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US Budget Deficit Soars In October As Government Spends Over $300 Billion In One Month
Moments ago the MTS released the final October budget report. It was not pretty, although those who read our report on how much debt was added - $195 billion to be precise - in the first month of the 2013 Fiscal Year will know where this is going. The US budget deficit was expected to soar after the September surplus of $75 billion, driven entirely by calendar shifts and pre-election propaganda, to -$113 billion. That was optimistic: the total amount of overspending in October was $120 billion. What is distressing is that this was well above the $98.5 billion deficit from a year ago, and confirms that the long-term trendline of ever greater spending continues. This was also the fourth largest October deficit in history. And looking merely at the spending side of the ledger, the US government's outlays in October alone were $304 billion. This is the third biggest October monthly spend for the government ever, and just why of the all time high $320.4 billion record in October 2008, when everything imploded after Lehman failure and Hank Paulson was literally dousing the monetary flames with brand new Benjamins.
October deficits across the years:
And October government spending from 2000 through 2012:
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That's a lot of Obamaphones!
thats alot of obamadrones!!!
The Bernake needs to kick up his iPrinter
Quantitative Voting
Muhammad ALI warned you many years ago ;-)
http://www.youtube.com/watch?feature=player_embedded&v=hAYNQJcG4f4
It’s just a good thing they don’t have a budget to worry about.
Pesky fucking Constitution anyways..........................
The 16 Trillion Dollar District of Columbia Corporation Debt Is Not National Debt!
The debt of the Federal Government Of The United States Of America Corporation as Enacted is theirs and theirs alone! You Don't Have to Pay on It!
The District of Columbia Organic Act of 1871 aka “An Act to provide a Government for the District of Columbia (41st Congress, 3d Sess., ch. 62, 16 Stat. 419, enacted 1871-02-21) is an Act of Congress, which revoked the individual charters of the City of Washington, the City of Georgetown, and the County of Washington and created a new city government for the entire District of Columbia. The legislation effectively merged what had been separate municipalities within the federal territory into a single entity. It is for this reason that the city, while legally named the District of Columbia, is still commonly known as Washington, D.C. However, this act was abolished in 1874, and while the name did not change, the territorial Governor was replaced with a three-member Board of Commissioners appointed by the President. This system existed until 1974 when the District of Columbia Home Rule Act allowed for District residents to elect their own mayor.
http://www.nikolasschiller.com/blog/index.php/archives/2009/01/30/2215/
District of Columbia Home Rule Act - As Amended Through 1997
http://www.nikolasschiller.com/blog/index.php/archives/2011/01/22/7354/
The Stock Share Holders of the Washington D.C. Corporation are alone responsible for the 16 trillion dollar debt, made so by the Act of 1871 and subsequent Act revisions.
It also follows, The Federal Reserve Act of 1913 created a Banking Corporation with Stock Share Holders.
The accumulated debt held on the Federal Reserve Corporation's balance sheet belongs to The Stock Share Holders of the Federal Reserve Corporation, and the owners of its Member Banks, period.
http://land.netonecom.net/tlp/ref/federal_reserve.shtml
http://www.llsdc.org/FRA-LH/
District of Columbia Act of 1871 Defacto formed 1
http://www.youtube.com/watch?v=XPkauG6qE8k&feature=relmfu
District of Columbia Act 1871 De Facto formed 2
http://www.youtube.com/watch?v=JzmUuKd6ucM&feature=relmfu
District of Columbia Act 1871 De Facto formed 3
http://www.youtube.com/watch?v=jpMMnJWExNU&feature=relmfu
What is the timeline to break the debt ceiling?
everyday
Majoirty of this is the Boomers fault. It will be entertaining when Turbotax Timmy has to raid the pension funds again to extend and pretend the debt ceiling until congress figures out another way to kick the can.
At this rate they'll be the first generation of soylent green, so karma will catch up eventually.
So the boomers kids will get to "Eat me!"
$300 Billion in one month? Hey, that's enough to buy at least 1000 Obama voters. That's a bargain if you ask me.
Never thought of myself as Edward G Robinson.
That's a lot of Spycenters and uh, happiness camps.
Thats alot of sultanascones!!!
It's okay. Don't panic. We're not like Greece in that we print our own currency and can therefore merely print the amount of federal reserve notes needed to cover the perpetual deficits, with not only not suffering calamitous adverse consequences, but free of adverse consequences.
What we should do at this point is print a batch of fiatski, whether 16 trillion, 60 trillion or 200 trillion (official, David M. Walker, Laurence Kotlikoff estimates of actual debt, respectively), needed to pay off the existing debt.
We'll finally be debt free, courtesy of the printing press, or its modern electronic equivalent, bitchez!!!
#KrugmanSays
/SARC
As of November 6, 2012, "/sarc" flags are no longer necessary on ZH, it's assumed. From now on notification only needs to be provided when it's NOT sarcastic, aka "/notsarc."
And our new safe word is "HARDER!" repeated three times, in case of any role playing gone awry.
Krugman would never go for $200 trillion. If it was $2000 trillion he'd say "MOAR!"
#shitkrugmansays
Oh yes, those adverse consiquences.
I have several pensions, through the year, acauired when various corporate divisons entities were being bought or sold. The first was 1972 for a generous pension to be effective at age 65 that i thought was generous because it would cover at least 2 weeks of my iving expenses. From that time, inflation has reduced the buying power of that pension by a factor of approximately 10. I don't really need that pension now; it is sort of a joke. But there are many, many honest people who have had retirement buying power destroyed who haven't been alert to what was happening.
We can expect inflation to slow for awhile but we, as a people, are going to have to accept less.
And, of cours, if you own gold, the increase in "value" of that asset is taxable.
I thought that the republicans were against spending,
I thought that the republicans had a vote on spending.
I got to change my thinking.
Yes Bobo has been a very bad monkey!
The BAC-MBI chicken fight just went full retard with BAC making a tender offer for MBI bonds to avoid a debt amendment. ZH should cover this.
That's a lot of Obamafare too.
Convenient, isn't it, that this come-out 1-week to the day after Choomy's re-election. Eh?
Roll up the windows, it's total (debt) absorption, bro.
Would not have made a difference in the election results. Probably would have been a total landslide for oh-dictator in chief if this information were released before the election. The current mentality of the masses.
.
What mentality? "Mentality" requires a mind.
Who cares about this, I want to know about the lady in Tampa that was doing all the Generals!
I find it simply unbelievable that someone who self-describes as 'special social liaison' could possibly be involved in any sort of improprietous activity.
I find it unbelievable that anyone could find it unbelievable that a married mother would open her legs for another married man.........happens every day. She's got power of the p**** on her side and even Generals let their Privates make decisions when the kitty cat is calling........
That's funny..
In the end, the human race can be distilled into two short words: war and pussy. This story has both so I expect it will be widely popular.
True, and the same can be used to describe marriage. The longer you are married however, the more you get of the former and the less you get of the latter...........
Its cheaper to acquire the services of an escort every week than it is to be married. You are paying not for the service, but for escort to leave afterwards. Just sayin..
I think its better than $500 toilet seats though...a hottie is always much better
I'm sure it usually costs extra whatever it is.
Wasn't she a an events planner, gratis?
Seven Days in May
This is spreading way to far and wide, the Feebies investigating everybody and their uncles...
Seven Days in May
Stop and think about it...
Defend against all enemies foreign and....
Will we or will we not, get show trials?
Yes, to make the point, Obie being so strong and resilient, the supreme state being saved from those homegrown T's
No, it's spread way too far and wide, we must not worry the peasantry, back to work, everything's under control.
Wonder if she made videos like Jennifer Connelly did in that movie Mulholland Falls. Mmmmm, Jennifer Connelly - scuse me boys, I'll be back in a few...
Did I miss anything?
The same Jennifer Connelly that did the double dildo scene at the end of requiem?
Well there goes my afternoon.
I give her a 4.5 on the MILF scale, inflation adjusted of course..
Faber talks tough...
Marc Faber: Prepare for a Massive Market Meltdown
http://www.cnbc.com/id/49802535
excerpt:
Faber told CNBC that central bank stimulus was useless and the implosion of markets was the only way to restructure the financial system.
“I think the whole global financial system will have to be reset and it won’t be reset by central bankers but by imploding markets — either the currency markets, debt market or stock markets,” he said. “It will happen — it will happen one day and then we’ll be lucky if we still have 50 percent of the asset values that we have today.”
I like Marc Faber and all, but every interview he's had over the last few years is exactly the same. Guy needs to mix up the delivery or something, maybe add in a few wise cracks to make it interesting.
He is correct that the can has been continually kicked down the road for years. A day of reckoning is coming. Too few politicians have the guts to attempt to do anything about it. Most of them just try to get themselves re-elected.
In the short run you can make money dealing in trash because you can bank on finding another buyer. But when the hit hits the fan, that other buyer disappears. In the case of gold however there will lways be a buyer.
To his credit Faber does not say that collapse is imminent. He just says that the show cannot go on forever as it is at the moment.
At the end of the day it will be unfunded liabilities that will force either a collapse or a reset.
Unfunded "full faith & credit" will reset the system.
Some say this debt is already a bridge too far.
Well, the man IS German, after all. Whaddya want?
There is a reason why there are essentially no German comedy clubs.
I don't think word "comedy" exists in German language.
Instead you have multiple words describing accounting, depending is it "German accounting", "Greek accounting" or "Whitehouse accounting".
Auschwitz Schadenfreude Rathskeller
gut, sheisse, and kuhsheisse?
Die kacke ist am dampfen.
They know it in German, same as the rest of the world.
pods
IIRC Marc Faber ist Schweizer.
He's actually from Pacific Palisades, CA, the accent is really a speech impediment resulting from a childhood bout of meningitis; but in order to get on Bloomberg you have to claim to be from Europe, so there ya go.
German, Swiss, Austrian --- same thing. The latter two just smile a bit more often.
Like Canadians vs. Americans: "But we are SO different from them!" Funny how nobody else can see it.
just don't say that in central europe
Mexicans vs. Americans vs. Canadians would be better
The interesting thing about Faber (IMO) is that if you listen to him carefully, he's unequivocally called for equity market melt-ups at many times in the past.
I'm speculating, but it's possible that he is presenting the case that QEternity can no longer prop up/perpuate insanity.
the point is, when it happens, it will be as equally devestating, whether that is in 1 yr or 10 yrs. be prepared.
This thing is going to blow sky high. Stay short and short term my friends.
except long gold & silver & lead & smith & wesson
it's Cloward and Piven all over again
Best election a budget deficit could buy.
Does anyone seriously believe that the federal deficit will ever come down and not continue increasing for at least a decade? Businesses are retrenching, downsizing and downgrading positions in response to Obamacare. Many businesses have closed forever, the effects of Sandy and the other man-made destructive force called Obama. Federal tax receipts will collapse in 2013. Sooner than later, the bond market is going to panic and then the dollar goes into free fall and all the Obama voters can take their freebies and starve as they won't buy squat. There is no free lunch, morons.
Central planners never worry about sovereign debt as long as they control their own money supply. They are arrogant megalomaniacs that think even if the shit hits the fan they can always inflate their way out of trouble. It works, until it doesn't.
Arrogant Megalomaniacs....(HARDER! HARDER! HARDER!) /notsarc
Of course it will go down!
It IS already DOWN, just in Au and Ag denominations, and will go DOWN in this type of "non" money denominations even more.
When they said it would go down, they really meant go Double Down.
Is that pre or post redacted seasonal adjustments and benchmark revisions
MMTers will tell you it's a good thing!!
Doesn't seem like there's any intent to do anything but let the debt grow beyond all ability to repay it.
Does anyone think that what might happen is debt repudiation followed by an ECB/FED led-initiative to limit money creation {i.e accounts receivable dollars/ frac reserve} to the central banks?
Purportedly the IMF has been seeing who'll salute the idea of repudiation. I can't believe it's out of the goodness of their heart.
Seems like crisis/solution/no soup for us - more soup for central banks.
Anyone hear/think anything like this, or is it just crazy talk?
D'oh!
http://www.zerohedge.com/news/2012-10-22/global-debt-repudiation-imf%E2%80%99s-paper-chicago-plan-continues-stir-opinions
doesnt bother me..i wont ever be rich but me any my lady make a combined 110k..but she is a senior staff accountant ..so we now all the loopholes..lol
You're above the new threshold.
Whats the new threshold?
Whatever it takes to screw anybody here on ZH
you must elect obama to see what the new threshold is. Kinda like you must pass it to see whats in it -pelosi
Surprise!
This used to be a pretty scary number for the annual deficit.
"...the total amount of overspending in October was $120 billion. What is distressing is that this was well above the $98.5 billion deficit from a year ago.."
Jabba the Hut on a diet since recession hit? Fat chance!
Bubble Ben to the rescue with even more doughnuts, burgers, 19 portions of chips and an XXXXXXL size-me QE soft drink to wash it all down ...BURP!
Stop Paying Tax ....before this obese pig eats you out of a job, a house and a future
arrest Ben - his soft drink exceeded 16oz
Bubble Ben is currently Super-Sizing both Wall Street bwankers and the Washington warthogs
the WS fat cats have gone from 50% of the US banking sector to 70% (an epic weight gain in 4 years!) and the US Govt is on its way to wracking up a food bill larger than all US citizens combined.
Ben 'Super Sized Debt' Bernanke backing Jabba the Huts to turn around US economic health with all the potato chips on the table ...in fact everyone else can 'Go Eat Cake' at Weightwatchers
Not to worry.
Ben Shalom has got extra-heavy duty keyboards and warehouses full of cotton-linen paper and ink.
Maybe the government should spend only what it brings in. That can't too difficult, can it?
</sarc>
There, fixed that for you.
With a tax rate of 170%, works just fine.
Got a problem - write a check!
Continued aggressive spending is necessary in order to spur consumption at the retail level, which will have a stimulative effect on both jobs and production. This is transitory and will cease once we have strong employment and GDP growth.
You can spur consumption MUCH better by just depositing a billion or two directly into my checking account. I guarantee I'll juice up the economy with that one or two billion dollars a lot more than some bankers bonuses do...
I want to be on your team
OK, now that's funny!
Fuck you! Ha just kiddin'.
"There is no free lunch"
Bernanke, Evans, Yellen and Dudley all think it's a free lunch until the rest of the world calls their bluff.
Looks like Oct. spending is a little skewed this year. Hmmm... why was the government spending so much more *this* October?... why... why....
Yiasou, adio, fili, efharisto!
Americans trick or treating, literally
hahahahaha! Thety voted for 4 more year sf this? How about 6 more months and the bottom will fall out.
Read what Marc Farber said: http://www.cnbc.com/id/49792979
I predict the next successive months will show ever increasing deficits as the economy slows and entrepreneurs decide to sit on the sidelines and watch the zombie sporting event
Obviously this is bullish. you can never have too much of a good thing. Put her up to WARP 9 Scotty. We're flooring this Bitch. Gotta accelerate right through stall speed and into debt prosperity.
Obama is the Pied Piper of Free Shit. And he who pays the piper calls the tune: "FORWARD!"
Ben's going to be limping again this month. Home Depot is doing well because of the housing boom. Everything is fixed. The FED can print us to prosperity. Yaaaaa. Hamy you better not down arrow me.
I can just hear the politician in 4-5 years that spews his line of paying down all of the debt that Obama made in ( years of office....in just one year...of course at that time we have 20,000% inflation...
I keep telling you Benny, press the "buy gold" key and at least save yourself.
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+1
Indeed it is.
Lots of fun in the comments on this post tonight - thanks guys, made me smile after a grey day
And Thats how Elections are won, pump in the money and watch the votes come in. You don't have to have a flawed candidate when you have things to stimulate those voters.