The world’s government projections for deficit financing in 2011 is $8-10 trillion. We are bumping into the ceiling of the world’s ability to fund ongoing sovereign deficits and debt on an annual basis.
Even though I watch CNBC each and every morning, I have no idea whether or not a failure to raise the U.S. debt limit will be the second coming of the collapse of Lehman Brothers.
One final note about the CNN Republican debate Monday night: Judging from the number of Leroy Jethro Gibbs slaps to the back of the head I've received, I am apparently the only person in the known universe who didn't think Michelle Bachmann stole the show.
The upcoming election may become less about candidates and more about whether enough voters believe America faces a looming collapse that must be addressed now.
Unlike super-deflationist Robert Prechter, I expect gold to hold its value over the mid-term (another swoon is always possible) as the Fed fights massive deflationary forces of excess leverage, excess debt, boomer demographics, global wage arbitrage, cutbacks in state and local governments, and most importantly - consumer attitudes towards debt.
As Congress starts to wrangle with the debt ceiling issue, they might be well advised to regard Greece as the Cradle of Debt-ocracy with the U.S. as its favored son.
Things have gotten so complicated for the front men of U.S policy that they are tripping over their own capes.
In the midst of a season that has provided riveting political theater – the budget extension impasse and the impending battle over raising the debt ceiling – a bright ideological line has emerged between the two major political parties. It is not about whether we must reduce our debt (both sides ostensibly agree that we must), but about where those cuts should come from.
Washington shutdown fears are sinking the U.S. dollar, according to some news reports. Surely there’s something to this.
The Republican take away from President Obama’s State of the Union address should be unwavering opposition to an unconditional increase in the U.S. debt limit.
President Obama fulfilled his constitutional duty and gave his report on the state of the union last night. Here's mine: We're in deep trouble.
So if China won't and the U.K. and Canada can't, who is going to loan us a trillion dollars in the next 12 months? Nobody knows.
The only credible way to seriously address the debt crisis is through spending cuts, not tax increases, says the International Monetary Fund (IMF)
Jason Chaffetz "Stunned," Paul Ryan "Disappointed" McCarthy Dropped Out of Speaker's Race | Katie Pavlich