Tag Archives: Too Big To Succeed

China downgrades U.S. credit rating, accuses of ‘holding world hostage’

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“Dagong lowered its ratings for U.S. local and foreign currency credit from A to A-, maintaining a negative outlook, the agency said in a statement.  The announcement came after the U.S. Congress passed and President Barack Obama signed a bill that extends the nation’s borrowing authority and ends a two-week government shutdown. ‘The fundamental situation that the debt growth rate significantly outpaces that of fiscal income and gross domestic product remains unchanged,’ Dagong said in the statement, adding Washington’s solvency was vulnerable as old debts were still repaid through raising new debts.”

http://www.rawstory.com/rs/2013/10/17/china-downgrades-u-s-credit-rating-and-accuses-lawmakers-of-holding-world-hostage/

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Ron Paul: New Fed Boss Same as the Old Boss

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“The news that Janet Yellen was nominated to become the next Chairman of the Board of Governors of the Federal Reserve System was greeted with joy by financial markets and the financial press. Wall Street saw Yellen’s nomination as a harbinger of continued easy money. Contrast this with the hand-wringing that took place when Larry Summers’ name was still in the running. Pundits worried that Summers would be too cautious, too hawkish on inflation, or too close to big banks.  The reality is that there wouldn’t have been a dime’s worth of difference between Yellen’s and Summers’ monetary policy. No matter who is at the top, the conduct of monetary policy will be largely unchanged.”

http://www.thedailybell.com/editorials/34667/Ron-Paul-New-Fed-Boss-Same-as-the-Old-Boss/

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China warns US to ‘stop manufacturing crises’ and raise debt ceiling

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“Premier Li Keqiang added his voice to concerns that the world’s biggest economy could default on its debt.  Mr Li told John Kerry, US secretary of state, that China was paying ‘great attention’ to the issue of raising America’s $16.7 trillion (£10.5 trillion) debt ceiling.  China is the largest foreign owner of US debt, holding more than $1.277 trillion in Treasury bills.  Mr Li’s remarks, published by the state-owned Xinhua News Agency, follow comments by vice finance Minister Zhu Guangyao on Monday that ‘the clock is ticking’ and any US default would have global repercussions.  Mr Kerry [is said to have] made clear to Mr Li that President Barack Obama was ‘committed to resolving the issue.'”

http://www.telegraph.co.uk/finance/economics/10368979/China-warns-US-to-stop-manufacturing-crises-and-raise-debt-ceiling.html

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Computer Glitch Blamed For Nationwide Food Stamp System Shutdown

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“People in Ohio, Michigan and 15 other states found themselves unable to use their food stamp debit-style cards on Saturday, after a routine test of backup systems by vendor Xerox Corp. resulted in a system failure. At about 9 a.m. Saturday, reports from across the country began pouring in that customers’ EBT cards were not working in stores.  At 2 p.m., an EBT customer service representative told CBS Boston that the system was currently down for a computer system upgrade. U.S. Department of Agriculture spokeswoman Courtney Rowe said the outage is not related to the government shutdown.”

http://boston.cbslocal.com/2013/10/12/computer-upgrade-blamed-for-nationwide-ebt-system-shutdown-on-saturday/

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David Stockman Explains The Keynesian State-Wreck Ahead

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“‘What has been growing is the wealth of the rich, the remit of the state, the girth of Wall Street, the debt burden of the people, the prosperity of the beltway and the sway of the three great branches of government – that is, the warfare state, the welfare state and the central bank… What is flailing is the vast expanse of the Main Street economy where the great majority have experienced stagnant living standards, rising job insecurity, failure to accumulate material savings, rapidly approach old age and the certainty of a Hobbesian future where, inexorably, taxes will rise and social benefits will be cut…’ He calls this condition ‘Sundown in America’.”

http://www.zerohedge.com/news/2013-10-05/david-stockman-explains-keynesian-state-wreck-ahead-sundown-america

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Jim Rogers: An ‘even worse catastrophe’ is coming

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“‘The U.S. is the largest debtor nation in the history of the world,’ Rogers told CNBC.com Wednesday night by phone from Singapore. ‘We may well have a big, big rally in the U.S. stock market, but it’s not based on reality. I would encourage investors to know you’re in a fool’s paradise, be careful, and when people start singing praises, say, ‘I’ve been to this party before, and I know know it’s time to leave.”  For Rogers, the author of ‘Street Smarts: Adventures on the Road and in the Markets,’ it is only a matter of time until the U.S. stock market runs into devastating problems due to the Fed’s quantitative easing program and the prevalence of similar stimulative programs around the world.”

http://www.cnbc.com/id/101083671

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How the US Government Might Prioritize Bills if Debt Ceiling Isn’t Raised

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“If the debt ceiling isn’t raised for the US government, it doesn’t mean the government won’t be able to pay some bills. The USG has a regular stream of income that comes in from tax payments. WSJ has taken a look at incoming government revenue and speculated on which bills might be paid.”

http://www.economicpolicyjournal.com/2013/10/how-us-government-might-prioritize.html

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Nissan To Britain: Stay In The European Union

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“British banking elites have obviously been burning up the phone wires to Tokyo and probably other industrial capitals, as well. The idea is to twist arms of major corporations until they explain to the jobless British public that their continued presence in the EU is necessary if they want to work at all.  Britain, like the rest of Europe, is suffering from a terrible economy. The combination of reckless money-printing and the determination of banking elites not to let a single, bloated financial firm go out of business has virtually paralyzed the British economy, as it has paralyzed much of Europe.”

http://www.thedailybell.com/news-analysis/34655/Nissan-Wants-Britain-in-the-EU/

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Thanks, Bloomberg, for More Nonsense About Gold

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“Central bankers from all over the world meet regularly in Switzerland, at the Bank for International Settlements, to ‘coordinate’ monetary policy. They sit in a big room in front of a fancy table and discuss what they are going to do. Four men control roughly 75% of the entire world money supply: Zhou Xiaochuan, People’s Bank of China,  Mario Draghi, European Central Bank, Haruhiko Kuroda, Bank of Japan and Ben Bernanke, US Federal Reserve.  Does anyone seriously believe that these four individuals do not operate a common monetary policy? Does anyone believe that any of these individuals have the latitude to go their own way in defiance of the others?”

http://www.thedailybell.com/news-analysis/34653/Thanks-Bloomberg-for-More-Nonsense-About-Gold/

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First Time On Record: The US Government Is ‘Riskier’ Than US Banks

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“During the European crisis, we saw sovereign debt yields rising way above their domestic banking sector’s yields as investors feared systemic crisis and technical flows dominated the price action amid aggressive hedging. Now, with Washington looking increasingly likely to crash upon the shores of a US Treasury technical default, for the first time on record the yield on short-term Treasury-Bills is above the yield on US interbank loans. T-Bill yields (the US government’s “risk”) have surpassed short-term LIBOR (US Banks’ “Risk”)… must be a good reason to BTFATH… The yield on Treasury Blls (US Government risk) is above that of LIBOR (US bank risk).”

http://www.zerohedge.com/news/2013-10-08/first-time-record-us-government-riskier-us-banks

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