• 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...

Obama Addresses Debt Ceiling And Potential US Default - Live Webcast

Tyler Durden's picture


Curious why the teleprompter will grace the president, and the US public, with its presence in a few short minutes? Politico explains: "President Obama will hold a news conference at 11:30 a.m. Monday in the East Room, the White House announced. It will be the final one of his first term. Deputy Press Secretary Josh Earnest said he will discuss the need for Congress to raise the debt ceiling?" Shot every time Obama says "not negotiate", "cut spending", "raise taxes", and "fair." Drink everything, including from the deodorant bottle, if he or a member of the press mentions "trillion dollar coin" or, even better, "build the death star."

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Mon, 01/14/2013 - 12:43 | 3150768 hedgeless_horseman
hedgeless_horseman's picture



Obligatory, bitchezzz!!!

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.


Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.


Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.


And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.


Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities.


-Senator Barack Hussein Obama


Mon, 01/14/2013 - 12:52 | 3150881 hooligan2009
hooligan2009's picture

hmmm...he didn't actually say that he would raise the amount of debt by 8 trillion (with a T) I guess....

Mon, 01/14/2013 - 12:58 | 3150887 hedgeless_horseman
hedgeless_horseman's picture



...to $16,432,692,129,510.84 (with a T).

Mon, 01/14/2013 - 13:02 | 3150929 The Juggernaut
The Juggernaut's picture

Lets get an Amex card to pay for the outstanding Visa balance.  Thats what the US government is doing.

Mon, 01/14/2013 - 13:21 | 3150959 hedgeless_horseman
hedgeless_horseman's picture



No, truly I say, the U.S. government is stealing via the Inflation Tax to pay for its addiction.



The third option is for the Federal Reserve to create credit to pay the bills Congress runs up. Nobody objects, and most Members hope that deficits don't really matter if the Fed accommodates Congress by creating more money. Besides, interest payments to the Fed are lower than they would be if funds were borrowed from the public, and payments can be delayed indefinitely merely by creating more credit out of thin air to buy U.S. treasuries. No need to soak the rich. A good deal, it seems, for everyone. But is it?



The “tax” is paid when prices rise as the result of a depreciating dollar. Savers and those living on fixed or low incomes are hardest hit as the cost of living rises. Low- and middle-incomes families suffer the most as they struggle to make ends meet while wealth is literally transferred from the middle class to the wealthy. Government officials stick to their claim that no significant inflation exists, even as certain necessary costs are skyrocketing and incomes are stagnating.



-Congressman Ron Paul


Mon, 01/14/2013 - 13:57 | 3151217 kieran1968
kieran1968's picture

oooooh..... imagine all the airmiles!


For $16T... we can all take a vacation !!

Mon, 01/14/2013 - 13:40 | 3151117 847328_3527
847328_3527's picture

Hedgeless, I missed the speech. Did he happen to mention "Thingamajigs?" ....$3,000?


I'm still waiting for the mail to come.

Mon, 01/14/2013 - 14:27 | 3151419 Ying-Yang
Ying-Yang's picture

“Thanks Tut [his grandmother], Gramps, Choom Gang, and Ray for all the good times.”


Mon, 01/14/2013 - 12:55 | 3150896 Buckaroo Banzai
Buckaroo Banzai's picture

Let's not forget this one too!

"When you all go home and you're talking to your buddies and you say, ah 'He wants to take my gun away.' You've heard it here, I'm on television so everybody knows it. I believe in the Second Amendment. I believe in people's lawful right to bear arms. I will not take your shotgun away. I will not take your rifle away. I won't take your handgun away."

--Senator Barack Hussein Obama

Mon, 01/14/2013 - 13:22 | 3151040 oldschool
oldschool's picture

He said "rifle", which I'm sure he will soon explain did not meant hunting rifles, not all those pesky anti-assault rifles.  Either that or he will say "Newton changed everything."  Quoting a poitician is practically pointless.

Mon, 01/14/2013 - 13:55 | 3151169 AgAu_man
AgAu_man's picture

But I will take your ARs away, as a Militia need not be as well-armed as the police, SWAT or DHS.

You do not need to protect yourself against a domestic tyrant, as we have none.

Mon, 01/14/2013 - 15:05 | 3151630 papaya
papaya's picture

"You do not need to protect yourself against a domestic tyrant, as we have none."



Mon, 01/14/2013 - 14:17 | 3151360 SilverRhino
SilverRhino's picture

"My understanding is the vice president's going to provide a range of steps that we can take to reduce gun violence," said Obama. "Some of them will require legislation, some of them I can accomplish through executive action. And so I will be reviewing those today, and as I said, I will speak in more detail to what we're going to go ahead and propose later in the week. But I'm confident that there are some steps that we can take that don't require legislation and that are within my authority as president, and where you get a step that, has the opportunity to reduce the possibility of gun violence, then i want to go ahead and take it."  - Obama 1/14/2013 


To hell with this cum guzzling rat fuck.

Mon, 01/14/2013 - 13:02 | 3150936 USS Bernanke
USS Bernanke's picture

"Raising the Debt Ceiling is paying the bills"

"We are not a deadbeat nation"


If we could pay our bills why do we have to raise our credit line?

Mon, 01/14/2013 - 13:04 | 3150948 CheapBastard
CheapBastard's picture

I hope the Chinese are reading this from your quote Hedgeless:


"The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies."

Mon, 01/14/2013 - 13:42 | 3150980 hedgeless_horseman
hedgeless_horseman's picture



Despite what the Chinese Premier said on SNL, they don't really have much choice but to take more Dollars and Euros in exchange for quality plastic pumpkins and iCrap, then buy treasuries and European debt, "to finance our Government’s reckless fiscal policies," which is, of course, all by design.


Mon, 01/14/2013 - 14:08 | 3151300 FEDbuster
FEDbuster's picture

Recent reports indicate that at least some of China's paper reserves are being converted to gold.

Mon, 01/14/2013 - 14:54 | 3151576 Stuffs And Stuff
Stuffs And Stuff's picture

"Chinese have been taking all the dollars they have and spending them on as many physical commodities as they can buy. The huge Chinese stockpiles of gold, food, iron ore, metals etc. that have resulted may be used to back a final push to remove the US dollar from cabal control. One plan being considered is for the BRICS to offer to exchange all US dollars for a new commodity backed currency (or various national currencies) during a fixed time period after which dollars would no longer be accepted.

This would force the United States to start issuing a government currency like greenbacks or else face complete economic collapse and chaos."
~Benjamin Fulford, January 14

Mon, 01/14/2013 - 13:18 | 3151019 takeaction
takeaction's picture

"We have made some big cuts"  Are you fucking kidding me.....really?  Where are the cuts?  What a lier....will somebody hold his feet to the fire?  He panics with no teleprompter.  He said we have cut $1.2 Trillion.  Really?  He said Congress tells him to spend.  OKAY CONGRESS....shut this spending off.  Any congressman on Zero Hedge...YES they read this.  You POS elected officials get some nut sack and do what you were hired for.  No more war.  No more drones, cut the deficit to zero now.  Shut off all of the free loaders....Cancel the Obama phones.....on and on.  Congress.....shut him off.  We here at zerohedge are telling you.  Are you in touch?  Do not raise the debt ceiling.  We have to stop.  Now is the time! We are watching you pricks.

Mon, 01/14/2013 - 13:56 | 3151212 curbyourrisk
curbyourrisk's picture





Mon, 01/14/2013 - 12:31 | 3150779 CunnyFunt
CunnyFunt's picture

Obama late spread = 13 mins.


Mon, 01/14/2013 - 12:34 | 3150797 bigdumbnugly
bigdumbnugly's picture

i prefer to stay sober this morning so i will only drink when he utters a word - any word - not from his teleprompter.


take the over, btw.   he takes that long just talking about himself before whatever else it is he is supposed to address.

Mon, 01/14/2013 - 12:45 | 3150846 Boris Alatovkrap
Boris Alatovkrap's picture

Quick, where is Vodka!? Ethylene Glycol is not presidential!

Mon, 01/14/2013 - 12:35 | 3150799 Stoploss
Stoploss's picture

I brought in all the high powered shit from the garage.


I got a bad feeling about this...

Mon, 01/14/2013 - 12:52 | 3150878 Stoploss
Stoploss's picture

What does the stupid bitch asking about gun control think that has to do with the debt ceiling, and spending reduction??


Not a fucking thing. 

Typical neo facist liberal child killer.

Mon, 01/14/2013 - 13:13 | 3150971 CrockettAlmanac.com
CrockettAlmanac.com's picture

Gun control has everything to do with the worsening fortunes of the USA.

C.A. Fitts:


Mon, 01/14/2013 - 14:10 | 3151316 FEDbuster
FEDbuster's picture

Gun Control isn't about guns, it's about control.

Mon, 01/14/2013 - 12:35 | 3150800 TerminalDebt
TerminalDebt's picture

He's outside taking a puff.

He's only half black, so 15 minutes only makes him half late

Mon, 01/14/2013 - 12:57 | 3150909 Buckaroo Banzai
Buckaroo Banzai's picture

Colored People's Time, baby! The only timezone that matters in Obamerica!

Mon, 01/14/2013 - 12:48 | 3150866 vast-dom
vast-dom's picture

what will the prez et. al. use to pay these "we gotta pay our bills" bills with? raising taxes and more QE? jive ass talk, again.

Mon, 01/14/2013 - 22:50 | 3152980 A Nanny Moose
A Nanny Moose's picture

A drink for every minute over.

Mon, 01/14/2013 - 12:31 | 3150780 Dexter Morgan
Dexter Morgan's picture

Can I smoke instead of taking shots?

Mon, 01/14/2013 - 12:31 | 3150781 TerminalDebt
TerminalDebt's picture

Late again?

Mon, 01/14/2013 - 12:38 | 3150784 SwampHonkey
SwampHonkey's picture

OH boy ! Cant wait. And yippee!! if I forgot to say it.

Mon, 01/14/2013 - 12:34 | 3150785 Kaiser Sousa
Kaiser Sousa's picture

cool another press conference on the broke ass state of this banker union by O'Conman...

hey maybe while he's at it he can explain how the same pattern in 2 particular markets can occur at the same time on 2 succesive trading days - 




Mon, 01/14/2013 - 12:32 | 3150789 Never One Roach
Never One Roach's picture

"...nine shot since Friday in Chicago, authorities say...."



Mon, 01/14/2013 - 12:33 | 3150790 OptionNinjaNYC
OptionNinjaNYC's picture

Unleash The Messiah !!!

Mon, 01/14/2013 - 12:47 | 3150861 Taffy Lewis
Taffy Lewis's picture

He must really be pissed off that his puppetmasters are making him work after the election; I'm sure he thought it would just be 4 years of golf.

Mon, 01/14/2013 - 17:34 | 3152148 DosZap
DosZap's picture

Unleash The Messiah !!!

You mean the Anti-Messiah........

There fixed it ya.

Mon, 01/14/2013 - 12:33 | 3150792 AccreditedEYE
AccreditedEYE's picture

Hold on.... I've been saving a special container of turpintine for just such an event....  **flys out of the office to car on mad dash home to the garage cabinet*

Mon, 01/14/2013 - 13:27 | 3151062 mess nonster
mess nonster's picture

Turpentine...drank it. Shoe polish... down the hatch...windex, glugglug....ok, where's that bottle of ether I had kicking around....?

Mon, 01/14/2013 - 13:41 | 3151110 TheGardener
TheGardener's picture

Try that vintage from Theo Dorant`s estate Tyler has been
recommending ; drown all those memories of stench...

Mon, 01/14/2013 - 12:36 | 3150807 PUD
PUD's picture

Right on time given the critical nature of our full faith and credit! Cheers! tears! mindless swooning!! more clapping! more cheers!

Mon, 01/14/2013 - 12:37 | 3150808 bigdumbnugly
bigdumbnugly's picture

just like church.  silence of the cell phones...

Mon, 01/14/2013 - 14:13 | 3151340 FEDbuster
FEDbuster's picture

and turn your minds off, too.

Mon, 01/14/2013 - 12:38 | 3150816 rguptatx
rguptatx's picture

bet the markets take a crapper as topus reads from teh glass screen!

Mon, 01/14/2013 - 12:40 | 3150819 madcuban
madcuban's picture

you forgot "invest".   which means "spend, spend, spend and get nothing in return".   should be two shots.

Mon, 01/14/2013 - 12:39 | 3150820 Gamma735
Gamma735's picture

Politics is merely a smoke screen as they rob us blind.

"Burn"  by Nine Inch Nails

I don't believe in your institutions
I did what you wanted me to
Like cancer in the system
I've got a little suprise for you

Something inside of me has opened up its eyes
Why did you put it there did you not realize
This thing inside of me it screams the loudest sound
Sometimes i think i could


I look down there where you're standing
Flock of sheep out on display
Saw your lives burned up around you
I can take it all away

Something inside of me has opened up its eyes
Why did you put it there did you not realize
This thing inside of me it screams the loudest sound
Sometimes i think i could

I'm gonna burn this whole world down

I never was a part of you burn

I am the agent i never was a part of you burn
I am corruption i never was a part of you burn
I am the angel i never was a part of you burn
Of your destruction i never was a part of you burn

I am subversion i never was a part of you burn
Secret desire i never was a part of you burn
I am your future i never was a part of you burn
Swallow down all that fire

Mon, 01/14/2013 - 13:38 | 3151109 NotApplicable
NotApplicable's picture

I've always wondered if Trent was dumb enough to know all of this, yet vote for Obummer a second time?

Mon, 01/14/2013 - 12:39 | 3150821 lolmao500
lolmao500's picture

The economy is growing! LOL!

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