Archive for February 10th, 2010

The Glenn Beck Bomb Squad: Surviving The Global Debt Ticking Time Bombs!

Posted on February 10, 2010. Filed under: Blogroll, Books, Communications, Economics, Education, Federal Government, Fiscal Policy, government, government spending, history, Law, liberty, Life, media, Monetary Policy, People, Philosophy, Politics, Raves, Religion, Resources, Strategy, Transportation, Wisdom | Tags: , , , , , , , , |

U.S Debt Clock

http://www.usdebtclock.org/

 

 http://www.forbes.com/forbes/2010/0208/debt-recession-worldwide-finances-global-debt-bomb.html

 

Glenn Beck Show – February 10, 2010 – Pt 1 of 8

Glenn Beck Show – February 10, 2010 – Pt 2 of 8

Glenn Beck Show – February 10, 2010 – Pt 3 of 8

Glenn Beck Show – February 10, 2010 – Pt 4 of 8

Glenn Beck Show – February 10, 2010 – Pt 5 of 8

Glenn Beck Show – February 10, 2010 – Pt 6 of 8

Glenn Beck Show – February 10, 2010 – Pt7 of 8

Glenn Beck Show – February 10, 2010 – Pt 8 of 8

Ultimate force – Defusing the bomb

 

Glenn, you should have lit the candles and then when you went to blow them out, had the birthday cake explode in your face.

Maybe next year.

Alternatively, have a huge birthday cake and when you blow out the candles have Sarah Palin pops out–a princess cake!

Happy Birthday Glenn.

 

http://www.forbes.com/forbes/2010/0208/debt-recession-america-wyoming-california-debt-weight-scorecard.html

 

http://www.forbes.com/forbes/2010/0208/debt-recession-worldwide-finances-global-debt-bomb.html

 

Background Articles and Videos 

 

How to invest for a global-debt-bomb explosion

Prepare for an apocalyptic anarchy ending Wall Street’s toxic capitalism

The ticking time bomb of global debt

By Paul B. Farrell

“…The Big One is coming soon, bigger than the 2000 dot-com crash and the 2008 subprime credit meltdown combined. A huge market blowout. And as Bloomberg-BusinessWeek predicts: “The results won’t be pretty for investors or elected officials.”

After the global-debt bomb explodes don’t expect a typical bear correction followed by a new bull. Wall Street’s toxic pseudo-capitalism is imploding. Be prepared for a massive meltdown. Yes, already the third major bubble-bust of the 21st century, triggered once again by Wall Street’s out-of-control Fat Cat Bankers. And it’s dead ahead. …”

Can your family survive in the anarchy after the debt bomb explodes? …” 

“…What’s our alternative? A new American Revolution

But wait, wait, I hear you asking loudly: There must be an alternative to this dark descent into anarchy, to the loss of everything that made America the greatest nation in history?

Yes there is an alternative. Out of the ashes of anarchy must come a Second American Revolution. But unfortunately nothing will happen until a great crisis awakens America … shocks the conscience of the masses … we are “asleep” … only a seismic, systemic shock will trigger the necessary revolution.

The future of our economy and indeed our nation demands another political revolution. We must take back our democracy and capitalism from a government run by Wall Street and its “Happy Conspiracy” … their toxic self-serving power hold must be broken and, if not, a rising new conspiracy of China, India, oil-sovereignties and asset-rich nations will replace our homegrown “Happy Conspiracy” as it eventually goes down in the flames of anarchy. …”

http://www.marketwatch.com/story/how-to-invest-for-the-debt-bomb-explosion-2010-02-09

By Loren Steffy

“…Forbes has released an interactive special report analyzing the growing debt problem around the world. The Global Debt Bomb offers some sobering perspective:

The world has issued so much debt in the past two years fighting the Great Recession that paying it all back is going to be hell–for Americans, along with everybody else. Taxes will have to rise around the globe, hobbling job growth and economic recovery.

National governments will issue an estimated $4.5 trillion in debt this year, almost triple the average for mature economies over the preceding five years. The U.S. has allowed the total federal debt (including debt held by government agencies, like the Social Security fund) to balloon by 50% since 2006 to $12.3 trillion. The pain of repayment is not yet being felt, because interest rates are so low–close to 0% on short-term Treasury bills. Someday those rates are going to rise. Then the taxpayer will have the devil to pay.

Whether or not you believe the spending spree was morally justified, you have to be concerned about the prospect of a dismal, debt-burdened fiscal future.

http://blogs.chron.com/lorensteffy/2010/01/the_ticking_tim_1.html

 

The Global Debt Bomb

Daniel Fisher
Forbes Magazine dated February 08, 2010

“… Whether or not you believe the spending spree was morally justified, you have to be concerned about the prospect of a dismal, debt-burdened fiscal future. More debt weighs heavily on GDP, says Carmen Reinhart, a University of Maryland economist. The coauthor, with Harvard professor Kenneth Rogoff, of This Time It’s Different: Eight Centuries of Financial Folly (Princeton, 2009), Reinhart has found that a 90% ratio of government debt to GDP is a tipping point in economic growth. Beyond that, developed economies have growth rates two percentage points lower, on average, than economies that have not yet crossed the line. (The danger point is lower in emerging markets.) “It’s not a linear process,” she says. “You increase it over and beyond a high threshold, and boom!” The U.S. government-debt-to-GDP ratio is 84%.

We’ve been through this scenario before. It’s especially ugly because we get hit by inflation, too. In the years immediately after World War II inflation surged past 6%, while economic growth flagged and the government-debt-to-GDP level exceeded 90%, note Reinhart and Rogoff. The country worked that ratio down over the next half-century. Now the ratio is shooting up again. …”

http://www.forbes.com/forbes/2010/0208/debt-recession-worldwide-finances-global-debt-bomb.html

Obama’s Budget Seriously Underestimates Deficit

By Scott Grannis 

 

 

“…The data for the forecast section of these charts is taken directly from Obama’s FY 2011 Budget. The forecasts presented in this budget rely, as all forecasts ultimately do, on several critical assumptions. Together, these are among the most heroic and daring assumptions I have ever seen coming from the Office of Management and Budget. They are so off the charts that I don’t think they will ever see the light of day. And that would be a good thing, because otherwise we will be facing a very unpleasant economic future. 

To begin with, economic growth is expected to average about 4% per year over the next 5 years. That is quite a bit higher than the “new normal” consensus, which sees growth averaging about 2.5-3% per year. I don’t really have a problem with that, since I think the “new normal” consensus is too pessimistic. But regardless of how optimistic 4% sounds, the growth projections the administration is using imply that it would take 10 years or more for the economy to return to its potential, or full employment growth. That would amount to a decade of very frustrated voters. 

Next, we have the assumption that, thanks to 4% growth and higher tax rates, there will be a surge in tax receipts stronger than we have ever seen before in post-war history. Amazingly, the administration is making little or no allowance for the likelihood that rising tax rates (e.g., the expiration of the Bush tax cuts, the imposition of big taxes on Cadillac health insurance policies, the limitation of deductions on high-income earners) and rising tax burdens might a) retard economic growth and/or b) result in lower-than-expected revenues (e.g., due to increased evasion). In other words, if the Laffer Curve asserts itself and/or the economy performs according to the “new normal” consensus, we would likely discover that tax receipts are significantly lower than the administration is projecting. …” 

http://seekingalpha.com/article/187181-obama-s-budget-seriously-underestimates-deficit 

 Total National Debt
Fiscal Years 1900 to 2014
Year GDP-US
$ billion
Gross Public Debt-total
pct GDP
1900 20.6 10.37
1901 22.3 9.61
1902 24.1 17.70
1903 25.9 17.20
1904 25.7 18.18
1905 28.8 16.85
1906 31 16.43
1907 33.9 15.94
1908 30.1 19.20
1909 32.2 18.67
1910 33.4 18.74
1911 34.3 19.31
1912 37.4 18.70
1913 39.1 18.75
1914 36.5 21.23
1915 38.7 21.61
1916 49.6 19.00
1917 59.7 20.25
1918 75.8 28.47
1919 78.3 44.77
1920 88.4 38.86
1921 73.6 45.10
1922 73.4 45.06
1923 85.4 38.96
1924 86.9 38.03
1925 90.6 36.71
1926 96.9 34.48
1927 95.5 34.97
1928 97.4 34.15
1929 103.6 32.25
1930 91.2 36.76
1931 76.5 45.81
1932 58.7 65.91
1933 56.4 73.77
1934 66 69.67
1935 73.3 65.35
1936 83.8 63.55
1937 91.9 60.81
1938 86.1 65.74
1939 92.2 65.40
1940 101.4 62.38
1941 126.7 54.28
1942 161.9 56.68
1943 198.6 78.10
1944 219.8 99.40
1945 223.1 123.46
1946 222.3 128.40
1947 244.2 112.87
1948 269.1 100.69
1949 267.3 102.56
1950 293.8 95.80
1951 339.3 83.21
1952 358.3 80.72
1953 379.3 79.05
1954 380.4 81.54
1955 414.8 76.82
1956 437.4 73.53
1957 461.1 70.17
1958 467.2 71.60
1959 506.6 68.85
1960 526.4 67.68
1961 544.7 66.82
1962 585.6 64.72
1963 617.7 63.29
1964 663.6 60.87
1965 719.1 57.96
1966 787.7 54.20
1967 832.6 52.83
1968 909.8 51.52
1969 984.4 49.50
1970 1038.3 49.55
1971 1126.8 49.44
1972 1237.9 48.57
1973 1382.7 46.73
1974 1499.5 45.42
1975 1637.7 45.99
1976 1825.3 47.19
1977 2030.9 47.16
1978 2294.7 45.87
1979 2562.2 44.12
1980 2789.5 44.59
1981 3128.4 43.53
1982 3253.2 47.52
1983 3534.6 51.81
1984 3933.2 52.81
1985 4220.3 56.68
1986 4462.8 62.39
1987 4739.5 64.75
1988 5100.4 65.83
1989 5484.4 66.67
1990 5803.1 70.54
1991 5992.1 76.46
1992 6337.7 79.53
1993 6667.4 81.38
1994 7085.2 81.40
1995 7397.7 80.89
1996 7816.9 80.32
1997 8332.4 79.62
1998 8679.66 78.46
1999 9201.14 76.35
2000 9951.5 71.61
2001 10286.2 71.57
2002 10398.4 74.69
2003 11142.1 77.15
2004 11607 80.39
2005 12638.4 79.27
2006 13090.8 81.80
2007 14077.6 81.10
2008 14441.4 87.52
2009 14237.2 103.86
2010 14623.9 116.14
2011 15299 121.96
2012 16203.3 124.67
2013 17182.2 126.34
2014 18192.6 127.62

http://www.usgovernmentspending.com/downchart_gs.php?year=1900_2014&units=p&chart=H0-total&title=Total%20National%20Debt

Hearing on Foreign Holdings of U.S. Debt: Orszag’s Testimony

 

Davos Annual Meeting 2010 – Rethinking Systemic Financial Risk

Davos Annual Meeting 2010 – Rethinking Systemic Financial Risk

U.S Debt Clock Real Time

http://www.usdebtclock.org/

 

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Inch By Inch

Posted on February 10, 2010. Filed under: Blogroll, Communications, Language, liberty, Life, People, Philosophy, Psychology, Raves, Sports, Video, Wisdom | Tags: , , , , |

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The Laffer Curve–Videos

Posted on February 10, 2010. Filed under: Blogroll, Communications, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, government, government spending, history, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Resources, Taxes, Technology, Video, Wisdom | Tags: , , , , , , |

 

http://www.heritage.org/research/taxes/bg1765.cfm

The Laffer Curve, Part I: Understanding the Theory

The Laffer Curve, Part II: Understanding the Theory

The Laffer Curve, Part III: Understanding the Theory

Art Laffer & Steve Moore – Public Affairs

An Evening in the Desert with The Wall Street Journals Stephen Moore, part 1

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Barack Obama on Taxes 

Background Articles and Videos

Life on the Downside of the Laffer Curve

Laffer Curve

“…In economics, the Laffer curve is a theoretical representation of the relationship between government revenue raised by taxation and all possible rates of taxation. It is used to illustrate the concept of Taxable Income Elasticity (that taxable income will change in response to changes in the rate of taxation). The curve is constructed by thought experiment. First, the amount of tax revenue raised at the extreme tax rates of 0% and 100% is considered. It is clear that a 0% tax rate raises no revenue, but the Laffer curve hypothesis is that a 100% tax rate will also generate no revenue because at such a rate there is no longer any incentive for a rational taxpayer to earn any income, thus the revenue raised will be 100% of nothing. If both a 0% rate and 100% rate of taxation generate no revenue, it follows that there must exist a rate in between where tax revenue would be a maximum. The Laffer curve is typically represented as a stylized graph which starts at 0% tax, zero revenue, rises to a maximum rate of revenue raised at an intermediate rate of taxation and then falls again to zero revenue at a 100% tax rate.

One potential result of the Laffer curve is that increasing taxes beyond a certain point will become counterproductive for raising further tax revenue because of diminishing returns. A hypothetical Laffer curve for any given economy can only be estimated and such estimates are sometimes controversial. The Laffer curve is associated with supply side economics, where its use in debates over rates of taxation has also been controversial.

The Laffer curve was popularised by Jude Wanniski in the 1970s, with Wanniski naming the curve after the work of Arthur Laffer. Laffer later pointed out that concept was not original, noting similar ideas in the writings of both 14th century North African polymath Ibn Khaldun—who discussed the idea in his 1377 Muqaddimah—and John Maynard Keynes.[1] …”

http://en.wikipedia.org/wiki/Laffer_curve

The Laffer Curve: Past, Present, and Future

by Arthur B. Laffer

Backgrounder #1765

“…A more recent version (of incredible clarity) was written by John Maynard Keynes:

When, on the contrary, I show, a little elaborately, as in the ensuing chapter, that to create wealth will increase the national income and that a large proportion of any increase in the national income will accrue to an Exchequer, amongst whose largest outgoings is the payment of incomes to those who are unemployed and whose receipts are a proportion of the incomes of those who are occupied…

Nor should the argument seem strange that taxation may be so high as to defeat its object, and that, given sufficient time to gather the fruits, a reduction of taxation will run a better chance than an increase of balancing the budget. For to take the opposite view today is to resemble a manufacturer who, running at a loss, decides to raise his price, and when his declining sales increase the loss, wrapping himself in the rectitude of plain arithmetic, decides that prudence requires him to raise the price still more–and who, when at last his account is balanced with nought on both sides, is still found righteously declaring that it would have been the act of a gambler to reduce the price when you were already making a loss.2 …”

http://www.heritage.org/research/taxes/bg1765.cfm

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