• Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.
  • Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.

$24.5 Trillion In US National Debt, $144 Trillion In Unfunded Liabilities In... 2015

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Mon, 12/20/2010 - 13:34 | 818790 Max Hunter
Max Hunter's picture

Tic Toc Bitchez!

Mon, 12/20/2010 - 13:53 | 818862 Azannoth
Azannoth's picture

http://www.stansberryresearch.com/pro/1011PSIENDVD/LPSILC71/PR

 

Porter Stansberry on the 'comming' crisis 1h video

Mon, 12/20/2010 - 14:47 | 819034 66Sexy
66Sexy's picture

If we owe 1.2 million each, and are on the books as taxpayers (have filed returns), then we do not own our homes. We do not own our cars, nor our stocks. Anything that can be taken with the stroke of a lawyers pen or a bought off legislators whim, we do not own. They will take it from us in the event they have to. The only thing you can truly own is what you can hide, and what can be sold as a valuable commodity internationally.

Use your imagination on that one.

Mon, 12/20/2010 - 14:48 | 819038 primefool
primefool's picture

Truth . Strangely - it may turn out that the only thing you ctruly own, is what you can hide , which is indeed your imagination.

Mon, 12/20/2010 - 15:57 | 819267 edwardscpa
edwardscpa's picture

How much is that per taxpayer earning over $100K?  Over $250K?  Because let's face it, folks with income under $100K are going to need to concentrate on feeding themselves in the years to come.

Mon, 12/20/2010 - 21:22 | 819797 hambone
hambone's picture

Let's say 5m households make in excess of $250k annually (only about 2.5% of total households but lets be generous as many more have that income but wiggle out w/ loopholes). 

Without further ado, another ridiculous number for ya:

5 million taxpayers * $4.9 million = $24.5T for a one time payoff of 2015 projected debt.

Probably will look a lot better if we include the $100k "rich" crowd as well:

10 million taxpayers * $2.45 million each (phewww, that looks a whole lot better).

BTW - @ $2.45m, if it were a 30yr fixed debt at 0%, it would only be $6805/mo per every 10 million taxpayers.  Wouldn't do a thing about the unfunded liabilities but whatever.

What's that, say you don't want to pay it off and just finance it - now we're talking!!!  That's $12,500 per taxpayer annually just to pay interest (assuming 100m taxpayers and 5% financing cost...the average for the last 50yrs).

Mon, 12/20/2010 - 16:12 | 819296 Lucius Corneliu...
Lucius Cornelius Sulla's picture

I would rather have hard assets that throw off cash.  XOM, CVX, etc...

Mon, 12/20/2010 - 22:08 | 819988 traderjoe
traderjoe's picture

Owning a stock is not a "hard" asset. It's a fraction of ownership of a publicly traded company that is denominated in dollars, typically held in "street name". Your counter-parties are:

1. the company and its management;

2. the brokerage company that holds the shares and SIPC that 'guarantees' the brokerage company;

3. the government and its taxation and regulatory policies; and

4. the government and its estate taxation policies.

That's just the obvious, I'm sure that others can think of other counter-parties. Not that owning stocks is bad, but I personally don't consider them 'hard' assets. 

Tue, 12/21/2010 - 12:16 | 821007 Lucius Corneliu...
Lucius Cornelius Sulla's picture

If you own XOM then you own part of their global oil reserves and one of the best managed corporations with a rock solid balance sheet.  Furthermore, as an owner, you are given a decent share in the profits (dividend).  I wouldn't buy at current prices, but it is definitely on my radar. 

Stocks are a great investment with the proper due diligence and at the right price.  Personally, I will buy stocks when the dividend yield on the S&P 500 goes over 5%.  No major bear market has ever ended without it going over 6%.  By that measure, we are far from a bottom.  I am patient.

Mon, 12/20/2010 - 22:59 | 820053 Hephasteus
Hephasteus's picture

The stock market is unsecured credit line to the corporations. They can wipe you to NOTHING without any fear of retribution other than making you not want to be an unsecured creditor in the future. Calling it a hard asset is tragecomedy.

Tue, 12/21/2010 - 12:17 | 821010 Lucius Corneliu...
Lucius Cornelius Sulla's picture

Not if you do proper due diligence and buy ownership in the right businesses at the right price.

Mon, 12/20/2010 - 14:56 | 819060 FreedomGuy
FreedomGuy's picture

I just threw away a USA Today article from the early 2000's when it was only about $400k per person. Our absolute f*^@% idiot legislators have sold us...our lives, our property and indirectly our civil rights/liberties to pass out checks, favors and socialist pablum. The truth is that we will NOT pay that kind of debt and we cannot pay it outside of a rapacious inflation rate. Personally, I have to believe that most like the Fed, the Treasury and others in government know this. There is no personal or political freedom when your tax rate is 100% as it effectively is.

Mon, 12/20/2010 - 18:21 | 819560 Roger O. Thornhill
Roger O. Thornhill's picture

What will be really exciting is when interest rates start cranking up on that debt! Those burying us alive are not being properly forthcoming of the disaster that will happen when rates get out of control. Similarly it's the same way MBS's were sold with the conceit that real estate prices never go down. Ah, those "geniuses" with MBA's! They never fail to amaze.

The real question is how far they can play this - I know that they will play games all the way to the end. I would not be surprised in some 11th hour financial power play that lock world currencies together - who can say what they will do. TPTB have shown they have no respect for the rule of law, or the free market. I have been shocked and surprised at what they have done so far. I thought in 2008 that the adults would step up and let this sort itself out, but the adults don't exist anymore. What evil machinations they may think up next may well be surprising - but know that they are fully capable of an array of insane, deceitful maneuvers.

Mon, 12/20/2010 - 15:06 | 819095 Grimbaldus The ...
Grimbaldus The Norman's picture

The things you own, end up owning you.

Mon, 12/20/2010 - 18:46 | 819612 Rainman
Rainman's picture

...agree, unless you just let it all get repo'd. The economic system now apparently runs on good-til-cancelled.

Mon, 12/20/2010 - 22:10 | 819989 Oh regional Indian
Oh regional Indian's picture

And thus, in these times, more than most, the practice of detachment...

 

http://aadivaahan.wordpress.com/2010/10/14/the-practice-of-detachment/

 

ORI

 

 

Mon, 12/20/2010 - 15:50 | 819237 Things that go bump
Things that go bump's picture

That has always been the case, you know.  All you have to do to prove that is stop paying your property tax and see what happens.  Nothing has really changed.  You don't really own anything you can't hide and you never did.  What you purchase is the use of a thing.  The State retains ownership of all.  I imagine they think they own your gold too, and will thank you nicely for keeping it safe for them when they want it back.      

Mon, 12/20/2010 - 16:15 | 819300 Grimbaldus The ...
Grimbaldus The Norman's picture

I've never, even since I was a wee lad, held onto the ridiculous concept of ownership of property. I don't get attached to 'things'. I've always been borderline chaotic anti-materialism.. I couldn't even tell you why, just seemed the right way to be...

The few things I do have, other than Family, I'm willing to part with without much fanfair.

'Stuff' can become a trap which can be hard to escape from, once well established. I choose not to let it get that bad.

Mon, 12/20/2010 - 23:05 | 820059 Farcical Aquati...
Farcical Aquatic Ceremony's picture

Two people junked these statements? Unreal.

Tue, 12/21/2010 - 08:14 | 820502 Grimbaldus The ...
Grimbaldus The Norman's picture

It is what it is. I don't expect anyone to agree with me, just so long as they respect my POV.

Mon, 12/20/2010 - 21:12 | 819909 minus dog
minus dog's picture

You already don't own your home - at this point the government can seize it for pretty much any reason.  Your only own your stocks as long as the government decides not to seize them or render them worthless.

They can take your car, too, (and without due process) by claiming that you might have used it for something illegal.  It's up to you to shell out the cash to lawyer up and get it back - if you can, after a year or two of legal wrangling.

On the bright side, at least they have to catch your car before taking it...

Mon, 12/20/2010 - 15:34 | 819183 bankrupt JPM bu...
bankrupt JPM buy silver's picture

You know what would be cool?  If stansburry put a godamn pause button on an HOUR video.  FUCK.

Mon, 12/20/2010 - 15:45 | 819223 Azannoth
Azannoth's picture

Yes and the vidoe was a bit self serving too I know

Mon, 12/20/2010 - 21:43 | 819949 Dental Floss Tycoon
Dental Floss Tycoon's picture

If you click the text it will stop.  Click again and it continues.

About half way through I figured out I had been spammed.  Not that he is wrong just trying to make a buck.

Mon, 12/20/2010 - 13:55 | 818870 Sudden Debt
Sudden Debt's picture

Good thing is that this national debt clock is made in FLASH

 

99.9% OF THE POPULATION WILL NEVER KNOW WHAT IT SAYS BECAUSE OF THEIR IPADS!!!!

 

 

Mon, 12/20/2010 - 14:57 | 819068 Millivanilli
Millivanilli's picture

Ipads are notebook amputees.  What a fuckin useless idea. Though, I imagine if steve jobs shit, apple devotees would smear it on their ipads as a screen saver.

Mon, 12/20/2010 - 19:16 | 819682 unununium
unununium's picture

On the bright side, it's a better Kindle.

Mon, 12/20/2010 - 22:30 | 820015 DarkAgeAhead
DarkAgeAhead's picture

I hate Kindle.  The name, the thing, and the people that use it.

Did I tell you how much I hate Kindle?

Tue, 12/21/2010 - 17:02 | 822081 andybev01
andybev01's picture

'Kindle' sounds too much like kindling, as in book burning.

Mon, 12/20/2010 - 15:03 | 819089 Janice
Janice's picture

I keep waiting for the Kotex marketing executives to come out with the new slogan,

"Kotex, the original ipad."

Mon, 12/20/2010 - 19:47 | 819760 nate28jf
Mon, 12/20/2010 - 19:14 | 819677 blindfaith
blindfaith's picture

no 99.9 worn't know because there can't or don't read and don't want to.  Merrily we sail along, Sara or someone else will save us all.

Slavery is knocking on the door, but they think the knock is for you... not them.

Isn't everyone glad about the no tax bill that got passed.  Think of all the worthless dollars we can bury in the backyard to make the roses grow or use for padding for those boxes of goodies you sold on eBay for millions of worthless dollars, no sorry, Paypal points.

Mon, 12/20/2010 - 14:00 | 818887 DaveyJones
DaveyJones's picture

Math is a bitch bitchez

Mon, 12/20/2010 - 14:53 | 819054 midtowng
midtowng's picture

Speaking of math, look at the liabilities line. Note how Medicare liabilities are FIVE TIMES as large as Social Security liabilities. Yet all we are talking about is Social Security, not Medicare. Why is that?

Mon, 12/20/2010 - 15:16 | 819128 Common_Cents22
Common_Cents22's picture

debt isnt debt until they come repo your car and kick you out of your home!  hehe

Mon, 12/20/2010 - 19:19 | 819693 blindfaith
blindfaith's picture

if the US government cracked down on the Medicare & Medicade Fraud in Florida the number would be 1/3 that.  But what the hell, we don't want to take away anyone rice bowl.

Mon, 12/20/2010 - 14:39 | 819006 Kurtieboy
Kurtieboy's picture

Why doesn't the government give $1 million to each citizen right now and cut the bullshit? Economy would definatly improve...lol.

Mon, 12/20/2010 - 18:51 | 819620 andybev01
andybev01's picture

...and the next morning you would wake up to $50.00 latte's and $100.00 Happy Meals.

Mon, 12/20/2010 - 21:42 | 819946 sterling effort
sterling effort's picture

..and the next morning you would wake up to $50.00 latte's and $100.00 Happy Meals.

Thats ok. Ill pay for them with my $30,000 oz gold.


Tue, 12/21/2010 - 17:03 | 822086 andybev01
andybev01's picture

+1400

Mon, 12/20/2010 - 13:36 | 818791 plocequ1
plocequ1's picture

1.2 Million? I dont have the money. Now what? I will pray.

Mon, 12/20/2010 - 13:38 | 818800 jahbless
jahbless's picture

try sending them a picture of a spider instead.

Mon, 12/20/2010 - 15:52 | 819245 Robert-Paulson
Robert-Paulson's picture

 

Bwahahaha.....Epic stuff on this link

 

http://www.27bslash6.com/overdue.html

Mon, 12/20/2010 - 18:31 | 819582 blindman
blindman's picture

this is a great link and analogous to the

taxpayer's obligation regarding the "national debt". 

it is denominated in funny money or spider money already.

Mon, 12/20/2010 - 18:42 | 819605 CPL
CPL's picture

It's from www.dontevenreply.com

 

The guys blog is an endless stream of insane and funny dialogues.  This is my favorite.

http://www.dontevenreply.com/view.php?post=95

The humane way to trap a cat...with a bear trap.

Mon, 12/20/2010 - 18:56 | 819627 doggings
doggings's picture

ah 27bslash6.com - pure genius

Simon's pie charts, quite possibly the funniest thing on the whole internet.

Mon, 12/20/2010 - 13:39 | 818807 Sudden Debt
Sudden Debt's picture

SELL BODY PARTS!!!

Mon, 12/20/2010 - 13:48 | 818837 plocequ1
plocequ1's picture

Gunnery SGT Hartman says i can give my heart to Jesus, But my ass belongs to the corp

Mon, 12/20/2010 - 13:52 | 818864 Sudden Debt
Sudden Debt's picture

and your dick to your wife ;)

Mon, 12/20/2010 - 14:29 | 818987 DoChenRollingBearing
DoChenRollingBearing's picture

You got that right!  LOL

Do NOT follow this link or you will be banned from the site!