Deficit Fear Mongering - By Ellen Brown (5/3/10) PDF Print E-mail
By Ellen Brown   
Thursday, 04 March 2010 20:56

IMF-Style Austerity Measures Come to America: What "Fiscal Responsibility" Means to You.

In addition to mandatory private health insurance premiums, we may soon be hit with a "mandatory savings" tax and other belt-tightening measures urged by the president's new budget task force. These radical austerity measures are not only unnecessary, but will actually make matters worse. The push for "fiscal responsibility" is based on bad economics.

When billionaires pledge a billion dollars to educate people to the evils of something, it is always good to peer closely at what they are up to. Hedge fund magnate Peter G. Peterson was formerly chairman of the Council on Foreign Relations and head of the New York Federal Reserve. He is now senior chairman of Blackstone Group, which is in charge of dispersing government funds in the controversial AIG bailout, widely criticized as a government giveaway to banks. Peterson is also founder of the Peter Peterson Foundation, which has adopted the cause of imposing "fiscal responsibility" on Congress. He hired David M. Walker, former head of the Government Accounting Office, to spearhead a massive campaign to reduce the runaway federal debt, which the Peterson/Walker team blames on reckless government and consumer spending. The Foundation funded the movie "I.O.USA." to amass popular support for their cause, which largely revolves around dismantling Social Security and Medicare benefits as a way to cut costs and return to "fiscal responsibility."

The Peterson-Pew Commission on Budget Reform has pushed heavily for action to stem the federal debt. Bills for a budget task force were sponsored in both houses of Congress. The Senate bill was narrowly defeated, and the House bill was tabled; but that was not the end of it. In Obama's State of the Union speech on January 27, he said he would be creating a presidential budget task force by executive order to address the federal government's deficit and debt crisis, and that the task force would be modeled on the bills Congress had failed to pass. If Congress would not impose "fiscal responsibility" on the nation, the president would. "It keeps me awake at night, looking at all that red ink," he said. The executive order was signed on February 17.



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Don't Bet On A Recovery - By Peter Schiff (4/3/10) PDF Print E-mail
Peter Schiff   
Thursday, 04 March 2010 07:50

By Peter Schiff – For The Daily Reckoning

It is astounding how many economists, government officials, and Wall Street strategists construe the current economic conditions as evidence of a bona fide recovery. It is a testament to the power of the rose- colored glasses handed out by our nation's leading universities that such a feeling could be widely held despite the clear and present danger that compounds daily. The myopia leads us to enact policies that actually exacerbate our problems. The "remedies" are postponing, perhaps indefinitely, a true recovery.

The oracles who have described the nature of this imminent recovery do so based on their conviction that consumer spending is slowly returning to levels that existed prior to the recession. New data released today seems to support this view, with consumer spending up 0.5% in January.



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Will The US Devalue the Dollar? - By Darryl Robert Schoon (4/3/10) PDF Print E-mail
By Darryl Robert Schoon   
Wednesday, 03 March 2010 18:45


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Bernanke (and others) One-Dimensional Thinking - By Karl Denniger, Market Ticker (4/3/10) PDF Print E-mail
By Karl Denniger, Market Ticker   
Wednesday, 03 March 2010 18:40

Ambrose Evans-Pritchard is entirely off the deep end with this mess:

The West risks a slow grind into debt-deflation unless central banks offset fiscal tightening with monetary stimulus – QE, of course – to keep demand alive. Yet the Fed and the European Central Bank are letting credit contract.

Letting credit contract?

Of course there's the famous 2002 Bernanke Speech, also displaying an amazingly one-dimensional view of reality:



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Speculative Premium - And Why The Markets Will CRASH - By Karl Denniger, Market Ticker (4/3/10) PDF Print E-mail
By Karl Denniger, Market Ticker   
Wednesday, 03 March 2010 18:35

Yes, I said CRASH, and I meant it.

Why?

"Events" like this:

SINGAPORE/CAIRO, March 1 (Reuters) - Copper is likely to climb when trading starts on Monday, lifted by uncertainty over supply after the world's top copper producer Chile was pounded by a massive earthquake, analysts said over the weekend.



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