Tuesday, January 26, 2010
Bloomberg reports on the Senate’s failure on it’s first try to address the burgeoning fiscal crisis facing the United States.
The Senate voted 53-46 against legislation that would have mandated that Congress adopt recommendations made by a newly created budget panel. This panel could have recommended tax increases, changes in entitlements or other structural changes.
First strike for our country [...]
Filed in Creativity, Liquidity, Recession busters..., Regulatory, Restructuring, Transparency
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Also tagged Bernanke, economic justice, economy, Federal Reserve, IMF, Obama, Senate, Treasuries
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Wednesday, January 20, 2010
From Dow Jones (HT ZeroHedge):
~~~ “Senate Democrats are to seek an increase to the federal government’s borrowing limit by $1.9 trillion lifting the total amount the U.S. government can owe to $14.294 trillion, several congressional aides said Wednesday.
The increase is forecast to support the federal government’s borrowing needs the end of 2010, one Senate [...]
Thursday, November 5, 2009
I’m attending a conference at the IMF on “Financial Frictions and Macroeconomic Adjustment”
First panel:
Panel Chair: Jonathan D. Ostry (Deputy Director, Research Department, IMF)
First paper:
Household Leverage and the Recession of 2007 to 2009
Atif Mian (University of Chicago and NBER) and Amir Sufi (University of Chicago and NBER)
Discussant: Kevin Lansing (Federal Reserve Bank of San Francisco)
Kevin Lansing mentioned [...]
If governments issue debt that pays a
fixed nominal interest level,
then it can reduce it’s
debt obligations by creating inflation.
This is a form of default.
Tim Besley, Bank of England and LSE,
Making Monetary Policy Work
Royal Economic Society lecture (slide 34)
November 18, 2008
Saturday, September 26, 2009
Here is what individuals, corporations, local, state and federal government are faced with…
Mountains of debt that accumulated over the years…
$50 trillion of combined debt…
Particularly the debt of financial companies… from the New York Times’ Floyd Norris…
~~~~”…For most of the last two decades, the biggest increase in debt in America came from financial companies. Much of that debt [...]