A Quote by Noam Chomsky
A default of the US government would not only be very harmful here, it would probably send the country back into deep recession, but it just might crash the international financial system.
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Maybe [the Republicans] 'll find ways around it, but the financial system of the world depends very heavily on the credibility of the US Treasury Department. US Treasury securities are what's called "good as gold"; they're the basis of international finance, and if the government can't uphold them, if they become valueless, the effect on the international financial system could be quite severe. But in order to destroy a limited health-care law, the right-wing Republicans, the reactionary Republicans, are willing to do that.
Virtually all student debt in the US is now held by the federal government. It would therefore be a relatively simple matter to forgive some, if not all of it. This would enable young people to transition much more easily into creating their own households and families. At the same time, if the government is going to enact a major program of student debt forgiveness, it should be at least equally committed to relieving the heavy mortgage debt burdens still carried by tens of millions of non-affluent households in the aftermath of the 2007-09 financial crash and Great Recession.
If investors avoid the Treasury market, we could be unable to pay off maturing securities, which would mean an immediate default. Market participants generally agree that even a brief default would create potentially catastrophic risks to the financial system, like the meltdown of 2008.
Donald Trump would send us back into recession with his tax plans that benefit the wealthiest of Americans.
At the center of every recession is a serious imbalance in the economy and mirrored in the financial system. Think subprime mortgage and the Great Recession, or the technology bubble and the early 2000s recession. There are no such imbalances today.
Traditionally, diplomacy was done in an environment of information scarcity. Ambassadors would send back telegrams to foreign ministries, comfortable in the knowledge that their views of a country would be the only source of information the minister would see.
It is only up to the Syrian people living in Syria to determine who, how and based on what principles should rule their country, and any external advice would be absolutely inappropriate, harmful and against international law.
What would've happened, do you think, had the government not intervened in October 2008? The catastrophe to the economy would've been absolutely unbelievable. And yet classical economists say, "Oh, well, no, it would've adjusted perfectly happily, a few weeks of pain and then everything would've gone on as before, without a banking system left." And that's what makes it so maddening, that these bankers are back saying it was all the government's fault. The government saved their skins. It didn't want to, but it needed to save their skins in order to save the rest of us.
Time is running out fast. I think we have maybe a few months -- it could be weeks, it could be days -- before there is a material risk of a fundamentally unnecessary default by a country like Spain or Italy which would be a financial catastrophe dragging the European banking system and North America with it. So they have to act now.
I think the ethos for Gov. Romney is to use a whole variety of policies, of which tax policy is one, to try to raise the rate of growth. We've had a recovery from the financial crisis that would be well below what one might normally expect for a recovery from such a deep recession. And to counteract that we need better tax policy.
For market discipline to constrain risk effectively, financial institutions must be allowed to fail. Under optimal financial regulatory and financial system infrastructures, such a failure would not threaten the overall system.
Variable behaviour of the sun is an obvious explanation, and there is increasing evidence that Earth's climate responds to changing patterns of solarmagnetic activity. ... If you look back into the sun's past, you find that we live in a period of abnormally high solar activity. ... It's a boom-bust system, and I would expect a crash soon. ... Having a crash would certainly allow us to pin down the sun's true level of influence on the Earth's climate. Then we will be able to act on fact, rather than from fear.
Going back to the discussion we were having about immigration reform, some of the most challenging discussions I've had are with activists who essentially would argue that any immigrant from Central America, let's say, who gets here to this country should be allowed to stay because their country is dangerous, their country is poor, and the opportunities for that mom and that kid are much greater here, and why would you send them back?
It has not been possible to build that society. It set very high standards, because not only would life in the Soviet Union or in any other country which adopted that system, have to be just as good as in the Capitalist world, it would have to be better. So that other peoples, other nations would want to join it, and obviously we have failed in that.
The FHA's success provides strong evidence that government can and should play a role in the nation's mortgage finance system. It also demonstrates that although government intervention in the economy during the Great Recession was messy, things would have been a lot messier without it.
What culture worth the name would deny women the right to safe motherhood? What value system would send young people ignorant into the world, when a little knowledge might save their lives?
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