Posts Tagged ‘ government debt ’

Are Republicans insane enough to propose a balanced budget?

March 16, 2015
posted by

Our Future
by Bill Scher  

"For years, the Republican House mocked the Senate Democrats for failing to pass a budget. It was an overblown charge: the budget is merely a nonbinding resolution for guidance purposes, not the actual 'appropriations' laws that disperse taxpayer funds to government agencies. But Republicans made passing a budget a benchmark of governance; now they will have to oblige. That means getting the House and Senate to agree, and House Republicans have been obsessed with balancing the budget in 10 years. Which is insane." [editor's note: I agree, ten years is insane. One year should be the absolute maximum; this author, on the other hand, thinks that to "govern like adults" is to just continue spending more than they take in - TLK] (03/13/15)

http://tinyurl.com/q22hced  

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Greece: Tsipras promises to keep paying creditors

March 13, 2015
posted by

Killeen Daily Herald    

"Greek Prime Minister Alexis Tsipras insisted Thursday that his government will pay debts that are due soon, even if Athens doesn't get part of a rescue loan that will only get released if current bailout talks are successful. While in the French capital to drum up support for his government's reform plans, Tsipras said, 'It is certain that Greece will meet its obligations.'" (03/12/15)

http://tinyurl.com/mxdjtr8  

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US judge rules against Citibank, Argentina in bond dispute

March 12, 2015
posted by

Seattle Post-Intelligencer Seattle Post-Intelligencer    

"Citibank cannot let its branch in Argentina process payments by the South American country to bondholders unless U.S. bondholders are paid as well, a judge said Thursday. U.S. District Judge Thomas Griesa's written ruling came in the ongoing dispute stemming from Argentina's default in 2001 on $100 billion of debt. The judge has repeatedly ruled that U.S. hedge funds must be paid roughly $1.5 billion they are owed if Argentina pays interest to other bondholders who swapped their bonds for bonds worth less than a third of their original value. The swaps occurred in 2005 and 2010 after Argentina defaulted. Fewer than 10 percent of bondholders failed to swap their bonds." (03/12/15)

http://tinyurl.com/lkoetvb  

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Preparing for the next debt fight

March 10, 2015
posted by

Doug Bandow Cato Institute
by Doug Bandow  

"Some analysts still hope that electing the 'right people' will fix the system. But that is unlikely. Spending has continued ever upward under Republicans and Democrats, conservatives and liberals, saints and scoundrels. Without creating some institutional barriers to political plunder the system will continue to produce the same overall results, despite slight differences in exactly how much is spent on whom and when." (03/09/15)

http://www.cato.org/publications/commentary/preparing-next-debt-fight  

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Five steps to fixing Greece’s debt problem

March 5, 2015
posted by

LewRockwell.com
by Frank Hollenbeck  

"Greece should default on as much debt as possible. There is no benefit to meeting the EU halfway. The Greek government is currently running a primary surplus (or is very close to it) so it does not need EU funds to cover Greek government expenses. However, the Greek banks will not have sufficient funds to cover withdrawals (and thus prevent a bank run) once the European Central Bank (ECB) and the EU cut off funds." (03/05/15)

http://tinyurl.com/p2bm8tl  

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Germany: Parliament votes to extend Greek bailout

February 27, 2015
posted by

RTE News [Ireland]    

"The German parliament has voted to extend the Greek bailout for another four months. A total of 542 members of the Bundestag voted in favour of the proposal with 32 against and 13 abstentions. German Finance Minister Wolfgang Schaeuble earlier urged his country's politicians to approve the bailout extension, saying it was no easy decision but necessary." (02/27/15)

http://www.rte.ie/news/2015/0227/683169-greece/  

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Greece: Government faces dissension over bailout proposals

February 24, 2015
posted by

CBC [Canadian state media]    

"Greece will present a list of proposed reforms to debt inspectors on Monday to get final approval for an extension to its rescue loans. But already the government was facing dissent within its ruling party over claims it is backtracking on its promise to ease budget cuts for the recession-battered Greeks." (02/23/15)

http://tinyurl.com/pgvwyzr  

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Germany rejects Greek loan request

February 20, 2015
posted by

BBC News BBC News [UK]    

"Germany has rejected a Greek request for a six-month extension to its eurozone loan programme. The rejection came despite the European Commission calling the Greek request 'positive' only minutes earlier. Greece had sought a new six-month assistance package, rather than a renewal of the existing deal that comes with tough austerity conditions. However, a German finance ministry spokesman said the new plea was 'not a substantial proposal for a solution.'" (02/19/15)

http://www.bbc.com/news/business-31532755  

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Greece’s debt debacle: Austerity and prosperity

February 17, 2015
posted by

Students For Liberty Students For Liberty
by Jack Enright  

"Since the 2008 financial crisis, Greece has largely abdicated its fiscal policy to three intergovernmental organizations known as the 'troika': the European Union, the European Central Bank, and the International Monetary Fund. These three groups bailed out Greece to the tune of 240 billion Euros ($268b USD). The new coalition government wants to renegotiate the terms of the debt agreement to better manage, perhaps by paying less than what they borrowed. Many have been critical of the request, as it seems like giving over a quarter of a trillion dollars to a country with just over 10 million inhabitants would stimulate their economy significantly. But, despite what Keynesians would have you believe, providing this kind of capital did not solve the issue of high unemployment." (02/16/15)

http://tinyurl.com/q8fhfen  

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Billions over budget

February 17, 2015
posted by

Campaign For Liberty Campaign For Liberty
by Heather_D  

"States that have opted to expand their Medicaid programs under ObamaCare are millions of dollars -- and in some cases billions of dollars -- over budget. In fact, Ohio's program is 30% over budget already, with months to go before the end of the fiscal year. Here in Alaska, they're already calling the current budget deficit 'unprecedented.' Yet Governor Bill Walker is continuing his push for ObamaCare expansion, and I need your help to stop it." (02/17/15)

http://www.campaignforliberty.org/billions-budget  

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A way forward for Greece

February 16, 2015
posted by

Mises Canada
by Frank Hollenbeck  

"Despite rumors in the press, there are no European mechanisms to force Greece out of the Euro. Greece would have to be the one to decide to leave. Current wisdom is that a bank run would force Greece to return to the drachma. Although this is a possibility, it is not a foregone conclusion. Even if Greece defaulted, it would still probably have a large euro debt which probably could not be financed with a greatly devalued new drachma. Greece needs a plan to stay with the euro, at least short term, but it also needs significant debt relief. What should Greece do? Sometimes you have to consider the impossible to make the possible evident." (02/16/15)

http://mises.ca/posts/articles/a-way-forward-for-greece/  

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Ukraine denouement

February 16, 2015
posted by

CounterPunch CounterPunch
by Michael Hudson  

"The fate of Ukraine is now shifting from the military battlefield back to the arena that counts most: that of international finance. Kiev is broke, having depleted its foreign reserves on waging war that has destroyed its industrial export and coal mining capacity in the Donbass (especially vis-a-vis Russia, which normally has bought 38 percent of Ukraine's exports). Deeply in debt (with €3 billion falling due on December 20 to Russia), Ukraine faces insolvency if the IMF and Europe do not release new loans next month to pay for new imports as well as Russian and foreign bondholders." (02/16/15)

http://www.counterpunch.org/2015/02/16/ukraine-denouement/  

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The debt and the GOP

February 12, 2015
posted by

Michael D. Tanner Cato Institute
by Michael D Tanner  

"With our national debt now passing the $18 trillion mark, and rising at the rate of $40 to $50 billion per month, it is worth taking a look at where the putative Republican presidential candidates stand on the question. Do they see it as a major issue? Would they deal with it by cutting spending or raising taxes? Are they willing to take the political heat in order to reform the entitlements (Medicare, Medicaid, and Social Security) that are the real drivers of the debt? Or are they content to offer platitudes about cutting 'fraud, waste, and abuse?'" [editor's note: "Our" national debt? I never signed any of those promissory notes, nor have I ever given anyone else permission to name me as a guarantor! - TLK] (02/11/15)

http://www.cato.org/publications/commentary/debt-gop  

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Europe’s Greek showdown: The sum of all statist errors

February 11, 2015
posted by

David Stockman LewRockwell.com
by David Stockman  

"The politicians of Europe are plunging into a form of ideological fratricide as they battle over Greece. And 'fratricide' is precisely the right descriptor because in this battle there are no white hats or black h[a]ts -- just statists. Accordingly, all the combatants -- the German, Greek and other national politicians and the apparatchiks of Brussels and Frankfurt -- are fundamentally on the wrong path, albeit for different reasons." (02/11/15)

http://tinyurl.com/mp8oach  

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In debt to Buchanan and Wagner

February 11, 2015
posted by

Don Boudreaux Cafe Hayek
by Don Boudreaux  

"The title of Paul Krugman's most-recent column proclaims that nobody understands debt (Feb. 9). Yet the one who doesn't understand debt is Mr. Krugman. Contrary to his argument, the potential problems caused by a government's indebtedness do not vanish just because that debt is owed only to that government's subjects." (02/10/15)

http://cafehayek.com/2015/02/in-debt-to-buchanan-and-wagner.html  

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Government debt on the road to ruin

February 10, 2015
posted by

Steve Chapman Reason
by Steve Chapman  

"Americans are addicted to living beyond their means, at least when it comes to the functions of government. That's why the federal debt tripled over the past decade and under President Barack Obama's budget plan would keep growing indefinitely. Why not? If you don't have to pay for all you get, you're likely to take more than you need. The problem is hardly confined to Washington. State and local governments can't get away with endless budget deficits because of restrictions on their authority to borrow money. But if you think that keeps them from piling up obligations on future taxpayers, you underestimate their ingenuity." (02/09/15)

http://tinyurl.com/lllkzls  

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Debt will sink Wyoming

February 9, 2015
posted by

The Price of Liberty
by Bradley Harrington  

"The real world doesn't always adhere to the projections it seems -- so, now, a quarter of a billion dollars has conjured its way back into the limbo-land from which it came, leaving our legislature scurrying to make up the difference. Wouldn't it be great if those same legislators paid as close attention to the source of the funding for their proposed Medicaid expansion as they are now paying to the looming budgetary shortfall in the energy arena?" (02/09/15)

http://www.thepriceofliberty.org/?p=6930  

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Medicare and Social Security tabs coming due

February 8, 2015
posted by

Michael D. Tanner Cato Institute
by Michael D Tanner  

"The national debt has dropped out of the headlines recently, but that doesn't mean that it has gone away. In fact, just a few weeks ago, the debt officially topped $18 trillion. For those keeping score, that equals roughly 101 percent of GDP. In other words, we now owe more than the value of all goods and services produced in this country over a year. And, according to the Congressional Budget Office, the debt will climb to almost $27.3 trillion within the next 10 years. Moreover, as Milton Friedman, pointed out, debt, like taxes, is just a measure of how we pay for the true cost of government, which is spending. That spending is currently on a path to reach 36 percent of GDP by mid-Century." (02/06/15)

http://tinyurl.com/opnbxnc  

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Greece jumps from Scylla to Charybdis

February 8, 2015
posted by

Iain Murray Foundation for Economic Education
by Iain Murray  

"Every Greek child reads Homer in school. So Greek children are familiar with the legend of Scylla and Charybdis, from Homer's Odyssey. The sailor Odysseus, returning home after the Trojan War, is faced with a desperate choice in the straits separating Italy and Sicily. To one side is the monster Scylla, who will tear his ship and eat his crew. On the other is the whirlpool Charybdis, which will suck his entire ship down to the depths. He chooses to sail past Scylla, and loses only a few of his crew. Greece, in its recent parliamentary election, faced a similar choice. But unlike Odysseus, Greek voters chose Charybdis." (02/06/15)

http://fee.org/freeman/detail/greece-jumps-from-scylla-to-charybdis  

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Greek FM to Germany: End “gross indignity”

February 6, 2015
posted by

BBC News BBC News [UK state media]    

"Greece's new finance minister has urged Germany to help end the 'gross indignity' of the Greek debt crisis. Yanis Varoufakis said 'too much time, hopes, lives' had been wasted by Greece's forced austerity programme. He was speaking after talks with his German counterpart, Wolfgang Schaeuble, who said a reduction of Greece's debt was off the agenda. Mr Varoufakis has been seeking support for Greece's plan to renegotiate its massive international bailout." (02/05/15)

http://www.bbc.com/news/world-europe-31147112  

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OMB Director: Boomer retirement means more US debt

February 6, 2015
posted by

Christian Science Monitor Christian Science Monitor    

"While the nation provides healthcare and retirement benefits to the giant baby boom generation, the US government may have to learn to live with higher levels of debt than would otherwise be ideal, says Office of Management and Budget Director Shaun Donovan. The federal budget for fiscal year 2016, whose drafting Mr. Donovan supervised, projects federal debt next year will total $18.6 trillion, an amount equal to 75 percent of the size of the US economy. That level of federal debt is the highest level since 1950 and up sharply from 39.3 percent of GDP as recently as 2008." (02/05/15)

http://tinyurl.com/ne3v9as  

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Congress puts out tip jars in an effort to reduce national debt

February 5, 2015
posted by

Students For Liberty
by Suzanne Schaefer  

"With the national debt surpassing $18,000,000,000,000, Congress has decided to put out tip jars all over Capitol Hill in a mass effort to reduce the overwhelming and rapidly increasing national debt. 'We're all taking steps to be proactive,' said Representative John Boehner, 'we can't just all sit around and do nothing. So we've been brainstorming ways to alleviate this immense burden from the shoulders of American citizens. Because we care.' ... 'I've already contributed $2.36,' beamed Boehner. 'I've always got some spare change in my pockets, so it's been easy to just drop it in the jar. I'd probably scrape up even more if the jars were cute little piggy banks,' Boehner giggled. 'There's just something so fun about feeding a cute little piggy bank!'" (02/05/15)

http://tinyurl.com/lsvl8va  

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Greek banks hit as Europe stands firm over bailout

February 5, 2015
posted by

CNN CNN Money    

"Greek markets are tumbling after the European Central Bank raised the pressure on the country's new anti-austerity government to stick to the terms of its [predecessor regime's] massive international bailout program, a message Germany is likely to reinforce later Thursday. ... Stocks in Athens fell by 6% in early trading, and the country's banks were even harder hit. Piraeus Bank (BPIRF) plunged by 16% and the National Bank of Greece (NBG) was down 15%. The yield on 10-year Greek government bonds jumped to nearly 11%." (02/05/15)

http://money.cnn.com/2015/02/05/news/economy/greece-europe-markets/  

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History in the balance: Why Greece must repudiate its “banker bailout” debts and exit the euro

February 4, 2015
posted by

David Stockman LewRockwell.com
by David Stockman  

"Now and again history reaches an inflection point. Statesman and mere politicians, as the case may be, find themselves confronted with fraught circumstances and stark choices. February 2015 is one such moment. For its part, Greece stands at a fork in the road. Syriza can move aggressively to recover Greece's democratic sovereignty or it can desperately cling to the faltering currency and financial machinery of the Euro zone. But it can't do both." (02/04/15)

http://tinyurl.com/nyyx6nw  

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Sequester the empire

February 4, 2015
posted by

Justin Raimondo Antiwar.com
by Justin Raimondo  

"The fake debate over the misnamed 'defense' budget underscores everything that's wrong with our foreign policy, our political system, and the crooks who rule the roost in Washington. This Washington Post piece on the politics surrounding the issue tells us everything we need to know about how the political class -- and its journalistic camarilla -- operates. Although the authors cite a figure -- $561 billion -- nowhere do we read that this is an all-time high. Yet that's just the beginning of what's wrong with Washington. In any debate, one would reasonably expect the two sides to disagree, but not in this case. Both the President and his Republican opposition agree that the military budget must be radically expanded -- and that the Congress needs to break its own sequestration law in order to do it." (02/04/15)

http://original.antiwar.com/justin/2015/02/03/sequester-the-empire  

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