From the category archives:
by Jerry Robinson | FTMDaily.com, Editor-in-Chief
HOUSTON, APRIL 19 – Here's a round up of the some of the latest shocking numbers detailing the continuing bankruptcy of our nation…
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Political leaders suddenly get cost-conscious… It must be an election year.
by Jerry Robinson | FTMDaily.com, Editor-in-Chief
HOUSTON, APRIL 19 - The suddenly cost-conscious (read: election year) Republicans on the Senate Budget Committee recently whipped out their calculators to compare the debt levels in the Eurozone to the current U.S. national debt. Their findings are detailed in the graph provided. In essence, the United States national debt dwarfs the entire collective debts of the entire Eurozone and Great Britain.
Unfortunately for the bean counting Republicans, this is not a new trend.
And unfortunately for us, once the elections are over, the financial zealots will go back to their pork diets.
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This is probably one of the few times that FTMDaily.com and a central banker will agree on anything…
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While I am on the road this weekend, I am keeping a close eye on the unfolding drama in the global economy. After the S&P’s decision to downgrade America’s credit rating, things are certain to get interesting this week.
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Editor’s Note: As stocks see their worst week in almost two years, the rating agency Standard & Poor’s may be getting ready to downgrade the credit rating of the United States government. This is no surprise to us. In fact, two days ago, the U.S. public debt shot up over 100% of GDP, according to a news story from AFP. This puts the U.S. in the same category as nations like Japan, Greece, Italy and Ireland, to name a few. Also, Moody’s announced that the U.S. needed to lower the debt-to-GDP ratio to 73% by 2015 in order to ensure the sustainability of the AAA credit status.
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Editor’s Note: The debt compromise which passed the House on Monday evening with a vote of 269-161 is the largest debt-limit increase in U.S. history. In essence, the Federal government just got a blank check. This is no surprise given our current economic state. Despite months of pushing the “Recovery is here” propaganda, even the most crafty of politicians cannot hide the real economic truth from the American people. The ship is sinking and everyone is beginning to notice. With this new debt deal…
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This weekend, I ran across this unique presentation that attempts to visualize the U.S. National Debt through stacks of $100 bills.
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What a surprise! After the mainstream media forced you to watch hours upon hours of coverage on the staged debt ceiling “crisis,” Washington somehow found a ways to save their own hides and pull off a “last-minute” debt deal.
Here’s what to expect now…
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The risk of a U.S. default has incited panic among many older Americans, who are now calling the Social Security Administration to find out what’s going to happen to their monthly benefits if the debt ceiling isn’t raised by Aug. 2.
In response, the Social Security Administration has posted very specific instructions on its web site for how the representatives who are handling inquiries from the general public should respond.
The script is short, to the point — and not very comforting: “We’re sorry but we don’t know.”
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Secretary of State Hillary Clinton has been in discussions with the White House about leaving her job next year to become head of the World Bank, sources familiar with the discussions said Thursday.
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Editor’s Note: Ireland is in a tough financial spot. Unlike the U.S., it cannot simply print money to spend its way out of economic pain. So, with relatively few options, the Irish government is turning on its own citizens. Throughout history, governments have often sought to plunder the wealth of their own citizens when they run out of options. It will be interesting to see how the citizens react to this one. Trust me, other governments with similar economic problems will be watching closely too. If little resistance is seen, expect more of this around the globe. It is because of stories like this one that I have been warning for years for Americans to keep their retirement funds diversified. 401k’s and traditional IRA’s are where Americans have been “trained” to store the majority of their retirement funds. For those of you who are interested in creating multiple streams of income in retirement, we are working hard to release a product just for you soon. Stay tuned!
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In 2008, our country went through a major financial meltdown. I stood there and watched 17 years of savings diminish. Half of my 401k was gone and my retirement plans went out the window. In September of 2008, I stopped my 401k contributions. I realized that some other plan was needed. As long as people in Washington are salivating over my retirement accounts, I will not contribute one more dime! I would rather buy silver, gold, and other commodities. I would rather be in control of my own retirement. The last thing I want to do is to depend on the government for anything.
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FTMDaily.com Founder, Jerry Robinson, was recently interviewed about the state of the U.S. economy on Iranian State Television (presstv.ir).
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by Eric Hammer | FTMDaily Contributing Writer TEL AVIV, Mar 28 – A largely peaceful demonstration which featured hundreds of thousands of people marching through Central London to protest planned cuts in the welfare state turned violent Saturday evening. While the mass rally passed peacefully if noisily through London, a small group of a few [...]
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by Eric Hammer | FTMDaily Contributing Writer TEL AVIV, Mar 25 – In a move which may portend further upheavals in the 2012 election, the founder of Tea Party Nation, Judson Phillips recently posted a comment on his blog calling for a challenge against Speaker of the House John Boehner over his refusal to implement [...]
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by Eric Hammer and Jerry Robinson TEL AVIV, Feb. 28 – The ball is currently in the Democrat’s court. That’s the consensus that the House of Representatives and Speaker of the House John Boehner have offered regarding a possible government shutdown. This opinion was voiced after they offered up a six month temporary spending plan [...]
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I must admit that as I sat down to watch the State of the Union address last night, I was more hopeful than usual that the President would at least propose a handful of ideas for effectively reducing our budget deficits and our collective national debt. I was more than disappointed. At one point during the speech, I think my jaw literally dropped.
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(NewsMax) – On the eve of a U.S. visit, Chinese President Hu Jintao made the boldest statement yet on the future of the U.S. dollar as a reserve currency, calling the current global monetary exchange system “a product of the past” while promoting his own country’s currency as a replacement. In written answers to questions [...]
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This Week’s Topic: Does Elliott Wave Predict a Deflationary Depression or Hyperinflation? This week’s special guest interview: Robert Prechter. Follow the Money Weekly Radio is a financial radio show about the stock markets, commodities, energy investing, the global financial crisis, how to prepare for the coming hyperinflation, where to invest money, how to buy gold, how to buy silver, saving money, finding a financial advisor, and paying off debt. Hosted by economist and best-selling author, Jerry Robinson. For the best in financial news, listen to the Follow the Money Weekly Financial Radio Show.
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Image via Wikipedia By Jerry Robinson | FTMDaily.com While checking the news on Sunday, I ran across this headline on the Drudge Report… “Pelosi, 70, Opposed to Raising Retirement Age.” You can read the story in its entirety here >> http://www.cbsnews.com/8301-503544_162-20011573-503544.html It seems that the coming debate over Social Security, that old “third rail” of [...]
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Both parties mull raising retirement age House leaders get frank about Social Security cost House Majority Leader Steny H. Hoyer, Maryland Democrat (AP Photo) By Patrice Hill 8:58 p.m., Tuesday, July 13, 2010 In a rare departure from this year’s intense political posturing over the soaring budget deficit, House leaders of both parties recently signaled [...]
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By Edward Luce in Washington The Financial Times | Published: July 13 2010 18:51 | Last updated: July 13 2010 18:51 Robert Gibbs, Barack Obama’s chief spokesman, got into hot water this week for daring to speak the truth – that the Democrats could lose control of the House of Representatives in November. But it [...]
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Submitted by Tyler Durden on 07/09/2010 17:02 -0500 | Zerohedge.com As we close on another week replete with ugly economic data and the usual bizarro counterintuitive market, here is a summary of the 50 most underreported facts about the state of the US economy, courtesy of the Coto report. After reading these it almost makes [...]
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By Dan Balz Washington Post Staff Writer Monday, July 12, 2010; A02 BOSTON — The co-chairmen of President Obama‘s debt and deficit commission offered an ominous assessment of the nation’s fiscal future here Sunday, calling current budgetary trends a cancer “that will destroy the country from within” unless checked by tough action in Washington. The [...]
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By Mark Whitehouse | Wall Street Journal $1.65 trillion: Euro zone bank debt coming due in 2010 and 2011. Throughout the recession and recovery, many European banks have sought to sweep their problems under the carpet in the hopes that they could solve them in a better and more profitable future. Now, though, they’re running [...]
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By Alan Beattie and Robin Harding | Financial Times Published: July 9 2010 20:40 | Last updated: July 9 2010 20:40 Shopped out: downtime at the Mall of America, one of the biggest in the US. Job growth remains too slow to support the rise in consumption required for a self-sustaining recovery A month ago, [...]
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By PETER FERRARA Posted 07/06/2010 06:04 PM ET | Investors.com Every year, the Annual Report of the Social Security Board of Trustees comes out between mid-April and mid-May. Now it’s July, and there’s no sign of this year’s report. What is the Obama administration hiding? The annual report includes detailed information about Social Security and [...]
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WASHINGTON -(Dow Jones)- The federal budget deficit for the first nine months of the 2010 fiscal year was just over $1 trillion, the Congressional Budget Office reported Wednesday. The shortfall, reflecting $2.6 trillion in outlays for the first three quarters and $1.6 trillion in receipts, narrowed slightly compared with the same point in fiscal 2009. [...]
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The National Debt Clock is shown Monday, Feb. 1, 2010 in New York. President Barack Obama sent Congress a $3.83 trillion budget on Monday that would pour more money into the fight against high unemployment, boost taxes on the wealthy and freeze spending for a wide swath of government programs. The deficit for this year [...]
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http://www.businessinsider.com/here-are-the-23-countries-most-likely-to-default-2010-7#23-kazakhstan-1
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Businessinsider.com | Joe Weisenthal | Jul. 6, 2010, 4:51 AM The world’s hottest deficit hawk Niall Ferguson brought his message of fiscal doom & gloom to the Aspen Ideas Festival, where he warned that politicians were lacking urgency over the crisis to come. The Aspen Times reports: And American politicians don’t have a sense of [...]
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Financial Times | By Ralph Atkins in Frankfurt and Peggy Hollinger in Aix-en-Provence Published: July 4 2010 22:11 | Last updated: July 4 2010 22:11 Germany’s cabinet is poised this week to approve a 2011 budget as part of a four-year programme of public spending cuts meant to serve as an example to other European [...]
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Dow Repeats Great Depression Pattern: Charts DOW JONES, WALL STREET, GREAT DEPRESSION, TECHNICAL ANALYSIS, MARKETS, STOCKS, DAX, FTSE, FOOTSIE, CNBC.com | 05 Jul 2010 | 05:31 AM ET The Dow Jones Industrial Average is repeating a pattern that appeared just before markets fell during the Great Depression, Daryl Guppy, CEO at Guppytraders.com, told CNBC Monday. [...]
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Wall Street Journal | By KARL ROVE At last week’s G-20 meeting, President Barack Obama achieved a two-fer. He suffered a significant international defeat, and he increased the chances his party will suffer a major domestic one this fall. Mr. Obama’s international defeat was self-inflicted. He went to Toronto to press other major nations to [...]
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By BOB DAVIS | WALL STREET JOURNAL TORONTO—The wealthiest of the Group of 20 countries said they would halve their government deficits by the year 2013 and “stabilize” their debt loads by 2016, a signal to international markets and domestic political audiences they are taking seriously the need to wean themselves from stimulus spending. The [...]
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BBC US Treasury Secretary Timothy Geithner has told the BBC that the world “cannot depend as much on the US as it did in the past”. He said that other major economies would have to grow more for the global economy to prosper. He also played down any differences in policy between the US and [...]
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Elena Moya guardian.co.uk, Thursday 24 June 2010 21.33 BST There’s little that shouts “seriously rich” as much as a little island in the sun to call your own. For Sir Richard Branson it is Neckar in the Caribbean, the billionaire Barclay brothers prefer Brecqhou in the Channel Islands, while Aristotle Onassis married Jackie Kennedy on [...]
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By ROB GILLIES (AP) – 16 hours ago TORONTO — Canada thinks it can teach the world a thing or two about dodging financial meltdowns. The 20 world leaders at an economic summit in Toronto next weekend will find themselves in a country that has avoided a banking crisis where others have floundered, and whose [...]
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By Jacob Greber June 18 (Bloomberg) — Former Federal Reserve Chairman Alan Greenspan said the U.S. may soon face higher borrowing costs on its swelling debt and called for a “tectonic shift” in fiscal policy to contain borrowing. “Perceptions of a large U.S. borrowing capacity are misleading,” and current long-term bond yields are masking America’s debt [...]
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By Agence France-Presse, Updated: 6/15/2010 China’s holdings of US debt climbed to the highest level this year, the US Treasury said Tuesday even as Beijing stepped up attacks on the United States for its burgeoning debt. The cash-rich Chinese government raised its US Treasury bond holdings to 900.2 billion dollars in April, its highest level [...]
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By Jason Groves | Daily Mail UK Last updated at 8:24 AM on 15th June 2010 EU begin emergency billion-pound bailout of Spain Countries in debt may fall to dictators, EC chief warns ‘Apocalyptic’ vision as some states run out of money Democracy could ‘collapse’ in Greece, Spain and Portugal unless urgent action is taken [...]
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by Martin D. Weiss, Ph.D. 06-14-10 Anyone not blinded by greed can plainly see the sick cycle we’re in: First, the government helps create a great asset bubble. Next, the government-created bubble bursts under a dark cloud of hardship for millions of Americans, and … Last, the government responds by creating still ANOTHER bubble, often [...]
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