California Defaults On $18.6 Billion In Debt, Saddling Employers With The Expense
By Tyler Durden California’s recent decision not to pay back some $20 billion borrowed from the federal government to cover unemployment benefits during the pandemic…
Debt
Consumer Credit Shocker: Credit Card Debt Explodes At 2nd Fastest Pace On Record Just As Rates Hit All-Time High
By Tyler Durden So much for credit being tight. One month ago, not long after we warned that consumer credit was about to get much…
Fiscal Insanity: The Government Borrows $6 Billion a Day, and We’re Stuck with the Bill
By John W. Whitehead and Nisha Whitehead We’re not living the American dream. We’re living a financial nightmare. The U.S. government is funding its existence…
Millennials Dominate Insolvencies In Canada As Credit Card, Student Loan And Other Debts Pile Up
By Tyler Durden As US millennials distinguish themselves as the “buy now, pay later” generation, their Canadian counterparts are leading the way when it comes…
The Everything Bubble and Global Bankruptcy
By Charles Hugh Smith The resulting erosion of collateral will collapse the global credit bubble, a repricing/reset that will bankrupt the global economy and financial…
Which Countries Hold The Most US Debt?
By Tyler Durden Today, America owes foreign investors of its national debt $7.3 trillion. These are in the form of Treasury securities, some of the most…
PACE Programs for “Energy Efficiency” Still Being Funded and Promoted Despite “potential for predatory practices and oversight challenges”
By B.N. Frank A few years ago, PACE loans were getting a bad rap and for good reason (see 1, 2). Since then, according to…
The United States Is Insolvent
By Michael Snyder You can call everyone for dinner, because our goose is cooked. We are so deep in debt that the only way we…
The Trillion-Dollar Coin Idea Is Just Another Way to Rip Us Off
By Ryan McMaken Here we go again. Every few years in Congress there is a purely political battle over the debt ceiling. We’re supposed to…
Visualizing $65 Trillion In Hidden Dollar Debt
By Tyler Durden The scale of hidden dollar debt around the world is huge. As Visual Capitalist’s Dorothy Neufeld details below, no less than $65…
Congress Gifts Taxpayers More Debt
By Stefan Gleason Ahead of the Christmas holiday, Congress gave taxpayers the gift of a 4,155-page, pork-laden $1.7 trillion spending bill. It will add to…
U.S. Consumers Are Doing EXACTLY What They Did Just Prior To The Crash Of 2008
By Michael Snyder We never seem to learn from our mistakes. Just before the financial markets crashed and the economy plunged into a horrifying recession…
More Lawmakers Go After “Clean Energy” Lenders that Put Borrowers at Risk of Losing Homes
By B.N. Frank Since 2021 ProPublica has been exposing issues associated with controversial high-interest Property Assessed Clean Energy (PACE) loans and their lenders (see 1,…
Debt Disaster: Average American Owes More Than $25,000, Nearly Half Couldn’t Cover $1,000 Emergency
By Chris Melore Financial times are tough and record-high inflation isn’t cutting anyone a break in 2022. Now, a new survey finds the holidays could…