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Several Inconvenient Truths About The Debt Ceiling And "Deficit Reduction"

Tyler Durden's picture




 

Bill Buckler presents an amusing compendium of facts, let us call them inconvenient truths, in the latest edition of his newsletter, some of which would make for entertaining anecdotes if presented at the Biden "deficit cutting" talks, which also, and very paradoxically, aim to cut US debt by increasing it.

  • Not one penny of US debt has been repaid for 51 years: the last time US government funded debt actually decresed on a year-over-year basis was 1960
  • 97% of today's funded debt has been accumulated since August 1971 - the end of the Bretton Woods era by Nixon, and the terminal delinking of all fiat currencies from any and all hard assets, ushered in the era of modern-day hyper-debt insolvency
  • Obama projects 2.5% Fed Funds rate in budget calculations through 2020. Average Fed Funds rate since 1980: 5.7%; Since 2008: 0.00%, If average 5.7% rate was used, projected US deficit would increase by another $4.9 trillion by 2020
  • Obama projects 4.2% growth rate over next 3 years. If a normal growth rate of 2.5% is used, deficits would increase by another $4 trillion by 2020
  • The US government borrows 40-50 cents for every dollar it spends. A balanced budget would mean cutting government spending in half.
  • Implementing a balanced budget would not reduce current debt outstanding. It would merely stop it from growing.
  • Over the past three fiscal years US debt grew by over $1.5 trillion per year: this is more than three times the record annual debt increase in any previous year in US history
  • Last night deficit reduction targets were cut from $4 trillion to $2 trillion over the next decade, in exchange for a $2.4 trillion debt ceiling hike, which will last the Treasury until the next presidential election. Said otherwise, the Treasury needs to fund a $2.4 trillion hold over the next 15 months. Over a decade this come to $20 trillion: ten times more than the proposed deficit reduction.

And the most inconvenient truth of all:

The Global Financial Crisis (GFC) is said to have been precipitated by the Lehman failure in 2008 which froze inter-bank lending on a global basis and almost brought down the system. It is said to have been prevented by a massive and global increase in new money creation. In reality, had economic nature been left alone to take its course, there is a good chance that the world would be fast emerging from its financial black hole by now. At a minimum, most of the malinvestments would have been discounted to the point where they would no longer act as a dead weight on future savings and investment.

Economic “miracles” (so-called) have happened before. The US emerged from a deep recession in 1920-21 because the government and the central bank did NOT interfere. Germany emerged from the actual physical rubble of WW II for exactly the same reason. So, to a lesser extent, did Japan. In all these cases, debts which could not be repaid were not held on life support by central banks, they were written off. In all these cases, creditors took very severe “haircuts” indeed while many debtors literally had to start again from scratch. In all these cases, the LACK of government impediments or government largesse meant that a recovery took place in a much shorter time frame than would otherwise have been the case.

Economic distortions today are HUGELY bigger than they were then. That means that the recession will be deeper and the recovery phase possibly longer. But until it is allowed to begin, there is no way out.

None of the above will be noted anywhere by the great diversionary media spin machine over the next two weeks, since July 22 is the date by which Congress says it needs to pass the debt ceiling legislation so it can get it to Obama's desk for his signature by August 2.

 

 

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Sun, 07/10/2011 - 12:25 | 1441410 Grimbaldus The ...
Grimbaldus The Norman's picture

You gotta spend money to... Erm... Spend money. Yeah, that's it.

Sun, 07/10/2011 - 12:56 | 1441468 Fish Gone Bad
Fish Gone Bad's picture

This one is actually quite frightening:

Not one penny of US debt has been repaid for 51 years: the last time US government funded debt actually decresed on a year-over-year basis was 1960.

I am sure there is a reason for this, perhaps not a very good reason, but a reason none the less. 

 

Sun, 07/10/2011 - 13:02 | 1441475 mt paul
mt paul's picture

your last 3 words ...

 

"none the less"

 

pointed to say the least

Sun, 07/10/2011 - 13:34 | 1441514 JW n FL
JW n FL's picture

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

 


Brother, Can You Spare A Trillion?: Government Gone Wild!

 

Interest payments on the U.S. Debt.

 

 

Sun, 07/10/2011 - 13:59 | 1441553 TheTmfreak
TheTmfreak's picture

It can be pretty much said that if one had to look at one chart, or one video to really get an understanding of how fucked up things, are or will become, THAT is the video. Very simple, very straight forward. No need to look at anything else.

Sun, 07/10/2011 - 16:24 | 1441797 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Possibly the worst trick played by a politician recently has been Billy Clinton's supposed balancing of his budget.  The trick has duped lame ass Democrats to believe he balanced his budget, and the lame asses like to bring it up when defending their Demo Dictators. 

Not only was it only one year out of eight that he did so, and that the other seven were hugely in the red, but he had to shut the government down to finish even.

Sun, 07/10/2011 - 17:23 | 1441933 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

I am sure there is a reason for this, perhaps not a very good reason, but a reason none the less.

This has been explained by Paul Grignon, Chris Martenson, Peter Joseph, Damon Vrable, and probably many more... those are the first four names that came to my head. If anyone still doesn't understand how credit money ("debt money") works, then probably the most important thing you can do is go figure it out.

Everything else will make sense, thereafter.

Sun, 07/10/2011 - 18:24 | 1442053 Juan Wild
Juan Wild's picture

This video helped me to understand how "debt money" works. The animation is awful but the info is outstanding. Better make some coffee and watch it during a quiet time of the day.

 

http://video.google.ca/googleplayer.swf?docid=5352106773770802849&hl=en&...

 

"If the people understood the rank injustice of our money and banking system, there would be a revolution before morning" -- President Andrew Jackson

 

 

It's hard to understand. That's why all people of all nations are slaves. Slaves to the Debt Machine.

 

Sun, 07/10/2011 - 20:49 | 1442249 pods
pods's picture

I actually burn this (Money as debt) for those who start to ask me questions.  Those that sense something just ain't right.

I tell them to watch it over and over again until they feel like they want to hurl.  Only then they get how well designed this is.  To extract labor to pay for interest on nothing.  

pods

Sun, 07/10/2011 - 21:43 | 1442389 Mad Marv
Mad Marv's picture

Thanks, good stuff.

Sun, 07/10/2011 - 21:44 | 1442397 Camtender
Camtender's picture

I have always said that if currency theory is not understood first, then any economic theory is useless (money is the basis of all financial transactions).  I agree that this video, if watched diligently - or enough times- would explain why the debt based system that has to rely on continued debt growth would fail.

Has any one been successful in showing others this video and getting them to understand why the current monetary system will fail? 

Sun, 07/10/2011 - 21:51 | 1442417 MsCreant
MsCreant's picture

Yes, I am a professor and I have assigned it to my classes for at least the past year and a half. They are stunned and it is usually good for an entire 1:30 class period of discussion. The students are more vital and alive for much of this stuff than they are for quite a bit of the regular course content. I have ways of sneaking it in that look pretty legit. I teach in the social sciences.

Sun, 07/10/2011 - 22:00 | 1442427 Rick64
Rick64's picture

 Happy to hear that at least one professor is informing.

Sun, 07/10/2011 - 22:07 | 1442445 Camtender
Camtender's picture

I agree with that

Sun, 07/10/2011 - 22:34 | 1442481 WaterWings
WaterWings's picture

Glad to see you are fighting the good fight, as always.

Mon, 07/11/2011 - 00:34 | 1442653 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

 

I can just imagine the class you talk about Fight Club.

"Yes, Fight Club is real.  We...I mean they...discuss all sorts of interesting topics, from debt-money, to geo-politics.  Today we..I mean they...discussed the sillyness of the debt ceiling debate, for if it is raised, the dollar continues losing it's supposed worth to inflation by the M2 metric, and if it isn't then investment will run from the dollar like a steer from a cowboy.  Are there any questions?"

Blank stares and blinks fill the room.

"Very well, and next time please bring your copy of The House of Rotheschilde:  The World's Banker.  We will be discussing how it is that everyone can let one family run the banking industry.  Thank you; class dismissed."

Mon, 07/11/2011 - 00:53 | 1442694 Eternal Student
Eternal Student's picture

I'm glad to hear it; you've made my day. Thanks.

Sun, 07/10/2011 - 23:20 | 1442560 Republi-Ken
Republi-Ken's picture

But the more important fact is that a

REPUBLICAN PRESIDENT NEVER DID!

 

Hurray for those 2000 Bush Tax Cuts!

Took a surplus and made more debt shit.

Mon, 07/11/2011 - 00:32 | 1442660 sun tzu
sun tzu's picture

Wow you really are a fucking imbecile

Mon, 07/11/2011 - 00:31 | 1442661 sun tzu
sun tzu's picture

 

If not the $140 BILLION Bush tax cuts, there would be no $1.7 TRILLION deficit right now. Yaahaw you stupid cunt.

 

How about this:

 

A DEMOCRAT CONGRESS NEVER DID!

 

Sun, 07/10/2011 - 23:25 | 1442564 Republi-Ken
Republi-Ken's picture

NAME 1 REPUBLICAN President in 100 years who balanced a budget...

Still waiting.

Still waiting.

Still waiting.

Still waiting.

...Say Trickle-Down Supply-Side Laffer-Curve Bull-Shitters really fast

Mon, 07/11/2011 - 00:31 | 1442663 sun tzu
sun tzu's picture

Name one Republican President who ever had $1 trillion annual deficits


Still waiting.

Still waiting.

Still waiting.

Still waiting.

Mon, 07/11/2011 - 00:44 | 1442677 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Cut the Hegelian bullshit.  Clinton shut down the government to do so.  I am not giving him a pass.  Do not participate in their lies.  You are trying to perpetuate the feudal system, you slave, you.

Sun, 07/10/2011 - 15:44 | 1441746 TaxSlave
TaxSlave's picture

It's not my debt.  And I'm not paying it.

They don't own me or the output of my work.

The debt will not be paid back, because it is impossible to be paid back.  I will not toil away only to have my labor stolen by money-printers.  So when the default comes, I won't be under the lash to compensate for it.  Let them come after me with pistol and whip, they will never collect enough to pay the tax collector. 

Sun, 07/10/2011 - 15:58 | 1441774 traderjoe
traderjoe's picture

+1

Sun, 07/10/2011 - 16:09 | 1441789 TheTmfreak
TheTmfreak's picture

Well said.

No questions asked I've decided to go galt here in a few years (if its still possible). I'm in a period of transitioning to make that possible with my girlfriend.  There is no way I will be able to live my life knowing that somebody has laid claim to my work and body. No thanks. I decide that one. Stop buying into their system, and take what was stolen from you in the process. Real simple.

Without a consumer middle class willing to put itself further into debt, the thieves at the top don't stand a chance.

Sun, 07/10/2011 - 21:15 | 1442325 NuckingFuts
NuckingFuts's picture

DO IT!  I sold the 5bdrm 3 bath, 5 years ago (at a profit no less, remember those glorious days?  /part sarc/). Now on 100+ acres growing vegetables.  Working my ass off.....but a slave to no one. 

Sun, 07/10/2011 - 21:21 | 1442336 NuckingFuts
NuckingFuts's picture

I agree with PODS comment below..........but although difficult and not sustainable for the majority of the population, it can be done.  Debt free, produce very tangible goods (food) and am willing to barter for damn near anything......and do.

Sun, 07/10/2011 - 20:56 | 1442266 pods
pods's picture

That is a good attitude to have.  But it is not correct.
They DO own you.  Through the 14th amendment trust.  

If you use FRNs, or any other benefit of the trust, you are a party to the debts that the trust racks up.

And if the exchange rate for your labor is quoted in USD, they own you again, as THEY control the value of what you exchange your labor for.

As for the system, the system does not want the debt to be paid back.  Only ever increasing amounts of debt will allow the system to function.

And if they actually pay off any debt, it would drop the money supply so much that it would be crashed anyways.

pods

 

Sun, 07/10/2011 - 15:57 | 1441772 traderjoe
traderjoe's picture

Once again - they miss THE real issue - why does a sovereign country borrow it's own money from private corporations at interest?

The debt is odious. We must repudiate. Paying interest is the scam of the century...

Sun, 07/10/2011 - 17:36 | 1441962 Rick64
Rick64's picture

Yes, and this subject will never be touched on by congress, media, monetary wizards or economists.

Sun, 07/10/2011 - 18:38 | 1442096 JW n FL
JW n FL's picture

Not why.. But How? How in the FUCK! can people just Fucking Ignore the FACT! that whatever the Federal Reserve Prints out of thin Air.. "We the People" pay 6% interest on..

 

The FED Prints money out of thin air.. to loan to the Goobermint Lobby Whores.. and "We the People" end up paying 6% on what ever was printed out of thin air.

 

How can "We the Sheepeople" be so fucking stupid?

Sun, 07/10/2011 - 19:05 | 1442135 newworldorder
newworldorder's picture

We are not stupid but are uninformed. As to the reasons why we allow this to happen - We do so because we have not been asked.

Every time the Congress or the Executive Branch want to spend money, they simply instruct the treasury to sell bonds to the FED. The FED then gives the country money, printed out thin air.

The debt money thus created, become the repayment responsibility of we the sheeple. This is how "representative government" has absolved itself of responsibility to those it governs by not asking for additional taxes.

Most of  "We the sheeple" are none the wiser for the experience and we keep electing the same officials who enslave us. The only difference is that our officials, (democrat or republican,) are better than the other guys officials. Divide and conquer at its best practice.

Sun, 07/10/2011 - 21:01 | 1442284 pods
pods's picture

JW, be ready for the standard reply from FED supporters who say that any profit the FED makes is promptly returned to the treasury.

That is mostly correct.  The FED would pay 10x that to keep their owners able to print money (loans) out of thin air.  

pods 

 

Sun, 07/10/2011 - 23:03 | 1442530 CompassionateFascist
CompassionateFascist's picture

Here's the why, in US's case: Rothschild, Warburg and Co. bought themselves a Prez named Wilson. Since then, pols sign on because it's an EZ way to finance their warfare/welfare state, and rake off big for themselves along the way. LBJ: penniless schoolteacher when he first went to Congress. By 1960, multimillionaire. Pelosi: $40 million in '08. Now, after 2+ years of rake-offs from bailouts etc.: $60 million.   

Sun, 07/10/2011 - 16:16 | 1441795 macholatte
macholatte's picture

Thanks JW

+10

Sun, 07/10/2011 - 18:41 | 1442102 JW n FL
JW n FL's picture

Aztlan! BITCHEZ!!

 

White people arent fucking anymore the Brown Man will rule America in 5 years time!! Keep making them babies!

 

http://www.youtube.com/watch?v=ajkAP_M4ZAM

Sun, 07/10/2011 - 23:05 | 1442532 CompassionateFascist
CompassionateFascist's picture

Mestizos will never rule anything. They're just cannon fodder for the Zionist-Globalists who mean to Rule All.

Sun, 07/10/2011 - 23:53 | 1442621 Tejano
Tejano's picture

Will do!

Sun, 07/10/2011 - 13:24 | 1441503 cosmictrainwreck
cosmictrainwreck's picture

Many years ago (early 80's) I went to meeting held by my US Rep. A hot topic back then was the budget & interest on the debt (imagine that). I asked the dude "Everybody talks about interest..... are there any plans to actually pay the principle?" To his credit - after a pause, he looked me right in the eye and said "no".

Sun, 07/10/2011 - 14:31 | 1441602 HungrySeagull
HungrySeagull's picture

BINGO.

 

And the sins of the fathers continue down the tree to the children. They don't pay principal, Interest or anything at all.

Sun, 07/10/2011 - 14:53 | 1441644 Sudden Debt
Sudden Debt's picture

I had a semiliar meeting in 2000.

I didn't get the no answer.

It was: The principal is being inflated away!

At least they where honest :)

 

At this rate, the debts will be inflated to the value of a donut in 1 decade from now.

 

 

Sun, 07/10/2011 - 15:38 | 1441737 MrSteve
MrSteve's picture

see the last cent repaid by Uncle Sam at

http://www.usmint.gov/downloads/pressroom/misc/PennyUncRev.jpg

 

1959 was the year the cent lost the wheatie back and the Lincoln Memorial appeared on the reverse. Honest Abe would not be pleased to see what has happened to the value of his one red cent.

Sun, 07/10/2011 - 17:52 | 1441995 bernanke al-sahaf
bernanke al-sahaf's picture

So they'll inflate the debt away with more debt? Ah that makes sense.

Sun, 07/10/2011 - 18:58 | 1442118 JW n FL
JW n FL's picture

Shut Up!

 

Now go make that 6% Interest Payment of Paper Money Printed Out of Thin Air!

 

Sucker!!

Mon, 07/11/2011 - 10:47 | 1443687 fallout11
fallout11's picture

Of course. See also "The 11th Round", "Money as Debt", "The Mandrake Mechanism", and a host of other short, easily understood but profound explanations of this basic concept. Money creation, with interest, is usury and requires a ponzi scheme to work, and the confiscation of one's labor to finance (at terms controlled by the same ponzi).

Sun, 07/10/2011 - 20:53 | 1442259 Seymour Butt
Seymour Butt's picture

At least he was honest.

Sun, 07/10/2011 - 14:06 | 1441538 Eternal Student
Eternal Student's picture

"I am sure there is a reason for this, perhaps not a very good reason, but a reason none the less. "

Of course there is. There's an old saying:

I'd rather owe it to you forever, rather than cheat you out of it.

And note that Germany just recently finished paying off its obligations from the Versailles treaty of WWI. What was a big sum then is a pittance now.

 

Sun, 07/10/2011 - 14:33 | 1441605 HungrySeagull
HungrySeagull's picture

Orly?

All those sums a pittiance?

A 1925 built house for a few thousand would require well over half a million today's dollars for the same level of craftmanship that possibly no longer exists in bulk.

Sun, 07/10/2011 - 21:03 | 1442287 Don Keot
Don Keot's picture

An amazing perspective is that the Empire State Building was built for one million dollars.  Today they can't build a grammer school for five million.  How's that for inflation?

Mon, 07/11/2011 - 03:53 | 1442707 Eternal Student
Eternal Student's picture

The point that you're missing is that they aren't paying in hard assets like they were supposed to originally. Instead, the debt was moved to fiat.

And yes, the last $90 Million is a pittance. The original value was 100,000 tons of gold, which is about $4 Trillion today. Even the 16 billion marks set in the 1950's is chump change these days. Fiat is like that.

[Edit]: For the record, no, I didn't junk you.

Sun, 07/10/2011 - 14:17 | 1441580 chumbawamba
chumbawamba's picture

Give yourself a +1 if nothing in this article is news to you.

I am Chumbawamba +1

Sun, 07/10/2011 - 14:29 | 1441601 equity_momo
equity_momo's picture

And give yourself a +1 if you know its just a matter of time , not alot of time , before it all goes KABOOM , making such debates all rather ....irrelevant.

Event Horizon is behind you. Enjoy.

Sun, 07/10/2011 - 14:58 | 1441653 DoChenRollingBearing
DoChenRollingBearing's picture

+ $1540 Chumba and equity.

Timing is important.  I always wonder when I am away whether things will go SPLAT while I away from my guns & gold (I am in Peru for a few days).

Of course it´s too late to fix anything.  I just keep hoping to add to my gold and my preps each week that I can.

Someone here told me that Peru beat Mexico in the soccer game the other day.  If so, Viva el Peru!

Sun, 07/10/2011 - 15:17 | 1441688 equity_momo
equity_momo's picture

I'm living in the UK currently but will be moving back to the US in the next few months. So im out of the fire , into the frying pan , so to say. Ive thought about disappearing to a mountain top in SA or somewhere remote in Europe , but i dont see the point in being an "outsider" when it hits the fan. There are plenty places to hole up in the US , just getting out of metropolitan areas is the best plan i can come up with.

Sun, 07/10/2011 - 15:41 | 1441742 DoChenRollingBearing
DoChenRollingBearing's picture

Unless you have a lot of money and speak Spanish (and are OK with Latin culture), then I agree, LatAm is not for you.

States to look at would include Texas and the American Redoubt states (Wyoming, Idaho, etc., more info at www.survivalblog.com).  Those places have a high ¨right to be left alone¨ kind of thinking.

Sun, 07/10/2011 - 16:05 | 1441782 equity_momo
equity_momo's picture

Too old to change my ways and learn spanish language and culture. I think im heading to CO. Not sure how you rate that in the "right to be left alone"  stakes. Texas is gonna have problems imo.

Sun, 07/10/2011 - 16:18 | 1441800 sensei
sensei's picture

I have to agree with you on Texas.  When the entitlements and give-aways stop flowing there is going to be a race war that I want no part of.  Whites will blame the hispanics and the hispanics will blame the gringos.  Gonna be ugly, amigo.

 

Sun, 07/10/2011 - 17:12 | 1441906 Tejano
Tejano's picture

Wherever you go, when things get out of hand, you'll want to have a ready answer when that age-old question is asked in the local language/dialect/accent - "You ain't from around here, are ya?"

Sun, 07/10/2011 - 18:06 | 1442020 AssFire
AssFire's picture

Tejano, Just so you know:

It's us Gringos and you Mexicans against the only group of savages on the planet without Neanderthal DNA. So, when it starts we have our operation De-Katrina plan. Aside from that we have everything we need in Texas.

Sun, 07/10/2011 - 18:39 | 1442100 ping
ping's picture

This ragging on Californians has go to stop. 

Sun, 07/10/2011 - 18:53 | 1442111 DoChenRollingBearing
DoChenRollingBearing's picture

+ 49 other states!

LOL, very good!

Sun, 07/10/2011 - 22:35 | 1442482 Tejano
Tejano's picture

Could use some rain. You get any at your place?

Sun, 07/10/2011 - 20:12 | 1442215 Ying-Yang
Ying-Yang's picture

Just depends if you like it cold or hot....

You can get lost in Texas quite well. Just figure out what to do about water.

Sun, 07/10/2011 - 16:52 | 1441866 Oh regional Indian
Oh regional Indian's picture

Event Horizon is behind us indeed.

20/20

ORI

Sun, 07/10/2011 - 14:41 | 1441621 BennyBoy
BennyBoy's picture

The year of the BIG Clinton "surplus" the US debt increased around $18B.

 

The ponzi scheme that is the FED needs overall consumer and gov debt to increase every year. If consumers cut back on going into debt, the gov needs to increase its debt load or KABLAM! goes the FED and its owners, like GS.

Sun, 07/10/2011 - 21:13 | 1442318 pods
pods's picture

The ponzi scheme that is the FED needs overall consumer and gov debt to increase every year. If consumers cut back on going into debt, the gov needs to increase its debt load or KABLAM!

And that right there is the issue.  Anything else is just window dressing.

pods

Sun, 07/10/2011 - 21:51 | 1442416 Rhodin
Rhodin's picture

The ponzi scheme that is the FED needs overall consumer and gov debt to increase every year. If consumers cut back on going into debt, the gov needs to increase its debt load or KABLAM! goes the FED and its owners, like GS.

 

Kennedy was just thinking about (had drafted an exec order, authorizing) issuing U.S. Notes instead of borrowing from the Fed;  then KABLAM! in Dallas.

Mon, 07/11/2011 - 10:52 | 1443713 fallout11
fallout11's picture

....and 90% silver coinage was a thing of the past just 12 months later.

Sun, 07/10/2011 - 15:54 | 1441767 TaxSlave
TaxSlave's picture

"I am sure there is a reason for this"

It's very simple.  They print the money then loan it to you and your government.  They do no work and end up with de facto title to all the land and all meaningful assets.

In order for you to live, you must rent your place from them.  In order for you to work, you must beg them for a job.  Out of the proceeds of your paycheck, you will 'pay your fair share to society'. 

The 'reason for this' is happening right now, all around you.  Insurance, manufacturing, medicine, everything is being nationalized for the benefit of the money-printers.  What isn't outright owned by your masters is controlled by an army of fascist enforcers of regulations.  Regulation-surfers get rich by cashing in on 'green job' scams or tax compliance assistance, while those trying to live on the fringes get frozen out by huge corporations cashing in on regulatory advantage.

It's called the American Dream.  Dream-time is over.  Next up, weaponization of food and energy, Stalin-style.

Sun, 07/10/2011 - 16:51 | 1441865 High Plains Drifter
High Plains Drifter's picture

well let's see. who was president then? hmmm, oh, that's right. somebody killed him didn't they? with the magic bullet no doubt......

Sun, 07/10/2011 - 19:54 | 1442194 TexasAggie
TexasAggie's picture

If s they say the year was 1960, then Dwight Eisenhower was President.  JFK was elected in Nov 60, and sworn in on 1/20/61.

Sun, 07/10/2011 - 13:10 | 1441483 Fazzie
Fazzie's picture

 Gotta dig out of the hole.

Sun, 07/10/2011 - 14:34 | 1441610 HungrySeagull
HungrySeagull's picture

Yes we can.

Forget the debt, forget the debtor and go into the center and the future will be brighter.

How many times has someone told you "Forget it!" over a few dollars or whatever that you owed?

It's just a number.  A 2 dollar beer or a 2 Billion dollar brewery.

Sun, 07/10/2011 - 17:08 | 1441903 Richard640
Richard640's picture

World financial amrkets are like a pie crust stretched across the roof of a volcano!

Fu Manchu is about to pull the secret lever to the trap door!

Sun, 07/10/2011 - 17:08 | 1441904 Richard640
Richard640's picture

World financial amrkets are like a pie crust stretched across the roof of a volcano!

Fu Manchu is about to pull the secret lever to the trap door!

Sun, 07/10/2011 - 20:06 | 1442207 John_Coltrane
John_Coltrane's picture

"A rolling loan carries no loss"  or

"'Tis better to have loaned and lost than never to have loaned at all" 

Attributed to a forlorn depression era banker.

Sun, 07/10/2011 - 12:26 | 1441412 DavidC
DavidC's picture

Madness seems too trivial a term to use for this, but all the way through this post that's what I was saying to myself.

DavidC

Sun, 07/10/2011 - 12:31 | 1441428 Central Bankster
Central Bankster's picture

I think the term you're looking for is Psychosis:

 

"Psychosis is a loss of contact with reality, usually including false beliefs about what is taking place or who one is (delusions) and seeing or hearing things that aren't there (hallucinations)."

Sun, 07/10/2011 - 12:45 | 1441450 knukles
knukles's picture

The psychopaths are the sycophants who believe the rubbish promulgated by the powers and perpetrated by the perceptions management machine.
The true leaders of the miasma are the sociopaths, those at the very, very top, who know exactly what they are doing whilst believing themselves either exempt for societalnorms and values or operating within the interstices and fine filters of law and regulation.

Sun, 07/10/2011 - 13:18 | 1441499 nmewn
nmewn's picture

But on the bright side, tax revenue doesn't seem to matter at all. Things are becoming clearer ;-) 

Sun, 07/10/2011 - 13:51 | 1441544 Beam Me Up Scotty
Beam Me Up Scotty's picture

Tax increases generally don't raise much revenue either.  And if they did, the government would just spend it, on top of all the other spending that they do.  Lets say they raised taxes enough to cover the 1.5 Trillion dollar deficit.  Do you actually think they would balance the budget?  Or would they use .3 Trillion to reduce the budget deficit to 1.2 Trillion, and increase spending by 1.2 Trillion.  Exactly.....

Sun, 07/10/2011 - 14:26 | 1441596 snowball777
snowball777's picture

Trade you a balanced budget amendment for an increase in corporate and cap gains taxes. Deal?

 

Sun, 07/10/2011 - 14:36 | 1441613 HungrySeagull
HungrySeagull's picture

Oh and they not worry about the necessary staff work needed to implement those agreements. That is for the little people on hourly pay.

Sun, 07/10/2011 - 15:45 | 1441670 DoChenRollingBearing
DoChenRollingBearing's picture

No, snowball, not a deal for me.

How about I make a simpler one:

Cut spending 15% on everything.  Everything (military, entitlements (odious word), etc.).  That way, LOTS of peole feel the sacrifice, and it´s reasonably fair. And it´s transparent.

Spending is the problem.  Why not just go back to the spending levels back in Clinton´s last year?  Sounds OK to me!

And we don´t need a ¨balanced budget amendment¨ which would be complete political theatre BS anyway (I predict you would agree with that).

Sun, 07/10/2011 - 16:14 | 1441794 snowball777
snowball777's picture

Okay, but you have to take one ex-soldier, one Medicare patient, and one octogenarian under your roof. j/k

So $555 billion in cuts...but they can't come from the $233B we throw at interest so we're really cutting the other programs budget items by 1/6th. $144B from Defense/VA/Nukes (DoE line item), $134B from Medicare, $118B from SS, $85B from UE/Foodstamps/etc...all the way down to $2B from special ed kids.

And after you'd induced 833k layoffs from the MIC, a few hundred thousand more from the medical industry, and ripped $200B of money the fogies would've spent out of the economy, blocked 8M from medical care, and put 8M fogies on the street....you'll still have a budget deficit of ~600B dollars...and the same national debt...and drastically lower tax revenues too. Bravo, you've hurt millions while accomplishing little to nothing in terms of addressing our fiscal problems.

Sorry...spending cuts AND tax increases (preferably on GE, GS, and Warren Buffet) will be required to fix this shit. Why not go back to the tax levels back in Reagan's first year? Sounds OK to me!

If you run up a credit card bill at a restaurant, you can't pay it off by simply not ordering more food. The time for the spending to have been avoided was in the 60s, 70s, and 80s.

Imagine the US fiscal situation as an airplane...with 3 out of 4 engines dead. The Dem solution is to put in an order for a new plane. The Pug solution is to shut down the 4th engine.

Sun, 07/10/2011 - 17:08 | 1441882 WaterWings
WaterWings's picture

AND Blah blah blah.

In the Age of Fractional Reserve Banking, taxes serve only two purposes:

1) perceived equal redistribution of wealth

2) price controls

---

Until you get that, this is all obviously over your head.

Sun, 07/10/2011 - 22:03 | 1442434 snowball777
snowball777's picture

Uh huh. LOL.

Sun, 07/10/2011 - 22:38 | 1442483 WaterWings
WaterWings's picture

Yes, so simple it escapes you.

Why pay taxes with a Printing Press?

Anyone?

Mon, 07/11/2011 - 00:50 | 1442686 slewie the pi-rat
slewie the pi-rat's picture

there is a very good answer to that question.  you should know it & understand it.  why don't you put it up & show us how smart you are?  tell us the right answer to your own question, k?

Sun, 07/10/2011 - 18:05 | 1442018 Calmyourself
Calmyourself's picture

"And after you'd induced 833k layoffs from the MIC, a few hundred thousand more from the medical industry, and ripped $200B of money the fogies would've spent out of the economy, blocked 8M from medical care, and put 8M fogies on the street....you'll still have a budget deficit of ~600B dollars...and the same national debt...and drastically lower tax revenues too. Bravo, you've hurt millions while accomplishing little to nothing in terms of addressing our fiscal problems."

I will buy more rental property if you promise to get 833k Gov workers off my back reduce the fees the cities extort every month for one permit or permission after another and I can afford to employ people to help me and voila the 833k comes back rather quickly.. Always a zero sum game isn't it snowball..

Oh, by the way Gov. Dayton in MN named his personal chef an essential employee who keeps getting paid during the shut down, do as I say serf...

Sun, 07/10/2011 - 21:58 | 1442424 snowball777
snowball777's picture

Sure, the guidance systems technician to toilet scrubber transition will do wonders for the economy.

Sun, 07/10/2011 - 18:31 | 1442083 DoChenRollingBearing
DoChenRollingBearing's picture

snowball, you always give thoughtful answers even if I don´t like them...    

:-)    (peace, love, woodstock and all that)

Tax increases just drive taxpayers away.  Raise taxes on GE?  Why not find a way to get them to pay what they should (I do not know why they are able to get away without paying any taxes).  Raise taxes on the corpse that is GM?

Besides, every time we have tried the ¨raise taxes / cut spending¨ mutual promise, what has happened is that taxes were raised but the Dems hosed us, spent more breaking their promise, on spending (GHWB, Example One).

No.  The problem is that government is too big.  That´s it!  .gov is too big.  Leave (the already progressive) taxes where they are at but cut spending big.  15%?  20%?  Whatever it takes.

I do recognize there will be casualties, and that is painful.  But, if we let things explode, like they are on this Highway to Hell, it will be MUCH worse for everyone at the denoument...

Sun, 07/10/2011 - 18:56 | 1442115 nmewn
nmewn's picture

"Besides, every time we have tried the ¨raise taxes / cut spending¨ mutual promise, what has happened is that taxes were raised..."

Exactly right.

The taxpayer is always stabbed in the back when dealing with dishonorable hacks.

Not this time...cut it across the board by 20% as a good faith measure first to atone for past transgressions, then we can discuss revenue.

Sun, 07/10/2011 - 22:33 | 1442479 snowball777
snowball777's picture

You'd still be short by 10% (370B) of closing the deficit gap (after which there wouldn't be any revenue to discuss anyway) and we'd still have that $14.xT on the wrong side of the ledger, but at least we'd fuck up issuance of new debt just as badly as an outright default.

It's a chess fork between two flavors of "financial armageddon".

Sun, 07/10/2011 - 18:38 | 1442098 DoChenRollingBearing
DoChenRollingBearing's picture

And in the best American tradition (and I noted your j/k):

I am not taking in any Fascist Thugs, welfare recipients, terminally ill patients I do not know, etc. into my house.  (My wife would have a cow were any such let in, especially if they did not take a shower before, and clean their shoes before coming in...)  THAT would be BIG GOVERNMENT at its worst!

Fourth Amendment, bitchez!

Sun, 07/10/2011 - 22:05 | 1442442 snowball777
snowball777's picture

C'mon....it's not like they're Hessians. ;)

Sun, 07/10/2011 - 16:52 | 1441867 High Plains Drifter
High Plains Drifter's picture

is that called revenue neutral?

Sun, 07/10/2011 - 12:26 | 1441413 ebworthen
ebworthen's picture

 

The new age dependency enabling model does not allow failure; it insists on defeating consequences for choices, extending delusions, and maintaining helplessness while ensuring ill-gotten gains and oppressive power for the string pullers.

 

Sun, 07/10/2011 - 12:50 | 1441461 ratso
ratso's picture

ebworthen - KUDOS - You have it so right in so few words.  I could not have put it as succinctly as you just have.  

Sun, 07/10/2011 - 13:39 | 1441525 exceller
exceller's picture

very well said!

Sun, 07/10/2011 - 14:37 | 1441618 HungrySeagull
HungrySeagull's picture

Awesome sentance.

The New Age must fail and we move forward.

Sun, 07/10/2011 - 15:10 | 1441674 DoChenRollingBearing
DoChenRollingBearing's picture

@ ebworthen,

+ 100 for your analysis of our broken new model.

So what do we do about it?

Sun, 07/10/2011 - 15:23 | 1441701 NOTaREALmerican
NOTaREALmerican's picture

Exactly.  The reality is that it's not a "new model", it's the only model.   The history of humanity is that the smartest amoral scumbags win.    The sociopaths tell/sell economic fantasies to the dumbasses.   

 

(But,   everybody can earn above average returns on their 401k's, so it's all good). 

Sun, 07/10/2011 - 21:01 | 1442265 Rick64
Rick64's picture

  Remove the FED from the equation and replace it with the treasury. Print up 14T dollars then pay off the debt that way there is no default. I know this will cause havoc and the currency would lose value, but it would be temporary. Implement a new system in which the dollar would be backed by gold once the slate is clean. I know this won't cure everything, but it would be a good start. Then balance the budget. Cut the size of government and use the money saved to give small businesses incentives. Cut entitlements for people that don't need them (rich), and cut pensions for politicians that have been convicted of crimes or censured for bad conduct.

  Break up these behemoth companies that run small business out of business or buy them out then layoff workers at will to keep their profits up which don't benefit the shareholders as much as the CEOs and executives.  These Multinationals have too much power banks included.

 

Sun, 07/10/2011 - 22:09 | 1442448 Rhodin
Rhodin's picture

I like your plan, but it won't work.  If it would, the next step would be to pull in the empire and reduce bases and troops.

Why do you think they will not let us build a decent missle shield?  If a POTUS actually lived through implementing your plan, the bankers would leave and use their other puppet nations to destroy US.

Sun, 07/10/2011 - 23:11 | 1442541 Rick64
Rick64's picture

 Sadly I am aware of the impossibilities of changing the present system where the elites wouldn't prosper or control at the expense of the people, but DoChen asked for a plan so I thought I would offer my .02 cents.

Sun, 07/10/2011 - 12:27 | 1441415 Central Bankster
Central Bankster's picture

There is no hope for a balanced budget or fiscal discipline.  The politicians will not head off the debt crisis.  They are content to argue about class warfare in order to keep the illusion of control alive.  The simple truth is that the economics of this government do not work and the reality will come home to roost when we have a currency crisis/hyperinflation. 

Sun, 07/10/2011 - 15:27 | 1441708 NOTaREALmerican
NOTaREALmerican's picture

Re:  They are content to argue about class warfare in order to keep the illusion of control alive.

There is no arguing about "class warfare".   The top 1% own the system, and have for decades.    There are two classes:  the very very very smart amoral scumbags and the dumbasses.     The dumbasses always think their Team's sociopaths are looking out for their interests - which is what makes them dumbasses.   (R)etards and (D)umbasses for 50+ years.

Sun, 07/10/2011 - 16:29 | 1441820 macholatte
macholatte's picture

They are content to argue about class warfare in order to keep the illusion of control alive.

...... to keep the sheeple divided. Control is easier if the sheeple are leaderless and argue among themselves.

Sun, 07/10/2011 - 18:31 | 1442082 spdrdr
spdrdr's picture

Of course, if it weren't for the sociological benefits of Roe -v- Wade, we would today have many million more Democratic voters turning up at each election, hoping for change.

Sun, 07/10/2011 - 22:37 | 1442487 snowball777
snowball777's picture

And too bad you quiverful psychos are pumping out ignorant Republican voters at a breakneck pace.

How long until Trig can pull the lever for Mommy?

Sun, 07/10/2011 - 12:28 | 1441419 LetThemEatRand
LetThemEatRand's picture

But the media tells it is 1) Obama's fault, or 2) some combination of Obama and Bush's fault, or 3) Bush's fault.  These facts would suggest that the root of the problem goes back more than 50 years and that the policies of the last several administrations were functionally the same.  Are you saying we've been lied to all this time and that the two party system is just a big farce?  Say it ain't so!  

Sun, 07/10/2011 - 12:38 | 1441440 cossack55
cossack55's picture

It ain't so.  Just kiddin' haahhahahaha

Sun, 07/10/2011 - 12:56 | 1441458 depression
depression's picture

Boner gave the Tea Party it's 15 minutes of fame, back to business as usual.

NFP conveniently gave everyone the cover needed to deep 6 all this debt reduction nonsense.

Sun, 07/10/2011 - 18:41 | 1441684 DoChenRollingBearing
DoChenRollingBearing's picture

If The Republican Powers That Be (TRPTB) short-shrift the Tea Party, then president Barack Obama get likely gets his second term in 2012.

It is the Republicans who have to prove they are different, that they offer a change (= less spending).  THEY have to prove that there is more than a dime´s worth of difference between them (OK, more than 14 cents as well).

Sun, 07/10/2011 - 20:23 | 1442227 Ying-Yang
Ying-Yang's picture

Dem/Pubs, Red/Blue, Bush/Obama, doesn't really matter. They all have mis-represented us in our representative government.

How often are you disappointed by the voting record of the persons you last voted for?

How's that been working for you?

Sun, 07/10/2011 - 22:24 | 1442472 Rhodin
Rhodin's picture

The Tea Party was created by peeved Ron Paul supporters after Fox refused to let Paul into the NH debates before the last election.  TEA as in Taxed Enough Already.   It took Polititians-as-usual less than a year and a half to mostly co-opt it.  Yes, it stills says some interesting things, but that is talk, not action.  Now it too plays a part in the theatre.

Sun, 07/10/2011 - 22:39 | 1442491 snowball777
snowball777's picture

Dick Armey is a peeved Ron Paul supporter?

Astro-turf.

Sun, 07/10/2011 - 23:57 | 1442624 Rhodin
Rhodin's picture

No.  Dick Armey is "Politician-as usual". 

Paul supporters started organizing Tea Party in Feb 2008. Paul declined leadership.  It stayed "grass roots"  for awhile, some say it still is.   Not surprising various Repubs moved to "capture" it.  Armey and his "FreedomWorks" jumped in in 2009, far as i can tell. (i lost interest in mid '08) They now have major influence, if not control.

Sun, 07/10/2011 - 12:52 | 1441463 Mactheknife
Mactheknife's picture

Just two wings of the same bird of prey. One of these days the American people are going to wake the fuck up.

Sun, 07/10/2011 - 13:31 | 1441510 docj
docj's picture

Doubt we ever will, actually.

Frankly, even if we "woke-up" today, this very instant, it's probably far too late to avoid the inevitable.

We can live beside the ocean, leave the fire behind

Swim out past the breakers, watch ther world die...

Sun, 07/10/2011 - 15:07 | 1441671 CH1
CH1's picture

Yeah, but if Americans wake up, we can rebuild, rather than being dragged to a new strongman with a new plan.

Sun, 07/10/2011 - 15:55 | 1441730 NOTaREALmerican
NOTaREALmerican's picture

Re:  Yeah, but if Americans wake up, we can rebuild, rather than being dragged to a new strongman with a new plan.

It's not an "American" problem (after all, look who runs Italy).   It's a human problem and the worship of the Big Kahuna (like the libertarian fantasy that Ron Paul will magically fix everything).   So, humans can't "wake-up".  

The US ruling-elite perfected applied-socialism / crony-capitalism with Big-MIC after the end of the WW2.   It's been perpetually increasing concentration of power ever since.  Big-MIC was the socialist cancer that killed decentralized Representative Democracy.  The ensuing  socialism was SO incredibly successful at enriching the rich that Brussels tried to implement the same system for the European sociopaths.  

 

The Blue Team makes the government bigger,  the Red Team moves the benefits from the dumbass peasants to the sociopathic nobility.   Rinse and repeat. 

There's no other system possible. 

Sun, 07/10/2011 - 18:39 | 1442101 RockyRacoon
RockyRacoon's picture

Another nice snippet from this issue of The Privateer:

Assumptions For Greece - Assumptions For The US:
“How can a nation of 11 million people expect to pay off a government debt amounting to 475 Billion Euros?” We have read variations on this question many times in the mainstream financial media. We have yet to read this question: “How can a nation of 310 million people expect to pay off a (funded) government debt amounting to $US 14.5 TRILLION?” If you do the arithmetic you will see the ratio of debt to population is slightly lower in Greece than it is in the US.
Over the past eighteen months, the average servicing costs of existing Greek sovereign debt have at least quintupled. Greek debt as a percentage of Greek GDP is rising fast. Why? Because Greek government borrowing (a component of any nation’s GDP) is being constrained by the blowout in yields. Greece is held to be a basket case facing the inevitability of default because they cannot devalue their currency.
Since the early 1980s, the average Fed Funds rate has been 5.7 percent. Since the end of 2008, it has been 0.00 percent. In their projected deficits between now and 2020, the Obama administration assumes a rate of 2.5 percent. A return to the average rate would add $US 4.9 TRILLION to the deficits. Further, the size of the deficits depend on an assumption of annual growth rates averaging 4.2 percent over the next three years. A normal growth rate of 2.5 percent would blow out the deficits by another $US 4 TRILLION by 2020. The US CAN devalue its currency and has been doing so for ten years. It is held to be solvent because it CAN raise its debt “limit”. Greece can’t do either. That’s the only difference.

Sun, 07/10/2011 - 20:50 | 1442239 Ying-Yang
Ying-Yang's picture

Perhaps some slim hope the sheep are awakening. Obama got elected because GW Bush/Richard Bruce Cheney(Dick) porked the country and the Red team got their salad tossed.

Obama and the Blue team have done so well the Red team scored points last November.

Boner and the Repubes better be on their best behavior or the sheep will oust their butts in 2012. But the Dems are fucking up too... oh what to do?

If you like watching from the cheap seats then you will love WWE where the action is REAL.

 

 

Sun, 07/10/2011 - 13:25 | 1441505 ElvisDog
ElvisDog's picture

However, I would argue that Obama had a unique opportunity to make the hard choices and re-set our path when he came into office in 2009. He was enormously popular, had control of both houses of Congress, and (most importantly) could blame any short-term pain on the very unpopular G.W. Bush. Instead of seizing that opportunity and showing real leadership, Obama pissed away all of his advantages and did nothing.

Sun, 07/10/2011 - 13:57 | 1441552 cossack55
cossack55's picture

As per the instructions given him by von Bernankerstein.

Sun, 07/10/2011 - 14:52 | 1441642 Grimbaldus The ...
Grimbaldus The Norman's picture

Not true! I believe he knocked his handicap down a few notches.

 

One more round, then it's bottles to the ground.

Sun, 07/10/2011 - 20:30 | 1442231 mick_richfield
mick_richfield's picture

He's still doing very poorly on his chipping game.

The Secret Service has had to specially train men to not laugh when he tries to use a sand wedge.

Mon, 07/11/2011 - 00:18 | 1442650 snowball777
snowball777's picture

They had to specially train Boehner to stop trying to hand Barrack his club.

Sun, 07/10/2011 - 15:57 | 1441740 NOTaREALmerican
NOTaREALmerican's picture

The Blue Team true-believers forgot they elected Obama AND the Party scum that run the Blue Team.  

The childish American obsession with the Big Kahuna that will fix all their problems is why the country in now a Kleptocracy.     

 

Parties fix things; like minded CITIZENS that elect REPRESENTATIVES to act in THEIR interests - PERIOD.   And things get fixed from the BOTTOM up.     The entire American policial system is corrupt, from the local politicians owned by the local developers up to the Federal political scum owned by the lobbyists.  

 

The rot's been building for 50+ years.  Neither Obama or Ron Paul (or superman) is going to fix an entire political system.

Sun, 07/10/2011 - 17:34 | 1441959 Rodent Freikorps
Rodent Freikorps's picture

He didn't do nothing. He pissed away $800billion on political payback, and gave the government control of another 7th of the entire economy with O-Care.

That is pretty significant.

Sun, 07/10/2011 - 20:17 | 1442221 TexasAggie
TexasAggie's picture

He used his election and the complete democratic control f the house and senate to get his Stimulus, health care, and Dodd-Frank thru Congress to further enslave Amercians. Of course, the Repubs when they got control in 2011, did not kill the 350M (or was it 350B) in hte Health law for each of hte next 10 yrs, that cannot be legal and bind suceeding Congresses, but the Repub leaders would not violate old hags rules. I guess Bohners figues that the LSM will work hard to have the old hag in complete control - we have to pass the bill to know what is in it.

Yes, BO should have lowered his handicap with all of the golf - remember, I've lost count of the number of times BO is going to focus like a lser on the economy. I guess we can be thankful for small favors because of the predictiment we would be in if the focused o nthe economy like a laser.

Sun, 07/10/2011 - 20:47 | 1442247 Ying-Yang
Ying-Yang's picture

So true that it appears he pissed away the opportunity but consider....

He is just following an agenda that is set out for him. He is but an actor in the Bankster's play.

Sun, 07/10/2011 - 12:28 | 1441421 Fix It Again Timmy
Fix It Again Timmy's picture

If the gov't could not adequately deal with an uncomplicated, straightforward situation involving New Orleans during the Katrina hurricane, what hope is there that it can resolve America's current full slate of problems? Answer: There is no hope...

Sun, 07/10/2011 - 12:39 | 1441444 cossack55
cossack55's picture

But....but.....but I though 40% of those who wasted their time voting, well, were voting for hope. Gee, I don't get it.

:)

Sun, 07/10/2011 - 14:37 | 1441619 HungrySeagull
HungrySeagull's picture

Don't forget those who counter voted against the hope and change that was known to be a fraud.

Sun, 07/10/2011 - 14:54 | 1441647 Grimbaldus The ...
Grimbaldus The Norman's picture

...And those that didn't vote at all because they knew the whole system is a sham and presidents don't get elected, they get chosen by devine corporate providence.

Sun, 07/10/2011 - 16:59 | 1441883 NOTaREALmerican
NOTaREALmerican's picture

Yeah,  "Country First".  

 

What ever happened to people first - the "Of, by, and for the people" concept.

 

Last time I checked only fascists and socialists - and other's that love central planning and social control by the elite - push the "Country First" mantra.

Sun, 07/10/2011 - 20:58 | 1442272 Ying-Yang
Ying-Yang's picture

Speaking of Katrina... I watched the whole event unfold. Bush sat back and let it happen.

Painful to watch people getting fucked while Bush and FEMA stroked each other off.

Your take away from Katrina should be...

Why did the Bankster's want Katrina to go down this way?

Mon, 07/11/2011 - 00:40 | 1442673 Blanche DuBois
Blanche DuBois's picture

Agenda 21...depopulation of Big Oil's playground, the Gulf of Mexico...
shrimpers/fisherman/cleanup workers and the residents are getting sicker with something called the "blue plague" caused by the Corexit chemical BP used to supposedly cleanup all of the oil...
Friends and family say, the rumors are levees were intentionally blown up when Katrina didn't quite finish the job; if you remember Katrina hit La. on 8/29/05 but didn't flood the 17th Street Canal and lower Wards of New Orleans until several days later, after city "officials" stated that the water pumps weren't initially turned on and then they malfunctioned...too many inconsistencies...too many means and motives by tptb...

Sun, 07/10/2011 - 12:29 | 1441422 Long-John-Silver
Long-John-Silver's picture

It's too late to control the debt. It's just like your wife maxing out 50 credit cards before you know it's happened. The only indication something is wrong is when the collections calls start. By that time it's too late. For US it's too late. It's time to default and prove to the world that we will change by Guillotining every politician and lobbyist in Washington D.C.

Sun, 07/10/2011 - 12:40 | 1441446 cossack55
cossack55's picture

Can we extend that unique jobs program to the states too?

Sun, 07/10/2011 - 12:29 | 1441423 Transitory Disi...
Transitory Disinflation's picture

Maybe they just don't care.  It will be October 28th 2011 very soon.

Sun, 07/10/2011 - 12:32 | 1441431 Long-John-Silver
Long-John-Silver's picture

Perhaps they believe the Mayan calendar is correct.

Sun, 07/10/2011 - 12:50 | 1441460 Transitory Disi...
Transitory Disinflation's picture

You know, I have always wondered about that 2012 thing, I am no big believer in it at all but I have read a lot about it.  What I am not so sure of is the way a lot of crazy people explain it.  There are so many different versions of what 2012 will bring which makes me scepticle.

 

However, what does interest me is that pyramid on the dollar bill.  Every item on it must have some meaning, that I am sure.  So the bottom layer and the 1776, count the blocks, each block = 20.  Funny that it would appear the final block makes it 2012.  Is that some sort of pre determined date for something?  The end of the dollar.  That sounds just as crazy I know.  I am just putting it out there.

Sun, 07/10/2011 - 12:55 | 1441466 Mactheknife
Mactheknife's picture

Methinks you have way too much time on your hands. Just sayin...

Sun, 07/10/2011 - 15:09 | 1441623 HungrySeagull
HungrySeagull's picture

Examine the Freemasonry and then Examine the 6 pointed star follow through with a examination of both sides of the coin.

Our Founders were Masons. If a few were not, they were either friends or influenced or influencing those who were or by Masons.

Leaving aside the Conspiracy trash, you are left with a rather strong history of Masonry as practiced in Germany into England and eventually into the United States.

A taste for you would to look at the Pyrimid and impose a Israeli Star of David over that and then drop the points. You have now the symbol of Freemasonry as well as the points at the letters around the pyrimid's eye and base which spells out a Mason.

 

The G inside the symbol is supposed to represent either God or the Serpent that eats it's own tail.

In every town and city sits a Lodge. It is possible it is from there across all the Land people assemble and choose how to resolve various issues.

Notice that every lodge has a blank north wall, a three set of opaque windows on the south and a western door enterance. The eastern side is left blank.

I am not a Mason.

 

But Benjaman Franklin and others were.

 

Enjoy your explorations. You will travel a life time online and never really resolve it.

Do NOT follow this link or you will be banned from the site!