Vanity Fair Sees the Spending Binge and Knows Something is Wrong

I wouldn’t often turn to Vanity Fair for real news but the magazine seems to have some insight into our dire financial situation. Here’s a taste: This start to 2016 comes off the worst year for markets since 2008. Hedge funds lost an average of nearly 4 percent in 2015, according to estimates from hedge-fund research firm HFR Inc, as even top fund managers had their most terrible years in history. Billionaire financier George Soros, speaking at an economic forum last week, told an audience that Read more […]

Greek Banks: We Will Let You Give Us Your Money Now!

Why would anyone trust the Greek banks with their money when they are still limited in what they can withdraw? This seems like an amazing con game to me. Can you imagine going for days when you were only permitted to take a little bit from your bank, and ATMs were often out of cash, before reading this headline? “Greece: Banks Can Reopen … for Deposits.” Then comes the tagline: “Deposits Are Welcome, Finance Chief Says.” Greek banks will reopen Monday after a three-week closure, Read more […]

A Third of Americans Have No Savings for Emergencies

Far too many of us have no savings, or inadequate savings, for a financial crisis. Our political and economic leaders have encouraged a culture of spending, as if that was the key to economic growth. They have encouraged consumer debt and consumers have mostly fallen for their message. Thus, the present mess we are in. CNBC reports, “Look who’s living on the financial edge.” According to a newly released report from Bankrate, 24 percent of Americans have more credit card debt than Read more […]

World Debt Levels Higher than They Were at 2007 Crisis

Debt levels have mounted up to amounts that exceed what they were when the financial crash of 2007 took place. I have warned readers before that governments are binging on debt. And I have posted about how those debt-ratios threaten the stability of the economy just as much as they did in 2007. Now the Financial Times is discussing the issue, reporting that “Debt Mountains Spark Fears of another Crisis.” The world is awash with more debt than before the global financial crisis erupted Read more […]

Banks Gambling with Our Lives Again

Once again we find banks gambling—taking risks at the expense of the public. Because 2008-09 was so much fun… let’s do it, again!! Hey, aren’t you glad John Boehner and his buddies passed that $1.1-trillion spending bill, which also reportedly included a gift to the biggest banks, allowing them to place their riskiest financial casino bets under the protection of government guarantees? Now, they’re back to their old tricks in the lending game, too, because they’ve learned all so Read more […]

Financial Collapse? JPMorgan Wants to Scapegoat Russia

While seeing our financial elite try to scapegoat Russia, I recall a movie about forced honesty. Remember the 1997 Jim Carrey movie “Liar, Liar,” where an attorney was “cursed” with the inability to lie for an entire day? I wish we could see the same thing in the actual halls of finance and political power for at least 24 hours—I bet if we could do it for a week we’d have massive popular revolutions all over the globe. Speaking of global conflagrations, here is a JPMorgan prediction about Read more […]