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 fiscal cliff. Show all posts
Showing posts with label fiscal cliff. Show all posts

Wednesday, January 2, 2013

Congress kicks can for six to eight weeks with 11th hour tax bill

As the stocks markets jump on Jan. 2 in the aftermath of the 11th hour fiscal cliff tax agreement passed by Congress last night, the final consequences will not be seen for at least six to eight weeks when legislators are forced to deal with the debt ceiling, and potential spending cuts.  In fact, the showdown between Congress and the President appears to be looming large as Barack Obama declared there would be no room for negotiation on adding more debt, and Congress appears likely to once again give in without receiving any cuts to the ever-expanding Federal budget.



This sentiment was validated by CME trader Rick Santelli on CNBC earlier today, and he shows no surprise in Congress's inability to accomplish the task of fiscal responsibility.

Thursday, December 27, 2012

Fiscal Cliff taxes in 2013 could affect 400000 jobs in one sector alone

The idiocy of taxation is that companies rarely pay for government legislation that seeks to grab more money from the productive parts of society.  This truth regarding new, old, or inane taxes may have no greater example than the 400000 jobs in the medical instrument industry, that could potentiall be lost of the fiscal cliff is not dealt with before the start of 2013.



Forbes cites a Manhattan Institute report that claims the excuse tax could cut as many as 43,000 jobs in the coming years, translating to a savings of roughly $3.5 billion.

"I want to repeal the medical device tax altogether,” Sen. Al Franken (D-Minnesota) said earlier this month, adding that time was running around without a fix before the bill’s “job-killing” tax takes its toll.

“For now, the best thing to do to ensure that this important industry continues to create jobs and producing life-saving devices is to delay this unwise tax," the senator said in a statement. “The medical device industry creates tens of thousands of good paying jobs in Minnesota and 400,000 nationwide. We should do everything we can to protect it."  - Russia Today

Thus, the continuing answer to failed fiscal policies and the move towards total marxism by Congress and the Obama administration is simply stealing more money from the productive people in America, and providing little or no value for their tax dollars.

Tuesday, December 11, 2012

Comparing the fiscal cliff of the 1930's to today

The fiscal cliff that American is experiencing today is not he first time this type of financial disaster has faced the country.  In the 1930's, the threat to the dollar, to the economy, and to the budget were just as harsh, and was created for many of the same reasons.

The Federal Reserves inept control over the money supply, and massive bubbles created by debt.



Professor Steve Keen of Debt Deflation.com has put together a video showing the parallels and comparisons between the fiscal cliff of the Depression era, and the fiscal cliff of 2012.

Here is his presentation before Congress on Dec. 5.


Economist suggests scheme to pay off national debt with a few platinum coins

Welcome to a world where no one, including the government, is willing to pay off debts they incur.  As talks on the fiscal cliff stall once again on Dec. 11, an intriguing suggestion has been made by a university economist to pay off the $16.4 trillion national debt using a loophole scheme involving platinum coins.




Enter the platinum coins. Under current law, the Treasury is technically allowed to mint as many coins made of platinum as it wants and can assign them whatever value it pleases.

Under this scenario, the U.S. Mint would make a pair of trillion-dollar platinum coins. The president orders the coins to be deposited at the Federal Reserve. The Fed moves this money into Treasury’s accounts. And just like that, Treasury suddenly has an extra $2 trillion to pay off its obligations for the next two years — without needing to issue new debt. The ceiling is no longer an issue.

“I like it," said Joseph Gagnon of the Peterson Institute for International Economics. “There’s nothing that’s obviously economically problematic about it."

In theory, this is much like having the central bank print money. But, Gagnon said, the U.S. government would simply be using the money to keep spending at existing levels, so it would not create any extra inflation. And if it did cause problems, the Fed could always counteract the effects by winding down some of its other programs to inject money into the economy.

Is the platinum coin option really legal? Apparently so. - The Bulletin

What this would mean of course, is that the government would mint say 17 platinum ounce coins, giving them the denomination value of $1 trillion apiece.  Then, not only would they print the equivalent cash in a 'sale' of the coins, but after paying off the national debt, and debt owed to foreign and Fed creditors, they would have an additional $600 billion surplus, where Obama can sing to the world the lie that he not only balanced the budget, paid off the debt, but in fact, created a surplus.

We at The Daily Economist figure the Dow would open at 20,000, and Jim Cramer would hail it as the greatest financial move in history... like he did with Bear Stearns.

Sunday, November 18, 2012

Paycheck calculator to show how the fiscal cliff will affect you

With the Bush tax cuts ending on Dec 31, and a whole new array of taxes are ready to be imposed on the American people beginning on Jan 1, it is difficult to sift through the myriad of articles which try to explain how the fiscal cliff will affect you, if it remains without change by Congress and the White House.

However, there is a now a website that provides a new paycheck calculator that shows American just how much they pay now, and will expect to pay next year if all new taxes go into affect.  The fine programmers at Paycheck City have created a neat application and graph that will allow visitors to see the difference between their 2012 taxes, and those projected for 2013.

Simply click on this link, and select the normal amount of standard deductions your family or individual returns allow.

Fiscal Cliff Calculator and Chart


While Paycheck City does not guarantee the results from this generic calculator, it does allow someone to get a rough, general, ballpark estimate of how much more they will have to pay, starting in 2013 due to the increased taxes.

Thursday, November 15, 2012

New job loss report: To those who believed the White House, here's your sign

For the limited few out there who actually believed the September BLS report that showed the unemployment rate falling from 8.1% to 7.8%, all we at the Daily Economist have to say is, Here's your sign.

Primarily, the drop in unemployment just weeks before the election was so obvious, and so blatent, and so large, that every analyst with a modicum of respect knew that after Nov. 6, the revisions of those numbers would either pop the rate back over 8%, or quite discouragingly, move the numbers even higher than what it was.


Picture courtesy of Fox and Friends

The latest initial claims data posted a multi-year high 104,548 surge in weekly NSA claims from 361,800 to 466,348, and even the Seasonally adjusted number soaring from 361K to 439K on expectations of a 375K print. In other words, a complete disaster for any economic data bulls. What is truly amusing is that the same Wall Street "experts" who set expectations were unable to foresee the Sandy effect that every "macrotourist" on Twitter apparently is so very aware of. Also, it is apparently also "Sandy's fault" (now that the Bush excuse is back in retirement) that the prior week's claims were revised from 355K to 361K. Basically, just as we said 3 weeks ago, ignore every negative data point: - Zerohedge


Interestingly, these numbers come just before the onset of Black Friday, and the seasonal increase of temporary jobs leading into, and through Christmas.  What indications then should we expect from here, as to the retail sales for the 2012 holiday by businesses?

Not much.