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Obama Flashback: “We Refused to Let Detroit Go Bankrupt”

“In October of 2012, President Barack Obama triumphantly declared he ‘refused to throw in the town’ and ‘let Detroit go bankrupt.’ On July 18, 2013, Detroit went bankrupt. ‘We refused to throw in the towel and do nothing. We refused to let Detroit go bankrupt. We bet on American workers and American ingenuity, and three years later, that bet is paying off in a big way,’ Obama said in his weekly address. To be fair, it seems that Obama was touting Detroit of an example of how his administration ‘saved’ the automobile industry. Clearly though, this administration’s big government policies were still not enough to save the city from economic ruin.” Continue reading →

“Of course Obamacare doesn’t work” say Democrats

Yeah… So let’s see if we get this. Democrats shoved an unpopular, expensive, ill-conceived and poorly written law down the country’s throat with no Republican support, and without bothering to see whether states would want to take on the thankless and costly task of helping the feds implement it. And now that many of these states are rebelling, it’s the Republicans’ fault?

Whoops, another idiot exposed, Zimmerman will own Florida before this is over.!

COVER-UP POLICY LED TO TRAYVON MARTIN’S DEATH “How a Miami School Crime Cover-Up Policy Led to Trayvon Martin’s Death” By Robert Stacy McCain on 7.15.13 @ 1:05AM http://spectator.org/blog/2013/07/15/trayvon-crime-school-miami The February 2012 shooting death of 17-year-old Trayvon Martion might never have happened if school officials in Miami-Dade County had not instituted an unofficial policy of treating […]

Bill Bonner: Has gold bottomed out?

“Is there any reason to doubt? Any reason for worries? Any reason to stash a gold coin in your safe, just in case this reprise of credit-based money doesn’t pan out? It took the Soviets 70 years to realise that their experiment with primitive communism wouldn’t work. They tried to run a huge, modern nation as though it were a paleolithic tribe. It took Zimbabwe nearly 30 years to discover that it couldn’t cover its expenses by printing up its own credit-based money (though it didn’t begin running the presses at full speed until near the end). And how long did it take the Thousand-Year Reich to discover that ignoring the laws of civilised nations would be fatal? Only 12 years!” Continue reading →

China’s Central Bank Subsidizes the Federal Deficit

“The Chinese central bank creates money out of nothing, just as the Federal Reserve does. Then it takes this newly counterfeited money and buys U.S. government debt, just as the Federal Reserve does. It bought $25 billion of this debt last month. The Federal Reserve bought $45 billion. So, when it comes to currency-rigging, which central bank is the greater culprit? The two economies, China’s and America’s, are addicted to the drug of fiat money. The first central bank to quit counterfeiting — the first one to ‘taper’ — starts the international recession. The first one to stop inflating permanently will turn the recession into a depression. Which will it be?” Continue reading →

Ex-Goldman Sachs director Rajat Gupta fined $13.9 million for insider trading

“A federal judge Wednesday ordered former Goldman Sachs board member Rajat Gupta to pay a $13.9 million penalty related to insider trading. The SEC’s case against Gupta concerns alleged civil violations stemming from his communications with former Galleon hedge fund tycoon Raj Rajaratnam. In a parallel criminal case, a New York jury in June 2012 convicted Gupta of spilling boardroom secrets to Rajaratnam. In addition to his spot on the Goldman Sachs board, Gupta had been head of the renowned consultancy McKinsey & Co and a director of Procter & Gamble, making him one of the most successful Indian immigrants in the United States.” Continue reading →

Indian government again urges Indians not to buy gold

“India’s Finance Minister P Chidambaram has appealed to the people, once again, to moderate their demand for gold. While insisting that the government would not rule out a complete ban on gold imports, as has been discussed in some quarters, he pointed out the precious metal has cost the nation $50 billion in foreign exchange. Stating that there is a long time attachment to gold in India, the minister asked, ‘… can we for sometime moderate the demand for gold?’ Asking investors to cut down on their purchases as a starting point, Chidambaram suggested buying 10 grams of gold if one was inclined to buy 20 grams of gold.” Continue reading →

Swiss top the tables for household savings

“Switzerland tops a list compiled by Handelsblatt for money saved on average by average households. The Swiss put aside 17.5 percent of gross income into savings last year. This may not be entirely surprising given that incomes in the mountain country are three to four times as high as in most European countries. Switzerland’s unemployment rate of 2.9 percent in June compares with an average in the European Union of 12.1 percent in May, according to Eurostat. The report highlights a growing divide between wealthy northern countries and poorer countries in southern Europe. In Greece, the rate was negative 6.4 percent as citizens dug into existing reserves.” Continue reading →