Euro Officials Begin to Weigh Greek Exit From Common Currency
Greece’s possible exit from the euro area moved to the center of Europe’s debt-crisis debate, with officials beginning to weigh the fallout of a withdrawal even as authorities in Athens struggled to form a government.Read more »
A Federal Reserve decision to let Chinese banks acquire U.S. lenders was challenged by Senator Bob Casey, who said it could open the way for Chinese government-run institutions to undercut U.S. banks.Read more »
Is Austerity - or Decades of Awful Governance - Responsible for Greek Suicides?
"Austerity drives up suicide rate in debt-ridden Greece," blares a CNN.com article detailing an apparent increase in suicides in the European country arguably in the worst fiscal situation. I say apparently because the only hard facts in the story are these: "According to the health ministry data, the suicide rate jumped about 40% in the first five months of 2011 compared with a year earlier." Are suicides up in 2012, compared either to 2011 or 2010? No word.Read more »
WASHINGTON (AP) — The Senate offered a lifeline to the nearly bankrupt U.S. Postal Service on Wednesday, voting to give the struggling agency an $11 billion cash infusion while delaying controversial decisions on closing post offices and ending Saturday delivery.Read more »
Can You Fix the U.S. Budget? Test Yourself
If you haven't tried The New York Times's Budget Puzzle yet, give it a shot. It's a quick interactive exercise that lets you make all the hard decisions (or easy, politically unpopular decisions, as the case may be) to see if you can come up with a combination of cuts and taxes that balance the books.Read more »
Why Monetary Expansion Must Stop
Introduction: The Illusion of Unlimited Resources
The current problems faced by all the world's economies stem, primarily, from one source: the demise of sound money, whose quantity could not be increased without significant cost, and its replacement with fiat money that can be inflated to infinite amounts at almost no cost to the producer.Read more »
Warning that our nation's fiscal health has deteriorated appreciably since the onset of the financial crisis and the recession, Bernanke called upon lawmakers to confront the long term fiscal challenges sooner rather than later. If lawmakers don't confront them, they'll find themselves confronted *by* them.Read more »
Unanimous: Obama Budget Defeated 414-0
In a rare instance of bipartisanship, President Barack Obama's reckless $3.6 trillion budget for next year was defeated 414-0 late last night on the House Floor.
Republicans said Democrats were afraid to vote for Obama's proposed tax increases and extra spending for energy and welfare. Democrats said Republicans had forced a vote on a version of Obama's budget that contained only its numbers, not the policies he would use to achieve them.Read more »
Americans Are Horribly Misinformed About Who Has Money
Americans have a really distorted view of how wealth is distributed in this country.
This chart is from a paper called "Building a Better America One Wealth Quintile at a Time" by Dan Ariely and Michael I. Norton.Read more »
Spain's high-class escorts are refusing to have sex with the nation's bankers until they open up credit lines to cash-strapped families and firms. Madrid's top-end prostitutes say their indefinite strike will continue until bank employees start offering bigger loans for struggling Spaniards.Read more »
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