government

My take: The issue is real and if the debt ceiling is not increased, the US will slip into a double dip recession in which unemployment will rise higher and stocks will sink lower than in 2009. Voters now see this as a predominately…

When the government issues a currency used as the money of account and accepts that currency in tax payment, it is not necessary to “back” the currency with precious metal or enforce legal tender laws. Taxes drive money.

Here’s a list of the countries with the highest debt to GDP in the world

In my view, fiat currency is a confidence trick. The key to confidence in a fiat currency is the belief of citizens that the government issuing the currency will manage its finances in a way that promotes general “life, liberty and…

Michael Hudson argues that President Obama says one thing, and he does the opposite. Here’s basically the charade that’s happening when he’s trying to be reasonable. In order for him to move way to the right and to continue the Bush…

Marshall Auerback argues that President Obama remains close to Wall Street via Geithner, Summers, Rubin, et al. Given the strong mutual cultural antipathy between Wall Street 'Yankees' and Southwestern 'Cowboys', it is not surprising that…

Below are the findings of the recently released VocaLink Public Sector Take Home Pay Index. The VocaLink Take Home Pay Indices measure after-tax income as opposed to pre-tax gross income. So they are designed to reflect what Americans call…

The larger question is the economy. If it improves from here, the President gets re-elected. If the debt ceiling and budget cut debates tank the economy, the Republicans will get the blame and Obama wins too. If the economy sours without a…

For ideological reasons, one might believe that limiting or reducing government is better. However, it does not follow that doing so is a painless exercise.

Below is a nice little interview with Hedge Fund manager Hugh Hendry . The headline quote was his way of showing us he doesn’t take himself too seriously. But his underlying message is that he believes it pays to really massage the most…