California has a huge state debt and Washington has a huge national debt. But that does not discourage either Governor Jerry Brown or President Barack Obama from wanting to launch a very costly high-speed rail system.

 

Greece’s Finance Minister, Evangelos Venizelos, rejected the German idea of imposing a eurozone “overseer” as part of the agreement to keep bailout funds flowing to his country.

 

Former House Speaker Newt Gingrich and former Massachusetts Governor Mitt Romney traded barbs on the housing crisis in a CNN debate in Jacksonville, Florida, January 26, while Ron Paul took credit for warning repeatedly about Fannie Mae and Freddie Mac years before the housing crisis became obvious.

 

A combination of several factors, including a declining dollar and the Federal Reserve’s announcement that it would keep interest rates at virtually zero until late 2014, helped to send gold and silver prices soaring to multi-week highs. Analysts expect the upward trend to continue as paper currencies founder and gloomy news continues to dominate the economic headlines.

 

As environmental groups hail President Obama’s rejection of the Keystone XL pipeline, billionaire and prominent Democratic donor Warren Buffett is set to reap a handsome reward from the decision. Buffett’s Burlington Northern Santa Fe LLC is a notable beneficiary — among other U.S. and Canadian railroads — of the move, as it is one of the railroads that will transport the Canadian oil if the pipeline isn’t approved.

 

Imagine this scenario: Your neighbor comes to you asking for money. He confesses to having gone on a lottery-winner spending spree year after year, to buying his kids everything without making them work for anything, and to knowingly and profligately living well above his means for so long he can’t remember. 


 

Global elites — many of the 2,500 of them billionaires — are spending a few days in Davos, Switzerland, attending the World Economic Forum (WEF), a group founded in 1971 “committed to improving the state of the world.”

 

After an intense pro-European Union tax-funded lobbying campaign warning of disaster, Croatians voted by an almost two-to-one margin to join the troubled EU despite a debt crisis that threatens to sink the region’s single currency and an increasingly authoritarian tone emanating from Brussels.

 

President Barack Obama claimed in his third State of the Union address that he supported a policy of "no bailouts, no handouts, and no copouts." But he said this after he had outlined more than half a dozen new spending handout proposals in a speech that also praised bailouts. On taxes, Obama concluded of retaining outrageously high middle-class tax rates and increasing the tax rates on the rich: "That’s how we’ll reduce our deficit."

 

Mainstream economist Robert Samuelson admitted last week that the case for the ending of the economic boom in China has some substance. Keynesian economist Paul Krugman also confirmed that China is in trouble and questioned its ability to avoid a hard landing.


 

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