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Getting Close Now
And as of today...
Once again, Tim, good luck with that issuance of fresh $72 billion next week.
Oh, and did we mention there is $492 billion in maturities and $31 billion in interest outflows in May? We forgot?
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It's all about the new math :) bizarre stuff. I could not pass grade 2 math now. But my kids couldnt have passed my grade 2 math class and as far as I can tell 4x4 is still 16 no matter what my kid's teacher says
Don't forget the Civil Service Retirement and Disability Fund. They like to borrow from that fund.
Then there's also a possibility of a staged retaliation from a terrorist sleeper cell to avenge the death of the long-dead one. Once that happens (as on 9/11), laws are immaterial.
I think you have just won an unexpected visit by SEAL team number 6.
Timmay!!!!!!!!!!
http://images.icanhascheezburger.com/completestore/2009/3/24/12882383585...
Obama/Bernanke/Geithner:
We all know it at a visceral level.
We're screwed!
Against this backdrop, the 10 year hits 322.. just 1 bp off the Japanese panic induced low for the year... WTF??
Another 60 basis points or so and its the spring of '09 again.
Someone please tell me what to think about this, I don't like any of my thoughts.
Just think happy thoughts. The soma will kick in shortly.
Reality is a hard place to live - far easier to stick w/ the sheeple and believe the normalcy bias.
Probably as good a place as any to stick this... Reality..teehee..
Will F. as zeeshrub on OBL
http://www.youtube.com/watch?v=a9AIoWzPpJ8
Will Ferrell is a fricking genius...LMAO
+10
Got Gold and Silver?
Pfft - like Turbo Tax Tiny Tim gives two poops about some sort of statutory debt limit thingy.
Riiiiiiiiiiiight.
Oops I forgot worked as a defense once, why not again?
George J.W. Goodman, The Money Game
Who's gonna buy the debt after this June? Little late to announce QE3?
This means that the debt ceiling deal will go through in the next week, one way or another.
Just like recent budget fight:
It's not going to happen!
It's not going to happen!
It's not going to happen!
Oh, it happened.
If we just kept printing and didn't tell anyone, who would notice? Fuck it why not.
Didn't I read somewhere that Timmay can do Acct manipulations and push off doomsday until Aug 2 ???
Treasron book-cooking?
Yes. Yes, you did.
https://docs.google.com/viewer?url=http://www.treasury.gov/connect/blog/...
Thank you for the post.
Great thing about this is that we'll play acct games, overclaim tax revenues, etc. but as soon as the debt ceiling is raised (not if) the debt will take a BIG jump toward $15T due to re-establishing reserves drawn down, blah blah. So, debt has been and will continue to move slowly now but WHAM, as soon as the ceiling is through we're going make good use of that new $2T+ of debt room and zero in on $15T between Memorial day - Halloween?
Debt / GDP 1:1.
Debt growing @ about 10%
GDP growing @ about 3% (or whatever)
Debt will shortly be larger than GDP and growing significantly faster.
That my friends is game over (and that's not even accounting for increasing interest rates and spiraling debt payments...or megaflation if Fed decides it is permanent Treasury lender of last resort).
Except Geithner is lying. But you know, since they always find new accounting games to hide the truth, he might be right for once.
Is receiving Food Stamps taxable income?
Since when does the federal government even pretend to care about the law - at least law that purports to bind the authority of the all-powerful executive branch?
Timmay get on the phone with AMEX right away!
Government buys most of their stuff with Mastercard at or below a certain price point. We hate it, we have to to pay 3-4% to process the credit cards. What a ripoff to businesses that do business with the government. JPM gets the %. It's stupid.
put us on freakin orange alert and let el presidente milk dud raise the debt limit for national security b/c nothing matters where terrorism is concerned, nothing!
Load up on the physical. Enjoy the BTFD opportunity.
WTF are Hope Bonds???
They transform all your dollars into small change.
What kinda change? Change we can believe in or little metalic tokens...cuz, compared to the linen/cotton blend of the infinity-and-beyond-dollar, that might not be a bad trade...
Tin and other relatively cheap alloy stuff.
Not even good for casting bullets.
tin is good, but only about 4% to 6% to increase hardness. Keeps your bore cleaner that way.
I use Hoppe's No. 9 for that. Good stuff, that Hoppes.
Funding for Berskank's exit plan.
Timmay can fix that form as swiftly as Timmay fixes a 1040...
These CNBS band wagon wana bees make me laugh.
I heard that Obama has $14+ trillion stashed away in his desk which should cover this shortfall just fine. The $600 trillion in outstanding derrivitives might be an issue though.
Great point They could do off market swaps and receive big up front premiums that they pay back over time brush could write CDs on themselves and collect up front premium Grss lots of ways to generate cash :( weird country we live in
I suspect the Treasury may be purchasing bonds due shortly (say, May) thus driving prices up (and yields down) in anticipation of pre-paying or retiring the bonds early so as to remain under the debt limit.
Any reason this couldn't be the case? Would that appear somewhere it can be identified on the Treausy's balance sheet?
What do they buy the bonds with? Full faith and credit?
I'm just saying the checking account is empty.
So what's the total of debt that ``should`` increase in May? 492 billion + 31 billion? And they only have 14 billion to do it?
Hey, we invaded another country (Libya) without regard to the rules laid down by the Constitution, and have disregarded most of the laws of the Republic, what makes anybody here think that they won't bypass Congressional authority of monetary matters when it comes to the debt? Timmy already gave a few hints o that already, they'll probably just use the Executive Privilege BS. Or, some "emergency measure" convolution. Either way, nothing will change, and the debt will increase. Those in Congress will say nothing because they are bought and sold by those who most benefit.
Same old, same old. The only difference is that now they do it in the open.
Americans are forced to use the Dollar, and right now, everyone else feels forced to use the Dollar, but soon people outside the US will feel forced to NOT use the Dollar.
I think that's called "Greshams law"
Can't Timmay legally mint as many coins as he damn pleases without borrowing anything from anybody?
Timmay mints new coins in denominations of $1B, $10B, and $100 Billion. These get delivered from the Mint to Ft. Knox, and the Treasury adds them to the books, then Congress can spend the new money without any borrowing required.
Oh, wait, <slap head> I forgot: the whole PURPOSE of the out of control spending is to deliberately drive up borrowing, so the banksters can flip zero interest loans from the Fed for fast, free, guaranteed profit.
Doesn't make any sense for the government to mint or print, there's no bankster profit in that. Duh.
I cant remember where I read it, I think it was Rothbard. During the depression, local banks locked the doors, depositors lost their deposits, but the loans were bought up by the larger banks. So we had a tag team event: people lost their savings but any outstanding loans were kept in force. Quite impressive coup de grace by the big banks and FED.
"So we had a tag team event: people lost their savings but any outstanding loans were kept in force. Quite impressive coup de grace by the big banks and FED."
The thousands of banks that were put out of business were the George Bailey Savings and Loan independant banks.
The Boys (ie Fed, JPM, Chase, et al) aka Mr. Potter intentionally put them out of business and increased significantly the syndicate's share of the total banking business.
Unbelievably it's come to this: "CNBC breaking news, Billionare Carlos Slim selling Silver Futures."
If CNBC is announcing that Carlos Slim is selling, via breaking news, I'm out!
/sarc
Who else hates CNBS as much as me? Is it possible?
I thought I was watching the Comedy Channel doing a bit and then accidentaly stumble onto the Comedy Channel. I watched for a minute and then went back to CNBS. CNBS is much funnier. How those folks can do their lines with a straight face is beyond me. Comic genius.
CNBS archive
slim + caruso cabrerra
http://video.cnbc.com/gallery/?video=1754036798
For a laugh every once in awhile it's worth watching :) though the day they had welch and buffet on at same time I almost puked. Was too much even for me
All TV is sh*t. It all supports the boy islamic emperor with no clothes or real BC. It is constant lies and brainwashing of the idiots who watch.
When? Today? Last Week?
More like: "Breaking ... CFR/Carlisle/USN to sell crude futures."
I don't see where that type of news ever affects the number of coins I physically have.
Senator Obama told us we can NOT go above the debt limit !
No matter what his title, he is still a politician. And, a lawyer politician, at that. Seems to me that his primary specialty is that of BS.
As long as the phony big bank balance sheets look awry, er, alright, then everything is cool bitchez!
There is not a hard stop. There are lots of things which can be done to prevent a "breach". What is a breach? As we speak, accountants are being brought to bear on this problem to shuffle debt to other balance sheets, additionally, games are being played on what is a "debt" and what is an "asset". Believe me, no one wants to go over. This is a football to be punted. If the debt can be called something else in order to not violate the letter of the law, they are doing it! Trust me, the congress who anounced $30 billion in cuts when in reality only cut $300million, can find away to dance this along. In the very unlikely event the ceiling is breached and some crazed american files some sort of lawsuit crying foul, it will go to the courts who, my i remind you cant count votes, much less $14trillion.
It makes for good TV though. Look for Timmah to announce some sort of special FED reverse repo swap CDS in which the "debt" technically is not increased for 6 months. What is one more layer on the house of cards?
exactly, i think tyler posted a few weeks back they were 15 bill from the limit. But theyre still going....they'll extend and pretend with accounting gimmickry. It may be the only thing they actually do have worked out.
The only reason Timmah is saber rattling with his memo's to congress about the debt ceiling is Obama needs the political angle. You think Timmah would be doing this otherwise? He should be doing the opposite and hoping no one finds out. In fact no one does want to find out; no one want this on TV. Timmah is screaming (if you can call it that) becasue there is an opportunity to fry someone in the public domain in regards to this issue.
Some economists said they should undeclare medicare and social security as debt... that would sure ``solve`` the problem... Yep...that's the ticket.
I absolutely expect something like that to happen, otherwise the magic phrase "subject to the debt limit" wouldn't be so magical.
fucking win.
How about this one...
Write a law where the Treasury gets US Military assets on thier books? 10x nucuelar aircraft carriers "marked-to-market"? DEBT SOLVED.
or how about let them account for tax revenues for that year fully at the start of the year?
or swap FRNS from one side to the other?
They have 6,000 (ok I made this number up) laywer/accountant hydras working on this one.
The approach by congress is purely political. They'll pass something at the 11th hour, no question.
Is it me or did William Banzai's piece on " Did We Get Him" Just disappear?
it's you.
Strange scenes inside the gold mine, eh?
DaddyO
The debt clock must be slow -
http://www.usdebtclock.org/
$10b slow. Ahhhh, who's counting anyway.
Guess this means Obama gots no fiat to rebuild tornado alley. Another USA disaster goes on the back shelf for lay-away.
well print our way out of that too and if anything else comes up
like the looming earthquake storms on the west coast or another hurricane, they have no choice.
so long as thier is ink in the printers, they have a rainyday fund.
You really think that Washington is worried?
They will just print more money behind the scenes.
Besides, most of the government spending is off the books anyway.
With the money we spent in Iraq the last 10 years, we could have upgraded our entire infrastructure in one fell swoop.
They will just print more, make some bookeeping adjustments, and also unleash another torrent of "Sell Silver Short" COMEX order tickets.
Look how well it worked the last few days. I very much doubt that Washington is worried about the debt ceiling.
LOL.....
Burn Baby Burn
Disco Inferno (how prescient was that disco music?)
Eric Sprott spent a lot of his sale profits on physical silver. He bought it directly from the industry and bypassed COMEX. That means COMEX will never see that silver, because we know he will never let it hit the market while COMEX is still around. And yes, he also bought some miners.... but not nearly as much as he bought physical.
All in all, he sold silver at a ~20% premium and used that sale to buy 20% more physical and some miner shares. Go Sprott, we're with you buddy!
Do you have a source?
TYB --- always talk your book
There is an out.
The Fed could easily write off its treasury holding. Just Poof it.
The Fed can create and destroy money at will ... imagine that, a trillion dollars or so of debt free money floating around the system... but if we do that, why do we need they Fed? They have completely failed at their two main legislated objectives and have only claimed success by fraudulently changing the measurement systems.
I wonder if the Bernank got any sex in college?!? My guess is no.
this is why the previous 6 incarnations of the federal reserve have failed
at this point i don't think there's an andrew jackson esc character that can save the system form itself. my last hope was with ron paul but we all see how far that has gone.
the last attempt the US had on creating its own currency and trying to abolish the fed was with JFK and executive order 11110, and we see how far that got.
maybe with any luck the other economies of the world will pick up and give us thier book keeping work like weve been doing!
perpetual debt cieling raising bitches!
I promise if elected president to burn down the Fed and hang all bankers after a sham trial. Gold 36000 for president.
"...and then there were none."
http://blogs.reuters.com/photo/2011/05/02/ready-to-record-history/
(I am surprised that Reuters has not pulled this - the images and the re-enactment all speak to the many recurring themes here at ZH )
The production value on POTUS 44 is absolutely incredible.
Interesting story. So the reporter got the alert late at night, rushed to the White House so fast he didn't have time to tie his shoes, and between the time he arrived and the time the President spoke, large celebratory crowds were gathering? 2 minutes after the press conference there was a howling mob outside as if it was a sports victory? How did that happen so fast?
Anyone have any idea what the value of the Federal Government assets are including land and mineral rights.
Hmm, think it might be something greater than 16 trillion, you know just sayin.
Last time I checked that's how you determine solvency assets on one side liabilities on the the other, with future assets and liabilties discounted uisng net present value function
Use your brains Pimples (Precious Metals Sheeple).
Sounds great. Let's do a sale-leaseback to the Chinese bafoon. Right? Let's monetize our United States real-estate. I hear Bill Ackman does wonder in these types of transactions.
Your a fool.
Are you talking assets that don't travel well, purple mountains majesty, amber waves of grain? Or books in the Library Congress and fleets of cars and SUVS?
Who's going to buy the Grand Canyon if the deed reads: 'Must stay in Arizona?' If you think the Pentagon is going to sel itsl weapons, including nukes, let me know where you get your bud.
I got it. EBAY.. I'll mix up some pudding, cover it in Texas Pete, call it the brain of OBL and put a $14,000,000,000,000,000 buy it now on it....CB
The federal government has zero assets! "The people" own the public assets. "We" are the bosses not these tyrants!
Tuco Benedicto Pacifico Juan Maria Ramirez
Let me fix that for you.
The federal government has zero liabilities! "The people" own the public liabilites. "We" are the bosses not these tyrants!
to Unclebigs:
You're sounding like Jon Nadler. Its would be more prudent to wait and see how long exactly this price direction and movement goes. I hope you're right, would like to see a better price.
Ahem...and the record margin increases in silver isn't also coincidental in the U.S. defaulting on its payments (notwithstanding the zero inventory problem).
Yup. It's the last thing the despots want: choas in the treasury markets with Silver hitting daily highs simultaneously. They will do anything to try to lure every last person into the stock market instead.
S&P 500 Trading System Alert (pysche)
I did sign up for the Breakpoint Trades SPY trading system. Today it almost issued an alert based on closing price. Long or Short? I can't say and won't say. I do bring some ideas and charts from BPT here on occasion, and they are fine with that, but I won't be releasing these swing trade signals as it is against the agreement, and they are too valuable. I also contribute at BPT, and they have a great live blog.
For now, I have decided to play these signals using futures. 2 reasons, I have money tied up in other stuff, and want the liquidity, AND Tax Advantage.
Futures or options on index funds get special tax advantage, you pay 15% rate instead of what most people are probably at 28% and higher. That is huge, because it is all about what you can keep. The long term capital gains rate applies to 60% of the profits, 40% are still taxed at short term rates.
True that futures are hunted at night, but /ES is as liquid as it gets....definitely ES still gets hunted, but it really won't matter since this is a buy/sell on open or close MECHANICAL SYSTEM and so overnight shenanigans won't even come into play. A veritable Rube Goldberg mechanical system, but mechanical system nevertheless.
continuation and more info here----
http://oahutrading.blogspot.com/
They say the sea turns so dark that
You know it's time, you see the sign
They say the point demons guard is
An ocean grave, for all the brave,
whaddya mean you dont know cthulhu reference?
Sheesh, i awaken from my eternal slumber in Ry'leh to have da vinci do this stupid marketing portrait for me, and 500 yrs later people still dont know who i am
Burn it down. Burn it all down. Hit the reset button. Find the perps. Take care of them.
if the US treasury secratary was a super hero
.
hed be able to piss money and have sex at the same time
.
BUT TIM GEITNER IS A VIRGIN HAAAAAAHAHAHAHAHA... get scooby doo in there for fucks sakes
Permanently shut down the federal government.
Permanently shut down the federal reserve.
The experiments with central government and central bank were absolute, complete, utter failures (except for the predators-that-be).
We don't need no fiat "central authority".
RESET. Back to reality.
"In the Roman Empire of the fifth century, there was no paper currency, no keystroke credit and debit, but the gold, silver and copper coins were continually devalued; the follis, a bronze coin with a silver coating, became smaller and smaller. That was how the empire paid its bills: by coining money with less and less intrinsic value. Significantly, gold coins were not devalued, but in the fifth century, only the wealthy ever saw them." "It's not clear, yet, whether we will follow Rome into the "dustbin of history," or whether we'll retire gracefully to become a "former" empire, like the UK, or the Netherlands. But one way or another, the American era is on the way out as surely as the Roman era was, long before 476". So if it hadn't been for Bernanke and QE, the dustbin might have happened a couple of years ago. Hard to say.
I think we have another 100 years.
Ok my plane is here. I know you guys will miss me the next two weeks!
we have another 1000 years, but look at the global competition, Russians, Chinese? reverse engineers? most people would rather live under the US system, than the crap they live under now. in relative terms we are the empire, and we are still young. this is not to say that the rest of the empire will be better than first two hundred years, it wont.
hehehe
Monetize air?
You can't live without it, which makes it valuable.
Air-based money.
We all know what happens when you run out of money before you run out of month. The sad part is, this is only May 4th and only 27 more days to go!
We all know the debt limit is going to be increased one way or another. Why bother wasting time, bandwidth and hot air on it??
Because timmah and obummer are trying to obscure the date of armageddon because now the tea party has all the power.
Raise the debt limit in 300 billion increments every two or three months.
Hand the bill to the president one hour before doomsday and zero out ten percent of government expenditures in another bill attached to it.
Dare the president to veto it.
Repeat process until our children are safe from boomer predators and debt servitude.
Can't they just borrow some from the amounts that the CIA physically prints up in SE Asia?
Do you want to know where the Rotschild's rank in the Pyramid of Capitalism? And where do we rank?
http://lonerangersilver.wordpress.com/?s=pyramid
Timmy is edging a debtgasm.
I hope you enjoy - I have no debt (bugger): I am off-radar: bad timing!
Oh, that debt ceiling is just another piece of paper, like the Constitution.
or like a FRN, or silver deposit certificate...........
Oh crap
http://www.whatdoesitmean.com/index1477.htm
Apocalypse Equation, I need more ammo.
Timy asked (pressed) for banking restructure in China (o3/May/2011): China & friends dumped dollar (04/May/2011): restructure is full-on tanks to the request of dim-Tim!
The politicians sold out the country to the bankers.
Monetize gold and silver, honest money!
I realize that this note is out of context for the topic here. It must, however, be stated that I have never been so embarrassed as an American as I am today, as it was the first occasion for me to see our First Lady dancing to a piece of popular music. I was ashamed by her performance, as she has stated that she was herself ashamed to be a American, before her husband was elected.
Michelle Obama should be mortified to call herself a black woman, lawyer or not. The purported 'first black lady' does not have the soul of a female lawyer, much less that of a modern negress. Her movements are as stiff and whitebread as those of a nervous Vassar College freshman. Neither does she possess rhythm, which should be natural to her demographic class. Michelle Obama is a freak of nature, neither really nigger nor American.
I have more natural soul in my single right foot than the First Female of this geographic division. Being a 57 year-old singer/dancer from New Orleans, I can dance circles around Alice the Goon. Oh, I should realize that I'm not a Member of the Bar. Sue Me!
I share your sentiment.
Props +
big ups, and pure comedy on the negress tip lol
usdebt clock dot org says debt subject to limit is 14.27~T
That site is a useless pos
Amazon.com is selling 2011 eagles for
$62.99 whaaaaa spot + 59% premium
Nice spread, Jeff! only way to save the company.
What can you do with this ponzi SLV scheme? go physical.
Also, see related interview here...
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/5/3_Eric_Sprott_-_Sprott_Has_More_Physical_Silver_Now_Than_Ever%21.html
Breaking News True Finn Leader says Greece to Default