I know that headline sounds completely outrageous. But it is actually true. The U.S. government is borrowing about 8 trillion dollars a year, and you are about to see the hard numbers that prove this. When discussing the national debt, most people tend to only focus on the amount that it increases each 12 months. And as I wrote about recently, the U.S. national debt has increased by more than a trillion dollars in fiscal year 2014.
But that does not count the huge amounts of U.S. Treasury securities that the federal government must redeem each year. When these debt instruments hit their maturity date, the U.S. government must pay them off. This is done by borrowing more money to pay off the previous debts. In fiscal year 2013, redemptions of U.S. Treasury securities totaled $7,546,726,000,000 and new debt totaling $8,323,949,000,000 was issued. The final numbers for fiscal year 2014 are likely to be significantly higher than that.
So why does so much government debt come due each year? Continue reading
(CNSNews.com) – Rev. Andrew White, vicar of St. George’s Anglican Church in Baghdad, said Tuesday that he believes Christianity may be at an end in Iraq.
“The future’s very bleak,” Father White said in an interview with CNSNews.com. “For the first time, I’ve had to consider the very real fact that Christianity could be at an end here.”
“We don’t know if it will survive,” he said by phone from Baghdad. “Nobody wants to stay here. Everybody wants to get out of here.”
When asked to describe the current situation in Baghdad, White said, it “is basically the worst it’s ever been. People are very fearful … with what has happened.” Continue reading
Two to three years would be enough time for Russia to switch to international settlements to the ruble, Andrey Kostin, head of Russia’s second-biggest bank VTB, said.
“Two to three years is enough, not only to launch [settlements in rubles], but also to complete these mechanisms. But much will depend on how banks will cope with the task,” Kostin said in an interview with Izvestia newspaper. Continue reading
Two members of an international hacking ring pleaded guilty Tuesday for their roles in stealing $100 million worth of intellectual property and other data from the U.S. Army, Microsoft and several other technology companies, and two other people also have been indicted, the Department of Justice said.
“The members of this international hacking ring stole trade secret data used in high-tech American products, ranging from software that trains U.S. soldiers to fly Apache helicopters to Xbox games that entertain millions around the world,” Assistant Atty. Gen. Leslie R. Caldwell said in a statement. Continue reading
The PLA Air Force and Navy Air Force are likely to purchase 700 new stealth fighters, said Edward Hunt, a senior defense consultant at IHS Aerospace, Defense & Security in an article written for the UK-based Jane’s Defence Weekly. Continue reading
MOSCOW, September 30 (RIA Novosti) – The S-400 Triumf air defense missile system regiment that was deployed in the Southern Military District, has taken up combat duty near the Russian city of Krasnodar, the press service of the district reported Tuesday.
“An air defense missile system regiment of the 4th Air and Air Defense Forces Command of the Southern Military District has taken up combat duty in the Krasnodar region. It is equipped with the advanced S-400 Triumf and Pantsir-S missile systems,” the press service said. Continue reading
Charles Nenner, who has claimed to have never been wrong on a market call, appeared on CNBC and warned that deflation and a stock market crash both coming.
Nenner, who developed the “Nenner cycle,” which he says can time the ups and downs of any market, said on CNBC that “for the next many years, you will not see the S&P more than 5% higher than [current levels.]“
But he warns this period of low returns will be followed years of large losses. Continue reading
Kim Jong Un, the North Korean leader who has mysteriously been missing from the public eye for almost a month, sparking rumours covering every possibility from a stroke to a coup d’etat, is merely recovering from ankle surgery, a South Korean newspaper claims.
Kim had fractured both of his ankles and had surgery in Pyongyang in the middle of September to treat them, the Chosun Ilbo, South Korea’s largest newspaper, reported citing an unnamed source.
“I heard that Kim Jong Un injured his right ankle in June after pushing ahead with on-site visits and ended up fracturing both ankles because he left the injury unattended,” the source was quoted as saying, adding that he had the operation at the Bonghwa Clinic, an exclusive hospital for high-ranking party members. Continue reading
The US is overtaking Saudi Arabia to become the world’s largest producer of liquid petroleum, in a sign of how its booming oil production has reshaped the energy sector.
US production of oil and related liquids such as ethane and propane was neck-and-neck with Saudi Arabia in June and again in August at about 11.5m barrels a day, according to the International Energy Agency, the watchdog backed by rich countries.
With US production continuing to boom, its output is set to exceed Saudi Arabia’s this month or next for the first time since 1991. Continue reading
For a previous August 7th live interview with Canon Andrew White on the ground in Iraq while facing ISIS, please click here.
The Islamic State group has made gains in Iraq, approaching the country’s largest city Monday. Meanwhile, ISIS continued to attack Kurdish town Kobani in northern Syria. While the Turks have sent tanks to the border, so far they haven’t lifted a finger to help the Kurds, who face being massacred if ISIS keeps advancing.
The Vicar of Baghdad sent an SOS from the besieged Iraqi capital Monday and warned that the murderous Islamic State militants were breathing down their necks.
“People are very fearful the nation looks as if it has collapsed,” Canon Andrew White, who runs the last Anglican church in Iraq, wrote on his Facebook page. “The usual hectic and crazy streets were this morning almost empty.”
White, who also heads British-based charity Foundation for Relief and Reconciliation in the Middle East, made the social media post before Iraqi forces — backed by airstrikes from the U.S.-led coalition — appeared to stymie the ISIS advance.
But according to White, the Islamic fanatics were less than two miles from the city’s borders and he warned that the Iraqi Army was no match for them.
“This morning I was with one of my soldiers who is assigned by the government to protect me,” White wrote. “I asked him what he would do if he saw ISIS coming. He told me he would take off his uniform and run.” Continue reading
China’s PLA has released the details of its two anti-ship cruise missiles — the C-602 and C-802A — designed to sink warships weighing above 3,000 tonnes, reports national broadcaster China Central Television (CCTV). Continue reading
Sister of Dr. Ardeshir Hosseinpour, who was killed in February 2007, says her brother was killed because he wouldn’t cooperate with the effort to divert nuclear activities from peaceful purposes.
When Iranian scientist Dr. Ardeshir Hosseinpour was killed in February 2007, the cause of death was reported to be “gassing” and most presumed the act was carried out by Israel. That belief stood, largely because of Iranian accusations to that effect; and because of Israeli policy to neither confirm nor deny such acts. But now, seven years later, Mahboobeh Hosseinpour has come forward with the claim that the IRI was behind her brother’s death because of his refusal to be involved in Iran’s nuclear enrichment program whose use was for atomic purposes. Continue reading
As if the fast degenerating geo-political situation isn’t bad enough, here’s another lorry load of concerns to add to the pile.
The UK and US economies may be on the mend at last, but that’s not the pattern elsewhere. On a global level, growth is being steadily drowned under a rising tide of debt, threatening renewed financial crisis, a continued squeeze to living standards, and eventual mass default.
I exaggerate only a little in depicting this apocalyptic view of the future as the conclusion of the latest “Geneva Report”, an annual assessment informed by a top drawer conference of leading decision makers and economic thinkers of the big challenges facing the global economy.
Aptly titled “Deleveraging? What Deleveraging?”, the report points out that, far from paying down debt since the financial crisis of 2008/9, the world economy as a whole has in fact geared up even further. The raw numbers make explosive reading.