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November 15, 2010
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And so the Federal Reserve agreest to buy up $600 billion in use bonds. Sounds good, we are paying off debt arent't we? The answer is NO. We are in fact playing with monetary policy, firing a salvo in monetary warfare, because we are left with few other alternatives to both stimulate our economy, manage the debt and spread the impact. So we are "monetizing" our debt, that is printing more money to buy back debt. This may produce an advantage at first, because it makes the products produced in our country for export cheaper and it makes imports (you know -
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October 28, 2010
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About three weeks ago I posted a call to action for the profesion. I suggested that, in the name of our triple bottom line sustainability rhetoric - in particular financial sustainability, it is time for ICMA and its membership to stand up and take a stand as to federal and state financial management, in particular debt. The the US Governmetn is $13.5 Trillion in debt (really closer to $50 trillion when you consider the IOs in the Social Security trust fund and unfunded obligations) and is operating this year at an oeprating loss of close to $1.5 Trillion.
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September 27, 2010
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Should the profession, relying on its long history of bringing transparency and accountability to local government finances, take a stand of growing budget deficits?
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