Ellen Brown: Default on the public debt, nationalization of the banks, and a citizen dividend could actually save the Italian economy.
Robert Reich: Chalk up a big part of Europe’s slowdown to the politics and economics of austerity. Europe – including Britain – have turned John Maynard Keynes on his head. They’ve been cutting public spending just when they should be spending more to counteract slowing private spending.
Carl Bloice: If the people who set the Tea Party in motion and sustain it want a mandatory “balanced budget” there is a democratic way of going about getting one; introduce specific legislation. They wouldn’t take that route.
Denis Campbell: Many economists predict a failure to act before Asia markets open Sunday or Monday night could see an immediate stock market loss of up to 5% and wipe out 10% of US GDP by Tuesday night. It’s that serious.
Ted Vaill: Every Member of Congress who voted against increasing the debt ceiling should be targeted for defeat in the 2012 election. If that is not successful in changing the makeup of Congress after 2012, I may follow the lead of my ancestor Pelatiah Everett, and begin a new revolution.
Ted Vaill: In less than a month, unless they relent in their effort to destroy the American (and the world) economy to curry favor with their Tea Party wing, the Republicans in Congress will cause the American government to default on its debt, on August 2, 2011 or thereabouts.
We hear a lot about Ryan’s budget and the President’s budget but we’re not hearing very much about the Congressional Progressive Caucus Budget which appears to be more in line with what the average middle class American wants and needs. What’s up with that?
Robert Reich: It’s now clear Lehman Brothers’ balance sheet was bogus before the bank collapsed in 2008, catapulting the Street and the world into the worst financial crisis since 1929. The Lehman bankruptcy examiner’s recent report details what just about everyone on the Street has known since the firm imploded – that Lehman defrauded its investors. Even Hank Paulson, in his recent memoir, referred to Lehman’s balance sheet as bogus.
This week’s articles.
The only item worth looking at is the part of the report that predicts the government will have nearly a $1.6 trillion deficit in the fiscal year that ends this September 30 — but not because that number is alarmingly large. It strikes me as alarmingly small.