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Shutdown? Sadly, No Chance.

Written by Gary North on October 16, 2013

USA TODAY ran an editorial on the gridlock in Washington. It began with this. Americans don’t ask much from their Congress. They want it to stay out of their lives, not mess things up and, once in while, solve a problem or two. I see. They do not ask much. The Federal Register publishes 80,000 […]

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No Debt Ceiling = Balanced Budget

Posted on October 15, 2013

By Richard Ebeling The mainstream media and the Washington, D.C.-obsessed news pundits are in hysterics that the United States government is potentially facing default if the Congress does not increase the legal debt limit, so the U.S. Treasury can continue to borrow more and more hundreds of billions of dollars in the fiscal year 2014 […]

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No More Cooked Books, Treasury Secretary Threatens.

Written by Gary North on October 14, 2013

Treasury Secretary Jacob Lew has said repeatedly that on October 17, the U. S. Treasury will be down to its last $30 billion. This spare change will be used to pay interest on the government’s debt. What if it is not enough to get through the day? If $30 billion in interest payments will not […]

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Huge Investment Funds Take Opposing Positions on Debt Gridlock

Written by Gary North on October 10, 2013

Fidelity Investments has sold all of its short-term T-bills and is buying longer-term T-bonds. Pimco, the largest bond fund, is selling its bonds and buying T-bills. Fidelity thinks there could be a short-term crisis in the federal government. Bill Gross does not think so. He manages Pimco. He thinks the odds are against a default. […]

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Foreclosures Rise in Washington, D.C.

Written by Gary North on October 10, 2013

Already, homeowners in the nation’s capitol are in trouble.They cannot pay their bills. First-stage foreclosures are up  144% in Fairfax, Virginia, which borders on the Capitol. The doubled in other Virginia counties: Price William, Loudoun, and Faquier. The cause: the sequester. The slowdown in government spending has cut off the flow of expected funds to […]

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Two Obvious Facts on the Debt Ceiling Showdown

Written by Robert Murphy on October 10, 2013

Big “showdowns” in Washington are always hype, with both sides distorting the facts so that the hapless citizen–whether he watches Fox or CNN–focuses on irrelevant details and misses the big picture. When it comes to the recurring conflict over raising the debt ceiling, here are two obvious facts that explode just about everything that the […]

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The October 17 Deadline for a Default Is Fake.

Written by Gary North on October 9, 2013

Treasury Secretary Lew has used this date as a deadline for the end to his cooking of the books. He will run out of “extraordinary measures” to keep cooking the books. To deal with this, he must prioritize payments: who gets what. He says he will not prioritize. If he doesn’t, then he will have […]

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Will the Government Prioritize Its Payments?

Written by Gary North on October 9, 2013

Will the government hit the debt ceiling on October 17? Maybe. Will this force the government to prioritize its payments? Probably not. Why not? Because of computers. Every day, the government sends out at least 3 million checks. On some days, it is 5 million. It deposits money electronically in bank accounts. All of this […]

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