Americans are going deeper into debt to consume when they should be saving. Of course this is the result of artificially low interest rates created by the Fed, which encourage debt and consumption rather than saving and thrift. Peter Schiff also commented on this phenomenon.
Archives for November 2012
Canada’s national debt passes $600 billion mark, interest hits $31 billion per year
$600 billion and counting… Canada’s national debt officially hit the $600 billion mark for a fraction of a second on Saturday, Nov. 24 at 11:19 p.m. Of course, it then continued on and is now at $600,122,785,305.01 (at the time of this writing). The nation’s debt load is rising $74.6 million per day, $3.1 million […]
Black Friday spending to hasten collapse of U.S. economy
The frenzy known as Black Friday, when consumers wait in long lines, push their fellow man and spend money they don’t have on many questionable items, is described by financial experts and economists as a day that is important to economic growth. It would be hard to dispute, especially considering reports that show the Black […]
Foreign holdings of U.S. Treasury securities rise to $5.46 trillion
The Treasury Department announced Friday that foreign holdings of United States Treasury securities rose to $5.46 trillion in September, up 0.1 percent from the month prior. Foreign demand rose for the ninth straight month. Analysts are concluding that foreign investors are confident in the U.S., even though it is going through fiscal cliff talks, a […]
Fitch ratings agency expects fiscal cliff to trigger second recession, increase jobless rate
A two percent decline in gross domestic product, official unemployment numbers reaching double digits and the start of a second recession. These are likely scenarios the United States would face if the fiscal cliff is not avoided and a deal between the Republicans and Democrats in Washington is not made. The Fitch ratings agency released […]