CNN’s article by Charles Riley quoted several of the Republican candidates for President out of context and then asked several unknown Keynesian economists — Keynesians believe in growing and empowering the government to stimulate the economy — to comment on those quotes. The result was a one-sided dismissal of anything the candidates had to say about the economy and how they might fix it.

After three years of trying to solve their self-imposed debt crisis, the Jefferson County, Alabama, commissioners threw in the towel on Wednesday and declared bankruptcy. The bankruptcy, involving over $4 billion in debts owed by the county, will be costly to the banks who loaned the money, the private investors who participated in the bond offerings, the guarantors of the debt, and most especially, the taxpayers of Montgomery.

Christine Lagarde, managing director for the International Monetary Fund (IMF), warned that the world faces the risk of a “lost decade” and that “there are dark clouds gathering in the global economy.”

Economist Gary Shilling’s claim that the U.S. economy is on the edge of deflation defies the Bureau of Labor Statistics’ recent announcement that inflation is high and increasing.

Critics of the banking system in the United States declared Saturday, November 5, National Bank Transfer Day — a grassroots movement that encouraged bank customers to switch to credit unions. The notion behind the event was to teach banks a critical lesson. The effort reportedly has had some positive impact on the credit unions; however, overall it proved to have the opposite effect on banks from what the protesters intended.

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