When Michigan Governor Rick Snyder announced his approval for Detroit’s emergency manager Kevin Orr to file for a municipal Chapter 9 bankruptcy, he admitted that Detroit’s problems were decades in the making:
This article was originally published in the McAlvany Intelligence Advisor on Monday, July 1st, 2013:
Every Ponzi scheme fails, some sooner than others. The Wall Street Journal just outlined the predictable unraveling of Social Security along with suggestions on how to keep it solvent. None of them will work.
In 2010 Social Security payouts exceeded payroll taxes for the first time since 1983 and it is now dipping into its reserves to stay afloat. The trustees’ report says those reserves will be gone by
Now he’s calling me a member of the “flat-earth society,” for which he doesn’t have time. His agenda of destruction is far too important to hear from or consider the opinions offered by people who disagree with it. He did, however, inadvertently say something intelligent about the effect his plans to solve “climate change” will have on the rest of us:
In announcing the death of 78-year-old international oil trader, Marc Rich, commentators around the world nearly ran out of descriptors, calling him “friend”, “pioneer,” “colorful”, “great”, “controversial”, a “buccaneer”, the “King of Oil”, and the “King of Commodities.” Others weren’t so kind, calling him a
As of 10:32AM EDT on Monday Edward Snowden’s whereabouts were unknown, despite an international effort to track him down. His final destination was also in doubt, with reports of Ecuador, Venezuela or even Cuba being his target to escape prosecution for whistleblowing by the National Security Agency (NSA).
Following his leaking of NSA’s surveillance of phone calls and emails of citizens and government officials worldwide, Snowden headed for
This article first appeared in the McAlvany Intelligence Advisor newsletter:
The announcement of the bankruptcy of a tiny electric car company called Better Place barely created a ripple in financial circles. The Financial Times noted that while Better Place was once “hailed as a visionary pioneer,” it was now being relegated to history as
Somehow this got by me, and I consider myself fairly well-informed. But this fell into the cracks of history until a friend sent me a note about this guy. He has a Wikipedia page. He was elected, twice, to the House of Representatives from Iowa in the mid ’70s where he sat on the House Judiciary Committee during Nixon’s impeachment trials. He voted to impeach Nixon.
Afterwards he served as the United States Ambassador to the United Nations Commission on Human Rights.
He also worked as an investment broker and built up quite a practice using his contacts from his time in Washington to create his client list. At one point he was managing $10 million of other peoples’ money.
But then things went south.
I haven’t seen much lately about Ponzi schemes, much less about how Social Security is a Ponzi scheme “with a gun”. I first became aware of the nature of Social Security when I got into the life insurance business and was able to discern the difference between insurance, and Social Security which
When Element Power announced on Wednesday the closing of a deal to build wind turbines for Blackrock in Ireland, nothing was said about the more than 14,000 other wind turbines lying idle across the world. Instead, Jim Barry, Managing Director for BlackRock, the world’s largest asset manager, expressed great pleasure at its new venture with Element:
We know about the Bank of Cyprus. It’s the key player in the bailout of the Cyprus banking industry: the last man standing. It has given haircuts of 40% of amounts over $130,000 held in the bank. I’ve called the process of theft “turning depositors into lenders”. I should have added “by force.” But Wikipedia was effusive with its praise of how wonderful BOC is:
If anyone doubts the intention of Democrats in Denver and Governor Hickenlooper to turn Colorado into a military-style dictatorship, just read the bill Hick is about to sign: Senate Bill 13-013. It’s on his desk and he can’t wait to sign it. It’s his way of telling sheriffs to enforce his gun laws or
This really breaks my heart. Yesterday the Mercatus Center released its third annual edition of Freedom in the 50 States: An Index of Personal and Economic Freedom, and Colorado has dropped precipitously from
The wealthy really are different from the rest of us. They have money and they have connections. With those connections they are able to keep their money. The rest of us?
This is a story that simply won’t go away. Mark Kelly, the hypocrite, the well-intentioned fellow (and husband of hypocrite Gabby Giffords) who just wanted to buy a gun or two for himself, now finds himself fully illumined as perhaps the world’s most famous
Late Sunday night the president of Cyprus, Nicos Anastasiades, was officially informed of the deal the unelected Eurogroup had come up with in order for Cyprus to receive its bailout from the European Central Bank. Anastasiades flew to Brussels on Sunday to meet with Mario Draghi, the president of the European Central Bank (ECB), Christine Lagarde, the managing director of the International Monetary Fund (IMF), and Jose Barroso, the president of the European commission. The meeting was run by Herman Van Rompuy, the president of the European Council. On his way to the meeting, Anastasiades admitted that
Hypocrisy is high on my list of annoyances, right up there along with deceit. They aren’t one of the “seven deadly sins” but if there were nine, these two would be on the list.
Number one on my list would be
At least that’s the hope of Ambrose Evans-Pritchard, a quasi-liberal writing for a clearly liberal British newspaper, the Telegraph. He called the stunt that was tried and failed, at least for the time being, of robbing people point-blank in daylight, saying that
Actually, Gov. Cuomo announced this program a year ago but nobody knew about it until a CBS station exposed it on Wednesday. In simple terms, the program uses taxpayer monies to reward those who think someone they know may possess
This is how the game is played: promise the rubes anything but reserve the right to break the promise. If you get caught, cover it up, admit nothing, and keep on with it. When the Securities and Exchange Commission discovered that the state of Illinois had been playing that game with its pension plan promises
T.J. Lane, aka Thomas M. Lane, III, shot and killed three students at his high school in Chardon, Ohio, last February. The national media is lying low on this one, and I think I know why. T.J. is a
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