Amid an ongoing debate over raising the debt ceiling and Congress’ seeming inability to rein in wild deficit spending, some proponents of even bigger government proposed the minting of a $1-trillion platinum coin to get around stubborn lawmakers seeking budget cuts. Seriously. Originally, the Obama administration refused to rule it out when asked by reporters, leaving analysts to speculate about whether or not they would really do it.
Two years ago Steve Forbes, two-time candidate for nomination for president by the Republican Party and editor of Forbes magazine, predicted “a return to the gold standard by the United States within five years … [because it would] help the nation solve a variety of economic, fiscal and monetary ills.” It’s now two years into his prediction and articles explaining how such a return would work, and why, are beginning to appear in the media.
The retirement of Congressman Ron Paul from the House of Representatives last week did not end the Texas libertarian's influence in Congress. And if the first week of the new Congress is any indication, his influence has only multiplied.
Using "extraordinary measures," the Treasury won't hit the debt ceiling for another two months, which will then precipitate another debt ceiling crisis, with the same outcome as before: government spending will increase.
JBS CEO Art Thompson's weekly news video update for December 31, 2012 - January 6, 2013.
JBS CEO Art Thompson's weekly news video update for December 24 - 30, 2012.
Foreign governments continue to increase their purchases of U.S. government debt despite concerns over the fiscal cliff and the government's continued profligate spending.
All the chairman of the Federal Reserve has done in his latest announcement of a new bond-buying program is give himself and his Federal Open Market Committee permission to buy government bonds forever.
Suppose you saw a building on fire. Would you seek counsel from the arsonist who set it ablaze for advice on how to put it out? You say, "Williams, you'd have to be a lunatic to do that!" But that's precisely what we've done: turned to the people who created our fiscal crisis to fix it. I have never read a better account of our doing just that than in John A. Allison's new book, The Financial Crisis and the Free Market Cure.
If the “fiscal cliff” controversy isn’t enough to convince you this government is one big fraud, what will it take? The budget mess was delivered to us by the same people who every step of the way claimed to be acting in our best interest. Let that sink in. Every president and every member of Congress assured us that their fiscal policies would produce prosperity and employment.