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Greece Jobless Rate Up to Record 26%

Infowars.com |  Greece’s unemployment rate rose to a new record of 26 percent in September, underscoring the economic plight in the country as it heads toward a sixth year of recession.

The Greek Statistical Authority said Thursday that 1.295 million people — more than one-fourth of the workforce in this nation of 10 million — were recorded as unemployed in September. Unemployment rose from 25.3 percent the previous month and 18.9 percent a year earlier.

  • Written by: John Galt
  • Category: Economics
  • Hits: 8112

CBO: Feds Borrowing $4.8 billion Per Day in FY 2013, So Far

CNS News.com |   (CNSNews.com) – The federal government ran a deficit of $292 billion for the first two months of fiscal year 2013 – October and November 2012 – amounting to $4.8 billion of borrowed money each day.

“The federal budget deficit was $292 billion for the first two months of fiscal year 2013, $57 billion more than the shortfall recorded in October and November of last year,” CBO said in its Monthly Budget Review Friday.

  • Written by: John Galt
  • Category: Economics
  • Hits: 7918

Fed Exit Plan May Be Redrawn as Assets Near $3 Trillion

Bloomberg |  A decision by the Federal Reserve to expand its bond buying next week is likely to prompt policy makers to rewrite their 18-month-old blueprint for an exit from record monetary stimulus.

Under the exit strategy, the Fed would start selling bonds in mid-2015 in a bid to return its holdings to pre-crisis proportions in two to three years. An accelerated buildup of assets would also mean a faster pace of sales when the time comes to exit -- increasing the risk that a jump in interest rates would crush the economic recovery.


  • Written by: John Galt
  • Category: Economics
  • Hits: 7852

State Laying Groundwork For Managed Bankruptcy for Detroit

The Detroit News |   Even as the state Treasury prepares to begin another financial review of Detroit's books, a plan is being solidified in the governor's office that would guide Michigan's largest city through what is being called a managed bankruptcy.

The working concept, still evolving, assumes that the state's financial review would find severe financial distress in Detroit, that Mayor Dave Bing and City Council would be unable to push through overdue restructuring, and that the process would culminate in appointment of an emergency financial manager under Public Act 72.

  • Written by: John Galt
  • Category: Economics
  • Hits: 7094

Rand Paul: We Should Let Dems Raise Taxes And Then Let Them Own It

Real Clear Politics |   SEN. RAND PAUL: I have yet another thought on how we can fix this. Why don't we let the Democrats pass whatever they want? If they are the party of higher taxes, all the Republicans vote present and let the Democrats raise taxes as high as they want to raise them, let Democrats in the Senate raise taxes, let the president sign it and then make them own the tax increase. And when the economy stalls, when the economy sputters, when people lose their jobs, they know which party to blame, the party of high taxes. Let's don't be the party of just almost as high taxes.

  • Written by: John Galt
  • Category: Economics
  • Hits: 6491

The Chart That Keeps Ben Bernanke Up At Night

Zero Hedge |   What changed in the last 30 days? Did the world just wake up to the idea that the only way out of this quagmire is a twisted currency war that appears to have re-ignited thanks to Abe's efforts? Something appears to have snapped in the American psyche as the last 30 days have seen the largest physical gold sales on record. Between the search volume for 'bulk ammo' and this, we fear something is afoot and while Congress fiddles as our economy burns, Bernanke going 'back to work' is perhaps what the physical 'horders' are thinking... or maybe they understand, as we noted here, that just as Kyle Bass has confirmed previously, Paper Gold is just like allocated, unambiguously owned physical bullion... until it’s not.

  • Written by: John Galt
  • Category: Economics
  • Hits: 6388