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Saturday, January 23, 2010
20% VAT 'looming' as ministers face mounting debt crisis
A hike in VAT is ‘inevitable’ after the election as the government grapples with a mounting debt crisis, experts warned yesterday.
The Treasury will have to lift the tax from 17.5 per cent to 20 per cent to raise an extra £12 billion of revenue a year, according to analysts at consultancy Oxford Economics.
The next Government may also have to delay the state retirement age to 68 in order to cope with the biggest debt crisis since the Second World War, the report said.
The warning came as official figures revealed the UK government has borrowed almost £330 million a day so far in the current financial year - the most on record. (more)
Friday, January 22, 2010
Better Off Deadbeat: Craig Cunningham Has a Simple Solution for Getting Bill Collectors Off His Back. He Sues Them.
Unlike his neighbors' homes, Craig Cunningham's house in Northeast Dallas looks abandoned. The grass is dried out. The concrete slab under the front door is lopsided and cracked. The green exterior has faded to a toxic-looking shade. Yellow Pages pile up near the front door, and the black mailbox is stuffed full. Maybe the home has been foreclosed on. That wouldn't be a surprise in this economy.
But no, that's not the case. Inside, the 29-year-old Cunningham hunkers his 6-foot-2-inch frame on a dumpy couch. His heavy arms extend from his sides, palms up, so two Chihuahuas, Angel and Chuay, can curl under them. Although it's 10 a.m. on a weekday, he's wearing slippers. (more)
An Interview With Don McAlvany: Countdown to Financial Armageddon
January 20th, 2010
Call 1 800 525 9556 for a FREE copy of the January and February McAlvany Intelligence Advisor
Roubini Says Stock Rally May End Amid Muted Recovery
A global rally in stocks may end in the second half of the year amid a muted recovery in the world’s largest economies and as deflationary pressures limit gains in corporate earnings, Nouriel Roubini said. Failure to restrain asset-price bubbles in emerging markets, fueled by loose monetary policies in the U.S. and around the world, may also cause an “unraveling and a significant correction of asset prices which will be damaging to global and regional economic growth,” Roubini, the Harvard- schooled New York University professor who in 2006 foresaw the financial crisis, said in Hong Kong today. (more)
Mankiw: Wild Inflation May Make Bonds Look Irrational
Economist and Bush administration economic adviser Gregory Mankiw says hyperinflation could make today's bond market look like an irrational bubble.
"Is galloping inflation around the corner?” Mankiw writes in The New York Times.
“Without doubt, the United States is exhibiting some of the classic precursors to out-of-control inflation."
Investors snapping up 30-year Treasury bonds paying less than 5 percent are betting that the Federal Reserve will keep these inflation risks in check, notes Mankiw. (more)
"Is galloping inflation around the corner?” Mankiw writes in The New York Times.
“Without doubt, the United States is exhibiting some of the classic precursors to out-of-control inflation."
Investors snapping up 30-year Treasury bonds paying less than 5 percent are betting that the Federal Reserve will keep these inflation risks in check, notes Mankiw. (more)
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