US Posts Two Month Combined Surplus As Debt Rises By $137 Billion
Moments ago, and a few hours ahead of the president's State of the Union speech, the FMS announced (with a 20 minutes early leak), that in January the deficit of the US government was in fact a surplus of some $2.883 billion, better than the expected $2 billion deficit. This was the first January surplus since 2008, and was an improvement on the already impressive $1.191 billion deficit from December, which in turn brings the total fiscal year to date deficit to $290 billion. On the surface this would be great news as it indicates that tax hikes are having an impact on the US budget surplus, but of course, a quick glance below the surface reminds us that January was the month during which the Treasury was forced to raid the various government retirement funds to fund operations, and otherwise operate under the debt ceiling, which was only hiked in the last days of the month. And another glance indicates something fishier: while December and January combined resulted in a surplus of some $1.7 billion on the book, a quick glance at the total US debt over the period, shows an increase of some $137 billion in the same time period (or at least through February 4, when the accurate debt picture was once again revealed). In other words, while the US government was arguably generating funds from operations over the past two months and thus did not need a single penny in outside funding, debt soared.
We are confident that Obama will be delighted to take credit for the former in a few hours, although we are not holding our breath on him explaining the latter, not explaining where all this debt went. Who knows: maybe JPM merely lent out their VaR calculating spreadsheet to the US treasury. It is not as if either of those two entities would lie to anyone.
Finally, since the start of tax refund issuance by the IRS had been delayed by several weeks, don't expect the surplus picture to repeat itself any time soon. Maybe, ever.
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Their level of corruption has become epic.
Obama can't explain VaR, NPV, IRR, or any of the other FIN 101 shit.
Oh and one more thing... I love the selective leaks of data. This is something one would expect from a high-school lunch gossip troupe.
Too complex for Obama to understand. The teleprompter president.
If it doesn't get all over the place, it doesnt belong in your face. These pseudo intellectuals have about as much spine as a jellyfish, these so called leaders of the free world. I have been dollar cost averaging the dip in physical wealth, and for any ZHers looking to find the best priced phyz, you may find the www.CompareSilverPrices.com website useful.
The check's in the mail?
MSM media begins to realize that TARP was/is a major fraud/lie/crime:
http://www.marketwatch.com/story/losses-mounting-in-bank-bailouts-2013-0...
Did the teutonic moneylending pontiff resign because evidence will surface that the Bank of the Vatican is the one responsible for the financial rape of the USA and the rest of the world?
As always, the MSM protects us from the past.
Yeah, that was everything about Vatican, nothing to do with your friends from chosen tribe occuping all banking highest positions, not to mention governments.
OK.... ES is "leaking" down to its VWAP.
Any bets on what happens in the last 30 minutes or regulation time?
I lost track of how many time-outs they have left in the game.
"In other words, while the US government was arguably generating funds from operations over the past two months and thus did not need a single penny in outside funding, debt soared." Well, of course it soared - it's not about surpluses, it's about monetizing it.
Sniff, sniff.
Is something burning?
Oh, I see. Tim Geithner's pants are on fire!
Let's not make any mistakes here.
If you raise SS taxes 120B this year, and the millionaire's tax of 60B this year (which will soon be erased by the Sandy pork of 60B) AND we have a nice solid sequester of $85B this year, that does look an awful lot like $205B of deficit reduction.
At First Glance.
At second glance that is 205B off GDP and that will reduce activity and tax revs. So we won't get 205B off the deficit.
But we likely will get 100B or so off. But then next year we get the next 100B of the 10 year sequester plus whatever spending cuts come from the March 27 Continuing Resolution and the direction for GDP growth is down, for quite some time. Same should be so for tax revs.
Its funny, you think that they have no clothes on, and they keep coming off
"Too complex for Obama to understand. "
Obama understands everything. You are a fool if you think otherwise. He knows exactly what is going on, and where he will take us. If there is anything that bothers me more about todays situation in Amerika, it is this......Do not underestimate your enemies.
mass - i understand where you are coming from stating that obama isnt stupid but the real issue is that obama isnt in charge. he isnt 'planning' this shit. his masters are....he really doesnt understand, not because of intelligence, but because he wouldnt take the time to understand all the arcane financial stuff.
he just does what he is told.....
Kennedy understood.
amen...
Absolutely correct.
Almost as annoying as the sheeple's insistence not to know is this dribble of "their idiots" or "if they would only do this." Oh please! They know EXACTLY what they are doing even if they don't know what is going to happen. And they don't care.
These are criminals, are they not?
hujel
Fishy data from Da Gooberment? NAH, I can't believe it!
Hope and change!
Hope and change!
http://www.angrysinner.blogspot.kr/2013/02/yesterday-we-went-to-pizza-hut-for.html
EUR/USD declined less than 5 pips. Lol. The irony is that the numbers will inevitably be revised downward.
I remember the good old days when I could believe nothing that came out of the U.S.S.R. Now I can't believe anything that comes out of the U.S.A.
Sadly we ain't seen nuttin' yet.
Imagine Obammy with a Lenin Goatee... or a Stalin mustache?
No thanks.
It's bad enough as it is.
We all must be delusional.
U.S. posts $3 billion budget surplus for January
http://www.reuters.com/article/2013/02/12/us-budget-surplus-idUSBRE91B1E520130212
I don't understand what is so strange and good at the same time. My budget says I will lose 200 bln and really I lost only 197 bln, that's good news? oh yeah expectation was 200 so it must be good
The last act of the politcal class in a crumbling dynasty is that of looting the treasury. This is all that we are seeing right now. Nothing more or less.
Nice to see your flaming asteroid/meteoroid around ZH Cdad. :)
"Listen, when I say that it's night time...it does not matter that the sun is up. It's night time and that is all you need to know" - Obama
I will deduct my cut from my taxes. I'm sure they won't mind.
Far be it for the Treasury to actually cancel and auction. The bonds have already been pledged as collateral in the IRS market.
Nobody believes anything Obama says anymore. Not even the Obamaphone lady. He might as well give his speech in the bathroom mirror.
2+2=5
Deal with it.
Bernank = SquareRoot(-1);
At least (-1)**0.5 has some utility. Bernank not so much.
e^(Pi*i) = -1
Not quite.
In Orwell's 1984, 2 + 2 = 5 is not just a lie, but a lie that you MUST believe.
They don't just want you to say it, but to believe it as well.
That is what the camps will be for, amongst other things.
hujel
I have a fantastic idea. Why doesn't Obama just have the Fed print up enough money to cover all of our taxes? Why pay taxes at all? All they have to do is print money!!! Woohoo!!! We could print a big fucking surplus!! Happy days, my friends.
I use my 3D printer to print up some Steaks. Good stuff.
I'm pretty sure you could use pink slime in a 3D printer. So yes you can print steaks.
I think I ate one of your steaks at Applebees the other night.
And they should just print away taxes as well.
Hell, why not just hand every man, woman and child $1million in newly printed dollars!? Then we'd all be rich!
Hey, wait...hmmmmmmmmmm.
Your tax payments sanctifies their fraud. That's why. Of course they could just fund themselves as they please but where would be their control over us in such a "society"?
You have to pay taxes or you go to jail. To cheat on your taxes is an act of high treason unless you're connected to the very top like Turbo Timmy.
They make the rules for all of us. Going underground is the only way to survive the torture they inflict on us every day and night.
that doesnt hapen until 1 year before his term ends.
That is an excellent question. As far as I can see, you can force the use of a currency in the economy by demanding it be used to pay taxes (under threat of force). I believe a very wise English king used this method to promote the use of tally sticks. If they didn't forcibly collect taxes in dollars and printed the money they paid out, no one would use (nor accept) dollars. Tax collection with fiat is just an underhanded way to put people under the threat of force to use the currency. Printing and putting a gun to people's heads to accept it would be too obvious.
"I have a fantastic idea. Why doesn't Obama just have the Fed print up enough money to cover all of our taxes?"
Because he could care two rat's asses about you or your brothers whom will soon suffer greatly.
Bloody fucking helll!!! This is just another smoke-and-mirrors bait-and-switch tactic so that he can blubber on about how well everything is and we need to ramp up the rate of going into debt even further RIGHT NOW.
Market sure is acting funny again today with laughable volume trading again. Makes me think tomorrow will be a big move one way or the other. The recent trend says up so I'm out and waiting, but I'll go out on a limb and predict a big move tomorrow following the full print ahead speech tonight.
Thank god everything is fixed, I was starting to worry.
dupicate not my fault, blame fully falls on ZH for going down when i pressed send
even though i dont watch much TV anymore, i do like how my flat screen looks on the wall, thus i will not watch the Liar tonight as i may break the flatscreen TV
i feel the same way whenever i see that corporate profits chart.