Tag Archives: Welfare-Warfare State

UK financial official: Monetize state debt when deflation risks persist

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“There is no need for central banks’ balance sheets to shrink.  They could stay permanently larger; and, for some countries, permanently bigger central-bank balance sheets will help reduce public-debt burdens.  Even when permanent monetization occurs — as it almost certainly will in Japan and possibly elsewhere — it may remain forever the policy that dare not speak its name.  Such reticence may serve a useful purpose. But it must not blind central banks and governments to the full range of policy tools available to address today’s severe debt overhangs.”

http://www.japantimes.co.jp/opinion/2014/03/24/commentary/monetize-state-debt-when-deflation-risks-persist/

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Welfare office head, with gambling habit, embezzles nearly $300k

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“A former TANF program director has plead guilty to embezzlement and fraud after stealing nearly $300,000 from the federally funded program.  Between 2006, when Sandra Marie Sanderville became director, to her dismissal in 2010, Sanderville would overpay TANF beneficiaries, who would then cash the illicit checks and give a portion back to Sanderville. She would also provide checks to people who were not eligible for the program and receive portions back from that as well. Sanderville was able to keep her activities under wraps for four years because she was able to ‘restrict’ access to the records.  She continued to receive pay until she was terminated the following year.”

http://dailycaller.com/2014/03/07/former-welfare-office-head-with-gambling-habit-embezzles-nearly-300k/

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Bill Bonner: The Coming Bull Market in Gold Stocks Is Going to Be BIG

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“Most empires were financed on the loot captured from their conquered opponents. But the US Empire depends not on generals, but on bankers. Bernanke – the ‘Hero of ’08’ – kept the credit flowing at a crucial moment…  He kept the empire on schedule… and on target… for its rendezvous with disaster.  [..]  Debt has its lifecycle.So do empires. Both expand. Then both… without exception… contract.  An empire funded by debt is an especially ungainly, grotesque thing. It lurches from one disaster to another – going deeper and deeper into debt each time.  But it is not the debt that kills empires. Debt is just a razor conveniently left on the side of the tub.”

http://www.bonnerandpartners.com/the-coming-bull-market-in-gold-stocks-is-going-to-be-big/

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FHA no longer will drop mortgage insurance premiums [2013]

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“As of June 3, 2013, most FHA loans will again require mortgage insurance for the life of the loan.  Why? The once healthy MMIF now is struggling to stay afloat. In fact, an audit, conducted by the Integrated Financial Engineering Inc., concluded that FHA had reserves of $30.4 billion, but will experience a net loss of $46.7 billion for 2012 on existing loans in its primary account.  The agency entered fiscal year 2013 at negative $16.3 billion. By comparison, the FHA MMI Fund had a negative economic value of $2.6 billion in 1990 before rebounding later in the decade.”

http://mynorthwest.com/800/2207994/FHA-no-longer-will-drop-mortgage-insurance-premiums

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Senate passes debt-ceiling increase in blow to tea party

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“With a snowstorm bearing down on the capital, it approved a House-passed measure that allows the government to borrow more money to pay its bills through March 2015.  President Barack Obama signaled that he would sign the legislation, so the Senate vote was the last hurdle to resolving the debt ceiling issue until after the November congressional elections.  Wednesday’s result was a blow to tea party conservatives who oppose any kind of increase in federal borrowing.  A dozen Republicans, including Senate Minority Leader Mitch McConnell, joined Democrats to overcome a filibuster on a 67-31 procedural vote.”

http://www.cnn.com/2014/02/12/politics/senate-debt-ceiling/

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Bill Bonner: Stay Away from Obama’s MyRAs…

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“Japan’s government bonds were bought by its own old people (or their pension funds). They put their savings in the safest possible place – government bonds – to be used to finance their retirements.  How will the Japanese government make good on all these bonds?  The answer is the same as the answer to this question: How will this debt-financed hullabaloo turn out?  Simple: Japan will stiff its own grey-haired creditors – either by inflation or by default.  Argentina, by the way, is already ahead of the game. It nationalized private retirement funds – to ‘protect’ them, of course.  And now, the president aims to ‘protect’ US retirees in the same way.”

http://www.bonnerandpartners.com/stay-away-from-obamas-myras/

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Tough Lessons for the Next Generation

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“I wish Dad were here today to tell us what he thinks about events that have come to pass since then — the tech wreck of 2000, the housing bust of 2006, the debt crisis of 2008 and the massive Fed money printing ever since.  The fact remains that no one can predict the future with precision. The best we can do is prepare prudently, and that’s what you should do too.  Never forget the key factor that has always sustained prudent investors through thick and thin — SAFETY. Always favor lower risk investments, taking bigger risks strictly with money you can afford to lose.”

http://www.moneyandmarkets.com/tough-lessons-for-the-next-generation-2-57974

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MyRA: “A Start To A Secure Retirement”, Promises Treasury Secretary

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“You didn’t think the US could at first slowly, and then all of a sudden, expropriate retirement accounts and invest them in the ‘no risk, guaranteed return‘ MyRA Ponzi scheme introduced by Obama during the State of the Union address without lots of behavior-modifying indoctrination in the ‘friendly press’ first now did you? Sure enough, here is the first major propaganda salvo, coming from none other than the US Treasury Secretary, Jack Lew, which will be published tomorrow across the McClatchy media empire.”

http://www.zerohedge.com/news/2014-01-30/myra-propaganda-begins-start-secure-retirement-promises-treasury-secretary

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Obama unveils new retirement savings plan: ‘MyRA’

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“Obama said he would direct the Treasury Department to create new ‘MyRA’ accounts to allow people to more simply invest in Treasury bonds.  The MyRA bond would be like a Roth IRA: Your contributions would not be tax-deductible, but your earnings would be free from tax when you withdraw it. As with a Roth, your contributions can be taken out tax-free at any time.  Employers who offer the option won’t have to administer them. And if they automatically enroll employees — which they won’t be required to do — those employees will have a greater chance of accumulating retirement savings.”

http://www.usatoday.com/story/news/2014/01/28/obama-state-of-the-union-myra-savings-plan/4992743/

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America’s Race to the Bottom

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“The United States has fallen behind in nearly every measure imaginable.  The so-called greatest country in the world is now third in median household income, number four in labor force, number four in exports, seventh in literacy, 22nd in science, 27th in math, 34th in infant mortality and 35th in life expectancy.  The U.S. is first in health care spending but 35th in life expectancy. We’re first in the number of incarcerated citizens per capita. We’re first in defense spending.  Indeed, if you’re an American, you’re living in a country that now ranks 12th in the Heritage Foundation’s annual Index of Economic Freedom. Not even in the top 10. Ireland and the tiny Indian Ocean state of Mauritius outrank us.”

http://thesovereigninvestor.com/2014/01/30/americas-race-bottom/

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