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, publisher of the Gloom, Boom & Doom report, talks with Bloomberg's Haslinda Amin about the outlook for China's economy. Faber, speaking from Hong Kong, also discusses Greece's debt crisis and the euro, the commodities market, and the implications of political unrest in Thailand for the nation's economy and stock market.
is the illegal act of taking advantage of the float to make use of non-existent funds in a checking or other bank account
. It is commonly defined as writing a check from one bank knowingly with non-sufficient funds
, then writing a check to another bank, also with non-sufficient funds, in order to cover the absence.[1] The purpose of check kiting is to falsely inflate the balance of a checking account in order to allow checks that have been written that would otherwise bounce to clear.[2]
Such acts are frequently committed by broke or temporarily unemployed individuals or small businesses seeking emergency loans, by start-up businesses or other struggling businesses seeking interest-free financing while intending to make good on their balances, or by pathological gamblers
who have the expectation of depositing funds upon winning. It has also been used by those who have some genuine funds in interest-bearing accounts, but who artificially inflate their balances in order to increase the interest
paid by their banks.| “ | Have you ever witnessed the anger of the good shopkeeper, James Goodfellow, when his careless son happened to break a pane of glass? If you have been present at such a scene, you will most assuredly bear witness to the fact that every one of the spectators, were there even thirty of them, by common consent apparently, offered the unfortunate owner this invariable consolation—"It is an ill wind that blows nobody good. Everybody must live, and what would become of the glaziers if panes of glass were never broken?" Now, this form of condolence contains an entire theory, which it will be well to show up in this simple case, seeing that it is precisely the same as that which, unhappily, regulates the greater part of our economical institutions. Suppose it cost six francs to repair the damage, and you say that the accident brings six francs to the glazier's trade—that it encourages that trade to the amount of six francs—I grant it; I have not a word to say against it; you reason justly. The glazier comes, performs his task, receives his six francs, rubs his hands, and, in his heart, blesses the careless child. All this is that which is seen. But if, on the other hand, you come to the conclusion, as is too often the case, that it is a good thing to break windows, that it causes money to circulate, and that the encouragement of industry in general will be the result of it, you will oblige me to call out, "Stop there! Your theory is confined to that which is seen; it takes no account of that which is not seen." It is not seen that as our shopkeeper has spent six francs upon one thing, he cannot spend them upon another. It is not seen that if he had not had a window to replace, he would, perhaps, have replaced his old shoes, or added another book to his library. In short, he would have employed his six francs in some way, which this accident has prevented.[1][2] | ” |
... will the federal government manufacture in order to acquire more power over individuals? What new lies will it tell?
Throughout our history, the federal government has lied to send our children off to war, lied to take our money, lied to steal our property, lied to gain our trust, and lied to enhance its power over us. Not only does the government lie to us, we lie to ourselves. We won't admit that each time we let the government get away with misleading us, we are allowing it to increase in size and power and decrease our personal liberty.
In acquiescing to the government's continuous fraudulent behavior, we bear partial responsibility for the erosion of our individual liberties and the ever-expanding federal regulation of private behavior. This book attacks the culture in government that facilitates lying, and it challenges readers to recognize that culture, to confront it, and to be rid of it.
About the Author
Andrew P. Napolitano graduated from Princeton University and the University of Notre Dame Law School and is the youngest life-tenured Superior Court judge in the history of the State of New Jersey. Judge Napolitano returned to private practice in 1995 and has been the Senior Judicial Analyst for Fox News since 1998. He broadcasts nationwide on “The Big Story”, he co-hosts “Fox & Friends”, is a regular on “The O’Reilly Factor” and co-hosts “Brian and the Judge”. Napolitano also lectures nationally, and has been published in The New York Times, The Wall Street Journal, and many more. He is the author of Constitutional Chaos, the New York Times bestseller The Constitution in Exile, A Nation of Sheep, and Dred Scott's Revenge: A Legal History of Race and Freedom.
According to the U.S. Department of Labor's Bureau of Labor Statistics, there are nearly 30 million people currently unemployed -- that's including those involuntarily working parttime and those who want a job, but have given up on trying to find one. In the face of the worst economic upheaval since the Great Depression, millions of Americans are hurting. "The Decline: The Geography of a Recession," as created by labor writer LaToya Egwuekwe, serves as a vivid representation of just how much. Watch the deteriorating transformation of the U.S. economy from January 2007 -- approximately one year before the start of the recession -- to the most recent unemployment data available today. Original link: www.latoyaegwuekwe.com/geographyofareces sion.html. For more information, email latoya.egwuekwe@yahoo.com
“Typically, “pork” involves funding for government programs whose economic or service benefits are concentrated in a particular area but whose costs are spread among all taxpayers.”Sounds like it is a definition that could apply to a ECB bailout of Greece, which is perhaps why American banking analysts favor using the term, PIIGS?
The usage originated in American English.And here is the cover art of the annual report from the Citizens Against Government Waste, they call their report, “The Pig Book”: http://www.cagw.org/reports/pig-book/2009/
http://www.ft.com/cms/s/0/3...The financial crisis of 2009 is morphing into the fiscal anxieties of 2010. This is particularly true inside the eurozone. Spreads between rates of interest on Greek bonds and German bunds touched 3.86 percentage points in late January (see chart). The risk has emerged of a self-fulfilling confidence crisis that would have dire consequences for other vulnerable members. Much attention has focused on what might happen if the crisis were not resolved, with talk of bail-outs, defaults or even exits from the euro. But what would need to be done to resolve the crisis, without such a calamity? It is the demand, stupid.
