It is unclear how much clearer things need to get before the elite get it: the strategic correlation of forces is steadily and regularly eroding the position of the West vis-à-vis the Muslim world. Ironically, Greece, the cradle of early democracy, may or may not, be the proximate cause of the collapse of the leading Western currency: the Euro. For those Americans who don’t get | Read More »
Watching the 70-year-old-somethings who make up the members of the Democratic Leadership of the U.S. House is like watching the beginning of the end of the Soviet Politiburo — everyone of the old guard gets their turn, until change comes by them dying off. And, just like the Politiboro — they will never, ever leave voluntarily. Rep. Clyburn is just taking his cue not to | Read More »
Economic cocaine: “Has Bernanke stumbled upon the ultimate formula for wealth everlasting? Has the man who once said he would drop money from helicopters if the need arose cracked the code to eternal, effortless prosperity? Just print money and be happy? “If this were true,” ventured Bill Bonner earlier this week in his essay “Plumbers Crack”, “it was a giant step forward for humanity, at | Read More »
Here is something new, The One has decided to spend more money on roads and rail — a “new” $50 billion plan. Money we don’t have. Money he will print or borrow. But The One knows how to do only one thing, create more debt, and impose more taxes with his reckless, non-stop, unrelenting spending. He has his play book. And he is arrogant and | Read More »
Now that the failure of the ObamaStimulus has been laid bare — 41,000 private jobs in May created, but 400,000 plus temporary government census jobs on the books — it is clear that the Trillion Dollar President is out of arrows in his lets-spend-and-borrow-our-way-out-of-the-recession quiver. Liberals who are now calling for more stimulus spending get it. They are scared because it is obvious to all | Read More »
James Pethokoukis of Reuters is at it again, subversion-via-blog. So in the little sit down with the President, the Chinese made clear they did not believe a word of the President’s promises about ObamaCare not adding to the deficit. The Chinese asked uncomfortable questions about the cost of ObamaCare: Guess what? It turns out the Chinese are kind of curious about how President Barack Obama’s | Read More »
While the cognoscenti of the Western financial world is attempting to spin the recent fall in the dollar as a stylish financial mystery play with a journalist based in the Middle East as its star, the Whodunit spin is a red herring: the facts are that the dollar is weak, and getting weaker. The world is awash in dollars. There is a massive oversupply. We | Read More »
A direct result of Barack Obama being elected President and the Democrats take over of Congress is that the U.S. the deficit has grown to a record $1.4 Trillion. From AP: The federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year that ended last week, congressional analysts said Wednesday.
Who knew the U.S. government has $100 trillion in unfunded liabilities? The Chinese government warned the global financial community that it is very concerned about our massive printing of U.S. dollars and that we are using the magically printed money to buy our own T-Bills. We use the money from the “investors” who bought to the T-Bills to cut U.S. government checks. (Think California with | Read More »
Consider this an open thread Here is the question which I am hoping RedState readers and writers can answer: With tax revenue in decline, and the U.S. borrowing growing, how much money is the Federal Reserve electronically flooding into the U.S. and global economy to cover the drop in tax revenue, and to avoid the U.S. borrowing even more money? The Chinese government says “the | Read More »
One of the central points in Senator Gregg’s op-ed about our debt is his warning about the Chinese government not buying our debt: If the Chinese start to reduce their purchases of our government securities because of our need to borrow increasing amounts of money to finance all the spending that the president has proposed, we will have to start offering higher interest payments to | Read More »
The complete market failure to accurately assess the mounting system-wide financial risk being assumed by the private sector, while the market simultaneously assumed an uninterrupted rise in buying power and real estate values, feels like one big Groupthink-based-failure. Groupthink-encouraged-Wall-Street-adopted-bad quantum math equals a really big problem. So consider this the anti-Groupthink muse of outcomes to our financial crisis, and let’s start with a seemingly unrelated | Read More »
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