Big Lie

Neutrality Toward Syria Is a Non-Aggressive Policy, But Obama Wants Assad Out

"Obama is acting out several parts. He plays the part of a reluctant war-maker. [..] He plays the part of president of the world and all its refugees and disadvantaged. He plays the part of the moral man who is upholding the international provisions against chemical weapons. However, what matters most in understanding Obama and his Syrian policies is that two years ago, Obama called for Assad to resign and he imposed sanctions on Syria. He called for the Syrian people to determine their future. They did, in the usual political ways of this era, by an election in 2012 and by voting in a new constitution. Obama ignored these." Continue reading →

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Detroit’s City Pensioners Are Wiped Out.

"This is the thing about impossible obligations. They get abandoned. This confirms economist Herbert Stein’s law: 'When things can’t go on, they have a tendency to stop.' A year ago, the experts denied that anything was wrong. Yes, there were 'problems,' but nothing that could not be fixed. 'Bankruptcy? Are you serious? Of course not. There is no possibility of that. Such talk is inflammatory. Perish the thought.' That’s what politicians always say . . . right up to the end. The pensioners will have to go back to work. They will be covered by Medicare only. They believed the politicians. They invested their working years in terms of promises made by politicians." Continue reading →

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Detroit Suffers the Biggest Municipal Bankruptcy Ever — Are Your Muni Bonds Safe?

"The move is clearly a tragedy for Detroit residents, workers and retirees. Many will see their health-care and pension benefits slashed. But, ultimately, Detroit felt it had no choice to get out from under its crushing burden. But what about the broader implications? What does this mean for the $3.7 trillion municipal-bond market? Well, many market pundits will claim Detroit is an isolated case. Many bond-fund managers will try to downplay the significance of this. Do not fall for it. First, Detroit is far from alone. While it is certainly the largest municipality to go broke, the city is just the latest in a long line of troubled municipal borrowers to tumble into bankruptcy." Continue reading →

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The Jobs Number Is B.S., Says Former Head Of B.L.S.

"Keith Hall believes the US economy is a lot sicker than the 7.6 percent unemployment rate would lead you to believe. And he should know. Hall was, from 2008 until last year, the guy in charge of Washington’s Bureau of Labor Statistics, the agency that compiles that rate. 'Right now [it’s] misleadingly low,' says Hall, who believes a truer reading of those now wanting a job but without one to be more than 10 percent. The fly in the ointment is the BLS employment-to-population ratio, which is currently at 58.7 percent. 'It’s lower than it was when the recession ended. I think that’s a remarkable statistic.'" Continue reading →

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10 things Social Security won’t tell you: The truth about the agency’s bottom line

"About a third of workers in their 50s expect Social Security benefits to be their primary source of income in retirement. The Social Security Administration itself has said that unless something is done to reform the system, it will have to reduce benefit payments to retirees within the next few decades. Less talked about, perhaps, is the concern that the program is having a hard time paying its bills today. In 2010, the Social Security Administration began collecting less revenue in taxes than it needs to cover benefit payments, forcing the agency to tap its $2.7 trillion trust fund sooner than some had expected." Continue reading →

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10 things baby boomers won’t tell you: The aging Me generation is still putting itself first

"Boomers are expected to live longer than any previous generation. At the same time, many haven’t saved nearly enough for retirement. More than 44% of early boomers (defined as those born between 1948 and 1954) and 43% of late boomers (born between 1955 and 1964) may not be able to afford basic living expenses in retirement. [..] Nearly one in six people ages 45 to 64 say that paying for their kid’s college tuition got in the way of saving for their own retirement. That’s not surprising, given that the typical middle-income family will spend more than $230,000 to raise a child from birth to age 18, up 23% (in today’s dollars) since 1960." Continue reading →

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Bill Bonner: The war on the young

"Rules, regulations, restrictions - he doesn't recall voting for a single one. Instead, they were imposed upon him. So were the costs of today's omni-eternal state with claims - in the US alone -- on (according to Niall Ferguson) some $238 trillion of future output. Dear reader, between the time when we grew up and today the world has changed. It has been taken over by zombies, desperate to drain the future so they can enjoy it now. Old people get their benefits. Their laws. Their privileges. They get to have things more or less as they want them. And the young? Take it or leave it. No wonder so many are trying to leave." Continue reading →

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Read more about the article ‘Pension Paupers’: Dream Time Collapses in Britain

‘Pension Paupers’: Dream Time Collapses in Britain

"Pensioners living on pocket money as savings crisis hits millions ... Almost two million retired adults in the UK have less disposable income than the average 11 year-old, as Britain's savings crisis creates a generation of 'pension paupers'. A new survey last night said 15 per cent of men and women in retirement have an income of less than £154 a week, which falls to £8 after essential living costs. Insurance giant LV= claimed the situation was only likely to get worse as over 50s cut the amount they put into their pension pots to cope with the cost of living." Continue reading →

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Judge, Jury, and Executioner: Questions on the Legality of Executive Assassination

"We’ve ruled out the AUMF. The Executive Order cited above hasn’t been rescinded. And no one can cite any changes in the laws governing assassination. But clearly, something has changed. And if the law hasn’t changed, then it must necessarily be that those laws have been reinterpreted to mean something they didn’t mean before. The question becomes – who reinterpreted them and by what authority did they do so? The answer to the first half of that question is easy – the unelected lawyers acting on behalf of the Bush and Obama administrations reinterpreted them. The second part is more difficult." Continue reading →

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Busted California Cities: Pension Liabilities

"New accounting standards are being applied by Moody’s to cities. It turns out that the two biggest cities in California — Los Angeles and San Francisco — are way deeper in the hole than previously admitted. But wait! There’s more! San Jose will be downgraded. So will Inglewood ('The Hood'). So will Azusa. The total unfunded liabilities for the state are now over $320 billion. That’s up from $128 billion. In one shot. California is not alone." Continue reading →

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