Nor can we perceive any reason for not considering the expression «the
validity of the public debt» as embracing whatever concerns the integrity of the public obligations.
Of course, fiscal policy also has its limits, since an excessive
buildup of public debt can create its own problems for both the economy and the financial system.
Section 4 says, in part: «The validity
of the public debt of the United States, authorized by law... shall not be questioned.»
The most common of these generalisations is that high
levels of public debt in the EU periphery are the overall cause of the Union's problems.
The Organization for Economic Co-operation and Development (estimates the country's debt - to - GDP ratio (a
measure of public debt burden) at around 190 % this year.
The update is also expected to reaffirm the government's so - called «fiscal anchor» to lower net debt - to - GDP ratio — a measure
of the public debt burden — over the next five years.
Concurrent with this
orgy of public debt, the State encourages massive expansion of private credit via fractional lending, low bank reserves, and other forms of leverage, in a vain attempt to stimulate demand in an economy burdened with overcapacity, declining employment, marginal return on capital and saturated markets.
«Japan is already undergoing rapid population aging, which will likely limit the market's future absorptive
capacity of public debt,» wrote IMF economist Kiichi Tokuoka in a paper this year.
When the next
wave of public debt distress hits foreign governments, Canadian investors, borrowers, and exporters will all be affected.»
Today, it's perched atop global currency markets as Canada wins acclaim for its economic outlook and
handling of the public debt, a point driven home Wednesday when a Russian Central Bank official confirmed that the Canadian dollar would be added to its international reserves.
The budget highlights the huge imbalances created by five years of economic crisis: Spain will set aside $ 36.6 billion ($ 49.5 billion) to service its fast - rising
pile of public debt, $ 2 billion more than it will spend on the 13 government ministries.
Puerto Rico announced a historic
restructuring of its public debt on May 3, touching off what may be the biggest bankruptcy ever in the $ 3.8 trillion U.S. municipal bond market.
The second rule gives the Chancellor a target with a fixed date, but because it is not about the level or
trajectory of public debt, but only about its immediate movement, it could be met in all kinds of ways, shifting borrowing from one year to another, far from relevant or sensible for ongoing fiscal stability.
According to the Ministry of Finance (Secretaría de Hacienda y Crédito Público), the level of participation showed the trust in public finances and the good
management of public debt.
His most recent position at Bank of America was Vice President of Debt Capital Markets, in which he was responsible for the origination and
execution of public debt and hybrid capital securities offerings.
Because low interest rates and quantitative easing — the
buyback of public debt to help spur growth in the area's troubled countries — has caused high - quality stocks to rise without actually fixing the Eurozone's problems.
During the last week of 2001, the administration defaulted on the larger
part of the public debt, US$ 132 billion, a seventh of all the money borrowed by the Third World.
The Bureau
of Public Debt runs TreasuryDirect, the first and only financial services website that lets investors purchase and redeem securities (like U.S. government bonds) directly from the U.S. Treasury.
Loans of or Guaranteed by the Government of Canada Description: Information on loans issued by or guaranteed by the Government of Canada for which the Bank of Canada acts as
manager of the public debt; also rules, regulations and transactions of each issue.
Although most of the Eastern EU Member States have a relatively low
level of public debt and their economies are back on the growth path, in Hungary and Poland the EU has become increasingly associated with unpopular immigration policies (which mostly benefit Romanian and Bulgarian immigrants).
The Fourteenth Amendment, in its fourth section, explicitly declares: «The
validity of the public debt of the United States, authorized by law,... shall not be questioned.»
The validity
of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.
This means the government must be committed to establishing and maintaining a sustainable medium or longer - term fiscal anchor, one that supports long - run stable economic growth through control of the
accumulation of public debt.
That's due to the accumulation of crushing levels
of public debt: the financial burdens of welfare programs, military spending and trillion - dollar bank bail - outs have combined to push public debt - to - GDP ratios in most developed countries to heights not seen since the World War II era.
«Rather, growth in disposable income (and thus in consumption) has been sustained since last year by another $ 1.4 trillion in tax cuts and extended transfer payments, implying another $ 1.4 trillion
of public debt.»
Cameron spends about two minutes reeling off horrible - sounding numbers about the level
of public debt.
«Looking ahead, given the high level
of public debt, fiscal consolidation needs to continue, notwithstanding the headwinds from low commodity prices.
In terms
of public debt one should not forget that Spain's situation is not significantly worse than that of other Eurozone members (69.3 per cent of public debt to GDP in 2011 in Spain, vs. 82 per cent in Germany, 86.5 per cent in France, 85.7 per cent in the UK, and 120.9 per cent in Italy).
On top of these troubles, they lack an independent monetary policy, possess minimal fiscal maneuverability due to already unsustainable levels
of public debt, and have to work under a marked sense of urgency due to painful and untenable unemployment rates.
@DJClayworth «The validity
of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.»