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David Stockman on Washington’s Fiscal Doomsday Machine
David Stockman on Washington’s Fiscal Doomsday Machine Here’s one that will make your hair stand on end: The US Treasury closed the books on FY 2023, bringing the four-year cumulative deficit to $9.0 trillion! That’s right. During the last 1,461 days (FY 2020 thru FY 2023), Uncle Sam has generated $6.2 billion of red ink each and every […]
The Abuse of Public Debt–And How It Sets the Stage For Economic Disaster
THE ABUSE OF PUBLIC DEBT—AND HOW IT SETS THE STAGE FOR ECONOMIC DISASTER The 2020–21 recession has been devastating for the global economy. It has been ninety years since the global economy last suffered through a recession of this magnitude (in the Great Depression). Nonetheless, it seems that the social effects of the current recession […]
Public v Private Interest Rates & Sovereign Debt Crisis
Public v Private Interest Rates & Sovereign Debt Crisis QUESTION: Dear Martin I have a question for the blog. There has been forecasts for a sovereign debt crisis but recently you have discussed how various governments may manipulate govt bond interest rates down as has happened in Europe and Japan. If Europe and Japan are anything […]
China’s ‘zombie’ companies are a big threat to the economy — and JPMorgan says their debt pile means the country could be slowing faster than anyone thought
China’s ‘zombie’ companies are a big threat to the economy — and JPMorgan says their debt pile means the country could be slowing faster than anyone thought China’s economy is beset by huge public and corporate debt problems which threaten to derail the country’s growth story, according to JPMorgan. Economic growth in China has been […]
Why Public Debt Is a Problem — And Trade Deficits Aren’t
Why Public Debt Is a Problem — And Trade Deficits Aren’t As the U.S. trade deficit has been widening for the fourth month running, markets and business experts appear once again bewildered by the events and unsure how to react to them. On the one hand, they had vehemently opposed the increase in trade tariffs […]
Italian debt; a financial disaster waiting to happen
Italian debt; a financial disaster waiting to happen The new Italian government will increase public spending and public debt. It promised to reduce taxes, introduce basic security and reform pensions. Italy’s Northern League’s leader Mateo Salvini surged in the polls and the party is now the strongest in Italy. A couple of years ago it […]
Does Government Spending Create More Economic Growth?
Does Government Spending Create More Economic Growth? After the 2007-2009 global financial crisis, fears of ballooning public debt and worries about the drag on economic growth pushed authorities in some countries to lower government spending, a tactic that economists now think may have slowed recovery. Note that in the United States the total debt to […]
The Myth Of ‘Morning In America’—–How The Public Debt Went From $1 Trillion to $35 Trillion in Four Decades, Part 1
The Myth Of ‘Morning In America’—–How The Public Debt Went From $1 Trillion to $35 Trillion in Four Decades, Part 1 I have finished my book on the upheaval represented by the Trump candidacy and movement. It will be published soon, and is an exploration of how 30 years of Bubble Finance policies at the Fed, feckless […]
A Japanese Ponzi Scheme?
A Japanese Ponzi Scheme? TOKYO – In the early years of the twentieth century, Charles Ponzi, an Italian migrant to North America, had a seemingly brilliant moneymaking idea. He would offer huge returns on worthless investments, thereby convincing a growing number of people to give him their money, which was used, in lieu of profit, […]
Could there be a coup in Turkey?
Could there be a coup in Turkey? The situation in Turkey is bad and getting worse. It’s not just the deterioration in security amidst a wave of terrorism. Public debt might be stable, but private debt is out-of-control, the tourism sector is in free-fall, and the decline in the currency has impacted every citizen’s buying power. There is a broad […]
Where Negative Interest Rates Will Lead Us
WHERE NEGATIVE INTEREST RATES WILL LEAD US Despite zero-interest-rate-policy (ZIRP) and multiple quantitative easing programs — whereby the central bank buys large quantities of assets while leaving interest rates at practically zero — the world’s economies are stuck in the doldrums. The central banks’ only accomplishment seems to be an increase in public and private […]
Shocking, Little-Known Facts About Debt
Shocking, Little-Known Facts About Debt Both liberals and conservatives assume they have a rough idea of how much “the debt” is. But the real numbers are shocking … Public Debt Is Soaring Global debt has soared to $199 trillion dollars. The debt to GDP ratio for the entire world is 286%. In other words, global debt is […]
Krugman’s Dopey Diatribe Deifying The Public Debt
Krugman’s Dopey Diatribe Deifying The Public Debt Actually, dopey does not even begin to describe Paul Krugman’s latest spot of tommyrot. But least it appear that the good professor is being caricaturized, here are his own words. In a world drowning in government debt what we desperately need, by golly, is more of the same: That is, there’s a reasonable argument to be […]
Thomas Piketty on the Euro Zone: ‘We Have Created a Monster’
Thomas Piketty on the Euro Zone: ‘We Have Created a Monster’ SPIEGEL: You publicly rejoiced over Alexis Tsipras’ election victory in Greece. What do you think the chances are that the European Union and Athens will agree on a path to resolve the crisis? Piketty: The way Europe behaved in the crisis was nothing short of disastrous. Five years ago, […]
Brazil’s Economy Is On The Verge Of Total Collapse
Brazil’s Economy Is On The Verge Of Total Collapse Back when the BRICs were the source of marginal global growth, the punditry couldn’t stop praising them. However, in the past year, now that China’s housing bubble has burst and its shadow banking system has imploded, those who remember what BRIC actually stood for are about […]
