The Israel Deception

Is the return of Israel in the 20th century truly a work of God, or is it a result of a cosmic chess move to deceive the elect by the adversary?

Showing posts with label budget. Show all posts
Showing posts with label budget. Show all posts

Thursday, March 31, 2016

Ratings agency downgrades Chicago as years of bad fiscal policies with pensions comes home to roost

One of the biggest problems with the majority of politicians coming from the lawyer class is that they have little idea about fiscal responsibility and economics, or any understanding of the consequences that come from promising the world to voters in order to get re-elected.  In fact, Washington is not only known for trying to buy votes from constituents with ever increasing benefit programs, but they are the also the poster child of robbing Peter to pay Paul when it comes to things like stealing from the Social Security Trust to pay for new programs.
Municipalities are not immune to this paradigm as well, with many liberalized cities having chosen the path of egregious fiscal policies which are now coming home to roost as their budgets run deficits that place them on the cusp of insolvency.  And perhaps the biggest culprit in this is the City of Chicago, who after years of making pension promises they couldn’t hope to keep are on the verge of being downgraded to junk status and out of options when it comes to paying out benefits to retirees.
state pensions
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Wednesday, March 23, 2016

Canada preparing for bail-ins as collapse of oil industry forces new legislation in their budget

On March 22, Canada's new ruling party submitted their budget for fiscal year 2016-17, and hidden within it was new legislation to approve of depositor bail-ins for banks that might become insolvent.  And with the Canadian oil industry in fill collapse due to lower oil prices, the leverage by the banks in the energy industry is pushing them closer and closer to default.



Introducing a Bank Recapitalization "Bail-in" Regime 
To protect Canadian taxpayers in the unlikely event of a large bank failure, the Government is proposing to implement a bail-in regime that would reinforce that bank shareholders and creditors are responsible for the bank’s risks—not taxpayers. This would allow authorities to convert eligible long-term debt of a failing systemically important bank into common shares to recapitalize the bank and allow it to remain open and operating. Such a measure is in line with international efforts to address the potential risks to the financial system and broader economy of institutions perceived as “too-big-to-fail”. 
The Government is proposing to introduce framework legislation for the regime along with accompanying enhancements to Canada’s bank resolution toolkit. Regulations and guidelines setting out further features of the regime will follow. This will provide stakeholders with an additional opportunity to comment on elements of the proposed regime. 
Bail-in Regime for Banks 
Canada’s financial system performed well during the 2008 global financial crisis. Since that time, Canada has been an active participant in the G20’s financial sector reform agenda aimed at addressing the factors that contributed to the crisis. This includes international efforts to address the potential risks to the financial system and broader economy of institutions perceived as “too-big-to-fail”. Implementation of a bail-in regime for Canada’s domestic systemically important banks would strengthen our bank resolution toolkit so that it remains consistent with best practices of peer jurisdictions and international standards endorsed by the G20. - Zerohedge

Wednesday, February 3, 2016

January ends with U.S. debt crossing over $19 trillion

A new report came out on Feb. 1 showing that the national debt has now crossed over $19 trillion, making it extremely likely that the U.S. will end Obama’s term in office with a debt obligation of over $20 trillion.  And with Congress simply abrogating their duties and giving the government carte blanche authority to borrow and spend as much as they want, whomever wins the Presidency this November will automatically come into office under a dual crises of recession and insolvency.
Right now the U.S.’s debt to GDP ratio is over 104%, meaning the country owes more in liabilities than it produces in annual revenue.  And for any entity but the Federal government, this would mean instant insolvency and the need for a declaration of bankruptcy.

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Monday, November 9, 2015

Since 2010 the U.S. has been in hyperinflation

In layman’s terms, the definition of hyper-inflation occurs when you expand a monetary supply to the point where it crosses over from an arithmetic rate of growth to an exponential one in relation to a nation’s GDP.  This eventually is followed by price hyper-inflation, which eventually leads to destruction in confidence and a death event for a particular currency.
Over the past five years the U.S. central bank has attempted to do its best to survive a hyper-inflation of the dollar by keeping it contained outside the general economy, and at the level of banks and Wall Street.  However, for anyone who has had to pay rent, buy food, or suffer through budget expenses such as those of education or medical, then they know that price inflation has indeed trickled down in a meaningful manner to the public contrary to the constant lies from the Federal Reserve of less than 2% inflation.
ambns-feb-13-2011
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Tuesday, November 3, 2015

President of debt: Newest budget signing will have Obama on cusp of doubling National debt

When Barack Obama signed the newest Congressional budget bill on Nov. 2 that would last through March of 2017, he added to his ongoing legacy of being one of the least fiduciary responsible President’s in history as the portion within the bill that raised the debt ceiling will see America’s future obligations rise to just under $20 trillion.  And perhaps the irony of it all is that President Obama is still making the claim that he is lowering the annual budget deficit despite the fact that his administration has borrowed more money each year than President Bush ever did during his eight year tenure.
When Obama took office in January of 2009, the national debt stood at $10.6 trillion.  And by the sixth year of his administration the debt had increased by more than $1 trillion per year to a total of $18.2 trillion before yesterday’s new increase.

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Thursday, October 1, 2015

Congress invokes procedural Martial Law in order to force passage of budget

The use of martial law is not limited to simply restrictions placed upon a populace, but it can also be an administrative or procedural ploy implemented by Congress to force the passage of legislation or other laws.  And on Sept. 29. the lower House invoked martial law as a means to break the deadlock to get some form of short-term spending bill passed in lieu of a long term budget.
Congress has gone several years without passing a full annual budget, and instead has passed individual appropriation bills to fund individual portions of the government.  And with the de-funding of Planned Parenthood being the primary catalyst stopping passage of a budget for 2016, severe measures appear to now be in place to get a temporary bill passed to avoid a government shutdown.

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Monday, December 22, 2014

House to vote this afternoon on budget bill that was written in part by… Citibank?

As the House of Representatives prepares to vote this afternoon on a new budget bill to approve appropriations for the next fiscal year, an interesting dichotomy has been revealed in the legislation.  Not only have portions of the bill been written by, and submitted to Congress from banking giant Citigroup, but a rider within the bill is dedicated towards amending the Dodd-Frank banking reform act and will allow derivatives losses by the private banks to be bailout out by…
 
the taxpayers once again.
 
 
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Tuesday, September 23, 2014

National debt has climbed an additional $1 trillion since debt ceiling was removed

While the American people continue to question the so called economic recovery, an overlooked aspect of the U.S. budget is no longer getting much press since Congress voted to remove the debt ceiling and allow the President to borrow money from the Fed as he sees fit.  And while Obama supporters in the media continue to prop up stories of how the President has lowered the budget deficit, the fact remains that in the past year, the U.S. government has added over $1 trillion of new debt to the taxpayers balance sheet.


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Friday, December 7, 2012

Demonocracy shows just how high $16 trillion will go

When most people try to picture a trillion of anything, it usually conjures up the distance between stars or galaxies.  But to the U.S. government, and our ever increasing national debt, trillions of dollars no longer phase legislators as the budget moves towards $4 trillion per year, and the national debt climbs to over $16 trillion.


Demonocracy has put together a very poignant video on just how much and high high $16 trillion would look if stacked on pallets, and raised to the sky.


Thursday, July 19, 2012

If the U.S. government were a household

Ever wonder what the Federal budget would look like if it were a single family household?  A little bit of math, along with a pinch of common sense shows that not only is our government fiscally irresponsible, but no financial entity on the planet would consider them a valuable credit risk to continue to pour money on.



Lesson # 1:

* U.S. Tax revenue: $2,170,000,000,000
* Fed budget: $3,820,000,000,000
* New debt: $ 1,650,000,000,000
* National debt: $14,271,000,000,000
* Recent budget cuts: $ 38,500,000,000

Let's now remove 8 zeros and pretend it's a household budget:

* Annual family income: $21,700
* Money the family spent: $38,200
* New debt on the credit card: $16,500
* Outstanding balance on the credit card: $142,710
* Total budget cuts so far: $38.50

Even the proverbial drunken sailor would have been thrown out of the bar long before his tab was allowed to get this bad.

Thursday, May 24, 2012

Detroit: Turn out the lights because the party is over

For decades, the City of Detroit was the paragon of industry and production in the U.S., but now, it is a shell of its former glory.  Population flight, industry moving offshore, and a massive budget deficit has now led legislators in the once proud city to cut city light services to half of the municipality.



Detroit, whose 139 square miles contain 60 percent fewer residents than in 1950, will try to nudge them into a smaller living space by eliminating almost half its streetlights.

As it is, 40 percent of the 88,000 streetlights are broken and the city, whose finances are to be overseen by an appointed board, can’t afford to fix them. Mayor Dave Bing’s plan would create an authority to borrow $160 million to upgrade and reduce the number of streetlights to 46,000. Maintenance would be contracted out, saving the city $10 million a year. -  Bloomberg
With crime and poverty already on the rise, this move, while fiscally necessary, will only increase violence as the hot summer months come, and unemployed citizens seek the only avenues they have left since Government Motors moved out of town, and turned off their own lights.

Tuesday, May 15, 2012

California: Socialiam works until you run out of other peoples money

California, and its sister state Illinois, are two prime examples of what happens to states when emotional activists gain power, and socialist policies are implemented to drive economies and budgets.  For years, the state of California was not only the most productive state in the union GDP wise, but its the 8th largest GDP in the entire world.

However, with sancutary policies for illegal immigrants, over-regulation to the point where hundreds of thousands of businesses have left the state, environmental regulation which has destroyed a large sector of California's bread basket, and a tax rate that is nearly equivalent to socialist Europe, the spectre of Margaret Thatcher's famous quote has finally entered the scene.

"The problem is with Socialism is that you eventually run out of other people's money."


Picture courtesy of Americaandproud.net

California, and Governor Jerry Brown have finally capitulated as on May 14th, the state government found it necessary to propose billion dollar cuts across the board, after a referendum to increase taxes failed in recent elections.

Hit with a soaring state budget shortfall of $15.7 billion - up from $9.2 billion as recently as January - Governor Brown announced proposals Monday to make $8.3 billion in painful, cross-the-board cuts that quickly elicited outcries from those affected.
Most telling of his predicament, and his strategy, Brown admonished California voters that if they don’t pass his tax-hike initiative in November, $6 billion more will have to come out of budgets for public schools and higher education.
 “We have so much money from the people, and we have so much spending,” the governor said at a press conference in Sacramento before jetting to Los Angeles to release further details. “We can be out of alignment for awhile, but now - given the decade of fiscal disconnect - I’ve committed to right the ship of state and getting it into balance.” - Christian Science Monitor via Yahoo News

California now joins the long list of Democratic and Progressively run cities and states, which have bankrupted its citizens through massive welfare, taxation, and over-regulation.  New Orleans, New Jersey, Illinois, Detroit are just a few municipalities and states that stand on the brink of insolvency, and which for decades refused to even perform a modicum of fiscal responsibilty.

Wednesday, March 28, 2012

How to fund the government in 2012 and other bedtime stories

Professor Antony Davies of Duquesne University has put together a factual and yet satircal piece of economic data on how our bankrupt government, which borrows more than $150 billion per month, can afford to fund itself for the rest of 2012.

Tuesday, March 20, 2012

New Republican budget seeks to cut taxes and shrink tax system

The Republican party should know that any attempt to submit a budget before the Senate and the President will come to naught, but perhaps gaining a little political capital from voters may be the reason.  On March 20th, a Republican coalition led by Paul Ryan forged a budget which cuts taxes for both individuals and corporate bodies, and removes several 'tiers' as well as the dreaded AMT.

While it has no chance of passage, the GOP 2013 budget, details of which have been leaked by the WSJ, proposes slashing corporate and individual tax rates, collapsing the current six tax bracket system into just two tiers (10% and 25%), lowering top corporate tax rate to 25% and scrapping the anachronism that is the AMT, or Alternative Minimum Tax. Finally, the proposed plan would nearly eliminate U.S. taxes on American corporations' earnings from overseas operations: something which companies with foreign cash would be rather happy to hear. - Zerohedge


While the jealousy class, otherwise known as the 1% of the 99%ers will not be thrilled with corporations receiving tax breaks, the rest of America should take a second look and realize the potential of what this means.  Because of the draconian tax system, companies have been shipping jobs, money, and infrastructure offshore for more than a decade, causing 8 million jobs to be lost in industrial and manufacturing sectors.  If companies were given cause to bring back the TRILLIONS of dollars they keep out of the American economy, then you would have an automatic force majeure in the financial system, and it, more than Obama's trillion dollar failed 'shovel ready' job program, would help bring the US out of recession, and start putting Americans back to work.

And with the removal of the tier system of taxation, maybe put some IRS agents OUT of work.

Thursday, October 20, 2011

Tax the rich until they are penniless... and it still wouldn't cover the budget for 1 year

Class warfare has little to do with revenue collection, but more with political and Machavellian doctrines.  Our politicians in Washington, especially liberals like Harry Reid, Nancy Pelost, and Barack Obama who are advocating a tax the rich scheme to pay for their social programs have done little, zip, nada research to see just exactly what would happen if we taxes and even confiscated the wealth of the rich in America.

Even the poor people of the Occupy Wall Street revolution, who themselves are being fed gourmet food in New York City, do not have a clue as to what they are protesting against.

This fantastic video shows just how inane the argument is, and that the reality of the situation isn't a revenue problem, but a spending problem in Washington.