Believe it or not, Greece actually wants to stay within the Eurozone. ‘Drachamageddon’ has been averted… but it should be no surprise.
Here’s a round up of the some of the latest shocking numbers detailing the continuing bankruptcy of our nation.
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.
The Governor of the Bank of England says that we are in the worst financial crisis ever. We hate to say it but we actually agree with a central banker right now.
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.
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.
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, Washington has at least given itself enough breathing room to glide through the 2012 Presidential election year. The can has been kicked down the road yet again. Really tough decisions lie ahead. It will come in the name of “sacrifice.” It will take the form of higher inflation, slashed spending, and finally gargantuan tax hikes. As I have been saying for years, you must prepare. You have no choice. Don’t fall for the mainstream media’s “blame game.” Right now, it does not matter who is to blame. Wake up from the “Conservative-Liberal” deception. When the Titanic is sinking, the first thing you do is grab your life boat. There will be a time for sorting out the details and placing blame later. The unprepared will remained focused on the politics of the matter. The informed will spend their valuable time preparing their financial gameplans. Its time to turn down the noise and get busy creating a plan.
This weekend, I ran across this unique presentation that attempts to visualize the U.S. National Debt through stacks of $100 bills.
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 way to save their own hides, and pull off a “last-minute” debt deal.
Here’s what to expect now…
Q: Jerry, I recently found your book, Bankruptcy of our Nation, while browsing at my local bookstore. I am so glad that I have found you as you seem to be saying so much of what I am feeling deep down. I am almost 58 years old and have a large amount of money in a traditional IRA. I am very concerned about how the current debt ceiling crisis is going to impact it, and my retirement. Should I cash out now and move everything to precious metals and other hard assets? Thanks from a new reader and listener. (Don G., Newark, NJ)
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.”
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.
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 through confiscation 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!
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.
FTMDaily.com Founder, Jerry Robinson, was recently interviewed about the state of the U.S. economy on Iranian State Television (presstv.ir).
A labor union led protest march in Central London turned violent Saturday as a small group of protesters rioted following the peaceful rally.
Speaker of the House John Boehner has had to contend with a large and contentious Tea Party caucus since taking power. Now, he may soon be out of power.
After the latest budget measure passed by Congress with both parties vowing that they will go no farther, we ask yet again, will there be a government shutdown?
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.
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.
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.
This Week’s Topic: Does Elliott Wave Predict a Deflationary Depression or Hyperinflation? Is the Dow Jones Going to 2,000? Listen to the discussion with Jerry Robinson and Robert Prechter.
Follow the Money Weekly radio host Jerry Robinson talks with popular author and financial commentator, Michael J. Panzner regarding the most pressing economic issues. The interview includes Panzner’s outlook on inflation in the U.S., as well as his opinion about precious metals and agriculture.
While checking the news on Sunday, I ran across this headline on the Drudge Report…
In a rare departure from this year’s intense political posturing over the soaring budget deficit, House leaders of both parties recently signaled that they are prepared to tackle a leading long-term liability — Social Security —by raising the retirement age.
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.
“The collapse of the financial system as we know it is real, and the crisis is far from over,” Soros said today at a conference in Vienna.
The risks to a robust global recovery have ‘risen significantly’ as many governments struggle with debt, a leading official from the International Monetary Fund has warned.
By Garfield Reynolds and Wes Goodman June 4 (Bloomberg) — President Barack Obama is poised to increase the U.S. debt to a level that exceeds the value of the nation’s annual economic output, a step toward what Bill Gross called a “debt super cycle.” The CHART OF THE DAY tracks U.S. gross domestic product and […]