Treasury Forced to Issue $1T in New Debt in First 6 Weeks of FY14
Between Oct. 1, 2013, the first day of fiscal 2014, and Nov. 14—which was less than a month after Congress agreed to temporarily suspend the legal limit on the federal debt—the Treasury was forced to issue more than $1 trillion in new debt. During that time, according to the Daily Treasury Statement, the Treasury issued $1,014,215,000,000 in new bills, notes, bonds and other securities.
The Number of Long-Term Unemployed Americans Has Shot Up by a Staggering Percentage Since 2007 (Yes, Triple Digits)
The unemployment rate has fallen to 7.3 percent, down from 10 percent four years ago. Private businesses have added about 7.6 million positions over the same period. But while recent numbers show that there are about as many people unemployed for short periods as in 2007 — before the crisis hit — they also show that long-term joblessness is up 213 percent.
Why the Federal Reserve Can’t Stop Printing
The strong jobs market report last week started the chatter again that the Federal Reserve would start to reduce the pace of its quantitative easing program. Some have said the Fed will reduce the amount of its asset purchases as early as December, while others are saying the quantitative easing will start to diminish by March 2014. I have a different opinion: I believe the Federal Reserve can’t stop quantitative easing, because the market has become so dependent on it. If the Fed does go ahead with a pullback on money printing, the consequences will not be pleasant.
EU and US edge toward trade deal
A week of trade talks in Brussels have taken the European Union and the United States a little closer to a deal to liberalise bilateral trade. EU officials say the trade relationship with the US is already the biggest in the world, worth more than 2bn euros (£1.7bn) a day. But barriers remain, and removing them could make it even bigger.
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