Deficits

Paul Krugman Recommends the United States Borrow, Inflate, Default and Steal

Time to Just Get it Over With?

Readers of SwiftEconomics know I’ve been just an incy wincy bit critical of Paul Krugman (see here, here, here and here), but I guess I kind of agree with a… Continue reading

Cuba Cuts One Million Public Jobs… California State Pensions $500 Billion Underwater

Red Ink Rising

I’ve already discussed how the federal government’s budget is bleeding red ink. Well, the state’s aren’t much better. A recent Stanford University report concluded that California’s public employee’s pension fund was an astronomical $500 billion dollars… Continue reading

Is The United States Going Bankrupt?

Renowned economic historian Niall Ferguson is usually even-keeled with his predictions. That was not the case about a month ago when he warned that the United States could be nearing a sudden collapse:

“I think this is a problem that… Continue reading

Bill Clinton Making Some Sense

Here President Clinton discusses the crux of the G20 meetings, whether the US is headed toward a double dip recession, and whether governments should be pursuing austerity measures. He also lets us know that you “can’t get milk out of… Continue reading

A Second Mortgage Meltdown?

As bad as all that sounds, it ignores the dire situation we are facing in a very familiar setting; the housing market. Contrary to popular wisdom, the ‘toxic assets’ have not been cleaned out. It is very likely we are heading for a second mortgage meltdown. Continue reading

Swift Wits: Savers Get Stung, Pay Czar Tackles AIG and Real Estate Keeps Deflating

As of today, few things would be less appealing in your portfolio then dollars. As the Federal Reserve pours liquid-ity into the economy through TARP, stimulus and bailouts, and the Federal Government runs record deficits, interest rates stay artificially low. Depressingly low. In fact, a quick surf of Bankrate.com tells me the highest yielding money market account currently available (MMA) is 1.81%, while the average yield comes in at a whopping 1.113%. (1) That means if a person has $20,000 of hard earned money stuffed away in a MMA, he or she will earn roughly $30/month in taxed income. Nice. Continue reading

Swift Wits: Should We Sell Alaska to Pay Off Debt?

David Walker, the former comptroller general of the GAO, has said the United States is on pace for bankruptcy. Fiscally speaking, things look really bad. So what should we do? Well, real estate developer Aaron Bistons has an idea and a petition to back it up. Sell Alaska! Continue reading

The Art of Monetizing Debt

The public debt soared to $1.27 trillion in July, for fiscal year 2009. The current ceiling for the total public debt is set at $12.1 trillion, a figure the Treasury projects will be eclipsed by mid-October. This has Treasury Secretary Tim Geithner urging Congress to raise the debt ceiling, and raise it fast. Continue reading

GAO Comptroller General David Walker on U.S. Fiscal Mess

Some new projections put unfunded liabilities at over $100 trillion dollars! Regardless of whether we get out of this current financial crisis and regardless of whether the massive amount of money being created in by the Federal Reserve doesn't cause massive inflation, the United States will still have to deal with enormous fiscal deficits. It's a problem we simply cannot ignore. Continue reading

Write Your Local Representative…OK, I Will

It's hard to have any sympathy for Tim Geithner. The man was president of the New York Federal Reserve Bank and director of the Policy Development and Review Department for the International Monetary Fund. Learn how to do your taxes and work TurboTax or better yet, you're not 22 anymore with no assets or responsibility; get an accountant. Continue reading
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