Tag Archives: Welfare-Warfare State

Swiss war game envisages invasion by bankrupt French

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“Carried out in August, the apparently outlandish army exercise was based on the premise of an attack by a financially stricken France split into warring regions, according to Matin Dimanche, the Lausanne-based daily.  Famous for its bank secrecy laws, Switzerland often comes under criticism for allowing foreign account holders to hide their wealth from tax officials at home. This is by no means the first imaginary scenario dreamed up by the Swiss army. Last year, it carried out an exercise based on the premise that a huge wave of refugees crossed into the country after the implosion of the European Single Currency and ensuing chaos across the continent.”

http://www.telegraph.co.uk/news/worldnews/europe/switzerland/10344029/Swiss-war-game-envisages-invasion-by-bankrupt-French.html

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War in Washington: Two Shocking Forecasts

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“The bond investor rebellion we’re forecasting is not unprecedented. It has happened before — in 1980, under the Carter administration.  Back then, the federal budget deficit was huge, although not nearly as large as today’s.  Consumer inflation was taking off due to years of aggressive easy money by the Fed, although not nearly as aggressive as the Fed’s massive money printing and bond buying of the past five years.  There was fear of a hotter cold war, although not nearly as intense as today’s fears. In response, bond buyers went on strike. It was virtually impossible for the United States government to sell its bonds at virtually any price. My forecast was — and is — that this will happen again.”

http://www.moneyandmarkets.com/war-in-washington-two-shocking-forecasts-55578

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$3.3 billion of pork: The 5 most surprising provisions in the debt deal

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“So much for a ‘clean’ bill. The measure passed by Congress to fund the government and raise the debt ceiling also contains some goodies and gifts tucked into the 35-page bill.  There’s more money — a lot more — for a dam project on the Ohio River and millions of cash for Colorado flooding repair projects. And the wealthy widow of a late U.S. senator will receive a year’s pay as a death benefit.  You have to hand it to a Congress that finds no bill is off limits for pork.”

http://www.cnn.com/2013/10/17/politics/new-debt-deal-pork/

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Bill Bonner: Why the “Shutdown” Critics Have It All Wrong…

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“Few people are content with Thomas Jefferson’s kind of government. They want Hillary Clinton’s kind. But as it grows, government quickly reaches the point of declining marginal utility.  Then it slips into its bad habits – like grand larceny.  The money that was supposedly ‘taken out’ of the economy didn’t disappear. It remained with its rightful owners: neither stolen, nor redistributed. The zombies were short $24 billion. But the productive sector was ahead.  And what were the feds going to do with that $24 billion?”

http://www.bonnerandpartners.com/why-the-shutdown-critics-have-it-all-wrong/

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Lew Rockwell: “The Government Default”

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“In his recent appearance on RT, Lew Rockwell discusses the upside of government default. Rockwell is founder and CEO of the Mises Institute. For more information, visit the Mises Institute online at mises.org.”

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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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Bill Bonner: Congress Marches Arm In Arm Toward Catastrophe

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“The volatility index – the VIX – shows the market to be surprisingly calm.  Yesterday, the Dow rose 205 points. Gold rose modestly too – plus $9. The VIX dropped nearly 20%. What does it mean? Well, it implies that no one is taking the threat of default seriously. Everyone expected a last-minute deal. When the chips were down, they reasoned, the pols would get their act together. One way or another, they’d shake hands… and continue marching, arm in arm, toward a real debt catastrophe! Except that hardly anyone sees a catastrophe coming.”

http://www.bonnerandpartners.com/congress-marches-arm-in-arm-toward-catastrophe/

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Government Freezes EBT Funds, Orders States to Withhold Food Stamps

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“USDA, which oversees the Supplemental Nutritional Assistance Program (SNAP), has just issued an order to SNAP agency directors calling for their respective States to implement an emergency contingency program because of government funding issues. In a letter obtained by the Crossroads Urban Center food pantry, the USDA is directing state agencies to, ‘delay their November issuance files and delay transmission to State Electronic Benefit Transfer (EBT) vendors until further notice.’  Should Congress fail to increase the debt ceiling this week, come November there will literally be millions of people in the United States who will receive exactly zero dollars on their EBT cards.”

http://www.shtfplan.com/headline-news/alert-government-freezes-ebt-funds-orders-states-to-withhold-transfers-to-food-stamp-recipients_10152013

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Are We Approaching Peak Retirement?

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“If stocks, bonds and real estate all decline going forward, where are pension funds going to earn their 7+% annual yields?   If pension funds lose significant percentages of their assets to market declines, earning 7% will be the least of the problems. As for the Federal retirement programs: if the erosion of full-time employment continues as a long-term trend, Social Security and Medicare will both start running massive deficits as the number of Baby Boomer beneficiaries continues rising while the payroll tax base shrinks.”

http://www.oftwominds.com/blogoct13/peak-retirement10-13.html

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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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