We learn today that he's been charging the taxpayers rent for the accommodations used by the Secret Service as they provide security for him on his Delaware property.
Our neighbor to the North also suffered from an unexpectedly weak jobs report, the worst monthly job losses in more than four years.
Meet Rep. Kevin Brady (R-TX): the Six Trillion Dollar Man. Brady recently took the chair of Congress’s arguably most important inner think tank, the Joint Economic Committee. From this perch Brady is proposing to provide the combination to open the lock of a safe that holds $6 trillion in potential revenues for the federal government.
The ECB wants a cheaper euro, the Fed wants a cheaper dollar, China wants a cheaper yuan, and Japan wants a cheaper yen. Mathematical reality says that's impossible, yet that is what every country wants to achieve.
Before this column is done I’m going to make a point on federal spending that really should open your eyes. Actually, you will think that it’s so basic and simple that it’s a wonder nobody has presented it to you in this manner before!
To suggest that this is inflationary is a complete fantasy. It is aimed at stopping deflation. Over the past three years, nominal GDP in Japan has been roughly flat. In other words, total spending for the economy has been nil.
Surely, with all this drama, the death of the dollar was, or is, imminent.
We can expect recovery in the U.S. to remain slow and steady but equally uneven, which is why I’m scratching my head over why people seem so anxious to jump back into the real estate market.
Once again we are seeing articles and research papers stating the Chinese renminbi (yuan) is about to replace the dollar as the global reserve currency.
It’s bad enough we have to accept fiat currency backed by nothing but the government’s promise to pay, but then to be chained to a system for moving it around that was designed a hundred years ago was an eye-opening reminder that our system of currency really is shockingly primitive.
When your money is moving it’s good for Wall Street, but not necessarily good for you. That observation is at the crux of my personal problem with equity investments and the U.S. economy in general.
By this point in the recovery, our jobs market should resemble the stock market, and if the right policies were in place, the jobs market would mirror the share rebound in Dollar Thrifty.