EDITOR’S COMMENT: We have posted many articles dealing with the changing outlook for retirement for most Americans, and the new dual realities that Americans will be working longer to continue to accumulate some additional savings, and that their real compensation will be less than expected. Michael Pento’s comments summarize these thoughts in a very concise and understandable manner.
By Michael Pento, Senior Economist at Euro Pacific Capital
For the better part of a century the Read More »
For Many Greeks, Here’s What Austerity Will Look Like - CNBC
IMF Says U.S. Should Hike Debt Limit to Avert Global Shock - Reuters
Pols Who Beggared Us Begging for More - Washington Times
The Real Causes of the Economic Crisis? They’re History - Washington Post
Nerves Show on Team Obama - National Journal Finally, They’re Concerned! Shows You How Out-of-Touch They Are!
By James West
The suggestion that there is anything remotely approaching a recovery in the United States, or the world economy, is pure cow pie, as evidenced by the requirement for more borrowing, more easing, and more deterioration in employment and housing. But as the title suggests, its not just America. I’m referring to the heads of state around the world. Apparently too busy jetting back and forth from Washington, New York, Vienna, Read More »
Doctors in U.S. Turning Away Insured Patients on Low Payments, Study Finds – Bloomberg
Gingrich: “Obama Is The Most Successful Food Stamp President In American History” - Real Clear Politics
Bleak View of Economy Spreads to Wealthy Americans - CNBC
Population Bomb: 9 Billion March to WWIII: Can Anyone Halt This Economic Explosive? - MarketWatch
By Peter Morici
Today, the Greek Parliament voted in principle to support a five year austerity plan; however, this does not end the crisis—not by a long shot.
Thursday, Parliament votes on article-by-article budget provisions. Watch out that the spending cuts actually approved may not be as large as the plan requires and the budget savings are not enough.
Also, the plan includes a rather ambitious privatization program that is unlikely to be fulfilled. The Read More »
EDITOR’S COMMENT: I have found Andy Sutton’s previous articles to be very informative and perceptive. This particular article is even more insightful, and right on the mark. Andy echoes my earlier sentiments that it is truly amazing that our various government agencies decided to postpone or withhold a large batch of negative news concerning the outlook for the worsening deficit, and the almost overnight worsening of the Social Security system until the Read More »
New Jersey Miracle: What About the Rest of Us? – Washington Examiner
Why the GOP Shouldn’t Go Wobbly on Taxes - Reuters
Bankers to Ignore BIS Warnings…Again - Wall Street Journal
Be Aware: China’s Debt Bomb - CNN Money
Axel Weber on ‘Financial Repression’ to Solve Greek Crisis - Wall Street Journal Gov’t Might Force Citizens to Buy Gov’t Bonds!
By Peter Morici
If Budget Talks Fail, U.S. Does Not Have to Default on National Debt, Higher Taxes Not Needed!
In the debt ceiling talks, President Obama and Republican leaders are locked in a battle of will. The simply truth is higher taxes are not needed, and the U.S. does not have to default if no deal is struck by August 2.
Democrats endlessly nag the $1.6 trillion 2011 deficit is caused by profligate Read More »
EU Warns Greece Rejecting Austerity Means Default - Reuters
Greece Protest Against Austerity Package Turns Violent - BBC
Middle Class Sending Out Mixed Signals on Debt - Financial Post Families Are Taking Out New Loans Even as Others Try to Reduce Personal Debt
Fed Official Says: Biggest Banks Threaten ‘Future of Capitalism’ - LA Times
Capitalism On A Permanent Vacation? - The Big Picture
EDITOR’ COMMENT: We have posted numerous articles by Charles Hugh Smith from his site entitled “Of Two Minds” previously, and all of them have been very timely and relevant. In these comments, he not only discusses the negatives attached to the hazards of “moral hazard,” but also focuses on the possible “delegitimization” of both the markets and institutions. As such, his comments are well worth reading!
By Charles Hugh Smith
Insulate participants from risk Read More »
