The late, great Margaret Thatcher famously said that “Socialist governments…always run out of other people’s money”. And “I love the smell of napalm in the morning” is an iconic line from Apocalypse Now. Thinking about the fiscal mess in Europe, I’m going to combine these two sentiments and state that, “I love it when statists run out of victims and start cannibalizing each other.”
For starters there is scant evidence the treasury market is settling. Yield on the 10-year note is up to 2.517% today from 2.475% yesterday. The weekly action looks no different that similar consolidation action in the middle of May and the middle of June. After similar-looking consolidation periods, yields blasted higher each time.
Federal Interior Minister Chaudhry Nisar Ali Khan informed the National Assembly on Thursday that a four-member committee of the Federal Investigation Agency (FIA) had been constituted to probe treason charges against former President Musharraf.
When asked why interest rates were rising so dramatically in the past few weeks, Bernanke inquisitively scratched his cheek, anxiously tightened his lips, surprisingly bowed his head, and responded, “Beats me, we’re all surprised.”
The question is whether the ongoing challenges in Europe, the incipient slump in China, Brazil and elsewhere, and the impact of our own weakness will lead to further weakness in the business sector.
In the wake of hacking attacks on financial, intelligence and defense assets here in the U.S. that have been consistently reported for over 15 years in the United States, it’s time to label China what it really is: a terrorist nation.
You didn’t think the Fed was serious when they said they might consider (at some undetermined time in the near – or distant – future) possibly tapering QE? Because. . . They weren’t. Also: Dan Epstein, with Cause of Action, joined the program to discuss the broken promise of government transparency.
To be completely fair, problems in France (Spain, Greece, Italy, etc) cannot be pinned entirely on the euro. However, it is 100% certain the euro exacerbated existing problems, and in a major way. Instead of being a savior, the Euro has been more like an anchor to most of the economies in the eurozone.
Evidence of the administration’s incompetence, policy fails, and dirty deeds is piling up as fast as the worthless national media can be dragged and shamed into grudgingly reporting it. But don’t fool yourself that liberals will be reflective, conciliatory, or interested in fence-mending.
The first leg of President Obama's trip to Africa begins in the nation of Senegal. The nation is 94% Muslim, its official language is French, and it is home to a statue larger than the Statue of Liberty. African Renaissance is a colossal copper statue that cost the nation more than $20.0 million plus a large swath of land paid to its North Korean builders.
While the "hope" portion of the original campaign theme continues to be elusive, the evidence of what kind of "change" Barack Obama envisioned continues to mount.
In order to divert attention from the NSA, IRS, a foreign policy that is DOA, dying union support, a health care policy that resembles a plate of dried spaghetti and a non-existent immigration policy, the old cowhand from Chicago reverted to an oldie but goodie on Tuesday: Saving the environment.
Despite the fact that I consider the prevailing majority of Facebook posts to be among the largest culprits of wasted broadband, I do hold a certain amount of awe for the internet. Ideas can be spread, information disseminated, and cute kitten pictures shared. While there is an amazing amount of debauchery and misinformation on the world-wide-interwebs, it still stands as a relatively unrestricted, lightly regulated and highly accessible wealth of opportunity.
Nick Loris with the Flat Earth Society (also known as the Heritage Foundation) came on the program to discuss President Obama’s most recent climate initiatives. Obviously a war on coal is exactly what this country needs. . . Nothing like some more job killing, expensive regulations (aimed at driving up the price of energy) to bring this anemic recovery to a screeching halt.
I have one warning to my gay friends: you better look before you leap. The internal revenue code punishes two-earner couples who are married.
China is having credit problems, Europe is struggling with unemployment, and Central Bankers are just now starting to figure this out. . . Too bad they didn’t listen to Ransom Notes Radio. Mike Shedlock joins the program to discuss the impact of China’s trouble with credit.
In theory the central bank could paper over this mess with massive amounts of liquidity, but in practice, such action will either further fuel China's immense structural problems, or more likely, the credit bubble in China has gotten as big as it is going to get, no matter what the Central bank does.
NYU’s Nouriel Roubini is a very elite public intellectual. Together with Princeton’s Prof. Paul Krugman Prof. Roubini is one of the most acidly eloquent critics of gold.
One of the greatest threats of a growing government is the opportunity for abuse, corruption and general disregard for individual liberty. And while the IRS is reeling from their own experiment in Big-Brother-meets-Jimmy-Hoffa style of governance, the New York State Attorney General is anxious to follow suit.
The IRS is worthy of scorn. It is a bloated bureaucracy that routinely violates the rights of taxpayers. But even I didn’t think it was possible for a collection of bureaucrats to display the blithering incompetence necessary to send $46 million of handouts to nearly 24,000 fake returns filed from a single address.
This week the biggest news out of Washington will be President Obama's updated battle against global warming. It's not enough to win the counterfactual war that the administration saved America from a Great Depression, but how about saving the entire planet from Armageddon!
Subprime loans were less than 10% of all mortgage loans, and the liar loans were probably around 1 to 2% of all mortgage loans. Neither the subprime, nor the subprime liar loans caused the financial crisis of 2008-present. What they did do is allow people without traditional sources of income, or great credit or large reserves a chance to get a property and work their way out of their deficiencies.
I imagine most citizens would be surprised at how much of the money their state government spends originates in Washington.
Wells Fargo Advisors, LLC recently raised their year-end target on the S&P 500 from 1575—1625 to 1650—1700, an approximate 5% increase. In addition, the mainstream media has just boldly proclaimed, “Retirement savers: it’s not too late for stocks.”
Given the proclivities of the administration to impale themselves on the sharp edge of many of their policies, it’s no wonder they have no time for the economy, jobs, the war in Afghanistan, the immigration reform, budgets, national security briefings and all the other effluvia of governing. What with vacations and stopping the whistle blowers, time is short.
I understand that Snowden presumably wants to go someplace where he can’t be snatched by American officials, but he will cross the line and unambiguously become a traitor in my eyes if he gives sensitive material to unfriendly foreign governments.
With speculators borrowing millions to day trade on 300% leverage utilizing an "endless" supply of margin, and some utility stocks swing 7% every day ... inquiring minds may be asking "what can possibly go wrong with that?"
The so-called Hoeven-Corker amendment specifically gives the Secretary of Homeland Security the sole discretion to waive the provisions to build hundreds of miles of new fencing and the installation of technological equipment to aid in securing the border.
This begs the question; why would certain IRS employees get more hefty bonuses when they have proven themselves to be nothing but incompetent?
Liberals get to write off other taxes they pay, like state taxes, when they do their federal tax return. Is that THEIR subsidy that they now owe me? Maybe the next GOP president will put the NSA-IRS-M-O-U-S-E on THEM.
The conditions are emerging for serious violent clashes in the major Egyptian cities in nine days.
The White House Office of Management and Budget raised the cost of a metric ton of carbon from the current $23.80 to $38.00 in 2015—which gives the administration “justification to be more aggressive than they otherwise would be,” explained Jeff Holmstead, air quality chief at the Environmental Protection Agency under President George W. Bush.
Open Letter to Obama and Congress From Internet Giants Calls For Reining In Government Surveillance | Nick Sorrentino
(An important interview) Saving the Net from the surveillance state (And Crony Media): Glenn Greenwald speaks up (Q&A) | Nick Sorrentino