A Quote by Matt Taibbi

Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. It's about a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget.

Matt Taibbi

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About Affect Almost Any Assets Big Big Cities Budget Cities Corporations Debt Federal Governments Interest Major Manage Manipulation Market Massive Meaning Pile Rate Scale Size Sovereign States Times Tool Trillion United United States Use Used Would

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Matt Taibbi
American - Author
Born: March 2, 1970

If we stuck to the Constitution as written, we would have: no federal meddling in our schools; no Federal Reserve; no U.S. membership in the UN; no gun control; and no foreign aid. We would have no welfare for big corporations, or the "poor"; no American troops in 100 foreign countries; no NAFTA, GAT, or "fast-track"; no arrogant federal judges usurping states rights; no attacks on private property; no income tax. We could get rid of most of the agencies, and most of the budget. The government would be small, frugal, and limited.

Ron Paul

The tax rate of 35 percent is impossible to provide an incentive to the large corporations, that have $1.7 trillion offshore, to put their money back in the United States.

Frederick W. Smith

For highly indebted governments, low interest rates are critical to keep debt levels sustainable and ease pressure to restructure debt and recapitalize banks. The shift to a high sovereign-debt-yield equilibrium would make it impossible to achieve fiscal balance.

Michael Spence

Some remain great cities, but they shouldn't stand still. They should move in the direction of a knowledge-oriented society. Most cities have to do something to draw attention to themselves and make their particular assets visible on the international radar. I'm not talking about developing countries, but about the United States and Europe.

Charles Landry

A higher IOER rate encourages banks to raise the interest rates they charge, putting upward pressure on market interest rates regardless of the level of reserves in the banking sector. While adjusting the IOER rate is an effective way to move market interest rates when reserves are plentiful, federal funds have generally traded below this rate.

Janet Yellen

If you look at the balance sheet, the US is heavily in debt. If you look at the income account - the amount of interest the US pays abroad - it is almost exactly equal to the amount of interest that it receives from abroad. American assets held abroad are earning a higher rate of return than foreign assets held here.

Milton Friedman

For Social Security to be financially sound, the federal government should have $100 trillion - a sum of money six-and-a-half times the size of our entire economy - in the bank and earning interest right now. But it doesn't. And while many believe that Social Security represents our greatest entitlement problem, Medicare is six times larger in terms of unfunded obligations.

John C. Goodman

Comparing your family budget to the sovereign debt of the United States is a little like comparing two kindergartners tossing a paper airplane to the Apollo 11 mission.

Matt Taibbi

Ron Paul's crazy talk about the Federal Reserve makes more sense these days. Right now, every - all this debt issued by the United States people assume the Chinese are buying, no they don't want any more American debt. Ron Paul has a point there.

Mark Steyn

Senator McGovern is very sincere when he says that he will try to cut the military budget by 30%. And this is to drive a knife in the heart of Israel... Jews don't like big military budgets. But it is now an interest of the Jews to have a large and powerful military establishment in the United States... American Jews who care about the survival of the state of Israel have to say, no, we don't want to cut the military budget, it is important to keep that military budget big, so that we can defend Israel.

Irving Kristol

Under a cold turkey strategy, at each policy meeting the Federal Open Market Committee would make its best guess about where it ultimately wants the funds rate to be and would move to that rate in a single step.

Ben Bernanke

Meanwhile, the U.S. debt remains, as it has been since 1790, a war debt; the United States continues to spend more on its military than do all other nations on earth put together, and military expenditures are not only the basis of the government's industrial policy; they also take up such a huge proportion of the budget that by many estimations, were it not for them, the United States would not run a deficit at all.

David Graeber

The big banks advise cities about whether privatization is a wise choice. They also control the ability of states and cities to access the market for their financing needs.

Bethany McLean

I really truly worry that the debt is one of the single biggest threat to the United States of America, that we're talking about a problem that is multi-trillion in its depth and I think we ought to be cutting more.

Jason Chaffetz

Currently, the United States has troops in dozens of countries and is actively fighting in Iraq, Syria, Libya, and Yemen (with the occasional drone strike in Pakistan). In addition, the United States is pledged to defend 28 countries in NATO. It is unwise to expand the monetary and military obligations of the United States given the burden of our $20 trillion debt.

Rand Paul

I have long been in favor of a balanced budget restriction at the level of the federal government of the United States. Because the federal government has money-creating powers it can, in fact, be very damaging if it runs a series of budget deficits. With the state government in the United States, they don't have money-creating powers. The automatic discipline imposed by the fact that they are in a common monetary unit and don't have control over the money power means that the balanced budget restriction is less needed.

James M. Buchanan

A Quote by Matt Taibbi

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