This page has been archived and commenting is disabled.
Debtmaggeddon
Courtesy of Lee Adler of the Wall Street Examiner
Debtmaggeddon
Russ Winter of Winter Watch joins the The Wall Street Examiner’s Lee Adler as they continue their regular brief updates on the markets and economic/financial scene. Today, Russ explains in clear terms the impossible situation facing the US government, which the markets have yet to face.
This is a free podcast (click here) available to all listeners.
The July 6 podcast was also free and available to all and can be accessed here.
Pic credit: The Automatic Earth
»
- ilene's blog
- 9037 reads
- Printer-friendly version
- Send to friend
- advertisements -
Aristotle v. Madison
http://www.organizedforonce.com/?p=15
.
"Aristotle believed that the best way of suppressing the natural egalitarian urges of the poor was to reduce inequality. Despite the appearance here of an ideological agreement with American liberalism on the surface, Aristotle argues for a legitimate social welfare state: For democracy to really function, “Measures should be taken which will give all people lasting prosperity” (Politica, Book 4). He recommends that “proceeds of the public revenues should be accumulated and distributed among its poor” and proposes “common meals” and even “public land” (Book 5)..."
.
“Civil government, so far as it is instituted for the security of property, is in reality instituted for the defence of the rich against the poor, or of those who have some property against those who have none at all.” – Adam Smith (Wealth of Nations, pg. 236)""
..
Who caught Noam Chomsky's lie about Aristotle's Politics ?
He absolutely knows the preference, and he lies.
Oops meant to be a comment reply to Blindman re. Psy Ops.
"Gang Bang Six" a credible debt reduction plan?
Fuck those assholes.
As far as I am concerned this is war, WAR.
Bail out Wall Street then talk about austerity?
Offshore jobs, debauch the currency, and put the burden of debt on my children and grandchildren?
You assholes can rot in hell.
No Trust.
No Allegiance.
This country has lost me, and I am at WAR with TPTB.
What a joke! Calling the "Gang of 6" proposal a credibile deficit reduction plan? It sounds like just another kick the can deal if they are just proposing to address SS and other entitlements at some unspecified date down the road. I really believe we'd be better off in the long term to just go ahead and default and get it over with. It would seriously suck for several years I'm sure, but at least then we'd have some hope for a future after the reset. Just kicking the can down the road once again like the Greeks solves nothing!
Untrue. Steepens the walls of the debt-pyramid, making the ultimate Crash that much more destructive. I'm looking forward to Civil War II, but not yet personally ready for it. Doubt if you are either. Another few months to prepare is OK by me.
We are in trouble, truly.
less of the "we" are in trouble please ...it's "they" are in trouble as in the Goon Squad of the public sector and "their" turn ....while business and citizens have had to deal with the recession (as of 4 years ago) obese Govt has cosseted itself and continued to stuff its fat face with cream cakes at an even higher rate
it's called 'Global Govt socio-economic Dysfunction Syndrome' or 'Fuking Parasites' for short
..trust me when Govts come down you're going to feel nothing but a huge weight (bunch of parasites) off your back. If you're prepared and know what's coming just sit back, relax, chump your popcorn and watch the Goon Show unfold, it's a farce and rollicking good laugh all the way to 2016 ;)
if you get bored with these complaining petulent brats feeling sorry for themselves for enjoying decades doing sweet f.a. in cushy jobs lining their pockets and pensions with your money, you can bring the show to a close very quickly... Stop Paying Your Taxes ...yep, just join with 1 or 2 million fellow citizens and just stop funding this Theatrical Production (ie. stop feeding the parasites). Govt will collapse to a halt in about 2 weeks flat, the debt will implode and every Govt worker will be wageless, every corporate monopolist and fraud banker will be high and dry and also bankrupt in no time
Nothing kills parasites faster than their hosts waking up and realising they're lunch and giving them the finger
Silver market is behaving satisfactorily.
Yes, Ag is down satisfactorily. Would like my 30 seconds to the bell purchase of ZSL pay off.
Wall St is still having a Pollyanna Party. Just look at ES this evening!
Where's the 'donate Thorazine' button?
this is going around.
PsyWar - Wake UP!
http://www.youtube.com/watch?v=NXg70qJQ6O0
This looks promising...after all else fails, we will do the right thing.
http://www.aplanforamerica.org/
To the right of center, you can't "do the right thing" with a population of 315 million.
Gotta love the straight shooters.
Aloha Russ.
Comrades,
Do you like Socialist Realism as an art form?
I do Comrade Gosplan. I work for a glorious Zombie bank. Our 250 step project plan will allow us to fulfull our 5 year plan in 5 months.
(And - dude - if not, it's bonuses all `round. Isn't applied-socialism / crony-capitalism the BEST ?)
Ilene, I like your spunk.
Take a look at this site.
https://libertyrevival.wordpress.com/2010/07/14/milton-friedman-pay-off-...
https://libertyrevival.wordpress.com/2010/12/01/were-all-austrians-now-o...
https://libertyrevival.wordpress.com/2011/01/09/ending-poverty-and-polit...
https://libertyrevival.wordpress.com/2010/11/27/capitalism-without-monet...
https://libertyrevival.wordpress.com/2011/07/20/fixing-the-economy-tax-t...
Think Deeper...Deeper...Good
https://libertyrevival.wordpress.com/documents/economic-conspiracy/
https://libertyrevival.wordpress.com/
Perhaps we can all agree that about 60% of the American workforce (not system engineers, teachers, banksters, etc) will at some point in the future have to compete with Chinese/Indian men and women. According the CNBC The China Story, the average chinese worker makes $200/month working 6 days per week in a piece rate system. They live/eat near or at the factory in bunk bed dorms w/o A/C, TV, twittering, food stamps, unemployment, or health care (if you get sick you are sent to the country to die). There are no financial aid programs where you can go to school and live comfortably until you are 23 or 24 by borrowing $100,000 from the Govt. Now do you really think the average American is willing to compete in this the real global workplace? The only answer is to increase the debt ceiling and fund the deficits until the dollar loses its world reserve status. This will take 5+ years and we will probably go to war over that issue.
This is a superficial comparison. If all workers globally made the same amount of fiat (relative to prices) then there would be no incentive to leverage global work force wage differentials, and shipping costs would eliminate any marginal profits from such. There would also be a much reduced demand for those asian $200/day workers. The debt based pull from "first world" countries would be non-existent.
Asian workers go to these production hell holes because their agricultural work on the family parcel no longer feeds them or provides for a future for their children. Excess workers migrate to the wretched slum/factories in order to trade their time for more fiat than they could get selling root veggies at the local market.
But that is only because they have no other options. They have minimal middle class demographics to sell things to in their own economies. All their labor becomes exports to credit card purchasers in America and Europe.
The reality of this credit based pull which has created this false "prosperity" will dawn when the west as destroyed its ability to fund such a "system". Then I belive you will find out the real level of economic activity based on real earnings meeting real needs sans leveraging future earnings (via debt based purchases). And that will mean many, many asian workers will no longer be working (as well as workers in the west).
I would rather shoot a rifle and die than be a slave.
Dropping 20 g's on a shiny rock is a good place to start.