The latest report from the U.S. Energy Information Agency (EIA) not only confirmed the explosive growth in the country’s proven reserves of oil and natural gas, it also shattered popular myths about America’s decline.
Federal subsidies distributed to the private sector in Fiscal Year 2012 cost American taxpayers nearly $100 billion, according to a startling new report by the libertarian Cato Institute. “That includes direct and indirect subsidies to small businesses, large corporations, and industry organizations,” the think tank stated in its policy analysis.
The latest financial news from Europe may fall into the “good news, bad news” category — although the “good news” simply means that things have not fallen apart as much as they could have. The problems of the Mediterranean Basin region of the European Union — France, Italy, Spain, Portugal, Greece and Cyprus — reinforce that idea.
As concerns over the U.S. dollar and the Federal Reserve continue to grow, U.S. lawmakers explored sound money, competing currencies, and the route to monetary freedom during an August 2 hearing chaired by Rep. Ron Paul (R-Texas). It was the final House Domestic Monetary Policy Subcommittee hearing led by the long-time champion of honest currency and reining in the controversial Fed, but analysts say the impact of Rep. Paul’s work is only just starting to be felt.
Some members of the Federal Reserve are encouraging the Fed to make policy changes to pre-empt problems that may arise as a result of a global financial crisis provoked by a European downturn. However, the Fed is also hesitant to make a decision in fear of possible political ramifications as the presidential election nears and Republicans and Democrats remain on opposing sides on the issue of Fed monetary policies.