Tag Archives: Welfare-Warfare State

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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Jamie Dimon Knows What You Don’t Need to Know About U.S. Default

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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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Psychiatrists Deeply Concerned For 5% Of Americans Who Approve Of Congress

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“Noting that the individuals in question may be extremely mentally disturbed or suffering from a serious psychological illness, the nation’s psychiatrists announced Wednesday that they are deeply concerned for the estimated 5 percent of Americans who were found in nationwide polls this week to approve of the U.S. Congress.”

http://www.theonion.com/articles/psychiatrists-deeply-concerned-for-5-of-americans,34163/

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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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Ron Paul: The shutdown is not a real problem

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“‘I think the real worry should be the breakdown of the entire system. As far as default goes, we’re always going to pay the interest. That’s just a fake argument. I’m concerned about the continuation of the default by paying off our bills with money that has less value. That’s where the real problem is, and they’re not even talking about it.’  Paul brushed off the implications for thousands of furloughed federal workers, calling the time a ‘paid vacation.’  ‘I don’t know how people can believe this stuff as being serious,’ he said. ‘The government isn’t shut down and the few people who have been let go, half of them have been put back on. And they’re all guaranteed their wages.'”

http://www.cnbc.com/id/101103087

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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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Shutdown: A Good Start?

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“The US armed forces are still occupying Afghanistan and staging abductions in Libya and Somalia.  The FBI and IRS are still kidnapping alleged entrepreneurs and stealing their stuff.  The Capitol Police are still gunning down unarmed mothers who make wrong turns in Washington, DC.  I beg to differ with my comrades, though.  Yes, the ‘shutdown’ is weak tea — only 17% of the federal government, much of it in the ‘social safety net’ areas that are likely to produce exactly the ‘please, please, please end the shutdown’ backlash the politicians want, and much of it already crumbling over creative interpretations of the law.  Still, it’s a good start.”

http://c4ss.org/content/21760

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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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Drug Policy Alliance: Why isn’t the DEA shut down?

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“In an email to supporters sent Friday, the Drug Policy Alliance questioned why the U.S. Drug Enforcement Administration was considered essential during the government shutdown.  ‘The government shutdown has closed our national parks and furloughed almost a million federal employees, but the Drug Enforcement Administration remains ‘essential’ enough to carry on the drug war. You and I both know the DEA isn’t effective. So why is it considered essential?’ Bill Piper said in the email.  The group, which seeks to end the war on drugs, urged supporters to sign a petition that calls on Congress to defund the DEA.”

http://www.rawstory.com/rs/2013/10/04/drug-policy-alliance-why-isnt-the-dea-shut-down/

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