Boehner Issues Interim Statement As Debt Ceiling Talks Continue

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Sat, 07/23/2011 - 14:42 | 1485155 Conrad Murray
Conrad Murray's picture

Why do we pay taxes? Why can't they just print the money they need? 100 trillion in unfunded liabilities means nothing when the presses are rolling. Right Americans? RIGHT?! Have cake and eat it, fuck the peas.

Sat, 07/23/2011 - 14:52 | 1485185 Rusty_Shackleford
Rusty_Shackleford's picture

HA!  Good one.

Sat, 07/23/2011 - 15:26 | 1485277 traderjoe
traderjoe's picture

It's true though. The US does not need to tax anyone. Sovereign countries can simple print money - without having to borrow it from private corporations or banking cartels. See the United States Note - http://en.wikipedia.org/wiki/United_States_Note.

A United States Note can come into existence without borrowing. It is not debt-money, though it is still fiat, unbacked paper currency. 

Taxes are simply a form of control, re-distribution, and places in power those that can best manipulate the system. It also creates vast inefficiencies and mal-investments.

In my opinion, the best monetary system would have multiple alternatives, including sound money (gold and silver) and a government scrip (United States Note) so people would have the freedom to chose the best money for a particular need. 

The Federal Reserve Note is simply the Scam of the Century. 

Sat, 07/23/2011 - 15:54 | 1485315 TruthInSunshine
TruthInSunshine's picture

Does a single person here believe that they would not, and in fact have not already (via an already pocketed agreement, waiting to be pulled out at the appropriate time), come to a consensus, and kick the can?

It's all posturing. That the Democrats want a deal shows you how little their constituents know or care about economic cancer.

That the Republicans are willing to agree on a deal shows you how little their constituents know or care about economic cancer.

But make no mistake, the Ponzi will go on, there will be no actual cuts to the deficit (just voodoo ecomometrics), and they'll fix everything the same way Trichet, Merkel & Sarkozy fixed the intractable math making anything but their Ponzi just as bad, if not worse.

Apparently, one doesn't have to actually do anything to resolve systemic economic crises, anymore. One only has to jawbone and bullshit and spin long enough, and voila, problems solved.

And Main Street will continue to get pummeled with the costs of the increasing debt, deficits, and recklessness, with higher taxes and regulations and fees of all kinds, making their businesses suffer even more, while the Honey Sweet Nectar Transfer Teet keeps feeding the engorged Wall Street/Financial/Banking sector with that taxpayer sugar.

 

Sat, 07/23/2011 - 15:45 | 1485346 TruthInSunshine
TruthInSunshine's picture

snake eyes

Sat, 07/23/2011 - 15:50 | 1485356 DosZap
DosZap's picture

TJ,

JFK did just that,(had US Notes Printed),with plans to do just what you said. Months later he was DEAD...................

 You don't mess wid da Fed.....................was the message recieved?.

Sat, 07/23/2011 - 16:06 | 1485405 dark pools of soros
dark pools of soros's picture

put Ron Paul in a bunker on mars, elect him for prez and try again?

Sat, 07/23/2011 - 16:42 | 1485482 jmc8888
jmc8888's picture

There is no such thing as a 'best' monetary system.

Monetary systems are inhernetly fucked up.

(no this isn't saying...no money. monetarism is an ideology...thus monetary system is an ideologically based system)

The BEST system (yet devised) is the American Credit System.  Hamiltonian Credit System it is sometimes called, because that's who created it.

What we have is the worst of Greek/Roman/Venetian/London system rolled up into a global clusterfuck of oligarchism. Monetary systems = Oligarchy.

Glass-Steagall

 

Sat, 07/23/2011 - 18:10 | 1485608 traderjoe
traderjoe's picture

And what does G-S do to stop the counterfeiting of fractional reserve banking and the scourge of our country having to borrow its own currency from private banks?

Sat, 07/23/2011 - 21:51 | 1486062 lovejoy
lovejoy's picture

Finally it is becoming understood. We are no longer on the gold standard. The government does not have to borrow to print money. It can print all that it wants. The only downside is that too much printing could result in inflation. Why the taxes ..... because it gives the fiat currency legitimacy. Does the Government allow you to pay your taxes in gold or cattle. No! You need US dollars. This is how the government creates demand for the currency. Also taxes should be to simply to control the economy. If the economy is heating up, increase taxes and if if it is cooling too much, cut taxes. 

Sat, 07/23/2011 - 14:52 | 1485187 rajat_bhatia
rajat_bhatia's picture

So glad i shorted gold friday

Sat, 07/23/2011 - 15:17 | 1485270 kito
kito's picture

you cant short gold unless you break off a piece of it. and if you did that, kindly forward me the discarded portion. ill be happy to take your gold shorts.

Sat, 07/23/2011 - 17:44 | 1485567 JimS
JimS's picture

"happy to take your gold shorts", he's got gold shorts? I wonder if it's boxers , or briefs? (I don't really want to find out, though)

Sat, 07/23/2011 - 15:20 | 1485282 traderjoe
traderjoe's picture

As day trade? And how does a debt ceiling raise solve any of the issues surrounding the insolvency of the fiat system?

Sat, 07/23/2011 - 19:27 | 1485731 nmewn
nmewn's picture

"So glad i shorted gold friday"

I gotta say, you're terminally stupid.

Sun, 07/24/2011 - 00:34 | 1486307 Id fight Gandhi
Id fight Gandhi's picture

Dollars have lost 97-98% since 71. Any debt increase means it's worth even less.

I'll stick with "tradition", thank you.

Sat, 07/23/2011 - 14:57 | 1485206 Squid Pro Row
Squid Pro Row's picture

In all seriousness, I have pondered this question.  With the Fed buying almost 100% of new debt and maintaining its commitment of low rates for an extended period, the market's opinion matters very little.  The Fed will print new money to buy bonds and maintain its interest rate target.  Under these circumstances, why even bother collecting any taxes?

Also, until an alternative to the dollar emerges, the world is forced to use it for international trade.  Perhaps something else will come about in the future (electronic gold/silver/etc/etc), but today, there is no credible alternative.

So, why bother with taxes?

Sat, 07/23/2011 - 15:34 | 1485318 ThirdCoastSurfer
ThirdCoastSurfer's picture

Require the Fed to forgive the $2.5 trillion on it's books and, wallah!, the current debt limit ceiling through 2012 is assured!

Sat, 07/23/2011 - 15:38 | 1485335 kito
kito's picture

ive often thought of it as well. zerohedge should do a piece on the ramifications of the fed going hard core jubilee on the treasury. what does that do to the markets?

Sat, 07/23/2011 - 19:33 | 1485741 nmewn
nmewn's picture

"So, why bother with taxes?"

To keep the middle and lower classes off the golf courses.

Sat, 07/23/2011 - 14:59 | 1485217 Ident 7777 economy
Ident 7777 economy's picture

LOL

 

+1.5T (at least)

Sat, 07/23/2011 - 15:53 | 1485361 GeorgeHayduke
GeorgeHayduke's picture

Naw, they have to tax the sheep to keep the psychological sense of peasantry upon them. Plus, it gives them yet one more law to imprison any peasant who see through the veil and decides they are not paying any more taxes to the oligarchs.

In this corporate colonial/feudal oligarchy the peasantry will always pay tribute to their owners just to keep them well conditioned.

Sat, 07/23/2011 - 16:42 | 1485484 angmikey
angmikey's picture

I hate peas! I like printing presses making more money. Oh if I only had one.

Sat, 07/23/2011 - 14:44 | 1485159 Re-Discovery
Re-Discovery's picture

american fascism on full display

Sat, 07/23/2011 - 14:52 | 1485179 Zero Govt
Zero Govt's picture

Marxists to the left, fascists to the right, but when it comes feeding time on the carcass of America they're all vultures at the end of the day

Sat, 07/23/2011 - 15:27 | 1485302 Spastica Rex
Spastica Rex's picture

My momma always said, "tyranny is as tyranny does."

Sat, 07/23/2011 - 15:39 | 1485340 kito
kito's picture

you didnt strike me as a backwoods southerna.

Sat, 07/23/2011 - 14:54 | 1485180 Zero Govt
Zero Govt's picture

double post

Sat, 07/23/2011 - 14:47 | 1485162 lolmao500
lolmao500's picture

And Boehner will become hard and stiff and shaft the american people once again.

Boehner is ONE GUY... what about the other republican make up their damn minds and tell Boehner to go to hell?

Sat, 07/23/2011 - 14:50 | 1485176 snowball777
snowball777's picture

Shortest path back to a Dem majority.

Sat, 07/23/2011 - 15:54 | 1485364 DosZap
DosZap's picture

We are already dead Fred,another Dem majority, and I vote real americans purchase land somewhere else, and Migrate, start over,and leave this to the fascists.

Sat, 07/23/2011 - 16:25 | 1485446 snowball777
snowball777's picture

¿Qué?

Sat, 07/23/2011 - 16:52 | 1485493 SRV - ES339
SRV - ES339's picture

Right you are... back to the GOP, after all they did such a great job under Bush!

Sat, 07/23/2011 - 16:41 | 1485481 GeorgeHayduke
GeorgeHayduke's picture

You say that as if it matters which party is "in control." Both sub-parties belong the to the fascist over-party. So, it doesn't matter which sub-party has the majority as the fascist party always wins. Now, the Dems might favor some corporations over other corporations the Rethugs favor, but both serve their fascist masters.

I know some folks like to claim one party is Marxist and the other Fascist, but show me one single law passed since Reagan that gave even the slightest bit of real power or wealth to the peasants (the supposed Marxist way) while not giving windfall profits to corporations who's lobbyists and lawyers likely wrote any such legislation. Anyone? Anyone?

Sat, 07/23/2011 - 23:53 | 1486189 Calmyourself
Calmyourself's picture

HA, name me one single law i nthe USSR that ever gave any power to the peasants.  Marxism is simply power for powers sake.  But much difference between these two sets of losers in Washignton no, not too much at least in the upper levels..

Sat, 07/23/2011 - 16:43 | 1485485 Long-John-Silver
Long-John-Silver's picture

and with a dem majority the total destruction of the American economy is assured. I hope you enjoy watching States leave the Union to forge ahead in a new country of their own making. This is the inevitable outcome as foretold in Sal Alinsky's book "Rules for Radicals". Even he admitted that they alone could never rule over 50 states and were planing to have China, Russia, and Cuba take over and rule parts of the nation.

Sat, 07/23/2011 - 14:53 | 1485183 Ray1968
Ray1968's picture

.... disregard.... (I erased my post)

Sat, 07/23/2011 - 15:00 | 1485223 Ident 7777 economy
Ident 7777 economy's picture

I. Doubt. It.

 

But we shall see (he hasn't caved to this point).

Sat, 07/23/2011 - 15:08 | 1485246 yabyum
yabyum's picture

Boehner will do all in his power to protect the elite and uber wealthy, you can take that to the bailed out bank.

Sat, 07/23/2011 - 15:56 | 1485374 DosZap
DosZap's picture

yab,

You not read the POTUS words?.

Repeat until sinks in, Wall Street..............W_A_L_L _S_T_R_E_E_T.

Now, Boner is protecting WHO again?.

Sat, 07/23/2011 - 17:20 | 1485521 GeorgeHayduke
GeorgeHayduke's picture

It's all theater. It's good cop/bad cop. They both are there to protect the upper 5%. They just put on the show to make it look like one of them is fighting for you.

Sat, 07/23/2011 - 15:58 | 1485376 DosZap
DosZap's picture

$

Sat, 07/23/2011 - 14:44 | 1485163 fishface
fishface's picture

Said otherwise, it is very important for America to understand that the only thing this administation cares about is Wall Street.

honest words at last

 

Sat, 07/23/2011 - 14:56 | 1485200 GlassHammer
GlassHammer's picture

It would have been more honest to say "the only thing any administation cares about is Wall Street."


 

Sat, 07/23/2011 - 16:05 | 1485366 ViewfromUnderth...
ViewfromUndertheBridge's picture

Not entirely true:

-She told reporters there would “absolutely, positively not” be a short-term deal. The president wants an agreement long enough to last through the 2012 elections.

I thought this was Tyler's commentary...but, apparently in the rush to avoid default all sense of irony has been lost. Short term irresponsibilty got the world into this mess and I, for one, am backing it to get us out.

Sat, 07/23/2011 - 16:37 | 1485471 macholatte
macholatte's picture

Said otherwise, it is very important for America to understand that the only thing this administation cares about is Wall Street.

 

Foul Ball !!!!

 

Getting re-elected is priority 1.

Getting money to be re-elected is priority 1-A. 

 

If the present Congress errs in too much talking, how can it be otherwise in a body to which the people send one hundred and fifty lawyers, whose trade it is to question everything, yield nothing, and talk by the hour?
Thomas Jefferson

The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money.
Alexis de Tocqueville

The only difference between death and taxes is that death doesn't get worse every time Congress meets.
Will Rogers

 

Suppose you were an idiot, and suppose you were a member of Congress; but I repeat myself.
Mark Twain

 

You can lead a man to Congress, but you can't make him think.
Milton Berle

 During my service in the United States Congress, I took the initiative in creating the Internet.
Al Gore

Sat, 07/23/2011 - 14:45 | 1485165 Mongo
Mongo's picture

FRB Q&A

I don't have any money

If you are the Federal Reserve just push "Print" button.

 

Sat, 07/23/2011 - 19:37 | 1485749 nmewn
nmewn's picture

I vote we run our household budgets the same way ;-)

Sat, 07/23/2011 - 14:48 | 1485169 Ray1968
Ray1968's picture

If the market opens bidless, the NYSE will just cancel all trades until back to normal.....

They've got BHO's back.

Sat, 07/23/2011 - 14:48 | 1485170 Zero Govt
Zero Govt's picture

I'm very impressed how politcians drive head long into a financial train wreck then go into clown show and spitting dummies out of the pram mode while posturing like you've got the moral high ground... i'm really looking forward to the final stage, the 'solution' where the debt hole they're in is dug even deeper ...very impressive place Govt

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