Economist John Williams of ShadowStats.com stated in an interview that the budget crisis of the US government could lead to a sell-off of the dollar in May. The federal government is simply insolvent with no hope of resolving the budgetary problems due to gridlock, according to Williams. He also suggests that a dollar sell-off could […]
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Investor says all the banks around the world are bankrupt
In an interview with The International Speculator, Doug Casey, a renowned economist and international investor, stated that all of the banks in the world are bankrupt because they are all based on a fractional reserve system. Fractional reserve banking can be considered institutionalized fraud as this means that the banks can essentially lend out money […]
The economic collapse of America in five charts
Although the entire story certainly isn’t told, such as the causative factors of the economic collapse, the charts I link to below illustrate quite well some of the symptoms of an ailing economy that is not showing signs of improvement. The labor force participation rate has been dwindling even though there continues to be many […]
IRS spent $60,000 of your tax dollars on ‘Star Trek,’ ‘Gilligan’s Island’ parodies
The Internal Revenue Service (IRS) is hard (ha!) at work performing your tax returns and audits. But did you know that the tax man likes to waste your tax dollars on frivolous and highly questionable spoofs? The Associated Press reported that IRS admitted spending $60,000 on “Star Trek” and “Gilligan’s Island” parodies, but most of […]
Should the United States default on the national debt?
For most in the mainstream of economics and the political establishment the idea of the U.S. government defaulting on its obligations is simply unthinkable. No one will admit that default is likely, much less actually entertain the idea as a viable solution to the debt crisis. Well Doug Casey, author of the new book Totally […]