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The Debt Ceiling Was Hit Back in May... So Why Did It Become a Crisis Five Months Later
The US can now collectively breathe a sigh of relief that we’ve averted the “debt ceiling debacle.”
The only problem is that this entire “crisis” was a lie. The US actually hit its debt ceiling back in May 2013, a full five months ago.
At that time neither the Treasury Department, nor the White House, nor Congress talked about this.
So for five months, the US debt level was frozen. The reason was because the Treasury was resorting to “extraordinary measures” to keep us below the debt ceiling. It’s interesting that no one in the media talked about this, nor that anyone seemed to care at all.
Then, suddenly we had yet another “crisis” in which the world would literally end if the political class didn’t get their way. The US would default if we don’t spend more money now!
Our President and other political “leaders” fussed about this for two weeks and basically wasted all of our time. The whole exercise was totally pointless outside of setting up an “issue” on which to campaign for the 2014 Congressional elections.
How do I know it was pointless?
Because the deal they made doesn’t raise the debt ceiling. All it did was make the debt ceiling unenforced for a few months… until February 17 2014 specifically.
So we hit the debt ceiling in May… manufactured a crisis in October… just to ignore the issue another three months…
THIS is the state of Government in the US today. The fact the media in this country goes along with this as “news” tells you everything you need to know about the “objectivity” of the fifth estate.
If you want to talk about a real debt crisis, let’s talk about the US Federal Reserve.
The Fed’s current balance sheet is $3.86 trillion. It will be over $4 trillion before the end of 2013 and over $5 trillion before the end of 2014.
THE FED is the debt problem. It is allowing the deficit and the debt to swell like this for the sake of benefiting a handful of banks and screwing the economy. QE doesn’t create jobs. It never has.
For a FREE Special Report outlining how to protect your portfolio from the Fed’s policies, swing by: http://phoenixcapitalmarketing.com/special-reports.html
Best Regards
Phoenix Capital Research
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The Random Bard:
QE, QE.
From you to me
It makes us free
As you can see.
It' you that pay
Each and every day
So we can play
The QE way.
We rob you blind
Hope you won't mind
and soon you'll find
You're in a bind.
(Chorus)
QE, QE
Money for free
To save our banks
We give you thanks
QE.
Mercantilist nations such as Japan and China can only be defeated by a nation with reserve currency status (or by pursuing the same mercantilist policies to the death).
We're just "fattening the pig" with China like we did with Japan. The hope is China will end up like Japan in perpetual deflation and then we can stop all this money printing being used to fatten China. Of course, China is a much bigger pig and the pain of fattening this one is 10x the pain we had to go through with Japan...
Hope "we“ succeed, because if we do, it's going to be a great feast!
If they don't, adieu home of the free :O(
p.s. also, don't get your panties in a bunch: the pig metaphor/reference is not meant as a slur to any persons, just a slur regarding mercantilism.
The Fed ("We control inflation and print money") are the good cop in the good cop/bad cop scheme run by Congress.
Congress threatens to spend/print too much and the Fed is the restraining influence (and does the direct printing).
Congress created the Fed and if enough of Congress agreed they could uncreate them. However, for now, Congress is too interested in spending money they don't have and will do anything to avoid having to end their spending.
So "killing the Fed" won't help (and anyway isn't likely until the dollar is dead).
True, if Fed stopped spending, those on top would quickly become on bottom. The government of this stupid country is merely a direct transactional conduit to maintain the elites as elites. If they were permitted to be undermined by their insane "investments" failing on them, they would face exposure. When Geithner and Paulson talk about the end of the world, they mean the world in which they are able to game the system at the expense of the rubes in flyoier country and maintain their uber-luxury untouchable lifestyles. They have now included directly fat cat industries as fascust public-private "partnerships," as long as they agre to maintain the fiction that we have a functioning economy and rule of law. The idiot voters are still thinking its so stylish to vote for a "black" American" for President.
Off topic...butwhat's with the Oppenheimer funds pop-up? i dont see any way to close it,and it covers up a good portion ofthe text of the article. anyone else run into this?
No. We moved away from crappy browsers without adblock years ago.
Congrats on keeping the Amiga 64 up and running all these years.
Global Passive Inhalation of Super Crack.
It's the machines ..........peep's don't run do that shit ....NO MOAR
Protection from the Fed now available in a free special report. Finally. Phewww. That was close.
smokescreen for ACA rollout
With money sitting in offshore accounts, there is no debt problem. There is a corruption problem.
phoenix capital is bad at preaching to the choir.
QE = Quick, Exit!
FED up.
This whole thing about dept ceiling is a well organized charade, badly organized circus in US senate and congress.
... and the BRICS countries knows it, and the stoopid politicians gave China a casus belli for which they waited patiently.
Wtf is a casus belli? Geezus. Now I gotta look that shit up.
On Wiki: Casus belli is a Latin expression meaning the justification for acts of war.
Few secs of googling.
PS: Thank you Boris.
Ooooooh lunatic please tell me you were being sarcastic there otherwise you would sound so american ....
Latin is for "cry of war". Please to refer to Syria 2013 Chemical Weapon, Iraq 2003 WMD, 1993 Bosnia/Mogudishu Ethnic Cleansing, 1983 Granada, 1973 Yom Kippur, 1963 Vietnam, 1953 Korea,... All war is Bankster War, every decade (2013 is yet not over).
YAMC - Yet other manufacture crisis...
Necessity is argument of tyrant, creed of serf. - William Pitt