• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Ron Paul: "0% Chance Of 'Grand Bargain' Over Fiscal Cliff"

Tyler Durden's picture




 

Shining a little reality light on the otherwise pollyanna-like dearth of pragmatism that is the mainstream media's guest-list, Ron Paul provided Bloomberg TV's Trish Regan a little more than we suspect she bargained for when asked if he had any hope that we avoid the fiscal cliff. The constant "delaying-of-the-inevitable" enables our politicians to avoid facing up to the serious consequences of our reality and as Representative Paul notes the chances of a grand bargain are "probably zero... that's why I think we're over the cliff [already]." Just like the handling of the debt ceiling debacle, Paul notes they will "pretend they are going to do it" until we get a total crash of the dollar and the entire financial system (which he notes is what will occur if we continue the status quo). "We are at a point of no return" unless certain things change, since "we are not the productive nation we used to be."

Paul on the fiscal cliff and whether politicians are under more pressure to just do what they need to do to get votes:

"Well I think that's true and I think it's been that way for a long time but the big difference is the Treasury is bare. It isn't like we're in the 1950s and 1960s where economic growth could work our way out of these problems that you could print money forever. Printing the money right now, what does it do, it fills the banks with excessive reserves and they get paid to park it at the Federal Reserve. So it's quite different. We're not the productive nation we used to be…we have a lot of jobs gone overseas. Our dollar is weakening because prices do go up and as long as we do that, the politicians are going to keep pushing that and trying to get away with that but the big question is how long will politicians will be able to get away with that."

On the probability that a grand bargain will be reached on the fiscal cliff:

"Probably zero… that's why I think we're over the cliff. We're past bargaining states because they will not address those things I just stated. They're going to try to pretend that they are going to do it. The way they handled the debt increase, last summer, that is a pretty good example. And matter of fact the debt increase might be the big event come February that might be big because they can roll things over…they can postpone big decisions in January and yet that still does not remove the uncertainty. Uncertainty is a major cause of the inability for the market to get moving again and they have to revamp it in a much more detailed fashion than they are even talking about right now."

On whether Obama will be able to bring Congress together for some kind of reform before the end of the year:

"Oh no, I think there will be something, but it will be very temporary, it won't be long lasting and restore confidence and fix the problem. But there will be some type of reconciliation of saying we'll do this and a little of that and it may even help the financial markets for a little while, but since it won't solve the problems it will only be temporary. "

0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 11/14/2012 - 02:31 | 2978968 you enjoy myself
you enjoy myself's picture

don't necessarily disagree, as Detroit aptly demonstrates that some humans are dumber than tree sloths, and will continue to pull the pavlovian "D" lever despite decades of ruin under that leadership.  but the difference between a president obama and a president romney was only 400,000 votes in 4 swing states.  you don't need mouth-breathing neanderthals to start reading Hayek, you just need voters at the margin to finally witness some cause/effect - QE4 drives gas to $6, Obamacare results in them moving from full-time to a 29.9 hour temp, etc.  even jimmy carter got 41% of the vote in 1980.

Tue, 11/13/2012 - 20:47 | 2978201 nmewn
nmewn's picture

Well stated..."progressives" I really do hate them because I know what they are.

Every fucking one of them.

Tue, 11/13/2012 - 21:17 | 2978280 LetThemEatRand
LetThemEatRand's picture

Ron Paul and uber Progressive Dennis Kucinich see eye-to-eye on a lot of things, and RP doesn't fucking hate him because he sees substantial common ground.   The two have worked together on important issues such as auditing the Fed.   The term "progressive" like so many labels assumes a lot of things that don't hold true for most individuals.  One would think that a rugged individualist like yourself would stay away from such broad assumptions, but then again you never got over your love of Ayn Rand that you found as a Freshman in college.  But do carry on with your hatred of all things with all persons who do not agree with every single thing you hold dear.  The establishment is quite happy with that arrangement.

P.S.  I would vote for Dennis Kucinich before I would vote for Romney.  Yet I voted for Ron Paul.  I'll bet you wouldn't vote for Kucinich even though he agrees with more of your ideology than Romney, because you disagree with some of his positions.  So here we are with another close election between Dumb and Dumber.

Tue, 11/13/2012 - 21:29 | 2978332 adr
adr's picture

Dennis Kucinich has and always will be in politics for himself. Which has made the man a very good living. He bankrupted Cleveland and helped expand the sub society in Cleveland for the past 30 years.

He was front and center trading food stamps for cash with Tubbs Jones. Kucinich likes handing out the candy for votes as much as Obama.

Kucinich is against the wars and wants to audit the Fed, not because he wishes for indepenence and individual liberty, but because the Fed threatens the solvency of the welfare system that kept Kucinich in power.

Much of Cleveland's crumbling infrastructure comes from the Kucinich years of attempting to provide free water, power, and sanitation. As he paid off the welfare queens, they grew exponentially pushing the productive class out of Cleveland along with the businesses that provided the revenue to keep his socialist dream alive.

Tue, 11/13/2012 - 22:52 | 2978572 NidStyles
NidStyles's picture

Kucinich a Progressive now? Surely you jest when accusing the only sensible Socialist of being a Leninist. Progressive = Leninist. Lenin created the term and the philosophy behind it.

 

Kucinich is more a Trotskyite. Stilla Commie, but not as devious about it.

Tue, 11/13/2012 - 20:47 | 2978192 TrulyBelieving
TrulyBelieving's picture

Forced destruction of the dollar, necessary to weaken the U.S. to a point where the Statist will be able to assume full control. And I mean full control which of course is the goal. Yes, this would be considered sucess for the likes of oBama and his ilk.  So how many of you suckers desire for the pres. to succeed? 

Tue, 11/13/2012 - 20:50 | 2978204 formadesika3
formadesika3's picture

edit

Tue, 11/13/2012 - 21:25 | 2978308 Yen Cross
Yen Cross's picture

 You are much more "articulate"...

  Taught me well. (nmewn)   Your voice needs to be heard/

Tue, 11/13/2012 - 20:22 | 2978101 Quantum Nucleonics
Quantum Nucleonics's picture

Soon to be former Congressman Paul using up the last few seconds of his 15 minutes.

Tue, 11/13/2012 - 20:21 | 2978107 buzzsaw99
buzzsaw99's picture

everywhere and always the can it will be kicked

Tue, 11/13/2012 - 20:22 | 2978108 surf0766
surf0766's picture

The communists want the cliff.   Prepare it is coming

Tue, 11/13/2012 - 20:34 | 2978158 lakecity55
lakecity55's picture

Well, we who do not want communism should keep RP warmed up and ready to lead a new republic.

Tue, 11/13/2012 - 20:38 | 2978169 surf0766
surf0766's picture

You mean what is left of the republic? 

Tue, 11/13/2012 - 21:18 | 2978294 knukles
knukles's picture

right, what's left

Tue, 11/13/2012 - 21:27 | 2978326 Yen Cross
Yen Cross's picture

Such a beautifull mind, "without redress"/

Tue, 11/13/2012 - 21:54 | 2978401 knukles
knukles's picture

 

 

       :)

Wed, 11/14/2012 - 01:20 | 2978894 lakecity55
lakecity55's picture

Yes, thanks for the correction.

Backward!

To The Constitution!

Tue, 11/13/2012 - 20:38 | 2978170 icanhasbailout
icanhasbailout's picture

The communists don't want the cliff, it will interrupt their spendathon.

 

The "fiscal cliff" is simply a device to make the next round of outrageous theft a bit more palatable to the public.

Tue, 11/13/2012 - 20:39 | 2978172 formadesika3
formadesika3's picture

you turkeys listen up! It's not a cliff, it's a slope. I read that just this morning. Forward!

 

Tue, 11/13/2012 - 21:04 | 2978253 NotApplicable
NotApplicable's picture

Hmmmmmmmmmm... as long as you promise the slope won't turn horizontal...

I'm in.

Tue, 11/13/2012 - 21:36 | 2978352 formadesika3
formadesika3's picture

No promises. Next thursday the turkeys will find out what Thanksgiving's really all about... for them.

Tue, 11/13/2012 - 21:20 | 2978298 knukles
knukles's picture

slope?

That's Razzist

Like on the golf course anymore, can't call it the slope rating, it's now the Asian rating.

 

(fuck political correctness, a true from of Orwell's Doublespeak... a propaganda and mind control technique)

Tue, 11/13/2012 - 21:06 | 2978262 hawk nation
hawk nation's picture

They better be careful what they wish for since noone will be there todo their dirty work

That includes the military who are being trained in marshall law and state reservists 

Wed, 11/14/2012 - 01:18 | 2978890 lakecity55
lakecity55's picture

Yep, the home militia here is all being turned into MPs.  But not all.

The others are S5s, civil administrators.

Then, they are incorporating them into the federalized military.

 

Tue, 11/13/2012 - 20:22 | 2978112 Rainman
Rainman's picture

Lucky for him TBTB have successfully portrayed him as a nut, otherwise he'd have accidently gone under in the hot tub long ago.  

Tue, 11/13/2012 - 20:23 | 2978115 SILVERGEDDON
SILVERGEDDON's picture

At least one guy has the balls to tell the truth in public. Not so with Oblamea and Mittens - a pair of sociopathic doorknobs on either side of the powerbrokers. Lackeys, meet THE PLAN.

Tue, 11/13/2012 - 20:26 | 2978129 rodocostarica
rodocostarica's picture

Go RP. I can see that now the good doctor can just go fucking crazy and tell the truth more intensely like this.

I look forward to him being around when he wants and how he wants in the future . What I donated to his campaign I am more than happy to let him keep in the bank and spend it by going out and tell the truth like this.

Go have some fun Ron and keep educating the sheep.

Can he be Don King  standing behind his kid Rand for 2016?

GO RAND

Tue, 11/13/2012 - 21:31 | 2978341 Race Car Driver
Race Car Driver's picture

> GO RAND

You're about a fuckin' muppet...


Welcome to the Rand Paul evolution

Paul says he’ll return to Congress this week pushing measures long avoided by his party

He’ll push to loosen marijuana penalties, legalize undocumented immigrants and pursue a less aggressive American foreign policy.

 

 

Wed, 11/14/2012 - 00:51 | 2978843 Cathartes Aura
Cathartes Aura's picture

from your link,

“I don’t think we should put people in jail for mandatory sentences of nonviolent drug crimes, particularly 20-year sentences,” Paul said. “I’d just hate to see somebody’s kid get put in jail for 20 years for making a mistake.

uh huh, no one wants to screw up a kid's life for 20 years. . . unless of course, it's a kid who finds out she's pregnant despite "taking precautions" or maybe being raped, even by a relative. . . much more important that the State makes the decision for her to spend the rest of her life atoning for her "mistakes"   *nods*

I support a Human Life Amendment and have co-sponsored the Life at Conception Act as federal solutions to the abortion issue. In addition, I support a Sanctity of Life Amendment, establishing the principle that life begins at conception. This legislation would define life at conception in law, as a scientific statement.

In January 2011, Senator Roger Wicker (R-Miss.) introduced the Life at Conception Act (S. 91), which I co-sponsored.  This legislation would declare the right to life is vested in each human being beginning at the moment of fertilization.  S. 91 was referred to the Senate Judiciary Committee, of which I am not a member, where it awaits further consideration.

http://www.paul.senate.gov/?p=issue&id=3

"I am not a member" - I beg to differ.  you are both a member, and a tool.


and those "illegals" Rand wants to "assimilate" - starting to see a pattern here,

But if they’re willing to work, willing to pay taxes, I think we need to normalize those who are here.”

yep, need to get that tax base up. . . get some new folks in, folks who are known for large families, maybe?  and then of course, there's all those new Santified babies you're anticipating. . .

Rand Paul & Paul Ryan 2016 - simple message, easy meme.  both power hungry & playing the game.

Ryan splits with GOP leadership


But on his second day back in Washington, Ryan’s split from powerful Republicans is certain to draw more attention.

http://www.politico.com/news/stories/1112/83761.html

watch this space, eh.


Wed, 11/14/2012 - 00:58 | 2978854 CrockettAlmanac.com
CrockettAlmanac.com's picture

I've heard of single issue voters but you're the first single issue talker I've encountered.

Wed, 11/14/2012 - 02:02 | 2978934 Cathartes Aura
Cathartes Aura's picture

just keeping the meme alive before y'all start gettin' your ballots and pencils out for the next voting game.

besides, why do you worry - absolutely no one here ever refutes anything on the topic, it's just hissy-fit down-arrows and back to the campaigning - I doubt many give a shit about a female's liberty, and even more probably don't know Paul's stance to this day.  on this topic, no Fight Club takers.

all good, the Conservative Repubs will volley that ball, and spike it when they need to.

any commentary on the Rand legalising the "illegals" for taxation?  there's another Bush, George P., getting his Hispanic ducks in a row now too - I can see the "future" even without crystal balls. . .

2016, bitcheZzzzzzzzzz. . .

Wed, 11/14/2012 - 02:39 | 2978974 CrockettAlmanac.com
CrockettAlmanac.com's picture

I've never met a man who looked at every situation in life primarily with regard to how it effects a woman's liberty. It's unusual. Not that there's anything wrong with that.

Wed, 11/14/2012 - 15:44 | 2981083 Cathartes Aura
Cathartes Aura's picture

indeed, the men you tend to favour aren't all that concerned about extending the LIBERTARIAN party past their own needs and agenda. . . this has history behind it, this liberty for the chosen, obedience for the others - right back to the founding daddies, and then, of course, further and further, same old story. . . pays to be vigilant.

and those who believe themselves superiour by virtue of birth traits, they look at the mess o' amrkns, men included, and laugh, because in an hierarchical system, everyone thinks they're on top, above those they despise.

yes indeed, plenty of men and women out there who believe they know what's best for you and yours. . .

Tue, 11/13/2012 - 20:35 | 2978159 seek
seek's picture

This is one of the few times I disagree with Dr. Paul.

We're not at the point of no return, we are well past the point of no return.

Tue, 11/13/2012 - 21:08 | 2978266 NotApplicable
NotApplicable's picture

Think bigger. There is no 'well past' when measuring infinity. You're either there or not.

Tue, 11/13/2012 - 20:40 | 2978177 Antifederalist
Antifederalist's picture

The only honest man in politics. Ron Paul, like a Founding Father.

Godspeed Dr. Paul, history will prove you right, and will be kind to you.

You are the Neocons worst nightmare.

Tue, 11/13/2012 - 20:46 | 2978193 ebworthen
ebworthen's picture

Ron Paul will no doubt be demonized as unpatriotic and not believing in the "recovery" and the "great American way" (which appears to be bailouts for the malfeasant and extend and pretend while shredding the Constitution).

No one wants to hear the truth when the diagnosis comes in.

Bullish for S&W, Sturm Ruger, and cheap land in remote areas.

Tue, 11/13/2012 - 20:45 | 2978194 User 3461
User 3461's picture

"they won't face reality" That is the universal problem!

Tue, 11/13/2012 - 20:46 | 2978198 Lost Wages
Lost Wages's picture

This guy? 100% irrelevant.

Tue, 11/13/2012 - 20:47 | 2978202 ebworthen
ebworthen's picture

And what do you have to offer?

Tue, 11/13/2012 - 20:52 | 2978218 Dr. Engali
Dr. Engali's picture

As long as he has been here I have never seen him offer anything of substance to the conversation. He's just like the little heckler from the peanut gallery.

Tue, 11/13/2012 - 21:09 | 2978268 Antifederalist
Antifederalist's picture

You are joking, right?

Tue, 11/13/2012 - 21:15 | 2978288 Yen Cross
Yen Cross's picture

 What is the VWAP, on the projected "ES open" in the morning ANTI- FUCK trade?

  Beat it! I'll call you!  Don't ever fuck with Dr.E.  " BITCH"

Tue, 11/13/2012 - 21:34 | 2978349 Antifederalist
Antifederalist's picture

I thought you were talking about RP. Not Lost Wages. My bad.

Tue, 11/13/2012 - 21:43 | 2978381 Dr. Engali
Dr. Engali's picture

That happens. I'm a Ron Paul voter.

Tue, 11/13/2012 - 21:47 | 2978389 Yen Cross
Yen Cross's picture

 Really?  I lived in Noblesville Indiana, for 4 years!

Tue, 11/13/2012 - 21:52 | 2978399 Antifederalist
Antifederalist's picture

Me too. Also ran some newspaper ads for him.

Tue, 11/13/2012 - 22:01 | 2978422 Yen Cross
Yen Cross's picture

When you wake up, from that long slumber/ The pre fix was 714 back in > 1974)

People like you Blatant liars! I can tell you where i was. You weren't even born yet.

 

 

Tue, 11/13/2012 - 22:09 | 2978443 Antifederalist
Antifederalist's picture

What the fuck are you talking about?

Have another drink, troll.

I was born in 1957. You?

You said RP is out of touch with reality . Well yours maybe. Make sense if possible or fuck off and die.

Tue, 11/13/2012 - 22:23 | 2978494 Yen Cross
Yen Cross's picture

So dip shit? You were alive in 1974/ ? hey FUCK HEAD! Run for the hills!  You're toast!

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