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US Ends June With $13.2 Trillion In Debt, Adds $210 Billion In Total Debt, On Track To Breach Debt Ceiling In Under Six Months

Tyler Durden's picture





 

In case one is wondering why the House Democrats attached a document to the emergency war supplemental bill that "deemed as passed" a non-existent $1.12 trillion budget, which basically allows the ruling party to start spending money for Fiscal Year 2011 without the constraint of an actual budget, here is the answer: on June 30, the US closed the books with just over $13.2 trillion in total debt, an increase of $210 billion in one month, or $2.5 trillion annualized. There is just $1.1 trillion left on the ceiling. As we have long been warning, at the current run rate, the ceiling will be breached in under six months, or just around November 2. More disconcerting is that the monthly debt roll continues to be in the "ridiculous amount" category, hitting a total of $660 billion, of which $583 billion was rolling off Bills (we are not sure what the $19 billion im "GSE investment" was for, but we are fairly sure the words Ponzi and Perpetuation are part of it). Of course, if America knew that according to the Obama non-existent budget the debt ceiling would be breached in 2010, it may not have a favorable reception among those few who are still willing to vote for either party of the bipartite farce that passes for a government.

 


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Tue, 07/06/2010 - 17:26 | Link to Comment homersimpson
homersimpson's picture

Gee.. with all these taxpayer-funded ramp ups, one wonders if they can even make it to two months before hitting the debt ceiling..

Tue, 07/06/2010 - 17:32 | Link to Comment Ragnarok
Ragnarok's picture

I'm waiting for the Muni and Pension bailout, that's when the real fireworks start.

 

As for the roll rate, who's holding what and what is the average maturity?

Tue, 07/06/2010 - 17:30 | Link to Comment Gloomy
Gloomy's picture

From the NyTimes:

Britain Is Puzzled by Its Inflation Problem in a Downturn

LONDON — Bank of England policy makers are puzzled by persistently rising prices in Britain — even during the deepest recession since World War II.
Tue, 07/06/2010 - 18:09 | Link to Comment B9K9
B9K9's picture

@Gloomy - You appear new around here, so perhaps I can provide you with some basic operating parameters.

First & foremost, the power-elite are far from surprised. In fact, some suggest/believe that the events we are currently experiencing have been in the planning stages for generations and are now being finally executed.

Being "puzzled" is just part of the 3-D's which the MSM faithfully broadcasts to the (soon to be sheared) sheep on behalf of their pay masters: deny (knowledge/awareness), delay & divert (attention). These are the basic tools used by the PTB to sow confusion & discord.

CogDis has written extensively about these & other various techniques being employed to enable the final round(s) of looting before the whole shit-pile comes crashing down upon our collective heads.

Tue, 07/06/2010 - 18:22 | Link to Comment Apostate
Apostate's picture

No, the power elite are truly puzzled because they're mis-educated. Much like the Romanovs were deluded by the mystic Rasputin before the Bolshevik revolution, the powers that be universally believe in monetarism.

They really have no idea that an increase in the supply of money inevitably leads to inflation. The concept is foreign to them. They believe that money is a magical thing immune to the laws of supply and demand.

They really are that deluded. They have brilliant criminal instincts, but limited intellectual understanding. 

Tue, 07/06/2010 - 18:44 | Link to Comment The Alarmist
The Alarmist's picture

They are surprised because all money belongs to them, and they cannot fathom that the larger economy (dare I say "Invisible Hand") would dare to adjust prices accordingly to attribute a new exchange value to each and every fiat unit they pump out into the real world.

 

Tue, 07/06/2010 - 19:14 | Link to Comment trav7777
trav7777's picture

Deeper than that, the entire profession of economics is ONLY relevant or even vaguely valid within a climate of GROWTH.

Japan's experience with rising prices in some things and credit deflation elsewhere, the so-called liquidity trap, was unforeseen and not even ackowledged as possible.

If we have left aggregate growth behind, the economists will fly us into a mountainside because they do not realize that the magnetic poles have flipped.  We can fly into the setting sun and they will tell us that we are going east.

There is NO study in economics for aggregate contraction or the impossibility of growth.  None.  Nobody even acknowledges it.  Therefore, do not expect ANY of the experts to ever get why the world seems to be upside down.

Tue, 07/06/2010 - 20:09 | Link to Comment B9K9
B9K9's picture

Travis, I'm gonna have to disagree with you here. There are only a few absolutes in life; one of them is that the power-elite enjoy a disproportionate IQ advantage over most of their fellow man. (Present company as represented by ZH space-monkeys excepted.)

There is NO WAY they do not understand exactly what we are discussing. Economics in an environment of 'no growth'? I would posit that we can merely reverse engineer current policy prescriptions to determine that this concept is fully incorporated into their thinking as justification for their illegal actions.

There is simply no way hundreds of years of settled jurisprudence regarding contractual rights, much less our entire Constitutional construct, would be so glibly abandoned if not for what they clearly recognize as our primary threat.

If we don't come up with some "growth miracle 409", this whole shebang is gonna collapse. You know it, I know it, Mako knows it, and a whole raft of others know it. Bernanke sure as shit knows it. About the only imbeciles who don't know it are our Congressional 'representatives'. They're scared sheep and have outsourced the entire problem to the wizards of Wall St. thinking it's all going to be OK.

Sure ... Which is why it is wise to start inching towards the proverbial door.

Tue, 07/06/2010 - 21:28 | Link to Comment DiverCity
DiverCity's picture

There is simply no way hundreds of years of settled jurisprudence regarding contractual rights, much less our entire Constitutional construct, would be so glibly abandoned if not for what they clearly recognize as our primary threat.

 

That's exactly what's been bothering me!  Of course, the constitution has been watered down over the last 150 years, especially since the New Deal, but we're seeing its abandonement at warp speed ever since TARP.  Contract rights are ignored on a grand scale.  Sheesh.  But when you say start inching toward the door, what do you suggest?

Wed, 07/07/2010 - 06:47 | Link to Comment WaterWings
WaterWings's picture

I see huge swaths of Amerika living week-by-week on gov't assistance. They will not beat the calorie deficit game once that is shut off. They will become confused; violent. You do not want to be around when that happens. The most desirable locales are the ones with the smallest % of individuals that rely wholly on the gov't for their existence.

Wed, 07/07/2010 - 11:44 | Link to Comment Ripped Chunk
Ripped Chunk's picture

"we're seeing its abandonment at warp speed ever since TARP"

Look back a bit further brother.  They were happy with a slow gradual chipping away for decades then a sudden acceleration beginning with 911. They already had the financial de-regulation in place for close to 20 years at that point. The past 9 years is called finishing what is left of the pie.

 

Wed, 07/07/2010 - 11:45 | Link to Comment Ripped Chunk
Ripped Chunk's picture

Right, a bunch of inbred, caviar eating, pale white marshmallows have IQ's superior to the rest of us.

Our Congressional "representatives" are the filthy whores that make their bidding possible.

 

 

 

 

Tue, 07/06/2010 - 19:18 | Link to Comment Muir
Muir's picture

"No, the power elite are truly puzzled because they're mis-educated. Much like the Romanovs were deluded by the mystic Rasputin before the Bolshevik revolution, the powers that be universally believe in monetarism...

They really have no idea that an increase in the supply of money inevitably leads to inflation. The concept is foreign to them. They believe that money is a magical thing immune to the laws of supply and demand.

They really are that deluded. They have brilliant criminal instincts, but limited intellectual understanding. "

 

Yes!

Yes. (if money created > money destroyed) And please, don't let me hear about v.

Yes.

Tue, 07/06/2010 - 19:47 | Link to Comment Apostate
Apostate's picture

If people are going to junk my comments, I'd appreciate it if they'd at least rumble with me in a reply. Drive-bys are so dull. 

Tue, 07/06/2010 - 20:54 | Link to Comment Muir
Muir's picture

Wasn't me.

Guess they want the gov to cut spending, banks held to the coals, deflation and yet, gold to go to $5000

Tue, 07/06/2010 - 21:00 | Link to Comment dnarby
dnarby's picture

Wow, 4 junks!

...Must be some power elite flunkies trolling here...

Tue, 07/06/2010 - 21:01 | Link to Comment dnarby
dnarby's picture

...

Tue, 07/06/2010 - 21:20 | Link to Comment merehuman
merehuman's picture

i did not junk you, but i expect most think like i do , that it was planned . Much like 911, most would rather not admit that evil folk run the country.

OTOH a lot of the bad guys made an awful lot of money while the country goes broke. All just coincidence of course. GS having their folk in key spots across the globe is mere coincidence also. There are a lot of such fortouitous accidents, like the whistle blower in England who got run over.

The unusual nature of most countries having the same problems we do at the same time, again is coincidence. There is more like that.

So you appear to be naive or a shill for TPTB. Now i will junk you as is appropiate.    Dont take it hard, we still love you.

Wed, 07/07/2010 - 06:58 | Link to Comment WaterWings
WaterWings's picture

O.T.O.? Yeah, these ***ks do a lot of weird stuff in their freetime.

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

They enjoy displaying their beliefs and rituals for all to see. Pattern after pattern. A master agenda. Control the minds of the young...

http://vigilantcitizen.com/?p=3925

Tue, 07/06/2010 - 19:22 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

Well, all I can say is that "Bank of England Policy Makers" are complete and total morons.

Tue, 07/06/2010 - 20:01 | Link to Comment RockyRacoon
RockyRacoon's picture

Oh, come now, Gordon.  Surely they are worthy of something? 

Landfill?  Compost?  Door stops?  Boat anchors?  Speed bumps?

Tue, 07/06/2010 - 20:20 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Punching bags?

Tue, 07/06/2010 - 17:31 | Link to Comment Turd Ferguson
Turd Ferguson's picture

All info above = Sell gold 

 

Tue, 07/06/2010 - 19:16 | Link to Comment trav7777
trav7777's picture

I'm not following how an impeding sovereign debt crisis = sell gold

Tue, 07/06/2010 - 19:21 | Link to Comment Muir
Muir's picture

Turd,

I thinks you have it backwards, but cheeky addressed this earlier today in a reply to another post you wrote better than I ever could.

Wed, 07/07/2010 - 00:52 | Link to Comment Turd Ferguson
Turd Ferguson's picture

Sorry, Muir, on this one Cheeky is all wet. The bullion banks have purposely jammed gold down. It has nothing to do with in/deflation. Market manipulation, pure and simple.

Tue, 07/06/2010 - 19:24 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

Actually, all info above = sell everything and buy ONLY Gold.

Tue, 07/06/2010 - 19:26 | Link to Comment trav7777
trav7777's picture

I'm not following how an impeding sovereign debt crisis = sell gold

Tue, 07/06/2010 - 19:33 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I think he is using "market logic".

Wed, 07/07/2010 - 00:50 | Link to Comment Turd Ferguson
Turd Ferguson's picture

Thanks for the backup, Jimi. You'd think everyone posting above would have known I was fucking joking, Do I have to put <sarcasm> on fucking everything? 

Tue, 07/06/2010 - 21:31 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

A Fed Infiltrator would say just that...Kartik Athreya, is that you under that rediculous hat???

REALITY CHECK

All info above = buy gold and buy organic [germinating] seeds, commence turning your soil in your back yard and start pissing on it....and start reading-up on farming...FAST!!!

I bought about 1000 organic seeds yesterday...THE HEDGE OF LAST RESORT

My investment...20 bucks!!!

Tue, 07/06/2010 - 21:51 | Link to Comment perchprism
perchprism's picture

 

Dude, you don't mean "organic", you mean "non-hybrid".

Tue, 07/06/2010 - 22:14 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

Sorry for not being specific. I meant both non-hybrid (you are correct), and naturally grown and seeded (organic nutrient only).

The deeper meaning of what I'm trying to say (didn't really say) is that the closer to the original wild strains a seed is, the more it would essentially be worth (assuming a post peak oil, post sovereign collapse environment). In this way, seeds themeselves have the potential of becoming a valuable asset/hedge and they can also be graded, simple comodity.

When I said "THE HEDGE OF LAST RESORT", I am of course giving reference to an environment where nothing but food, water and shelter matter...Gold, would in fact be worthless at that time, and the slogan 'worth it's weight in gold' could be replaced by 'worth it's weight in seed'.

Seeds in themselves are small, light and easily transportable, AND, can be leveraged-up in the form of fruit etc with a bit of work. Seeds, and the ability to extract and dry them for storage, would be the post-apocolyptic version of central banking.

Tue, 07/06/2010 - 21:24 | Link to Comment merehuman
merehuman's picture

Turd, wipe that smile of your crack. Junked you for sheer insanity

Wed, 07/07/2010 - 00:39 | Link to Comment Turd Ferguson
Turd Ferguson's picture

You fuckers clearly haven't read anything else I've written lately.

I was being facetious.

Wed, 07/07/2010 - 00:53 | Link to Comment Turd Ferguson
Turd Ferguson's picture

For clarity, <sarcasm> on.

Fuck.

Tue, 07/06/2010 - 17:31 | Link to Comment NRGTDR
Tue, 07/06/2010 - 17:31 | Link to Comment optimator
optimator's picture

Looks like even more extra bucks will be needed -- remember those carrier groups in the Med.  Add that to Bibi's visit to our Pres. and what do we have?

http://www.atimes.com/atimes/Middle_East/LG03Ak01.html

Tue, 07/06/2010 - 17:43 | Link to Comment Turd Ferguson
Turd Ferguson's picture

Opti, what do you think of these coincidences:

1) Swissy and gold have rallied significantly. The traditional safe havens for Jewish money.

2) US moves 3 carrier strike groups to Persian Gulf.

3) Netanyahu visit.

 

My guess is that Bibi has informed Obama that Israel is going to act alone...and soon.

Big Israeli $ have excellent connections. They've gotten the word and they are getting out while they can...relocating themselves and their money.

The US naval presence is to protect the Strait of Hormuz, Saudi Arabia, Kuwait and the UAE. Defensive support only to try to contain Iranian retaliation.

Tue, 07/06/2010 - 17:49 | Link to Comment Shameful
Shameful's picture

They do so and they might get a lot of hate.  Now your average American is dumb, but hit him with $4 gallon gas right now and he will be upset and looking for someone to blame.  Might be they blame Iran, but unless they stage a pretense some hate might actually fall on Israel.

Tue, 07/06/2010 - 17:53 | Link to Comment Turd Ferguson
Turd Ferguson's picture

Also, read this:

http://www.telegraph.co.uk/news/worldnews/middleeast/israel/7875861/Bara...

The last visit, when Obama got all pissed off and left Netanyahu hanging, is when Bibi informed O that Israel had decided to act alone, probably before the end of summer, with or without new sanctions. 

This visit is for the sake of public appearances and to make contingency plans?

Tue, 07/06/2010 - 18:04 | Link to Comment Shameful
Shameful's picture

rotflol "willing to take risks for peace"!  Hahaha, nothing like a little pre-emptive vengeance!  But they are telling the truth the bond is unbreakable.  Israel could nuke Europe on a whim and we would support them.

I'm not saying it won't happen.  I'm just saying that containing the hate might be a little rough.  Better let the MSM know to do damage control.

Tue, 07/06/2010 - 19:22 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

Check this out - the Palestinian Propaganda machine is training 9 year old boys to speak out against oppression - is there nothing that these terrorists hold sacred.

I bet he is really complaining about the fact that he gets no toys from Santa because he is a Muslim.

 

www.youtube.com/watch?v=4vprhpeLI5Y

Tue, 07/06/2010 - 21:30 | Link to Comment merehuman
merehuman's picture

9  year old boys have no right to be oppressed. Funny how all those terrorists end up being actual real people who are oppressed, lack education and act out of ignorance due to poor education and starvation.

Tue, 07/06/2010 - 22:40 | Link to Comment Lord Welligton
Lord Welligton's picture

“I bet he is really complaining about the fact that he gets no toys from Santa because he is a Muslim.”

 As they say in Ireland.

 “You are an utter gobshite”

Wed, 07/07/2010 - 07:05 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

 Lord Wellington -  for a Anglo-Irish type your ironic screening powers leave much to be desired.

perhaps you need to get down with the peasants again - familiarity with us may breed contempt but it is a necessary chore if you want to govern wisely.

Tue, 07/06/2010 - 19:45 | Link to Comment Lord Welligton
Lord Welligton's picture

"willing to take risks for peace"! 

Translation.

Willing to make War for Peace.

 

Wed, 07/07/2010 - 04:26 | Link to Comment Sudden Debt
Sudden Debt's picture

"willing to take risks for peace"! 

=

Making billions of dollars profit on building the biggest and meanest weapons one can imagine.

Wed, 07/07/2010 - 13:06 | Link to Comment optimator
optimator's picture

Senator Lieberman is again visiting Israel, he's their leader in our Senate.

"Senator Lieberman used some very harsh language at the Wednesday press conference to describe the Iranian nuclear program, saying the US must do everything it can to stop Iran from becoming a nuclear power. The US will address the Iranian threat "through diplomatic efforts and economic sanctions if we can, but through military action if we must," said Lieberman."

Tue, 07/06/2010 - 18:01 | Link to Comment walküre
walküre's picture

You think they need to stage a visit to discuss all that?

Oil & wars have been the center piece of the last 100 years of global economic activity.

I don't think this is partial to "Jewish" money. Swiss Francs are mainly safe havens for Europeans and Arabs, Gold is a universal safe haven. Everyone and their uncle is understanding that Gold stores value relative to all other assets.

When you suggest that "Big Israeli $ [...] are relocating themselves and their money" do you mean to say they are buying stocks in American exchanges? That's nuts.

War is not going to lift this market.

Tue, 07/06/2010 - 18:08 | Link to Comment Turd Ferguson
Turd Ferguson's picture

Where did I suggest that Israeli $ were going into US equities? That's nuts.

Of course, war is not going to lift this market. It might, however, lift O's job approval numbers. 

Tue, 07/06/2010 - 18:16 | Link to Comment cossack55
cossack55's picture

Only if it looks like you will win or even not lose.

Tue, 07/06/2010 - 19:03 | Link to Comment walküre
walküre's picture

Must have misinterpreted your thoughts then. You suggested that Israeli $ where somehow going a certain direction. But which one? You also seem to bemoan the fact that POG is down today.

Came to conclude that you figured the money was leaving Gold and the CHF based on all that.

Question is, where is the money going if NOT in save haven assets like Gold. You're on the right track and I agree money is converted into tangible assets. Nobody is dumping gold even when the masters manipulate the price relating to fiat.

The money that's jerking up the indexes is not really fresh investors capital. Some is yes, but the majority is dry humping. Banks prop desks selling to each other or maybe even selling between one and the same prop desk. Their hope is that given the promo and the attention, maybe something will stick and some fresh money will actually find its way into the market.

They're desperate for new suckers. FYI this game can go on for a long time, for as long as none of them needs to withdraw liquidity and sell stock to raise cash. When the economy goes down further as it does, and bills come do, as they will then we will see more downside than upside because there aren't enough suckers left to peddle stock to.

 

Tue, 07/06/2010 - 20:12 | Link to Comment RockyRacoon
RockyRacoon's picture

Patrick Heller reports sales up in spite of gold prices:

Considering how poorly the stock market performed last week, the prices of gold and silver did much better than might be expected. When stocks are weak, there is an incentive for the U.S. government to suppress precious metals to try to dissuade investors from switching away from paper assets. After all, any surge in demand for precious metals would almost certainly push up prices, which would wreak havoc on the value of the U.S. dollar. Now that the monthly jobs report is behind us (which, for more than the last four years, has almost always been a time of major gold and silver price suppression tactics), and we get past the three-day holiday weekend (where many traders have left for vacation, making it easier to manipulate or suppress gold and silver prices), I anticipate that we will see a significant rebound in precious metals prices.

As gold and silver prices dropped significantly toward the end of last week, demand from our retail customers soared. In just the first two days of July, my own company’s retail sales were equal to what we used to average in a typical month. A significant boost in demand is coming from first-time buyers who are afraid of the direction of the U.S. economy! At the moment, virtually all common forms of bullion-priced gold and silver coins and ingots are readily available, though some other national marketers have occasionally had to stop accepting orders for U.S. 90 percent silver coins when they could not acquire that product from wholesalers. I don’t know how long I will be able to report that physical precious metals will be easy to come by. The sooner you act, the safer you will be.

Full Story

Tue, 07/06/2010 - 22:42 | Link to Comment optimator
optimator's picture
TFerguson, Bibi can't do it alone, too complicated an operation for the IDF Air and Space Force, their F-15I and F-16I would be too unweildy at that range carrying bunker busters.  Buddy refueling or refueling from U.S. and Israeli tankers would require split second timing.  I'm sure Bibi has threatened to use Nukes if the U.S. doesn't "help". The Carrier Battle Groups are mainly to protect the straits, and to provide interceptor support for the aircraft that will do the actual bombing, the B-2, B-52, and even B-1B if needed.  Anyone living near Whitman AFB, or that has a satellite on Diego Garcia,  will be the first to know the balloon is going up when they see all those B-2's taking off.  Well, the first to know after Gold Sacks.  Iran still has some potent air defense assets in the F-14 Tomcat/Phoenix missile combination they received when the Shah was around.  Iran is not Iraq, where we were bombing their assets for years.  Lets hope Bibi was visiting BO simply to pick up a check.
Thu, 07/08/2010 - 02:13 | Link to Comment Real Estate Geek
Real Estate Geek's picture

Iran still has some potent air defense assets in the F-14 Tomcat/Phoenix missile combination they received when the Shah was around.

IIRC, the F-14/PHX system hasn't been operational for years due to a lack of spare parts.  However, Russia has been supplying Iran with air defense systems (i.e. SAM batteries). 

Tue, 07/06/2010 - 17:34 | Link to Comment SayTabserb
SayTabserb's picture

Look, Tyler, don't worry about the ridiculous monthly roll.  Take two Krugman columns (any two over the last year or so) and call me in the morning. It's brilliant, I think, that a virtual government should have a virtual budget, thus obviating the problem of "balancing" it or exceeding it. It's a kind of Budgetary Uncertainty Principle, where we exceed the budget only if someone observes us doing so. Otherwise, it doesn't exist.

Tue, 07/06/2010 - 18:29 | Link to Comment Rusty_Shackleford
Rusty_Shackleford's picture

Ha!

Great comment.

 

"Budgetary Uncertainty Principle"

 

I like that.  You know what I'm going to do? I'm going to leave your words right up here for all my classes to enjoy, giving you full credit of course, Mr. SayTabserb.

Tue, 07/06/2010 - 19:06 | Link to Comment LeBalance
LeBalance's picture

and since the budget does not exist, we can't exceed it.  Good thing we planned ahead due to all these "unforeseen" emergencies that call for ALL of this paper!

Tue, 07/06/2010 - 19:08 | Link to Comment Sespian
Sespian's picture

In Vegas it is known as setting the over and under.

Tue, 07/06/2010 - 17:38 | Link to Comment papaswamp
papaswamp's picture

...so what is the cost to service the debt now? +$330 Billion? Higher? At what point do people begin to flee treasuries or at least force the yeilds up due to risk?

China seems to have found their new favorite investment (Japan)...whcih surprises me they haven't made that move much sooner. What better way to manipulate ones neighbor.

Tue, 07/06/2010 - 17:39 | Link to Comment CashCowEquity
CashCowEquity's picture

im all for poop becoming a new currency

Tue, 07/06/2010 - 18:18 | Link to Comment Kali
Kali's picture

you are the road apple of my eye!

Tue, 07/06/2010 - 20:14 | Link to Comment Lord Welligton
Lord Welligton's picture

Your poop or mine?

Tue, 07/06/2010 - 17:39 | Link to Comment NumberNone
NumberNone's picture

Chump change.  Spend more.  You'll thank me later.

Signed,

Paul Krugman

PS - Bond Vigilantes?  Don't make me laugh.

PSS - Spend more. 

Tue, 07/06/2010 - 17:40 | Link to Comment clagr
clagr's picture

GET RID OF THESE BOZOS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Tue, 07/06/2010 - 17:46 | Link to Comment Shameful
Shameful's picture

I keep reading and I keep laughing.  It's all such an unbelievable farce.  No budget, insane spending.  Not only is the Emperor naked but he is covered in his own filth and dancing to ABBA.

Have to admit I want them to hit the limit before the election.  Sliding an increase through right before an anti incumbent election will be the height of comedy!

Tue, 07/06/2010 - 17:53 | Link to Comment Ripped Chunk
Ripped Chunk's picture

They will begin playing with the numbers around the end of August to show that the debt is being reduced, "See, it's working!" They proclaimed with all sincerity & might!

So what if it is revealed as a lie by New Year's. Fuck the stupid Sheeple.

 

Tue, 07/06/2010 - 17:58 | Link to Comment SayTabserb
Tue, 07/06/2010 - 18:08 | Link to Comment walküre
walküre's picture

I like Sweden. Great place to hide when the shit hits the fan.

Tue, 07/06/2010 - 19:01 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I was just thinking how fitting it is to say that the Emperor would listen to ABBA, when he could be listening to this.

http://www.youtube.com/watch?v=OCkLEo-DT1Q&feature=channel

Tue, 07/06/2010 - 17:57 | Link to Comment Hansel
Hansel's picture

It's an emotional roller coaster for me.  Some days I laugh, but not today.  This is anarchy; there are no laws.

Tue, 07/06/2010 - 18:31 | Link to Comment Shameful
Shameful's picture

No there are plenty of laws, but like in most societies the laws only apply to the serfs, not the lords.  This is not anarchy.  This is looting, and it's leading the the kind of servitude our ancestors toiled under.  Nothing new under the sun.

Tue, 07/06/2010 - 18:45 | Link to Comment Amish Hacker
Amish Hacker's picture

Agreed.

"To live outside the law, you must be honest."

                                                    B. Dylan

Tue, 07/06/2010 - 19:37 | Link to Comment Hansel
Hansel's picture

I only see anarchy with the biggest gang roving the land, having their way with everyone and everything.

Tue, 07/06/2010 - 18:07 | Link to Comment VK
VK's picture

Bernanke fat fingers the market listening to ABBA?

I know! Bernanke is the Dancing QEeen!

Tue, 07/06/2010 - 19:57 | Link to Comment mikla
mikla's picture

I keep reading and I keep laughing.  It's all such an unbelievable farce.  No budget, insane spending.  Not only is the Emperor naked but he is covered in his own filth and dancing to ABBA.

+1    HAHAHAHAHAHAHAAAAAA!

Now that's funny.  BEST.  COMMENT.  EVER.

HAHAHAHAHAAAAAAAAA!

Tue, 07/06/2010 - 17:50 | Link to Comment plocequ1
plocequ1's picture

Ralph Kramden says, 13 trillion Norton? Mere bag of fucking shells.

Tue, 07/06/2010 - 17:53 | Link to Comment Rainman
Rainman's picture

They need to bottlerocket that debt ceiling to $ 25 tril and quit messing around. It's only numbers. Besides, it ain't like we're ever going to pay it off anyway.

Tue, 07/06/2010 - 20:26 | Link to Comment Lord Welligton
Lord Welligton's picture

Correct.

Tue, 07/06/2010 - 17:53 | Link to Comment dussasr
dussasr's picture

Vote Libertarian, Bitchez!

Tue, 07/06/2010 - 17:58 | Link to Comment Ragnarok
Ragnarok's picture

You tease.  The only way a libertarian party would exist inside congress is if they were already elected to a different party and got a coalition of other elected officials to start a new party inside congress set on a new platform.  Parliaments do it all the time.

Tue, 07/06/2010 - 18:13 | Link to Comment Ripped Chunk
Ripped Chunk's picture

Then the US should as well.

Oh right sorry, we have a single party system all bought and paid for by the corporate oligarchy

Tue, 07/06/2010 - 20:16 | Link to Comment RockyRacoon
RockyRacoon's picture

Or, as TD put it above:

...bipartite farce that passes for a government.

Tue, 07/06/2010 - 18:16 | Link to Comment Lucky Guesst
Lucky Guesst's picture

I will vote for a libertarian over dem or rep every single time, for as long as they still allow us to vote.

Tue, 07/06/2010 - 18:31 | Link to Comment Ripped Chunk
Ripped Chunk's picture

Question is: If the vote really counted, does anyone think it would still be legal?

Tue, 07/06/2010 - 18:44 | Link to Comment Lucky Guesst
Lucky Guesst's picture

I think the votes will count only as long as the 2nd amendment still does. (I'm feeling very tough today!) Seriously, it would be time for a roll call.

Wed, 07/07/2010 - 07:20 | Link to Comment WaterWings
WaterWings's picture

Which is the reason why firearms are so disdainful in the eyes of the MSM-addled zombie public. They will see people getting shot left and right all day long on TV and in movies...but a real gun..."Is that real? A real gun? Why do you have a real gun? Why would you need that? Are you insane? You're kind of freaking me out! Is it loaded? REAL bullets!? Why would you carry it loaded? YOU COULD HURT SOMEONE!!!"

The sheeple are now programmed and incapable of understanding the grave importance of the 2nd Amendment and how it is the GUARANTEE of a free society. When votes no longer matter the 2nd comes to the forefront, once again, as always in history. There is nothing different between now and every other time in history when humans have been oppressed - except that the very weapons that would maintain civilian authority over gov't "By the People, For the People" have become demonized. It should be obvious why. Own a rifle, train with it, and lay CLAIM to your birthright. Without the ability to physically defend your freedom you are not a Citizen.

Wed, 07/07/2010 - 11:49 | Link to Comment Ripped Chunk
Ripped Chunk's picture

+1000

Tue, 07/06/2010 - 20:18 | Link to Comment RockyRacoon
RockyRacoon's picture

If the Pope fell in the woods would the check be in your mouth?

Tue, 07/06/2010 - 21:29 | Link to Comment Lord Welligton
Lord Welligton's picture

Your vote is worth about as much as your dollar.

You only get to spend it in the Government shop.

Wed, 07/07/2010 - 09:42 | Link to Comment grunion
grunion's picture

You are probably right but I sometimes entertain the notion that, given the politcal, economic and social fabric of the US is being stretched and abused in novel and unprecedented ways, we could easily be headed toward a complete paradigm shift.

It could be libertarians become more mainsream than anyone would have believed possible.

ZH is a wonderful site in which to find every brand of prognostication and each scenario I read has validity based on its respective argument. But I think I can say with the greatest confidence, in 2 or 3 years, we will not recognize what the world has become.

 

Tue, 07/06/2010 - 17:54 | Link to Comment faustian bargain
faustian bargain's picture

A minor point - the $13.203T is not debt subject to limit...the debt subject to limit is $13.150T. It probably changes the projection a bit, about when the ceiling could be breached given the current pace.

Tue, 07/06/2010 - 18:00 | Link to Comment Ragnarok
Ragnarok's picture

So on a Tuesday instead of a Monday? Check.

Tue, 07/06/2010 - 18:09 | Link to Comment faustian bargain
faustian bargain's picture

Exactly. Well I did say minor.

Tue, 07/06/2010 - 18:10 | Link to Comment faustian bargain
faustian bargain's picture

Actually I guess it could be significant if it means the difference between the day before, and the day after, election day.

Tue, 07/06/2010 - 20:34 | Link to Comment RockyRacoon
RockyRacoon's picture

Barney Frank says the Defense Budget must be cut. 

There goes the contract for mechanical pencils.   Not that the mechanical pencil folks will be out of business -- we can use them in our tin cups begging on the corner.  Do the Great Depression wood pencils one better.  Genetically modified apples anyone?

Tue, 07/06/2010 - 21:13 | Link to Comment akak
akak's picture

NO!  Not one penny from the Defense Budget!

 

Now, if they want to cut deeply from the $Trillion+ OFFENSE budget, well, be my guest!

Wed, 07/07/2010 - 01:01 | Link to Comment Cathartes Aura
Cathartes Aura's picture

+ 1.7×10^10

 

(The Department of Defense uses 4,600,000,000 US gallons (1.7×1010 L) (4.6 billion gallons) of fuel annually, an average of 12,600,000 US gallons (48,000,000 L) (12.6 million gallons) of fuel per day. A large Army division may use about 6,000 US gallons (23,000 L) per day. According to the 2005 CIA World Factbook, the DoD would rank 34th in the world in average daily oil use, coming in just behind Iraq and just ahead of Sweden)   source: wiki

Tue, 07/06/2010 - 18:08 | Link to Comment ejmoosa
ejmoosa's picture

Spending $7 billion more per day than we are taking in?

HFS!

Tue, 07/06/2010 - 18:12 | Link to Comment Blano
Blano's picture

Sigh.....how I long for the good old days, when we used to complain about the guvmint racking up 200 billion in debt in a single YEAR.

Tue, 07/06/2010 - 18:23 | Link to Comment anarkst
anarkst's picture

"...of the bipartite farce that passes for a government."

You bought it, you wear it.

Tue, 07/06/2010 - 18:28 | Link to Comment Shameful
Shameful's picture

Bought nothing, how can we change the system?  Vote the bums out?  I think we have all seen enough "meet the new boss, same as the old boss".  Vvoting new bums in can't fix the problem because the whole system is rotted and taken measures to protect itself.  Like a rotten tree all that can be done is knock it down and start over.

Tue, 07/06/2010 - 20:20 | Link to Comment RockyRacoon
RockyRacoon's picture

Oh, goody!  Can we burn it, too?  Anarchy is in this season.

I'm ready.

Wed, 07/07/2010 - 09:57 | Link to Comment grunion
grunion's picture

Real anarchy! Not this bullshit circle A crap touted by that vast segment of the US population that has no obligations and entitled to the riches of Creosus.

But the real thing, individual determination, inviolable rights. It would be fascinating.

Thu, 07/08/2010 - 02:21 | Link to Comment Real Estate Geek
Real Estate Geek's picture

I think we have all seen enough "meet the new boss, same as the old boss". 

INDEED!

http://www.youtube.com/watch?v=Rp6-wG5LLqE

Tue, 07/06/2010 - 18:25 | Link to Comment Monkey Craig
Monkey Craig's picture

Debt is fine if it can be serviced by taxpayers. However, how will all of these people with degrees in Advanced Sanskrit and European Art History find jobs? If they can't find jobs, they won't pay taxes.

Tue, 07/06/2010 - 18:30 | Link to Comment Rainman
Rainman's picture

......don't worry. The Ethnic Studies grads will pick up the slack.

Tue, 07/06/2010 - 18:33 | Link to Comment Rusty_Shackleford
Rusty_Shackleford's picture

As long as they've got a minor in "Eating Free Lunches".

 

Question.

Does the debt ever need to actually be paid back?

Tue, 07/06/2010 - 18:39 | Link to Comment Rainman
Rainman's picture

Answer.

Only when Guido darkens your door carrying a baseball bat. All other times no.

Tue, 07/06/2010 - 20:21 | Link to Comment RockyRacoon
RockyRacoon's picture

I think he'll be named Chen this trip.

Tue, 07/06/2010 - 18:44 | Link to Comment Apostate
Apostate's picture

No worries, there will be no central state to pay taxes to. At worst, you may have to pay some protection money to the local mafia.

But how will the mafiosos control online commerce? I suspect it'll be impossible. We'll see some major fracturing. 

Tue, 07/06/2010 - 18:48 | Link to Comment UncleFester
UncleFester's picture

The central state is the local mafia.  If it contracts and splinters into more localized mafia units (as I think you suggest) no one will be there to maintain the sats and hard lines, so no interent.

Tue, 07/06/2010 - 21:57 | Link to Comment merehuman
merehuman's picture

Oil rain will wash all our troubles away. Careers, dreams, equity, friends and neighbors as well as pets and any outdoor plant. Along the way it will peel away plastic, lungs and good skin.

half a trillion dollars a year is what i hear the yearly income loss from fisheries and tourism, disneyland etc. At present rate, rain being ongoing year after year the entire east coast will be vacated in time. Florida and other gulf states are at a dead end. In 18 months the oil will have traveled around the planet. Eventually all rain will be poison rain. I live on the west coast and have extra time to prepare .

For us to go on as if nothing has happened is insane. 2o to 40 million having to move or accept premature death and disease from the air as it dries after each rain is a bit much to ignore.

BP has done all they could to keep the severity of this under wraps.

Dont wait till FEMA comes, lot less choices once they come in.

Tue, 07/06/2010 - 18:29 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

How do politicians sleep at night?

The capitulation in the silver market tells it all; da S is HTF.  I called for the capitulation to start mid summer and around $20.92.  Last Friday I felt it had commenced and today makes me quite sure of it.  If you do not know how important silver is, let us put it this way; it is the only free floating currentsea.  Not gold, which is manipulated by Central Banks, not oil which is manipulated by OPEC, and not the doelarr which is manipulated by the Fed (and the doelarr can be made to manipulate the other two).  I have said that the capitulation should last between 2-6 weeks, and I will stick to that time frame.  So through the month of July, while the Bohemians are "safe" in their Grove, the markets will make violent waves.

Tue, 07/06/2010 - 18:35 | Link to Comment Shameful
Shameful's picture

On a pile of money, with a prostitute fitting their personal level of debauchery?  When you have a system that rewards sociopaths, the sociopaths will gravitate to it.

So are you trying to say three is no silver manipulation?  Everything is manipulated, and will be so long as they can press levers and make magic fun bux shoot into existence.  How can the market accurately price when one party has access to limitless currency?

Tue, 07/06/2010 - 18:40 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Politicians are a rare breed.

It is manipulated, and maybe in the worst way (naked shorts) but my point is it isn't obvious manipulation.  There is no silver in CBs and there is no market for silver like oil.  But there will be, and soon (in both cases).  Because silver is monie just like gold.

Tue, 07/06/2010 - 19:27 | Link to Comment FASB 666
FASB 666's picture

I'm sure most of us can't even fathom their levels of debauchery.

Tue, 07/06/2010 - 19:09 | Link to Comment Rebel
Rebel's picture

[removed]

Tue, 07/06/2010 - 19:10 | Link to Comment Rebel
Rebel's picture

How does capitulation in the silver market indicate shtf? I am not challenging you, I am just not making the connection.

Tue, 07/06/2010 - 19:44 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

As I think that silver is vastly undervalued, when it begins to make what I believe will be an epic move upwards, I think it will prove that people have valued the wrong investments.  I believe that this capitulation is the market beginning to remember what monie is.

Think of all the monie managers that will miss the move in gold and silver and be forced to cover their losses in aapl and other worthless stocks and follow the smart monie. Ahh what would we do without the dumb monie?

Tue, 07/06/2010 - 20:54 | Link to Comment Rebel
Rebel's picture

I see what you are saying. Silver is interesting even if we are all nuts and things are going to be fine. Go to the patent office WEB site and search on all the patents and patent applications on silver as an antimicrobial. 

Tue, 07/06/2010 - 21:05 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

For sure...and how will Ms. Lohan's new bunk mate develope her new lovers pictures without it?  She won't!

Wed, 07/07/2010 - 01:18 | Link to Comment Cathartes Aura
Cathartes Aura's picture

collodial silver.

Why silver? - Multiple laboratory tests have shown colloidal/ionic silver to kill disease-causing pathogens, viruses and bacteria typically within minutes of contact. Silver has been shown to be a powerful anti-fungal, anti-germicidal, anti-bacterial and anti-viral substance. Surprisingly, current modern pharmaceutical antibiotics are generally effective on less than 10 pathogens.

Silver has also been shown to help the body remove heavy metals through a chelating process and is used readily in hospital burn wards to prevent scar tissue. Ionic silver has been shown to regenerate human cells and greatly relieves burns when applied topically.

http://www.silverlungs.com/geg_slg_deluxe_neb_if.html

for those who eschew allopathic medicine, or perhaps when TSHTF scenarios necessitate self-healing methods. . .

(disclosure: don't use -yet? - but I am looking into alternatives to deal with all the toxins out there. . .)

Wed, 07/07/2010 - 07:22 | Link to Comment WaterWings
WaterWings's picture

Back to basics if you want to survive and thrive.

Tue, 07/06/2010 - 20:00 | Link to Comment A_MacLaren
A_MacLaren's picture

Have you forgotten that Silver is JPM's bitch... ?  Until JPM becomes Silver's bitch that is.

As much as I want Silver to soar, with Uncle Benny and Da Boyz to back JP & Co,  I don't think it will until JP & Co are told to cover their naked short asses by Uncle Benny.

Tue, 07/06/2010 - 20:10 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Right, they will burn their FIAT at the alter of the "Temple" for the sake of keeping a lid on silver until it becomes too much to bear.  I still am not sure BS understands silver though, I think it is Dimon who is running this shitshow...maybe I should give Ben Shalom more credit, but Keynesians are so dumb!

Tue, 07/06/2010 - 18:33 | Link to Comment Xibalba
Xibalba's picture

leave it to the Swedes to know more about America's debt than Americans.

Tue, 07/06/2010 - 18:39 | Link to Comment Thoreau
Thoreau's picture

Ceiling? More like an open-air maze of electrified fencing. The game plan for the "small people" is to cheat; cut our way out; then play dead. The rest are toast.

Tue, 07/06/2010 - 18:40 | Link to Comment exportbank
exportbank's picture

Day in and day out Krugman gets exactly what he wants.

Tue, 07/06/2010 - 18:41 | Link to Comment UncleFester
UncleFester's picture

Who "bought it"? 

Maybe you did, but not I:  Pretty much sums up the failure of Democratic Soicialism in one sentence.  Her endeth the lesson.

Tue, 07/06/2010 - 18:55 | Link to Comment francismarion
francismarion's picture

Please forgive the non sequetur.  The head of NASA said in an Al-Jazeera interview that Obama has ordered him to start turning over rocket technology to Moslem countries.  How Nobel of him!  Meanwhile engineers right and left being fired. He's gutting the agency en masse.  This is not an eight-ball.

See:  Newsreal.blog

Tue, 07/06/2010 - 19:04 | Link to Comment walküre
walküre's picture

dp

Tue, 07/06/2010 - 19:25 | Link to Comment LeBalance
LeBalance's picture

Virtual budget, unemployment, markets, hundreds of millions of dead people, its just not real or is it?  Fuck, this is a bad trip, where's the Thorazine?  Get me a reset here!  Fuck!

I can't see my budget, noooooooo!

I can't see the markets! /spews dinner/

Please stop!  /grand mol seizure commences/

Later.....

V-xperience techs walk around the tub, inspecting the corpse.

"What happened here?" asks the Detective Tech of the EM Tech.

"He couldn't handle the real versus the imaginary duality, sir, must have thought it wasn't all a dream. Maybe he had a moral hang-up or an ethical position as well."

Tue, 07/06/2010 - 19:25 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

The debt ceiling is a joke; it's an insulting SLAP in our collective faces.

Tue, 07/06/2010 - 19:36 | Link to Comment DR
DR's picture

Relax...

Krugman shouts but he has no power....

Tue, 07/06/2010 - 19:38 | Link to Comment Lndmvr
Lndmvr's picture

I think there's been a mistake. G Gordon Liddy just said it's a 10 trillion dollar debt.

Tue, 07/06/2010 - 20:08 | Link to Comment Oquities
Oquities's picture

let's see...

budget deemed passed

wikileaks patriot hunted and leaker of truth video prosecuted

US atty genl coddling black panther vote intimidators

gulf oil of mexico residents poisoned and not warned to evacuate

illegal immigrants invited to destroy us while arizonans persecuted

taxpayer money airlifted from afghanistan for warlords benefit

bailouts for the irresponsible

a fucking royal bitch addressing the UN

troops in 132 countries

ever-changing tax code

la raza in the supreme court, mexican president chastising us in congress

christians persecuted/muslims protected on tv

corrupt congressmen in office for 5 decades +

unions busting state budgets while 1 in 8 eat with food stamps

nasa used to massage muslim egos

great lakes destroying asian carp allowed to invade

internet on/off switch about to be authorized

genetically modified foods tainting our bodies

fake diseases to sell vaccines

israel running our foreign policy

fannie, freddie, gen motors, aig, chrysler, et al ad infinitum

 

is it me?  it's not me is it?

somebody start a revolution please.  i'm too old to start it, but i'll join in if someone else gets it going.

 

 

 

Tue, 07/06/2010 - 22:14 | Link to Comment RingToneDeaf
RingToneDeaf's picture

Obammy gonna start it, do not worry.

You are not alone.

Pray for us.

Tue, 07/06/2010 - 20:27 | Link to Comment JLee2027
JLee2027's picture
I'd expect some "deemed as passed" increase in the debt ceiling as well.  
Tue, 07/06/2010 - 20:42 | Link to Comment trillion_dollar...
trillion_dollar_deficit's picture

What's our total deficit for FY10 now?

Tue, 07/06/2010 - 21:55 | Link to Comment RingToneDeaf
RingToneDeaf's picture

Surprising ain't it.

Les-see, a Chichago Kenyan boy wif his white mob, I knows the ansah Bos.

It be Uncle Tom and his Merry Band of Robbahas, cause we don use no negra words cause it won' be political co-reckt. They steal and giv to theys seves and start a revolution. It all be in the Good Book, if'n U kin reed it.

Tue, 07/06/2010 - 22:10 | Link to Comment merehuman
merehuman's picture

It aint got diddly to do with Black or White. This is corporate takeover with government complicity long before Obama came along. He IS the president and i will show him respect as such, even if he did say to go to Florida and eat fish.

Racism doesnt fit well here, ask any jew or non jew . Thats why i junked you.

Tue, 07/06/2010 - 22:32 | Link to Comment RingToneDeaf
RingToneDeaf's picture

Racism my ass. Fool. The country is going down the drain because no one has the balls to stand up to this insanity headed by the great savior, black hope.

Jew now? How about American Indian, Mexican or Gypsy? You Putz!

 

Wed, 07/07/2010 - 01:34 | Link to Comment Cathartes Aura
Cathartes Aura's picture

"The country is going down the drain because no one has the balls to stand up to this insanity headed by the great savior..."

were you also using the above whine when Dubya was in da house?  doubtful.

see, if you add "race" - that great fictive construct - to any of your rants, then it IS racism fool. . .

stop seeing your ruling class in "sides" and see them ALL as against YOU.

fuckin' numpty.

 

Wed, 07/07/2010 - 10:22 | Link to Comment grunion
grunion's picture

Baaaaa

Tue, 07/06/2010 - 23:23 | Link to Comment sheeple
sheeple's picture

Everyone close our eyes, count to 10 and everything would be alright.

Wed, 07/07/2010 - 00:11 | Link to Comment Korbin Dallas
Korbin Dallas's picture

Ignoring the Dead Hand exposes the fallacy of the application of boolean logic in VBA @ 33 Lib:  "Hey boss!  Can a variant be a boolean?"

Zoot allures! (alors 4 les vrais ribbits)

Wed, 07/07/2010 - 05:44 | Link to Comment MrTrader
MrTrader's picture

Hum, can somebody please redirect some of this 13,2 trillion USD into my bank account ? Thank you. On the other hand it wouldn´t be fun. I actually would have to stop trading and would have to spend it :=)))

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