Mainstream economists have filled the minds of most Americans with economic myths that are constantly reinforced by the media and repeated on the streets. These myths are erroneous at best, sometimes based on half truths. Many of them are just false. We hear and read them every day: “inflation” is caused by rising oil prices; [...]
How Does The Crisis Affect Me?
The crisis has affected each of us. We examine examples of how the financial crisis, and the associated economic, social and political instability may affect your life and wealth in ways you never considered
I’ve suggested for some time that the U.S. is in a depression. The primary reason we do not have visible evidence of widespread poverty and suffering is massive government intervention in the economy. Despite the multi-trillion dollar “extend and pretend” game being played today, I suspect that with a little historical perspective the past 12 [...]
While the European crisis continues to take center stage, nobody seems to remember the mess that the US is in. The federal government spends about $ 3.8 Trillion in a year and takes in approx. $2.15 trillion in various shapes and forms. That leaves a gaping hole of $1.65 trillion a year. The official national [...]
San Bernardino, Calif., has now followed Stockton into bankruptcy. Harrisburg and Scranton, Pa., and Jefferson County, AL, home to Birmingham, are already there to welcome them. Detroit, MI has been taken into receivership by Michigan. A plan under discussion is to level a fourth of the city and reconvert it into the pasture and farmland [...]
The typical American household would have paid nearly all of its income in taxes last year to balance the budget if the government used standard accounting rules to compute the deficit, a USA TODAY analysis finds. Using FASB accounting practices, the government ran red ink last year equal to $42,054 per household — nearly [...]