Government Spending Archive

Italian article this am

Misrepresents what I say a bit, but they do have my picture next to JFK! ;) The IMF: sovereign currency, no longer the monopoly of the banks Eliminate the public debt of the United States at once, and do the same with Great Britain, Italy, Germany, Japan, Greece. At the same time ...Read More

Stockman’s ‘Four Deformations of the Apocalypse’

Four Deformations of the Apocalypse By David Stockman July 31 (NYT) — If there were such a thing as Chapter 11 for politicians, the Republican push to extend the unaffordable Bush tax cuts would amount to a bankruptcy filing. The nation’s public debt — if honestly reckoned to include municipal bonds and ...Read More

Professor Bill Mitchell on inflation

Zimbabwe for hyperventilators 101 A very good read. Today’s hyper inflation fears due to ‘money printing’ are pure fear mongering. My comment to Bill in support of his article: Russia in 1998 is an example of how much the flat earth economists are wrong in what determines the value of a currency ...Read More

Greenspan in WSJ: U.S. Debt and the Greece Analogy

History will not be kind to the former Fed Chairman with regard to his understanding of monetary operations. He understands solvency is not an issues which does seem to put him ahead of most. But he lacks a critical understanding of interest rate determination, particularly with regard to how the entire term ...Read More

Bloomberg- Millionaires’ Ranks Grow 14%

govt deficits = ‘non govt’ savings: The recovery in wealth last year was a result of resurgent financial markets and increased savings, the report said. The Standard & Poor’s 500 Index rose 20 percent in 2009 and the U.S. savings rate averaged 4.2 percent compared with 2.6 percent a year earlier. >    ...Read More

Tea Party Protest Sign

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Altman is back

America’s disastrous debt is Obama’s biggest test By Roger Altman April 21 (FT) — The global financial system is again transfixed by sovereign debt risks. This evokes bad memories of defaults and near-defaults among emerging nations such as Argentina, Russia and Mexico. Yes, all fixed FX blowups. But the real issue is ...Read More

Bernanke on government spending

[Skip to the end] Just added this to my 7 Deadly Innocent Frauds draft where I had described the process of government spending in a similar manner: (PELLEY) Is that tax money that the Fed is spending? (BERNANKE) It’s not tax money. the banks have– accounts with the Fed, much the same ...Read More

Government spending may be accelerating

US Jan budget surplus narrows as spending hits record by David Lawder WASHINGTON, Feb 12 (Reuters) – The U.S. government posted a $17.84 billion budget surplus for January, less than half the year-earlier surplus, as spending hit a record for the month while receipts fell from a year ago, the U.S. Treasury ...Read More

Updated January 31 month end report

Please excuse the mix of Bloomberg and Valance graphs. Comments welcome. Went blurry eyed trying to organize it all. Markets reacted strongly to Friday’s -17,000 non-farm payroll number. Several sources called it the first negative payroll number in 4 years. How quickly they forget the first negative number was the initial August ...Read More