Does a 100 Trillion Debt Total Matter?
Debt is everywhere but it just does not seem to matter. Thanks to the folks at Zero Hedge, you get the account Global Debt Crosses $100 Trillion, Rises By $30 Trillion Since 2007; $27 Trillion Is “Foreign-Held” – “Total global debt has exploded by 40% in just 6 short years from 2007 to 2013, from “only” $70 trillion to over $100 trillion as of mid-2013, according to the BIS’ just-released quarterly review”. They make this assessment:
“Not surprisingly, given the significant expansion in government spending in recent years, governments (including central, state and local governments) have been the largest debt issuers (Graph C, left-hand panel). They mostly issue debt in domestic markets, where amounts outstanding reached $43 trillion in June 2013, about 80% higher than in mid-2007 (as indicated by the yellow area in Graph C, left-hand panel). Debt issuance by non-financial corporates has grown at a similar rate (albeit from a lower base).”
There seems only one valid conclusion drawing upon these figures. Whatever economic activity exists is based upon government expenditures and that corporations have lowered their interest rates on their outstanding debt. The former is most disturbing, while the latter, under normal circumstances, would offer a promise of an expanding economy.
Since the former middle class has endured the greatest loss of income and experiences a distinct lowering in their standard of living since the financial meltdown, the prospects of main street prosperity seems remote at best. Corporations, as a whole, have improved their balance sheets as they lower their debt service, accompanied with cost efficiencies and reduction in employee costs. The day of the upward mobility career looks like a distant memory for the working class.
Government employment is growing, but such a public sector economy never produces actual wealth. Only a disturbing burden of welfare obligations of all kinds and an increase in state debt comes out of this pattern of a false and unsustainable economy.
On the contrary, is that ultimate collapse inevitable when the paper financial system just keeps churning out a rise in the stated 40% increase in debt in just 6 years? Why not just continue the quantitative easing influx of funds to roll over past debt and purchase the new bonds needed to run the State/Corporate economy. If this irrational strategy is not working, why has the bottom not dropped out of the world economy?
This is a very sobering viewpoint that defies the normal predictability of mathematical consequences. Surely, there can be no debate that this 100 Trillion indebtedness will never be paid off. However, the political accommodations always seem to invent another rescue plan that prevents the wheels of commerce from stopping.
The reason why the elites are able to get away with this practice of delaying the inescapable is that they make the rules of how to elude the last constrains that would impose accountability. The financial game is like a moving target that never flies out of range. The quarry just changes direction and speed. Requirements for default are rewritten and the next imposition of austerity packages demands even more harsh burdens for the taxpayers. Net result from this tactic is that the purchasing power of all paper currencies loses value.
Finish reading this at Daily Business Report.
The spat between the CIA and its Congressional overseers has intensified after Senator Dianne Feinstein took to the Senate floor to directly accuse the CIA of spying in an effort to undermine a probe of the agency’s torture and rendition program. The Senate Intelligence Committee’s report has yet to be released but reportedly documents extensive abuses and a cover-up by CIA officials. Feinstein says the CIA broke the law in secretly removing more than 900 documents from computers used by panel investigators. She also accused the CIA of intimidation in requesting an FBI inquiry of the panel’s conduct. CIA Director John Brennan has rejected Feinstein’s allegations. Meanwhile, former National Security Agency contractor Edward Snowden has weighed in by accusing Feinstein of hypocrisy for criticizing alleged CIA spying on U.S. senators while condoning government surveillance of private citizens.
Isn’t That Cute: Europe Doesn’t Want US-made Cheeses to Use “Old World” Names and They Actually Think We Care
As part of trade talks, the EU wants to ban the use of names like Parmesan, feta and Gorgonzola on cheese made in the United States. The argument is that the American-made cheeses are shadows of the original European varieties and cut into sales and identity of the European cheeses.
The Europeans say Parmesan should only come from Parma, Italy, not from Auricchio’s plant or those familiar green cylinders that American companies sell. Feta should only be from Greece, they say, even though feta isn’t a place. The EU argues it “is so closely connected to Greece as to be identified as an inherently Greek product.”
“It’s really stunning that the Europeans are trying to claw back products made popular in other countries,” says Jim Mulhern, president of the National Milk Producers Federation, which represents U.S. dairy farmers.
“We have invested years and years making these cheeses,” Errico Auricchio an immigrant from Europe who has been making cheese in the US for 30 years, says. “You cannot stop the spreading of culture, especially in the global economy.”
Read the full article at FoxNews.com.
ObamaCare’s Secret Mandate Exemption
HHS quietly repeals the individual purchase rule for two more years.
Read about this HERE.
Islamic jihadists fire at least 60 rockets from Gaza into Israel
With Barack Obama pressuring Israel to make devastating concessions to the “Palestinians,” this is the other side of Obama’s appeal: if you don’t give the “Palestinians” a state on our terms, there will be more jihad. If you don’t allow the establishment of a contiguous “Palestine” and live with a truncated and diminished Israel, there will be more rockets. The immense fallacy of this line of reasoning is that there will be more rockets and more jihad anyway, no matter what.
“Barrage of at least 30 rockets fired from Gaza into southern Israel,” by Yaakov Lappin for the Jerusalem Post, March 12:
Israeli communities near southern and northern Gaza have come under heavy rocket attack on Wednesday evening. The IDF said at least 30 rockets had been fired in the largest attack since 2012?s Operation Pillar of Defense.
The IDF said eight rockets hit urban, civilian areas. One rocket landed in Sderot, according to police spokesperson Micky Rosenfeld, although there were no immediate reports of casualties.
Israel Radio reported that up to 55 rockets had been fired into Israel in the deluge of projectiles.
Southern residents have reported several rocket alerts going off consecutively.
The Iron Dome rocket defense system shot down three of the rockets, according to the IDF Spokesperson’s Office.
The IDF fired artillery rounds at two terror infrastructure targets in response.
Islamic Jihad claimed responsibility for Wednesday’s attack, according to reports by Palestinian media.
On Tuesday, the Israel Air Force struck an Islamic Jihad cell in southern Gaza, minutes after identifying it as being behind a mortar attack on an IDF unit on the Gaza-Israel border.
According to military sources, the terrorists fired a mortar shell at soldiers who were conducting routine security measures near the frontier.
Islamic Jihad said the Israeli strike killed three of its operatives. The IDF confirmed the aircraft’s hit on the terrorist cell, and said that the aircraft had then returned safely to its base. The army added that it would not tolerate any attack on military forces operating along the border.
Islamic Jihad has been behind a trickle of attacks in recent days that have tested the cease-fire in place between Palestinian terrorist groups in Gaza and Israel.
Earlier this month, the IAF struck an Islamic Jihad rocket-launching cell about to fire rockets at southern Israel from northern Gaza, killing a member of the terror organization.
Last week, the Israel Navy intercepted an Iranian arms ship destined for Gaza, which included 40 Syrian made M302 rockets that had a range of between 90 to 160 kilometers, 80 mortar shells, and nearly half a million rounds of ammunition. Islamic Jihad was one of the intended recipients of the arms shipment, according to Israeli assessments.
55 Things About America You May Not Know
Is America the greatest nation on the planet? Before you answer that question, you might want to check out the statistics that I have shared in this article first. The reality is that the United States is in a deep state of decline, and it is getting harder to deny that fact with each passing day. Mentally, emotionally, physically, spiritually and financially we are a train wreck. Many that are “patriotic” attempt to put a happy face on our growing problems, but the truly patriotic thing to do is to admit just how bad things have gotten so that we can start finding solutions. If you truly love this country, then you should know that this nation needs a huge wake up call. We have abandoned the values and the principles that early Americans held so dear, and as a result our society is a giant mess. The following are 55 things about America that you may not know…
#1 We are supposed to have a government “of the people, by the people, for the people”, but only 25 percent of all Americans know how long U.S. Senators are elected for (6 years), and only 20 percent of all Americans know how many U.S. senators there are.
#2 Americans spend more on health care per capita than anyone else in the world by far, and yet we only rank 35th in life expectancy.
#3 Only one state in the entire country has an obesity rate of under 20 percent. 11 states have an obesity rate of over 30 percent.
#4 Of all the major industrialized nations, America is the most obese. Mexico is #2.
#5 Back in 1962, only 13 percent of all Americans were obese, but it is being projected that 42 percent of all Americans could be obese by the year 2030.
Finish reading this HERE.