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Inviting Chaos: The Perils of Toying with the Debt Ceiling

Inviting Chaos: The Perils of Toying with the Debt Ceiling

[T]hreatening to default should not be a partisan issue. In view of all the hazards it entails, one wonders why any responsible person would even flirt with the idea.  -- Alan S. Blinder, Princeton professor of economics, former vice chairman of the Federal Reserve

 A game of Russian ...

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Stop Raising the Debt Ceiling

The federal government once again has reached the limit of its legal ability to borrow money, meaning it cannot issue new Treasury debt without action by Congress to increase the debt ceiling limit. As of this month, our "official" national debt- which doesn't include the staggering future payments ...

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Reads: 758

Honest money, the dollar, and South Carolina

The South Carolina Legislature, with S.862, andH.4128, may turn back the clock on central government economic power.  The bills’ stated goal:

To amend the code of laws of South Carolina, 1976, by adding article 18 to chapter 1, title 1 so as to provide that gold or silver coin, or both, ...

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Reads: 851

HBO, Daily Beast, Sorkin and the Financial Crisis: Too Big to Explain

Too Big Too Fail ... At a New York screening of the new HBO adaptation of Andrew Ross Sorkin's Too Big to Fail, Treasury Secretary Timothy Geithnersaid that not only is our financial system not too large to go bust—but we're headed for another crisis. The Wall Street meltdown of late 2008 was, in ...

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Raising the Roof on Debt

Today the U.S. government officially borrowed beyond its $14.29 trillion statutory debt limit. And even though the Obama administration has assured us that accounting gimmickry will allow the government to borrow for another few months, the breach has given seeming urgency to Congressional ...

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Reads: 656

Money Control Around the World

Argentina's lower house of Congress approved money-laundering legislation just weeks ahead of an international review of the country's anti-money laundering and terrorist financing controls. The bill, which enjoyed the backing of President Cristina Fernandez, was passed with 181 votes in favor and ...

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Reads: 834

Cost of Bin Laden Deception: US$3 Trillion

As we mark Osama bin Laden's death, what's striking is how much he cost our nation--and how little we've gained from our fight against him. By conservative estimates, bin Laden cost the United States at least $3 trillion over the past 15 years, counting the disruptions he wrought on the domestic ...

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Reads: 1175

Silver's Bubble Has Burst?

Silver loses shine in 20pc tumble The price of silver futures tumbled again on Wednesday, taking total losses to more than 20pc in a week amid fears that the precious metal represented a bubble bursting. In recent weeks, experts have warned that a dangerous bubble was forming in the silver markets. ...

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Reads: 1232

Spain, Struggling With Weak Economy, Raises Taxes, Attacks Business

Spain's Crackdown on Black Economy Aims to Trim EU's Highest Jobless Rate . . . Spain unveiled a crackdown on underground employment as the government seeks to shrink one of the region's largest shadow economies, bolster tax revenue and reduce the Europe Union's highest jobless rate. The plan ...

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Reads: 1023

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