U.S. Treasurys are COLLAPSING
Five-year notes plunge this week by most on record...
Americans cannot have a European-style welfare state, a modern infrastructure, and a defence budget equating to 4.5pc of GDP unless they are prepared to pay for it. I know I'll offend our Republican friends by raising the matter, but the IMF's suggestion of a federal sales tax is not a bad one. America could cure the deficit overnight with a sales tax set at even a fraction of European levels. But hell will freeze over before we see one. – UK Telegraph
Dominant Social Theme: The world's economic problems are not so bad and can be solved by a little more government spending.
Free-Market Analysis: UK Telegraph columnist Jeremy Warner has posted an article entitled "The IMF has turned into Obama's poodle." It is noteworthy in our view because it provides further evidence of how ingrained Keynesian economics are within various segments of the journalistic community.
For Warner, government imbalances are the result of failed fiscal policies: Western governments – America's at least – simply tax too little. We can see from the above excerpt that a simple "federal sales tax" would cure the US's budget deficit "overnight" according to Warner. He apparently fails to grasp that the larger issue is overspending generally.
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Five-year notes plunge this week by most on record...
Friday, July 01, 2011 – by Staff Report
Americans cannot have a European-style welfare state, a modern infrastructure, and a defence budget equating to 4.5pc of GDP unless they are prepared to pay for it. I know I'll offend our Republican friends by raising the matter, but the IMF's suggestion of a federal sales tax is not a bad one. America could cure the deficit overnight with a sales tax set at even a fraction of European levels. But hell will freeze over before we see one. – UK Telegraph
Dominant Social Theme: The world's economic problems are not so bad and can be solved by a little more government spending.
Free-Market Analysis: UK Telegraph columnist Jeremy Warner has posted an article entitled "The IMF has turned into Obama's poodle." It is noteworthy in our view because it provides further evidence of how ingrained Keynesian economics are within various segments of the journalistic community.
For Warner, government imbalances are the result of failed fiscal policies: Western governments – America's at least – simply tax too little. We can see from the above excerpt that a simple "federal sales tax" would cure the US's budget deficit "overnight" according to Warner. He apparently fails to grasp that the larger issue is overspending generally.
Read More
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