Bad Countries, Good Investments
Last week the White House suggested shorting Russia, but Mebane Faber is going long, calling that advice "moronic."
Obama’s Budget Drops Plan to Limit Social Security Increases
The so-called chained-CPI formula was part of a bid by the president to engage in deficit-reduction negotiations with Republicans.
Debt Ceiling Deal ‘Still Far Off,’ Says White House
With only two days left before the deadline, White House Press Secretary Jay Carney said Tuesday afternoon that no deal was near.
GOP Senators Optimistic After Obama Meeting on Debt Ceiling
“I’m glad we had the discussion,” said Sen. Kelly Ayotte, R-N.H. “Now we have to put the words into action and get this resolved.”
GOP to Offer Temporary Debt Ceiling Plan
The plan would also permanently bar Treasury from using extraordinary measures to avoid default.
Hope Dims for Fiscal Cliff Deal Before Christmas
A Christmas miracle on the fiscal cliff faltered after House Speaker John Boehner called an abrupt recess for the House, handing responsibility for a deal to President Obama and the Democrats.
N.Y. Action on Standard Chartered Surprised Other Regulators
Not only was Standard Chartered apparently blindsided by the move, so were federal regulators; negotiations had been ongoing for some time for what the bank hoped would be a quiet settlement.
Reid, Boehner Reach Short-Term Spending Deal
The top Republican and Democrat on Capitol Hill have announced an agreement to keep the government running on autopilot for six months when the current budget year ends on Sept. 30.
U.K. Wealth Tax Brought Less Revenue Than Before Tax Hike
Advocates for lower taxes are sure to take the recent poor revenue results in the U.K., which last year raised its top rate on high income earners from 40% to 50%, as a demonstration of the ineffectiveness of a tax-the-rich policy.
White House’s Corporate Tax Reform Derided by Republicans, Businesses
The Obama administration has unveiled a framework for corporate tax reform that lowers rates while eliminating loopholes, but the proposal has already met with sharp criticism from Republicans and corporations for proposing a rate higher than the developed-country average.