Paul O'Neill: People Who Refuse To Raise The Debt Ceiling Are "Our Version Of Al-Qaeda Terrorists"

Tyler Durden's picture

The below Bloomberg TV interview with Paul O'Neill pretty much jumps the shark in Mutual Assured Destruction. Whenever someone says "people who are threatening not to pass the debt ceiling are our version of Al-Qaeda terrorists. Really. They're really putting our whole society at risk" it is obvious that the issue is beyond rational and has crept up into the demented extreme of demagogy. This one statement may have just doomed the whole debt hiking debate as nobody will cede to being perceived as not only a terrorist but, what is far worse, a weak terrorist by the general population.

From the interview:

On Treasury Secretary Geithner's engagement in the process surrounding the debt ceiling vote:

"I think the Treasury Secretary needs to be judged in his own context. I believe that administrations for the last 30 years have made a mistake, in this sense. There is now a set of practices that are employed that are effectively accounting engineering, to extend reaching the debt ceiling…How do we get from May to July by doing financial accounting tricks? I think it helps the Congress to avoid being responsible. I think that's a really bad idea."
 
"I wish Tim Geithner would say, when we reach the debt ceiling, we reach the debt ceiling, we are not going to do tricks down here…The Congress needs to be responsible and adult and take action on the deficit. The people who are threatening not to pass the debt ceiling are our version of Al-Qaeda terrorists. Really. They're really putting our whole society at risk by threatening to round up 50 percent of the members of the Congress, who are looney, who would put our credit at risk."
 
On Boehner wrapping in a conversation over the debt ceiling in the budget debate:
 
"I do [think Boehner is dangerous.]Because there's a chance, if you look at some of the things that people say, well, we still have enough money to pay the interest on our debt, that is beside the point. This is permitting us to pay the bills that we have already incurred."
 
"I do believe we have been broken political system that is capable of doing irresponsible things. This whole conversation is irresponsible."

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gurkha108's picture

Why the fuck is this my debt?  I want a balanced budget. You want to destroy the currency by bailing out yours and your buddies' shit investments, go for it.  I'll by PMs while I'm holding up a big finger in your direction. 

 

But don't act like it's my debt. 

honestann's picture

Yes, it is.  The entire world knows federal reserve notes are fiat, fake, fraud, fiction, fantasy and part of the inherently criminal practice of "fractional reserve banking".  Everyone who has loaned money to the USSA has known they were dealing in a criminal operation, and financing a bunch of predators to carry out dishonest, unethical, criminal activities including treason, torture, war crimes, crimes against humanity, and endless other crap.

Of course, if you don't like honest default, then fine.  Just perform these steps:

#1:  have the federal reserve print up as many fiat pieces of garbage paper dollars to pay off all debts.

#2:  shut down the federal reserve.

#3:  government converts all the gold in fort knox and branches of the federal reserve (and elsewhere) into gold bullion coins denominated only in "grams", and distributes them to everyone in proportion to their savings (with a cap at $1M).

#4:  henceforth all trade, exchange and "purchases" of goods is with real, physical gold (or other barter of goods for goods).

slewie the pi-rat's picture

ok, ann.  we're still on #1. 

#3 may be a downer, as the gold may have been "leased" out for "suppression" of PM price.  now, thru the wonders of corporate shilldom, the people who "owe" the gold are no longer able to counterparty like it's 1999, and the people who own the gold, now, are just richer than shit. 

so, just be patient, ann, they are completely passed out on the digital "create wealth via debt" button, which is, really, all we can ask of these great leaders, k?

honestann's picture

I try to be realistic, but these days realistic is somewhere between "skeptic" and "cynic".  In the case of Fort Knox, I would be stunned if there was any significant quantity of physical gold there.

And whatever gold might exist in Fort Knox or federal reserve branch vaults is probably leased or rented out 100 if not 1000 times over.

But hey, #3 should be tried even if for no other reason than to find out what the predators-that-be have been doing the past 4 to 8 decades, and to compile a list of people to hang for treason.

So yeah, the actual benefit of #3 might be to take all the private property from all the predators who have stolen it over the past 8 decades and distribute that instead.

LRC Fan's picture

Dear Paul O Neil: Fuck you, you fucking asshole.  Fuck. you. 

zerozulu's picture

Gold Jumped another High. The word "Terrorist" probably helped.

Dr. Gonzo's picture

Everyone who doesn't do what I tell them is a terrorist. Everyone who doesn't believe everything I say without question is a terrorist. Anyone who complains is a terrorist. Anyone who walks around with no fear or respect for me is a terrorist. Anyone with an I.Q. above 80 is a potential terrorist. New USSA Constitution.

 

WallStreetClassAction.com's picture

Above 80? You sound barely above 50, even AlQaeda would reject you. Lol

Cole Younger's picture

"Everyone who doesn't do what I tell them is a terrorist." Exactly....When will the public start understanding it is congress and the many different administrations that are the TRUE terrorists. The debt ceiling should not be even a debate....It should never, ever, ever be reached. 

e_goldstein's picture

Does this mean we can send half the congress to Gitmo? Sweet!

AldoHux_IV's picture

When it comes to political discourse and debate this country gets an R for rhetoric designed to conjure up some kind of emotion from the less informed and weak minded.

WallStreetClassAction.com's picture

How did any of you made it past the math question check?

Paul O'Neil is correct. Those who "don't get it" educate yourselves, instead of posting your childish hubris.

Debt ceiling must be raised, else US defaults on its debt obligations, PERIOD. You may disagree or agree with the concept of debt, or you may disagree with how much debt our nation carries, but it's a simple fact. If you are unable to comprehend this simple fact, wtf are you doing on ZH? No, really?

bob_dabolina's picture

How did any of you made it past the math question check?

ok

Creed's picture

you are a damn liar

 

Congress can simply SLASH SPENDING

 

but REFUSES to do the RIGHT THING

 

wall street, eh? figures

 

 

by WallStreetClass...
on Wed, 04/27/2011 - 15:24
#1213047

 

How did any of you made it past the math question check?

Paul O'Neil is correct. Those who "don't get it" educate yourselves, instead of posting your childish hubris.

Debt ceiling must be raised, else US defaults on its debt obligations, PERIOD. You may disagree or agree with the concept of debt, or you may disagree with how much debt our nation carries, but it's a simple fact. If you are unable to comprehend this simple fact, wtf are you doing on ZH? No, really?

 

topcallingtroll's picture

I want default because it will mean the end of big government

WallStreetClassAction.com's picture

...and the dollar....and the economy...a lot of collateral damage for your "wish", no? Very terrorist-like if you ask me.

To add, what if I have different beliefs? Should I "stick a knife" in someone who beliefs differently?

topcallingtroll's picture

why should you be allowed to steal money from our children by piling on debt?

WallStreetClassAction.com's picture

me? I am not stealing any money, nor lending any money to you or your hypothetical children. Living in a civilized society is expensive, get used to it, or if you can't afford it (understandably due to your limited intellect), then go live in a cheap dirt sh!thole somewhere. There's Sudan and I hear they have a very limited government. Sounds like a match already?

Central Bankster's picture

Another big government authoritarian.  These idiots love strawman arguments like society wouldn't be civilized without their big government.   Marx would be proud.

WallStreetClassAction.com's picture

Did you even read Marx? You are such an ignoramus, omg

Creed's picture

hey moron...you already confessed to enjoying the thought of shooting some rednecks on this thread

 

so add hypocrisy to your low browed burden in life

 

it's pretty clear you're another in a long line of establishmentarian trolls that get paid by the post, not by the thought

 

by WallStreetClass...
on Wed, 04/27/2011 - 17:08
#1213656

 

...and the dollar....and the economy...a lot of collateral damage for your "wish", no? Very terrorist-like if you ask me.

To add, what if I have different beliefs? Should I "stick a knife" in someone who beliefs differently?

WallStreetClassAction.com's picture

me? shooting rednecks? you jest

Gimp's picture

Its "make"   idiot. You obviously failed English and are probably a CNBS or Administration flunky.

Is that you Lies-man?

 

WallStreetClassAction.com's picture

Lol...so beyond the trivial typo, any actual points on the topic? Anyone with IQ over 50 that is?

Gold 36000's picture

It is a matter of values.

Many of us believe in a limited government.  This may be our best chance to stick a knife into the heart of big government and limit its fuel which is debt.

WallStreetClassAction.com's picture

"Stick a knife"? Maybe blow up an airplane or ram one into a big government building? O'Neill was right. You already speak like Al Qaeda, you are just a little know nothing behind a computer somewhere...

Gold 36000's picture

what choice have we been given?  Spend insanely or crash the government.  Thanks Democrats for framing it in such a way.  We may take you up on it.

WallStreetClassAction.com's picture

I have no doubt, and judging by your sincerely deranged state of mind, believe you. We appear to be in a complete agreement. What I am saying is that you and people like you are in fact terrorists, and you are saying, yes we are, because "what choices do we have" (outside a ballot box)? So why are you arguing with what Paul O'Neill said? Why front and pretend to be offended? At least, man up and admit it, embrace this rebelious terrorist label. Walk the talk, so to speak? If you are not man enough to embrace it on this dbag site, what "stabbing" on the "big govimint" can you really inflict, girly terrorist man? Lol

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topcallingtroll's picture

The house is free to pass a bill raising the debt limit.  They can also decide not to pass a bill.  Sounds like representative government to me.  What are you complaining about?  You were the one saying that the fed should just ignore the debt limit law if it didn't like it.  You were the first to suggest violating the law.  We have merely asked that the house of representatives refrain from passing a debt limit increase.  We are the ones trying to work withint the system.

WallStreetClassAction.com's picture

But the system will not default. In other words, you cannot make the system default. It's designed that way, and it's a good design.

Creed's picture

The debt ceiling needs to stay where it is or BE LOWERED.

The budget needs to be cut.

America needs to take the pain of living within its means.

Trolls like you need to get permission from their mothers before being allowed free access to a computer.

It's so simple figuring these problems out.

 

 

by WallStreetClass...
on Wed, 04/27/2011 - 18:48
#1213981

 

I have no doubt, and judging by your sincerely deranged state of mind, believe you. We appear to be in a complete agreement. What I am saying is that you and people like you are in fact terrorists, and you are saying, yes we are, because "what choices do we have" (outside a ballot box)? So why are you arguing with what Paul O'Neill said? Why front and pretend to be offended? At least, man up and admit it, embrace this rebelious terrorist label. Walk the talk, so to speak? If you are not man enough to embrace it on this dbag site, what "stabbing" on the "big govimint" can you really inflict, girly terrorist man? Lol

WallStreetClassAction.com's picture

whew! very convincing. i feel stupider with each comment i read here.

Gold 36000's picture

what choice have we been given?  Spend insanely or crash the government.  Thanks Democrats for framing it in such a way.  We may take you up on it.

topcallingtroll's picture

If we default it ends the governments ability to borrow. I think that is a good thing. Big government gone.....poof!

WallStreetClassAction.com's picture

Really? I mean, just how much do you know about finance? If we default, our rating gets trashed, and we will continue to borrow, albeit at much higher rates of interest. Additionally, the dollar will get decimated with more damage than QE1 + Bailouts combined. But seriously, go back to school or just read internet for your own benefit.

Gold 36000's picture

I know I don't like socialism.

I know I don't like what you boomers have done to the country.

If it costs too much to borrow then we can slowly kill off most of the federal government by death of a thousand cuts.  We can turn into greece.  I am ready for the fight because limited government is worth it.

WallStreetClassAction.com's picture

Dude seriously, you have a mish mash in your head. Lookup what socialism is in the dictionary. Then proceed on pondering how a failed government is not the same as limited government. Then you are free to smack yourself upside the head. You are welcome.

Gold 36000's picture

a failed government with no money is the choice you give us, other than continue to insanely spend and put our children in debt for your selfish boomer ass.

 

WallStreetClassAction.com's picture

Dang, get off the boomer thing, what are you stuck on stupid? I told you I am not a boomer. I wasn't even born in the US.

Gold 36000's picture

fine.  no more boomer ass.

But still the democrats have framed it in such a way that we must continue to spend insanely or be called terrorists.  They will not compromise.  We got 300 million in cuts in the last budget battle?  This is unfortunately the corner that we have been backed into, be called terrorists or go along with a government's insane spending plans.  Ok I am a terrorist then.

WallStreetClassAction.com's picture

So what taken you so long to finally admit it? Don't say it, scream it "I am a TERRORIST!" Be proud of your intentions, don't shy away. It's also about honesty. I mean, if I were dropped on my head when I was a child, and somehow grew up so disturbed and generationally challenged, at least I think I'd be honest. This is what surprised me about reading this thread. Not one openly embraced the honest truth. I know I would. Just sayin

topcallingtroll's picture

One guy's terrorist is another guy's freedom fighter.  Our children who can't even vote yet and have no say in how much debt you want to pile on them will thank us.  allah akhbar if that is what you want to hear?

WallStreetClassAction.com's picture

"on them"? you are personally shouldering the debt? exactly how, hero?

A Lunatic's picture

Sticks and stones Bitchez!!

WallStreetClassAction.com's picture

all lunatics of ZH, unite!

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gurkha108's picture

We only continue to borrow if we spend more than we make.  Dump the FED, default on dollar debt, make a real currency, and watch America shine.

Other choice is to print and print, watch the currency become worthless, and have mine and my kids lives spent paying off bank bailouts.

 

 

WallStreetClassAction.com's picture

well you apparently do not know smack about how defaults work. not that I expected you to...

gurkha108's picture

You live in a box.  Defaults work however we want them to. 

 

You think America needs the Fed to issue it credit?  We can make our own currency based on something real (like metal), and issue credit to ourselves, you nimrod.  What the fuck are you gonna do about it?  What, the ECB won't like us?  Who gives a fuck?

 

Yeah, it'll be painful, but not as painful as this slow torture incremental debt-slavery.  Just in case I wasn't clear:  Fuck you.  Fuck your socializing losses, and sticking us with the bill.  Fuck your privatizing profits from your fraudulent behavior, your dangerous derivative games...and fuck your elitist attitude.  Fuck you saying I MUST pay for it.

honestann's picture

Those consequences are all GOOD things.

First, there is no "dollar".  There is only a fiat, fake, fraud, fiction, fantasy, unconstitutional fractional-reserve-banking debt-note called a "federal reserve note".  That is poison and must be eliminated.  This is one way to do so.

Anybody who lends anything of value to the biggest defaulter in the history of the universe is so far beyond stupid, they almost deserve what they get.

We know how "the systems works".  That system is what must end, and the end of the FRN, the FederalReserve, the FederalGovernment and all such fictitious predator-feeding criminality is long overdue.