• Sprott Money
    04/29/2016 - 05:58
    There is unfortunately no basis for renewed optimism that this current litigation will have any meaningful impact on precious metals manipulation – with respect to either silver or gold.

The Government "Apologizes"

Tyler Durden's picture




 

Excerpted from Sean Corrigan on Money, Macro, and Markets,

Dear Grandma and Grandad, thank you for making the valiant effort over these past decades to achieve a measure of self-reliance in your dotage and for allowing us jacks-in-office full use of your savings in the meanwhile as both a means to fulfill our political ambitions and as a way to act out our own economically-illiterate and usually illiberal prejudices at the expense of you and yours.”

 

Sadly, it transpires that we have not only wasted a goodly part of your savings, but we have greatly added to the host of irredeemable promises which we made to you, in the form of a mountain of even more pressing pledges issued to the Biggest of Big Fish in the financial markets. So that we do not entirely dissuade these latter sophisticates from again indulging our follies at the earliest opportunity, we shall now have to ask you to share – and thereby greatly to reduce – their pain.”

 

Be assured, however, that the loss for which you have my heartfelt sympathy will patriotically ensure that we can continue to live well beyond our means. In this way your sacrifice will see to it that the least possible harm will come to any of us in the political classes (a.k.a. the agents of your misfortune), to our army of placemen, patronage-seekers, and dole-gatherers, or to our plutocratic enablers for – as the IMF puts it – ‘…resources that would otherwise have been paid out to creditors will have been retained [to] reduce [our] overall financing needs.’ Nor will we have to suffer the indignity of modifying our existing approach overmuch by actually only spending money on the things for which you, in true democratic fashion, have openly voted the taxes since – here let me cite those marvellous chaps in Washington, once again – ‘resources could be efficiently employed to allow for a less constraining adjustment path.’, i.e., to allow one demanding as little fundamental ‘adjustment’ as possible.”

 

I feel confident you will join me in looking forward with some enthusiasm to the next, inevitable ‘reprofiling’, just as soon as we can arrange to overspend enough to make one necessary once again. Should I have already laid down the heavy burden of selfless public service by the time this comes about and gone instead to my just reward as a highly-paid ‘consultant’ to a global investment bank, I would urge you to give your full support to my successor, of whatever political stripe he or she may be. In such an event, there will, of course, be precious little different in the treatment you receive at the hands of any of the mainstream parties as currently constituted”

 

Yours Insincerely, The Minister of Finance.

Coming to an electronic doormat near you soon...

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Sat, 07/19/2014 - 13:54 | 4977400 svayambhu108
svayambhu108's picture

No way!

Sat, 07/19/2014 - 14:25 | 4977479 MASTER OF UNIVERSE
MASTER OF UNIVERSE's picture

Way!

Sat, 07/19/2014 - 14:56 | 4977561 Beam Me Up Scotty
Beam Me Up Scotty's picture

Maybe if people learned to take care of themselves, and save for themselves we wouldn't have this problem.  Instead they BEG for programs like Social Security, Medicare and Obamacare.  Social Security is the biggest joke ever wrought upon the American public.  If you stuffed your hard earned money in a mattress, you would probably have more to show for it than the people who are 50 and younger ever will see.  You would think the young people in this country would be mad as hell that they have to give their money to Social Security that they will never see.  As soon as they earn a buck though, they need to run out and buy the newest I-gadget or new car.  Heaven forbid anyone ever saves up to buy something.  They all run right to the bank and take out a loan, or worse yet use their credit card.  As long as they can afford the minimum payment, they think the world is golden, never realizing that the bank is fucking them in the ass with 20% or higher interest.

Sat, 07/19/2014 - 15:14 | 4977583 Future Jim
Future Jim's picture

Baby Boomers Already Spent Their Social Security

The Federal Debt is Illegitimate

Social Security is a Ponzi Scheme

How To Fix Social Security

This article has it backwards. Seniors not only voted for the poliicians who borrowed their SS, but they also voted for the politicians before that who created the policies that led to the borrowing. Seniors now want to stick young people with the bill.

Sat, 07/19/2014 - 15:21 | 4977630 max2205
max2205's picture

Fuck you....govt did it

Go get a job

Sat, 07/19/2014 - 15:38 | 4977684 NemoDeNovo
NemoDeNovo's picture

Nice response, typical boomer.

Sat, 07/19/2014 - 17:17 | 4977936 7.62x54r
7.62x54r's picture

Yep.

Government did what the boomers wanted them to. They wanted lots of spending with little tax, so the retirement coffer got raided.

Actions have consequences.

Sat, 07/19/2014 - 18:36 | 4978165 Future Jim
Future Jim's picture

At this point I have gotten one up vote, and 12 downvotes. That means that the Free Shit Army is on this thread 12 to 1.

I'm guessing many ZHers didn't know they were part of the FSA until now.

Sun, 07/20/2014 - 08:20 | 4979297 The Most Intere...
The Most Interesting Frog in the World's picture

The free shit army? You mean the boomers, right? Other than the boomers, no free shit army on ZH dumbass.

Sat, 07/19/2014 - 21:10 | 4978607 slipperyPete50
slipperyPete50's picture

I'll upvote that because it is true.  I've been railing against this BS since I got my first paycheck from my father when I was. well, let's call it anti-child labor case eligible.  It didn't take long or any promptig actually for me to identify who the invisible hand picking my pocket, aka enemy was.  The masses were too stupid to do anything about it, they loved it.  I circulated petitiions for non-2-party establishment candidates in the 80's door-to-door and had those doors slammed in my face.  Lacking all else, I wrote my representatives asking for a paper to sign a legally binding exemption for social security, et al, you don't take from me, and I'll ask nothing from you, and those went nowhere obviously. 

I'll fight tooth and nail to get WTF those bastards owe me now, not because I want any of it, more because they stole it from me and my children and I'll never be able to recoup it in kind.  Trust me, they took more than I'll ever be able to get back, without any inflation adjustment considerations.

Sat, 07/19/2014 - 15:39 | 4977691 Louie the Dog
Louie the Dog's picture

So we 18 year olds, fighting and dying in Vietnam voted in Johnson so we could not only stay in Vietnam but also pay for it with our future SS?  Asshole. Just keep paying in so I can get some of my money back before it all goes to hell.

Sat, 07/19/2014 - 17:14 | 4977887 Future Jim
Future Jim's picture

So the generations before you did it to you, but you're not doing it to the generations after you!? You always voted libertarian? Really!? You are in denial.

Also, seniors include those generations before you boomers too. Why pretend I am only talking about boomers? You are committing the strawman fallacy.

Like you confessed, you want the Democrats and Republicans to take the fruits of my labor from my kids and give it to you before it all goes to hell. Is that what you taught you kids? I teach my kids that one of America's founding principles is that no man has a right to the fruits of antoher man's labor. You are unethical and unAmerican. Ameria is circling the drain and you voted for the people in charge.

You have lost your way, but I know that you sincerely want the future to have been a better than if you had never existed, so I sincerely hope you find your way again.

Sat, 07/19/2014 - 17:26 | 4977947 7.62x54r
7.62x54r's picture

Ponzi schemes require two participants. The con man and the suckers.

I'm 50+ years old. I was forced to pay for this ponzi scheme at gunpoint. I also got to watch the rest of the stupid fucking boomers tell the government to spend the fucking money. I expect the whole damned thing to collapse before I draw a dime.

Don't expect the folks under 40 to vote to spend a dime to rectify this massive fail and fraud. I know I wouldn't, if I could help it.

Sat, 07/19/2014 - 18:53 | 4978220 logicalman
logicalman's picture

I'm more like 60- but have to agree.

I've made my way on my own. I've known for a long time that the people who worked and saved are the ones that will be screwed, but I've had no choice but to pay into the systematic theft that is government -  gunpoint and all that.

In terms of age, I'm definitely a 'boomer'

In terms of running with the herd, I'm not.

I was lucky - mum was an anarchist, dad was what would be called a libertarian these days (the term hadn't been coined when I was a kid)

They left me with few illusions, thankfully.

 

 

Sat, 07/19/2014 - 19:36 | 4978352 OldPhart
OldPhart's picture

I'm 54.  Back in the 80's goobermint realized that the ponzie was going to unravel right about now.  There was a bit of interest in 'fixing' social security and some talk in connedgrease.  In the end, nothing was solved.  I knew then that I would only pay in to support my parents and grandparents, but would never see a penny back.

At 50 I resigned myself to the fact that I will never retire.  I will die at work.

Sun, 07/20/2014 - 08:13 | 4979292 The Most Intere...
The Most Interesting Frog in the World's picture

Fuck you mooch. You are a burden. Die already, PLEASE!

Sun, 07/20/2014 - 15:02 | 4980572 slipperyPete50
slipperyPete50's picture

2-4 years of service in the hell of vietnam doesn't entitle you to neverending privelege to stick your hand in my pocket and every other persons who didn't go to Vietnam to fund your big screen TV when you got home.  You were fighting for the privelege of freedom in theory - to work and to be independent and to make something of YOURSELF above and beyond killing a bunch of Gooks sitting on a rice patty.

I would have gone to war to fight for the privelege and freedom if and when it is necessary.  I'm thinking it may be some day soon.  After I'm discharged, whatever, I don't expect to rape my neighbors paycheck and good fortune for the rest of our natural born lives.

Curious what the fuck Louie the Dog you think you were fighting for, exactly?

 

Sat, 07/19/2014 - 16:16 | 4977784 Omen IV
Omen IV's picture

"As soon as they earn a buck though, they need to run out and buy the newest I-gadget or new car.  Heaven forbid anyone ever saves up to buy something"

so by your own words people younger than 50 are not saving for their retirement nor for anything else

so when they hit 65 are they just going to die or commit suicide

sounds like you have not thought it thru..........which makes sense

Sat, 07/19/2014 - 17:25 | 4977959 7.62x54r
7.62x54r's picture

How can they? No jobs, and the ones out there pay $0.27 an hour, in real 1964 silver money.

I suggest buying ammo, since the only way they will be able to eat when they retire is to kill and smoke really old fart meat.

Sat, 07/19/2014 - 19:36 | 4978356 OldPhart
OldPhart's picture

I'd be too stringy.

Sat, 07/19/2014 - 18:28 | 4978139 logicalman
logicalman's picture

An interesting thought experiment........

Real money (can't be printed)

No fractional reserve banking.

No income tax - excise tax (the only reasonable tax) but not on food, clothing or housing.

No inflation.

Start working at 20

Work 40 years & save 50% of what you make, which won't be stolen by government or eaten by inflation.

Retire at 60 knowing you have enough behind you to last to 100.

Anything left, the kids get.

 

Sat, 07/19/2014 - 20:11 | 4978448 barre-de-rire
barre-de-rire's picture

illusions are dangerous, coz they have zero defaults...

what kind of infrastructures remain 2 decades without any one to maintain it ?

 

Sun, 07/20/2014 - 03:54 | 4979159 SoDamnMad
SoDamnMad's picture

to Beam Me Up Scotty

I didn't beg for SS. It was taken from my pay when I went to work in a foctory during my college summer vacations. When I graduated I bought an insurance plan from a previous graduate who told me that if I took my SS deductions and gave it tohim to invest I would have far more at 66 than I am getting now.  I didn't see any party or opportunity to join a minority party who would change the course of SS.  I saved and got out of a house upon the death of my late wife just in the nick of time. I have two coins to rub together because I never bought a GM or Ipad. I moved overseas and don't have a CC. Go FY

Sun, 07/20/2014 - 08:07 | 4979287 The Most Intere...
The Most Interesting Frog in the World's picture

The combined take by SS and Medicare alone is over 15%. It is impossible for people to set money aside at this point.

Sun, 07/20/2014 - 08:10 | 4979290 The Most Intere...
The Most Interesting Frog in the World's picture

Of the people I know, seniors are buying new cars. Everybody else driving around in shit cars.

Sat, 07/19/2014 - 14:03 | 4977403 JustObserving
JustObserving's picture

Let's put some numbers to that:

US debt and unfunded liabilities are $1,260,000 per taxpayer and rising at $70,000 per year.  Good luck, collecting all that was promised to you by your friendly government that has been buying billions of bullets for homeland security.  Kotlikoff has US debt and unfunded liabilities at more than $2,000,000 per taxpayer and rising at $100,000 per year.

But at least the Nobel Prize Winner is protecting your freedoms with NDAA and the power to drone American citizens without trial. GMO foods are so good for you that never is there a need to label them even though 93% of you want labels.  1984 was such a long time ago.

Glyphosate, the active ingredient in Roundup®, is the most popular herbicide used worldwide. The industry asserts it is minimally toxic to humans, but here we argue otherwise. Residues are found in the main foods of the Western diet, comprised primarily of sugar, corn, soy and wheat. Glyphosate's inhibition of cytochrome P450 (CYP) enzymes is an over.looked component of its toxicity to mammals. CYP enzymes play crucial roles in biology, one of which is to detoxify xenobiotics. Thus, glyphosate enhances the damaging effects of other food borne chemical residues and environmental toxins. Negative impact on the body is insidious and manifests slowly over time as inflammation damages cellular systems throughout the body. Here, we show how interference with CYP enzymes acts synergistically with disruption of the biosynthesis of aromatic amino acids by gut bacteria, as well as impairment in serum sulfate transport. Consequences are most of the diseases and conditions associated with a Western diet, which include gastrointestinal disorders, obesity, diabetes, heart disease, depression, autism, infertility, cancer and Alzheimer’s disease. We explain the documented effects of glyphosate and its ability to induce disease, and we show that glyphosate is the “textbook example” of exogenous semiotic entropy: the disruption of homeostasis by environmental toxins

http://www.mdpi.com/1099-4300/15/4/1416

http://www.youtube.com/watch?v=h_AHLDXF5aw

Sat, 07/19/2014 - 14:06 | 4977422 Escrava Isaura
Escrava Isaura's picture

JustObserving,

Did you bother checking private debt?

Would you know it by chance?

Sat, 07/19/2014 - 14:10 | 4977433 JustObserving
JustObserving's picture

Personal debt per citizen is about $52,000 per USdebtclock.org

Sat, 07/19/2014 - 14:17 | 4977452 Escrava Isaura
Escrava Isaura's picture

NO! It's not.

$42 trillion / 316 million Americans = $133 thousand each man, women, and child

Sat, 07/19/2014 - 14:25 | 4977476 JustObserving
JustObserving's picture

Here is an article from Zeo Hedge which confirms the lower nummber

http://www.zerohedge.com/news/2013-06-04/debt-nations

Sat, 07/19/2014 - 14:50 | 4977527 Escrava Isaura
Escrava Isaura's picture

Thanks. However, it’s not complete.

Check Z-1 second line: Domestic nonfinancial sectors; credit market instruments; liability

http://www.federalreserve.gov/releases/z1/Current/accessible/l1.htm

Sat, 07/19/2014 - 15:01 | 4977576 Sean7k
Sean7k's picture

If you already knew, why did you ask? Did you WANT to come off as a dickhead?

Sat, 07/19/2014 - 15:23 | 4977633 Escrava Isaura
Escrava Isaura's picture

Of course not! I just want to highlight the ‘Crux’ of the problem: Erroneous/not complete/some deceiving information regurgitated endless.

Example: Many here call, erroneously, US Government as socialists. And some even go as far to call US a free-market.

Both statements are totally wrong.

So if you can’t get history and facts right, what make you believe that you’ll be able to know the future better?

Or able to judge anyone else here?

Sat, 07/19/2014 - 15:31 | 4977655 Sean7k
Sean7k's picture
http://www.merriam-webster.com/styles/default/images/reference/headword-...) 0% 100% repeat-x #e8ecf5;">
so·cial·ism

http://www.merriam-webster.com/styles/default/images/reference/audio-pro...); background-attachment: initial; background-size: initial; background-origin: initial; background-clip: initial; background-position: 0% 0%; background-repeat: no-repeat;" title="Listen to the pronunciation of socialism" type="button" /> noun \?s?-sh?-?li-z?m\

: a way of organizing a society in which major industries are owned and controlled by the government rather than by individual people and companies

http://media.easybib.com/citethis/citethis.png); background-position: 0px 0px;">   http://www.merriam-webster.com/styles/default/images/reference/hardrule-...) 0% 50% repeat-x;">Full Definition of SOCIALISM 1 :  any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods 2 a :  a system of society or group living in which there is no private propertyb :  a system or condition of society in which the means of production are owned and controlled by the state 3 :  a stage of society in Marxist theory transitional betweencapitalism and communism and distinguished by unequal distribution of goods and pay according to work done _______________________________________________________________________________ Totally wrong would be incorrect. Assuming one set of statistics is correct over another is equally problematic. Attempting to color the conversation when the acknowledgement of figures is in general agreement with your own is just being divisive. 
Sat, 07/19/2014 - 15:51 | 4977720 Escrava Isaura
Escrava Isaura's picture

Sean, some of the links are broken. But it doesn't matter.

It’s obvious that you’re researching for answers. And that’s great. Unfortunately, lots are propaganda do deceive. We, in the US, are pretty good at that.

Even Goebbels, Ministry of Propaganda for Hitler, copied US in how to misinform a nation, Germany, into war.

Anyway, there are mainly four forms of capitalism:

Penny capitalism: Farmers selling their goods

Local capitalism: Small business. Such as your hardware store. Owners that would be serving on their boarder schools and so on in their communities.  

Social capitalism: Such as the Amish’s. Where the labors/manufactures owns their production. Then, they hire business managers to assist them.   

And Multinationals: America largest corporations/banks

My advice to you: Stop listening to these so call “Experts”. Get out of this mind set of Socialism and Communism. And that either the ‘Left’ or ‘Right’ capitalism will save us… if we only did this and that.

It’s almost over. And it’s going to be hell. That is the problem with the financialization of an economy/nation. It ends in wars.   

Sat, 07/19/2014 - 16:09 | 4977762 Sean7k
Sean7k's picture

You must be pretty new here. Any idea how long it has been "going to hell"? At least 1789, but we could go further and further back. We have had financial wars (the entire twentieth century), but it still keeps pluggin' along. Slavery has been the dominant feature of human society for over five thousand years. 

You haven't even touched on the drug trades, British aristocracy or Zionism (which goes all the way back to Canaan). 

So, before you sink any farther into ignorance, check your ego at the door. 

 

Sat, 07/19/2014 - 16:15 | 4977782 Escrava Isaura
Escrava Isaura's picture

I guess you made your point. Now, let's move on.

Sun, 07/20/2014 - 13:48 | 4980280 eishund
eishund's picture

You may in your lifetime get to see why we call them socialists. But, pray that does not happen because it aint gonna be pretty.

Sat, 07/19/2014 - 14:16 | 4977448 RaceToTheBottom
RaceToTheBottom's picture

"US debt and unfunded liabilities are $1,260,000 per taxpayer and rising at $70,000 per year."

Am thinking that it is not linear; am guessing that it is increasing exponentially.  Interest on interest and all that.

 

Sat, 07/19/2014 - 14:32 | 4977501 greatbeard
greatbeard's picture

>> Good luck, collecting all that was promised to you

Kick the can baby !!!!! 30 years max and I'm outa here. 10 to 15 is more probable.  After that I think they really need to camp down on things.

Sat, 07/19/2014 - 14:56 | 4977567 Pool Shark
Pool Shark's picture

 

 

Oh, they'll have no problem making good on those promises. But by the time you get your 'entitlement' payments, they'll look something like this:

http://www.providentmetals.com/zimbabwe-100-trillion-dollar-note-uncirculated.html

 

Sat, 07/19/2014 - 19:20 | 4978300 greatbeard
greatbeard's picture

>> they'll look something like this:

I've got a golden retirement policy that should get me through the tight times if that happens.

Sat, 07/19/2014 - 15:15 | 4977608 kchrisc
kchrisc's picture

"Good luck, collecting all that was promised to you by your friendly government that has been buying billions of bullets for homeland security."

The debt is actually created via theft and counterfeiting by the banksters and then loaned to their victims so as to enable the banksters' harvesting of their victims’ labor and product—they steal from their depositors AND their debtors both.

 

I.e. the debt is not so much collected, but harvested.

Sat, 07/19/2014 - 18:41 | 4978180 MASTER OF UNIVERSE
MASTER OF UNIVERSE's picture

Very cool use of the Third Law of Thermodynamics and Biological Behaviourism IMHO. I was unaware of 'exogenous semiotic entropy', thanks for the education. Keep up the good work!

Sat, 07/19/2014 - 13:57 | 4977410 disabledvet
disabledvet's picture

Baghdad looks on the verge of exploding too.

"All diplomatic options are being pursued."
(Set phasers to maximum.)

Sat, 07/19/2014 - 14:06 | 4977424 i_call_you_my_base
i_call_you_my_base's picture

AKA, "we are trying to pay off the parties involved as quickly as possible."

Sat, 07/19/2014 - 14:11 | 4977434 Lumberjack
Lumberjack's picture

Dear Grandchildren,

I thought you would have learned after all that soap I washed your mouth out with for telling all those lies not to mention the innumerable trips behind the woodshed. So far you have wrecked all my cars, stolen from my businesses and friends to support your habits, and I have spent the remainder of my money bailing you out and for other legal fees.  I thought you would have learned your lessons a long time ago but alas, you have not. 

I have written you out of my will and you are now cut off...

 

Sincerely, Grandpa.

Sat, 07/19/2014 - 14:14 | 4977440 Steroid
Steroid's picture

Dear Grandpa,

 

What about the next two generations haven't even yet born?

Sat, 07/19/2014 - 14:23 | 4977470 Lumberjack
Lumberjack's picture

Sadly, I won't be around to offer them guidance or assistance. I have given the kids chances every 4 and 6 years to redeem themselves and instead they made it worse for us and inevitably their offspring. Their arrogance, empty promises and compulsive habits were ultimately their undoing. It will be VERY difficult for them in the near and long term future. 

Sat, 07/19/2014 - 21:33 | 4978667 Ginsengbull
Ginsengbull's picture

Nobody ever said it was supposed to be easy.

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