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The 21st Century Monolith

Tyler Durden's picture


From William Buckler, Author of The Privateer

The 21st Century Monolith

For all intents and purposes, there have been two US Presidents thus far in the 21st century - George Bush (the younger) and Barack Obama. If we take Mr Bush’s two terms to cover fiscal 2001 to fiscal 2008, the total rise in official Treasury funded debt over that period was $US 4.350 TRILLION. If we take Mr Obama’s first term to cover fiscal 2009 to fiscal 2012, the rise over four years was $US 6.050 TRILLION. Add the two together and you get a grand total of $US 10.4 TRILLION. That’s almost two thirds (65 percent) of the total funded debt of $US 16.066 TRILLION as of September 28, 2012.

An American celebrating his or her 100th birthday this year - and quite a few will be - was born at a time when the TOTAL debt of the US Treasury was $US 2.8 Billion. In fiscal 2012, the US Treasury borrowed that amount in about 19 hours. An American celebrating his or her 50th birthday was born at a time when the funded debt of the US Treasury was $US 300 Billion. In fiscal 2012, the Treasury borrowed that amount in less than three months. An American celebrating his or her 12th birthday today was born at the beginning of the 21st century. That person doesn’t have much to celebrate, given the fact that almost twothirds (65 percent) of the total funded debt of the US Treasury has been amassed in their lifetime.

Here is a very simple observation which goes to the root of the entire global monetary morass of the 21st century. An American celebrating their centenary in 2012 was born into a nation of just over 95 million people. A newborn American is being born into a nation of just under 313 million people. One hundred years ago, the US had a bit less than one-third of its current population. How did it function with a TOTAL government debt of $US 2.8 Billion? Today, that same government is running a funded “tab” of more than $US 16,000 Billion and a total “tab” (including UNFUNDED liabilities) of well over $US 200,000 Billion? In fiscal 1912, total Treasury debt increased by $US 10 million or a bit less than ten cents per capita. In fiscal 2012, funded Treasury debt alone increased by $US 1,276,000 million or a bit less than $4,100 per capita. The unfunded debt increased much more than that. These numbers are grotesque.

Forget any questions about how is this possible. The relevant question is why is this deemed “necessary”. The US and every other government in the world has been building its “fiscal cliff” for 100 years. Its face has been steadily steepening all that time. But in the 21st century, what was a mere mountain has become a monolith of almost incalculable proportions. In less than three presidential terms of office, $US 10.4 TRILLION has been added to the Treasury’s funded “tab”. At the rate of expansion over the 12 years since the turn of the century, another 12 years would see the funded debt blow out to $US 26.5 TRILLION by 2024. If we project the rate of expansion over Mr Obama’s one term as president for the next 12 years, the total by 2024 would be $US 34.2 TRILLION.


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Sun, 10/14/2012 - 00:44 | 2886168 Muppet of the U...
Muppet of the Universe's picture


Second video comment down:  "Finally understand how to e" <-  I really wish this was written in japanese...  T minus 10 years to 200+% Debt to GDPeee ftw! 

Sun, 10/14/2012 - 00:48 | 2886179 TruthInSunshine
TruthInSunshine's picture

3rd time I'm posting this, and it's OT (I really try not to go OT lately, and haven't been posting much), but it's pretty interesting, IMO; Jim Rickards is claiming LIBORgate is on the cusp of bringing down the global banking system (I've never, ever heard of Rickards making wild claims or engaging in hyperbole before, he's not some lunatic fringe 'type,' and he's actually well-credentialed- in fact, I never recall Rickards making any sort of "major imminent crisis unfolding" claim before, period). I don't know if he's correct or not, but there have been some very bizarre & momentous meetings and scrambling by and of the IMF and other entities lately, as a result of some allegedly ominous alarm bells being sounded about financial systemic risk the world over:


Saturday, October 13, 2012

LIBOR Could Destroy the Banking System  

"Investment banker and Wall Street insider James Rickards says the Libor rate rigging scandal "is the greatest fraud and greatest potential liability in history." He thinks rate rigging banks could be on the hook for "$2.5 trillion," and "The potential damages could destroy the banking system."

Sun, 10/14/2012 - 01:00 | 2886182 Muppet of the U...
Muppet of the Universe's picture

As in 2.5 trillion in fines?  Or as in what??  Dude they are already bust... They are solely comprised of toxic debt and rated by people they pay to rate them.  So I'm not seeing how libor rigging changes anything, unless, for some crazy reason, they would actually ALLOW a international court to sue the banks...  I think I'm misunderstanding what you're writing.

-don't get me wrong, I'm all for bloody pitchfork murdering, but in the land o muppet? 

A, ur kinda fucked if the power elite lose, cus muppets fucking suck.

B, ur kinda fucked if the power elite win, cus they are stupid, greedy, and short sighted.

C: C.r.e.a.m. your way to victory and move somewhere where there are no muppets to own.

^ choose C.  <-- remember system = unsustainable.  Either mass deaths or systemic failure = evolution the hard way. <-- +1

Sun, 10/14/2012 - 01:06 | 2886192 markmotive
markmotive's picture

That's what happens when you build a system dependant on growth.

Growth is over but debt will continue to pile up in an effort to revitalize something that can't be revitalized.

Sun, 10/14/2012 - 01:15 | 2886202 redpill
redpill's picture

For all incense and porpoises, we've not had any prescience in the 21st century.


Really we haven't had any Presidents either.  We've had suits.  Campaigners who know how to work the mob to get elected, but are nothing but puppets when in office.


Don't blame me, I voted for Ron Paul.

Sun, 10/14/2012 - 01:25 | 2886210's picture

Incense and porpoises? I love the Strawberry Alarm Clock!

Sun, 10/14/2012 - 01:48 | 2886224 old naughty
old naughty's picture

no precedent; no follow-er (likely)...And it's still growing.

no wonder he won the Nobel.

Sun, 10/14/2012 - 08:37 | 2886694 THX 1178
THX 1178's picture

I'm shocked that people still don't seem to realize that the debt as presently packaged is a good thing. I wish it was higher. We're not going to pay it off in purchasing power. We're going to hyperinflate to pay it off. Thats the plan-- that's always been the plan. This is part of Bertil Naslund's "On the Road to the Golden Age" treatise.

1. When you transition from a fiat system to a gold-standard, you need to hyperinflat to get rid of people's addiction to the currency itself.

2. When a hyperinflation occurs, there is a debt jubilee.

3. If you know WHEN a debt jubilee will occur, it is very wise to leverage yourself in the preceding months/years. This way you get more bang for your buck.

4. This is what we have done. 16 trillion?


GOOD! Hyperinflation ahoy!

Sun, 10/14/2012 - 09:25 | 2887048 Temporalist
Temporalist's picture
Greece Will Probably Leave Euro Within Six Months, Borg Says

"Swedish Finance Minister Anders Borg said Greece may quit the common currency within the next six months.

“It’s most probable that they will leave,” Borg said today on a conference call from Tokyo, where global finance officials have gathered for the annual meetings of the International Monetary Fund. “We shouldn’t rule out this happening in the next half-year.”"

Sun, 10/14/2012 - 11:32 | 2887266 RaymondKHessel
RaymondKHessel's picture

We do but do not discuss as per the FC rulebook. We have a very good idea of who will be at the front of the line on D day.

Sun, 10/14/2012 - 12:36 | 2887322 cranky-old-geezer
cranky-old-geezer's picture



I don't see debt jubilee in the future.  No historical precedent, and this time ain't different.

I see hyperinflation and currency collapse in the future.  (Hyperbolically growing) US government debt alone will make it happen, not counting all the bank bailouts (aka securites laundering). 

When Fed prints and buys treasuries (directly or via proxies) those dollars go right into the circulating money supply as they're spent by the government, not into some non-circulating "reserve account" at the Fed.

Yes debtors benefit from hyperinflation and currency collapse.  Currency gets so plentiful and worth so little they can walk around picking it up off the street to pay off their debt.  They pay back far less real value than they borrowed.

Yes the federal debt will be hyperinflated away so to speak.  They'd pay back far less real value than they borrowed, if they ever pay it back, likely not, there's no "deadline" in the future to pay it back, treasury bond maturities don't matter, they just roll it over into new t-bonds with new maturities, just shuffling paper.

"Full faith and credit of the US government" is a sick joke. No way could they cut spending and raise taxes enough to make a dent in the debt.

"Full faith and credit of the Fed" is the new paradigm.  Long as Fed keeps rolling over the debt and printing to fund new debt, the game could go on longer than we'll live theoretically.

But hperbolically increasing printing to fund hyperbolically increasing debt will bring on hyperinflation.   When the rest of the world says "enough" and torpedoes the US dollar, it's currency collapse and game over.

...and all those dollars in those "reserve accounts" will be worthless too, keep that in mind Wall Street.

...but I suspect they have contingency plans, like putting those "reserve account" dollars into gold know, that "barbarous relic" Wall Street thumbs their noses at

...which might just be where all that "Fort Knox gold" ends up, owned by Wall Street banks

...the coup de grace topping off their looting of America

...via the Fed of course.

Sun, 10/14/2012 - 02:06 | 2886236 putaipan
putaipan's picture

old naughty regional indian- i doo too!

inscence and happy mouth... da da da danh

Sun, 10/14/2012 - 01:49 | 2886225 SafelyGraze
SafelyGraze's picture

"Campaigners who know how to work the mob to get elected, but are nothing but puppets when in office."

of the various impossible-to-implement but interesting-to-consider propositions, one super-fun head-scratcher is: ok, so what if the notion of a "corporation' were eliminated?

that's right.

totally eliminated. 

hugh hendry, I know you're reading. 

speak up, man.

Sun, 10/14/2012 - 03:04 | 2886257 Mediocritas
Mediocritas's picture

At the very least, if corporations are going to be legally viewed as people, (as they are to a large extent, with similar rights), then Corporate Personhood should be properly extended to criminal law. Imagine BP doing 20 years in prison with all its assets confiscated or iced for the duration, as punishment for trashing the Gulf of Mexico. If a single person had done the crime, that would be the penalty, why is it not so for BP?

The justice system isn't supposed to be influenced by the power, wealth or fame of a criminal, so let's see some corporations given the virtual equivalent of prison time and a criminal record that affects future activity the same way a person would. Either that or revoke their Personhood status and re-expose employees of the corporation to litigation.

That would clean things up pretty fast. Large corporations would have no choice but to break up into smaller units. Global economic risks would dilute.

Sun, 10/14/2012 - 05:00 | 2886547 Parrotile
Parrotile's picture

Well seeing as Halliburton were the "Professionals" doing the drilling, I'd suggest it should be Halliburton (and I note their rather well connected CEO . . .) who should be doing time in Sing Sing??

AMERICA wanted the oil, AMERICA was happy to get BP (incidentally 40% US owned anyway) to PAY for the licences, and now you people want to shove the blame (and conveniently ALL the costs) on someone else.

The REST of the PLANET regards what's happening to you as a spot of karma, divine payback for the pollution and ecological vandalism inflicted everywhere else by the USA in pursuit of your "Profit at All Costs" mindset. You've got a spot of pollution? get used to it. After all you all expect everyone else to "get used to" the pollution YOU cause and the deaths YOU cause Worldwide, year on year.


Sun, 10/14/2012 - 08:33 | 2886689 MiltonFriedmans...
MiltonFriedmansNightmare's picture

Yeah, but everyone is forgetting that the rule of law has been torn to shreds; game, set match.....

Sun, 10/14/2012 - 12:43 | 2887402 MachoMan
MachoMan's picture

It should be.  The complexity of the business environment and various organizational structures is simply untenable.  There needs to be a return to the basic forms of business organization, i.e. sole proprietorship, general partnership, and limited partnership.  Anything else is an abomination...  too complex to control.  If this happened, an incredible amount of the legal code and regulatory environment would be dramatically simplified instantly...

Of course, any of these prospective changes would likely require an agreement among the world's major economies to do likewise...  If I can get limited liability protection in country x, but not country y, then I'll be going to country y all else equal.

It's also a decision for the states, given our constitutional structure.  You'll need all states to be on board for constitutional amendments... 

In the end, if you want limited liability protection, then don't fuck up or, alternatively, pay up for some good insurance.

Sun, 10/14/2012 - 02:04 | 2886235 mercy
mercy's picture

Not even.

I doubt Bush could work his own dinner table.

Sun, 10/14/2012 - 08:33 | 2886690 Zadok
Zadok's picture

Speaking of suits for the Idiocracy...

Directed events to drive the desired outcome.

Best wishes

Sun, 10/14/2012 - 09:31 | 2887058 hawk nation
hawk nation's picture

Come to my neighborhood and they will be climbing over bodies to get to my house

producers versus takers would require affirmative action to even make it somewhat fair

Sun, 10/14/2012 - 10:07 | 2887106 Gully Foyle
Gully Foyle's picture


Presidents are empty suits.

But you voted for Paul.

But this is only October.

Was that absentee?

By the way, nice Leo Gorcey dialogue.

Sun, 10/14/2012 - 05:24 | 2886562 Seer
Seer's picture

Whenever I read posts such as yours I feel better... BUT then I realize that once more people understand the true underlying elements that we'll all be subjected to that Wiley Coyote moment (which, I see plenty of people thinking that if we just don't speak it that that we'll manage to defy gravity).

Yup, LIBOR or something else will eventually be seen as the final straw.  It's a fucking pile of straw, what did we expect?  Making a bigger pile still presents my fundamental equation: BIG = FAIL!

Sun, 10/14/2012 - 14:46 | 2887960 Monedas
Monedas's picture

Canadofuck geezer/twat environmental circle didle kumbaya jerk off !   Don't need to buy Rubin's book @ $29 Canadian .... hmmm .... about the price of another ounce of silver .... thank you very very much !   Hey, housing bubble baby .... I'm the pin .... and I'm gonna "prick" you !

Sun, 10/14/2012 - 02:37 | 2886244 Lore
Lore's picture

Rickards is very hard to understand in this vid, but several people are warning of some horrific ripple effect of LIBOR and Interest Rate Swaps...

Sun, 10/14/2012 - 05:28 | 2886564 Seer
Seer's picture

Claw-backs will run back along this path.  When you look at all the various pension funds lashing out over their "losses" due to the obvious fraud of MBSes then it should be pretty clear that the rats will eventually rat out the rats and that LIBOR will be found to be the heart of the rats' nest.

But... it's the System.  It was rotten even before it became ripe...

Sun, 10/14/2012 - 04:37 | 2886295 True.North
True.North's picture

Not sure I'm seeing this through all the way, but there are two ways the banks will be 'held accountable' (I use that phrase loosely) --

1) The regulators. Since we know the Fed was aware of LIBOR manipulation back to 2007, this would probably have to come from the SEC or NY AG. Either way, its going to be a quick nine figure settlement where no fault and no blame are assigned (See: Standard Chartered, Goldman Sachs, etc).

2) The institutional investors. Pensions, sovereign wealth, insurance companies and investment managers wield real power with the banks. They are the only ones that could put together a class action lawsuit with any teeth, but you're talking 3-5 years out minimum.

Neither of these options can cost the industry trillions, much less a few billion. It might be the booze talking, but the following just popped into my head --

Jessup: You can't handle the truth! Son, we live in a world that has rates. And those rates have to be guarded by traders with lies. Who's gonna do it? You? You, Lt. Weinberg? I have a greater responsibility than you can possibly fathom. You weep for LIBOR and you curse the banks. You have that luxury. You have the luxury of not knowing what I know: that LIBOR's death, while tragic, probably saved rates. And my existence, while grotesque and incomprehensible to you, saves rates...You don't want the truth. Because deep down, in places you don't talk about at parties, you want me on that desk. You need me on that desk. -- We use words like hedge, vol, leverage...we use these words as the backbone to a life spent trading something. You use 'em as a punchline. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of structured products I provide, then questions the manner in which I provide them! I'd rather you just said thank you and went on your way. Otherwise, I suggest you find a Muppet and start trading. Either way, I don't give a damn what you think you're entitled to!

Kaffee: Did you order the rates fixed?

Jessep: (quietly) I did the job you sent me to do.

Kaffee: Did you order the rates fixed?

Jessep: You're goddamn right I did!

Sun, 10/14/2012 - 05:50 | 2886573 TruthInSunshine
TruthInSunshine's picture

You're good. I'll give you that.

Damn good.


But a 3rd category, and this is just a SWAG on my part, is the Big Enchilada that is city/state pension fund vehicles, which play directly into institutional funds, which have seen negative real returns as of late (while ones like calPERS are being mocked- rightfully so- for claiming they'll achieve 7% to 8% per annum returns perpetually, which is NEVER going to happen, but is the amount they need to achieve/rack up in order to come close to delivering on their existing promises to retirees).

A 4th possible category would be muni bonds, but let me chew on that, because intuitively, if LIBOR fixing held rates at an artificial level.....hmmm.  I seem to recall reading something about how this may have had an adverse affect on muni bond offerings (from the perspective of the municipalities), but need to do more research to avoid misconstruing this...


Sun, 10/14/2012 - 05:46 | 2886577 Seer
Seer's picture

The banks cannot dodge physical reality.

Eventually there will HAVE to be payments based on tangible elements.

Sadly, I see the youth as being the ultimate losers (though, if they are smart they'll jump ship NOW).  Pension pressures will have to win out as this is the the mechanism by which TPTB have made it all work; to trash pensioners would mean a death sentence to the entire system.

A while back I was talking to someone who was/is/will be getting govt money from taking a bullet for the empire (in one of the empire's stupid-assed wars).  He came across quite certain that he'd always be getting that money.  Not like I think breaking a "promise" is a good thing, but I cautioned him that one should not assume that something will necessarily be a particular way just because it was "promised" (proper risk assessment and all that).

Disclaimer: I have no real pension, and I'm not basing my future on any such (I plan on working/being productive until I drop).

Sun, 10/14/2012 - 10:57 | 2887175 Bicycle Repairman
Bicycle Repairman's picture

"to trash pensioners would mean a death sentence to the entire system."

This applies to SS as well.  So how to take people's eye off of the ball and save the system?

Sun, 10/14/2012 - 10:02 | 2887098 hadriansnightmare
hadriansnightmare's picture

Rickards also claims that the Feds will cap the damages to save the system once again......

Sun, 10/14/2012 - 11:35 | 2887272 Harbanger
Harbanger's picture

There a few things about Jim Rickards that leave me with a question mark ..Maybe someone can shed some light. 1) He was a CIA "consultant“, 2) He supports the European Union and 3) he was involved in Long Term Capital Management which went bust.

Sun, 10/14/2012 - 00:45 | 2886170 Duke of Con Dao
Duke of Con Dao's picture

ok, not my best vid mash...

but at least I'm not trashing mein Fuhrer for once!

YouTube - Corporations are the Luckiest People! Obama bitch slaps Mitt for being Ridiculous!

if you like Babs, well.... "People...."

Sun, 10/14/2012 - 00:41 | 2886171 NeedleDickTheBu...
NeedleDickTheBugFucker's picture

America winning!

Sun, 10/14/2012 - 09:36 | 2887064 mendigo
mendigo's picture

proves all those doubters wrong - those who claimed that our government was incapable of bipartison cooperation

Sun, 10/14/2012 - 00:42 | 2886172 Duke of Con Dao
Duke of Con Dao's picture

is Paul Ryan a 21st Century Fox?

you be the judge....

YouTube - Tough Guys Don't Dance: Obama in Five on Hard Man Paul Ryan

Sun, 10/14/2012 - 00:42 | 2886173 The Shootist
The Shootist's picture

I hate it when people talk about past debts and high current debts, compare them, and don't mention inflation. It's not debts in the same money terms.


They're still large but you've got to understand the huge factor of monetary inflation.

Sun, 10/14/2012 - 00:46 | 2886178 Muppet of the U...
Muppet of the Universe's picture

There's no printing away the debt at this point.  All that can be done is reduce debt load by temporary printing.  To print to remove the debt would send gold to... see first comment.  Although I'm quite sure this is a bet many people are willing to take.

Sun, 10/14/2012 - 05:51 | 2886578 Seer
Seer's picture

Sadly, the System NEEDS for there to be debts.  Problem is is that the physical world cannot support exponential growth.  The "books" WILL zero out.

It's not so much that gold will go to the moon, rather, it's that fiat will sink lower than whale shit...

Sun, 10/14/2012 - 13:42 | 2887822 Pareto
Pareto's picture

+1 for referencing whale shit as a measure of weight.

Sun, 10/14/2012 - 07:39 | 2886662 Zadok
Zadok's picture

Too true Shootist! Something that sounds little but is actually huge. Debt is simply going asymptotic, it was and is a mathematical guarantee. The one question was if they could get people to buy in to the fraud at the beginning an protect the conspiracy until it is self sustaining and self perpetuating. At this point it is nearly finished, with a VERY short time to go. Hyperinflation will be the way for the simple reason that deflation would end the fraud and no one in any sort of power will commit that form of professional suicide (self perpetuating).
At the end, after sufficient suffering, a new fraud will be introduced, but this one won't last a new presidents term. The self sustaining and perpetuating aspects are inherently also self destructive.
Best wishes. It will be interesting!

Sun, 10/14/2012 - 07:53 | 2886667 machineh
machineh's picture

If Bill Buckler had bothered to convert his figures into real terms, his essay might have been useful.

By equating today's nominal dollars with 100-year-ago dollars that were worth 20 times more, his conclusion that Bush and Obama ran up two-thirds of all U.S. debt is simply wrong.

This is not to defend Bush and Obama, only to point out that Buckler lies the same way they do with false premises and fraudulent numbers. MISERABLE FAIL.

Sun, 10/14/2012 - 09:50 | 2887082 Sean7k
Sean7k's picture

What I have difficulty with is the PURPOSE of money inflation and why it exists in the first place.

Central banking and fractional reserve banking are essential to the creation of monetary inflation and to fund the current level of fascism in all western governments. You cannot buy the loyalty of the populace without funding. You cannot afford to fund crony capitalism. You cannot afford punishing global warfare without funding.

Since existing wealth and the ability to seize all of that wealth through taxation are presently impossible, the only means of funding is debt financing. Debt financing is what central banks do in collusion with the politicians they manage and purchase to control the governments that make the laws that keep them untouchable. 

Central banks need UNSOUND money. Central banking results in economic tyranny, political tyranny, death, debt and destruction just so a few well placed elites can live as they damn well please. 

The debt has consequences ONLY if the populace accepts it. Once the people refuse to accept responsibility for the debt, once the people are willing to give up the free gifts (some will never get off that gravy train), once the people begin to practice sound money economics through the creation of new markets (black as the gov would say), the People can begin to create new production with profit, investment and savings. 

As long as banks can create false value and give it a face (currency), ever larger degrees of debt will follow.

Sun, 10/14/2012 - 00:48 | 2886181 toady
toady's picture

Dolla dolla bill yo

Sun, 10/14/2012 - 00:50 | 2886183 ebworthen
ebworthen's picture


Because when the ponzi of fucking over the middle class, sending our kids to die for the military/industrial complex, and the elites raking it in was threatened; the oligarchs and kleptocrats doubled-down on the debt ponzi.

To hell with the rule of law, consequences, and future generations; they want their gravy NOW.

Sun, 10/14/2012 - 00:55 | 2886187 Duke of Con Dao
Duke of Con Dao's picture

that's only assuming they get their mash potatoes. (we don't wnat no mash potatoes, we dont' want no ....)

here's the Rick in a Cliff Note version...

YouTube - Did White House serve up B.S. from BLS on Jobs Numbers? Ask Rick Santelli about the Conspiracy.

Sun, 10/14/2012 - 15:50 | 2888142 DosZap
DosZap's picture

 sending our kids to die for the military/industrial complex,

While I agree with you on your post, this part I have reservations on.

NO one is forcing young men, and women into the services YET.

All who sign up KNOW the risks.

So ALL the blame cannot be thrown at the oligarchs,what IF NO One volunteered?.

Then, if a Draft system was re-instituted you would be 100% correct.

Seen this posted too many times, and not corrected.

Sun, 10/14/2012 - 00:57 | 2886189 Surrealist
Surrealist's picture

Man I wish my mortgage debt was 100 per cent of my income. Now look at public debt with the perspective of people managing their household debts and you see, its really not like the sky is falling after all.

Sun, 10/14/2012 - 14:04 | 2886219 Jam Akin
Jam Akin's picture

I doubt you're adding to your total debt each year lately - with another multiple of that debt owed to others "in the out years".  How's that analogy looking to you now?

Sun, 10/14/2012 - 17:52 | 2888676 Surrealist
Surrealist's picture

Simple stop living above your means. That's the problem with you Americans you are all too stubborn to compromise on making reforms and cuts. So one side whinges about the need to cut entitlement reforms and leaving massive expenditure for fighting wars all over the planet while the other refuses to reform welfare at any cost. Get your house in order.  

Mon, 10/15/2012 - 00:29 | 2889197 Jam Akin
Jam Akin's picture

Sure, Americans are the only ones in the world with this kind of political trouble...and it will end only with a sufficiently serious crisis - everywhere.


Not sure I quite understand what you were trying to say in the first place!

Sun, 10/14/2012 - 05:56 | 2886579 Seer
Seer's picture

Well... is debt real? is your income real?  I bet odds that both have to have the same answer... and, I'm betting that it's not in the affirmative: and if I'm right the Wiley Coyote moment is sure to produce exactly what gravity (physical reality) tells us will happen...

Sun, 10/14/2012 - 01:07 | 2886191 AUD
AUD's picture

total funded debt of $US 16.066 TRILLION as of September 28, 2012.

And it all trades 'money good', until it doesn't, then you're fucked.

From Doug Noland

And when the marketplace inevitably decides that over-issuance (in conjunction with only deeper structural maladjustment) has sufficiently impaired the “moneyness” of federal and related debt, there will be no one to step in to backstop Washington’s Creditworthiness.  There will be no entity left with the wherewithal for backstopping system “moneyness,” as the Treasury and Federal Reserve have done for Trillions of intermediated mortgage debt since the bursting of the previous Bubble.

Sun, 10/14/2012 - 01:13 | 2886200 Yen Cross
Yen Cross's picture

I'm so out. See ya at the Asia open. You just woke me up "aud". Thanks

Sun, 10/14/2012 - 05:59 | 2886580 Seer
Seer's picture

So, he's saying that This Ponzi ain't going to turn out well?  Hm... perhaps that "exponential growth on a finite planet" warning does have merit...  I suspect, however, that Noland and all the other folks who play in the Ponzi Pool still don't realize that this is THE fundamental.

Sun, 10/14/2012 - 01:08 | 2886194 news printer
news printer's picture
Mauritanian president "accidently" shot   
Army did not recognize presidents' limousine and "accidently" shoot at him
Sun, 10/14/2012 - 02:43 | 2886248 XitSam
XitSam's picture

Because the Mauritanian rebels always attack from limousine motorcades.

Sun, 10/14/2012 - 09:09 | 2887028 Abraxas
Abraxas's picture

They also use yachts when attacking at sea. Status is very important to them.

Sun, 10/14/2012 - 12:27 | 2887357 TruthInSunshine
TruthInSunshine's picture

"That's Nykwana Wombosi speaking in Paris the day before yesterday.

He was an irritation before he took power...

he was a problem when he was in power and he's been a disaster for us in exile.

He's writing a book about the agency's history in Africa. He's going to name names.

It's basically a shakedown. He's demanding the agency's help.

He wants us to put him back in power in six months or else.

This interview, and I'll make the tape available to anyone who wants it...

he goes on to claim that he's just survived an assassination attempt.

He says it's us. He says he's got proof.

The director wants to know if there's any possible shred of truth in this accusation.

I've already assured him there's nobody that reckless on my senior staff."
Sun, 10/14/2012 - 01:21 | 2886203 q99x2
q99x2's picture

I thought it was hopeless. We're good. There is that much in stolen money in offshore accounts. Time to bring it home and redistribute the wealth. In any event it is not the US citizens debt so F Bernank and his cronies.

Sun, 10/14/2012 - 01:22 | 2886208 Carp Flounderson
Carp Flounderson's picture

Wow, that sure is a lot of private sector assets!

Sun, 10/14/2012 - 02:05 | 2886213 Duke of Con Dao
Duke of Con Dao's picture




Sun, 10/14/2012 - 01:36 | 2886220 Yen Cross
Yen Cross's picture

 So Doug, is it 1/2 yard to 1.02.  Come on Doug, I'm looking at 2 yards interbank. Let's play the game.

  You got yer stops ready.  How many pips deep are ya?

Sun, 10/14/2012 - 02:33 | 2886241 Lore
Lore's picture



"If we project the rate of expansion over Mr Obama’s one term as president for the next 12 years, the total by 2024 would be $US 34.2 TRILLION."

Talk about article fizzle.  Buckler needs to take this to the next level with a followup piece entitled WHERE IS ALL THE MONEY GOING?

It certainly isn't into the pockets of the American people. It certainly isn't being used to maintain infrastructure and improve the future of YOUR children.

REPEAT FOR CLARITY: WHERE IS ALL THE BAILOUT MONEY GOING?  It's not a hard question to answer, but the gutless pansies don't touch it.

The looming human cost is astronomical. Something very similar to the Nuremburg trials needs to happen, with those responsible sentenced to prison for FINANCIAL TERRORISM AND NATIONAL SABOTAGE.  WHERE IS THE DEPARTMENT OF HOMELAND SECURITY?

Sun, 10/14/2012 - 05:09 | 2886556 Parrotile
Parrotile's picture

The DHS is quite probably looking after the interests of "those that are responsible for Financial Terrorism and National Sabotage", you know, the ones with money, power and influence gained thereof! Gotta keep the wealthy "secure" from the hordes of disgruntled plebs don't you know??!!

Sun, 10/14/2012 - 06:07 | 2886588 Seer
Seer's picture

The First Rule of the Ponzi is to NOT talk about the Ponzi!

Should it all be rooted out it would mean that the conveyor belt that feeds TPTB stops.  Anyone who thinks that TPTB would pull their own plugs, well... and when the only allowable messages are via TPTB, well (again)...

Sun, 10/14/2012 - 11:02 | 2887188 Bicycle Repairman
Bicycle Repairman's picture

I'll guess that the FED is bailing out the people who got burnt by bogus derivatives all over the world.  Since the derivative hole is in the $100 trillions, the bailout never ends.  Until it does.

Sun, 10/14/2012 - 02:39 | 2886245 Yen Cross
Yen Cross's picture

 Hey Tyler, Those Alan Edmonds ads payed off. I went to Nordstroms with the ad, and bought 2 pair.

  Never ever buy "shoes" that are unfitted.  They had some neat Mezlans. The Spanish and all.

Sun, 10/14/2012 - 02:49 | 2886252 Peter Pan
Peter Pan's picture

The thing to remember about the $16 trillion debt is that it is not backed by any tangible asset other than future tax revenues and even then there is no guarantee that it will be honoured either nominally or in real terms after taking inflation into account.

The question then is not HOW the $16 trillion will be repaid (because it can be repaid in paper) but HOW the $16 trillion owed in today's money will be delivered in inflation adjusted terms in the future.

The answer is that it cannot be delivered and will not be delivered.

As for unfunded liabilities, don't even bother discussing the issue because meeting those obligations is outside the realm of mathematics and reality.


Sun, 10/14/2012 - 06:18 | 2886604 Seer
Seer's picture

But, BUT!  "The American way of life isn't negotiable!"

And when the bombs have all been dropped, what then?

Sun, 10/14/2012 - 02:56 | 2886256 straightershooter
straightershooter's picture

What if Obaba got elected and spend the next 4 years in largess... given the economy is guaranteed sliding into recession...


Then Obama could be the greatest spendthrift president the US of A ever produced


Deficits generated under 8 years of Obama = deficits accumulated by all presidents  of USA prior to Obama


valor! Splendid! Brilliant! Obama's historical position as the most spendthrift president of the USA is virtually guaranteed if he got his wish.

Sun, 10/14/2012 - 05:11 | 2886558 Parrotile
Parrotile's picture

And you can be certain there's quite a good chance that he WILL be re-elected.

Not that the other "applicant" would be much better (unless your idea of "better" is even more Defence spending!)

Sun, 10/14/2012 - 06:22 | 2886609 Seer
Seer's picture

Did you not get what this Play is about?

You're harping about the actors.

Go ahead, try this test: provide your dissertation on how we can achieve perpetual growth on a finite planet- do this without sounding like a clown (an actor in the tragedy).

Sun, 10/14/2012 - 09:06 | 2887023 LULZBank
LULZBank's picture

Funny... I was doing this mental excercise last night that suppose we live on an infinite planet with infinite resources and potential growth.

Then there comes a point when every job and function is automated and is feasible becuse of infinite fuel and resources. All human jobs get replaced by machines... teachers, drivers, builders, traders etc. Ok except very limited human jobs which are negligible.

There will be no jobs or employment for people and then what would happen? Eternal and perpetual prosperity?

Banks would keep on making money in this near zero employment environment on infinite planet with infinite resources?

Or they will actively seek to destabilise the resources and stability to cause a depression for the opportunity for growth afterwards?

Sun, 10/14/2012 - 03:17 | 2886263 disabledvet
disabledvet's picture

well let's take this to it's logical conclusion then:
that's a 5 trillion dollar interest rate expense...AT CURRENT RATES! since we now live in a world of compound interest rates (ah, imagine the gold standard days when interest rates could be fixed!) just the smallest uptick in rates will have a massive "federal program on steroids" effect. clearly DC has for all intents and purposes become a funding mechanism for speculators on the Street and nothing more. You could run to muni debt as Muhammed Al Pimco has urged...but if the only two Federal Programs where money is actually disbursed are Social Security and the War on Terror then that means that trillions in Federal largesse has for all intents and purposes been vaporized for good. Since the political class has demanded that all large earners (called "Corporations" for all you homegamers out there) pay NO tax Major Payne famously observed..."who's the dummy now....hehehehehehe." Can't WAIT for the next debate! Much watch TV folks! DO NOT TURN OFF! DO NOT LOOK AWAY! THESE ARE YOUR LEADERS AND SOON THEY WILL GIVE YOU 8000 A BARREL OIL!

Sun, 10/14/2012 - 03:28 | 2886271 unirealist
unirealist's picture

There's been a geometric progression at work for the past century.

I.e. the debt doubles about every eight or nine years.

It'll be interesting to see if this progression continues. 

 Well, not really, I guess.   

Sun, 10/14/2012 - 05:59 | 2886409 falak pema
falak pema's picture

And on this issue of past debt and trade profligacy, accompanied by tax forgiveness for rich and off-shored corporates, here is how a respected Oligarch, Mark Cuban, sees the Romney Tax Programme :

Romney's Tax Plan Actually Makes A Lot Of Sense - Business Insider

So now you know that Romney is not going to change the deficit spending of battleship US Inc. He will cut the federal expenditure in entitlements bigtime, not it defense.

Hopium and climbing your way out of the hole using Mitt's new magical beanstalk is the solution! 

Since we are talking of a hundred year timeline here is some historic precedence  as posted on that thread:

1929 CRASH brought to you by REPUBLICAN Herbert Hoover.
1987 CRASH brought to you by REPUBLICAN Ronald Reagan
2008 CRASH brought to you by REPUBLICAN George W. Bush
2014 CRASH brought to you by REPUBLICAN Mittens Romney!

Read more:

On the issue of the rise of the conservative movement and how it has taken over the GOP in the last fifty years, replacing the moderate "elitist" trend in the Republican movement by the "populist and conservative" groundswell since Goldwater days, is very interestingly highlighted here : Good read! 

How The GOP Destroyed Its Moderates | The New Republic

Sun, 10/14/2012 - 06:31 | 2886624 Seer
Seer's picture

But... it's ALWAYS been a slinky down the staircase.  The trajectory started a LONG time before this 100-year pan.

Can one really fumble a bad premise?

As much as I detest that fucker GW Bush (well, I detest ALL of them), he rode in after Greenspan built up the bubble (given the power to do so during the Clinton administration).

Ha ha!  Complaining about bad acting in a bad play?!

Sun, 10/14/2012 - 08:34 | 2886679 falak pema
falak pema's picture

Pax Americana play....Bad acting in a very good play it was for world hegemony...aka, "as does the US tower like a colossus" 1991 NWO speech of Wolfy.

Reminds me of another famous line from Julius Caesar...:  The EVIL that men do lives after them; the good is oft interred with their bones! So let it be for Caesar...For Brutus is an honourable man; -- so are they all, all honourable men.

Let he who is without sin cast the first stone...and show me his glass house!...  Is what JAmie Dimon sings on Bears Stone takeover. (It was to help the FED fellas!).

All very good Oligarchy stuff, the stuff that legends are made off! 

WHile we the serfs...burn in financial meltdown! 

Yes indeed ZAdok, Nero played on his lyre while Rome burnt at his behest...

Different roles, different lines...the world is a stage!


Sun, 10/14/2012 - 06:41 | 2886637 Ghordius
Ghordius's picture

hohoho. I usually don't bother getting into any Reps/Dems discussions. but I miss one headline in your list


1971 DEFAULT on agreed gold payments brought to you by REPUBLICAN Richard Nixon

though it's as important to note that this is as bad as

1999 REPEAL of the last remnants of the GLASS-STEAGALL Act brought to you by DEMOCRAT Bill Clinton

Sun, 10/14/2012 - 08:49 | 2886777 nmewn
nmewn's picture

You forgot the Community Reinvestment Act signed into law by...Democrat Jimmy Carter in 1977.

A lot of this crap gets signed into law and just sits there...with the fuse regulators attempt to tweak the obvious flaw of what they've done by piling up dirt around it...instead of cutting off the fuse.

Sun, 10/14/2012 - 07:57 | 2886668 francis_sawyer
francis_sawyer's picture

Correction: For all intents & purposes there has been ONE U.S. President this century... Benjamin Netanyahu...

Sun, 10/14/2012 - 08:07 | 2886670 Zadok
Zadok's picture

Good one Ghordius, theft of soverign gold (I.e. France) and getting away with it due to sheer military capability ( France could not object and back it up) will not go quite as easily with China. China appears to have figured out the scam a while back and had been moving to mitigate the damage but the conflict probably will go physical this time, soon.

When you grasp how the bankers have played the theft of sovereigns the same as people, counties, states, criminals, essentially everybody, you know the rage will be unreal. Most of it will be directed at the fellow scammed right along with you because so few will be able or willing to follow the fraud of broken promises back to it's dark lair.

The scheme is brilliant in its simplicity and vesting of interest in those way down the chain to self perpetuate the fraud to the death if need be, thereby leaving the actual perpetrators sitting back watching the show.

Its kind of like figuring it out and watching the script unfold, it's the circus with bread absentia.

Best wishes...

Sun, 10/14/2012 - 08:13 | 2886674 ptoemmes
ptoemmes's picture

My GOD, it's full of fiat...

Sun, 10/14/2012 - 11:29 | 2887260 OneTinSoldier66
OneTinSoldier66's picture

1913: A Federal Reserve Odyssey

2010: The Year the Tea Party Makes Contact



Sun, 10/14/2012 - 08:38 | 2886695 AndrewJackson
AndrewJackson's picture

So basically we are looking at our debt getting to 30+ trillion by 2020. There is no way we will make it that far in any type of orderly manner. My guess is that as the federal reserve continues to take over the entire government bond market, the inflation will eventually go parabolic (5%...10%...20%...50%...) and the economy will collapse followed by massive civil unrest and violence in the streets. Of course, with the world in such economic chaos, the likilihood of the black swan of death/war will also go up exponentially. And my family wonders why I am buying gold and bug in/out preperations.

Sun, 10/14/2012 - 08:53 | 2886700 LULZBank
LULZBank's picture

The deficits and the debts and the GDP etc... numbers dont exactly matter. What matters is the "flow of currency" which requires a potential difference for the flow.

High to low, hot to cold, rich to poor... things always flow from higher potential towards the lower, in nature.

The world has reached a saturation point in terms of economic activity under the present existing system or model and the currency money has stopped flowing. Absence of flow is the death of any currency, even if its backed by Gold or Gold coins itself.

What this means is, people/corporations with higher monetary potential i.e. rich people have a lot of excess money but nothing much to spend it out on.. maybe blow and hookers.

People with lower monetary potential i.e. the poor people desperately need money but have no means to get it or earn it... i.e. no jobs or business opportunities.

But the State or the ponzi masters of this present system must keep things flowing. Money must flow from higher potential towards the lower potential for things to carry on to maintian the status quo.

One way of doing it is, tax the rich and give handouts to the poor i.e. SNAP, EBT cards to spend around even in strip joints and booze, not just basic food and fuel, as things must exist as they always did. But this sounds a bit too socialist and bad for people who preach capitalism.

Other innovative way of doing it is, you print money diluting the excess money or savings of the rich people and giving out EBT and SNAP cards to the poor people to spend.

Different mechanism but same result and more sustainable then direct snatching or taxation. This effects everyone with a saving in fiat, not just middle class and has nothing personal against middle class but all savers, pensioners and richer classes. Just that richer people can weather it better than the middle class.

Important thing is that the money must must flow. Good analogy is the Hour Glass, the sands flow from top to bottom and when they run out it stops. Its still the same hour glass with the same amount of sand inside but there is no potential difference to cause the flow.

Then you have to turn it upside down, and the sands start flowing again.

Yes its that easy, but the problem is that what was at the top before has to be at the bottom and what was at the bottom gets to be on the top. What Benny and Co. are trying to do at the moment is, they are trying to throw the sand upwards and then scream "look its still flowing" and they will keep doing it until they get tired or someone forcefully does the reset.

Most people thing the "great reset" would just be introduction of a new monetary unit (backed by gold) and everything else will stay pretty much constant. It wont... the reset will change eveything and shift to a new paradigm.

Capitalism: Accumalation of Wealth. When all the wealth is accumalated, then what happens? This is the point we are facing now, hypothetically speaking.

This is the great balancing act of the nature. Systems seeks equilibrium and comes to a standstill and then there is some force that disturbs its equilibrium and it starts swinging or flowing again seeking equilibrium.

Sun, 10/14/2012 - 08:51 | 2886741 unununium
unununium's picture

To answer the question of WHY the us debt run up so high, first ask WHOM does it help?

Sun, 10/14/2012 - 09:27 | 2887017 LULZBank
LULZBank's picture

What do you expect in a financial system based on debt based currency?

Is the debt going up or the units you measure it in going down? Just what some say about the dollar price of Gold.

Most currency notes come with the statement "I promise to pay the bearer..." but it doesnt say pay the bearer in what? Gold, tulips, sea shells? 100 dollars yesterday are not the same as 100 dollar today.

Sun, 10/14/2012 - 08:58 | 2887018 max2205
max2205's picture

Stupid is what stupid does.... Buy AAPL
It worked for Forrest

Sun, 10/14/2012 - 09:05 | 2887022 Crtrvlt
Crtrvlt's picture

You're supposed to move over the fiscal years. Fiscal 2002-2009 (oct 08-oct 09) for bush and fiscal 2010-present for Obama.

If not for the Bush tax cuts, the deficit-financed wars in Iraq and Afghanistan, and the effects of the worst recession since the Great Depression (including the cost of policymakers’ actions to combat it), we would not be facing these huge deficits in the near term. By themselves, in fact, the Bush tax cuts and the wars in Iraq and Afghanistan will account for almost half of the debt that, under current policies, the nation will owe by 2019.

Altogether, the wars in Iraq and Afghanistan could cost the U.S. between $4 trillion and $6 trillion

Wall st and military welfare is expensive

Sun, 10/14/2012 - 09:32 | 2887060 nmewn
nmewn's picture

"You're supposed to move over the fiscal years. Fiscal 2002-2009 (oct 08-oct 09) for bush and fiscal 2010-present for Obama."

I'm sure that would come as quite the shock to Senator Conrad...

“We have passed a fiscally responsible budget today,” said Senate Budget Committee Chairman Kent Conrad (D-ND). “This plan provides tax relief for the middle class. It makes critical investments in energy, education, and infrastructure. And it returns the budget to surplus in 2012 and 2013. Passing this budget represents a major accomplishment.”

"The budget resolution creates the building blocks for economic growth by investing in the three key areas of energy, education, and infrastructure.

By investing in energy, (read crony capitalism) the budget creates “green collar” jobs, (ROTFL!!!) reduces our dependence on foreign energy, and helps with soaring energy prices.(thats working out swell isn't it?) By investing in education, the budget prepares our workforce to compete in the global economy, makes college more affordable, (tuition is down?) and improves student achievement. (grades are up?) By investing in infrastructure, the budget repairs crumbling roads, bridges, transit, airports, and schools." (we now have the finest roads no one in the poor & middle class can afford to drive on in the entire world...oh, well done)

And the rest, as they say, is centrally planned came from Pelosi's House, went through Reids Senate and was signed into law by Obama.

Sun, 10/14/2012 - 09:24 | 2887046 topspinslicer
topspinslicer's picture

Guess the ruling elite douchebags decided to destroy the world with debt instead of the H-bomb

Sun, 10/14/2012 - 09:29 | 2887054 Stuck on Zero
Stuck on Zero's picture

What was the U.S. prison population in 1900?


Sun, 10/14/2012 - 09:42 | 2887075 insanelysane
insanelysane's picture

Exactly.  What was the labor force participation rate? </rhetorical>

If you look at the US as a village of 300 people instead of 300 million.  How many are in prison, working for the govt, on welfare, etc?

There are not alot of people rowing.

Sun, 10/14/2012 - 09:51 | 2887085 Zwelgje
Zwelgje's picture

In 1900 there were 57000 people in US federal or state prison.


Sun, 10/14/2012 - 09:40 | 2887067 insanelysane
insanelysane's picture

Without Republicans and Democrats, this would be a pretty good country to live in.


Sun, 10/14/2012 - 09:39 | 2887069 Lost Wages
Lost Wages's picture

Was 9/11 the coup of America by the cartel?

Sun, 10/14/2012 - 09:52 | 2887086 insanelysane
insanelysane's picture

9/11, the war was delivered to our doorstep.  But there is always something going on somewhere in the world if you want to get involved.  See Korea, Vietnam, Falklands, Balkans, Afganistan (Soviets), Middle East, Middle East, Middle East, various countries in Africa if you care about genocide, Antarctica, ....

It just comes down to how hard the govt tries to convince the population that the war is necessary which is directly proportional to how bad things are domestically.

The US gov has been blowing hopium up people's asses for 4 years now and the bubble is about to burst regardless of whom is elected.  Congress doesn't have the combined brain power to figure out how to microwave popcorn never mind fix it.  Look for full scale global conflict.  Buy stocks in military suppliers.

Sun, 10/14/2012 - 14:51 | 2887996 Monedas
Monedas's picture

Terrorism has come home to roost amongst the Muzzlems !  When your enemies are self-destructing .... enjoy !

Sun, 10/14/2012 - 09:41 | 2887072 ATM
ATM's picture

Eponential bitchez!

Sun, 10/14/2012 - 09:49 | 2887084 GMadScientist
GMadScientist's picture

Who's ready to start killing senior citizens to save America?

Don't worry, they can't get very far on foot.

Sun, 10/14/2012 - 09:55 | 2887089 new guy
new guy's picture

I have an idea. Lets try TRICKLE UP economics. Workers contribute a modest portion of their income to local government to maintain important infastructure and then as a group decide how much of what remains will be donated to the federal government.

Sun, 10/14/2012 - 10:08 | 2887107 Poetic injustice
Poetic injustice's picture

A little bit offtopic on Obama in pictures:

Sun, 10/14/2012 - 10:34 | 2887127 LULZBank
LULZBank's picture

What would be totally hilarious and ultimate LULZ moment would be, when the world realises what they have been taking as "money" was just a promissory note i.e. promise to pay not the actual payment.

Banks creating a loan via fractional banking and issuing it to, say their customer as a mortgage loan against the property. The property is recorded as an asset and the loan amount against it (cheque to the borrower) as a liability "promise to pay" which was never actually paid. Then the poor mortgage taker pays the principal and the interest even though the banks balance sheet is balanced i.e. asset against the liability created.

Then we have central banks doing the same shit now, issuing promissory notes, "I promise to pay the bearer..." benny bucks but nobody knows pay in what? LOL

We are just trading promises to pay with each other and nobody knows what will be paid and when. TubeLightTM would be Pricelss, for everything else there is some more on Master Card.

Sun, 10/14/2012 - 10:40 | 2887143 Bicycle Repairman
Bicycle Repairman's picture

Let's face the facts.  The US is at war with a large portion of the world.  The deficit is just a manifestation of the economic aspect of the war.  More specifically, the war is mainly being fought with financial weapons.

Up next: Pyrrhic victory.

Sun, 10/14/2012 - 12:25 | 2887360 toomanyfakecons...
toomanyfakeconservatives's picture

If you stole much of the world's gold for "safekeeping" and didn't make the trillion dollar interest payments to the rightful owners of the gold, you'd be at war with everyone too.


Tricky Dick Nixon closed the gold window on the world. It's been shown that Nixon was the bagman for Nazi financier Prescott Bush and was a party to the JFK assasination (Nixon has been linked to Jack Ruby). It's been the petro dollar warfare-welfare mess ever since.

Sun, 10/14/2012 - 10:45 | 2887147 nah
nah's picture

agreed its a war thing bitchez

Sun, 10/14/2012 - 11:16 | 2887226 Seasmoke
Seasmoke's picture

Mitt Jefferson Walker Obama

Sun, 10/14/2012 - 12:00 | 2887310 Landrew
Landrew's picture

I think the real question is? When the military budget becomes 80% of the total spending (some suggest it is now through hidden spending on other departments) and the cuts finally come, does the military overthrow the government in a coup?

Sun, 10/14/2012 - 12:38 | 2887380 toomanyfakecons...
toomanyfakeconservatives's picture

To overthrow the government would be to overthrow the U.S. Corporation, which is the vessel for the petro dollar and much of the world's plundered gold. Contrary to what the fear bots want you to believe, there are millions of "good guys" in the military (think officers and 'Pentagon') who are sick of fake Commanders in Chief and want no part of WWIII. Instead of a coup, it's possible to arrest the bad guys for their crimes, repudiate the debt, and start over again with Constitutionally legit money...

Sun, 10/14/2012 - 13:14 | 2887738 Miss Expectations
Miss Expectations's picture
The American Financial Situation Deteriorates

With the victory at Saratoga the military side of the war had improved considerably for the Americans. However, the financial situation was seriously deteriorating. The states to this point had made no voluntary payments to Congress. At the same time the continental currency had to compete with a variety of other currencies for resources. The states were issuing their own individual currencies to help finance expenditures. Moreover the British in an effort to destroy the funding system of the Continental Congress had undertaken a covert program of counterfeiting the Continental dollar. These dollars were printed and then distributed throughout the former colonies by the British army and agents loyal to the Crown (Newman, 1957). Altogether this expansion of the nominal money supply in the colonies led to a rapid depreciation of the Continental dollar (Calomiris, 1988, Michener, 1988). Furthermore, inflation may have been enhanced by any negative impact upon output resulting from the disruption of markets along with the destruction of property and loss of able-bodied men (Buel, 1998). By the end of 1777 inflation had reduced the specie value of the Continental to about twenty percent of what it had been when originally issued. This rapid decline in value was becoming a serious problem for Congress in that up to this point almost ninety percent of its revenue had been generated from currency emissions.


Sun, 10/14/2012 - 14:55 | 2888007 Monedas
Monedas's picture

Syrious !     Old time Russian cluster bomb cluster fuck !     Two If By Tea .... now available in Haifa's upscale bistro terrace bars !

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