It's Official: DTS Discloses Total Debt Hit Ceiling Yesterday; Government Draws On $14.3 Billion From Retirement Funds

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Tue, 05/17/2011 - 16:17 | 1284464 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Looting in broad daylight... and what do the citizenry do? Same as always, nothing.

Also, why not sell some of the gold in fort knox? After all, if you aren't going to sell your gold when in times of need like these, when will you...? There is some gold to sell, right?

Tue, 05/17/2011 - 16:21 | 1284482 Zon
Zon's picture

And what have you done?

Tue, 05/17/2011 - 16:20 | 1284488 redpill
redpill's picture

Who is John Galt?

Tue, 05/17/2011 - 16:49 | 1284609 LowProfile
LowProfile's picture

I heard he shrugged and left town...

Tue, 05/17/2011 - 17:14 | 1284701 camaro68ss
camaro68ss's picture

Obama- “how do we hide the raiding of government pensions?”

Turbo Timmy- “ 24/7 marathon of American idle. That should do it!”

Obama- "Sounds good, o one thing, the circle jerk party is at 6 tonight dont miss it"

Turbo timmy- "Come on Mr O, you know i would never miss that"

Tue, 05/17/2011 - 18:03 | 1284917 solgundy
solgundy's picture

at least social security money is safe....they stole that years ago

Tue, 05/17/2011 - 18:58 | 1285040 Zero Govt
Zero Govt's picture

the parasitical scum will rob, rape and vandalise everything good in the country not tied down from behind their desks in Washington

...401k's next

Thu, 05/19/2011 - 12:48 | 1292043 dracos_ghost
dracos_ghost's picture

...401k's next


Yuppers. This is the first shot across the bow.

These guys have been structuring a de facto takeover of retirement accounts for a couple of years now:

Wed, 05/18/2011 - 06:40 | 1286375 Urban Redneck
Urban Redneck's picture

Galt reread the Art of War and relocated to a more defensible position than a gulch.

Tue, 05/17/2011 - 16:26 | 1284512 malusDiaz
malusDiaz's picture

Shoveled 25+10 yards of Loam / Dirt!

Raised a Green house

Raised Chickens

14 Raised beds

90' long row,

24' long row,



Tue, 05/17/2011 - 16:49 | 1284602 DaveyJones
DaveyJones's picture

and barter goods and services

Tue, 05/17/2011 - 16:50 | 1284615 LowProfile
LowProfile's picture

Make sure you reserve a portion to go to seed, so you can collect them.  Don't count on Burpee being able to ship what you need.

Tue, 05/17/2011 - 16:59 | 1284661 DaveyJones
DaveyJones's picture

so true, the colder and drier the better. Add to it, lots of perennial edibles. Plants For a Future is a nice site and Eric T's Perennial Vegetable book. The Siberian Pea Tree looks like a reliable survival source of protein and grows like a weed. Unlike nut trees, you'll have your protein source almost immediately. Although it's an annual, Quinoa is an incredible complete protein source and also grows easily producing tons of seed. It's nice to look at as well. One way to make sure you get b-12 if your diet is restricted to plants is to make sure your own fertilizer includes animal manure (like chicken waste and straw in their pen thrown into the compost bin. Good stuff 

Tue, 05/17/2011 - 18:46 | 1285052 the rookie cynic
the rookie cynic's picture

Pea shrubs are also good forage for backyard chickens, even long into the winter. They peck the shriveled peas right out of the bushes. Also nitrogen fixing and has nice yellow flowers for part of the year.

Hazelnuts are another fast growing protein producer.


Tue, 05/17/2011 - 20:16 | 1285323 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Ron Paul says to sell the gold in Fort Knox?  Is he bluffing because he knows there is nothing in there?  What is his deal?

Tue, 05/17/2011 - 20:37 | 1285367 tmosley
tmosley's picture

Someone with his level of knowledge should realize that selling the gold out of Ft. Knox would literally kill the country.  It seems to me that this means that he thinks the US can no longer be saved, and must be euthanized so it can be reborn from the ashes.

Can't say I disagree.

Tue, 05/17/2011 - 20:36 | 1285374 sullymandias
sullymandias's picture

Ron Paul now confirmed as a shill. A neoconservative dressed in libertarian clothing.

Dr. Paul told the Sun today that he reckoned the sale of gold reserves would be “a good and moral decision. An individual would have to do the same.”

That depends. If an individual was born into wage slavery, couldn't even survive without taking on a debt, and then found a way to squeek out of the debt while maintaining some hidden wealth, well then, good for her!

For us "citizens", it is an entirely different matter. The debt is a fraud, outright theft perpetrated upon the american people, as well as upon the people and institutions that bought the debt. To suggest that the people, or the even the current government, was under a moral obligation to pay back such a debt, is simply outrageous. Such a suggestion could only be made out of stupidity and ignorance, or in the service of the oligarchs who have defrauded us.

Wed, 05/18/2011 - 02:20 | 1286207 efiniti
efiniti's picture

Guess what buddy?  The gold at fort knox is NOT your gold!  Its NOT the people's gold.  It never was.  Its the governments gold.  The one that made all these promises it could not keep and sold itself into debt it could not pay back.  


Well now the bills are due and the people are collecting.  Karma's a bitch, ain't it?

Wed, 05/18/2011 - 21:15 | 1289788 sullymandias
sullymandias's picture

Hey "buddy", don't be an idiot. Eventually we are going to have to move to a metals-based currency. The more gold the government has at the time, the stronger that new currency would be. While should we sell the gold now to pay off a debt that we are going to have to default on anyway? Why not default and keep the gold too?

Tue, 05/17/2011 - 20:41 | 1285386 sullymandias
sullymandias's picture

Libertarians are fucks for pretending/believing that the Federal debt is legitimate.

Tue, 05/17/2011 - 20:58 | 1285444 iLoveMisesToPieces
iLoveMisesToPieces's picture

I'm sure this is just a way to force a backdoor audit.

Wed, 05/18/2011 - 00:11 | 1286019 jaffi
jaffi's picture

From a sound money perspective, this makes perfect sense. What better way to support sound money than for the government to sell its gold back to the people? Not only that, but it is one of the most moral things that the government could do to pay its debts. Let me ask, what is more moral, to sell the gold back to the people in order to pay the government debt, or to inflate the currency in order to pay the debt? I think that it’s a pretty easy decision, and I respect Ron Paul for staying completely consistent in his principles on this matter.

Plus, we get to find out if the gold is actually there.

It is not as if the government holding the gold does anything to help you or me, or that it confers any sort of ownership to you or me (collective ownership is a theoretical impossibility).  Plus, if the government were to sell the gold, it would help people (like you or me) buy up some more if the price dips due to increased supply in the market.  Why would I want the government to have the gold if I can buy it from them?

Tue, 05/17/2011 - 19:49 | 1285253 Things that go bump
Things that go bump's picture

Some modern hybrids don't produce seeds or produce terminator seeds that don't germinate.  

Tue, 05/17/2011 - 16:51 | 1284636 tmosley
tmosley's picture


Tue, 05/17/2011 - 18:17 | 1284962 mynhair
mynhair's picture

Stay away from trying jalapeno peppers - total aphid attractors.

And weird fungi, though it might be downy mold from the garlic.


Tue, 05/17/2011 - 16:29 | 1284524 Brian
Brian's picture

Here is my BIG question on this.  What happens right now if there is a bank run?

Can the FDIC now cover a large-scale banking crisis while the feds are at the debt ceiling?

Since we all know the banks are insolvent - the majors at least, BofA and the like, shouldn't everyone grab their money right now?

I think I'm getting the remaining cash (I still have some USD, it's not all in gold/CAD yet) and take it out before other people get the idea that a bank crisis will actually mean the REAL loss of their cash this time around.


Tue, 05/17/2011 - 16:42 | 1284549 hedgeless_horseman
hedgeless_horseman's picture

Cash and bank runs are the past. 

Debt and defaults are the present.

Barter and theft are, once again, the future.

Tue, 05/17/2011 - 16:40 | 1284572 Careless Whisper
Careless Whisper's picture

The SOLUTION to hitting the debt ceiling is quite simple. The Federal Reserve Bank can simply forgive $1 Trillion worth of Treasuries that it owns.  What difference would it make? It's just one big circle.

Tue, 05/17/2011 - 16:54 | 1284651 NotApplicable
NotApplicable's picture

It would publically expose the facade in such a way that even the bozos on CNBS couldn't ignore while retaining any credibility amongst the herd.

It may happen eventually, but it's an idea whose time has yet to come.

Tue, 05/17/2011 - 17:15 | 1284737 Tyler Durden
Tyler Durden's picture

You do realize that the Fed has a balance sheet in which every asset (Treasury) is matched against a liability (USD or excess reserve). So does that mean we take out $1.4 trillion of the $800 billion in dollars out of circulation and classify them worthless?

Tue, 05/17/2011 - 17:42 | 1284836 RichardENixon
RichardENixon's picture

They'll be worthless soon anyway, so why not?

Tue, 05/17/2011 - 19:29 | 1285203 unununium
unununium's picture

Fed has already announced what it would do.

Treasuries forked over would be offset by negative retained earnings, ensuring that Fed doesn't pay residuals back to T for a long, long time.

Tue, 05/17/2011 - 20:10 | 1285320 woodashes
woodashes's picture

cant we classify 1.4 trillion worth of m3 debt out of the fed's black box worthless? there's gotta be a few hundred trillion in there by now we can default on 

Tue, 05/17/2011 - 17:28 | 1284795 Dr. No
Dr. No's picture

You are getting confused in thinking the interests of the FED are the same as the interests of the US government.  Let me know what advantage the FED has to forgiving the gov debt and your theory may have basis.

Tue, 05/17/2011 - 16:53 | 1284635 NotApplicable
NotApplicable's picture

Agreed, but given that the FDIC is back-stopped by a credit line to the Treasury, Brian's question is still relevant, at least in the short-term.

In other words, its yet another tripwire if someone decides they need to blow something up.

Not that anyone would do that...

Tue, 05/17/2011 - 17:30 | 1284814 Smiddywesson
Smiddywesson's picture

People have to have enough money in deposits to make a bank run.  Most people today are either invested, or living hand to mouth.  No bank runs

Tue, 05/17/2011 - 17:59 | 1284907 Caviar Emptor
Caviar Emptor's picture

+1/2. I agree, with some reservation. Only because the pain threshold for banks today is so low that even a small "run" could elicit a cry for help. And panic begets panic

Tue, 05/17/2011 - 19:03 | 1285119 Zero Govt
Zero Govt's picture

it doesn't take much to bring a bank or Govt down... they're all leveraged to fuk and on a knife-edge ...great economic system we have eh?

Tue, 05/17/2011 - 20:38 | 1285379 mt paul
mt paul's picture

bank run of the 21st century


is just a bunch of people 

not paying their debts ...

add to the thought

30x leverage on those non performing assets 

that's a bank killer....

Tue, 05/17/2011 - 17:04 | 1284687 bob_dabolina
bob_dabolina's picture


Wouldn't that be a shit show.

An insolvent government trying to bailout an insolvent financial system by an insolvent tax base.

He, see, see what they did there?

...time to install a MK-19 on my roof?

Tue, 05/17/2011 - 17:18 | 1284764 trav7777
trav7777's picture

only if that roof is in a country that isn't bankrupt and doesn't have a police/security apparatus that can and will find you no matter where you are.

A lot of the bugout ranchers seem not to get a couple of things; the first is that they are WELL within irretrievable contamination distance of a NPP if "TSHTF" and the white guys stop going to work for a week.

The second is that the .gov knows exactly where you are and can destroy you and everything you own with one cheapass MQ9.  These things can loiter for a lot longer than you can.

The USAF, CBP, DHS, and everythefuckbody has these planes now, hundreds of them.  They will find you.  They cannot be reasoned with.  They cannot be bargained with. They don't feel fear or pity or remorse.

Tue, 05/17/2011 - 17:45 | 1284856 MrFriskles
MrFriskles's picture

Sorry, an NPP? What is?

Tue, 05/17/2011 - 18:12 | 1284943 traderjoe
traderjoe's picture

Nuclear power plant. 

Tue, 05/17/2011 - 17:52 | 1284886 tmosley
tmosley's picture

You sound like you're shitting your pants. Which is hard to do, considering you are an excremental.

Also, funny that you for some reason assume that the government is going to be after individual people just for moving away from the city.

Even more funny is that you think 43 million dollars is cheap.

Somehow MORE funny than that, you think the government can somehow afford a big old missile for every country home in the US.

Seriously, you should write doomer fiction. It'll sell well right alongside marked down Jeff Foxworthy books and no-name Spam-lookalike products.

Tue, 05/17/2011 - 18:35 | 1285023 trav7777
trav7777's picture

what they cannot seize with the local police they will take by force with the military.

You idiots with your farms thinking you're safe and you've hardened things and TS will HTF and you'll just bugout to your ranches are morons.

If you put up any resistance to the "property of the Party" sign, they will overfly you with a drone and hellfire your ass.

Future archeologists will assume that the colocation of so many shallow deposits of trivial amounts of silver bars with fossilized hams with a metal plaque marked AGM-114 must have been some kind of insane cult of some sort.  They'll be accidentally right.

What was it that caught your ire, cliff?  The fact that if white people don't show up to work, your farm will be radioactive in short order?

Tue, 05/17/2011 - 18:59 | 1285091 Shell Game
Shell Game's picture

Many of my mil and ex-mil freinds say they won't comply with those orders.  The domestic police on the other hand....  at least until they are wiped out by my mil and ex-mil friends.  lol!

When chaos hits the dynamic system fan, binary scenarios like yours may not bear a whole hell of a lot of fruit.. 

Tue, 05/17/2011 - 19:11 | 1285141 Rynak
Rynak's picture

You folks are missing the point. The problem is not if the US gov can win a material war against its armed population. It cannot. The whole idea screams fairytale lands.... all their fancy hightech weapons are useless if they have an entire population against them.

No, the much bigger danger is: Will this even happen? Will they have most of the population against them? Distinguish between what YOU would do, and what the masses would do. Take a good look at them. Will they react with consistent resistance? Are those people who would engage in civil war rather than being submissive and being slowly boiled alive?

I don't know the answer. I'd give it aproximatelly a 50/50 chance with a slight bias towards: No.

Tue, 05/17/2011 - 19:37 | 1285236 Shell Game
Shell Game's picture

There will be a breaking point, especially with those who have a shred of self-reliance and desire to be left the fuck alone. Most of those types will be armed.  It won't require anywhere near 50% of the population, a mere 10-15% may be all it takes.

Tue, 05/17/2011 - 19:50 | 1285268 Clay Hill
Clay Hill's picture


We're supposedly chasing one or two hundred AlQeada in Af-Pak, right?

What's 1% of 310 million?

Tue, 05/17/2011 - 20:08 | 1285315 Rynak
Rynak's picture

I honestly hope that you're right. And i rarely hope - i dislike doing it, because of what it implies.

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