This has been a nightmare week for Barack Obama, without a doubt the worst of his presidency so far. Steven T. Miller, acting commissioner of the Internal Revenue Service has resigned over his agency’s targeting of conservative groups, which even The Washington Post labeled this morning a “horror story”. Yesterday Obama’s Attorney General Eric Holder testified before the House Judiciary Committee on a host of issues including the Benghazi debacle, in what can only be described as a [...]
House Majority Leader Eric Cantor (R-Va.) ripped the media in a speech Tuesday to the Ripon Society, arguing press coverage is partly responsible for the GOP’s messaging woes.
Cantor, who has tried to recast the image of the GOP with his Making Life Work agenda, said the party’s economic message is often drowned out by coverage of debt and deficits.
“The media has done a great job of sort of shoving us [...]
Millions took to the streets to take part in May 1 demonstrations around the globe. From union rallies to protests and clashes with police, the International Labor Day events drew attention to the issues of austerity, unemployment and workers rights.
Has Cyprus reignited the regional debt crisis, pushing the Eurozone to the brink of collapse and risking a potentially destabilizing change in the geopolitical order? Or is the country, with only a million people and accounting for 0.2 per cent of the region’s GDP, a small problem that could be solved within days?
These are the two dominant narratives for Europe’s latest woes. And after being caught by surprise by developments on [...]
What if there has been a well-orchestrated attempt by the strongly left-leaning governments of Europe and Asia to cement their power and expand their policies by means of exploiting the banking woes of similarly left-leaning nations. Are nations like Belgium, France, Russia and China pulling the strings and encouraging left-leaning governments in fiscal trouble to utilize the situation to enhance influence and power?
This was tried in Greece and Spain, but [...]
The estimated population of the United States is 314,551,288
so each citizen’s share of this debt is $53,081.13.
Treasury Direct link
The Daily History of the Debt Results
Historical returns from 03/01/2013 through 03/06/2013
The data for the total public debt outstanding is published each business day. If there is no debt value for the date(s) you requested, the value for the preceding business day will be displayed.
( Debt Held by the Public vs. Intragovernmental Holdings )
Debt Held by [...]
by Mike Shedlock, Global Economic Analysis:
The woes of twice bankrupt Allen J. Parker, age 71 may be over.
The bankrupt city of San Bernardino Hires the Twice Bankrupt Allen Parker as City Manager based on his “experience”.
The bankrupt city of San Bernardino has hired a new city manager who, according to court filings, has twice declared personal bankruptcy and was recently ousted from the board of a small community’s water company after being sued [...]
From Liberty Blitzkrieg:
Bryant saw a flash on the screen: The explosion. Parts of the building collapsed. The child had disappeared. Bryant had a sick feeling in his stomach.
“Did we just kill a kid?” he asked the man sitting next to him.
“Yeah, I guess that was a kid,” the pilot replied.
“Was that a kid?” they wrote into a chat window on the monitor.
Then, someone they didn’t know answered, someone sitting in [...]
NEW YORK (CBSNewYork) - How far would go to get gas?
Long gas station lines and empty gas pumps have plagued drivers across New York and New Jersey since Superstorm Sandy slammed into the East Coast last Monday, leaving a gas shortage across the region.
Stories of price gouging and fights at gas stations have also been commonplace. But now it seems people — men in particular — are finding new ways to [...]
Apple’s iPhone 5 is on track for record-breaking sales – but another problem seems to be plaguing the new phone.
Users are reporting that images taken on the camera are ringed with a ‘purple haze’ on any image containing a bright light.
They are now complaining to Apple in droves, with Apple forums littered with complaints from users hoping Apple can solve the problem without a product recall.
The issue adds to a [...]
In this episode, Max Keiser and Stacy Herbert discuss flash crashes, reputation woes on the U.S. exchanges and sheep screaming at all the fraud. Max also talks to one of the Queen’s sheep for its opinion on quantitative easing. In the second half of the show, Max Keiser talks to Jim Rickards, author of Currency Wars, about QE to infinity, the dollar, the euro and a gold standard.
Follow Max Keiser [...]
The Teachers Union turned down a $400 million dollar plan, citing it’s not enough. It’s a 16% increase of current pay and they already are some of the highest paid teachers in the nation. Also the Graduation rate is only 56% for Students!!! Today 400k Students are on the streets when they should be in the classroom.
“Peleas de Abajo may be the most indebted village in a country with a growing budget deficit brought on by years of buying and spending on credit that is drying up.
Across Spain, towns and villages are selling off assets, raising taxes and cutting budgets to avoid bankruptcy. Spain’s banks are seizing mortgaged property and selling it off to overcome nearly $250 billion in bad loans on their books.”
With global leaders today expressing tremendous fear and concern about one of the worst droughts in history, the world is holding its breath and expecting a massive spike in inflation. The problem is the inflation spike is not isolated to food. Here are a plethora of charts and text that will shock KWN readers around the world.
Tom Fitzpatrick latest report:
Brent Crude in Euros (See Chart below) – The charts below raise [...]
Escalating violence in Syria has shut down pharmaceutical plants, piling another worry onto the woes facing the Syrian people: Severe shortages of medicine.
The World Health Organization warned Tuesday that growing clashes between forces loyal to President Bashar Assad and opposition fighters around the cities of Damascus, the capital, and Aleppo have damaged and closed many of the local plants that make the vast majority of medicines. The country produces most [...]
More woes for NBC after it shows ad featuring monkey doing gymnastics, right after Gabby Douglas’ big win
Commercial was for Animal Practice – an upcoming NBC sitcom
NBC says ‘no offense was intended’ with the ad
She’s now an international celebrity after taking gold in all-around gymnastics competition on Thursday
NBC has become the centre of a race storm after airing an ad featuring a monkey performing gymnastics, right after showing the performance [...]
The jobless rate in the euro area reached the highest on record as the festering debt crisis and deepening economic slump prompted companies to cut jobs.
Unemployment in the economy of the 17 nations using the euro reached a revised 11.2 percent in May and held at that level in June, the European Union’s statistics office in Luxembourg said today. That’s the highest since the data series started in 1995. In Germany, unemployment climbed [...]
Parents and friends of Swedish and Singaporean swimmers as well as a host of other countries have been refused access into the aquatics centre over the past two nights, missing seeing their loved ones compete, while other parents have had hours of angst trying to sort tickets at the last minute.
Adding to their woes were the pictures of empty seats in prime positions.
The issue hasn’t been confined to the aquatics [...]
LONDON (Reuters) – Under-funded, hit by Olympic controversy and against the backdrop of a national economic crisis, Greece led the athletes’ parade at the opening ceremony to the London Games on Friday, having vowed to put their problems behind them.
The Greeks, who traditionally enter the stadium first in honor of the ancient Olympics and as hosts of the first modern Games in 1896, have endured the expulsion of two elite [...]
And it is only going to get much worse.
Cisco to Lay Off About 1300 Employees? Wall Street Journal
Continuing to trim expenses amid growing competition and the sluggish economy, San Jose networking giant Cisco Systems said Monday it will lay off about …
Kiwifruit woes lead to orchard layoffs
?The Farming Show – 15 hours ago
Layoffs have started in the Bay’s orchard spraying companies because of the … on the successful grafting this [...]
Homeowners in southwestern Connecticut who have been experiencing problems with opening or closing their garage doors may have a nearby Navy base to blame.
U.S. Navy officials have acknowledged on Monday that a radio signal being transmitted out of the Groton Submarine Base is likely the cause behind the residents’ garage-door woes.
The signal is part of the Enterprise Land Mobile Radio (ELMR) system, which is used by the military to coordinate [...]
The US will make little progress tackling high unemployment before 2014 unless the Federal Reserve eases policy further, one of the central bank’s leading officials has warned in the run-up to a meeting next week where the option of QE3 will be on the table, reports the Financial Times.
Greece seeks more cuts as deadline looms
Greece’s newly elected government is seeking billions of euros of additional budget cuts – and [...]
July 19, 2012
The euro was little changed against the dollar on Thursday after hitting a record low against the Australian dollar and a 3-1/2-year trough versus sterling, as weak U.S. data and Germany’s fresh warnings about Spain’s banking troubles diminished risk appetite.
A slew of soft U.S. economic data affirmed views that recovery in the world’s largest economy has stalled, prompting investors to pare back positions in risky but higher-yielding assets.
On Monday, investors breathed a sigh of relief after the EU agreed to lend $125 billion to Spain’s banks.
But billionaire investor Jim Rogers wasn’t relieved. He thinks the bailout is misguided – even the worst possible thing that could have happened.
“Let them go bankrupt. Let them all go bankrupt!” he exclaimed on CNBC’s Fast Money Halftime Report.
Rogers believes that bailouts aren’t helping solve the woes of Europe one bit.
“The way system [...]
This Republican Economy
By PAUL KRUGMAN
Published: June 3, 2012 17 Comments
What should be done about the economy? Republicans claim to have the answer: slash spending and cut taxes. What they hope voters won’t notice is that that’s precisely the policy we’ve been following the past couple of years. Never mind the Democrat in the White House; for all practical purposes, this is already the economic policy of Republican dreams.
So the [...]