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A Letter To Congress

Tyler Durden's picture





 

from reader T. Willerson

Letter to congress

Dear Congressman:

It’s here:  Your moment at the plate.   You’ve whiffed more than a few … and, yes, we’re counting.  But you’ve been gifted another at-bat, and the President’s tired.  Seventh inning stuff is coming out of his teleprompter, and this full-count fastball will be straight, level, and slow.  You won’t see another one like this for five years.

An embattled first term president is faced with an outcome that he must, at all costs, prevent, and he’s done very little ground work ahead of it.  He is about to become the first President in American history to preside over a default on the national debt, unless you vote to let him raise the limit on the financial burden we leave our children.  He would ultimately be crazy to deny any reasonable option, absolutely anything, rather than live with the outcome of his refusal.  Politically speaking, he’s whispered a prayer to the Greek God of Imprudence and Fiscal Insanity, raised a one-finger salute to the nation’s savers through the sunroof of a stolen golden Beemer, and revved it toward the draw-bridge that you were elected to control.

Graphic by John Lohman

America’s debt has been moving straight up since the early 1980s.  In the beginning it was ok.  Debt is not, in itself, a bad thing, and a reasonable amount of leverage on the balance sheet can be positive for any entity, including the United States.  But we’re well past that threshold.  Researchers Reinhart and Rogoff, in their exhaustive recent work, This Time Is Different: Eight Centuries of Financial Folly, show that, historically, when debt in an economy gets above .9x, or 90% of GDP, the interest burden creates a negative cycle from which nations struggle to recover.  If we include the unfunded liabilities we’ve committed to in order to support programs like Medicare and Social Security, the United States of America’s financial obligations represent 8.7x, or 871% of GDP, almost 10x the amount that Reinhart & Rogoff determined lead to ultimate economic failure.  In terms that are much easier to identify with, this comes to a debt of $1,386,340 for every family in the US!  When you consider the average family’s ability to pay, it all begins to rhyme with those 2007 no - doc mortgages, doesn’t it?    In fact, if the US was a corporation, we’d be in bankruptcy proceedings and you, kind sir, would be holding a pink slip, a legal summons, and a scrap of paper with Dick Fuld’s cell phone number on it for advice on staying out of jail – because the truth is that he is no more guilty than you, and you no less than him, and we can stop kidding ourselves whenever you’re ready.

But, politically, you ask… what can really be done?  After all it’s always the other guy.  You know, that, sniff - sniff…, mean congresswoman from a lunatic district who disagrees.  It’s her fault.  She doesn’t understand math.  And she’s just intractable.  Intractable!  She believes that America’s social contract (I can’t find that in the constitution… ) is more important than the critically important task of shooting Tomahawk missiles at other parents’ kids to support… uhhm… different kids that we don’t really know, in a war that’s only sort of, well... a war.  I mean, the nerve of that… woman.  And there are others like her.  And there’s an election coming up every two years.  A bigger one every four.  Wait… what in God’s name did that lunatic McCain just say?  … Anyway, progress is too much to expect, and after a couple years of trying, you just… roll with the punches… do what you can…  Right?

When it’s time for that morning look in the mirror, you tell yourself it’s harder than you thought.  Too much of it seems bigger than the promises you made to get there.  In the face of disagreement, in the thrall of tight votes and divided leadership, you simply can’t get it done the way you’d hoped.  So you parse the polls, you chase the cameras, you fondle your constituents, and you wonder what the view looks like from the upper chamber.  You ultimately retire to the lobbying job, with one hell of a pension, and live in a way that you despised before you realized what two kids in college, vacations in Europe, and a wife with a strappy Jimmy Choo habit would cost.  You’ve kicked the proverbial can down the road, and maybe you tell yourself that it’s all our political system will allow.  And so it goes.

Or you find your moment - that point of crisis when rare circumstances put the bat in your hand, and you have the leverage to make a change - the kind of change that’s identified by far more than a focus-grouped slogan; the kind that alters the course of history.  You can do it by simply standing firmly for the principles upon which you were elected.

To blame you for catastrophe, legislators first have to explain the rejection of an acceptable alternative.  Barack can load the teleprompter with the righteous indignation of his Father’s Dreams and level each syllable with a stage actor’s grace.  The senate can whine and Harry Reid will triangulate desperately toward that elusive line between patriotism and pandering, sensitivity and simpering, missing every second and third step along the way.    You’ll have to hold through the deluge because the bully pulpit wins the news cycle, but an administration bears the blame.  Deflecting reporters is a privilege of the political class, but a President is beholden to history.

Certainly you could play for a single; just get a runner on base and hope like hell that the relief pitcher isn’t as strong as he’s been for the last ten years.  You could pick and pry and get just enough to say you won; aim for destabilization in the next election, and keep looking for your next shot.  You could bunt something unintelligible and complicated enough to confuse the anchorman and the AARP, pick the flowers from the fertilizer, and beseechingly extend the mess into the camera lens.  You could head for the primrose path with a pension and the lobbying job, and wonder, in weak moments, what your grandparents would say about abdication of duty.

Or you could rise to the challenge and do something meaningful - something that would answer that cynical question, the one that is on the lips of a generation raised to mute sound bites and soapboxes with the bored sweep of a pointer finger, but whose votes elected this President.  Their question: What does any of it really mean?

If not now… when?  Whether you win the next election or not…whether the next news cycle gives you a boost or not….  Will you get this chance again?  The President is in a bind that no speech, no dog-wagging war, no bill, and no mindless populism can change.   His back is against the 2012 wall and this time the outcome is binary.  He knows it.  He absolutely has to have you help him raise the debt limit.

This is legacy stuff, and it doesn’t matter which side of the aisle you claim, so keep it simple.  Leave out the social invasions.  Stay out of bathrooms, bedrooms, churches, and doctor’s offices.  Cancel the earmarks and the garbage.  Skip the things that sound good but won’t work.  Shoot straight and don’t strut.  Do it early.  Do it clearly and forcefully, but respectfully, and explain it with logic that doesn’t require lies.  Deliver it in a way that leaves no doubt about your goals, your intent, or your resolve, and leave the cigars at home.  Let your most aesthetic, most intelligent, most media-savvy person front it, and limit the bill to one page.

Send the President a bill that says Federal debt, in all forms and definitions, must be less than 60% of GDP by 2016, less than 50% by 2020, and less than 40% by 2024, or, in each of those years, a bi-partisan group will cut Federal Funding at the strategic, and line item level, until the goal is met.  Furthermore, debt must stay below the benchmark thereafter, short of a Declaration of War or National Emergency supported by a two thirds vote of both houses of congress.  And in the case of temporary exception, anything over the maximum must receive the same two-thirds vote each year or immediately go back to the limit via the same committee.

Barack will not like this choice, and he will thrash and froth.  He’ll reload the teleprompter again and again in fiery waves of verbal and emotive genius that will make you question everything you believe, and, ultimately, your congressional reason d’être.  But, in the end, a solution he hates will be better than having his name on the first and only default in the history of the United States.

So plant your feet and point your finger at the bleachers.  Tell the President that you don’t intend to change a word because a default now is no different than a default later, and you’d rather see him get the credit.  Give him a clear choice and a good look at the filthy cesspool that lies in wait on the other side of the decision, and let him decide whether to court disaster.  Then take him to the wall.

 


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Fri, 04/29/2011 - 18:16 | Link to Comment Lets_Eat_Ben
Lets_Eat_Ben's picture

duplicate

Fri, 04/29/2011 - 18:25 | Link to Comment Gold 36000
Gold 36000's picture

If we cut the military and raised taxes we would still have to cut entitlements.  We are not Europe and we will not support an economy that is 50 percent government expenditure and transfer payments,. but definitely we should cut the military.

Fri, 04/29/2011 - 19:08 | Link to Comment Caviar Emptor
Caviar Emptor's picture

I don't think any country starts out intending to have more government control of the economy. But mature post-industrial economies evolve that way. It becomes an inevitable by-product. The only alternative is letting the robber barons tell you where you can shop and where you can sleep. 

Fri, 04/29/2011 - 19:15 | Link to Comment Gold 36000
Gold 36000's picture

I disagree with your false choice between big government and robber barrons

Fri, 04/29/2011 - 19:23 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Sooner or later developed economies have arrived at this point despite all great intentions. Wealth gets concentrated and shipped elsewhere. The engine of growth moves on. You're left with mass unemployment and growing political unrest. Your boss will either be Donald Trump/Warren Buffet or a government that you entrust with the power to make the rules. Otherwise your boss will be the the local mafioso who'll charge you protection and a cut of your income if you want to live. 

Fri, 04/29/2011 - 19:36 | Link to Comment Gold 36000
Gold 36000's picture

I prefer the old model where a society collapse and is reborn again rather than live in an extended state of senescence and government control.  I prefer collapse and a reset of the game rather than live in your world of  a smothering big government.  Fuck the nanny state.  I love liberty and freedom.

Fri, 04/29/2011 - 19:49 | Link to Comment Caviar Emptor
Caviar Emptor's picture

I agree. I wanted a grand, cleansing reset but we lost the opportunity we had in 2008. Without the bailouts the TBTF would have died, yes, and left the air open for new ideas, new entrants and new meaningful competition. Out of the 'chaos" and creative destruction would have come a more vigorous economy. But what I'm saying is that this gets short-cicuited when wealth (and Power) become too concentrated. The decision then gets taken to switch to crony capitalism (same as national socialism). We took that route. Other societies make different choices but the outcome is the same: power moves away from individuals and the middle class, and into the oligarchy or a more powerful elected government (socialism). Else it's civil war.

Fri, 04/29/2011 - 19:57 | Link to Comment Gold 36000
Gold 36000's picture

Then civil war it will be.  The sooner the better.  Bring it.

Fri, 04/29/2011 - 21:56 | Link to Comment OldPhart
OldPhart's picture

Raise our swords and lock our shields.  It's time to attack.

Sat, 04/30/2011 - 07:37 | Link to Comment Zardinuk
Zardinuk's picture

lol CHARGE! (waiting for you first)

Fri, 04/29/2011 - 19:35 | Link to Comment Spastica Rex
Spastica Rex's picture

The real alternative is small scale economies, configured and controlled locally. All large scale models lead to tyranny, whether left or right.

This alternative will never be adopted voluntarily on a large scale.

Fri, 04/29/2011 - 19:39 | Link to Comment Spastica Rex
Spastica Rex's picture

America loves its kings and queens too much to follow a European model, for good or ill.

Fri, 04/29/2011 - 19:39 | Link to Comment Gold 36000
Gold 36000's picture

Bob is that you?

I know you have cut me a lot of slack throughout the years, but I don't think I can worship you anymore.  I don't agree with some of your opinions.

Fri, 04/29/2011 - 19:59 | Link to Comment Spastica Rex
Spastica Rex's picture

It's O.K., I understand.

Hail Eris!!

Fri, 04/29/2011 - 20:05 | Link to Comment Long-John-Silver
Long-John-Silver's picture

It obvious you've never been in the military. All assets are expendable. This includes material and personnel.

Fri, 04/29/2011 - 18:23 | Link to Comment nevadan
nevadan's picture

The only way we can cut that much is to cull Social Security and Medicare substantially.  It doesn't matter who is President, I don't think Congress has the balls to do it.

AGREE!  I'm getting to be kind of an old dog now, and over all these years there seems to be a pretty clear pattern.  There are true believers on both sides of every issue who no matter what insist on having their way.  Compromise exists only as far as "if you vote for mine, I'll vote for yours".  So in essence we are asking Congress to tell itself "no", which is seemingly impossible.  Therefore I'm forced to conclude that there will never be any solutions from Washington DC.

There is however as solution to this problem of bureaucratic gridlock.  It is the Tenth Amendment.  Hopefully some governor will grow a pair and stand up to the Federal government, reclaim state sovereignty, and tell Washington to go fuck themselves.  Nullification of Federal edict is expressly granted in the Tenth Amendment and was a condition of several states ratifying the Constitution in the first place.  Jefferson and Madison further promoted it as a remedy in the Kentucky and Virginia Resolutions.

If one can consider our founding documents to include the Bill of Rights, otherwise known as the first ten ammendments to the Constitution, it should be noted that they begin in the Declaration "We the People" and end " reserved to the states respectively, or To the People".

At this point only a state governor and his legislative body has a chance to stop the juggernaut that has become the Federal government.  He is the last political entity close enough to the people to actually do some good.

The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.

Fri, 04/29/2011 - 18:37 | Link to Comment granolageek
granolageek's picture

Dude, I've paid into Social Security for 41 years. If you want to default on the trust fund bonds, you better plan to default on Wall St.'s bonds. I am owed that money just as much Hu Jintao or Lloyd Blankfein. 

 

It's also bogus. Social Security is within another two year hike in the retirement age of being solvent. Unless of course you want to stand up and say that you choose to stiff grandma to pay the banksters. Wanna do that?

Fri, 04/29/2011 - 18:59 | Link to Comment Gold 36000
Gold 36000's picture

So we younger ones pay more and more taxes and take on more and more debt so you can retire at 65, but when it is our turn you say we have to retire at 68 or 70?  Where is the shared sacrifice?

Fri, 04/29/2011 - 23:12 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

Dude, even if they cancelled SS, you're still going to pay.

Fri, 04/29/2011 - 23:43 | Link to Comment topcallingtroll
topcallingtroll's picture

Hehehe

But at least your selfish boomer ass would be out on the streets.

Sat, 04/30/2011 - 06:40 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

My ass won't be out on the street in any case, but you can bet I'll still use a lot of my time in retirement to agitate for change that the elderly can believe in.  And while I'm agitating, you'll have to find a way to pay the rent and my SS.

Sat, 04/30/2011 - 00:11 | Link to Comment tiger7905
tiger7905's picture

So the young pay for unrealistic expectations of the old and then setup a plan B for themselves. Yep that seems fair, NOT!

Fri, 04/29/2011 - 19:08 | Link to Comment Landrew
Landrew's picture

Wow, that is a load of crap! Social Security pays for itself! The government owes it 3 trillion dollars. How about converting the bonds S.S. holds to marketable?

How about stopping 5 wars? How about cutting defense spending!

How about cutting subsidy to oil companies? How about cutting farm subsidies to giant corporate farms? How about cutting subsidies to Mining industries?

See the massive corporate welfare? Trillions to banks and you want to cut Social Security.

Trillions to bankers and corporations and nothing to the people who PAID into a TRUST fund!  Only one of the cock brothers would write that.

 

Fri, 04/29/2011 - 19:15 | Link to Comment Gold 36000
Gold 36000's picture

what happens when the government attempts to sell those three trillion in bonds to get money for social security recipients and the government also has to sell a trillion or two in bonds to keep the government running?  Do you not understand that there is a limit to what the government can borrow?  It can't just sell three trillion in social security bonds without harming the ability to borrow for other needs.

Fri, 04/29/2011 - 21:09 | Link to Comment Landrew
Landrew's picture

OH I understand to well! If that liar Reagan had not mandated S.S. bonds be purchased as non-marketable CONgress would have had to budget for that borrowed monies! So, you do not understand! Non payment of Social Security is a default of higher order. Social Security paid  for itself until Your favorite program of Bankster bailout exploded unemployment! You talk and act like a cock brother. Workers will rise up against you cock brothers.

Fri, 04/29/2011 - 21:28 | Link to Comment John_Coltrane
John_Coltrane's picture

It was LBJ in the 1960s who started the "intergovernmental" borrowing from social security excess to pay for the Vietnam war and the "great society" programs which are currently the source of our involvency.  So you're only off by about 15 years.   How did we ever survive prior to medicare and medicaid?  People must have been dropping like flies.  Just get rid of both programs and suddenly medical inflation will become normal again.

Why are America's health costs larger than Europe?  We're fat and lazy and all the health care in the world won't deal with that problem!  I want premiums based on body mass index.

Sat, 04/30/2011 - 07:45 | Link to Comment Zardinuk
Zardinuk's picture

BMI? you racist!

Fri, 04/29/2011 - 23:33 | Link to Comment topcallingtroll
topcallingtroll's picture

So you want the children who can't even vote become debt slaves so you can get your government check. 

YOu want to enslave the children for your own selfish retirement and healthcare. 

 shame on you.

Sat, 04/30/2011 - 04:14 | Link to Comment StychoKiller
Fri, 04/29/2011 - 17:17 | Link to Comment Xibalba
Xibalba's picture

Congress = The multi-headed beast on which Babylon The Harlot rides. 

Fri, 04/29/2011 - 17:18 | Link to Comment Alfred
Alfred's picture

Economic War - Poison Pill Defense

I wonder... over and over I read about how crazy this all is, usually from the point of view of those who refer to rules, economic rules, rules of supply and demand, capital market rules, regulations - all bullshit really... They know the rules, they don't seem to care.

Could it be that the Bernanke and the Gubmint are actually conducting an all out economic war against China, and we're actually down to the Poison Pill defense?

Sat, 04/30/2011 - 00:28 | Link to Comment i-dog
i-dog's picture

"Could it be that the Bernanke and the Gubmint are actually conducting an all out economic war against China"

No ... they're conducting an all out economic war against you (and me)! It's a controlled demolition ... to serve other ends.

Fri, 04/29/2011 - 17:21 | Link to Comment SilverDreams
SilverDreams's picture

Silver Bitchez!!!

Fri, 04/29/2011 - 17:21 | Link to Comment Dolar in a vortex
Dolar in a vortex's picture

My congress critter is Kenny Marchant. Almost always votes the way I want him to BUT, he is not a leader. I'm really tired of followers.

Fri, 04/29/2011 - 18:17 | Link to Comment DeltaDawn
DeltaDawn's picture

Send this to him.

Fri, 04/29/2011 - 17:24 | Link to Comment andilinks
andilinks's picture

He that laughs last, saw it coming and warned everybody…

 

Laughs best.

Fri, 04/29/2011 - 17:41 | Link to Comment Terminus C
Terminus C's picture

no one will be laughing through this shit storm

Fri, 04/29/2011 - 20:02 | Link to Comment Uncle Remus
Uncle Remus's picture

What, no sense of humor?

Fri, 04/29/2011 - 17:28 | Link to Comment Nathan Muir
Nathan Muir's picture

Failure to raise the debt ceiling doesn't equate to a default!  $2T in taxes, $300B in interest/principle payments.  It does mean SS/Med/DOD have to be cut, and as RedPill points out, Congress doesn't have the stones.

Fri, 04/29/2011 - 17:41 | Link to Comment mynhair
mynhair's picture

Thank you. Tired of the misuse of the term 'default'.

Fri, 04/29/2011 - 18:44 | Link to Comment granolageek
granolageek's picture

Not paying SS is a default. When the SS Admin needs to cash one of their bonds to make a month's disbursrsement, either the treasury pays or it's a default.

Fri, 04/29/2011 - 18:53 | Link to Comment Gold 36000
Gold 36000's picture

Then default.  Simple isn't it?

Fri, 04/29/2011 - 21:49 | Link to Comment High Plains Drifter
High Plains Drifter's picture

if the checks stop, then we can begin the much needed adjustment of this thing we call a democratic republic.  the government checks are the only thing that stands in the way of much needed civil unrest........amerikans are bought cheaply.

Fri, 04/29/2011 - 18:04 | Link to Comment disabledvet
disabledvet's picture

feels like an episode of "24" though.  unfortunately it's hard to cast "a debt ceiling limit."

Fri, 04/29/2011 - 18:30 | Link to Comment Shell Game
Shell Game's picture

You're right, it doesn't mean they have to be cut.  The promises are in 'dollars', right?  It will be a sick and sad joke when those worthless dollars arrive in the mail in the coming hyperinflation world.

Fri, 04/29/2011 - 19:10 | Link to Comment Landrew
Landrew's picture

You do know that Social Security pays for itself right!

Fri, 04/29/2011 - 19:24 | Link to Comment Gold 36000
Gold 36000's picture

You do not understand.

The government spent the social security money and gave the social security trust fund an IOU in the form of treasury bonds.  In order for the government to give the social security trust fund any money, the government must take those bonds and sell them into the market place.

The government is already selling a trillion and a half in bonds just to fund current expenditures.  On top of that over the next twenty years you somehow expect that the government can take those three trillion in treasury bonds held by the trust fund and sell them too?  Who will have the money to buy those bonds and give the government cash to give to the social security trust fund?

Selling those IOU's the government gave to the social security trust fund is a pipe dream.  Who is going to buy them, China?

That money is spent.  You have an IOU.  I don't see how the government sells those bonds into a market already at its limit in purchasing treasurys.  When the government tries to sell the bonds that are held by the Social security trust fund will you purchase some?  Who will?

Fri, 04/29/2011 - 23:35 | Link to Comment RockyRacoon
RockyRacoon's picture

Just convert the bonds into little bitty coupons and disperse them as a currency alongside the current fiat toilet paper.   Otherwise, the gov't will just have the Fed buy up whatever the Treasure needs and issue more paper for circulation.   Same old, same old.  A new "currency" will startle and amuse the masses.   Grand diversion.

If anyone needs any more stupid ideas, just ask.  I've got lots of them.

Fri, 04/29/2011 - 23:52 | Link to Comment topcallingtroll
topcallingtroll's picture

Well it did work after the french revolution for a short while.  I bought a few assignats on ebay.  Nice momentos with my german deutchmarks from the Weimar republic and my 1 million dollar zimbabwe note.

Sat, 04/30/2011 - 11:44 | Link to Comment RockyRacoon
RockyRacoon's picture

Yes it did!  I have a few assignats myself.  They are quite the work of art.  Reminds me of the old U. S. "educational notes" for their beauty.   We could print the Social Security Notes on holographic paper with information on how the economy works (according to Krugman, of course) and educate the masses.   You're a genius!

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

Fri, 04/29/2011 - 19:15 | Link to Comment Milestones
Milestones's picture

S.S will need to be cut. NO,NO,NO. Lets start cutting corporate welfare, cut a bloated pentagon and army scattered over the globe protecting other nations, welfare for Israel, Egypt and Gawd knows how many others.

I worked for 47 years but F--- me I'm expendable. Well so was Korea, Viet Nam and all the other little things that happened in this country that you take for granted that we paid for. Sure I agree, there should be a means testing for S.S. And yes, there should be a limit on med also.

But for so many of you who are so quick to throw me under the bus, then what are you going to say when it happens to you and you have contributed next to nothing?   Milestones

 

 

 

Fri, 04/29/2011 - 20:13 | Link to Comment ebworthen
ebworthen's picture

Exactly.

The corptocracy always wants their handout - they are the first to get it and the last to not get it - and this won't change until heads roll.

Fri, 04/29/2011 - 20:19 | Link to Comment Argonaught
Argonaught's picture

I thank you and your generation for service.  I have empathy for your situation.  You were lied to repeatedly by the government.  But with all due respect, my generation thowing you under the bus is collateral damage.  Your generation (though maybe not you) rang up these bills knowing that mine and my children's would have to pay for it.  Your generation actually threw my generation under the bus before we returned the favor.  

And don't get me wrong.  I agree with the 2nd half of your point.  I want it ALL cut.  I want the gov't to go away, because I have seen what they can/want to do and it is not worth the money. 

Again, no disrespect.  But if you want to know who threw you under the bus...it was you and yours.  Not I.

Fri, 04/29/2011 - 22:00 | Link to Comment GreenSideUp
GreenSideUp's picture

Hold on there pal.  Blaming this generation or that for the mess we're in now is just what TPTB want: more division, finger pointing and blame.  

Yes we were lied to, in numerous ways.  But the transparency that the internet has brought is only a fairly recent occurance in the grand scheme of things.  If you're a youngster, you've always had it.  In the past, us older folks had to rely on newspapers and the evening news for our oh-so-transparent information.  

I personally haven't thrown a soul under the bus, nor did I ring up any bills.  Once I discovered what was going on via the internet, I've raised hell about it (not that there's much one person can do but I do what I can).  

I have worked and been stolen from for 39 years and frankly, I resent that The People, from whatever generation get screwed again and again while we police the world, provide corporate welfare, foreign aid, etc...

 

Fri, 04/29/2011 - 23:28 | Link to Comment topcallingtroll
topcallingtroll's picture

So your solution is to steal from the children and put them in debt to give you justice?

Is that fair?

Fri, 04/29/2011 - 23:38 | Link to Comment RockyRacoon
RockyRacoon's picture

He's not doing it.  That is being done "on his behalf".  It's involuntary.  There was not a way to extricate one's self from the confiscation by the gov't.  Voting in "new blood" in Washington is not his fault either.  It didn't work then and it won't work now.   We gotta all work together here or we are all sunk. 

Fri, 04/29/2011 - 23:50 | Link to Comment topcallingtroll
topcallingtroll's picture

So "all work together" means we steal from the children by putting them further into debt.

 

No thank you. 

Sat, 04/30/2011 - 02:28 | Link to Comment ebworthen
ebworthen's picture

Ape'ing the young is the first step to fooling the next generation into falling for the same lies.

Let us, together, behead the beast.

Not to mention, not give the rewards of 30-40-50 years of work and taxes and bills paid to people who simply arrive from across the borders or overseas illegally.

Sat, 04/30/2011 - 11:52 | Link to Comment RockyRacoon
RockyRacoon's picture

So "all work together" means we steal from the children by putting them further into debt.

You should ask what my solution is before attributing your own bias to the comment.  Our solution is the same actually.  I advocate working together toward that goal and stop the divisive combat amongst ourselves.   We work together this way:  You take the point because you are young and vigorous.  Light weapons and close-combat strategy.  We old farts take the high ground with the big guns and binoculars to cover your butt.  How's that for a plan?

Sun, 05/01/2011 - 11:19 | Link to Comment MurderNeverWasLove
MurderNeverWasLove's picture

No, "all work together" means we innovate around this Grunch of Giants ( http://bfi.org/about-bucky/resources/books/grunch-giants ), and start taking care of each other. Bullies hate to be ignored, and are vulnerable when outnumbered. Power-bent sociopaths get off on misguided dissension, but REALLY love to be hated. What they cannot bear is to be irrelevant and ignored.

 None of us here were born under a system of our choosing.  Nor can we be considered one of the founders, or likely even be considered their "posterity."

The founders rejected the idea that a free people had any use for kings and queens, because we are all kings and queens.  Any idea of equality demands this.  Yet no one could now deny that we again have a "ruling class."

The farce of so-called democracy is repulsive to those who understand how deep into the same old pit we have fallen, chain-ganged. . .the enforcers screaming at us to "Shut up and dig, you fuckers! And don't forget to vote!" We could play crabs in a bucket. We could bash each other with shovels. But we might best simply wake up to the fact that a pit is no place for a king, and a shovel is not fit for the hand of a queen.

Voting has become (as if it was ever any different) like a choice amongst concentration camps.  But we better get out of the pits like SS (ironic?) and Medicare, before the, uh, final "solution."

 

Sat, 04/30/2011 - 11:36 | Link to Comment GreenSideUp
GreenSideUp's picture

My solution is NOT further stealing. Geez, did you read my post?  I expect no justice and recognize SS and Medicare for the Ponzi scheme that it is, but I still resent the hell out of being stolen from for all these years for absolutely nothing.  

SS and Medicare needs to be totally phased out and young folks should be allowed to opt out now.

But how about cutting the MIC, bases all over the world, empire building, bombing poor brown people, foreign aid to every shitty country on the planet, propping up puppet dictators, useless federal departments (energy, education, DHS, DEA, TSA, FEMA for example), corporate welfare, subsidies, fraud, waste and abuse?  How about getting out of the UN?

How about reversing some or all of the most recent massive spending such as obomba-care and the prescription drug plan for seniors (which is nothing more than corporate welfare for Big Pharma)?  

How about a multi-pronged, common sense approach to reforming SS and Medicare right now?  How about some truth from DC?

Oh wait, I forgot, they don't give a damn about us useless eaters.  And anyway, as long as the Fed and the money printers exist, this is just an exercise in futility anyway.  

 

Sun, 05/01/2011 - 11:20 | Link to Comment MurderNeverWasLove
MurderNeverWasLove's picture

 And anyway, as long as the Fed and the money printers exist, this is just an exercise in futility anyway.

Ding! Ding! Ding!

Fri, 04/29/2011 - 23:39 | Link to Comment Argonaught
Argonaught's picture

I am sorry too, that we are now in a position where promises made have to be broken, and this time it means cuts.  But what do you want?  I never promised you a retirement.  And since there won't be one for me, why should I pay for one for you that someone else gave you?  It sounds selfish, but hopefully you can see that the "you" and "I" are generational generalizations.

Sat, 04/30/2011 - 02:29 | Link to Comment ebworthen
ebworthen's picture

Well then, I will happily leave you and the illegals and your political clowns in the three ring circus and take myself and my assets elsewhere.

Sat, 04/30/2011 - 08:46 | Link to Comment Argonaught
Argonaught's picture

I am all for you taking your assets with you.  I am glad you actually read what I have posted and agree with me.  I don't know where the illegals or "my" political clowns came from.  Perhaps you were replying to some other posts at the same time.

Fri, 04/29/2011 - 22:45 | Link to Comment Milestones
Milestones's picture

Just for the record, when I was 6 I was hoeing in a Victory during WW2. I remember the tail end of the "great depression" and little disc's for sugar and bread. My generation did not throw you or your children anywhere; try the next generation or two up the line. 

I understand your anger. I take it as a personal affront that the generation that we call the "baby Boomers" are for the most part a shame to this country. I have 2 grandchildren that I would go to war over as I watch my children's generation go thru hell to care for and see to their education. I don't give a F--k about me; that concern is over. My concern to to your and other generations and what WE have left behind. 

When my father handed me the keys to the car, the damn thing ran. What I have been forced to hand over to my daughter and son is an embarassment; I have failed to do what my father delivered. You have no idea how this weighs on some of us.

Get the M.F. going, I've done my couple of years in the military and at my age I don't give a F--k. Lets rumble.      Milestones

Fri, 04/29/2011 - 23:36 | Link to Comment Argonaught
Argonaught's picture

My apologies for guessing wrong on your age.  We are closer to agreement than not.  We might not agree on the path forward, but we agree where the path that led to here went astray.

Sat, 04/30/2011 - 02:10 | Link to Comment Milestones
Milestones's picture

I should not be answering this because I have had a few drinks. That being said, I find your response to be a complete copout. My age does not have a fuckin thing to do with what I wrote. It is what you wrote that is the problem. Now I have to guess your age-but it does not really matter because many of the posts here have passed the blame backwards which is reasonable, because thats where it does belong. History is made by yesterday.

I agree, my generation and others that have followed have done some pretty dumb things. I stand guilty. And because I remain alive I am also part to blame for what is currently transpiring-but young lad, so are you , for you are now part of the problem. Isn't this fun to track. Not all that simple eh?

Let me make myself clear: 1) I want the Federal Reserve Bank shutdown at once.(See my article of 6-14-10) 2) I want all the 5 Major banks nationalized 3) Everyone from Bummer on down to be tried for treason and if found guilty, hung.4) All our military be withdrawn not only from Afag. and Iraq but also Europe and the Far East  5) That the entire criminal code of the USA be divested of 80% of the laws on the books but that the same standard be applied the the states as well. 6) That the standing army be disbanded and in its place be a full nationwide militia system as called for in our historical background be put into it's place.7) That the Dept.of Homeland security be destroyed immeadiately.8) That all major players in the largest banks be tried under the RICO act/Treason charges and if found guilty the Treble damages be monetarily be applied and on treason charge: death. I am a gentle soul, unless you get in my face.

So, the upshot is I am not a kindly old Grampa, I a  am very pissed off old man who does not take kindly to what the tribe is doing and it is time to take the ball down the road and start kicking some ass.      Milestones

Sat, 04/30/2011 - 02:32 | Link to Comment ebworthen
ebworthen's picture

I'm with you.

Sat, 04/30/2011 - 08:40 | Link to Comment Argonaught
Argonaught's picture

I agree, my generation and others that have followed have done some pretty dumb things. I stand guilty. And because I remain alive I am also part to blame for what is currently transpiring-but young lad, so are you , for you are now part of the problem. Isn't this fun to track. Not all that simple eh?


You went fully circular.  You started with a post of "where's mine that I worked for" and "don't throw me under the bus" to "but young lad, so are you , for you are now part of the problem".  You can't have it both ways.  The problem still exists and is getting worse, yes, but advocating the default on a debt we didn't want and can't pay is A solution (and one I think will work).  

You can be pissed at me because I believe some of those debts were promised to you and you want me and my kids to pay you even though we never promised you anything (see posts above) or you can be pissed at me because the path currently being taken is no e'ffing different than the one we have been on since Kennedy and it is just getting worse.  But you have to pick one.  You don't get to be pissed at me for picking one of the two forks...especially since the forks in the road were paved by you.

Sun, 05/01/2011 - 19:07 | Link to Comment Milestones
Milestones's picture

Young man, you had better learn how to read. !) I am not pissed at you or your generation-read what I wrote. 2) The S.S. Supposedly has 2.5 Trillion in it-yah, I know it does not exist. But there are the top !% who have stolen that much and more. I propose that we take it back from them; then there will be plenty for you and yours also when we put it back where it should be.

If you think my desired intent is to have your generation pay for it, wrong. I want that $$ back from the bastards who stole it; with compound interest!! Try a 95% tax on all assets over$10M.

Behind every large fortune lay a crime. You can bet your ass on it.   Milestones

 

 

Sat, 04/30/2011 - 12:09 | Link to Comment JR
JR's picture

For people such as Bill Gross, Robert Rubin and Alan Greenspan, the word entitlement “reform” means that other people need to take a cut in the money they were promised under contract even though it was the Congress and the bankers who looted the accumulated surpluses in the Social Security Trust Fund and left just a stack of I.O.U.s in the now $61 Trillion unfunded entitlement program associated with Medicare/Medicaid and SS.

And, now, with the baby boomers beginning to retire and ready to receive back what's rightfully theirs, the money’s gone. "Rightfully"means they were given no choice on having their earnings subtracted all through the years for this forced retirement and forced medical plan - not merely a promise: a contract to get some of it back. And the looters are looking around for a scapegoat to blame for the empty coffers. 

No mention, of course, that the politicians keep adding on millions of “receivers" who never paid into the “entitlement” programs, so that they can use general tax fund monies for other nefarious purposes. Open borders to the unentitled are changing America's financial landscape. California’s swelling population of 37 million - its residents forced to pay "entitlement" benefits for illegal aliens and the incoming floods of immigrants by a Federal judge - is now only 41% white.

The bottom 40 percent in America, on average, now make a profit from the federal income tax, meaning they get more money in tax credits than they would otherwise owe in taxes. For those people, the government sends them a payment…

Obama's Making Work Pay credit provides as much as $800 to couples and $400 to individuals. The expanded child tax credit provides $1,000 for each child under 17. The Earned Income Tax Credit provides up to $5,657 to low-income families with at least three children.

According to Results.org, “What makes it so effective is that the EITC is fully refundable; if a tax filer's EITC exceeds the amount of taxes owed, he/she gets a full refund of any remaining amount, even if the worker’s tax liability is zero.

And Congress gives themselves a 100% retirement “entitlement” after serving only one term (2 years).

Here, item by item are the left turns Social Security has taken from its inception to nightmare, as posted from Yazoo in June 2010 by a ZH blogger:

Our Social Security
Franklin Roosevelt, a Democrat, introduced the Social
Security (FICA) Program. He promised:

1.) That participation in the Program would be
Completely voluntary,

No longer Voluntary

2.) That the participants would only have to pay
1% of the first $1,400 of their annual
Incomes into the Program,

Now 7.65% (now temporarily reduced)
on the first $90,000 (now $106,800)

3.) That the money the participants elected to put
into the Program would be deductible from
their income for tax purposes each year,

No longer tax deductible

4.) That the money the participants put into the
independent 'Trust Fund' rather than into the
general operating fund, and therefore, would
only be used to fund the Social Security
Retirement Program, and no other
Government program, and,

Under Johnson the money was moved to
The General Fund and Spent

5.) That the annuity payments to the retirees would never be taxed as income.

Under Clinton & Gore
Up to 85% of your Social Security can be Taxed

Since many of us have paid into FICA for years and are
now receiving a Social Security check every month --
and then finding that we are getting taxed on 85% of
the money we paid to the Federal government to 'put
away' -- you may be interested in the following:

Q: Which Political Party took Social Security from the
independent 'Trust Fund' and put it into the
general fund so that Congress could spend it?

A: It was Lyndon Johnson and the democratically
controlled House and Senate.

Q: Which Political Party eliminated the income tax
deduction for Social Security (FICA) withholding?

A: The Democratic Party.

Q: Which Political Party started taxing Social
Security annuities?

A: The Democratic Party, with Al Gore casting the
'tie-breaking' deciding vote as President of the
Senate, while he was Vice President of the US


AND MY FAVORITE:

Q: Which Political Party decided to start
giving annuity payments to immigrants?

A: That's right!

Jimmy Carter and the Democratic Party.


Immigrants moved into this country, and at age 65,
began to receive Social Security payments! The
Democratic Party gave these payments to them,
even though they never paid a dime into it! 

ObamaCare, of course, is just another  new "welfare entitlement" program. As Jim Newell explains on Gawker April 1, 2011, because of the population increases for Hispanics and the overwhelming Democrat voting patterns of non-whites,  Barack Obama Can Just Ignore White Voters Now.”

http://m.gawker.com/5788153/barack-obama-can-just-ignore-white-voters-no...

Fri, 04/29/2011 - 17:31 | Link to Comment ebworthen
ebworthen's picture

 

Our Congress will do nothing other than continue to place the pain of their malfeasance, icompetence, and skullduggery into the future - and onto the shoulders - of us, our children, and their children.

The situation will not improve without a collapse of the entire system.

 

Fri, 04/29/2011 - 17:36 | Link to Comment cossack55
cossack55's picture

Collapse, my ass. Destroy the motherfooker. Eradicate. Go Carthage on its ass. Don't spare the salt. Any rebirth of this abortion will put it all back here again in 80 years. Many, many lamp post dancers. Articles of Confederation.

Fri, 04/29/2011 - 18:01 | Link to Comment smlbizman
smlbizman's picture

duplicate...

 

Fri, 04/29/2011 - 18:03 | Link to Comment FOC 1183
FOC 1183's picture

Duplicate? Holy fuck a quintuplicate. Dude, easy on the save button

Fri, 04/29/2011 - 18:02 | Link to Comment smlbizman
smlbizman's picture

it didnt post....it didnt post..it didnt post....than it did....i accept my beating as it is deserved

Fri, 04/29/2011 - 18:08 | Link to Comment FOC 1183
FOC 1183's picture

Nah, just giving you a hard time. It happens to all of us.

Fri, 04/29/2011 - 18:51 | Link to Comment Gold 36000
Gold 36000's picture

Scotty we need more server power!

Fri, 04/29/2011 - 18:00 | Link to Comment smlbizman
smlbizman's picture

and again..

 

Fri, 04/29/2011 - 18:03 | Link to Comment smlbizman
smlbizman's picture

and another.. 

Fri, 04/29/2011 - 18:01 | Link to Comment smlbizman
smlbizman's picture

and last one

Fri, 04/29/2011 - 17:57 | Link to Comment smlbizman
smlbizman's picture

man , im with you cossack55....

plus as i watch our disgusting populace here in the good ole usa, i find myself rooting for a total collapse, hoping these self centered , fucking fat, useless , clueless kool-aid drinking dependents of the system, and that would include the majority of the civillian population along with the absolute majority of the gubermint workforce as they live like fucking kings at our expense...yep, burn this mutherfucker down....

 

Fri, 04/29/2011 - 18:50 | Link to Comment Gold 36000
Gold 36000's picture

Burn it down.  Remember that styrofoam and gasoline can not be removed.  It is sticky as hell.

Fri, 04/29/2011 - 22:03 | Link to Comment OldPhart
OldPhart's picture

Throw some detergent in the mix, too.

Sat, 04/30/2011 - 04:21 | Link to Comment cossack55
cossack55's picture

Tide used to work well. Don't know if they have changed the chems over the years.

Fri, 04/29/2011 - 20:15 | Link to Comment ebworthen
ebworthen's picture

Sounds good to me.

Fri, 04/29/2011 - 23:23 | Link to Comment topcallingtroll
topcallingtroll's picture

There has not been enough lamp post dancing.

However I am certain now all of us know where to start.

Sat, 04/30/2011 - 14:13 | Link to Comment Hulk
Hulk's picture

I am afraid the human race is in an infinite loop cossack55...

Fri, 04/29/2011 - 17:35 | Link to Comment DeadFred
DeadFred's picture

If you can't stop using the credit card sometimes the best thing is to have someone take the cards away...

Fri, 04/29/2011 - 23:22 | Link to Comment topcallingtroll
topcallingtroll's picture

Sadly you are correct.

when your kid cannot handle his credit card you take it away.

 

Hello?  Daddy China? 

Fri, 04/29/2011 - 21:32 | Link to Comment John_Coltrane
John_Coltrane's picture

"of us, our children, and their children." 

Wait one second buddy-do we really want children to be having children?  (Ha, Ha)

Fri, 04/29/2011 - 17:27 | Link to Comment ReallySparky
ReallySparky's picture

Outstanding letter.  Applause!

Fri, 04/29/2011 - 17:40 | Link to Comment cossack55
cossack55's picture

Weak letter. Naive. Grasping at straws. Anyone who sees a political solution needs to pull their head out.

Fri, 04/29/2011 - 17:51 | Link to Comment Professor Moriarty
Professor Moriarty's picture

Still, it gave me the horn. You wouldn't deny us our little fantasy, would you?

Fri, 04/29/2011 - 18:56 | Link to Comment cossack55
cossack55's picture

Yes, I would. Objectivism. Too many living in fantasy now at mine and others expense. Wake the fuck up and face reality. You want the right to breath, earn it.

Fri, 04/29/2011 - 23:44 | Link to Comment RockyRacoon
RockyRacoon's picture

The article is a feel-good piece and one is needed now and then.  Kinda like a little stretching session after hours at work with some tedious task.  No harm done.  It's a bodice-ripper novel piece of fluff that is pablum for the brain.   Does no harm but not to be taken as a real solution to some very real problems.   I like to read a thing like this now and then but certainly would not make it a steady intellectual diet.

Fri, 04/29/2011 - 17:27 | Link to Comment honestann
honestann's picture

The experiment in "central government" is an absolute, complete, utter failure (except for predators).

The experiment in "central banks" is an absolute, complete, utter failure (except for predators).

Quit beating around the bush and do what is appropriate and ultimately necessary:

Dissolve and close down the federal government.

Dissolve and close down the federal reserve.

The world will become a massively better place.

Fri, 04/29/2011 - 17:33 | Link to Comment High Plains Drifter
High Plains Drifter's picture

articles of confederation , V 2.0  coming soon............

Fri, 04/29/2011 - 17:38 | Link to Comment cossack55
cossack55's picture

Another AoC brother. The sooner the better. I really want to get this cleaned up b4 checkout time. If I checkout during the game, tough shit.

Fri, 04/29/2011 - 18:37 | Link to Comment Gold 36000
Gold 36000's picture

Don't worry.  If you check out too soon there is a younger crowd who will finish cleaning up.  They will stare at this mountain of debt in disbelief in 2020 when they come of age.  We will go Greece.  I will still be around to train them.  Remember gasoline plus styrofoam  will stick to anything and will not come off no matter what.

Fri, 04/29/2011 - 19:47 | Link to Comment The Navigator
The Navigator's picture

I'll remember that recipe - but what's the ratio of gas to styrofoam and how do you launch it long distance - I don't want 'them' just picking up a missed one and launching it back with a better pitching arm than mine.

Fri, 04/29/2011 - 20:03 | Link to Comment Gold 36000
Gold 36000's picture

fifty percent gas fifty percent styrofoam.  Build a three man slingshot out of  bungee cord or surgical tubing.

Fri, 04/29/2011 - 21:44 | Link to Comment The Navigator
The Navigator's picture

Got it - wonderful advice

Fri, 04/29/2011 - 19:41 | Link to Comment takinthehighway
takinthehighway's picture

Ever considered joining up with some folks doing something to prepare for the collapse?

www.southernnationalcongress.com 

Fri, 04/29/2011 - 20:03 | Link to Comment i-dog
i-dog's picture

I'm prepared for the collapse* ... just wanting to find a way to get it started ... ASAP!!!!!!!!!!!!!!

* I'm with the Cossack: let's blow the muthafucka (Federal Government and all its evil spawn) up to make sure it happens properly.

Fri, 04/29/2011 - 20:19 | Link to Comment honestann
honestann's picture

dupe: woops

Fri, 04/29/2011 - 20:19 | Link to Comment honestann
honestann's picture

Damn straight.

First step: convert all paper assets into gold, silver and other real, physical productive goods in your own paws.

Second step: do not participate in any government or corporate activity, pull the plug, end the fed, end the government, exterminate the predators, eliminate every last shred of "the system".

Postscript: do not start any "new government" that does not explicitly recognize itself as a "fiction" and explicitly state that it has no right to "tax" or "control" anyone.

The notion of "limited government" failed.  Always remember that.  We do not need or accept any "authorities".

If anyone sets up any kind of replacement (don't call it government), it should have one and only one function - to assure "ethics":

Ethics and justice exists when every individual enjoys/bares/suffers ALL the [positive/negative]consequences of his actions, and ZERO [positive/negative] consequences of the actions of others.

As a consequence, no human can ethically take any action on behalf of any "fictitious entity" (government, corporation, organization) that is not ethical to take on behalf of an individual.

Sat, 04/30/2011 - 03:32 | Link to Comment The Navigator
The Navigator's picture

Push the God Damn Button (Rush Hour)

http://www.youtube.com/watch?v=PyT4H11maeM

And for those that haven't prepped, you got 5 minutes - after that, tough shit, there was ample warning.

Sat, 04/30/2011 - 05:45 | Link to Comment i-dog
i-dog's picture

I like it! Congress reply to Timmaaay and The Bernank: "Push The Goddamn Button, bitchez!" (PTGB = a new alternative to BTFD).

Based on the typical makeup of groups: 20% will never push the button, 20% can be convinced to go along with pushing it now, while 60% will do whatever they can to put it off as long as possible.

So, the next step is to get 20% of the states to quickly invoke the 10th Amendment and each set up state banks to issue their own PM-backed currencies -- to head off a depression in those states from the Fed's coming liquidity starvation.

Sounds like [part of] a plan!

PS. As Gerald Celente succinctly says: "There are 3 things you should NOT do ... Sign a petition , Send a letter to your congressman or Call your senator ... Grow up !!!!"

Sat, 04/30/2011 - 00:13 | Link to Comment tiger7905
tiger7905's picture

Stops thinking logical, it will only lead to disappointment.

Don Coxe is amazed the money pumping hasn't really affected GDP or financials.

http://goldandsilverlinings.com/?p=849

Fri, 04/29/2011 - 17:31 | Link to Comment Arch Duke Ferdinand
Fri, 04/29/2011 - 17:36 | Link to Comment medicalstudent
medicalstudent's picture

tsa hand swabs = dna, pm's, drugs?

 

who makes the mahcine that analyzes the sample.

 

police state rapidly coming.

 

window closing; 

 

laws of physics... becoming the law soon. 

 

plan accordingly.

 

(corollary - knowing physics is knowing the law)

Fri, 04/29/2011 - 17:38 | Link to Comment traderjoe
traderjoe's picture

"Send the President a bill that says Federal debt, in all forms and definitions, must be less than 60% of GDP by 2016, less than 50% by 2020, and less than 40% by 2024".

Nooooo....REPUDIATE the debt. The debt is fruit of the poisonous tree. SOVEREIGN GOVERNMENTS DO NOT HAVE TO BORROW MONEY. See the Lincoln Greenback and the Kennedy Silver Certificate.

Any austerity at this point will SERVE THE BANKERS. They want their fraudulent debt paid back.

Yes, we have massive spending, military, and entitlement issues. Those need to be solved. But we need to abolish the debt-money system. We need multiple monies and currencies, so that people can chose to store and spend their value as they chose - LIBERTY. Government scrip for government taxes. Precious metals for those so inclined. 

And end fractional reserve banking - where most of the money is created (see Modern Monetary Mechanics). 

It is not my debt, I did not borrow it, I did not benefit from it. I will not repay it. 

 

Fri, 04/29/2011 - 17:43 | Link to Comment cossack55
cossack55's picture

Thank you, tj. Nice response to blather.

Fri, 04/29/2011 - 17:47 | Link to Comment Terminus C
Terminus C's picture

Indeed, this IS the solution.

Fri, 04/29/2011 - 18:52 | Link to Comment DeadFred
DeadFred's picture

Yeah but how many congress-persons have the stones to do it? 10? 20?  What is plan B?

Fri, 04/29/2011 - 17:44 | Link to Comment Thorny Xi
Thorny Xi's picture

TraderJoe ... finally, somebody gets it.  +1000

"Austerity" = Screw Everybody but the bankers, while the bankers still collect 100% face?  Screw THAT.

Fri, 04/29/2011 - 18:34 | Link to Comment Gold 36000
Gold 36000's picture

We must constantly talk of repudiation.  When the Millenials are old enough, they will be the generation that transforms the country by finally repudiating all that corrupt sovereign debt.  The ten and eleven year old kids today will be the generation of renewal.  We must teach them what they must do.

Fri, 04/29/2011 - 21:57 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

Agree - repudiate the debt and let the jubilee begin. 

Sat, 04/30/2011 - 02:23 | Link to Comment Fred C Dobbs
Fred C Dobbs's picture

Why don't you change it now? 

Fri, 04/29/2011 - 17:38 | Link to Comment velobabe
velobabe's picture

wonder if any of these joketers in CONgress, still know how to read?

Fri, 04/29/2011 - 17:40 | Link to Comment Rainman
Rainman's picture

Does it really matter if the debt is 90% or 871% of GDP...?? The economy shit the bed over 4 years ago. The asteroid hit. The boyz have just been hiding the hole and the dust with lots of emergency powers while the final looting continues to the end.

Fri, 04/29/2011 - 17:48 | Link to Comment topcallingtroll
topcallingtroll's picture

Yes it does matter

We could regain our vigor and status in the world.

Fri, 04/29/2011 - 17:55 | Link to Comment contrabandista13
contrabandista13's picture

Regain what....?

Fri, 04/29/2011 - 17:59 | Link to Comment contrabandista13
contrabandista13's picture

Regain what....?

Fri, 04/29/2011 - 18:17 | Link to Comment Rainman
Rainman's picture

Those qualities will have to be regained through some other means....not by fiat. When the USA's top institutional paper debt owners are the Fed, China and Japan there's not much use looking in the rear-view mirror. The relics of the past we cherish are just that...relics. Our fate is at the whim of other sovereign nations and the BIGS.

The unsustainable debt issue is international. Wealth distribution is completely out of whack. That is a perfect storm for serious worldwide conflict, proven over and over through history. We're just seeing the beginnings of it now.  

Fri, 04/29/2011 - 23:54 | Link to Comment RockyRacoon
RockyRacoon's picture

We could regain our vigor and status in the world.

I generally like your comments, but that's disgusting.  We HAD those things and look what we've done with them.  We don't deserve them again until this mess is cleared out.   Britain had vigor and status as well.  They blew it too.   I don't need status in the world to be happy.  Losing some of the arrogance that got us here would be good for the soul of the Nation.  Being able to kick some smaller country's ass and take their lunch money is not the vision that I have for the United States.

Sat, 04/30/2011 - 12:03 | Link to Comment Plata con Carne
Plata con Carne's picture

We could regain our vigor and status in the world

If you change that to "we would regain our individual vigor within the status of our Country" it would be true.

Folks are so dumbed down, beat down.  No one has any national pride, and a bunch sure as heck have no personal pride anymore.  There's no vigor to even try to make a difference. I talk about this stuff with friends and family and they just look at me like I'm a friggin wingnut.  They're ok, and even happy the way things are now. 

My 17 year old son has convinced me this is the only way. Let it go, or bring it down.  Start anew.  Yes, it will be very chaotic for awhile, the PTB won't let it go or be taken without a fight. It will be some bloody Road Warrior awful shit. Taking care of oneself, mastering a useful skill, trade and barter will come...and as far as any new type of government is concerned, goddamn, teach your children that 'the answer to 1984 is 1776.' (a. jones). Liberty is the only answer.

Fri, 04/29/2011 - 18:29 | Link to Comment Gold 36000
Gold 36000's picture

I think it matters because when people have to responsible for their own welfare they find a way.  The energy unleashed by liberty and personal responsibility is a wonder to behold.  The American experiment was all about that.  Welfare, transfer payments, and a Federal Income Tax are relatively new.  We could and should end those in a renewal of the spirit of Federalism.

Fri, 04/29/2011 - 19:25 | Link to Comment Rainman
Rainman's picture

The only way out is debt repudiation. Bondholder haircuts and entitlement resets across the board. And be prepared to accept all the consequences born from it...which of course leads to war and internal rebellion. As long as we are looking at history, we might as well examine all facets of it. 

Fri, 04/29/2011 - 19:42 | Link to Comment Gold 36000
Gold 36000's picture

Agreed.  We need a game reset.  Knock the gamepieces off the board and start all over.  If we can't have a jubilee we shall force one.

Fri, 04/29/2011 - 20:50 | Link to Comment Rollerball
Rollerball's picture

Exactly.  We fight each other and/or we fight the Chinese.  Shall we take a vote?    

Sat, 04/30/2011 - 00:16 | Link to Comment LaLiLuLeLo
LaLiLuLeLo's picture

Is it bad that I get a warm fuzzy feeling watching it burn?

Fri, 04/29/2011 - 17:40 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

The Goverment is NOT ,your friend.

Fri, 04/29/2011 - 18:15 | Link to Comment Walking Horse
Walking Horse's picture

Quite. Fed management could easily be construed as enemy combatants.

Fri, 04/29/2011 - 17:46 | Link to Comment kito
kito's picture

spain unemployment shoots past 21 pct, inflationary pressures squeezing the country. 

 

http://seekingalpha.com/news-article/996660-spain-jobless-rate-hits-new-eurozone-record

Fri, 04/29/2011 - 18:35 | Link to Comment Rainman
Rainman's picture

The Spaniards are doing a horrible job of counting. They should book some consulting hours with the BLS.....that birth/death modeling is the only way to GO !!

Sat, 04/30/2011 - 00:24 | Link to Comment wisefool
wisefool's picture

bullshit. those kids are smarter than those other kids. Did you not watch southPark this week?

For those that don't know, park city is the jeckle Island for media types.

Fri, 04/29/2011 - 17:49 | Link to Comment gwar5
gwar5's picture

Let the debt limit be reached and default the US debt to the Federal Reserve already. Call their damn bluff. Stiff the Fed and restructure the debt with China with the leftovers from the Fed's cut. We are the sovereign and we are supreme over private bankers.

Defaulting is the only restraining order possible on the unelected, unaccountable, and Federal Reserve cartel  which has no authority over sovereign private US citizens. 

Meantime, Obama is happy to redistribute everything by spending as much as possible, as fast as possible, and by making promises he can't possibly keep to get re-elected. By waiting to default later, Obama and the Federal Reserve can steal as much wealth through debasement of the currency as possible before they collapse the USA and the US dollar to magically reincarnate a new global fiat reserve currency within the IMF, with global government sprouting out the UN for a window dressing of democracy and accountability.

 

Fri, 04/29/2011 - 20:36 | Link to Comment Milestones
Milestones's picture

Excellent, excellent post. Right on the button.      Milestones

Fri, 04/29/2011 - 17:46 | Link to Comment Horatio Beanblower
Horatio Beanblower's picture

I am currently doing a course with the Mises Academy on Murray Rothbard's 'Man, Economy & State' - http://academy.mises.org/courses/ae1/

 

There is a quiz at the end of each week.  The quiz for week on has just been release, here is the first question:-

 

What is the best example of 'mindless behavior' (choose one answer)?

 

a. Paul Krugman appearing on "Meet the Press."

b. A suspect refusing to talk in the interogation room.

c. Hiccupping.

Fri, 04/29/2011 - 20:13 | Link to Comment Catullus
Catullus's picture

Great book. Ive been reading it for a year. Some people just believein their heart that you can just simply borrow yourself into prosperity. It's just not possible. The people that are in DC never allow this thought to enter their heads. Their lives and their largesse is the most important thing on the planet. They honestly believe that cutting their function will cause everything to collapse.

They just need to be rebuked once. Just to put a legitimate fear that the gravy train is over.

Fri, 04/29/2011 - 21:42 | Link to Comment John_Coltrane
John_Coltrane's picture

Borrowing for prosperity is like trying to reduce entropy without expending any work/energy.  Both are violations of fundamental laws of the universe.

Fri, 04/29/2011 - 23:44 | Link to Comment topcallingtroll
topcallingtroll's picture

It only works if excess energy is put into the system.  The theft of capital by inflation.

Fri, 04/29/2011 - 17:48 | Link to Comment ShiftCTRL
ShiftCTRL's picture

Another flash crash : SPPI 

Fri, 04/29/2011 - 17:53 | Link to Comment jomama
jomama's picture

Dear Little Person,

 

Thank you for your letter.  If you'd like, please feel free to make a donation to my campaign. Then maybe next time I'll take the time to read through your correspondence. 

 

Regards,

Your Congressman

Fri, 04/29/2011 - 17:52 | Link to Comment Ecoman11
Ecoman11's picture

Congress has a solution for letters like this one. Delete.

Fri, 04/29/2011 - 20:44 | Link to Comment Milestones
Milestones's picture

WE also have the same solution: Delete.     Milestones

Fri, 04/29/2011 - 22:38 | Link to Comment 101 years and c...
101 years and counting's picture

i sent a letter like this to sernator durbin (IL):

"

Dear Mr. XXXXXX: Thank you for contacting me to share your concern about raising the debt ceiling. I appreciate hearing from you. The worst economic recession since the Great Depression has sent our national debt soaring. While recent increases in spending were necessary as we worked to jumpstart our economy, we cannot sustain deficits of this magnitude over the long term. We must work toward real solutions that will reduce the deficit in a smart and balanced way. To address this issue, President Obama created the Bipartisan Fiscal Commission and I was honored to have served on it. I spent much of the past year listening to experts explain the risk that our growing debt poses to our national well-being. The results are alarming. We can no longer ignore the problem. The debt now exceeds $14 trillion and will explode to even more unsustainable levels in the future unless we act to reduce it now. If we do nothing to tackle our debt obligation, interest payments alone could exceed $1 trillion dollars in 2020. I am not willing to gamble with the full faith and credit of the United States, however, by not raising the debt ceiling. Forcing the federal government to default on the nation's debt would be the single most irresponsible thing we could do to our economy as it struggles to rebound. Treasury Secretary Tim Geithner sent a letter to Congress warning that defaulting on America's debt would cause "catastrophic damage to the economy, potentially much more harmful than the effects of the financial crisis of 2008 and 2009." Refusing to raise the debt ceiling will force the government to limit or suspend payments to a whole host of federal beneficiaries, from Social Security and Medicare recipients, to military personnel, veterans, federal workers, defense contractors, student loan recipients, state governments, and our bondholders throughout the world. There are only two honest ways to reduce our debt: cut spending and raise revenues. I am committed to pursuing proposals that do both. This is going to require sacrifice from both sides of the aisle. This is not a partisan problem, it is an American problem. I will continue to work to find common sense solutions to rein in our ballooning debt without risking the nascent economic recovery. Thank you again for contacting me. Please feel free to stay in touch. Sincerely, Richard J. Durbin United States Senator"
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