The US government says it ran a $US587 billion budget deficit for the fiscal year, which was a 34% increase over last year. Deficits have simply become a standard way of life for Western governments as a whole. They see no problem with borrow more each year when they have absolutely no intention of ever paying […]
Greek Prime Minister Alexis has come out today and bluntly warned that failure to agree on a debt restructuring for Greece would push it into a perpetual spiral of borrowing from Europe. But it is actually much worse. Greece is being persecuted because its old debt was converted to euros and that made the debt increase. These […]
In Dresden, Germany, right-wing activists are retaliating against the Muslim refugees. They are said to be behind two huge terror bombs at a mosque. This is the first attack on Muslims using bombs. This will not be the last. What Merkel has unleashed on Europe will continue to escalate as the economy turns down. Anti-immigrant movements correlate […]
Canada has a different legal structure compared to the United States. Canada is one of the most decentralized countries in the world where provinces are actually responsible for most major social expenditures as a whole. The Canadian provinces receive large, unconditional transfers from the federal government whereby some provinces receive transfers from the federal government […]
QUESTION: Why are there so many Fed branches? It seems this is another way for government just to create jobs and pensions. ANSWER:I wrote several times that the original design of the Federal Reserve would have been a good, stabilizing entity for the economy had the politicians left it alone. At first, to ease […]
The pension crisis is going to be the HUGE issue in 2017. Obama is supporting about a 20% reduction in military retirement benefits. This is how such things are done. It is the way lame-duck Presidents leave office doing the nasty things nobody will admit who has to stand for election. So those on their […]
There is a problem that Illinois faces. There is no actual right for a state to go bankrupt. That does not mean that no state has simply defaulted and never paid. A state hasn’t defaulted since Arkansas in 1933 during the Great Depression. However, that was also not the first state to simply not pay. […]
I have been warning that 2017 was the Year of Political Hell with four major referendums/elections that would undermine the confidence in government – BREXIT, US Presidential Elections, French Elections, and Germany Elections. These four events hold the potential to overturn the expectations of the future. Whatever the general public felt about government would flip. The […]
The International Monetary Fund (IMF) has warned at the G20 summit in Hangzhou, China, that in the face of crises, the refusal to reform how things are functioning will lead to economic weakness in the global economy. “The latest data show subdued activity, less growth in trade and a very low inflation, suggesting an even […]
Once upon a time, couples would have three to five children for that was their retirement. Family was everything. Then came Marx who effectively replaced the family with politicians. The family structure has declined steadily since the introduction of socialism. Children no longer save to take care of their parents for that is government’s […]
