Moral Outrage
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Posts Tagged ‘debt

IMF warns US to take action on addressing debt

April 19, 2012

The International Monetary Fund issued a clarion call to bickering US politicians, urging them to solve the country’s debt problems before a still-vulnerable economy is tipped over the brink. In a hallmark semi-annual report, the Washington-based fund warned policymakers on the other side of the US capital that, while the world’s largest economy is improving, […]

Greece to default and cut from Eurozone on March 23?

February 16, 2012

According to a prominent blog post, written document giving firm dates and detailed actions for a planned Greek default has been in the possession of two top Wall Street bank currency trading bosses since the second week in January. The document asserts that Greece will officially be declared in default by all the ratings agencies […]

Which Country Debt is nearly 1000% of its GDP?

December 9, 2011

Which country debt is nearly 1000% of its GDP? It’s the UK, as per this excellent chart from Morgan Stanley. A few notes here: • This chart is looking at all kinds of debt, not just sovereign debt. The UK’s staggering debt-to-GDP ratio is largely due to the size of its financial sector. • All […]

And we wonder why US credit was downgraded

September 27, 2011

The numbers leading S&P to downgrade U.S. Credit: • U.S. Tax revenue:___$2,170,000,000,000 • Federal budget:_____$3,820,000,000,000 • New debt:_________$1,650,000,000,000 • National debt:_____$14,271,000,000,000 • Recent budget cut:____$38,500,000,000 Let’s remove 8 zeros and pretend this is a household budget: • Annual family income:____________________$21,700 • Money the family spent:___________________$38,200 • New debt on the credit card:_______________$16,500 • Outstanding balance […]

Christianity should be synonymous with class warfare

September 27, 2011

President Obama just drew the economic battle lines more clearly in his call to raise $1.5 trillion in new revenue primarily through increased taxes on the wealthy, letting the Bush tax cuts expire, and closing tax loopholes. “Class warfare!” countered the Republicans. Americans sharing more equally in the burden of pulling our country out of […]

Following the Money in the European Debt Crisis

September 25, 2011

Greece, Ireland, Portugal, Spain, and Italy are said to be cases of out-of-control people who now must get their houses in order – by way of huge cuts to government programs. Yet these cuts, known in the jargon as austerity measures, represent political crimes of equal if not greater magnitude to that burglary at the […]

IMF confirms world economy has entered a dangerous new phase

September 20, 2011

The world economy has entered a “dangerous new phase,” according to the chief economist of the International Monetary Fund. As a result, the international lending organization has sharply downgraded its economic outlook for the United States and Europe through the end of next year. “The global economy has entered a dangerous new phase,” said Olivier […]

Is China ready to pull the plug on the American Dollar?

September 17, 2011

The debate over the health and longevity of the American dollar comes down to one very simple and undeniable root pillar of economics; supply and demand. The Federal Reserve has been quite careful in maintaining a veil of secrecy over the full extent of dollar saturation in foreign markets in order to hide the sheer […]

China lecturing US on need to cure debt addiction

September 4, 2011

China’s leaders, even in their wildest nationalist dreams, could not have imagined a more spectacular reversal of history than that the US should be chastened and no longer top of the (capitalist) class, appealing to China to bail it out and boost world growth. They can no longer resist the temptation to lecture the US, […]

Bankers warn market crash could hit within weeks

August 26, 2011

Insurance on the debt of several major European banks has now hit historic levels, higher even than those recorded during financial crisis caused by the US financial group’s implosion nearly three years ago. Credit default swaps on the bonds of Royal Bank of Scotland, BNP Paribas, Deutsche Bank and Intesa Sanpaolo, among others, flashed warning […]