» Greece’s Collapse Explained in a Single Picture - Big Government. Wall Street’s resurgent prosperity frustrates its claims, and Obama’s. » G20 to EU: Sorry, You’re on Your Own - Big Government. Smoking-Gun Document Ties Policy To Housing Crisis - Latest Headlines. US consumer confidence hits three-decade low. Markets heading to new danger zone: Zoellick. What is Economic Terrorism and is Labor Radical Stephen Lerner Guilty of it? Thanks to Stephen Lerner’s detailed plan to bring down the U.S. economy by crippling the banks and causing the stock market to crash–so that the socialist utopia known as wealth distribution can ensue–”economic terrorism” has become the buzz-term among conservatives bloggers and talking heads at the moment, with people like Rush Limbaugh asking: “Is this not a form of terrorism this guy is preaching?”
The term “economic terrorism” is even gaining some traction on Capitol Hill. As we reported yesterday, Rep. Jason Chaffetz of Utah sent a letter to Eric Holder, asking the justice department to investigate Lerner. Chaffetz wrote, “The escalation of Mr. Lerner’s threats would clearly constitute domestic terrorism and pose substantial harm to the American people and the economy.” But what is economic terrorism–and whatever it is, did Lerner in fact engage in it or incite it by saying the below? In his speech, Lerner discusses causing “a new financial crisis.” Stansberry's Investment Advisory. Geithner says Congress must raise debt limit. Russia and China Ditch U.S. Dollar for Bilateral Trade. WRAPUP 2-China raises RRR again as inflation fight intensifies.
» Government: Destroying Your Wealth a Trillion Dollars at a Tim. Regulators Push for Global Rule on Bank Capital - DealBook Blog. Article Tools FacebookTwitterGoogle+EmailSharePrint Capital is the body fat of banking: too much is debilitating, too little is fatal. During the financial crisis, as large banks burned through their capital reserves, governments were forced to add padding at public expense. And the Perils of Revolution. As over-leveraged investment houses began to fail in September 2008, the leaders of the Republican and Democratic parties, of major corporations, and opinion leaders stretching from the National Review magazine (and the Wall Street Journal) on the right to the Nation magazine on the left, agreed that spending some $700 billion to buy the investors' "toxic assets" was the only alternative to the U.S. economy's "systemic collapse.
" In this, President George W. Bush and his would-be Republican successor John McCain agreed with the Democratic candidate, Barack Obama. Many, if not most, people around them also agreed upon the eventual commitment of some 10 trillion nonexistent dollars in ways unprecedented in America. They explained neither the difference between the assets' nominal and real values, nor precisely why letting the market find the latter would collapse America. American Thinker: The CBO Warns the Nation; Is Anybody Listening? Warning signs are everywhere -- most of them carefully phrased and nuanced, but warnings, nevertheless.
Greece and, closer to home, California are painful reminders of what could happen. CNBC is reporting that the Dow is repeating patterns that prevailed just before the Great Depression. The U.S. workforce suffered one its sharpest declines ever -- a drop of 652,000 -- in June. Economists claim that "wages are flirting with deflation. " American Thinker: Is the Federal Reserve Destroying the Dollar? If you think our economy is in bad shape now, just wait. To be sure, economic prospects for jobs and growth already are bleak, and the Obama administration has increased the national debt in less than two years from over $10.632 trillion in January 2009 to $13.561 trillion in September 2010, resulting in a record 30% increase in public debt. But fear not. Some of our brightest leaders have got the perfect solution to all these problems: Charles Evans, president of the Federal Reserve Bank of Chicago, called for the Fed to do more to charge up the economy, including a new program of U.S.
Treasury bond purchases and possibly a declaration that it wants inflation to rise for a time beyond its informal 2% target. ...The Fed is now considering whether to add to its $2.3-trillion portfolio of securities and loans by ramping up purchases of U.S. » Economic Troubles and the Growth of Government - Big Governmen.
European Central Bank’s Report Issues Warning. » Bait and Switch: Raising the National Deficit by Stealth - Big. American Thinker: The Truth about the Unemployment Rate in Ameri. Changes in the unemployment rate are driven by interaction of job destruction, which consists of job losses through voluntary and involuntary job termination and job creation resulting in the hiring of employees.
This interplay of job destruction and job creation drives the changes and direction of the unemployment rate. James Sherk at the Heritage Institute points out in his latest article that job losses in the current recession are not as severe as they were during the recession in 2001. The reason the unemployment rate is so much higher in the current recession is due to the lack of job creation. American Thinker: America's Predicament. America's public debt recently exceeded 13 trillion. This is more than 90 percent of the country's GDP. Public debts of more than 60 percent of GDP are considered unhealthy. Public debts above 90 percent of GDP cause severe disruptions in the country's financial framework and the economy at large. According to the Obama administration, America's public debt will exceed 100 percent of GDP in the next fiscal year. History shows that most countries whose debt exceeds this mark are rarely able to control it.
There are a few historical examples whereby countries were able to contain debts of more than 100 percent of GDP. America's debt, on the other hand, is a result of decades of structural deficits. Our government is like a drug addict who cannot quit because the dope is too easy to get. It has long been impossible to cut anything in Washington. Many people thought Barack Obama would save America from its troubles. Paul McCartney thinks Obama is a very smart man.