Posts Tagged ‘ government debt ’

We need a better debt debate

October 10, 2012
posted by

Michael D. Tanner Cato Institute
by Michael D. Tanner  

"If there was a bigger loser than President Obama on that Denver debate stage last week, it was the conversation about our national debt and the fiscal crisis threatening this country. Throughout the 90-minute debate, both candidates made frequent references to the deficit, the debt, or balancing the budget, but showed little willingness to actually do anything about it." (10/10/12)

http://tinyurl.com/9metgtu  

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Fed undertakes QE3 with $40 billion per month mortgage debt purchases

September 13, 2012
posted by

San Francisco Chronicle    

"The Federal Reserve said it will expand its holdings of long-term securities with open-ended purchases of $40 billion of mortgage debt a month in a third round of quantitative easing as it seeks to boost growth and reduce unemployment. ... [Fed Chairman Ben] Bernanke said the open-ended purchases would continue until the labor market improved significantly." (09/13/12)

http://bit.ly/RV8HIp  

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US politicians’ debt tops $16 trillion

September 5, 2012
posted by

Arizona Daily Star    

"The Treasury Department said Tuesday that the national [sic] debt has topped $16 trillion, the result of chronic government deficits that have poured more than $50,000 worth of red ink onto federal ledgers for every man, woman and child in the United States. The news was greeted with a round of press releases from President Obama's GOP rivals, who used the grim-but-expected news to criticize the president for the government's fiscal performance over his 3 1/2 years in office." (09/05/12)

http://bit.ly/OXDYto  

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Fed moves toward open-ended bond purchases to satisfy Bernanke

September 3, 2012
posted by

Bloomberg    

"Federal Reserve Chairman Ben S. Bernanke says the U.S. economy is 'far from satisfactory.' His colleagues are moving to embrace policies that will stay in place until he’s satisfied. Four Fed presidents have come out in favor of an open-ended strategy for bond buying, with three calling for the program to begin now. Rather than specify a fixed amount of bonds to purchase by a certain date, such a strategy would leave the Fed able to announce a pace of purchases that it could adjust as the economy gets closer to Bernanke’s goals." (09/02/12)

http://bloom.bg/Q0IWTQ  

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US 30-year bonds gain as Fed set to buy

August 13, 2012
posted by

Business Week    

"Treasury 30-year bonds rose as the Federal Reserve prepared to purchase $1.5 billion to $2 billion of securities with maturities of 24 to 30 years. The bond purchases today are part of the central bank’s effort to support the economy by swapping shorter-term Treasuries in its holdings for longer-maturity ones to cap long- term borrowing costs." (08/13/12)

http://buswk.co/QuxsGy  

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US Treasuries fall in longest slide since February

August 11, 2012
posted by

Business Week    

"Treasuries fell, pushing the 10-year note yield to the highest since May, as economic data showed strength, dimming prospects for added monetary stimulus and limiting demand for $72 billion of U.S. debt sold at auctions. The benchmark notes declined for a third straight week, the longest stretch since February, as European finance officials took a pause from recent negotiations to contain the region’s sovereign-debt crisis." (08/11/12)

http://buswk.co/P2672f  

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Spain: Regime unveils new “austerity” under European pressure

July 11, 2012
posted by

Reuters    

"Recession-plagued Spain unveiled new austerity measures on Wednesday designed to slash 65 billion euros from the public deficit by 2014 as Prime Minister Mariano Rajoy yielded to EU pressure to try to avoid a full state bailout. The conservative leader announced a 3-point hike in the main rate of Value Added Tax on goods and services to 21 percent and cuts in unemployment benefits and civil service pay and perks in a speech interrupted by jeers and boos from the opposition." (07/11/12)

http://reut.rs/O5ybwn  

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US pols spend $844.5 billion more than they can steal in eight months

June 12, 2012
posted by

Seattle Times    

"The federal budget deficit is approaching $1 trillion for a fourth straight year even though the government is collecting more tax revenue than last year. The Treasury Department said Tuesday that the deficit grew by $124.6 billion in May." (06/12/12)

http://tinyurl.com/7ulp4f8  

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India: Rupee down 32 paise as S&P warning sparks sudden dollar demand

June 11, 2012
posted by

Hindustan Times [India]    

"In sync with stock markets, the rupee on Monday surrendered its earlier gains and closed 32 paise down at 55.74 against the US currency as dollar demand from banks and corporates emerged at fag-end after S&P warned that it could lower India's sovereign rating. Forex dealers said rupee weakened as investors fear the rating downgrade could hike international dollar lending rates for Indian corporates." (06/11/12)

http://bit.ly/NsHonI  

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The danger of external debts

June 5, 2012
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Philipp Bagus  

"Economists and journalists often point to the danger of external public debts -- in contrast to internal debts, which are regarded as less troublesome. Japan is a case in point. Japan has an enormous public-debt-to-GDP ratio of more than 200 percent. It is argued that the high ratio is not a problem, because the Japanese save a lot and government bonds are held mostly by Japanese citizens; it is internal debt." (06/05/12)

http://mises.org/daily/6059/The-Danger-of-External-Debts  

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A gun to the debt ceiling fight

June 3, 2012
posted by

The American Prospect
by Garrett Epps  

"If Barack Obama turns out to be a one-term president, historians may mark the summer of 2011 as the moment his failure became inevitable. At that point, the new right-wing Republican House majority declared the national debt hostage and demanded Obama’s surrender to them on all points of domestic policy. When the debt-ceiling statute required authorization of a new federal borrowing limit, they refused to vote on the measure without massive cuts in federal spending and no increase in federal revenue." (06/01/12)

http://prospect.org/article/gun-debt-ceiling-fight  

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Living within your means is so inconvenient

May 30, 2012
posted by

Cafe Hayek Cafe Hayek
by Russ Roberts  

"Debt leads to misery. But wiser men than Dickens and Smith argued that what is best for the individual need not be best for the nation. In fact, we have heard over and over again that in fact, debt is good for a nation with an economy that is struggling. The fruits of this view are all around us." (05/30/12)

http://bit.ly/Kcn09E  

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Baby budget hawks of the GOP

May 28, 2012
posted by

Michael D. Tanner Cato Institute
by Michael D. Tanner  

"The conventional wisdom, pushed for very different reasons by both Republicans and Democrats, is that Republicans in Congress, controlled by radical tea-partiers, have been slashing government spending. Thus it becomes a little hard to understand how, in the few short months since last year’s debt-ceiling deal, the federal debt has increased by more than $1.5 trillion, roughly $13,000 per household. If Republicans are such great budget cutters, how come we continue to spend more, run more deficits, and accumulate more debt?" (05/23/12)

http://www.cato.org/publications/commentary/baby-budget-hawks-gop  

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More on pretending

May 22, 2012
posted by

Erne Lewis ErneLewis.com
by Erne Lewis  

"If we are to survive as a nation we must immediately stop spending money we don’t have and balance the budget now! And we must start where the spending is most egregious and least needed, our military-industrial-spycraft complex, that pretentious monster masquerading as National Defense." (05/21/12)

http://ernelewis.com/blog/2012/05/more-on-pretending/  

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Germany: Regime offers zero coupon bonds

May 22, 2012
posted by

MarketWatch    

"Germany will for the first time on record sell two-year bonds on Wednesday that won't make scheduled interest rate payments, a ringing endorsement of the haven appeal of German debt and a reflection of increased market nervousness over the composition and direction of the euro zone. The German federal government Tuesday set a zero coupon on a new issue of two-year federal treasury notes, or Schatz. Germany will auction EUR5 billion of the two-year note on Wednesday." (05/22/12)

http://on.mktw.net/MiwSfw  

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Boehner fires opening shot in potential debt ceiling showdown

May 15, 2012
posted by

Christian Science Monitor    

"To avoid a 'fiscal cliff' at year's end, House Speaker John Boehner is going to rely on an old road map. If President Obama and congressional Democrats want to raise the debt ceiling, Mr. Boehner will say in a speech later on Tuesday, they're going to have to hew to what might be called the Boehner principle: Every dollar of new debt must be paid for by at least a dollar of reduced government spending." (05/15/12)

http://tinyurl.com/clz45j7  

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Netherlands: Government collapses over austerity budget

April 23, 2012
posted by

RTT News    

"Liberals-led minority government in the Netherlands collapsed on Monday as Prime Minister Mark Rutte resigned after coalition talks on reducing the country's budget deficit to meet European guidelines failed to reach agreement. The government was in crisis at the weekend as the extreme right Freedom Party (PVV) withdrew its support, with its anti-Islamist populist leader Geert Wilders saying he would not accept the government's additional EUR 14 billion austerity program meant to bring the fiscal deficit to 3% by 2013." (04/23/12)

http://bit.ly/I4d0vc  

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Austerity or stimulus? What we need is growth

March 26, 2012
posted by

Cato Institute Cato Institute
by John H. Cochrane  

"Austerity isn’t working in Europe. Greece is collapsing, Italy and Spain’s output is declining, and even Germany and the U.K. are slowing down. In addition to their direct economic costs, these 'austerity' measures aren’t even swiftly closing budget gaps. As incomes decline, tax revenue drops, and it becomes harder to cut spending. A downward spiral looms. These events have important lessons for the U.S." (03/21/12)

http://bit.ly/H50YlP  

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Hitting the ceiling

March 12, 2012
posted by

Michael D. Tanner Cato Institute
by Michael D. Tanner  

"If you liked last year’s battle over raising the debt ceiling, just get ready for the fight to come." (03/07/12)

http://www.cato.org/publications/commentary/hitting-ceiling  

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Thoughts on debt repudiation

March 4, 2012
posted by

Counter-Currents Publishing
by Greg Johnson  

"The moral premise of bankruptcy laws is that individuals should not have their lives and prospects ruined by financial mistakes. Society as a whole is better off if a man can shake off his debts and focus on the future: pursue an education, start a family, start a business, etc. But if it is right for individuals to shake off their own debts, then it is certainly right to shake off the debts imposed upon us by others, including people who are long dead, i.e., public debts." [hat tip -- Libertarian Alliance] (02/12)

http://www.counter-currents.com/2012/02/thoughts-on-debt-repudiation/  

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It’s not really about the debt

March 1, 2012
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Frank Shostak  

"The point that must be emphasized here is that the fall in the money stock that precedes price deflation and an economic slump is actually triggered by the previous loose monetary policies of the central bank and not the liquidation of debt. It is loose monetary policy that provides support for the creation of unbacked credit. (Without this support, banks would have difficulty practicing fractional-reserve lending.)" (03/01/12)

http://mises.org/daily/5942/Its-Not-Really-about-the-Debt  

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Who are the real PIGS?

February 28, 2012
posted by

Liberty Unbound Liberty Unbound
by Gary Jason  

"As Europe continues to flounder, and as people continue to wonder whether (or more likely, when) Greece is going to default on its sovereign debt, various commentators have bandied the epithet 'PIGS' (or 'PIIGS,' depending on which nations a commentator wants to include). By this acronym they refer to a group of countries -- Portugal, Ireland, (Italy), Greece, and Spain -- that have borrowed profligately, unlike such disciplined places as France, Germany, and the United States." (02/27/12)

http://www.libertyunbound.com/node/758  

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Politicians fiddle while fiscal crisis looms

February 22, 2012
posted by

Creators Syndicate
by John Stossel  

"Imagine this family budget: Last year, you earned $24,700. But you spent $37,900, incurring $13,300 in debt, and you were already $153,500 in debt. So you say, 'I promise I'll spend $300 less this year!' Anyone can see that your cutback is pathetic and that you need to spend much less. Yet if you add eight zeroes, that's America's budget." (02/22/12)

http://bit.ly/xMlGYx  

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Government debt = terrorism?

February 20, 2012
posted by

Thomas L. Knapp KN@PPSTER
by Thomas L. Knapp  

"If heroin cultivation in Afghanistan is a 'war on terror' concern, so is an unbalanced US government budget and $15 trillion + in US government debt. But I'd advise against holding your breath while you wait to see if Congress declares 'war' on those things." (02/19/12)

http://knappster.blogspot.com/2012/02/government-debt-terrorism.html  

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The audacity of taxing and spending

February 19, 2012
posted by

Timothy J. Taylor Authority!
by Timothy J Taylor  

"The orgy of profligate government spending during the last two presidential administrations continues unabated under this budget, and to keep it going strong, taxes will be drastically increased for successful individuals while any spending cuts here will be more than offset by more spending there." (02/19/12)

http://bit.ly/y8q63S  

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