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Jack Lew Rains Fire And Brimstone Over Debt Ceiling Impasse - Live Testimony

Tyler Durden's picture





 

Nearly exactly five years after Hank Paulson appeared before Congress dangling a 3 page term sheet ultimatum warning it was his way or the apocalypse, it is time for the sequel. Since we all love the smell of a good Mutually Assured Destruction spectacle in the morning. Which is why we can't wait for Treasury Secretary Jack Lew's presentation before the Senate Finance Committee discussing the Debt Limit, in which he will rain fire and brimstone on anyone who suggests that the Treasury can enter the X-Date without a debt ceiling deal in place, and will most certainly seek to crucify anyone who points out the logical, namely that payments can be prioritized and interest expense is a fraction the revenue the Treasury brings in, and that the end of the world would be nigh should the US actually be forced to live within its means.

Watch Lew's testimony live below (or if not webcast not showing, use C-Span link)

The choice fire and even more choice brimstone from Lew's prepared remarks (below):

If interest rates rose, it would have a real impact on American households. The stock market, including investments in retirement accounts, could tumble, and it could become more expensive for Americans to buy a car, own a home, and open a small business.

 

These additional costs of borrowing could not easily be undone and our actions would impact Americans for generations to come.

 

Failing to raise the debt ceiling will impact everyday Americans beyond its impact on financial markets. For example, doctors receiving reimbursements under Medicare would likely continue to provide services on a timely basis, but they would be operating with significant uncertainty about when they would be paid by the government for their services. For millions of low-income Americans who rely on Medicaid for their healthcare, the federal government’s payments to states for the federal contribution would likely also be impacted. These providers still have to pay their doctors, nurses, and staff, but absent timely federal payments, many could face real liquidity challenges. And for those waiting on benefits who need those funds in order to refill their refrigerator – if that money doesn’t flow, they won’t go to the grocery store to shop, creating ripple effects that would be felt throughout the economy. The bottom line is that failing to raise the debt ceiling creates a very difficult and unfair situation, and one that is completely avoidable if Congress acts.

 

It is also important to note that the federal government has numerous large payments that are due shortly after October 17, when we will have exhausted our borrowing authority and will only have cash on hand to meet our obligations. Between October 17 and November 1, we have large payments to Medicare providers, Social Security beneficiaries, and veterans, as well as salariespayment of all of these at risk.

 

We need to look no further than 2011 for evidence of what just an extended debate on the merits of raising the debt limit can do to our economy. In 2011, U.S. government debt was downgraded for the first time in history, the stock market fell, measures of volatility jumped, and credit risk spreads widened noticeably; these financial market effects persisted for months. To be sure, other forces both at home and abroad also played a role, but the uncertainty surrounding whether or not the U.S. government would pay its bills had a lasting impact on both markets and the economy.

Lew's full prepared remarks below (link):

 


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Thu, 10/10/2013 - 08:14 | Link to Comment involuntarilybirthed
involuntarilybirthed's picture

The sky is falling.     

Thu, 10/10/2013 - 08:37 | Link to Comment lolmao500
lolmao500's picture

If the markets believe it so and act on it, it'll be a self-fulfilling prophesy.

After all, 90%+ of the markets are ``sentiment`` and has nothing to do with reality.

Markets are like a woman, it doesn't care about facts, only what it feels. And if they are truly in the mood, they will fuck up your shit just for the hell of it.

Thu, 10/10/2013 - 08:40 | Link to Comment spastic_colon
spastic_colon's picture

this is all about the twitter IPO....cant IPO into a weak market and let icahn, hollywood and congress to cash out without making some serious dough / s

 

gotta get spending sentiment up as well, so they can start releasing the made up retail and employment numbers again for the holiday season.

Thu, 10/10/2013 - 08:57 | Link to Comment Zer0head
Zer0head's picture

To his friends he's

Jacob Joseph Lew

To his banker friends he's

DJ Jam Master JJ Lew

 

 

Thu, 10/10/2013 - 09:09 | Link to Comment Manthong
Manthong's picture

Jack Jacob Jingleheimer Lew
His name is my name too.

Whenever we go out,
The people always shout,
There goes Jack Jacob Jingleheimer Lew. 
 

Dah dah dah dah, dah dah dah

Wow!    Scouts, Word UP..    This works way better.

http://www.scoutsongs.com/lyrics/johnjacob.html

Thu, 10/10/2013 - 09:23 | Link to Comment smlbizman
smlbizman's picture

shouldnt lew have those buck teeth in his mouth to go with his glasses and his incompetent attempt to look asian....just like debbie chang...figure it out....

Thu, 10/10/2013 - 09:33 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

To his friends he's Jacob Joseph Lew

Joseph Lew and and the Amazing Technicolor Dream Note?

Thu, 10/10/2013 - 09:31 | Link to Comment Jay Gould Esq.
Jay Gould Esq.'s picture

Is Donny Osmond headlining this one too ?

Thu, 10/10/2013 - 09:42 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

Joseph:

 

Benjamin! You nasty youth, your crime has shocked me to the core.
Never in my whole career have I encountered this before. 
Guards! Seize him! Lock him in a cell.
Throw the keys into the Nile as well.

Benjamin?  Benjamin Shalom Bernanke?

Thu, 10/10/2013 - 09:47 | Link to Comment Jay Gould Esq.
Jay Gould Esq.'s picture

+1

"I look handome, I look smart. I am a walking work of art."

Such a dazzling bill of many colors.

Thu, 10/10/2013 - 09:48 | Link to Comment Max Hunter
Max Hunter's picture

I don't know how these people can keep a straight face when they talk about this shit.

Thu, 10/10/2013 - 09:56 | Link to Comment hedgeless_horseman
Thu, 10/10/2013 - 09:58 | Link to Comment Spastica Rex
Spastica Rex's picture

More home-eroticism.

Geez, Donny Osmond is hot.

Thu, 10/10/2013 - 10:08 | Link to Comment GMadScientist
GMadScientist's picture

Purebred!

Thu, 10/10/2013 - 09:42 | Link to Comment Yes We Can. But...
Yes We Can. But Lets Not.'s picture

This con-man from the Treasury can simply take the tunnel a block to have this conversation directly with the jackass in the White House. That this is a TV production is solid evidence of the stupidity of the public and the complicity of the statist-dominated media in the destruction of a powerful America.

Thu, 10/10/2013 - 09:25 | Link to Comment TeamDepends
TeamDepends's picture

This Lack Jew character is saying what the masses think they want to hear.

Thu, 10/10/2013 - 09:37 | Link to Comment Headbanger
Headbanger's picture

Tell Obozo it's fire and brimstone so he stops being such an ass hat and agrees to a budget bill with a delay in the Obozocareless Personal Mandate already!

Sheeesh!

Thu, 10/10/2013 - 09:51 | Link to Comment CaptainObvious
CaptainObvious's picture

Only one Senator said what I want to hear: Portman from Ohio. He actually quoted Obama's 2006 debt limit speech.  Is he a secret Hedger?  +100 to Senator Portman.

Thu, 10/10/2013 - 09:40 | Link to Comment Fredo Corleone
Fredo Corleone's picture

Lew's flattened hair and off-center part calls to mind another chap's hair-do from a few years back. All Jack needs is a bowtie, freckles, and a confused expression:

http://uploads.neatorama.com/wp-content/uploads/2010/07/200_alfalfa.jpg

Thu, 10/10/2013 - 08:43 | Link to Comment krispkritter
krispkritter's picture

Human sacrifice, dogs and cats living together, mass hysteria!...

http://www.youtube.com/watch?v=JmzuRXLzqKk

That about sums it up.

Thu, 10/10/2013 - 09:10 | Link to Comment Manthong
Manthong's picture

Don’t look back or you will turn to a pillar of salt.

USA--S&G.. pretty much the same difference nowadays.

Thu, 10/10/2013 - 08:47 | Link to Comment remain calm
remain calm's picture

All of them are lying cocksuckers.

Thu, 10/10/2013 - 09:11 | Link to Comment Groundhog Day
Groundhog Day's picture

 


"If interest rates rose, it would have a real impact on American households"

It sure would jack, the american households that are savers might actually be able to get a decent interest rate outside of the ponzi

Thu, 10/10/2013 - 09:33 | Link to Comment pods
pods's picture

It would have a real effect as american household's doors would be kicked in by government goons desperately trying to find any and all FRNs to stuff in the expanding black hole of interest due on our debt.

pods

Thu, 10/10/2013 - 09:17 | Link to Comment Stoploss
Stoploss's picture

The math has already proved along with Moody's, that all necessary payments are FAR MORE THAN COVERED.

WHICH MEANS IT'S NOT A DEFAULT, IF YOU CAN PAY THE INTEREST UNTIL THE COWS COME HOME>...............

 

TYRANNICAL BARRY AND COMPANY CAN SUCK A FAT DICK.......... THEN LEARN MATH.................

Thu, 10/10/2013 - 09:21 | Link to Comment Boondocker
Boondocker's picture

Republicans cave... 

Thu, 10/10/2013 - 09:36 | Link to Comment Dugald
Dugald's picture

 

Nearly exactly.........That close huh?

Thu, 10/10/2013 - 08:13 | Link to Comment emsolý
emsolý's picture

Please do not worry.

Thu, 10/10/2013 - 08:19 | Link to Comment Mae Kadoodie
Mae Kadoodie's picture

Wag the Lew.

Thu, 10/10/2013 - 08:20 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Lew doesn't know Jack.

Thu, 10/10/2013 - 08:32 | Link to Comment Zadok
Zadok's picture

It's my way or tanks on the highway!

Gimme all to money or the taxpayer gets it!

Hank Paulson summarized.

I guess they think we're stupid...doh!

Jack Lew...bwahahaha!

At least this will be interesting, if self destructive.

Woohoo! Let's get it on!

Thu, 10/10/2013 - 08:39 | Link to Comment Lets_Eat_Ben
Lets_Eat_Ben's picture

Nobody wants to see your giant shit Lew!

Thu, 10/10/2013 - 08:40 | Link to Comment max2205
max2205's picture

Sheep.   Que up please.....

Thu, 10/10/2013 - 08:42 | Link to Comment kralizec
kralizec's picture

Fuck Lew!!!

Thu, 10/10/2013 - 09:44 | Link to Comment Jumbotron
Jumbotron's picture

No.....Fuck LEW !!!!!  ;)

Thu, 10/10/2013 - 08:28 | Link to Comment Its_the_economy...
Its_the_economy_stupid's picture

"Please do not worry"

 

I can't tell you how much it tickles me everytime I read that line.

Thu, 10/10/2013 - 08:16 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

Neither a borrower, nor a lender, be.

Thu, 10/10/2013 - 08:40 | Link to Comment greatbeard
greatbeard's picture

>> Neither a borrower, nor a lender, be.

I learned that the hard way.  I've never been a borrower (well, a mortgages that I paid off quickly, and a couple of car loans that I did the same thing with).  A lender I've been quite often, and I relearned the old axiom, lend money to a friend and you lose both.  I've always been a chronic saver with a big heart, which is a bad combination.

Thu, 10/10/2013 - 09:40 | Link to Comment John Law Lives
John Law Lives's picture

The Skipper agrees (starting at the 0:32 mark):

http://www.youtube.com/watch?v=bXId5jOTxdg

Thu, 10/10/2013 - 09:54 | Link to Comment GMadScientist
GMadScientist's picture

But what if I found an incredibly generous lender (of last resort!) and a sea of desperate borrowers into which i could insert myself and collect the difference?

Thu, 10/10/2013 - 08:16 | Link to Comment the not so migh...
the not so mighty maximiza's picture

tanks in the street, the sun will stop shining, etc etc

Thu, 10/10/2013 - 08:20 | Link to Comment optimator
optimator's picture

And no Bankster Bonus.

Thu, 10/10/2013 - 08:40 | Link to Comment Urban Redneck
Urban Redneck's picture

No record bankster bonus means no additional tax revenue for the blood sucker congress critters to feed on... which is the real threat (that he of course refrains from using)

Thu, 10/10/2013 - 08:45 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Why are bankers paid to begin with?  What product of real value do they actually create again?  Fuck em.

Thu, 10/10/2013 - 09:55 | Link to Comment GMadScientist
GMadScientist's picture

Also known as 'vigorish'.

 

Thu, 10/10/2013 - 08:53 | Link to Comment Sudden Debt
Sudden Debt's picture

let's jut hope all this shit doesn't affect Obama's golfgame... he's got a serious handicap already.... his ears... they keep growing... just compair the last 5 years pictures of him.... if he would be Sadam Hussein they would say he's a stand in...

Thu, 10/10/2013 - 08:17 | Link to Comment Its_the_economy...
Its_the_economy_stupid's picture

"interest expense is a fraction the revenue the Treasury brings in"

 

Tried to contact the IRS yesterday. No answer. Message saying the IRS is closed.

 

Don't think the Treasury is going to be bringing in squat.

 

Whereas the Congressional health spa may be an "essential government function", collecting taxes is not.

Thu, 10/10/2013 - 08:30 | Link to Comment DaddyO
DaddyO's picture

The Spa is where junior CONgressmen and Sinators perform the 3 S's.

They often sleep in their offices and perform their personal grooming in the Spa until they are able to become rich, then they can afford a Vichy DC apt.

DaddyO

Thu, 10/10/2013 - 08:41 | Link to Comment greatbeard
greatbeard's picture

>> Don't think the Treasury is going to be bringing in squat.

Don't fool yourself, anything that helps or is a benefit to the taxpayer is suspended (although the folks will get paid for doing nothing).  The rest of the crime operation is open for business.  Collections will go on. Wars will go on.  The hog troughs will be well supplied.  Cake will be withheld from the masses until they understand what they need to understand.

Thu, 10/10/2013 - 08:20 | Link to Comment jtz5
jtz5's picture

I love ZH, but I am getting tired of the way ZH plays both sides of every argument.  For example, ZH said the market will have to crash in order for politicians to agree on a debt deal, but then yesterday said Paul Ryan would provide a fig leaf to avoid a debt impasse.  You can change your mind on a prediction as events unfold, but then don't use the "as we predicted here" link to make you look like you were always right with your prognostication.  If the crash scenario would have proved true, ZH would have provided the same "as we predicted here" link, but with a link to that story.

There are numerous other examples of this, as well.

Thu, 10/10/2013 - 08:36 | Link to Comment Zadok
Zadok's picture

Are you an American adult?

Just looking for a possible explanation...

Thu, 10/10/2013 - 08:42 | Link to Comment jtz5
jtz5's picture

You put a lot of thought into that one...

Thu, 10/10/2013 - 09:05 | Link to Comment Zadok
Zadok's picture

A lot of inferences were left unstated...

Thu, 10/10/2013 - 08:46 | Link to Comment greatbeard
greatbeard's picture

>> "as we predicted here"

To be fair, that is fairly standard operating procedure in most any mass media (or small medial for that matter).  It's probably a necessary cost of doing business and surviving.

You, as a discerning consumer, are responsible for imbibing all the inputs and coming to a conclusion on your own.  At least the choices are presented to you here, in all their glory, rather than the generalized pablum for the masses that most consume. 

Thu, 10/10/2013 - 09:57 | Link to Comment GMadScientist
GMadScientist's picture

Disagree. What the OP is complaining about is that ZH doesn't stick to a script regardless of reality like the MSM. The ability to entertain more than on vantage point at a time and weigh the advantages of each is lost on sheeple who simply wish to be told what to think. If you aren't consistentent with these hobgoblin's little minds, they get frustrated.

 

Thu, 10/10/2013 - 10:29 | Link to Comment jtz5
jtz5's picture

I just find it annoying that ZH feels the need to retroactively pat themselves on the back that their predictions were right.  It's easy to do that when you predict both sides.

I predict either the Chicago Bears win tonght or the NY Giants will cover the +7.5 spread.

Thu, 10/10/2013 - 09:17 | Link to Comment bnbdnb
bnbdnb's picture

Link to this crash prediction?

Thu, 10/10/2013 - 09:36 | Link to Comment J Pancreas
J Pancreas's picture

Not the same crash prediction you were inquiring about, however, the Executive Branch can be granted near dictatorial powers under executive orders passed by Bush 2 in the event of a "National Catastrophe" of which I'm sure this wag-the-beaver show is all about. Paul Craig Roberts summed that up along with the possibility the Fed could simply loan new money to the Treasury for new issuance. Very dark days indeed. Its like this whole thing was set in motion a long time ago.

Thu, 10/10/2013 - 09:41 | Link to Comment jtz5
jtz5's picture

"Increasingly it looks likely that Obama will have no choice but to let things devolve to the nuclear option, which he inferred in his "Wall Street should be concerned" interview: hit the revised debt ceiling "X-Date" around October 17 in a replay of August 2011, at which point the market plunges, and everyone caves on preserving the status quo. Just like always."

http://www.zerohedge.com/news/2013-10-02/white-house-meeting-ends-failur...

Thu, 10/10/2013 - 11:08 | Link to Comment bnbdnb
bnbdnb's picture

Today is the 10th.

Thu, 10/10/2013 - 11:17 | Link to Comment trgfunds
trgfunds's picture

+1000 Thank you. Someone else finally noticing this. When I recognize it and post something about it usually people just call me names. I get that ZH does not have an overarching stance on all issues and kind of just spreads information, but then, why do they say "As we predicted" or "Just like we posted 6 months ago" or whatever. Either post everything, don't take a side, stfu and stop bragging, or stick to a consistent position. You can't have your cake and eat it too.

Thu, 10/10/2013 - 08:25 | Link to Comment Vooter
Vooter's picture

Wow...how many showers does Lew have to take after delivering something like this? Absolutely breathtaking in its mendacity and disingenuousness. And just look at the guy's face...he's the very definition of a fucking SNAKE...

Thu, 10/10/2013 - 08:34 | Link to Comment Seize Mars
Seize Mars's picture

In a sound money economy this guy would be just another frustrated and angry used car salesman. It is phoney money that empowers phoney people.

Thu, 10/10/2013 - 08:28 | Link to Comment ejmoosa
ejmoosa's picture

At some point one has to consider that it may be true that the only objective of the Obama Administration is to destroy the Amercan Economic Model.

 

Nothing else really covers every single bad choice being made.

Thu, 10/10/2013 - 09:25 | Link to Comment Spastica Rex
Spastica Rex's picture

The metaphor of bacteria in a petri dish covers it for me.

Thu, 10/10/2013 - 08:30 | Link to Comment Its_the_economy...
Its_the_economy_stupid's picture

Vooter, Do you also practice phrenology?

Thu, 10/10/2013 - 08:30 | Link to Comment Seize Mars
Seize Mars's picture

Calumny.

I don't appreciate being threatened, mr Lew.
Tell your lies to someone who isn't familiar with your schemes.

Best investment I ever made? Paperback copy of creature from Jekyll island. Play book exposed.

Thu, 10/10/2013 - 08:30 | Link to Comment involuntarilybirthed
involuntarilybirthed's picture

They read, he reads.   Just noise.

Lew needs to do accounting stuff and stay out of politics.  No legislation from agencies.

Thu, 10/10/2013 - 08:32 | Link to Comment ManWithaPlan
ManWithaPlan's picture

Bunch of crap. America is being intentionally crashed. On every front we have seen a decline. The US and it's citizens cannot be as strong as they once were if the NWO wants to move in. We need to be weak and docile. When we are at our weakest, they will make their move. Just watch.

Thu, 10/10/2013 - 08:32 | Link to Comment jughead
jughead's picture

"The bottom line is that failing to raise the debt ceiling creates a very difficult and unfair situation, and one that is completely avoidable if Congress acts."

 

The bottom line is that the situtation was completely avoidable but for the government's obvious fiscal incompetence and propensity to perpetually kick the can down the road.  Stick it up your ass, Lew.

Thu, 10/10/2013 - 08:34 | Link to Comment CaptainObvious
CaptainObvious's picture

Anybody else suppressing the urge to punch this weasel-voiced assbag in the dick? 

Thu, 10/10/2013 - 08:33 | Link to Comment alfred b.
alfred b.'s picture

 

Instead of Washington, it ought to be called Wishington or maybe Swoshington!

Sorry, gonna go & listen to the soap  'Platitudes of Lew'

 

Thu, 10/10/2013 - 08:35 | Link to Comment silver4me
silver4me's picture

It will be average American who will suffer? Ya right. Trillions for banks and averagejoe gets scraps but made to believe its in there best interest

Thu, 10/10/2013 - 08:57 | Link to Comment Sean7k
Sean7k's picture

Only if the average American is: in the top ten percentile that owns stocks and bonds, a corporation or its' management, a corporate subsidee or part of the MIC. I'm not sure where he got his definition of average American, maybe he is confusing it with average zionist?

Holding the debt ceiling means government will have to make choices, choices that expose their preferences in doling out revenue largess. This is the great calamity, the light of day. 

Jack, go back to your zionist masters and die.

Thu, 10/10/2013 - 08:35 | Link to Comment CaptainObvious
CaptainObvious's picture

From the broadcast: "how the markets function if we fail to pay all our bills"

The fuck?  The markets are rigged to react in certain ways according to the marching orders of the day.  What a farce.

Thu, 10/10/2013 - 08:45 | Link to Comment JB
JB's picture

these cocksuckers in Congress are living it up drinking and partying while the government is shut down.

fuck 'em all. get those bums out of there.

 

edit: 5:42 PDT, the guy off camera is owning his ass. nice.

Thu, 10/10/2013 - 08:39 | Link to Comment sunnyside
sunnyside's picture

Lew- "We have no plan to meet our obligations other than raise the debt ceiling"....

......This is the plan that the wife and I are going to take too.

 

Thu, 10/10/2013 - 08:49 | Link to Comment Mercury
Mercury's picture

Which is why we can't wait for Treasury Secretary Jack Lew's presentation before the Senate Finance Committee discussing the Debt Limit, in which he will rain fire and brimstone on anyone who suggests that the Treasury can enter the X-Date without a debt ceiling deal in place, and will most certainly seek to crucify anyone who points out the logical, namely that payments can be prioritized and interest expense is a fraction the revenue the Treasury brings in, and that the end of the world would be nigh should the US actually be forced to live within its means.

 

This should be a much harder sell for Lew now that everyone is well aware that  daily federal opperations can be prioritized in the event of a "shutdown" but of course the MSM will be carrying him aloft on both shoulders as he blusters away.

Kick at their legs Tyler. Kick at their legs.

Thu, 10/10/2013 - 08:42 | Link to Comment goldenbuddha454
goldenbuddha454's picture

Another new alltime high Dow is only a week away as the PUbs and Dems will end the hoax soon and have to say to the American people that a deal was struck and we are not going to default.  Big surprise, I know.

Thu, 10/10/2013 - 08:50 | Link to Comment involuntarilybirthed
involuntarilybirthed's picture

An Idea:

SSI, Food Stamps, Medicaid: (Free programs as a start)

Fix a set amount, say $100 budget.  If you have 100 people in the program they all get 1$.  If someone else qualifies then 101 people get .99, and so forth.

I'll bet they get involved then and get concerned about debt and eligibility requirements.

Thu, 10/10/2013 - 08:45 | Link to Comment PivotalTrades
PivotalTrades's picture

How come Obama the President is not being held responsible for signing into law and passing a budget that would exceed the established debt limit. Is he not responsible?

Thu, 10/10/2013 - 08:47 | Link to Comment Seize Mars
Seize Mars's picture

Uh-oh. Speaking of Fire and Brimstone:

http://www.cbsnews.com/8301-250_162-57606823/3-star-u.s-admiral-fired-as...

Number 2 Nuclear commander fired for bullshit reasons.

 

Thu, 10/10/2013 - 08:49 | Link to Comment sunnyside
sunnyside's picture

Part of me struggles here with Orin Hatch asking Lew how much to raise the ceiling.  Lew just writes the fucking checks.  His checkbok is empty and can't write them unless they throw more in from the credit line.  How the fuck is this Lew's fault? 

 The whole fight here is bullshit.  Shut off programs or raise taxes to pay for them.  The ball-less way out is to do neither and just run up debt to pay for it.  Fuck both (R) and (D).  They are the problem.

Thu, 10/10/2013 - 08:52 | Link to Comment Seasmoke
Seasmoke's picture

Jack Lew. Can't get any more subliminal than that. 

Thu, 10/10/2013 - 09:51 | Link to Comment gdogus erectus
gdogus erectus's picture

Spoonerisms?

Thu, 10/10/2013 - 08:54 | Link to Comment Sufiy
Sufiy's picture

All what matters - Chart Gold vs Debt Limit:


Back Into The Future. ZeroHedge: Ron Paul Redux: "The End Of Dollar Hegemony" - The Roadmap.

General Bernanke was fighting US Dollar debasing it for long seven years and now is more ammunition to come with Janet Yellen in charge at the FED. Ron Paul's speech from 2006 is the true classics now. He effortlessly connects all the dots with FED, US Dollar, Gold, FIAT currencies, Oil and War. Now we have the luxury to see and appreciate his knowledge and wisdom through the prism of time and latest events in the markets and geopolitics.

http://sufiy.blogspot.co.uk/2013/10/zerohedge-ron-paul-redux-end-of-dollar.html#

 

Flashback - Jim Puplava: Janet Yellen to the Chair And Michael Woodford Is The New FED's Play Book. GLD, GDX, MUX, TNR.v


Thu, 10/10/2013 - 08:57 | Link to Comment Seasmoke
Seasmoke's picture

GREENSPAN, BERNANKE , YELLEN, LEW, LERNER......

WE ARE BEING ROBBED BY THE TRIBE OF MONEYCHANGERS. I AM SICK OF IT. CALL ME ANY NAMES YOU FUCKERS WANT. STILL DOESN'T CHANGE THE FACTS. ITS AS CLEAR AS DAY TO SEE !!!!!!

Thu, 10/10/2013 - 09:12 | Link to Comment Debt Slave
Debt Slave's picture

Noticing a pattern there, are you? Yep, the closer you look, the more clearly the pattern emerges.

Thu, 10/10/2013 - 08:59 | Link to Comment Rusty Diggins
Rusty Diggins's picture

"

You don't know where I've been Lew, now let us use the place"

Thu, 10/10/2013 - 08:57 | Link to Comment djsmps
djsmps's picture

I had to turn this farce off when Schumer started speaking.

Thu, 10/10/2013 - 09:57 | Link to Comment CaptainObvious
CaptainObvious's picture

That was disgusting, wasn't it?  I could literally feel my flesh crawling off my body when Schumer was all but giving Lew a blowjob on camera.  I can't unhear that.

Thu, 10/10/2013 - 08:58 | Link to Comment sunnyside
sunnyside's picture

Rarely has a bigger piece of shit polluted this country than Chuck Schumer

Thu, 10/10/2013 - 09:45 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

Well, there's Pelosi and Feinstein.

Thu, 10/10/2013 - 09:02 | Link to Comment LeisureSmith
LeisureSmith's picture

If you take away my Heroin the withdrawals will kill me says the addict. Don't rehab me bro.

Thu, 10/10/2013 - 09:03 | Link to Comment Atomizer
Thu, 10/10/2013 - 09:03 | Link to Comment Peter Pan
Peter Pan's picture

To raise the debt ceiling is another way of saying we are going to print more money.

If bankers, politicians and economists the world over can't see what this means to the system then they are well and truly stupid beyond repair or compare.

The debt ceiling will be raised and the whole exercise was for the purpose of showing the Chinese that the USA is capable of pulling the plug.

The Chinese response asking that the ceiling be raised is just a sign that they are shitting themselves. More importantly they have exposed their fears to the USA.

Thu, 10/10/2013 - 09:46 | Link to Comment Peter Pan
Peter Pan's picture

I don't mind a down vote but can the person who did so please explain what would happen if every nation of the world followed the example of the USA by:

1. Over spending

2. Interfering in other nations and still not succeed in bringing them under control

3. Consuming more oil than it produces

4. Having bankers cause mayhem and yet not be punished

5. Print money with which to buy resources on international markets.

6. Eavesdropping and recording the planet's communications to the same extent as the USA

 

Thu, 10/10/2013 - 09:04 | Link to Comment thismarketisrigged
thismarketisrigged's picture

what the fuck, did anyone just see futures fucking spiked out of nowhere, and europe also just spiked to daily highs.

 

what the fuck happened?

Thu, 10/10/2013 - 09:07 | Link to Comment IridiumRebel
IridiumRebel's picture

ummm....this market is rigged?

Thu, 10/10/2013 - 09:09 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

This yahoo got it posted on finance page that a DEAL on debt incr has been made..rock n roll time.

Thu, 10/10/2013 - 09:04 | Link to Comment IridiumRebel
IridiumRebel's picture

Hope you got some food on backup.
Tomorrow the Truckers speak!

| TRUCKERS TO | |""""\___
| D.C. 10-11-2013| |___|..... ]
`|(@)'(@)`````|(@)(@)===(@

Thu, 10/10/2013 - 09:55 | Link to Comment Peter Pan
Peter Pan's picture

Good for them!!

These people are in their line of work for the "long haul" which is more than can be said for the insider trader and free haircut brigade that treats the people of the USA like fools......but wait ...maybe they are fools for putting up with them for so long.

 

Go truckers.

Thu, 10/10/2013 - 09:06 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

ahh the memories of Hank Paulson: got the .gov to agree not to prosecute him or even to audit how he used the emergency money given to him, sweeeeet GS got 100% of value on AIG sweeeeeet.. Lew just wants the same protection from the law..oh sorry I said Law like it applies to the elite, tip of the hat to  Don Corzine hinding in Sicily not doubt.

Thu, 10/10/2013 - 09:07 | Link to Comment Debt Slave
Debt Slave's picture

Lew reminds me of a 16 year old brat that is demanding a credit card from his parents. No fucking way.

Thu, 10/10/2013 - 09:11 | Link to Comment rustymason
rustymason's picture

The BlueTeam, being backed up by the media, will win this battle, as they always do. The RedTeam, being feckless idiots, will cave, as they always do.

This is the government that the American people want and deserve. God help us.

Thu, 10/10/2013 - 09:18 | Link to Comment d edwards
d edwards's picture

"full of sound and fury, signifying nothing."

Thu, 10/10/2013 - 09:21 | Link to Comment Zer0head
Zer0head's picture

nothing worse than a scribd link and a bloomberg embed on a slow computer

 

Thu, 10/10/2013 - 09:27 | Link to Comment jefe95
jefe95's picture

How do marginally retarded people like this get into positions of influence?? And I mean Lew and the clowns on the high table.

I'm a college educated professional and I deal with people on a daily basis that are 10 times sharper than these fools.

Thu, 10/10/2013 - 09:37 | Link to Comment SoNH80
SoNH80's picture

The turds float to the top of the bowl, old sport, they recognize each other.  Why do you think that so many top bananas are balding lumpy douches that couldn't get laid in a downtown singles bar if they paid?

Thu, 10/10/2013 - 09:21 | Link to Comment Randoom Thought
Randoom Thought's picture

Just to state the completely obvious. Jack Lew is a douche bag. Only douche bags are allowed to work with the Obomber.

Why is it that all of the Luciferian aliens douche bags? I guess I just do not get it.

Thu, 10/10/2013 - 09:21 | Link to Comment Dollar Bill Hiccup
Dollar Bill Hiccup's picture

"Threat", "extremists", "small minority", "gun to our head", "manufactured crisis" ...

Once again, Joseph Goebbels would be proud.

Agit Prop at its finest.

Extremists = War on Terror

Gun to our head = See, we need more gun control.

Add to this "phony scandals" from the Benghazi, IRA, NSA, DoJ mess.

Thu, 10/10/2013 - 10:01 | Link to Comment CaptainObvious
CaptainObvious's picture

I think the only phrase that occurred more than "manufactured crisis" was "It wouldn't be fair".  Wouldn't be fair?  Is this preschool or what?  We're far beyond the point where we have to worry about being "fair".  In fact, "fairness" is what put us in this leaky rowboat.  It's time to start doing what is RIGHT.  Fuck fairness.

Thu, 10/10/2013 - 09:23 | Link to Comment shankster
shankster's picture

On October 17th these coincide:

* U.S. Debt Ceiling Deadline

* Great US 'Shake Out' Disaster Drill

* US Banks Cyber Attack Drill

 Just coincedence I'm sure.

Thu, 10/10/2013 - 09:24 | Link to Comment jefe95
jefe95's picture

Lew is a very good liar though.  Good choice by the pres.

Thu, 10/10/2013 - 09:42 | Link to Comment shankster
shankster's picture

The Pres is a good liar too.

Thu, 10/10/2013 - 09:26 | Link to Comment jmcadg
jmcadg's picture

WTF. YOU are here to answer to the people. Fuck your 5 mins. You fuckin' wait until we've finished with you. Cunt.

Thu, 10/10/2013 - 09:27 | Link to Comment Ignorance is bliss
Ignorance is bliss's picture

Every time a Republican speaks, CNBC cuts away to commentary or a commercial. CNBC's coverage is almost as annoying as this entire debt debate. This side show is going to be blamed for a real event that has real ramifications. 

 

Thu, 10/10/2013 - 09:30 | Link to Comment Dollar Bill Hiccup
Dollar Bill Hiccup's picture

How have we arrived at such a place that a government takeover of the health industry is named after one man, Potus.

Of course this man will not back down on "Obamacare". Narcissism makes that impossible.

Of course, since Trayvon Martin is his virtual son, the shear denial of black violence and disfunction is impossible to address.

The cult of Personality is an effect of Imperial over reach.

How can an Administration consistenly spew propaganda in the name of this false prophet? Its utterly delusional

 

Thu, 10/10/2013 - 09:31 | Link to Comment exartizo
exartizo's picture

Shame on you Moody's, S&P, and Fitch.

Where is the honesty?

Where is the ability to say and do what is right?

Why has U.S. debt not been justly downgraded through this entire fiasco?

Thu, 10/10/2013 - 09:40 | Link to Comment shankster
shankster's picture

They fear the 'justice' department.

Thu, 10/10/2013 - 09:56 | Link to Comment Bearwagon
Bearwagon's picture

Why isn't Egan-Jones allowed to rate the USA at all? ;-)

Thu, 10/10/2013 - 09:31 | Link to Comment shankster
shankster's picture

Do these Bozo's really take themselves serious?

Thu, 10/10/2013 - 09:32 | Link to Comment SoNH80
SoNH80's picture

I'm not worried about "default" at all.  A fake "line in the sand" if there ever was one.  Seems like the politico-economic-infotainment parasite class is the most worried about "default", let them worry.  This is 413 A.D. folks, the slaves and peasants lived better AFTER the fall in Italy than before, as Dr. Hunto might say, "Why not"?

Thu, 10/10/2013 - 09:34 | Link to Comment Son of Loki
Son of Loki's picture

<<payments can be prioritized>>

= banks and Wall Street and contractors get money first.

You don't get any.

Thu, 10/10/2013 - 09:34 | Link to Comment wisefool
wisefool's picture

Wasn't there a 2008 discussion in the senate confirming a tresury secretary, where he admitted that paying bills, including his personal taxes from 2002, is not really that important? 6 years is a normal ammount of time to correct stuff like this. 

I dont know about this new guy. He seems like he does not know anything about economics.

Thu, 10/10/2013 - 13:51 | Link to Comment Blankenstein
Blankenstein's picture

I can't find what his major was in college, so it must not be in economics, math, business or any other major that provides the knowledge that would required to be TREASURY SECRETARY.  He has a law degree, but no doubt in his confirmation hearing he told the panel he slept in a Holiday Inn Express last night.

Thu, 10/10/2013 - 09:40 | Link to Comment yogibear
yogibear's picture

So far the Obama administration hasn't been able to take advantage of the situation and cause panic. The bots are indifferent.

Obama is holding onto his position on destroying the republicans. We will see.

Thu, 10/10/2013 - 09:44 | Link to Comment roadhazard
roadhazard's picture

Looks to me like the repubicans are on a mission to destroy themselves. Obama is trying to make it as easy as possible for them.

Thu, 10/10/2013 - 09:53 | Link to Comment youngman
youngman's picture

History if it is written correctly..will show the Republicans were right in trying to cut spending....

Thu, 10/10/2013 - 10:55 | Link to Comment roadhazard
roadhazard's picture

Yes, but only spending They don't want. It's all about Obama Care and nothing else. Very telling on one of the few progerams that actually bring IN money instead of just spend it.

Thu, 10/10/2013 - 09:56 | Link to Comment wonderatitall
wonderatitall's picture

true, but uhbamas only stated goal in his second stolen term is to destroy any opposition and to install a chicago type mob controled fascist dictarship os the bankers. so your inane point is taken. long live the blue state model of slavery bitchez

 

Thu, 10/10/2013 - 10:56 | Link to Comment roadhazard
roadhazard's picture

lol, spoken like a true winger.

Thu, 10/10/2013 - 09:42 | Link to Comment jmcadg
jmcadg's picture

Bless him, he's hungry, let him go. Fucktard. Go on fuck off you wanker. This is nowhere near as important as your stomach.

Thu, 10/10/2013 - 09:42 | Link to Comment RiverDrifter
RiverDrifter's picture

Where's Jack gotta go in such a hurry that he can't stick around to answer two questions....??  He looks in a panic to get out of there 'on time'.  Weird......

Thu, 10/10/2013 - 09:44 | Link to Comment yogibear
yogibear's picture

He wants to avoid admitting the truth. The US government is too big. So he wants to exit.

Thu, 10/10/2013 - 09:43 | Link to Comment blindman
blindman's picture

why do they keep referring to the american public
as blindfolded people wandering around in an
area with a cliff? these same people making these
comments are the ones who have supplied, provided
and applied the blindfold and transported the "public"
to this cliff-ed region.
.
they never touch the real issue, never. that is what makes
the whole mess so fascinating and frustrating.
how is it that they can get away with talking around the
elephant in the room for so long. so long, so long, so long.
100 freakin' years long, talking around the problem, filling
our heads with freakin' oatmeal. there the blindfold, all the
oatmeal in our heads listening to the brilliant
conversation by experts avoiding the simple root cause
always. always avoid the truth, that is the mechanism of
power, replace the truth with a hideous lie and no one will
discover it ever.
.
end the federal reserve fraud note before it destroys
the republic! that will solve the main problem, the terminal
and deadly fraud at the heart of the money system.
.
reset/jubilee/and a new beginning.
.
this link is interesting and suggestive.
Ending the debt limit crisis: Dear Ben Bernanke
By Alan Grayson OCTOBER 9, 2013
http://blogs.reuters.com/great-debate/2013/10/09/ending-the-debt-limit-c...

Thu, 10/10/2013 - 09:45 | Link to Comment yogibear
yogibear's picture

"why do they keep referring to the american public

as blindfolded people wandering around in an
area with a cliff? "

 

Because they think many people don't know or care what's going on. Their solution is to continue to loot the small guy.

Thu, 10/10/2013 - 10:04 | Link to Comment blindman
blindman's picture

http://www.youtube.com/watch?v=rfeALzkl9TI
.
Tuesday, October 8, 2013

Why a war on poor people?
http://understandingsociety.blogspot.com/2013/10/why-war-on-poor-people....
."
This topic hasn't gotten the attention it deserves in studies of American politics. One exception is the work of Frances Fox Piven and Richard Cloward. In Poor People's Movements: Why They Succeed, How They Failthey offer a powerful interpretation of the challenge of bringing poverty into politics.
Most poor people are "working poor" and are not homeless. But there are hundreds of thousands of homeless people in the United States, and their living conditions are horrible. Here is a powerful and humanizing album that captures some of the situation of homeless people in America. Give US Your Poor is worth listening to. Here is the title clip of the album:".

Thu, 10/10/2013 - 10:05 | Link to Comment CaptainObvious
CaptainObvious's picture

Because Schumer, who made the blindfolded analogy, was expressing his secret hopes and wishes.  He prays we're all blindfolded as he and his cohorts drive us off the cliff.  That way, we can't find where the secret bunker he plans to ride out the collapse in is located.

Thu, 10/10/2013 - 09:51 | Link to Comment youngman
youngman's picture

I know when I am writing a bad check....and it should give you the creeps...Lew knows he is writing bad checks..but yet he can sit there and just look cool and calm and lie with no problem at all....I would be vomiting by now...as my morals would have taken over my digestive system.....and no I do not write bad checks because I know its wrong.....funny how that has changed in the last 30 years...the knowing of what is right or wrong

Thu, 10/10/2013 - 10:06 | Link to Comment CaptainObvious
CaptainObvious's picture

He knows it's wrong.  When we write a bad check, we know at a minimum we're going to get slapped with NSF penalties from the bank and the business to whom we wrote the bad check.  What's Lew's penalty for writing bad checks?  Oh wait, he doesn't have any...

Thu, 10/10/2013 - 13:53 | Link to Comment Blankenstein
Blankenstein's picture

He knows it's wrong, but he doesn't care.

Thu, 10/10/2013 - 09:52 | Link to Comment Son of Loki
Son of Loki's picture

Yuan moves one step closer to global currency status

 

China launched a currency swap deal with the euro zone on Thursday, in the country's latest push to transform the yuan into a major world currency.


http://www.cnbc.com/id/101102163?__source=yahoo|finance|headline|headline|story&par=yahoo&doc=101102163|Yuan%20moves%20ones%20step%20clos

Thu, 10/10/2013 - 10:18 | Link to Comment Almost Solvent
Almost Solvent's picture

"will have a maximum size of 350 billion yuan ($57.2 billion) and 45 billion euros ($60.9 billion) and will be valid for three years."

 

A start, but still a drop in the worldwide FX bucket.

Thu, 10/10/2013 - 09:52 | Link to Comment Zymurguy
Zymurguy's picture

WTF?  Time limit?  That was a complete fucking waste of time.  I don't think I heard one response that would qualify as answering a question.  They should chain these fuckers to a table and not let them leave until they can actually say something that makes sense and actually exhibits some level of competency for the position they hold.

No wonder I can't stomach paying any attention to these assholes.

Thu, 10/10/2013 - 10:08 | Link to Comment CaptainObvious
CaptainObvious's picture

I was laughing at the end, and timing the "ten second questions" the Senators who didn't get to speak submitted.  Not one of them came in under the ten second mark.  And these people, who can't understand a basic unit of time, are expected to understand basic economic principles?  Ha!

Thu, 10/10/2013 - 09:53 | Link to Comment muleskinner
muleskinner's picture

They are people sitting in chairs in front of cameras talking words that are supposedly going to make the world a better place when they are just full of shit, bullshit, to boot.

Milliondollarbonus' opinion matters the most, all others ignored.  Am I the only dumbfucker who consistently agrees with his constant bullshit?

It is a great morning in murka.

Thu, 10/10/2013 - 10:51 | Link to Comment Marley
Marley's picture

And what country does this sites servers exist in?

Thu, 10/10/2013 - 11:29 | Link to Comment MBB
MBB's picture

Nearly five years ago, or exactly five years ago. WTF

Thu, 10/10/2013 - 11:44 | Link to Comment Zymurguy
Zymurguy's picture

I'm not worried about default... I'm not worried about the govt. not paying it's bills... I'm not worried about intl. bonds.

It's all odious debt.  The public NEVER approved of it... only those represented us did and they did so with the full knowledge that it was completely impossible to sustain.

Default, let all the politicians past and present be locked up for years of hard labor to repay the debt THEY ALONE created.

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