A Little Boy That Died, Saw Heaven, And Came Back To Life Again
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 The euro was a doomed project from the start, and now we are starting to see the endgame play out. Today, the euro fell to an 11-month low against the U.S. dollar. As I write this, the EUR/USD is at 1.2983. Back in July, the EUR/USD was over 1.45. As panic has swept the financial markets, the euro has lost more than 3 percent over the past three days. But this is just the beginning. When the euro drops below 1.20, analysts will talk about the collapse of the euro. When the euro falls toward parity with the dollar, headlines around the world will scream about the death of the euro. But when the European financial system finally collapses, we may very well actually see the end of the euro. Yes, it actually could happen. The eurozone, as it is currently constructed, simply does not work. You just can't take 17 different nations that have 17 different fiscal policies, 17 different tax policies and 17 different economic agendas and cram them all into a single currency and expect the thing to work. The euro is a doomed currency, and if a big nation like Germany decides to walk away at some point the game is going to be over. (Read More....)
 What happens when you attempt a cold shutdown of one of the biggest debt spirals that the world has ever seen? Well, we are about to find out. The politicians in Europe have decided that they are going to "take their medicine" and put strict limits on budget deficits. They have also decided that the European Central Bank is not going to engage in reckless money printing to "paper over" the debts of troubled nations. This may all sound wonderful to many of you, but the reality is that there is always a tremendous amount of pain whenever a massive debt spiral is interrupted. Just look at what happened to Greece. Greece was forced to raise taxes and implement brutal austerity measures. That caused the economy to slow down and tax revenues to decline and so government debt figures did not improve as much as anticipated. So Greece was forced to implement even more brutal austerity measures. Well, that caused the economy to slow down even more and tax revenues declined again. In Greece this cycle has been repeated several times and now Greece is experiencing a full-blown economic depression. 100,000 businesses have closed and a third of the population is living in poverty. But now Germany and France intend to impose the "Greek solution" on the rest of Europe. This is going to create the conditions needed for a "perfect storm" to develop and it means that the European financial system is heading for an implosion of historic proportions. (Read More....)
 Did you know that we buy about a half a trillion dollars more stuff from the rest of the world than they buy from us? The U.S. balance of trade is not only mind-blowingly bad - it is the worst in the world. It is being projected that the U.S. trade deficit for 2011 will be 558.2 billion dollars. That would be an increase of more than 11 percent from last year. As I have written about previously, the United States is the worst in the world at a lot of things, but as far as the economic well-being of our nation is concerned, our balance of trade is particularly important. Every single month, far more money goes out of this country than comes into it. Tax revenues are significantly reduced as all of this money gets sucked out of our communities. The federal government, state governments and local governments borrow gigantic piles of money to try to make up the difference, but all of this borrowing just makes our debt problems a whole lot worse. In the end, no amount of government debt is going to be able to cover over the fact that our national economic pie is shrinking. We are continually consuming far more wealth than we produce, and that is a recipe for economic disaster. (Read More....)
 As he continues to heavily tout his "9-9-9 plan", Herman Cain has seen his popularity soar. But is the Herman Cain tax plan a good idea for America? Without a doubt, the "9-9-9 plan" is simple and it is easy to remember. To most Americans, it sounds like a low tax plan. But is that the truth? As you will see below, Herman Cain's 9-9-9 plan will actually raise federal taxes on some middle income Americans to as high as 37 percent. If the other Republican candidates understood this, they would be jumping all over Cain. But instead the best that most of them seem to be able to do is to make jokes about it. For example, Jon Huntsman said that he thought that the 9-9-9 plan "was the price of a pizza when I first heard about it." That is a funny line, but the reality is that the future of our tax system is very serious business. Our economy is dying and our nation is drowning in debt. We need some very real solutions to our very real problems. So let's take a closer look at the 9-9-9 plan that Herman Cain is proposing.... (Read More....)
 All across America there are cities and towns that were once prosperous and beautiful that are being transformed into absolute hellholes. The scars left by the long-term economic decline of the United States are getting deeper and more gruesome. The tax base in many areas of the nation has been absolutely devastated as millions of jobs have left this country. Hundreds of cities are drowning in debt and are desperately trying to survive. Last year, city government revenues in the United States fell by another 2.3 percent. That was the fifth year in a row that we have seen a decline. Meanwhile, costs associated with health care, pensions and virtually everything else continue to explode. So what are cities doing to make ends meet? Well, one big trend that we are now witnessing is that many U.S. cities have been getting rid of huge numbers of employees. If you can believe it, 72 percent of all U.S. cities are laying workers off this year. Social services and essential infrastructure programs are also being savagely cut back in many areas of the country. The cold, hard truth is that most of our cities are flat broke and things are going to get even worse in the years ahead. (Read More....)
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The 9-9-9 Plan: Is The Herman Cain Tax Plan A Good Idea?