It Is Now Mathematically Impossible To Pay Off The U.S. National Debt

A lot of people are very upset about the rapidly increasing U.S. national debt these days and they are demanding a solution. What they don't realize is that there simply is not a solution under the current U.S. financial system. It is now mathematically impossible for the U.S. government to pay off the U.S. national debt. You see, the truth is that the U.S. government now owes more dollars than actually exist. If the U.S. government went out today and took every single penny from every single American bank, business and taxpayer, they still would not be able to pay off the national debt. And if they did that, obviously American society would stop functioning because nobody would have any money to buy or sell anything.

And the U.S. government would still be massively in debt.

So why doesn't the U.S. government just fire up the printing presses and print a bunch of money to pay off the debt?

Well, for one very simple reason.

Outrageous judicial pick still requires scrutiny

Expose Edward Chen’s radicalism and squash his nomination
Feb 2, 2010

Tomorrow the Senate Judiciary Committee is scheduled to vote on five of President Obama’s controversial court-and-justice nominees. Among them is federal district court nominee Edward Chen of Northern California, whose radical agenda has not been fully exposed and requires further public hearings rather than a vote.

If the Senate reveals Mr. Chen’s long record of ill-advised statements and legal positions so that the general public can listen, plenty of Democratic senators will have to reconsider voting for such an extreme nominee.

Obama must spend while he can

One rule of budget reporting is to watch what the politicians are spending this year, not the frugality they promise down the road. By that measure, the budget that President Obama released yesterday for fiscal 2011 is one of the greatest spend-while-you-can documents in American history.

The war on Toyota

FP Comment

Terence Corcoran, Financial Post Published: Wednesday, February 03, 2010

Terence Corcoran, Financial Post

There can be little doubt that Toyota, the world's greatest auto maker in recent years, has become the victim of much more than another typical out-of-control All-American media frenzy. When top-line political gamesman such as U.S. Transport Secretary Ray LaHood, Congressional pit bull Henry Waxman, and conniving United Auto Workers executives start piling on, this is clearly much bigger sport that the usual ritual public lynching of auto executives, a routine occurrence in Washington. The attack on Toyota, at this time of U.S. economic weakness and populist excess, is fast turning into a great American nationalist assault on a foreign corporation, an economic war.

Arizona gaming revenue to state down in 4Q of 2009

PHOENIX - The recession continues to take its toll on reservation gaming, affecting not just the tribes but the state programs that share in the profits.

New figures Monday from the Arizona Gaming Department show revenue sharing by the tribes for the last quarter of 2009 was just slightly more than $11.1 million. That compares to $12.8 million in the same period a year earlier - and $15.2 million the year before that.

State Gaming Director Mark Brnovich said the numbers appear to be consistent with what is happening elsewhere in the country.