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No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
The dollar had collapsed as world reserve currency in 2012 when the worsening economic depression made it clear to Washington’s creditors that the federal budget deficit was too large to be financed except by the printing of money. America’s collapse occurred when government ceased to represent the people and became the instrument of a private oligarchy. Decisions were made in behalf of short-term profits for the few at the expense of unmanageable liabilities for the many. Overwhelmed by liabilities, the government collapsed.
"It's an investment in life," says Hodge, a Teamsters union representative. "I want to make sure I have a place I can take me and my family if that worst-case scenario were to happen."
"Without a budget in place that addresses our $19 billion budget deficit, every day of delay brings California closer to a fiscal meltdown," Schwarzenegger said in a statement.
However, most Districts that reported on auto sales noted declines in recent weeks. Activity in residential real estate markets was sluggish in most Districts after the expiration of the April 30 deadline for the homebuyer tax credit. Commercial real estate markets, especially construction, remained weak. Banking conditions varied across the Districts, with some Districts noting soft or decreased overall loan demand; credit standards remained tight in most reporting Districts.
That's right, apparently our central planners, in their infinite wisdom have decided that what the economy is really lacking right now is more cheap housing. Here's what Rosie Rios, the US Treasurer wrote:
Since the global financial crisis started in earnest in 2008, there has been a debate raging in economic circles. Is the economy experiencing inflation or deflation?
India has raised interest rates and issued a stark warning on inflation dangers, joining China, Brazil, and other tiger economies in concerted moves to tighten policy.
Despite gold's eight percent drop this past month, the commodity is still the world's "currency of first resort," Ben Davies, CEO of Hinde Capital, told CNBC.
In the second part of his most recent interview with Eric King of King World News, market analyst and trend spotter Jim Rickards of Omnis Inc. elaborates on the parallels between the United States and the decline of the Roman empire. Things are worse now, Rickards argues, because the United States, unlike the ancient empire, has a huge national debt.
On deflation: I'm a believer that the stock market lows of March 2009 will not be revisited. You have people like Robert Prechter who think the Dow will collapse to 700 because of debt deleveraging. Debt deleveraging could happen, but the Dow will not fall because of monetary policy. The Fed will keep everything inflated in nominal terms. And if the Dow does go to 700, you'll have more to worry about than your investments. All the banks will be bust. The government will be bust. You don't want cash if massive deflation happens. On the contrary: It will be worthless. You have to think very carefully about hardcore deflation.
If the United States encountered a fiscal crisis, the abrupt rise in interest rates would reflect investors’ fears that the government would renege on the terms of its existing debt or that it would increase the supply of money to finance its activities or pay creditors and thereby boost inflation. To restore investors’ confidence, policymakers would probably need to enact spending cuts or tax increases more drastic and painful than those that would have been necessary had the adjustments come sooner.
July 27 (Bloomberg) -- About 18.9 million homes in the U.S. stood empty during the second quarter as surging foreclosures helped push ownership to the lowest level in a decade.
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