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Congressional Budget Office Projects $9.5 Trillion In Deficits By 2021, $2.3 Trillion More Than Obama's Estimate

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Fri, 03/18/2011 - 19:40 | 1073901 MsCreant
MsCreant's picture

My projection is the dollar does not exist in 2021.

Fri, 03/18/2011 - 19:59 | 1073949 Shameful
Shameful's picture

You never know.  Look at other corrupt oligarchy governments.  They are able to rotate out fiat names pretty quick.  Didn't take long for Argentina to go from Peso to Austral to Peso again.  So this current Dollar maybe not, but still good chance the paper money will still be named the Dollar.

Dollar -> Dollar 2: Dollar of the Dead -> Dollar 3: Bernanke's Revenge

Make it like horror movies.  Can have a new Saw movie every year, why not a new currency?

Fri, 03/18/2011 - 20:20 | 1074049 Spitzer
Spitzer's picture

I agree but I don't blame the oligarchy anymore, I blame the people.

If people are so stupid, that they can watch what the Fed does every day and not buy an oz of gold, then they are the ones to blame.

If there was some meaningful gold purchases going on, this game would stop dead in its tracks.

Fri, 03/18/2011 - 20:36 | 1074063 Shameful
Shameful's picture

Blame whoever you want.  The mass man has always been oblivious to the world around him, why should the present or the future be any different?

And why would gold purchases stop anything?  Why would it matter if gold was $20 an oz or $20 million.  Makes no difference to the overall structure of the ponzi does it?  Gold is no panacea, it's just a way for some of the people who see what is happening to carry a few chips into the next ponzi game.  This wasn't the first go around and will not be the last.

Gold changes nothing in the structure, sound money would make the game harder but still playable.  After all can always have gov pick up bad banker debt under a gold standard just as well as a fiat.  Only people waking up and refusing to be scammed by slick con-men will change it.  However that is largely against the nature of man, which hasn't changed in a long time, and I don't expect it to change.  A sucker is born every minute.

Fri, 03/18/2011 - 20:53 | 1074100 nmewn
nmewn's picture

Well stated P.T. Shameful ;-)

Fri, 03/18/2011 - 21:11 | 1074126 Zero Govt
Zero Govt's picture

Shameful    "..sucker is born every minute.."

Check your history books. Suckers are prevelent (only) when things are going well. When specifically the economy is going bad these 'suckers' turn on authority (Govt, Royalty etc). I suggest you check elections. When the economy is fine and dandy the Party stays in power. When the economy is tanking the incumbent party gets booted out.

When the economy is dire (ie. depresion) the authority in power gets linched by those 'suckers'  ...so history teaches us the economy is the lead indicator to anger/tolerance levels and how much these suckers will take... not much more i reckon

Fri, 03/18/2011 - 21:53 | 1074213 traderjoe
traderjoe's picture

I have been thinking about the issues around this string for a little bit. Not that I have, or will ever, come up with any real conclusions, but here is my theory loosely referenced:

1. The PTB do an excellent job co-opting as many people as possible to the Ponzi. In reality, without the Ponzi, the overall standard of living would be much lower. Life would be more sustainable, but a bit harder, with less excess. Think of all of the people who nominally benefit from the Ponzi - 45 million SNAP recipients, all MIC contractors/workers, .gov workers, all bankers and financial services employees, etc., etc.

2. While the nominal standard of living would be lower without the Ponzi, it would probably be more 'real' - with more free time, etc. I'm not from that time, but only 15-20 years ago one breadwinner could feed a family, but there was only one car, one TV, etc. Things were 'simpler' then. Far less skimming by the Ponzi of fees, premiums, etc. 

3. It's hard for people to see the creeping theft of their lifestyle and wealth - it is the boiling of a frog in a pot. 

4. The "American Dream" and the canard of class mobility also keeps the poor/middle class hoping they too someday can be rich. Therefore, these classes sometimes don't want to upset the current system, with the long-shot odds in mind that they might actually get to the top someday. 

Put this all together, and I believe most people actually support - and would support - the current system. They want theirs, and what's been 'promised' to them. Social Security is such a great example of how to create millions of 'defenders' of the system. They all now have a vested interest in the Ponzi - hoping that they someday will get paid (back). Even demanding they get paid. 

This, to me, is why when you explain the Ponzi, and its implications, to many people they simply roll their eyes and call you a 'doomer'. Now one wants to actually debate you on the facts, or can suggest the current course is sustainable. They know, deep down on some level, that you make great points. But, they know that they are living the 'good life' at the moment - with too many TV's, cheap gas, etc., etc. Yes, it's NOT the forest for the trees, but it's far too easy to participate and hope - then to change. 

Real work, for real money would take effort. We have been desensitized to that. Numbed. 

Anyway, that's why I don't think people are 'stupid' for not wanting changes. They are short-sighted though. They know that change (the Fourth Turning, if you will) will come eventually no matter what, but simply hope for a little bit more time before it happens. As long as they get their's, it's ok... 

Anyway, that's my yet-to-gel theory...

Fri, 03/18/2011 - 22:16 | 1074245 centerline
centerline's picture

All valid points.  And some of the primary reasons that I believe there is no real way this can end well.  CHS pointed out something simlar a few months ago... that technically there are more people beholden to the current system than not.  Once you factor in some of your points, it is clear that a large majority of the population, if truly knowledgable about what it going on, would likely seek to "kick the can" as long as possible anyhow.  Seems to me it is more like "kick the grenade."

 

Sat, 03/19/2011 - 17:47 | 1076634 Zero Govt
Zero Govt's picture

it's a myth this system called Govt was ever endorsed by the citizens it robs in the first place. Let's not forget America and Europe were ruled by a bunch of property-banking-industrial vested interests that literally created, out of thin air, the notion of Govt. It was fabricated by parasites, a fantasy construct.

America was built largely without Govt by un-ruled immigrants escaping the parasitical elite in Europe. 

We don't need Govt, never did, never will. All it takes to remove this fantasy land of delusional self-important 'leaders' is civil disobedience. As simple as saying I won't pay taxes (be robbed).

Once a relatively small percentage of the people (say 10% ,maybe as low as 5%) say "Fuk the State" the game is over. The State is fuked, the parasites ponzi has no public mandate because they can't fine, pinalise, police and jail 5-10% of the populace. Very, very simple  ...so simple most people can't get their heads round it!

Fri, 03/18/2011 - 22:45 | 1074293 Dr. Porkchop
Dr. Porkchop's picture

America, and Canada are about to graduate the Boomers into their respective pension plans. This is a big cohort, and the slack will be taken up the generations coming after, which are smaller and don't have the benefit of having lived through a sustained economic boom time.

There is going to be a big battle, divided along generational lines, coming up. The people coming after the boomers might not think twice about kicking grandma to the curb if the alternative is paying more and more into a system that will probably never benefit them.

Fri, 03/18/2011 - 23:38 | 1074369 RockyRacoon
RockyRacoon's picture

It would actually have to come to the physical kicking!   Old people vote.  Young do not.  Politicians listen to those who vote.   A real revolt of the physical type will have to occur to change any of that.  Keep an eye on Wisconsin, etc., to see the political scenario play out in a microcosm.

Sat, 03/19/2011 - 10:28 | 1074983 ibjamming
ibjamming's picture

Elections are rigged now...din't you get the memo?

 

SS and Medicare are NOT fucking ENTITLEMENTS!!!  Get that LIE through your fucking heads!  These programs CAN support themselves...they've been ROBBED that's why there's no fucking money to pay out.  There better be NO fucking welfare at all before one dime get's cut to people who actually WORKED for their money!  It's the leeches collecting "disability" that's ruining SS.  It's the thieves who stole the SS money and replaced it with debt who fucked over SS.  Yes...we CAN'T pay back that which was robbed from SS.

Sat, 03/19/2011 - 18:00 | 1076717 Zero Govt
Zero Govt's picture

what will happen in Wisconsin is 'Pretend & Extend'... it won't change anything because people are still expecting 'The System' to change itself in some miracle outbreak of integrity

the one and only thing that will change the system is civil disobedience and refusing to pay your taxes. You have to starve The Parasite Club of its lifeblood (a slice of your income) and remove the system altogether. Govt (the system) is the problem, not the solution.

Once you remove Govt (monopoly power, judiciary, Law, police, military etc etc) you remove all the major issues in society regards the economy too. Namely the mega-monopolies the State and its vested interests run (education, healthcare, energy, banking, transport etc) falls apart under the miracle power of the free market which kills with competition all the non-performing monopolies that use the State as its protection racket

Just say "No" to State taxation (the parasites robbing you)... very simple, very effective

Fri, 03/18/2011 - 21:56 | 1074218 Michael
Michael's picture

I want to thank you all at Zero Hedge, even the contrarians (from our perspective) for everything. I need to make preparations on  the home front in earnest that will consume much of my time. There's really not much more of a difference I can make at this point, as the die is cast. I will try to check in every day and post pertinent information when I can.

I received a strange sign I'm still trying to analyze. I'm not superstitious but I do believe there is an esoteric power in play. A nickel coin flew out of my pocket while pulling out a piece of paper and landed in a very special empty cup on my coffee table. The image on the back of the coin was the Lewis and Clark Expedition. Please don't think too much of it, but ponder the amazing achievement we have accomplished together in our history.

Thanks Again,

Michael

(Simple AVG Virus protection gave no virus problem with this link)

http://img828.imageshack.us/i/img0031eod.jpg/

http://en.wikipedia.org/wiki/Lewis_and_Clark_Expedition

Fri, 03/18/2011 - 22:24 | 1074261 centerline
centerline's picture

Hope to see you around sometime.   Good luck with your preparations.  Maybe share a bit of your preparations and rationale out here from time to time.

Fri, 03/18/2011 - 22:37 | 1074283 Michael
Michael's picture

I'm planting fruit trees in my back yard in SW Florida.

I'm counting on planting hemp in the empty lots and marijuana in my secret garden soon.

Fri, 03/18/2011 - 23:21 | 1074341 sgorem
sgorem's picture

Try grafting a little of that herb onto one of your fruit trees for some awfully sweet "herbalicious":) Yee Hiii. Good luck Michael.........

Fri, 03/18/2011 - 22:26 | 1074264 long juan silver
long juan silver's picture

Ahem.

You want to try that again? You aren't superstitious yet you divine meaning from a coin's fall.

Fruit anyone?

Fri, 03/18/2011 - 22:38 | 1074282 tmosley
tmosley's picture

William the Bastard.

Fri, 03/18/2011 - 22:33 | 1074276 traderjoe
traderjoe's picture

Yes, good luck with your preparations. Thanks for the comments and the links...

Sat, 03/19/2011 - 11:04 | 1075008 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Shameful, gold is the only meaningful asset on all Central Banks balalce sheets.  It is their only means of collateral.  Gold prices make all the difference to the ponzi.  If Bernanke is having trouble flooding the world with dollars, he leases gold and uses the proceeds to loan dollars to JPM, GS, BOJ, etc.

Fri, 03/18/2011 - 22:38 | 1074284 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

"Dollar -> Dollar 2: Dollar of the Dead -> Dollar 3: Bernanke's Revenge"

Cult of the Dead Dollar

Fri, 03/18/2011 - 20:09 | 1074010 slewie the pi-rat
slewie the pi-rat's picture

 

i yam barely able to do this math, msC, but it sure lQQked like a ten-year can-kick down the road to slewie, tooie. 

plus, we have a zeroHedge est. of $15 tril, right here, above, for a 58% ridicule of the "Congolese Budgetary Orfice" crap of $9.5 tril. 

and, we know that zeroHedge is conservative, radically so, even, in its "editorializing" about the fuking unicorns and the rainbows we're getting "shot up with", as in steady diet.

ergo, get out, now, and avoid the rush!

Fri, 03/18/2011 - 21:23 | 1074163 Twindrives
Twindrives's picture

Obama wouldn't lie to us, would he?

Fri, 03/18/2011 - 22:23 | 1074257 long juan silver
long juan silver's picture

'

Ponzi?

 No!.... Why do you ask?

 

.

Fri, 03/18/2011 - 22:08 | 1074233 undereducated
undereducated's picture

$100,000 in FRN or $100,000 in silver in a box to be opened in 10 years...your choice.

Fri, 03/18/2011 - 22:38 | 1074281 MsCreant
MsCreant's picture

Exactly.

Fri, 03/18/2011 - 23:29 | 1074356 RockyRacoon
RockyRacoon's picture

Ha!  Missy, I won't even be here in 2021.  Forge ahead.

Fri, 03/18/2011 - 19:42 | 1073906 quantum dines
quantum dines's picture

banana republic, bitchezz

Fri, 03/18/2011 - 19:42 | 1073907 bankrupt JPM bu...
bankrupt JPM buy silver's picture

my projection is the dollar does not exist in 2012.  You may have had the last 2 digits backwards.

 

www.silvergoldsilver.blogpsot.com

Fri, 03/18/2011 - 19:45 | 1073932 LowProfile
LowProfile's picture

Oh, it'll exist.  It's just the biggest bills will have a few extra zeros after.

Fri, 03/18/2011 - 19:43 | 1073912 Dr. Porkchop
Dr. Porkchop's picture

When you're talking imaginary money, why quibble over a few trillion? Why not move into the next monetary unit? What comes after trillion? Gazillion?

Fri, 03/18/2011 - 19:45 | 1073930 andybev01
andybev01's picture

I don't have that many toes...

Fri, 03/18/2011 - 20:03 | 1073981 Irwin Fletcher
Irwin Fletcher's picture

And I can't count to 21 without pulling down my pants. How shall I be expected to comprehend this $2.3 tril difference?

Fri, 03/18/2011 - 20:30 | 1074067 JohnG
JohnG's picture

Here's a handy reference guide to the demise of the US economy:

http://en.wikipedia.org/wiki/Names_of_large_numbers

 

 

Fri, 03/18/2011 - 22:22 | 1074256 James
James's picture

In the future we will have Googleaires.A Google is any number with 100 zeros after it!

Sat, 03/19/2011 - 09:31 | 1074927 Stuck on Zero
Stuck on Zero's picture

That's Googol!!!

Fri, 03/18/2011 - 19:43 | 1073916 Papasmurf
Papasmurf's picture

Obama had an estimate?  I thought he was playing golf.

Fri, 03/18/2011 - 20:12 | 1074015 Irwin Fletcher
Irwin Fletcher's picture

I saw his to do list when he was taking a cigarette break at the fairway on the 2nd hole - several estimates of note: green breaks slight left, 233 MegaSieverts, the 'milligram of silver' stops here, and uconn 3-peats as womens ncaa basketball champs.

Fri, 03/18/2011 - 20:23 | 1074050 Dr. Porkchop
Dr. Porkchop's picture

Isn't congressional budgeting just like lying on your golf card? Ooohhh 9 trillio...er mulligan!

Fri, 03/18/2011 - 19:45 | 1073918 LowProfile
LowProfile's picture

Anyone else think we'll look back on reports like this as being a sign of just how detached from reality our government was?

Fri, 03/18/2011 - 20:22 | 1074051 Spitzer
Spitzer's picture

I really don't know..

What if you seen the current joke show 10 years ago ? You would say, no way.

Fri, 03/18/2011 - 19:44 | 1073919 dbTX
dbTX's picture

what's the point of even having a budget, it means nothing, damn the deficit, full spending ahead

Fri, 03/18/2011 - 20:25 | 1074057 maximin thrax
maximin thrax's picture

Government spends as the borrower of last resort in order to sop up all that money the Fed prints to keep interest rates low enough that the national debt can be serviced. As long as GDP is enumerated in dollars, rather than gold or oil for example, ever-weaker dollars can raise annual GDP to whatever level is required to be an acceptable proportion to the accumulated debt. So the question is, can the future real value of the dollar be divined by knowing what the future debt service will be, assuming that as many dollars as required are planned to be emmitted to maintain debt serviceability (low interest and a proportionate GDP)?

Fri, 03/18/2011 - 21:43 | 1074206 Backspin
Backspin's picture

You're making sense to me, thrax.  What you are describing seems to be the way they are doing it, and I expect that it will continue to work... until it doesn't.  These things grow exponentially, and exponential growth gets out of control at some point.

So, when does it really get out of control?  I'm guessing in a few years.  We shall see.

Fri, 03/18/2011 - 19:45 | 1073920 Rainman
Rainman's picture

No wonder Timmay followed the leader to Rio. Good time to release this noxious budget gas. Here I thought they were running from the radiation.

Fri, 03/18/2011 - 19:46 | 1073935 Shameful
Shameful's picture

Yeah right.  By 2021 the yearly deficits will be at least 9.5 Trillion.  Forget debt to GDP of 100%, I'm looking for deficits to GDP of 100%!

Since debt growth will now rapidly expand past GDP growth, it's just circling the drain.  Don't know how long it will last, but I daresay this stage of the game will explode in a fiat fireball well before 2021.

Fri, 03/18/2011 - 20:28 | 1074066 maximin thrax
maximin thrax's picture

Nah. GDP, priced in ever-weaker US dollars, will be three times what it is today by 2021. However, priced in oil it will be two-thirds today's GDP. Priced in gold it may be one-third today's GDP.

Fri, 03/18/2011 - 19:48 | 1073940 rich_wicks
rich_wicks's picture

This is not rocket science.  You see this:

http://samoyed.dnsalias.org/national_debt.jpg

The red line is what our national debt would be if it grew at a steady 9.4% a year, since 1971.  The blue line is actual debt.

We'll be at over 30 trillion dollars by 2020 - provided the nation doesn't collapse first.  Any estimates from any government sources is pure BS. 

Fri, 03/18/2011 - 19:51 | 1073947 Oracle of Kypseli
Oracle of Kypseli's picture

Spending cuts will not do.

You need a tilt and a radical game restart.

Show me a man with brass cojones, or a woman with steel breasts resembling the front bumper of a 1956 Buick please!

Show me a leader who utters "don't get stuck on stupid reporter" and then we can talk. 

If not, QE ad infinitum.

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