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The US Is Not Egypt But Is Obama About To Go 'Morsillini'
UPDATE: Senate Republicans block vote on President Obama's debt-limit plan
The Pharaoh-like power-grab of omnipotence that Egypt's Morsi recently pulled seems to have set a precedent among newly 'elected' leaders. This morning, as per Bloomberg, we hear that Obama (and his viceroy Harry Reid) plan to demolish the idea of congressional checks on the debt limit. Incredibly ironic timing - given our previous post (in which Rick Santelli explains why this is a potential disaster), but placing that much unlimited money power in the hands of one man seems like a mistake:
- *OBAMA PLAN CALLS FOR END OF LAWMAKER APPROVAL OF DEBT LIMIT
- *REID SAYS SENATE MAY VOTE ON OBAMA DEBT-LIMIT PLAN TODAY
Perhaps - though obviously politically biased, Mitch McConnell is on to something (as per National Review):
“By demanding the power to raise the debt limit whenever he wants by as much as he wants, he [Obama] showed what he’s really after is assuming unprecedented power to spend taxpayer dollars without any limit,” McConnell said.
“Look: the only way we ever cut spending around here is by using the debate over the debt limit to do it,” he added. “Now the President wants to remove that spur to cut altogether.”
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The propositions are idiotic on all sides.
Nobody in the Federal government has ever cut spending, ever. A cut in spending is impossible. The only way the private sector can gain surpluses is because the public sector runs perpetual deficits. No enterprise in the private sector can run perpetual deficits without going out of business, only the government can run these deficits.
This isn't politics, it's bookkeeping! The government runs $1.4 trillion deficits which service the private sector's $40+ trillions in debts!
The private sector cannot retire its own debt otherwise it would be doing so! The private sector has never been able to retire its debts and has depended upon non-stop finance- government forebearance and subsidies: the shifting of debt burdens away from the private sector enterprises onto the enterprises' customers.
By way of taxes, the customers pay for products they don't buy. By way of debt and taxes customers pay businesses' costs. Government is the implement of big business, industrial cartels and tycoons.
The US runs current account deficits because it must import 11 million barrels of crude oil every single day to run its massive automobile fleet of 275 million+ vehicles ... as well as the stupendous industries that support these vehicles. The public sector runs a deficit, the current account is in deficit, the US dollar is the world's reserve currency at a net-loss to the citizens ... meanwhile, the country is bankrupt because of the cost of imported capital that has been- and is destroyed for zero-gain!
America cannot pay its bills, there is nothing to 'pay' with. (unless the world shows a greater appreciation of NFL football).
It does not matter whether there is a debt ceiling or not, the debts are permanent. Comes a time comes when the burden of debt becomes too great to bear. What cannot be repaid will not be repaid either by borrowers or lenders. We are nearing the point because additional borrowing has little- or no productive effect: there is the increase in the debt burden without an associated increase in the output of real goods or services.
When we stop borrowing we don't get our 11 million barrels per day and America dies.
Steve,
Now that is darn depressing!
Is there any version of this song in a major key rather than this minor key funeral procession?
= NO @ all costs !!
the GOP must say NO to the QEorganizer's-rapist-zimbabwean-UNLIMITED-DEBT-BOMB increases
or the GOP can then claim "hindsight is 20-20" when US goes Greece...When US looses reserve currency status, when US is undergoing HYPERINFLATION and FAMINES !!!
Rich or poor - all will suffer..even if you have food, it won't be safe to go outside...you won't be able to tell others you have food...OR ELSE !!
Time to kick this debt orgy into high gear!
These are all feeble attempts to maintain a gravy train that has run out of steam. The players will sacrifice everything and everyone (except them and theirs) to keep the train moving. Time for those folks with any visionary ability whatsoever to jump off the train as soon as possible.
The Cliff isn't ahead, we flew off it some time ago and we just haven't looked down yet. Velocity speed free fall lies ahead, but the Boyzzz can still do a lot of damage on the way down. Good luck in negotiating the traps they lay for us.
Pharao like grab... blahh, please. Obama is just the next in the long list of puppets. What the hell use is a debt limit if it is raised EVERY SINGLE time the limit is close to being hit?
Here's the thing. This guy is a community organizer, and a politician, not the most financially savvy. His problem is listening to so called brilliant experts like Bernanke, Krugman and Geitner who have a hell of a lot more awards and degrees than common sense. They are pissing on his back and he's thinks it's raining.
Fuck it! Why go slow? Floor the bitch and get some air off the cliff. Hitting the bottom will hurt either way.
Yeah, I say if we are going to hit bottom let's get at it. Freeze (or lower) the debt ceiling and force a default (and revolution, but hey, I detract). I'm freaking 52 years old and wanna see some real action before I'm too senile to appreciate it.
Octavian may be a more reflective reality. Soon, he will be Ceasar Augustus.
US is definitely not Egypt. After all the US is predominantly ruled by right-wing Christian fanatics where as Egypt is composed of multiple religions each vying for power. But, really ... all Morsi wanted to do was to suspend the supreme court, put in place by Mubarak, until constitution was finalized. To be fair Morsi could have used better public relation but the ensuing violence seem out of order.
"...Eqypt is composed of multiple religions each vying for power", against a staunch Brotherhood that is gaining clout, control and power by the moment, and with the simple swipe of Morsi's pen all these 'multiple religions each vying for power' have effectively been neutered. The Muslim Brotherhood is not known for their leniency and tolerance of other religions...
Unlike Judaism's holiest book the Talmud, which states: "Even the best of the gentiles deserve only death."
"...To be fair Morsi could have used better public relation but the ensuing violence seem out of order."
Like Obama insisting people didn't like Obamacare because he failed to market it properly?
"After all the US is predominantly ruled by right-wing Christian fanatics " Yes with Jewish last names.
This is not your grandfather's Bolshevik Revolution!
Crash the system, now. Bring on the reset, clear the debris and rebuild, from two nations will come one
Only if the owners are no more, they crashed it in 29 and their spawn still rule. It isn't the puppet government that must be fought for change, when the revolution starts here i hope they know what the real enemy is that needs to be eliminated.
"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks."
John Dalberg Lord Acton
But the Bernank is running out of Treasuries to buy! Must print MOAR!!!
I feel right now like a German must have felt in 1939.....something is wrong....you can just feel it
Isn't McConnell the idiot who came up with the idea to give this power to the president?
Yep, with the assumption that the Senate was not going to be retained by the Dems.
The most extravagant vacations
The most glorious weekly parties
The best and most expensive schools for his kids
so what's any different, he's already use to limitless spending?
She's starting to Shimmy
Look, nothing in politics happens by accident. Keeping that in mind it's not difficult to extrapolate to the logical outcome. Some of you have this figured out, the rest need an IQ upgrade.
"In politics, nothing happens by accident. If it happened, you can bet it was planned that way."U.S. President Franklin D. Roosevelt
"How fortunate for Leaders' that men do not think."Adolf Hitler
""It was a carefully contrived occurrence. International bankers sought to bring about a condition of despair, so that they might emerge the rulers of us all.""Louis McFadden on 1929 Stock Market Crash. Louis McFadden died of poisoning shortly thereafter.
"We are at present working discreetly with all our might to wrest this mysterious force called sovereignty out of the clutches of the local nation states of the world. All the time we are denying with our lips what we are doing with our hands."Professor Arnold Toynbee, in a June 1931 speech before the Institute for the Study of International Affairs in Copenhagen.
Senator McTurtle is obviously attached to the broken status quo, but I'd hate to lose my regularly scheduled moment to grandstand too, if my fleecing of plebes depended on that Kabuki.
Fuck you, Mitch; go suck some tiny yellow dicks.
"unprecedented power to spend taxpayer dollars without any limit"
Yeah, except for that whole origin in the House, voted on by both houses deal, maybe; people accept this kind of bald-ass prevarication as worthy of print?
Fucking simps.
Debt ceiling must remain within the purview of Congress and Congress alone - constitutional issues lurk here, although one can certainly point out that Congress has the power to stop spending at any moment.
Yes. No need for Congress if spending control moves to the Oval Office. Long Live Obama the First.
St. Ronald Reagan raised the debt limit 18 (18!) times. I do not recall hearing any bitching from the right back then.
Oh yeah. My republican friends want to canonize Ronald because he managed to get some things right when it comes to economic policy.
To paraphrase the words of a truly wise American some 60 years ago on wether certain people were trying to internally sabotage their own country:
'If these people are just merely stupid, then the law of averages will dictate that at least some of their policy decisions
will serve the interests of their country.'
That wise summation should clarify what the intentions of this current administration are up to though.
i
Hahaha. Deficit spending means nothing because the Federal Reserve is buying the debt with wired ones and zeros.
Zen Question: If we buy the debt with imaginary money, does anyone owe it?
Obama's Transformational Change is about to manifest itself. The Fed is buying 90% of the Treasuries. Pretty soon there will be no need to tax anyone as the Fed will loan the Treasury all the money it needs to fund government obligations. Obama is a genius, every foreigner who doesn't wish to hold US dollars should redeem them by buying US goods. LET THE GOOD TIMES ROLL!
/sarcasm/
Muhuhaaahaa You will all be slaves because you work for nothing.