Detroit said it will stop making payment on $2.5 billion of the city’s massive $18.5 billion debt and has asked creditors to accept 10 cents in the dollar of what the city owes them in a bid to avoid the largest municipal bankruptcy filing in US history. Read More

Elizabeth Harrington
CNS News

President Barack Obama says Democrats “don’t want to tax all businesses out of business.”

“I know that there are a few Republicans here in the audience,” Obama said Friday at a fundraiser for the Democratic Senatorial Campaign in Palo Alto, Ca. “If you talk to us, it turns out we’re pretty common-sense folks. Read More

Judging by budget proposals released by the White House, Barack Obama might become be the first US president in history to spend more than $4 trillion in one year.

The White House Office of Management and Budget has released proposals for fiscal year 2014, while also indicating that the administration expects to spend $4.09 trillion in fiscal year 2016 and $4.25 trillion in 2017. Read More

Jeff Berwick
Activist Post

Welcome to the new United States. Socialism always has the same predictable process. Once the government collectivizes a sector then the politicos and bureaucrats get to work on “improving the system”.

In a private enterprise, that’d mean offering more to your customers for a cheaper price. In government, it is always the opposite, finding ways to reduce benefits for their “customers”. Read More

The estimated 50 million Americans already living in poverty will be hit hardest by the $85 billion in spending cuts set to begin after Democrats and Republicans failed to reach an agreement over the most effective way to address the national debt. Read More

Sorry, kid. No money, no lunch. Students at an Attleboro, Massachusetts, middle school went hungry this week, if they had a negative balance on their pre-paid lunch cards.

Five cents of debt was enough for cafeteria employees at the Coehlo Middle School to instruct kids at least one day this week to dump out the food they would have normally eaten Read More

The United States is roughly $17 trillion in debt, but President Barack Obama says there’s no reason to worry. Speaking with ABC News correspondent George Stephanopoulos this week, Pres. Obama downplayed concerns of an impending financial catastrophe, claiming quite to the contrary that the country is on track to turning the economy around. Read More

By Kevin Cirilli

Sarah Palin says America will eventually default on its debt and claims that the federal government is “stockpiling bullets in case of civil unrest” to prepare.

“If we are going to wet our proverbial pants over 0.3% in annual spending cuts when we’re running up trillion dollar annual deficits, then we’re done. Put a fork in us. We’re finished. We’re going to default eventually and that’s why the feds are stockpiling bullets in case of civil unrest,” Read More

By Michael Snyder  

Is “discretionary income” rapidly becoming a thing of the past for most American families? Right now, there are a lot of signs that we are on the verge of a nightmarish consumer spending drought.  Incomes are down, taxes are up, many large retail chains are deeply struggling because of the lack of customers Read More

Michael Snyder
Activist Post

Is America really “the land of the free”? Most people think of money as simply a medium of exchange that makes economic transactions more convenient, but the truth is that it is much more than that. Money is also a form of social control. Just think about it. What did you do this morning? Well, if you are like most Americans, you either got up and went to work (to make money) or to school (to learn the skills that you will need to make money). Read More

Phillip Inman
London Guardian

COMMENT: So clearly, the lesson is to ‘Just Say No’ to banker-imposed debt enslavement…

Iceland’s rehabilitation after several years as a pariah in the global financial markets gathered pace last night after ratings agency Fitch said the island nation’s debts had moved further into investment grade status. Read More

Max Keiser and Stacy Herbert discuss ending the currency war with a gold standard. Read More

By PAULINE JELINEK

The financially struggling U.S. Postal Service said Wednesday it will stop delivering mail on Saturdays but continue to disburse packages six days a week, an apparent end-run around an unaccommodating Congress.

The service expects the Saturday mail cutback to begin the week of Aug. 5 and to save about $2 billion annually, said Postmaster General and CEO Patrick R. Donahoe.

Read More

By Carl Gibson

Did anyone else wonder why the Obama administration quickly dismissed the trillion-dollar coin idea that Nobel Prize-winning economist Paul Krugman so vehemently endorsed? If you’re unsure, here’s a hint – despite JPMorgan, HSBC and UBS all knowingly committing major crimes last year, the Obama administration hasn’t tried to jail one banker. Read More

Rand Clifford
Activist Post

The “Federal Reserve Bank” (Fed) is not part of the United States Government. The Fed is a private, for-profit corporation ultimately owned by eight elite banking families: Read More