A bunch of turkeys have hijacked our monetary system and all they know is how to print money. Rather than let the market clear itself out, central banks continue to use taxpayers’ money to bail out insolvent institutions. This brilliant strategy has NEVER worked in the past and it will not work this time around. Instead of robbing innocent people of their savings, the establishment must allow the weak banks to go bust…
February 26th, 2009 | Puru Saxena | 3 comments | ContinuedAll Posts Tagged With: "credit"
What We Face Now Is a Depression
What happened to Thomas L. Friedman? Did he drop the hair dryer in the bathtub…and give himself a jolt? Suddenly, he’s saying something that is modest and sensible. But his brush with intelligence lasted only three paragraphs. Then, it’s back to the old simpleton Friedman…with a solution to every crisis…and a fix for every problem his last solution caused. But you can’t fix a depression. And what we face now is a depression…
February 3rd, 2009 | Bill Bonner | 3 comments | Continued
The Permanent Portfolio
Today’s Daily Reckoning begins with an outsider’s look at the Australian banking sector. Then we’ll take a Prime Ministerial look. And finally, a Gallic technical trader’s look. All three perspectives suggest that Australia’s banking sector is a lot less insulated from the global crisis than its advocates have suggested. But don’t take our word for it…
January 21st, 2009 | Dan Denning | 17 comments | Continued
Playing the Tax Credit Card
One of Obama’s prime campaign planks has been his promise to mercilessly raise taxes on the “rich,” a group initially defined as those making more than $250,000 per year. This was later dropped to $200,000 per year, and more recently has been defined as those Americans making more than $150,000 annually.
November 6th, 2008 | The Daily Reckoning | 1 comment | Continued
Artificially Created Credit by the Federal Reserve System Got Us into This Crisis
We are in this crisis because of an excess of artificially created credit at the hands of the Federal Reserve System. The solution being proposed? More artificial credit by the Federal Reserve. No liquidation of bad debt and malinvestment is to be allowed. By doing more of the same, we will only continue and intensify the distortions in our economy – all the capital misallocation, all the malinvestment…
October 3rd, 2008 | United States Congressman Ron Paul | 5 comments | Continued
Bank for International Settlements Report Looks at Origins of Credit Crisis
We spend so much time trying to figure out what’s ahead that we forget a simple fact: what’s happening now has its causes in previous actions and decisions. That is a fancy way of saying that maybe it’s a good time to stop prognosticating and take a look back at the origins of the credit crisis. Instead of guessing what each piece of news means, let’s just look at the facts. Fortunately, the Bank for International Settlements has done it for us!
July 8th, 2008 | Dan Denning | 2 comments | Continued
Falling Interest Rates and Increasingly Accessible Credit
Consumers are still spending money, too. And since they don’t really have any money to spend, they’re still borrowing. A report in yesterday’s news tells us that one in ten baby boomers has to borrow money just to pay everyday expenses.
May 15th, 2008 | Bill Bonner | 0 comments | Continued
Revolving Credit Commitments Down 19.4% in March
If you want budget news, head to the papers. Today it’s Australia’s platypus-like economy. In other words, just like Australia’s economy, the platypus has the DNA of two very different species in it. In nature, the combination produces the goofy animal we know and love. In Australia’s economy, it produces one economy that’s based on debt and asset growth, and another based on tangible goods and real production. Both exist in the same place at the same time.
May 14th, 2008 | Dan Denning | 0 comments | Continued
Money Lending: Rotten to the Core
It is apparent that much of the old way of doing business – particularly in the realm of money lending – was rotten to the core. In my view, it begins with the U.S. dollar itself. The dollar has been steadily deteriorating in value for decades, so inflationary expectations are part of the worldwide consciousness. That is, just because of the long-term decline in the value of the dollar, most people expect most things to go up in price most of the time.
April 9th, 2008 | Byron King | 5 comments | Continued
