There will be no winners once Detroit enters bankruptcy. Those who were promised health and retirement benefits are going to be faced with stark painful reality. Bondholders are going to take a massive haircut. Those residents still living there will have to tighten their belts still further.
Stock and commodities markets went into a two-day slide after Federal Reserve Chairman Ben Bernanke hinted that the United States would end so-called “quantitative easing” sometime during 2014.
A number of states are exploring new fees for hybrid and electric car owners in order to compensate for the loss of revenue in gas taxes on fuel-efficient vehicles. The proposal is opposed by those who view the new fees as antithetical to one of the touted benefits of owning a hybrid: savings.
President Obama will announce the appointment of Dr. Jason Furman to chair the White House's Council of Economic Advisers (CEA) Monday afternoon, according to a White House statement. Furman has a Ph.D. in economics from Harvard University and received an MSc from the London School of Economics. He has advised Obama on economics matters since the president’s 2008 election campaign.
A former insider at the World Bank, ex-Senior Counsel Karen Hudes, says the global financial system is dominated by a small group of corrupt, power-hungry figures centered around the privately owned U.S. Federal Reserve.
Keynesian economist Paul Krugman crowed in the June 6 edition of the New York Review of Books that “the case for austerity has crumbled,” but careful analysts should be cautioning “real austerity was never even attempted.”
Despite overwhelming support among lawmakers and activists, Republican Gov. Jan Brewer vetoed legislation that would have made Arizona the second state to officially define gold and silver as legal tender. The GOP governor acknowledged that concerns over the increasingly unstable U.S. dollar were justified. However, citing a minuscule projected drop in tax revenue and other trivial excuses, Brewer refused to support the popular bill. Activists are now hoping lawmakers will try to override the governor.
A closer look at a surprising poll showing a majority of small-business owners favoring raising the minimum wage reveals an organization with an agenda.
The non-government-backed digital currency known as bitcoin (BTC) has soared to prominence in recent weeks after a meteoric rise in value from less than $50 to over $250 in just days followed by a devastating crash back down to about $85 today. Amid the wild volatility, analysts and experts weighed in to speculate about what may be going on, with some seeing bitcoin as the wave of the future and others downplaying it as a potentially interesting anecdote for historians to examine that is unlikely to displace establishment currencies.
As trust in the Federal Reserve System and its fiat dollar continues to plummet worldwide, legislation making gold and silver into legal tender was given final approval by Arizona lawmakers on Monday when the Republican-led state House of Representatives voted overwhelmingly in favor of the bill. With tremendous grassroots support, an earlier version of the precious-metals measure sailed through the GOP-controlled Arizona Senate in late February.
If the legislation is signed by Gov. Jan Brewer, a Republican, Arizona would become the second state to officially define gold and silver as legal tender.