[The Liberty Insight Newswire is an aggregation of what we consider to be important financial and political news and commentary from across the web.]

This week’s newswire features more kicking the can down the road, the world’s largest hedge fund manager predicting a collapse of the dollar, congress just making shit up, and the “wonderful” job security of public employees.

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Consumers in U.S. Relying on Credit as Inflation Erodes Income
Bloomberg, July 20, 2011

More and more consumers are getting sucked into the debt trap. Just the latest example of extend and pretend as individuals and governments just try to get by until the economy magically gets better.

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U.S. Debt Crisis is Contrived, James Grant Says
Bloomberg, July 18,2011

Jim Grant breaks it down as usual in this interview. He discusses how the debt ceiling debate is mostly political theatre and will be raised to extend and pretend a little longer. He discusses the commonly held belief that treasuries are intrinsically safe, and discusses moving forward to a gold standard.

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The Head Of The World’s Biggest Hedge Fund Sees “Economic Collapse” Due To Money Printing By Early 2013
Zerohedge, July 18,2011

Add Ray Dalio, head of the world’s biggest hedge fund, Bridgewater, to the list of people who think the dollar will collapse. Zerohedge provides their input in this article but click on the link to the original New Yorker article for the full bio.

Dalio believes that future inevitable money printing will “lead to a collapse in currencies and bond markets.” Dalio is even kind enough to give a time frame. “I think late 2012 or early 2013 is going to be another very difficult period.” He is, to say the least, quite diplomatic.

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‘Super Congress’: Debt Ceiling Negotiators Aim To Create New Legislative Body
Huffington Post, July, 23,2011

If at first you can’t succeed… change the rules. The leadership in Congress seem to think there is absolutely no limit to their power. From the article:

Legislation approved by the Super Congress — which some on Capitol Hill are calling the “super committee” — would then be fast-tracked through both chambers, where it couldn’t be amended by simple, regular lawmakers, who’d have the ability only to cast an up or down vote.

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Some federal workers more likely to die than lose jobs.
USAToday, July 19, 2011.

Talk about job security. The federal government fired 0.55% of its workers last year. By comparison, the private sector lays of 3% each year for poor performance alone. Clearly, the government employees must be superior workers.