.68 million Americans are on food stamps. That number is expected to rise to over 43 million Americans in 2011.
2. Foreclosure filings were reported on 367,056 properties in the month of March. An increase of almost 19 percent from the month of February, and the highest monthly total since RealtyTrak began issuing its report back in January of 2005.
3. More than 10 percent of US homeowners with a mortgage [...]