- advertisements -
Obama to cut deficit by a previously unheard amount 1.1 trillion.
Not a lot of info there. Basically says O is going to double the size of 'non discretionary domestic spending' cuts that he proposed some time ago.
I take that to mean cuts in SS, Medicare, et al? Or, perhaps a continuation of the freeze that has been on SS for the past couple of years?
So far, the 'cuts' or 'freezes' do not seem to be strengthening the dollar.
I disagree that this will do anything to check the rise of gold and PMs in general. Asia and the ME cares not what O does with minimal fiscal cuts while Ben is printing like a wild man.
China wants a reserve of 10,000 tons of gold and they are accumulating as fast as possible. Their accumulation will overwhelm any little fiscal cuts O makes.
Dollar bullish, gold bullish, and bearish for equities.
I don't get the 'dollar bullish' part. Ben is printing to keep the economy on life support.
Those in the world buying the most PMs are aware of the printing, in all fiat currencies, and are going to continue to move into hard assets, and commodities, not currencies.
The US equities mkts will do ok as long as the printing/POMO continues...unless we experience a black swan...and, even black swans in the ME, near the large oil exporters, do not move the equities mkts negatively.
All ZHers, please take time to read this. Tyler, you may use this as a guest post if you'd like.
Excellent link TF. Thanks...
and, as you can see from the posts above O is currently running up the flagpole a proposition to double the cuts in 'non discretionary domestic spending'...which I take to mean SS, Medicare, et al.
SS cuts along with increasing food prices will definitely effect many retired people on fixed or dropping incomes...
Once again the pols/bankers have privitazed the gains and are in the process of socializing the losses... Enough already.
There aren't any SS cuts for the blue hairs. The boomers will get everything. they are the last to have defined benefit plans. Now they are so expensive anyone under 48 to 50 can't get one in the private sector, yet the younger ones are expected to pay for this with lower salary gains. The blue hairs will also get all the social security and medicare they have been promised. The cuts are only for the younger crowd who has the double insult of having to accept cuts in benefits while simultaneously going into debt or paying more in taxes so the old people don't have to sacrifice.
I say raise the retirement age to 67 immediately and cut all benefits ten percent now. Medicare goes into strict HMO status now with real cuts and rationing. That way the boomers can share in the sacrifice too. There is an intergenerational war going on that no one has heard about (except the boomers and the AARP army), and the boomers are winning. The greatest transfer of wealth in history is unfolding right in front of us. Selfish old farts.
The generation before you was the Greatest Generation. Your generation? History will judge you as the Selfish Generation. It won't take an actuary to figure out what you have done to our future. You have endebted generations. That will be your legacy. Thanks a lot old farts.
Since I am not there in that age group, I would prefer to opt out taking my money with me so that I can do with it what I please. Thank you very much. By the time I retire I will have that money cranked up way more than the interest the SS Dept. will provide via "inflation protected interest" LOL. Anyone want a COLA? :P
Hello to another math-challenged fool who doesn't know his facts yet feels compelled to spew his ignorance. Question: how old is the oldest Boomer ? Which generation is the one that's collecting now ?
Let me help you out. The oldest Boomer started collecting in 2010, just in time for the SS "fund" to show its first deficit. Yes, that's right, the Silent generation is the one that's looted SS/Medicare. The funds have already run out long before the Boomers got there. Same with defined benefit pensions. Have you ever heard of Governor Christie and his message to NJ public unions ?
So try a little thinking and research before you open your piehole and display your bottom rank IQ. But really, who cares ? SS/Medicare were always a Ponzi from day one and that was long before the first Boomer was born.
It's not like anyone couldn't figure it out either:
"Dreams Come Due, Government and Economics as if Freedom Mattered", by John Galt, ISBN: 0-671-61159-3
The book is dated, but a lot of what it has to say is still relevant.
You reap what you sow.
Good work as usual Turd Ferguson...
"Big hat its funny"
Excellent reminder to kick it into gear and remind my friends 'one more time' (a few have actually mentioned they got wind of the recent seizures of pensions in Europe...which is waking them up). Thanks for your service Turd.
Source: physorg.com...whom I love dearly, but would not trust to know anything about budget cuts in the least.
The Obeyme plan proposes to cut $1.1 trillion over a decade. That's $100 billion per year......an amount he commited just last week to internet for all and high speed rail. Drunken sailors are misers compared to this guy. The sailors always quit spending when they run out of money.
Usual trick. It is not to "cut", but "save".
So $110 billion per year less spending THAN ORIGINALLY PLANNED, and call it "reduction".
Obumbum is going to spend, say, $400 billion more each year, instead of $510 billion more, and call the difference a "budget cut".
"Destroy evil before it destroys you"
Anyone with a f*cking brain
Once again the gov appoints a commission to whitewash the actions of it's own.
If the commission had found any wrong doing they would certainly claim that it was done for national security's sake.
So, some fat cats raked in a measly $8 Mil. Just what they needed!
Move along, nothing to see here.
If the extent of the Ponzi were revealed, the plebes might know how to game the system.
I think not. It is difficult to tell information from disinformation.
Only a fool would risk capital on info released that cannot be confirmed...Of course, there are plenty of fools available.
is bernake the new Mubarak?
what ups up with all the tax havens?
the Bernake is really an Anunnaki and was speaking in his normal dialect.. which always translates in wallspeak to BTFD
From what I understand, we would have been one of their least creations, but great in number. I think that is how you make slaves, yes?
When tyranny becomes commonplace, an unopposable force in our everyday lives, our only two choices become equally unpalatable: status quo or revolution. Until our masters make their odious rule unbearable, we will continue to see the same devices trotted out to pacify the protestations of the few.
Is their odious rule unbearable yet? I see little evidence of Americans protesting or doing anything but whining on the internet and glued to the tv.
Of course, lot-0-people lining up at the gov trough for their stipends.
If the stipends stop we will probably see some real action.
Probably not as long as the government continues to fund the lifestyles of the poor and desperate.
I am ready to see the government put a stop to that. If you are unable to support yourself and do not have family to support you, then you need to be on birth control before you get any government cheese.
Birth control -- bah! Spayed or Neutered!
Presuming a citizen has the capcity to bind him or herself, I see no problem with the government incentivizing persons to undergo surgery to stop their reproductive capacities... if the offer isn't enough, the government won't find many takers... simple as that.
I fear, of course, we'll be tying the tubes of more than a few neighbors to the south... so be it.
The reason this is not done is because the government is designed to create more dependents...
thanks for brng for attention to this...Benny Boy lovers to claim transparency right now in th cspan spotlight...this was up on gata too
the world is getting sick of the bernank and his puppeteers.
Who wants to bet on Paulson & Co. and the Fed and Bernanke not being in a conspiracy to, well ...... make $15 billion from Bernanke's lack of oversight and ability to think clearly, is a good start, and easy money.
Don't you just love these rigged games where all the suckers lose and you can cry ...... national security interest, we is a just a bunch of bad crooks.
It's all the taxes the govt. makes from the rigged ponzi scheme that makes it all worthwhile.
Secrets are the new currency.
Like tungsten is the new precious metal.
The question I have had for a long time is where was the FED in 2008? Why did they not support the Market THEN? Why did they allow it to fall as far as they did? Did they particiapte in the decline in the Market to allow the Big Banks to get bigger and get a MEGA payday from the American Taxpayers?
I was a time when the Mega Banks aquired Mortgage Companies and Investment Banks. JPM aquired Bear Stearns, Washington Mutual. Bank of America aquired Countrywide and Meril Lynch. So the Mega Banks grew while everyone else went under. If the FED had supported the Market then the Banks would not have been able to aquire the companies they did for almost 0.
They also allowed most investors accounts to be almost wiped clean. Especially anyone that invested in Bear Stearns, Washington Mutual, AIG, FRE, FNM, Mbia, Abk, Pmi, Rdn, etc.
So, my question has always been did the FED allow 2008 to happen? If not then why did they not support the Stock Market THEN and why are they supporting it NOW?
I considered the financial crisis (and the Feds intervention) to be preemptive moves. GS stock was still around $130. (I think they were defending that as much as anything). So the question begs, did they push the economy over the edge, and was it for political purposes (poison the ground for the Obama administration) and to cover their tracks, which were deeply leaning toward criminal prosecution.
For years the Fed has been rationalizing "emergency" procedures, into policy. I think they took a giant step that day, but while firmly under the wing of the UST, as the Fed lost what was left of its independence under Bush, whose minions sought to politicize everything. Thats the story in short. The manufactured financial crisis was very much Iraq II, the mother of all economic war. And the recent quote from Bernanke somewhat confirms that we will hold the system hostage, and that we have the resources to outlast any other country in a meltdown.
we can definitely outlast any other country in a meltdown. It is time to continue to take this war to china!
that's the way the world melts down, and BB has been given his orders
Tyler any chance that we can have a look at the Noyce charts for this week.
I am keenly waiting to see how the yield differences between euro and dollar land play out. My view is that yield difference will preced over soverign concerns in euro land and hence spurring euro gains. maynot be in immediate week though
"We do learn, however, that the Fed continues to believe it is above the people,"
What's not to beleive? There was bank fraud on a trillion dollar scale, in the mortgage market it is continuing, not a single criminal referral or prosecution let alone conviction and all this courtesy of a direct order from the administration. Ergo, the bankers and by extension the Federal Reserve are truly above the law. A classic case of Fuhrerprinzip. All the rest is merely propaganda to obscure that fact from the masses.
Don't forget Obama, he thinks he is above the law right with the Fed and the bankers.
Soon the FCIC will ban Michael Lewis' book The Big Short , too.
The government was concerned Goldman would fail. Yes it was Hank Paulson who gave his friends at Goldman the life boat in the form of over the overnight lending facilities of a bank holding company. Trust me Goldman and Morgan Stanley were trading to zero without the Hankster.
Like I said, don't cut Obama any slack.
He's an accomplice in that he appointed government goons like Hank Paulson to prop up their banker friends and screw the citizens. Let's just call it like it is. The U.S. government, the Fed, and the bankers are all in on the feeding frenzy to devour citizens wealth, or what's left of it. Your government is a bigger threat to you and your family than Al Qaeda ever was or ever will be.
Given your tenuous grasp on reality, I think we'd all be well-served by putting the rest of your opinions in the round file too.
You're right. The Graham Leach Bliley Republican business friendly bill passed during the Clinton administration (the source of the tragedy). The government is not as much a threat by itself. Our government is too stupid and slow to wreck the economy. Plus, it can be changed. Bush had a 2 trillion dollar surplus and handed Obama a freakin national train wreck. Don't blame the firemen. Time to think wasn't one of the options. With the government you still have a vote. When money is in control you get a fee instead of a tax and no way of stopping the increases.
Where's Wikileaks when you need them?
The Fed and the cartel of banks is nothing less than a shadow government that is allowed secrecy and invasions of individuals not even reserved for intelligence agencies.
The Fed: They are unelected individuals, foreign and domestic, who have their own lobbyists, they won't allow themselves to be audited, they won't allow the American people to audit their own gold in their possession, they determine domestic policy, they determine foreign policy, they determine the value of money, the determine how much money is in the hands of the average individual, they can restrict private non-bank loans adn non-bank activity, they can monitor your personal banking activity in real time, and all this while they themselves insist on remaining completely unaccountable and invisible to most people.
If money makes the world go 'round and banksters hold the money, who do you suppose is in control around here?
The banksters know where all the money is and they know who holds it and they know its provenance, too.
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Advertise With Us
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
How to report offensive comments
Notice on Racial Discrimination.