Even if the congressional panel on deficit reduction comes up with a plan, Congress won't follow through. Because it doesn't have to, thanks to the Fed.
Real estate is Cyprus' national sport sponsored by dumb money—foreigners. But now it's unraveling the finances not only of expat owners but also of the banks and the government.
Consumer confidence indices collapsed to levels not seen in years or even decades. Yet the toughest, most indefatigable creature out there struck again.
Tuition did it again: up 8.3%. For many students, the increases are even steeper. Student loans cover much of it, though loan balances already exceed $1 trillion. It's the system.
Ugly numbers speak volumes on how Fed policies hurt the economy. But those policies enable Congress and the White House to run up deficits that make the Eurozone look benign.
The Eurozone debt crisis gets worse. Bankers interfere. And the truth comes out: "The dreams to see the crisis ended by Monday couldn't be realized," says the German government.
Dire numbers prove that running up deficits and printing trillions can't create a healthy economy. Yet, inexplicably, it's what the status-quo media continue to propagate.
