“There’s no arrangement for any countries leaving the euro, which in current circumstances is probably inevitable,” Soros, 80, said at a panel discussion in Vienna yesterday on whether liberal democracy is at risk in Europe. “We are on the verge of an economic collapse which starts, let’s say, in Greece, but it could easily spread. The financial system remains extremely vulnerable.”
[[wysiwyg_imageupload:2419:]]By Clif Droke
There are two major considerations for the nation's economic and financial health as we enter the second half of 2011. Each can be addressed in the form of a question: 1.) Will the Federal Reserve embark on a third attempt at stimulating economic recovery through money printing; and 2.) Has the cyclical bull market that began in March 2009 peaked, and further, what will happen to the financial market once the 6-year cycle peaks in October? We'll attempt to answer both of these questions in the following commentary.
Greece's debt crisis may be contagious and poses one of the biggest risks to global financial markets alongside Middle East uprisings, Citigroup's Chief Risk Officer told Reuters.
Russia will likely continue lowering its U.S. debt holdings as Washington struggles to contain a budget deficit and bolster a tepid economic recovery, a top aide to President Dmitry Medvedev said Saturday.
I've hardly been alone, but that's no excuse. For more than a year now, I've been regularly predicting the euro crisis's final denouement, yet still it hasn't arrived.
In a move that hastens a larger showdown, a Dane County judge has struck down Gov. Scott Walker's legislation repealing most collective bargaining for public employees.
[[wysiwyg_imageupload:2373:]]By Ron Paul
The federal government once again has reached the limit of its legal ability to borrow money, meaning it cannot issue new Treasury debt without action by Congress to increase the debt ceiling limit. As of this month, our "official" national debt- which doesn't include the staggering future payments promised to Social Security and Medicare beneficiaries- stands at $14.2 trillion.
[[wysiwyg_imageupload:2418:]]In this dated clip, the staff favorite historian- Nial Ferguson takes on our staff favorite Kensian - Paul Krugman. What is so puzzling to us is how anyone can take the likes of Krugman seriously. If printing money created real wealth, than the likes of Zimbabwe would be at the top of the rich country list.
Last weekend's Wall Street Journal carried an interview with Stan Druckenmiller, a former fund manager for billionaire George Soros, which began: "A financial crisis is surely going to happen as big or bigger than the one we had in 2008 if we continue to behave the way we're behaving."
President Ronald Reagan once famously said that a stack of $1,000 bills equivalent to the U.S. government's debt would be about 67 miles high.