Posts Tagged ‘debt’

Fun Facts About $16 Trillion in Federal Government Debt


Thursday September 6th, 2012   •   Posted by Lloyd Billingsley at 9:41am PDT   •   3 Comments

On August 31, total U.S. government debt surpassed $16,000,000,000,000—thatís $16 trillion—for the first time, according to the Treasury Department. The exact amount of the debt on August 31 was $16,015,769,788,215.80, a full $25,000,000,000 Ė thatís $25 billion—more than what it was the day before on August 30. So the debt is now much more…
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Fiscal Discipline?


Monday March 5th, 2012   •   Posted by Emily Skarbek at 11:50am PST   •   0 Comments

Last week, Moody’s cut Greece’s credit rating to the lowest level on its scale, citing risk of default despite the recent write-off deal. Moody’s said the rating decision was “prompted by the recently announced debt exchange proposals for Greece, which imply expected losses to investors in excess of 70%.” The sovereign debt crisis in…
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The Great Greek Default


Tuesday February 7th, 2012   •   Posted by Emily Skarbek at 10:27am PST   •   1 Comment

Just last October, Greece received a huge injection of bailout funds to help avert bankruptcy but the country remains on the brink of default. Greek Prime Minister Lucas Papademos plans to gather the nation’s political leaders in an attempt to garner consensus on the necessary budget cuts. But the party chiefs have only agreed…
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Federal Debt Climbs Past Annual GDP


Saturday January 14th, 2012   •   Posted by Emily Skarbek at 7:54am PST   •   9 Comments

I could not resist posting this beautiful graph of the current state of the momentousness US debt. The graph is particularly useful for eyeballing the historical path of U.S. debt to GDP. Often pundits will say that our current debt-to-GDP ratio is not unreasonable because it is not too high relative to the period…
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The Costs of War


Friday January 6th, 2012   •   Posted by Emily Skarbek at 7:59am PST   •   3 Comments

At the Pentagon yesterday, President Obama released a press statement concerning his new military strategy. The document was clear with regard to Iran, stating “U.S. policy will emphasize Gulf security, in collaboration with the Gulf Co-operation Council countries when appropriate, to prevent Iran’s development of a nuclear weapon capability and counter its destabilizing policies.”…
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The Euro in Retrospect


Wednesday December 28th, 2011   •   Posted by Emily Skarbek at 10:12am PST   •   3 Comments

In a NBER working paper, Martin Feldstein argues that the Euro “should now be recognized as an experiment that has led to the sovereign debt crisis in several countries, the fragile condition of major European banks, the high levels of unemployment, and the large trade deficits that now exist in most Eurozone countries.” The…
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European Central Bank: Draghi Steps into Deeply Entrenched Source of Monetary Evil


Thursday November 3rd, 2011   •   Posted by Emily Skarbek at 7:47am PDT   •   2 Comments

New president Mario Draghi takes the reigns of the ECB, lowering the benchmark rate 25 basis points to 1.25 percent. The move is touted as a step to avert a looming recession and offset the tension caused by the ongoing sovereign debt crisis. Draghi takes office in a climate of extreme uncertainty. Greece is…
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The Costs of 9/11


Tuesday September 13th, 2011   •   Posted by Emily Skarbek at 7:03am PDT   •   1 Comment

The New York Times has a wonderful info-graphic depicting the costs of 9/11 by Shan Carter and Amanda Cox. As the author’s point out, the United States has spent an estimated $7 million for every dollar Al Qaeda spent planning and executing the attacks – approximately one-fifth of the current national debt. Notably, these…
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Gary Becker: The Great Recession and Government Failure


Friday September 2nd, 2011   •   Posted by Emily Skarbek at 8:45am PDT   •   1 Comment

Gary Becker, University of Chicago Nobel Laureate in economics, has a must read article in today’s Wall Street Journal. The article echos much of what we here at MGC have been arguing – government failure as a cause of the recession, failure of stimulus and monetary policy to boost economic recovery, the necessity of…
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Moody’s Downgrades Japan


Wednesday August 24th, 2011   •   Posted by Emily Skarbek at 10:01am PDT   •   0 Comments

Today Moody’s downgraded Japan’s sovereign rating to Aa3. Guess what happened? Nothing much. When S&P released it’s decision on Aug. 5 to cut the U.S. to AA+ with a negative outlook, the S&P 500 Index swung by at least 4.6 percent in the four trading days following the change and gold prices rose 5…
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