Economist and author Peter Schiff recently braved a stroll through the loony mob (affectionately referred to as the “Occupy Wall Street” movement by the mainstream media) currently inhabiting Lower Manhattan. He was armed with a video camera and a microphone. There is no need for further comment. Just watch the video for yourself.
There is no need for further comment. Just watch the video for yourself.
International Labour Organisation said the group of developing and developed nations had seen 20m jobs disappear since the financial crisis in 2008.
Standard and Poor’s downgraded its unsolicited ratings on Italy by one notch to A/A-1 and kept its outlook on negative, a major surprise that threatens to add to concerns of contagion in the debt-stressed euro zone.
The world economy has entered a “dangerous new phase,” according to the chief economist of the International Monetary Fund. As a result, the international lending organization has sharply downgraded its economic outlook for the United States and Europe through the end of next year.
The income of the typical American family—long the envy of much of the world—has dropped for the third year in a row and is now roughly where it was in 1996 when adjusted for inflation.
The economic powerhouse of the 20th century emerged stronger from the Depression. But faced with cultural decay, structural weaknesses and reliance on finance, can the US do it again?
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!
FTMDaily.com Founder, Jerry Robinson, was recently interviewed about the state of the U.S. economy on Iranian State Television (presstv.ir).
With federal extended unemployment benefits coming to an end this year, some states are getting creative about moving people off the public dole.
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.
by Eric Hammer | FTMDaily Contributing Writer TEL AVIV, Mar 24 – In a move that some right wing bloggers are referring to as “economic terrorism,” a former president of the SEIU (Service Employees International Union), Stephen Lerner, gave a talk at Pace University recently where he proposed a plan to destabilize certain Wall Street […]
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.
Silver Price Set to Explode… Silver is shining brightly as investment demand for the metal shot up this week, driving the price to a new 31 year high. Returns for the week should be about 8%…
“Information received since the Federal Open Market Committee met in September confirms that the pace of recovery in output and employment continues to be slow. Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit.
Could the Federal Reserve’s decision to restart its quantitative easing program trigger a dollar collapse?
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 two leaders — former Republican senator Alan Simpson of Wyoming and Erskine Bowles, White House chief of staff under President Bill Clinton– sought to build support for the work of the commission, whose recommendations due later this year are likely to spark a fierce debate in Congress.
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 out of time.
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 laser-like focus on the global financial crisis means investors are back in contingency planning mode while the tools to fend off fiscal Armageddon are again being sharpened by governments and policy makers around the world. But, at times like these, it is important to understand where the real economic power resides, and that is with the people on Main Street.
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 […]
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 governments without jeopardising the country’s increasingly robust economic recovery.
People queue for a job fair in New York. The share of the US working-age population with jobs in June fell from 58.7pc to 58.5pc. The ratio was 63pc three years ago. “The economy is still in the gravitational pull of the Great Recession,” said Robert Reich, former US labour secretary. “All the booster rockets for getting us beyond it are failing.”
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. […]
CHICAGO — Even by the standards of this deficit-ridden state, Illinois’s comptroller, Daniel W. Hynes, faces an ugly balance sheet. Precisely how ugly becomes clear when he beckons you into his office to examine his daily briefing memo.
Recent increases in the federal deficit have made the pundit class tremble, but they aren’t really mysterious. They are, for the most part, a product of the recession, which has reduced tax revenue, justified the bailouts and last year’s stimulus package, and brought unemployment insurance and other “automatic stabilizers” into effect.
In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families. These will all expire on January 1, 2011: The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates.
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 do as he has done: Expand government spending, or suffer, in the president’s words, “renewed economic hardship and recession.”
Recessions are common; depressions are rare. As far as I can tell, there were only two eras in economic history that were widely described as “depressions” at the time: the years of deflation and instability that followed the Panic of 1873 and the years of mass unemployment that followed the financial crisis of 1929-31.
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 small southern California city of Maywood has hit on a unique solution to its budget crisis. Crushed by the recession and falling tax revenues, the city is disbanding its police force and firing all public sector employees.
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 Europe regarding deficit reduction.
Mr Geithner was speaking in Washington ahead of G8 and G20 meetings this weekend in Toronto.
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 […]
Nightmare vision for Europe as EU chief warns ‘democracy could disappear’ in Greece, Spain and Portugal
Democracy could ‘collapse’ in Greece, Spain and Portugal unless urgent action is taken to tackle the debt crisis, the head of the European Commission has warned.
Concern over the nation’s mounting debt could snarl the passage of President Barack Obama’s proposal to provide more aid to state and local governments hit by the economic downturn.