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Peter Schiff On The Debt Ceiling Delusions
Submitted by Peter Schiff via Euro Pacific Capital,
The popular take on the current debt ceiling stand-off is that the Tea Party wing of the Republican Party has a delusional belief that it can hit the brakes on new debt creation without bringing on an economic catastrophe. While Republicans are indeed kidding themselves if they believe that their actions will not unleash deep economic turmoil, there are much deeper and more significant delusions on the other side of the aisle. Democrats, and the President in particular, believe that continually taking on more debt to pay existing debt is a more responsible course of action. Even worse, they appear to believe that debt accumulation is the equivalent of economic growth.
If Republicans were to inexplicably prevail, and the federal government were to cut spending so that its expenditures matched its tax revenues (a truly radical idea) the country's financial mess would be laid bare. The government would have to weigh the relative costs and benefits of making interest payments on Treasury debt (primarily to foreign creditors) or to trim entitlements promised to U.S. citizens. But those are choices we will have to make sooner or later anyway. In fact we should have dealt with these issues years ago. But generations of mechanistic debt ceiling increases have allowed us to perpetually kick the can down the road. What could possibly be gained by doing it again, particularly if it is done with no commitment to change course?
The Democrats' argument that America needs to pay its bills is just hollow rhetoric. Paying off one's Visa bill with a new and bigger MasterCard bill can't be considered a legitimate payment of debt. At best it is a transfer. But in the government's case, it doesn't even qualify as that. Treasury debt is primarily bought by the Fed, foreign central banks, and major financial institutions. None of that will change with a debt ceiling increase. We will just go to the same people for greater quantities. So it's like paying off your Visa card with a bigger Visa card.
According to modern economists, an elimination of deficit spending will immediately cause a dollar for dollar decrease in GDP. For example, if the government stopped sending food stamp payments to poor people, then grocery stores would lose business, employees would be laid off, and the economy would contract. But this one dimensional view fails to appreciate that the purchasing power of the food stamps had to come from somewhere. The government can't create something from nothing. Taxation transfers purchasing power from people living in the present to other people living in the present. In contrast, borrowing transfers purchasing power from people living in the future to people living in the present. The good news for politicians is that future people don't vote in current elections (and current voters don't seem to appreciate the cost to their future selves of current policy).
The Obama Administration has congratulated itself for turning around the contracting economy that it inherited from President Bush. But even if you take the obscenely low official inflation statistics at face value, we only grew at an anemic 1.075% annual pace from 2009 to 2012 (far below the between 3% and 4% that the U.S. averaged post World War II). Sadly, this growth pales in comparison to the accumulation of new debt that we are borrowing from the future.
U.S. GDP is measured at roughly $15 trillion per year. 2% growth means that each year the GDP is approximately $300 billion larger than the prior year. But in the less than five years since Obama took office, the federal government has added, on average, about $1.3 trillion per year in new debt, a pace that is four times higher than the growth. If the deficit were subtracted from GDP, America would be shown to be stuck in a severe recession that Washington can't acknowledge. But such a reality is more consistent with the dismal job prospects and stagnant incomes experienced by most Americans.
The belief that deficits add to the economy, and that debt can be dealt with in an imaginary future (that never seems to arrive) is the foundation upon which the President can chastise the Republicans as irresponsible suicide bombers. Using this logic, he can argue (with a straight face) that borrowing is the equivalent of paying. That the President can make this delusional argument is not so surprising (no lie too great for the typical politician to attempt). What is alarming is that the media and the public have swallowed it so willingly. As they call for limitless increases in borrowing, Democrats have offered no plan to reduce the current debt and they are unwilling to negotiate with Republicans on that topic. Yet somehow they have been perceived as the party of fiscal responsibility.
While the Republicans have a dismal track record of their own when it comes to budgetary management, it can't be disputed that the minor dip in that rate of increase in spending that resulted from the recent Sequester, happened only because they dug in on the issue. Without the 2011 debt ceiling drama, there is no chance that any spending would have been touched.
Democrats had warned that the $85 billion in sequestration cuts slated for fiscal year 2013 (about 2% of the Federal budget) would be sufficient to bring on economic Armageddon. But guess what? We survived. Recently, Senate Majority Leader Harry Reid continued with such rhetoric by declaring that there are no more cuts to be found anywhere in the $3.8 Trillion dollar federal budget. (Apparently he missed last week's 60 Minutes piece on the spreading epidemic of federal disability fraud.)
We have to acknowledge what even the Republicans haven't fully grasped. We are in such a deep debt hole that there is no solution that does not involve serious economic pain. Tea Party Republicans rightly believe that government spending is a drag on economic growth. As a result, they conclude that immediate spending cuts will help with the "recovery". But they are confusing real economic growth with the delusional expansion created by deficit spending (which is actually damaging the real economy). If they cut the deficit, this phony economy may likely implode and cause widespread distress.
So even though a reduction in government borrowing and spending does help the economy, it won't feel very helpful tomorrow. The more we borrow and spend today, the more we will suffer tomorrow when the bills come due. Ironically, cutting government spending now helps the economy by allowing the economic adjustment to happen sooner rather than later. But this type of long-term thinking is very difficult for politicians to consider.
Unfortunately our debts don't leave us much in the way of choices. We can choose to pay now or try to pay later. But the longer we wait the steeper the bill.
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I junked you because you are a fucking retard, because nothing you wrote actually makes any sense.
He's a banker, and a member of this site for 18 days. He's Homer Simpson smart.
I junked him because he makes Gerutarda appear erudite in comparison.
Happy Friday made sense...
Teddy Tenpole is a wanker. how (sic) hard is to be (sic) kneejerk naysaying all the time. Just like the rest of his gadget-distracted, propaganda-sedated, pro-establishment sheep.,. work till you die! All you (sic) safe paper investments represent the bubble. But hey, like I said, you're already paying the orice (sic) for the warmongering police state Obamacare free shit army government bubble -- cunts for stesling (sic) from the future generation.
hahahahahahaha, such big tough guys
here's your future:
http://youtu.be/g63Pe7bOOaI
Teddy's future is tongue-stesling Obama's orice.
I am impressured by his monolizing of the retardationary means and by his throating of his pro-US 'american' citizenistic ideas, which are very insanitationally crusty in a rather non-mattering kind of way. Made me laugh.
PS: I used to stesl as a youngster, then I got caught and had to pay the orice.
Ah, ah, his retarditory parangongulations of the gibbering means are indeed extremic for someone of such low expectorations.
Alas, alas, three times alas, give or take, his biasry toward absurditations have left him consuitable only for unlicit endeavors and failurous pursuits.
Ah, best yet. But forgetification is in the works when refusal to recognize the monolizing of the retarditory means and the wording of the mind via effectualizing insanitational blobbing-uppityness is only part and package of eternal nature of US 'american' cretinism.
But hey, when the cat in the hat is out of the bag, one can only pull oneself up by one's own bra straps if one wants to make a haystack of needles when the sun is behind a cloud of silver lining.
+100
that's the spirit :)
good ole Shemp
thanks!
Yes, nothing say "intelligent rebuttal" like a link to a YouTube video.
Intelligent rebuttal? Your expectations for Teddy are a little high.
"Teddy"....an Amureecum AnAnonyeemousee?
Alas, alas, just have to bear with him.
A gift that just keeps giving....
As the master AA has taught us, never look a gift horse before he hatches.
Deeper still grasshopper. Never look into a horses arse as it shits on the roadside.
Quote: AA's Little Brown Book.
The wisdomry of Chinese citizenist enhusked palm fruit algebraicism is blobbing up like a roadside pingo of Brown Baby Maos.
The roadside delivery of brown baby Maos: Chinese Shitizenism in action.
Wanker is a given. But more of a state worshipping CUNT.
I would suggest his comments are being posted from an iPhone 5S (Tungstan Edition)
"Money for nothing and chicks for free"
We are indeed in Dire Straits.
Speak for yourself. I am Ted Nugent!
Allright it, is the Wango, zeeee Tango... 1, 2, 3, 4... come on boys... doin' ze wango
suck it bitchez:
http://youtu.be/5-EbLFfFJpY
Why all the words, Peter, when three will do?
Cloward. And. Piven.
Peter, I listen to your show daily.
Keep up the great work. Your philosophy and way of thinking has taught me more than I ever learned in college.
more Princeton? LMFAO
Lay off the meth pls.
Meth is so Columbia U...
I digress:
last one (promise):
http://youtu.be/qg8W65pek1I
Polesmoke much?
GDP cannot pay back the debt. Only the profits and salaries contained within the GDP.
So if you do the math on those numbers, we are not going to be paying back this debt anytime soon. Take every penny there is for the next 10 years and you still will have all the debt to pay back that we accumulated during those ten years plus interest.
2% growth means that each year the GDP is approximately $300 billion larger than the prior year. But in the less than five years since Obama took office, the federal government has added, on average, about $1.3 trillion per year in new debt, a pace that is four times higher than the growth.
If we reversed that to $1.3 trillion/year in growth in GDP and $300 billion/year in debt, it still wouldn't be healthy. Not that we have any chance of getting that kind of growth in the near future (the next several years).
We're screwed. Unless Krugman's cat can get us out of this..
We're screwed because 0.1% of the populace understands that this debt is not ours and we do not have to pay it. It is theirs and they created it by way of coercion/force for their own criminal profit. Repudiate the National Debt and shun D.C.
Ding!
Dead nuts on.
The constant battle to understanding truth vs a lie/con/fraud begins with a simple premise & an even simpler example...such as, if your wife (or husband) takes the credit card (which is in both names due to their trusting each other & a creditor trusting them as one) and one runs it up to the limit and beyond...fishing poles or jewelry (makes no difference) while only one derives ALL benefit from POSSESSION of the items in question, what do we call that, normally?
I call it theft.
Two can play this game. We have access to a 50k HELOC. Thanks to this ridiculous increase in our home value they have offered to raise it to 150K. What makes me not use it, buy PMs and pay if off slowly with fiat. Then when things get a touch too squirrelly just skip town. They make me pay their fraudulent debt they can just FOAD as far as I'm concerned.
Miffed;-)
Thats true and I'm sure in the back of everyones mind, just take theirs and split.
In the larger context of the national debt, I always recoil when the press or some bumbling boob politician says "Every American owes X as their part of the national debt."
No they don't!
Thats a statist/collectivist concept with no bearing on why there is a national debt & who is responsible for it in the first place.
The national debt is owed by the same government & politicians who ran it up. They abused our trust (remember the couple analogy)...maxed out the card...have aquired their possessions, salaries/pensions through defrauding us and now insult our intelligence and just assume we will pay their bill.
Well, no we won't.
I agree. And we both know without saying what our response would be if the Fed goons came to our door and demanded our 53k share. I believe the " every American owes X" crap is a pathetic attempt of collective guilt.
I have work associate whose 40 year old son ran up $80,000 in credit card debt and owed his landlord $3600 in rent. He was working at a fast food restaurant. When the restaurant closed he was unable to make minimum payments. He lied to his parents a long time about his situation(claimed someone stole his ID to explain all the calls). Finally the bank insisted my friend see them and explained what was really going on. The bank demanded the 80k in three days or " they were going to take action" and destroy his credit. They had not co signed on any of this.Yes, they rushed out and at great cost to themselves paid all his debt and allowed him to move in with them.
I completely lost it. I told her if the bank had done this to me I tell them to eat shit. If they were so stupid to loan someone of his means that amount of cash, then they deserve what they get. Plus, they now have a 450 lb son who only plays video games, watches movies and stares at porn all day living in their house until he has a heart attack and dies. Something I would never tolerate.
I consider my self a moral person and would always pay my own debts but never another's. That I would consider running up debt and defrauding is new for me. It's ultimately moral hazard. It is unlikely (yet) that a fed goon will show up at our door with a cash demand. They much rather rising inflation forces us to pay.
Overt and steath taxation seems to be the preferred method. Mr M and I were reviewing our property tax bill. Cali has prop 13 which means we pay 1%. This should be 4K per year. This year the bill was 5K. A thousand dollars of "fees" tacked on. I think one of the reason home values have been falsely elevated is to keep property tax revenue up to keep bloated city bureaucracy afloat. There is only so much more we can take and one must ultimately consider self preservation from an immoral government.
Miffed;-)
"There is only so much more we can take and one must ultimately consider self preservation from an immoral government."
lol...so you must want peoples 450 lb son's & daughters who only play video games, watch movies and stare at porn all day (living in their parents house) to die of heart attacks...by extension!
Yes, that was a joke.
But it is the emotional plea set forth by an immoral government that counts most to the ignorant (and its attending bureaucracies and media...read government workers & parasites) for themself & their own self perpetuation...that is the hardest to overcome...because, ya know, they're really, down to earth, nice people, who live in the suburbs of power, drive Mercedes & Beamers and only have the disenfranchised interests at heart.
Makes me want to fucking puke.
Its like David Gregory waving a "contraband" item on national TV and not being charged for possessing it like anyone else. Its like, Congress passing "law" they exempt themselves from.
It is very clear what motivates them.
Ah yes, I really do need to work on compassion don't I? They pervert the meaning of compassion to their own benefit therefore they deserve none from us. This is first difficult step everyone of moral conscious must achieve. Especially hard for those who've had moral values taught to them and are trying to live a moral life. When the evidence is presented; flagrant disregard for constititutional rights, selective actions against individuals deemed a threat to the State, allowing free pass to individuals who violate laws and public trust and pursue power through violence and intimidation for their own self aggrandizement, only one course of action is appropriate. This can't go on forever and I await it's end. I hope we are prepared for the dark times to come.
Miffed;-)
Ask the private Greek bondholders how they will get paid either now or later.
Personally, I vote for pain now. This crap needs to be cleaned up.
Not very damn likely though
Rock - You will get your wish sooner than you can imagine. I hope you are ready. Got food? - Got water? - Got weapons? - Got gold or silver? Please believe that Peter is 90% on target. He has only held back the fact that there is no solution possible now and a total collapse of the world economy is certain.
Sorry.
No its correct, - debt accumulation is the only way to grow in a debt-based economy. If you start paying down debt, the money supply contracts and is deflationary. The only way to keep the system from bankruptcy is to borrow more and more, until of course, the impending crash comes. Since money supply expands with the issuance of new debt, reserves and hence deposits expand. The opposite, the liquidation of debt, actually is worse because money supply contracts.
Peter Schiff is wank . He's made every right call ever in his own mind. Whatever....
"...is a wanker".
fixed it fer ye ;)
Why the hate "Teddy"... you've been smoking Obozo's and/or the RINO's pole(s) so long the taste is gettin' kind of sour.
Math is a bitch.
dude, tis not hate...
listen to this and you will understand:
http://youtu.be/zmW_lc-7YiU
thanks
Upvote for Ted, solid shit, always liked the drum/bass on this track.
BTW: Great tune to clean and tinker with you're AR.
I still have no fuckin' idea what you're on about :/
hey thanks man! It's all about rock'n'roll, and Ted f n rocks!
everthing else is about measuring the contrarian ZH factor... she's a money maker.
gotta run but have a good weekend and cheers to all you early dogpilers, the real nasty bully gang isn't even here yet to down arrow me and call me names.
Erm, Ok.
Still here's a 'tune' for a send out... with lyrics.
https://www.youtube.com/watch?v=TdzFY0MPW7E
"You're like a child that wanders into the middle of a movie"- Walter Sobchak
I have to say Bullshit!
Shiff claims the government can't create something from nothing. You better believe they can. They just steal it.
If government tax money goes to pay for research to invent and build the internet, which goes on to create jobs, then what happened?
It was the private sector that took these discoveries, built mini, micro, PCs, laptops, tablets, smart phones, and now smart watches, and built out the internet massively during the same time, operationalized it, and monetized it, and created all accompanying jobs. What did the government do again?
Give them the tech with the ground work.
(after they were done with it.)
We could have done it cheaper without them. They used more cost than needed so they could make sure they controlled whatever they were going to build before they were sure what it would be.
Stealing is not creating, just transfering. Mainly the only things gubmints create are corpses.
Maybe share this w/ folks who care (if you can find one)...I think people have no context to even begin caring right now...so here goes pissing in the wind...cause good governance starts with an informed populace.
=======================================
American Economic Cheat Sheet:
-US GDP (sum of all US economic activity upon which taxes are raised) is $16 T (Trillion...btw this =$16,000 billion...$1 billion is a $1,000 millions) and growing @ 2%'ish
-US Federal Gov Treasury debt is $17 T and growing @ 8%'ish
-2012 US Federal tax income $2.3 T vs. Federal expenditures $3.6 T or $1.3 T deficit...2013 should be a smaller deficit, likely $800 Billion
If this debt continues growing dramatically faster than economic growth (and the tax base to pay for it)...the government (via the Feds QE...Quantitative Easing or the Fed's policy since '09 of buying $3.5 T in Treasurys and mortgage debt w/ newly created money) will continue printing money (diluting existing holders of money) to ensure non-market pricing of Treasury's and mortgages is maintained (Fed is the only party willing to buy this debt @ these very low rates w/ high risks...if the Fed did not do this, the Congress and President would be forced to make hard decisions to ultimately prioritize spending and taxation and the economy would be restructured accordingly. Please note this would be economically painful in the short term but beneficial mid / long term).
Note that the Federal government does not pay off our Treasury debt but rather only rolls over (re-sells) our existing debt along with our newly issued debt. Thus, the amount of debt is increasing exponentially while the economy is growing in a linear function (ie, since '07 public Treasury debt has increased by 125% while the economy has incease @ 10%'ish).
Quick breakdown of Federal Treasury debt:
-$5 T is intragov Treasury debt owned by Social Security and other government functions...this was created when the gov was running surpluses of income and the excess was used to buy Treasurys...the government holders roll this over so no worries so long as SS receipts are greater than benefits...discussion for another day.
- $12 T Public Outstanding Debt (active Treasury's in market place)
- Quick Defiinition of Treasury debt...Treasury Bills or T-Bills less than one yr. duration - Notes intermediate duration - Bonds / TIPS 10yr plus duration
- $7.8 T in T-Bills (Fed owns basically zero)
- $4.2 T in Notes / Bonds (TIPS) (Fed owns $2.2 T or 50%'ish of all medium / long term debt)
-QE is Fed buying $45 billion monthly ($540 Billion annually) of Treasury debt (notes/ bonds) and that amounts to about 150% of Treasury's issuance meaning Fed buys essentially all new plus most if not all rollover debt (Fed QE also buys $40 billion of mortgage debt monthly to drive down mortgage rates)...The $85 billion in monthly QE is not from taxes but simply money the Fed creates with which to buy these (think monopoly and when you run out of money but still want to buy something, you just grab a sticky pad and put a number on it and pass it off as legal tender...voila, QE!!!).
- At this rate Fed will own 70% (it's own rule for the max amount of every issuance it can own) of all Notes / Bonds (TIPS) within about a year (at current QE and current Treasury issuance)...this means Fed is buying virtually all outstanding intermediate / long term US debt.
- This also means all $5 T of foreign held Treasury debt (China / Japan, etc.) has essentially moved from a mixture of short/med/long debt to only the shortest duration T-bill market
The takeaway is that the Fed has ensured there will never be an intermediate or longer dated interest rate spike (no bond vigilantes or market based sell-offs based on US policy)...but it also means Congress and the President have no pressure or penalty for not coming to compromise or prioritizations of spending and taxation. This means that the US is incredibly vulnerable to a short term T-bill exodus that the Fed would be incapable of covering without increasing QE (bond buying) radically...This is the danger to the currency that the Fed will increase it's balance sheet to own in essence 70% of all marketable debt.
The implications for the dollars purchasing power is very precarious as this is threatening to skyrocket the money supply and thus a sudden and dramatic loss of standard of living for Americans.
Of course it's much more complicated due to unfunded liabilities (promises to pay SS or medicare in the future w/ money already spent) derivatives (like insurance but called something else to avoid the regulations around actually setting aside capitol in case something actually happens) and leverage (borrowing capital (money) to increase the potential return but risking greater potential loss) of everything financial. These are topics for extra credit for those who actually may have read this far and still interested (nerds :) ).
Thanks for reading and hopefully with greater information, discussions can start from some shared facts and reach deeper than which political party will win next.
Maybe they always wanted to shut down the few non-evil parts of the government (think NASA, NSF, cancer research, parks, veterans' benefits) and turn the rest into nothing more than a collections agency for the cronyist elites. They just need an excuse. Red Team blames Blue Team and vice versa. Sheeple believe one side or the other.
But it's not just about money. It is also about Obama pretending to be the boss. There is no money for anything positive but there is always money for armed goons to hold foreign grannies prisoner in Yellowstone and forbid them from taking a leak, ticket joggers in parks, arrest fishermen on the Government's ocean, shut down private hotels, kick people out of their houses near Lake Mead, and stop veterans from touching their dead buddies' names on war memorials in public places. Then there's the war on drugs, war on Amish milkmen, war on terrorist grannies' crotches, war on whistleblowers, war on the middle class, war on bankers' losses, war on the Constitution, war on random brown people, war on the human spirit, etc. All these "essential" functions of government will continue until after the revolution.
Now, if they don't raise the debt ceiling or use accounting gimmicks, expenses cannot exceed revenues. There are just enough revenues to fund "essential" government, i.e. evil government. How convenient.
http://theeconomiccollapseblog.com/archives/extreme-hypocrisy-obama-orde...
http://www.silverdoctors.com/power-mad-obama-offers-two-choices-uncondit...
Lie to yourself. Come on, you can do it! YES WE CAN! -
- Borrow more, forever.
- Never have to pay it back.
- Print more currency, forever, without having it implode.
- Steal from our children without impacting their lives.
- Pay for every scatter-brained "social justice" idea ever hatched, forever, without driving away productive folks
Progressives are people who misunderstand "infinity" selectively. Government cannot go to infinity without driving the private sector to zero, and then who do you tax?
Re: Progressives are people who misunderstand "infinity" selectively.
"Conservatives" are people who are self-delusional about who actually said: "Reagan proved deficits don't matter".
A Red Team President passed Medicare Part D; another socialist scam for worthless OldFarts who think they are entitled to welfare.
As long as there are dumbasses who think the Red or Blue Team is different, the sociopaths will keep the dumbasses fighting over bullshit. Which means forever, as the dumbasses can't think beyond Red and Blue team, their brains are configured to believe bullshit.
Your first mistake is thinking I give a damn about either team.
Your second is confusing "progressives" with "blue team" and "conservatives" with "red team". By now if you were paying attention you'd have noticed that McCain is every bit as much a progressive as Schumer, and that both are out to screw you over. Likewise, Jim Matheson (D, UT) occasionally gives lip service to reality, as his constituents drive him to it, and can be found voting the same way as Cruz, on rare occasion.
But keep yourself confused and voting for the status quo (rapidly degenerating in all respects). It's easier that way, like I said above - YES WE CAN! (lie to ourselves)
Re: Your first mistake is thinking I give a damn about either team.
I don't either. But on this site, if a statement singles out Progressives (or "Liberals") or "Conservatives" without noting that other side is equally duplicitious my assumption is always that the poster is a true-believer (dumbass) for a particulare Team.
So, I threw out the my post to bait you into (hopefully) proving you were a true-beleive and then I'd be able to pile on more.
You can never tell who the true-believers are, and there are lots of names to keep track of.
I have never voted because I know the entire system is a dog and pony show.
The corrupt cabal of banks are getting the "growth" in missing GDP dollar. As Obama takes on more debt it just goes to the most tied in and in my opinion corrupt. Take a look at JP Morgans assets vs loans....they are just pocketing the trillions along with their fellow criminals!
government is not instituted to create something from
nothing but to preserve and protect that which exists
prior to those man made manufactured goods.
and then it is gone.
government is and, as has been said,
a recursive restrictive aspect of the
greater life system.
essential but incomplete, dependent and
wanting; merely a part or aspect of the whole.
the limiter depending of the limitless to
provide everything and everything else.
"The problem with Socialism is that you run out of other peoples money to spend"---Margaret Thatcher. It doesn't really seem like there's a lot more to understand than that. Then there's the Roman Senator 2000 years ago who forsaw all this clearly when he said, "Democracy is an impossible form of government, because soon the people find how to vote themselves money from the public treasury". So, ??
So Nature always rules absolute, of course.
And yet Margaret Thatcher's sole purpose was to sell other people's property for private benefit. It wasn't hers to sell. She's in hell now where she belongs.
debt is economic growth, as measured by GDP; just ask Trump. But you want a preferred position in the Reserve bankruptcy line.
Open & Closed
If you take another look at your empire issued History, especially the resource atlases over time, what you see is an ebb and flow between agrarian and urban migration. Like all circuits, the snapshots are net flow. It’s like rotation cropping. The resulting breeding patterns are derivative. The urban bubbles get bigger, more complex and more corrupt with each cycle, until they blow up.
The Internet is several derivative iterations down the development chain from its integral predecessors, all promise now and no delivery. Like Facebook, and all other legacy ponzi schemes, legacy capital seeks incremental derivation, roll out the minimum ‘improvement’ required to get Apple holders to throw away their old phones and buy the updates. Now you don’t really think that the folks that built the integrals simply turned off their brains and followed the herd downstream through the pipeline to the killing field do you?
Labor concerns itself with time, capital concerns itself with property and middle class concerns itself with income, to buy…I develop and write for labor. If you are not serious about getting married and raising children as the means to building wealth, I don’t write for you, but there are things you can find useful just the same. (Sometimes I wonder why the majority doesn’t just plead to filter out my posts.)
For example, buy and hold loses, less quickly than buy and sell with the herd. Recycling silver is much more ‘profitable’ than buying and holding gold due to herd volatility, the leverage available in many more feedback loops.
If Yellen untapers, leverage will increase, real estate will inflate and associated labor will deflate, accelerating income inequality, measured or not. If she continues, income inequality will continue to rise, but at a slower pace. If she tapers, real estate will fall for those with ‘uncovered’ positions. If the Fed mandate is price stability, what happened to real estate? If the Fed mandate is full employment, why is the output between human potential and human actual so great?
The State of CA and its clones have physically placed generation in the back of the stupid line, yet power generation distribution is well on its way, albeit with archaic generators, to the point where the utilities now find it compelling to follow. The corporation has no idea what is actually going on; it simply sees all kinds of leakage from its models in the direction of distributed generation. At threshold, those generators will be replaced, and like the typewriter and the buggy, a big chunk of the middle class will be swept into the black hole.
I prototype just far enough to see the integral, set that prototype on the shelf, work ahead another prototype, put that prototype on the shelf and give the second derivative to capital. By the time capital figures out what to do with the derivatives and implements them, I am two bridges ahead, because I do not need anything the empire is selling.
The keeper on the spring to the switch is going to snap, the switch is going to temporarily make, passing current forward and backward. Do as you like with the information. Where do you want to be?
Earth to Shiff, THESE PEOPLE ARE NOT STEWARDS. Empathy is fundamentally flawed in that when you attempt to put yourself (a capable person in the financial world) in their shoes (cancerous tits), you fail to ever see the world as they do. Repeat after me, they.do.not.give.a.fuck. If it means keeping the status quo going for only a moment, then they will slit your throat for the mere possibility. The concept of the status quo causing further deterioration in our economy and society is not even on their radar, not because they can't fathom it, but because it does not matter. How could you possibly expect stewards out of people who nominate themselves to rule others? Surely ye jest. Benevolent dictators are merely prom dates who promise to only put in the tip. Good luck with that.
i love hearing how the "people" are so fed up with the govt. that the vast majority give the government low approval ratings. and yet, over 65% of the populace receives a check from the govt in some way shape or form, whether it be through disability or employment or through indirect employment (govt contractor employees). which leads me to believe that the masses have absolutely no idea why they are mad at the govt.
I get cheese from them, does that count as an entitlement?
They are 'mad at the government' because that is what their corporate-controlled media message programs them to belive --- and all for the wrong reasons, of course.
The Red Team true-believing masses are mad at the Blue Team and the Blue Team true-believing masses are mad at the Red Team, but next election 90%+ of the poltical scum WILL be relected.
People love socialism. That's what the Libertarians on this site can't comprehend. And the "Conservatives" love manly socialism as much as the "Liberals" love girly socialism.
Nobody is thinking, people's brains simply respond to packaged bullshit of specific styles. And the various political parties of the world package the bullshit for their dumbasses.
Government + bullshit = politics
Morals + bullshit = religion.
Craft + bullshit = spatter art.
Bullshit adds LOTS of value for those able to manipulate the dumbasses.
Bullshit, ask for it by name.
Cue the video of the flag waving in patriotic slow motion.
Really.
This guys constant repetition of the same stupid stuff makes Freddie look like a multi-faceted genius.
20 posts in the same thread.
debt. it is not a ceiling or a target.
it is the transcribed and derived basis
whereby your slave masters create money
from thin air
to own you and your resources, life and progeny.
so what, m.d.
The post is probably the most even-tempered and non-hyperbolic thing I have ever read from Peter Schiff. That may be another sign of impending apocalypse. When the guys who are usually screaming their heads off go calm, one can conclude that things have become too serious for cheap rhetoric.
Your logic is sound but we're not 'there' yet.
Bonus track:
http://youtu.be/kBBTdht7Kp0
Actually I was kind of hoping my logic was not sound...
:-/
At the risk of not being loved around here, "duh".
You won't make many friends with that kind of statements.
My understanding is that money is created when debt is created. Further, my understanding is that when debt is paid off, in theory the money used to created the debt should have disappeared. Create debt = create money: Pay-off debt = destroy money. My understanding is also that the Fed has been creating new money to purchased the low quality debt of the international banks. So in theory when the Fed buys the debt, the money should disappear and the balance sheets of the large international banks should become smaller. (They are not becoming smaller).
So, what appears to be happening instead is that as the Fed purchases the debt from the large international banks and gives the banks newly created money, the banks are not "disappearing" the money, as they supposedly should, but instead keep the money in the economy and buying thinsg with it (such as stocks, metals and farmland) or possibly lending the money to associated hedge funds, PE firms and the like for the sole purpose of bidding up assets and exchanging fiat for real assets.
One may question whether this trading of fiat for real assets does anything good for the eocnomy or it just makes things more expensive for the bulk of America and puts control of all significant real assets in the hands of the banks. When the dollar crashes and people are left with useless fiat, the banks will own everything. Now there is a reason for revolution ... not the B/S sideshow provided by the so called government.
Re: Now there is a reason for revolution
Sadly, when it does come, the dumbasses have a historical tendency to kill the innocent instead of those who screwed them.
But, this is just another example of how survival of the fittest works.
The smart-n-savvy people hire sociopaths (politicans) who create believable bullshit for their dumbasses and manipulate them into fighting over nonsence while the smart-n-savvy feast off the dumbasses.
They are dumbasses tho, what can you expect. Just life.
Funny, I came to a completely opposite conclusion.
The act of trading essential goods is the creation of money because those goods become money.
The act of paying debts is the act of causing a higher price for a service or good by getting it faster than you can fully pay for it. It's not a destruction of money, it's a destruction of future potential & living self.
Once I figured out the fraud of counterfeiting I knew right away that papers with central bank powers linked to their creation & police-state guns to ENFORCING their use... simply aren't money at all. Never were.
If I take 10 people hostage and threaten to beat or kill them at gun point unless they use pocket lint to trade with each other, and hand over a portion of real goods & services to me on threat of violence, I haven't created money. I've just got hostages. Making this billions of people instead of just 10 didn't change that.
"What is alarming is that the media and the public have swallowed it so willingly. As they call for limitless increases in borrowing, Democrats have offered no plan to reduce the current debt and they are unwilling to negotiate with Republicans on that topic"
ahh yes, but the democrats "just want to take the gun off the table" (jay carney white house press conference hours ago)
...maybe yet another staged attack is on the table
The great masses of the USA want more debt!
I love economists. They know nothing and prove it every day. This guy forgets that balanced budgets include revenue and expenses. If you're short 20% in revenue to meet required and necessary expenses, and the revenue comes from taxes and fees, then increase revenue if the "family" can muster the energy to do it. Americans have 50 trillion dollars of idle capital sitting in overseas tax havens earning nothing for the "family". Start taxing unproductive capital and see how fast it goes to work. This is psychology, a superior pseudo-science to economics. We always produced balanced budgets when we taxed unproductive wealth. Look it up. Too few took too much and the middle class disappeared when this wealth was allowed to go freely untaxed. Reverse the policy and the jobs, the wealth, and the surpluses will return.
"Start taxing unproductive capital and see how fast it goes to work."
start taxing capital sitting overseas (if you can figure out a way) and see how fast it DISAPPEARS (off the radar). It will turn into factories, resources or hard assets ALL STILL OVERSEAS, where it still can't be taxed. Instead, try reducing the size of government so you can reduce the tax rate, and make investment in America profitable (enough) again. Then you MIGHT see capital return to America, if the relative gain is high enough.
Or you can keep trying raising taxes, and see what happens ...
Yep there are very solid solutions to the problem, but few realize how significant they truly are.
There's no such thing as "unproductive capital". All capital gets used, it's only a matter of when & no one should say when but the one who earned it. if you let anyone know in advance you will steal it (tax it) they will either refuse to work & save (now you can't tax it) or will devote a healthy portion of that capital to weapons to kill whoever comes to steal it.
People who were relatively successful within the established systems (like Peter Schiff) are going to stay within that frame of reference when they propose their preferred "solutions." What they recommend may be understood by others who also operated with that frame of reference. That is the problem! The basic frame of reference of force backed frauds is reaching its terminal phase. Nothing within that system can possible save it. (Although, personally, I am in the can kicking club at the present time, since whenever that stops being possible, then all hell will break loose.)
The debt insanity situation that the USA is trapped within is due to the central social fact that government IS organized crime, controlled by the best organized gangs of criminals. Furthermore, it is impossible for that to ever be any different! As long as any human beings continue to survive, human realities will ALWAYS be organized lies operating organized robberies. Money is measurement backed by murder, where the debt controls depend on that death controls. That fundamental fact has been astronomically amplified by science and technology to become a global electronic fraud, backed by atomic bombs. THAT is the magnitude of these problems, and nothing within the established frame of reference is remotely close to being adequate to address those central social facts, since the established systems were built on the maximum possible deceits and frauds, including not only the established mainstream being able to bullshit about that, but also the entire range of alternatives also spout similar bullshit, e.g., Peter Schiff in the article above.
Political economy exists inside of human ecology. Since the main manifestation of human ecology was the history of warfare, where success depended upon being deceitful, and backing that up with destruction, the entire structure of Neolithic Civilization is that, ONLY BECOMING AMPLIFIED TO MORE ASTRONOMICAL SIZES BY ADVANCING SCIENCE AND TECHNOLOGY.
MEANWHILE, none of the basic break through ways of thinking that made things like electronic computers and atomic power possible are being expressed in our politics, which is still almost totally dominated by the same old biggest bullies' bullshit social stories, in the form of obsolete religions and ideologies. (Peter Schiff is one of the spokespersons for one brand of those obsolete ideologies.)
It is quite impossible at the present time to imagine how we could actually fix problems caused by technologies becoming trillions of times more powerful and capable, when almost all of that went into making people even more able to be deceitful and destructive. The only theoretical solutions would be to develop better organized systems of lies, operating robberies, as better dynamic equilibria between the different kinds of organized crime gangs (which are the only form of human organization which actually exists.) It looks like the only way that can actually happen is that the established systems will continue to get more insane, until they go through some series of psychotic breakdowns. That may open some new niches for the survivors to develop some new coping mechanisms, as they adapt to those realities.
Many people know that the longer it takes for that to finally happen, the worse it will be then. (Even Peter Schiff sees that.) However, NOBODY can possibly know what it means for human beings to become trillions of times more powerful, since that has never happened before in human history. It appears that the actual resolutions of the current problems being prepared by the ruling classes are to deliberately collapse the American economy, and impose democidal martial law. The level of chaos there, and what new order may emerge out of that, are out of control ...
Theoretically, we should be changing our political science in ways which were inspired by the changes in other sciences, which have driven these real problems to become trillions of times worse than ever before. However, in fact, our political "science" is still controlled primarily by obsolete religions and other goofy ideologies, which worked the best in the past, but which now are practically psychotic in the degree to which they are out of touch with the real world, of relatively more objective facts.
The real world is a hyper-complicated mess of entangled social habits, which were created by a long historical process of legalizing lies, and backing those up with legalized violence. The relationships between those lies, and the violence to back them up, were the only ways that the laws of nature actually related to the laws of man. The American financial system is fundamentally fraud backed by force. That system operates by being run by the best professional liars, and immaculate hypocrites. People like Peter Schiff are merely one of the alternative possible brands of bullshit, which may be somewhat better than the mainline bullshit, still believed in by the mainstream.
The great paradox is that the only way to talk more coherently about the money system would be to talk about how its measurements would be backed by murder. However, since history naturally selected for the murder systems to be operated through the maximum possible deceits, which therefore enabled the maximum possible financial frauds, there is no reasonable hope that human beings are going to start resolving their problems in more honest ways, rather than continue to be driven mad, and cause some series of psychotic breakdowns to happen.
Paradoxically, the more theoretically necessary the kinds of paradigm shifts in politics that we would need are, the less popular, and therefore, then the less practical those kinds of ideas actually are. The real world will continue to be a hyper-complicated working through of different systems of organized lies, operating organized robberies, lying to each other about everything they are doing as much as possible, while that overall process is what will actually make the real future happen ...
Re: However, in fact, our political "science" is still controlled primarily by obsolete religions and other goofy ideologies, which worked the best in the past, but which now are practically psychotic in the degree to which they are out of touch with the real world, of relatively more objective facts.
Good point, you might have the above thought backwards tho.
Perhaps, the "obsolete relgions and other goofy ideologies" are actually the only organizational systems possible of our human brains.
So, the 'control' isn't really the religion and ideologies. These would be recreated instantly if they were to somehow disappear.
Humans are as trapped in their limited responses as chimpanzees. The 'control', then, is in our limited brains to do anything else.
That's why atheists hate the fucked up fundies who are insane retards.
Wrong. Leftards bend over backwards for Mooslum fundies so how do you explain that? Also practically all leftards are anti-Christian fundies who worship tards like Obozo as if he were some Pharoah figure how is that oh so progressive and enlightened?
straw-man.
There are almost no real lefties or righties - the entire situation is kabuki theater - and none of those qualities makes a person an ATHEIST.
Yes, NOTaREALmerican, it is another one of the bizarre paradoxes that at the same time as we have the emerging sciences understanding the human brain and behavior, those actually still get mostly employed to be better at promoting the same old social systems based upon ignorance and fear, whereby a few can control many.
Theoretically, we have an abundance of existing and emerging science and technologies to perhaps direct artificial selection of our culture. However, the actual application of those abilities have ended up making most Americans become overall sicker and stupider!
It certainly seems that a large component of the mental tendency to be fanatical has a genetic basis, and that Neolithic Civilization has selected for those people who were the most fanatical, in the sense of the most attached to various old-fashioned religions and ideologies.
The problem that I routinely confront is that attempts to communicate with most people who believe in those kinds of world views must compromise so much to begin to be able to communicate at all, that then there is barely anything left worth communicating. That is, as long as we are still stuck in the old-fashioned frames of reference, promoted by various degrees of fanatical personalities, who are proud of that, then there is practically nothing left worth being able to still be communicated that stays within those frames of reference.
Well-established systems of lies, backed by violence, do not care about evidence and logical arguments. Rather, they tend to always simply double down on believing what they want to believe. Eventually, the major corrections will probably become mass murders, that select for a few to become survivors that adapted, by wiping out all the rest that could not survive. After all, that is what nature has done over and over again during the course of evolution.
We evolved diversity by having gone through serial maximizations of specialization, which were then wiped out by events beyond which they could adapt to, which left only the more diverse adaptors to continue to survive. Furthermore, nature also demonstrated some awesome tricks of creative convergences in the past, which may happen again during future human evolution?
However, right now we are stuck in the rut of Neolithic Civilization, based on force backed frauds, and we seem unable to do anything else but wait and watch, as that rut gets deeper and deeper, until we wear the bottom out, and drop through to quite unpredictable states of chaos ... from which some new order will emerge, which I doubt will be anything like anyone planned for, but rather, a crazy mixture of everything, resulting in something that nobody wanted.
re: "science"
Survival of all living things requires killing other living things to use their resources or eat them.
Money itself is just a tool for human survival and as a tool, and seeking survival, we can't escape the essential nature of the cycle of life.
You can call it murder.
I would prefer to distinguish unnecessary & rampant killing as another division of evil vs the mere necessary killing of other living things by deprivation or violence as needed to keep them out of my space for survival, out of my food, or for those animals I eat because they are my food.
Of course all the science says that pigs, cows, sheep are on average about the same level of intelligence as a 2 year old child so in terms of the suffering created it's like butchering and eating children.
So, you're saying that it would be more ethically justified to eat congresspersons instead?
For sure, MDBogus, food does not jump into one's mouth!
The human brain, and its ability to use symbols, obviously evolved within some context of those being relatively useful to survive. Basic human consciousness was always based on dichotomization. However, that kind of common sense has turned out to be as dangerous as the rest of our common sense ideas, which have been demonstrated to be backwards! For example, common sense says that the Earth is flat, and stays still, at the center of everything else. Common sense does not say that the Earth is round, and spinning at a thousand miles per hour, as it goes around the Sun at something like 86 thousand miles per hour, and so on ...
What I keep on EMPHASIZING are the relative breakthroughs in science and technology, which have made stupid little monkeys trillions of times more powerful. We used to be merely monkeys that got eaten by tigers. Now we are monkeys with guns that are driving the tigers extinct. The development of the human brain, and its abilities, has turned out to paradoxically become something which threatens our collective survival, and perhaps even the survival of most other life on planet Earth, since we are controlled by the people who are the most dishonest and violent, who are constantly driven to make various decisions which are best for them in the short-term, while the worst for everyone in the longer term.
The leading example, of course, is atomic energy. The first thing we did with that is make tens of thousands of atomic bombs, when a few hundred would be enough to destroy most of civilization. Then we used that technology to generate electricity, in ways which endangered ourselves with the worst kinds of radioactive pollution, which could last for a very long time!
The degree to which we are all delusional and insane, and making the worst possible decisions, traces back to the paradox that the people who were the best at being dishonest, and backing that up with violence, ended up controlling civilization, in ways which are extremely good for them in the short-term, but become more and more terrible for everyone in the longer term.
The basic problem with the government of the USA, and its runaway debt insanity situation, is due to how the best organized gang of criminals, the international banksters, were able to apply the methods of organized crime to gradually take over almost complete control of the political and social institutions in America. That gradual, but accelerating, runaway triumph of fraud, symbolizes all the other paradoxical problems that we have with our problematic future survival. The triumph of controlling civilization with huge lies, backed up with lots of violence, gradually paints itself into the corner.
I agree that there should be a distinction between killing enough to stay alive versus killing too much, since the problem with the worst psychopaths and sociopaths becoming the people that actually dominate the real world is that we then collectively engage in the maximum possible insane kinds of killing way too much. Instead of the system creating a sustainable political economy, it blows one bigger bubble after another, which then pop in even more spectacular ways. During most of history, the biggest popping bubbles provoked wars. However, the next war risks weapons of mass destruction being used, in ways which, once that got started, perhaps no longer could be stopped?
Anyway, while I agreed with what you wrote, MDBogus, what you wrote emphasizes my main point, which is that the people and government of the USA have become delusional to the point of SUPREME PARADOX, THAT THEIR ABILITY TO SURVIVE WAS DEVELOPED IN WAYS WHICH HAVE BECOME THE GREATEST THREAT TO THEIR OWN FUTURE SURVIVAL!
Ya, I can roll with that. +1
You aren't far off, but apparently many folks are suckered by predator propaganda designed to justify the nasty behavior of the worst predators by pretending the predator life is absolutely unavoidable by the nature of living beings. Like virtually all propaganda, this lie contains some grains of truth, but is a blatantly false in many ways that matter.
As sentient being capable of detailed observation and thought, we are always better served (and more sane) to identify and consider the actual facts, not largely false massive over-generalizations.
Here are some of the relevant facts:
#1: Most plants consume water and dirt, which the last time I checked were not living beings. So it is false to claim that "all living things" require killing, since the majority of living things on planet earth do not.
#2: Most of what animals consume is already dead before they consume it.
#3: To pick a ripe nut, fruit, veggie off a plant does not harm the plant, and in fact that nut, fruit, veggie would have fallen off the plant very soon anyway.
#3: When an animal picks and consumes ripe nut, fruit, veggie, it may well be performing a valuable service for the plant. How so? After the seeds of that food pass through the digestive system, it gets pooped out on the ground in a locations, and helps that plant create offspring. Or if we're talking about human animals, they intentionally plant enormous quantities of seeds and thereby create huge numbers of offspring. Having planted these seeds, these humans then invest considerable time, effort and resources to provide sunlight, water and any nourishment the natural soil may be lacking in sufficient quantity.
#4: Even when an animal consumes an animal, that doesn't necessarily mean it killed the animal. Fact is, all organisms die from natural causes, and eating them after death is not the same as killing them.
#5: When an animal kills an animal that also kills animals... what is your problem with that? Are you saying animals should not kill animal killers? To kill an animal that kills animals is, at the very least, treating the animal no worse than it treats other animals.
#6: Of course, there are cares of animals killing animals that do not kill other animals. If you have a problem with this behavior, that's perfectly okay. Just recognize this is not the model for all animal or human behavior. See above.
#7: It is true that some humans think it is perfectly okay to kill animals in ways that cause them pain. I completely object to that practice, but again, that kind of behavior is not inherent, necessary, or universal.
#8: A reasonable human could argue that animals that do not kill other animals should not be killed in order to consume them for nourishment. However, a reasonable human could argue the contrary. They could point out that the animal is provided safety, food, water and a degree of comfort for quite a long period of time. Then when they are killed humanely, it is equivalent to "the lights went out instantaneously and without pain or fear". The obvious fact is, all animals will die eventually anyway of natural causes or accident, and a humane, painless, instantaneous death is not so bad for a create that "contributes" nothing, but just lives.
-----
The fact is, organic life does not need to be predatory. Especially humans have the capacity to create (meaning "produce goods that would not otherwise have existed"). In fact, less than 1% of the earth population could survive on the goods that naturally occur in the earth environment.
Some of the issues mentioned above are not given sufficient consideration by the vast majority of people. No question about that. OTOH, it is difficult to criticize animals for their behavior, since they can't conceptualize the issues necessary to control their own behavior.
The main point is, the "processes of life" do not require predatory behavior. The human predators that rule earth today would love for everyone to forget the obvious facts enumerated above, and assume predatory behavior is necessary and therefore not subject to criticism. That is untrue. Human predators deserve our criticism, and if their behavior does not change, a followup bullet or two.
always you with the bitch-bickering. Well, it is Fight Club.
MANY plants consume other plants or even insects. Surely not all but some.
ALSO many MAMMALS including humans also need to consume various minerals, which aren't living, and we can even consume them on their own as vitamins or supplements.
That doesn't negate our need to kill living things to eat.
Also plants indirectly need to kill other things BECAUSE their resource use means some other plant will starve. For example, expanding tree cover to soak up all the light kills the underbrush that needs the same light for photosynthesis.
I did mention "deprivation" in my prior comment. That's part of what I meant.
To your point #4: it remains true that something MUST kill the food-animal for it to be food. Otherwise something else would go hungry. Thankfully there is no immortality so it's only a matter of time & opportunity.
#5: re-read my post. I have no problem with any form of killing of anything, by anything, needed purely for survival.
Predatory: the fact is if you consume resources I need it will do me harm and may kill me and that IS PREDATORY.
Period.
Even various moulds act in this manner, not only blocking each other physically but developing mycotoxins to attack each other to retain control of the space they've got.
I flat out reject your definition of "predator".
Enough gloom and doom !! The good news is 22 ammo is back ! It used to be $16 for a brick but at the moment it is $60 ! It will come down as production meets demand. I plan on shooting at least 100 rds this weekend and let the kids shoot the rest. Cheer up men, aint a damn thing we can do now but party while we can
I would'nt piss away that ammo killing beer bottles..just say'in..Teach the little ones with a quality air rifle..
The new air rifles are as powerfull as a 22 short anyway. Fun to shoot too.
Bath house cannot allow the ACA to fail.
The ACA is the center, keystone piece of the Authoritarian Socialist Regime he is 'fundamentally changing' America into.
Without the ACA and its police-state rules and regs, the Socialist Revolution he aspires to install cannot happen.
This country will see a civil war. How long it lasts is anyone's guess.
If this transformation is going to happen it will happen in the next three years and this leads me to believe that Obama wants the debt ceiling battle to cause the US to default on it's debt. At the same time he can neuter the Republican and Tea parties. I firmly believe he thinks this is the way to his socialist revolution. I hope I'm wrong but all signs are pointing still toward that outcome and besides he stated his desire to transform America.
Boosting the balance sheets of insurance companies at their request isn't any kind of socialism. Dictates to government by corporations who are really in charge is very much anti-socialism, it's Fascism.
Money can easily be based on production as it is now based on debt. It only takes the will of leadership and what we have now is an embarrassing disgrace. A multicultural democracy such as ours will make certain that it will never change.
We know who is responsible in this society and who isn't. We also know that the irresponsible are rewarded and the responsible are punished.
Since there is an unwillingness to discuss this root of the problem, destruction can be the only logical result.
Re: Since there is an unwillingness to discuss this root of the problem
Get the OldFarts off their socialist medical scam and then (maybe) we can discuss MY socialist scam.
Everybody loves the socialist scam they got rich off of, or are living off of.
(Git yer socialist hands off my medicare, that's not socialism, I'm entitled to that 4th hip replacement surgery and that motor-scooter!!)
That would be the unwillingness, yep.
"I fell down for the 15th time this year walking to the bathroom to take a piss, but I don't care. I Medicare!"
#1 being multi-cultural has nothing to do with debt
#2 America is not even a little multi-cultural compared to most places on the globe.
but multicultural is a cool word I saw on faux, dude.
It makes me seem edgy, and rebellious.
There is NOTHING BUT DEBT ! Every USD (NOTE) is a promise to pay debt , there is no value , only in the minds of the sheep who BELIEVE it has value. All that is going on now is issue of 85B month to buy worthless treasuries(toiletpaper), so where is the money? If this is money then we are so f$&ked. The whole thing is an illusion ! Could someone show me where we actually have money cuz I don't see it.
Re: Could someone show me where we actually have money cuz I don't see it.
You could transfer some illusionary money to my PayPal account.
Then, the next day I'll tell you if the sandwich I bought with your illusionary money was good or not.
This is the Austrian definition of value though, and the inducement to trade. People believe one thing has greater value than another.
Look, simple fact of the matter is that in a world of real hard physical objects we operate in a self generated mental model. The model only vaguely approximates reality, it's almost totally wrong in all but the broadest perspective. Put another way, we are all delusional. Some people are just a little less delusional than others.
Watch your bank accounts,the U.S. Government has "bail-in" laws now.Uncle Sam might be borrowing from you soon.Uncle Sam skims a chunk of money off when needed...and gives you an IOU
How much of savings/MM do you think is not loaned out? Maybe an IOU for an IOU?
Oh yeah , and these asswipes get paid 6% to issue this nonmonitary bullshit NO MATTER WHAT !!!!! FU YELLEN the NEW MAGICIAN
That's not suppose to get out or interest on hugh reserves on top of the 6. Turning fiat (money laundering) into real money for free. That is the scam.
"Democrats, and the President in particular, believe that continually taking on more debt to pay existing debt is a more responsible course of action."
Why, I see nothing wrong with that plan of action, do you?
it is the required next step if you accept
the monetary premise that ultimately destroys
your nation, community and social lively hood.
can we afford to not take that next step?
NotRealmerican That tasty sandwich Used to cost 59cents, NOW costs $5.99. You just got buttraped by the majic moneychangers. Inflation Is a tax, and a very cruel one.
Especially cruel in a debt based system of fiat.
And....just in, from Drudge...hahahahahahahaha
'COMPROMISE' WOULD FUND OBAMACARE, LIFT DEBT CEILING, REOPEN GOVERNMENT AND REVERSE SEQUESTER CUTS...
I believe my asshole has just been compromised (again).
Phuck, where is the Prep-H and the adult diapers?
They will announce later tonight while the sheep sleep. We're all progressives now
lol.
"If Republicans were to inexplicably prevail, and the federal government were to cut spending so that its expenditures matched its tax revenues (a truly radical idea) the country's financial mess would be laid bare."
Ahhhh, Peter, Peter, Peter, but then the Fed would make no money, you see?
I mentioned this to you on the steps of the Waterbury DMV when you were campaigning...and you sidestepped it then, just like you sidestep it now.
"We have to acknowledge what even the Republicans haven't fully grasped. We are in such a deep debt hole that there is no solution that does not involve serious economic pain."
Pain for whom? The banksters or the serfs? Please explain. The kneebone is not connected to the elbowbone or have you not noticed?
The pain would include pension funds.
The pain would include all manner of business.
The pain would come to your front door with loss of services (fire,police,etc.)
It is all connected.
Marie Hussein Antoinette: "Let them eat debt!"
If they did not print for 1 month you are looking at 2000 pts down on the dow
Just remember, you have to sell a treasury bond before it is worth something and therein is the Achilles Heel...It's that simple...
"If I were an Ostrich I could make sense of this but I'm in Congress, do you have a Reader's Digest version?"
How about Cliff Notes with lots of pictures?
http://sufiy.blogspot.co.uk/2013/10/peter-schiff-gold-out-with-debt-ceil...
FRIDAY, OCTOBER 11, 2013
Peter Schiff: Gold - Out with the Debt Ceiling, in with the Debt Target!
Just an idea... Raise Taxes on the wealthy. They can afford it. Reinvest in education and infrastructure thereby increasing growth potential.
Right. Raise taxes on the wealthy to provide more to the growing Free Shit Army. Brilliant. Trenchant.
Your BCSC contact is full of shit!!!
Why do you think the Federal Government is again trying to take over securities regulation? Because the SCC ruled that the Federal Government may have jurisdiction in over securities regulation if it dealt with systemic risk.
This is a stealth takeover to allow Minister Flaherty to subject brokerage accounts to federal law not provincial law. Banks are already under the jurisdictions of the Federel Government so you are alreadynfucked there and totally Cypressable. Coming to RRSPs and TFSAs also.
Of course no one is talking about this but I am not going to be silent about it. People Think Canadian banks are safe but they got bailed out in 2008 quietly. I ask why the government is so focused on the bail in plan if the banks are safe?
I was replying to Wacko Warner above
It is too late either way.
Either path is the path of great pain and a rapid and vast shrinking of US economic strength, which has only existed through global subsidies and wars in anycase.
As it is the entire US economic system is a fraud.
Stock prices - totally meaningless
Commodity prices - totally meanignless
Gold/Silver prices - totally meaningless
Oil prices - totally meaningless
USA economic data:
GDP - fake
Employment - fake
Manufacturing - fake
Inflation data - fake
Regulatory systems, Judicial systems
Captured and Corrupted
The whole US economic edifice is a meaningless facade.
All the US has left is military might that it cannot afford, and a battered reserve currency.
The only reason the US has not gone down the plug hole already is other countries are afraid they will be sucked down after it.
But it is going to happen anyway.
Good summary, Kina!
"But it is going to happen anyway."
At the end of the day, when economic armaggedon goes down that will have to be on a global scale the only answers to stem the bleeding will be based on precious metals.
And it will be because there will be no other choice.
History is a funny thing.....
Here's quote by Congressman William Lemke (R) from March 3, 1934:
"....This nation is bankrupt; every State in this Union is bankrupt; the people of the United States, as a whole, are bankrupt. The public and private debts of this Nation, which are evidenced by bonds, mortgages, notes, or other written instruments amount to about $250,000,000,000, and it is estimated that there is about $50,000,000,000 of which there is no record, making in all about $300,000,000,000 of public and private debts. The total physical cash value of all the property in the United States is now estimated at about $70,000,000,000. That is more than it would bring if sold at public auction. In this we do not include debts or the evidence of debts, such as bonds, mortgages, and so forth. These are not physical property. They will have to be paid out of the physical property. How are we going to pay $300,000,000,000 with only $70,000,000,000?"
So, how did the US solve the problem back then?
(....oh, that's right..)
The people became chattel(Def. #2).
It is clear from this shutdown that politicians in a democracy are willing to hold the future of the majority of the working class at stake to achieve their own objectives. If the population of a country thinks that political candidates who spend millions of dollars to get elected do so to serve their country and make policies and rules for the betterment of the majority of the citizens of the country need to wake up from their dreams. Democracy worldwide is a failure and needs to be re-defined to ensure the periodical evaluation of elected leaders so that they perform their duties or can be removed by the people from their seats of power.
llusion of Democracy today.
People sponsored by the rich, make false promises to the masses to get elected. Distribute national wealth amongst themselves and their sponsors (Industrialists) and when that is not enough borrow money from rest of the world and continue the distribution process. The borrowed money has to be paid back by taxing the masses keeping in mind that tax rules are made such that the politicians and their sponsors pay minimum or no taxes.
End of political tenure, rinse and repeat till the whole system breaks down and the world wealth is cornered by a minuscule of the population.
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