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« The US Fiscal Cliff | Main | Happy New Year »
02 January 2013
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I've just read
- The National Debt and Federal Budget Deficit Deconstructed - Tony Robbins
- Why do smart people still choose Keynes over Hayek?
- The real reasons why UK is in trouble
- James Delingpole's blog post on climate change
- Youtube - Senator Marco Rubio
- Douglas Carswell's Blog
- Climate models go cold
- There haven't been any net public spending cuts – but try to say so and you'll be howled down as a liar
- Borrowers have had their time in the sun, this is the year of the Bank Rate rise
- David Cameron's obsession with image and spin is failing the country
- Firms paid to shut down wind farms when the wind is blowing
A picture tells a thousand words. Thanks Terry I thought I had gone mad reading the financial news over the last few days.
Posted by: Andyinfo | 02 January 2013 at 11:22 AM
Graphic! Pictures are worth a thousand words. Hope 'Houston' is logged on - even 'switched on'.
Posted by: John Healy | 02 January 2013 at 01:22 PM
One small step for grandstanding; one giant step for total fiscal collapse. The US is in a worse situation that we are, which is really saying something. Prediction is greater and greater financial repression of peoples by politicians. Given that nearly 50% of the population are the recipients of taxpayer's money, and turkeys don't vote for Christmas, the only outcome can be the breakdown of the social cohesion that's left.
Posted by: redrum | 02 January 2013 at 08:59 PM
I have mixed views on this. As I've mentioned before, the number on the right is alarming but somewhat misleading: a large part of it is cyclical and you should instead be looking at the structural component which is considerably less but more concerning. Similarly, you're not expecting the number on the left to be the same as the one on the right - if it were, that would have had a worse effect on the economy than if we had just gone over the cliff. On the upside, targeting the tax increase at top income earners is less likely to have a negative impact; on the downside, making most of the Bush Tax Cuts all but permanent will do more damage to the structural deficit.
On balance: somewhat disappointing.
Posted by: Andrew | 03 January 2013 at 11:52 AM
Hi Terry, happy new year.
A devastating article I've just read.
Our fiat money system contains within it the seeds of it's own inevitable destruction.
www.mises.org/journals/qjae/pdf/qjae14_4_1.pdf
We live in interesting times.
Posted by: John pd | 06 January 2013 at 11:24 AM