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5 Complete Lies About America's New $18 Trillion Debt Level
Submitted by Simon Black via Sovereign Man blog,
On October 22, 1981, the government of the United States of America accumulated an astounding $1 TRILLION in debt.
At that point, it had taken the country 74,984 days (more than 205 years) to accumulate its first trillion in debt.
It would take less than five years to accumulate its second trillion.
And as the US government just hit $18 trillion in debt on Friday afternoon, it has taken a measly 403 days to accumulate its most recent trillion.
There’s so much misinformation and propaganda about this; let’s examine some of the biggest lies out there about the US debt:
1) “They can get it under control.”
What a massive lie. Politicians have been saying for decades that they’re going to cut spending and get the debt under control.
FACT: The last time the US debt actually decreased from one fiscal year to the next was back in 1957 during the EISENHOWER administration.
FACT: For the last several years, the US government has been spending roughly 90% of its ENTIRE tax revenue just to pay for mandatory entitlement programs and interest on the debt.
This leaves almost nothing for practically everything else we think of as government.
2) “The debt doesn’t matter because we owe it to ourselves.”
This is probably the biggest lie of all. Two of the Social Security trust funds alone (OASI and DI) own $2.72 trillion of US debt.
The federal government owes this money to current and future beneficiaries of those trust funds, i.e. EVERY SINGLE US CITIZEN ALIVE.
I fail to see the silver lining here. How is it somehow ‘better’ if the government defaults on its citizens as opposed to, say, banks?
3) “They can always ‘selectively default’ on the debt”
Another lie. People think that the US government can pick and choose who it pays.
They could make a bing stink about China, for example, and then choose to default on the $2 trillion in debt that’s owed to the Chinese.
Nice try. But this would rock global financial markets and destroy whatever tiny shred of credibility the US still has.
Others have suggested that the government could selectively default on the Federal Reserve (which owns $2.46 trillion of US debt).
Again, possible. But given that the Fed (the issuer of the US dollar) would become immediately insolvent, the resulting currency crisis would be completely disastrous.
4) “It’s the NET debt that’s important”
Analysts often pay attention to a country’s “net debt” instead of its gross debt. If you have a million bucks in debt, and a million bucks in cash, then your ‘net debt’ is zero. It washes out.
Problem is, the US government doesn’t have any cash. The Treasury Department opened its business day on Friday morning with just $71.9 billion in cash, or just 0.39% of its total debt level.
Apple has more money than that.
5) “They can fix it by raising taxes”
No they can’t. Just look at the numbers. Since the end of World War II, US government tax revenue has consistently been roughly 17% of GDP.
They can raise tax rates, but it doesn’t move the needle in terms of revenue as a percentage of GDP.
In other words, the government’s ‘slice of the pie’ is pretty consistent.
You’d think with this obvious data that, rather than try to increase tax rates (ineffective), they’d do everything they can to help make a bigger pie.
Or better yet, just leave everyone the hell alone so we’re free to bake as much as we can.
But no. They have to regulate every aspect of people’s existence: How you are allowed to educate your children. What you can/cannot put in your body. How much interest you are entitled to receive on your savings.
All of this costs time, money, and efficiency. So do never-ending wars. The bombs. The drones. The airstrikes.
This isn’t about any single person or President. The problem is with the system itself.
History shows that every leading superpower from the past almost invariably fell to the same fate.
Great powers often feel that their wealth and success entitles them to spend recklessly and wage endless, arrogant wars. The Romans. The Ottoman Empire. The British.
History may not repeat but it certainly rhymes. And the lesson here is very clear: debt weakens a nation. It weakens a society.
Generations that will not even be born for decades will inherit these debts by complete accident of birth.
And the people in charge of the system have backed themselves into a corner where there is no way out other than to default– either on their creditors (creating a global financial crisis), the central bank (creating a currency crisis), or on the citizens themselves (creating an epic social crisis).
Bottom line: this is not a consequence-free environment. And while you can’t fix the debt problem, you can certainly reduce your own exposure to what happens next.
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We indebted some folks.
Two things I read, if debt is 100% of the GDP, it cannot be paid. Second, if budget deficit is more than 3% it cannot be balanced.
We are well over 100%. The real deficit - taking away all the bookeeping tricks they employ - in 2012 per John Williams was 6.6 trillion, so annual spending exceeds 10 trillion FOR ONE YEAR. Counting all the promised entitlements you get to 70-80 trillion in actual debt.
It's going to be a crash of Biblical proportions.
ya, we are passed the point of no return, thats for sure. If we were forced to account for liabilities like SS/medicare the way a publically traded company has to account for their current and future retirees pensions, we are well over 100 T in debt. And the real yearly deficit is far larger. depending on who you ask, our unfunded liabilities are between 70- 200 trillion dollars, which it really doesnt matter which figure is correct, we are fucked either way. and each year, while we may "only" add a little less than a trillion each year to the 'debt', we are adding between 4-6 trillion each year onto our true(unfunded liabilities) debt
There is no return. The debt will NEVER be paid.
Besides, a few Trillion here, and a few Trillion there, and it adds up to fraudulent FRN's.
And people say the government isn't good at anything.
#2 The debt doesn't matter because we say it doesn't matter.
Any of you guys remember the Joe Isuzu commercials (played by David Leisure) from the early 1990s? Well, here's how he'd fix the national debt:
https://www.youtube.com/watch?v=IGUBm0XQbqA
Now I want you to remember how we used to laugh at stuff like that, not live it in real life.
"Others have suggested that the government could selectively default on the Federal Reserve (which owns $2.46 trillion of US debt).
Again, possible. But given that the Fed (the issuer of the US dollar) would become immediately insolvent, the resulting currency crisis would be completely disastrous."
And? What is the problem?
Legalize private money backed by gold, full reserve banking, crisis over.
back in the nineties it was figured at 40 trillion..... ! It pays to be in the new rome !
The only way to make this mess go away is a massive bloody war. Putin is more than happy to be the bad guy as the world pretends to have lost it's mind. It is 1938 all over again.
First they debase the currency, then we go to war.
you people are so pessimistic, saying things like, the debt will never be repaid.
relax, it's all part of the plan, everything's working according to schedule.
i even have a few 100 trillion dollar bills in my posession i can donate to pay off the national debt.
mine might be from zimbabwe, but it's only a matter of time before the usa starts printing its own $100 trillion notes:
http://tinyurl.com/osf89f3
Has everyone forgotten about Krugman's trillion dollar platinum coin?
Once the Federal Reserve is in default, the US can no longer be the Global Reserve Currency, and we'll be forced to live within our means. Gold and Silver will certainly ascend to the heavens while Barry and his Tranny will be lucky to escape with their lives. But fixing the money and hanging Ben/Janet's group from trees is the easy part. Dealing with the riots from EBT holders, welfare and 60 million on food stamp crowd will probably end with major American cities burned to the ground and maybe a few million dead. Don't misunderstand me, it can be done. But will be painful, at least for several months.
know your history of money: USA has had such changes in the past..ever hear of US NOTE? Silver certificate? gold Certificate? the fear of Fed reserve notes being worthless is way over blown by those who would get hurt the current elite banksters ..paulson in 08 knew the FRN going to Zero was possible so he and GS would take big hits, thus his threats to GWB and congress, he lied and we got the obvious crimes of tarp and money debasement called monitisation of debt which bernak and co said would never happen-well it did and here we are.
"Again, possible. But given that the Fed (the issuer of the US dollar) would become immediately insolvent, the resulting currency crisis would be completely disastrous."
This may sound harsh but it seems to us that after the reset, the penalty for fractional reserve lending, counterfeiting/fiat printing, ponzi scheming, and all other "white collar" crimes must be death.
Fiat Justitia Ruat Caelum.
Long on rope.
i agree. but i dont think that sounds harsh. i think what we should do, which does sound harsh, is put the main offenders' cut off heads on stakes in time square to remind anyone thinking about FRL or creating a CB that the same fate awaits them.
Hanging by the neck in the middle of town has a certain propaganda effect to it.
"penalty for....white collar" crimes must be death"
Oh, it will be. The laws of cause and effect weren't repealed.
Team Depends
Well in the US Constitution, there are only three crimes defined: Treason (punishable by death), Counterfeiting and Piracy.
Article 3 section 3; Treason (Death Penalty)
Article 1, section 8, clause 6; Counterfeiting
Article 1, Section 8; Piracy
Further, the Coinage Act of 1792 provides, in section 19...
So the law already exists to prosecute the motherfuckers who took over our country. The problem is, any possible legal mechanism to seek justice here is thwarted because the whole fucking government is comprised of Zionist Rothschild stooges. All of them.
they get around the coinage act by issuing enough ASE's& AGE's etc to meet the demand of the public who still wish to purcase it as the intrinsic value has exceeded face value. So they technicly are still in compliance with the coinage act to "meet demand". The problem is there are to many stupid fucks out there willing to accept and circulate the cupronickel coins.
I think a strong case can be made that they intended to outright ban fiat money.
Agree, but have to add, nothing wrong with your cupronickel coins, in fact they happen to be the least-FIAT type circulating money the USA currently issues. Both copper and nickel are respectable monetary metals, and the intrinsic value of the 5cent piece is now at least equal to it’s face value.
Ohh... you were doing so well, and then you had to go and ruin it by foaming at the mouth about "Zionist Rothschild" blah blah blah.
"Section 19 of the Act established a penalty of death for debasing the gold or silver coins authorized by the Act, or embezzlement of the metals for those coins, by officers or employees of the mint; this section of the Act apparently remains in effect and would, in theory, continue to apply in the case of "any of the gold or silver coins which shall be struck or coined at the said mint." (At present the only gold or silver coins struck by the US mint are the American Silver Eagle and the American Gold Eagle coins, some Proof coinage at the San Francisco Mint, such as the silver US State Quarters, and much of the Commemorative coinage of the United States.)"
Nice try.
Yes the Coinage Act of 1792 was never repealed. Just not enforced. Under it, President Johnson should have been executed in 1964 when he removed silver from coins.
no, team depends, actually it doesn't sound harsh enough: the ponzi schemers and federal reserve scammers extracted a whole lot of wealth, but they only were a problem because of the sheer apathy, stupidity and gullibility of the american voter.
why should they get all the blame and the stupid american sheeple enablers not? there's too many of those useless eaters, anyhow, they should get the death penalty as well.
#2 Is a particularly dangerous collectivist idea. Who exactly is "ourselves?"
The present ourselves? Future ourselves? If this is owed to ourselves, where is my check?
You want a check, I want a refund.
It'd be easy as pie to pay off, if TPTB priced the Debt in Gold. 8,500 tons of gold reserves priced for a debt of $18T amounts to ~ $66,000/oz. If the debt were to go higher, so would the price of Gold.
The problem is... A. They don't have anywhere near 8,500 tons (as it's been sold or rehypothecated a gazillion times), and B. some governments would demand payment in gold, and that would deplete the US reserve. Think back to De Gaulle and France in 1969-1971.
The countries who'd demand gold can afford to limit their budgets to gold backing, because they don't have the same kind of Imperial ambitions that the US has and they therefore don't need endless money creation for their MIC. They also don't have the same kind of scum as does Wall St, which drives up the price of... everything. Cause Bonuses depend on price and volume, don't you know. They have scum too, but not nearly as devious plus creative as the guys on Wall St or at GS. IMHO.
p.s. As a newbie, thanks for not making me step into the FC Ring. I'm a lover, not a fighter. See avatar. :-)
Try that math with the debt at $200T. It would be interesting to watch people race to collect enough dollars to buy a fraction of an ounce of gold (silver more likely - lower price) and other people racing to collect gold to sell for dollars to pay off debt.
Piece of pie. Easy as cake!
"The debt will never be paid."
What does this mean, exactly.
A debt, by definition means some entity is owed money.
So WHO is not going to get paid?
The Chinese and other US debt holders, public pensions, Social Security?
yes
We're fucked.....
People will still need dollars as long as it's tied to energy but, that is changing too....
won't be long now.
You're confusing the debt with unfunded liabilities. The debt is what's actually owed, RIGHT NOW, irrespective of what happens with future spending.
Unfunded liabilities, in contrast, are projections of WHAT WOULD BE OWED IN THE FUTURE if we continue down the current unsustainable path.
However, while astronomical in size (e.g., Boston University economist Laurence Kotlikoff estimates unfunded liabilities currently exceed $220 trillion), those big numbers aren't amounts we actually owe today.
How long did the japanese have their debt over 100% GDP like 20 years,move along, we can postpone longer... or pretend
Not true. In 1815 Britains debt from the Napoleonic wars was 100% of GDP. By the start of WW1 (1914) they had paid that debt off.
Then they made a far bigger debt in 4 years that destroyed the British Empire.
It took nearly 100 years to pay off a debt and they had the advantage of an expanding and prosperous empire with gold mines in South Africa and Australia and a captive market in India and a hundred other colonies.
So still not true but it may as well be because no empire today could repeat what Britain did.
you are correct, and zerozulu is talking nonsense, neither of his statements is correct:
"Two things I read, if debt is 100% of the GDP, it cannot be paid. Second, if budget deficit is more than 3% it cannot be balanced.".
of course it is possible to pay off a debt equal to gdp, and also to balance a budget with 3% deficit. it's just very rare to have the political will to do so.
but to say that it can't be done is just plain false.
We indebited some folks... [So move all your gold & digital fiats to Gstaad].
There, fixed it.
That watch is worth $18T in Philly.
I disagree. In Philly, it's worth fifty bucks.
Say, how much for the gun?
This "We past-tense-verb some folks" meme was funny for a while, but by now it's getting really old and tired.
Soon we'll be saying that it's "so 2014".
We will raid some folks accounts.....
gold plated
We Zombied some folks.....
We are fucked but it doesn't seem to matter?
We wil Rape, Murder, Pillage & Steal some Soverign Folks Gold.
thats coming. Next market crash, they will come in under the guise of protecting 'folks' 401ks and IRAs from the volatility and predations of wall street. They will mandate that all retirement accounts(and all pension funds) hold some % of their money in the 'safety and security' of USTs, which will earn them a 'reasonable rate of return without all the risks of wall street'. This will allow them to steal a couple trillion more from prudent savers and keep the ponzi alive a few more years. It will also preserve their low interest rates and keep demand for USTs high even without the fed buying. While obviously this is pure speculation on my part, its a backdoor way for them to confiscate all that retirement money without having to call it confiscation. May not play out exactly like that, but we all know they are coming for that money, one way or another. Thoughts on this, anyone?
Yep. This will happen. But it will only buy them time. They might only be able to claim 10 or 20 percent of pensions. Much more than this, and citizens would be burning down the capitol.
Add to this, these new government administered retirement programs will not be considered property that the owner can bequeath after death. All funds left in these accounts will be claimed by the US government at the time of death. The government will be both the beneficiary of your accounts AND the sole administrator of your health care (death panels).
"Ok, let's just take a look at your portfolio.... I'm sorry. I mean, your blood-work."
Yet such programs will too fall short of covering the full cost of living. Enter the special stores with "government prices", followed by universal "fair price" laws. As shortages continue to get worse, it will be tracked down to a handfull of "greedy gaugers" at factories & farms. Government will step in to rout them out (nationalization) and those caught acting selfishly will be sent to re-education camps where they will be able to work (for free) producing the very goods everyone else needs. With slave labor firmly established, the social pyramd will become much more stable, total industrial output will drop back to Eart-sustainable levels and a new era will dawn on human kind. Except for a small ...
To paraphrase Bill Murray from 'Stripes', "We are not Cyprus, but we are willing to learn."
I love how easily this nitwit waves off repudiating the federal reserve's illegal claims of debt to them.
And this just in now.....
Social Security in route to be insolvent by 2024....
http://www.mrctv.org/blog/chart-social-security-s-end-date-fast-approach...
I F-ing knew it...right when I could start thinking about retirement. Knew that was gonna happen.
What a joke. Social security is insolvent NOW. This is the way they do it. Guise everything with confusion, false facts, some economist's theories, etc, etc. And yet its really quite simple. Have you ever seen anyone dig themselves out of a debt hole without bankruptcy? I never have.
They all sound like Donald Trump. "We have cash flow of this or that, our projections show growth of this or that, you should all trust me this will be fine. We are the biggest, most powerful this or that. We can tell people what they have to do. Just watch my tv show. In fact, you will lose money if you dont invest in my company (aka currency) because we are way bigger and better than the other casinos." Result: everyone loses money.
In Debt We Trust.
Try explaining to someone that if we paid off the debt there would be no money, then watch them stroke out.
My gold and silver are money and they can't touch it...well, they can't touch it since the boating accident.
But seriously, you're right, the deflationary implosion resulting from the national debt being paid off would be epic! They can NEVER do it!
Amen! Every President has to double the debt (over the course of 2 terms) or the house of cards will collapse.
agree ...Billary gonna have one helluva party !
Look what happened as W. was leaving office in '08! Even bigger crash will happen before Obama's done. Lame duck's are easy to take the fall because they don't have to worry about getting re-elected.
then they can smoothly handoff the debt football to the next establishment stooge that will probably have an 'R' next to his name, but will of course continue doing the same shit. Same as always, rinse and repeat
"..Look what happened as W. was leaving office in '08! Even bigger crash will happen before Obama's done. Lame duck's are easy to take the fall because they don't have to worry about getting re-elected..."
Precisely!
After the crash will be a "new hope" for a "better tomorrow" campaign
yeah ... i think that is in the letter the outgoing president leaves on the oval office desk for the incoming president
Try also explaining how we won't default on debt either, not because it's wrong, but because the main creditors just happen to be in control of the people in charge (of running the country)... What's left ? Slavery, as in eternal debt service... Well, it won't be eternal, but when it blows there will be no useful currency left...
the only way to pay off debt based currency (with interest) is by issuing more debt based currency with interest.
Makes a dog chasing it's tail look like a logical endeavor by comparison.
thats the problem with a debt-based monetary system. The debt is un-repayable, since all new money is created with interest payments attached to it. In oreder for there to be 'growth'(new money created), there has to be a corresponding rise in new debt. No debt, no money. Even a former fed chair, I believe from atlanta, admitted this- its impossible to pay off the debt, due to interest, as each unit of debt paid off destroys more money. pretty neat trick to pull off if youre the one at the top issuing all this debt. end the fed
Heh! Meat Hammer that took me sooo long to fully grasp. I remember my Uncle explaining it to me and I kept thinking, "Uhh, that can't be right."
GEC...Yep...I remember reading about this in The Creature From Jekyll Island and just sitting there stunned and speechless from the enormity of the truth that had just hit me.
Debt-Money............it's what's for dinner
"...or on the citizens themselves (creating an epic social crisis)".
You sure about that? The citizenry I see is all too complacent, and will gladly allow for another fleecing. Put enough spin & misinformation out there and the sheep will come running.
until the EBT cards stop functioning......
Electronic Benefits Transfer
After the latest Sony debacle, EBT cards will be next. Ferguson will look like a stroll through the park. Al Sharpton to the rescue. :)
If you think Ferguson is fun.... wait until that happens....
You'll get to see cities burning..... then the trucks stop and when the trucks stop delivering.... everything stops..... everything.
The government will run for it's bunkers and, who knows what would happen next.
I'd like to think the military would go and arrest everyone in DC and we could have a guilotine party but, I somehow doubt that would happen. At that point, I don't suppose it matters much since everyone will just be trying to feed themselves and stay alive.
The world hasn't seen itself in true crisis in anyone alive's memory.... therefore it's due to happen again. It's so much more due to happen because the sheep don't even think a real crisis is possible. It doesn't matter how many facts you show them....
My brother is a smart guy but, he's about to retire.... there is NO way you could tell him we may be in for a financial crash.... He simply can't put that into the world around him... He isn't willing to look at facts.
The only thing is that I'd have thought it would have happened before now.... but, they haven't taken our 401ks yet.... no negative rates here yet.....
But, one good terrorist success.... one good war.... one really good cyber attack that would shut down a power grid, for example..... all that could change in one day. With confidence gone, it wouldn't matter much after that.
The biggest lie is the Debt to GDP ratio. US inflation has been understated by at least 3% for the last 20 years or so. So US GDP has been overstated by at least 3% a year. So actual US GDP is only half of the currently touted number. So US Debt to real GDP ratio is well over 200%. And that is not accounting for the $130 trillion (1530% of real GDP) in unfunded liabilities that rise at $7 trillion a year (82% of real GDP)
The $18 trillion debt cake looks might tasty - the truth is toxic though.
http://www.shadowstats.com/alternate_data/inflation-charts
Chinese Rating Agency Dagong: America's Economy Is Actually Less Than Half The Size It Claims To Behttp://www.businessinsider.com/china-dagong-us-gdp-2010-11
"And that is not accounting for the $130 trillion (1530% of real GDP) in unfunded liabilities that rise at $7 trillion a year (82% of real GDP)"
It's actually around $200 Trillion last estimate. But hey, Tril here, a Tril there who's really counting anyway?
There is no question that the following policy is bipartisan. Democrats and Republicans in Congress are completely agreed that the following information should not get out to the American people, namely, that the present value of the United States government’s off-budget liabilities is over $200 trillion.
http://dailyreckoning.com/205-trillion-in-unfunded-liabilities/
Speaking to my folks about Social Security, I stated that I will be lucky to get it. My dear old dad said, "You won't get it."
He gets it. We all are gonna "get it".
Got it?
You'll recieve full benefits in a devalued currency. Kinda like now but worse.
Russia is paying Soviet-era pensions. They are worth about $8 a month the last time I saw an article on this phenomenon.
Hell. Our government ought to be good for $9.
we be exceptional
Get it. Got it? Good. The Court Jester
You prolly remember the line
The phallus with the callus got smut on your butt.
Yes. Tell him we "got it"
Ugh
"But given that the Fed (the issuer of the US dollar) would become immediately insolvent, the resulting currency crisis would be completely disastrous."
How certain can we be that defaulting on the Fed and the Fed becoming insolvent would result in a currency crisis? Really, who would miss the Fed if it became insolvent and disappeared? In the long run, it might be better if the Fed was offed. I think we'd hear crickets and yawning and that's about it. At least at this level of Fed debt ownership. If the Fed owned all $18 trillion of our debt, perhaps the ramifications would be more severe. Perhaps. I'm not necessarily conceding that point either.
default = zimbabwe
the $4.5 trillion assets on balance sheet needed to soak up excess liquidity when the time comes (either by selling assets for $s or lending them for $s via reverse repo) ... so the theory goes.
Federal Reserve toolbox would look kind of empty outside of raising interest rates ... which would crush federal budget ... not to mention the economy
I am willing to make a huge sacrifice and be the next central bank. I promise not to print up any more money than is needed, promise and pinky swear.
every non bankster the world around would applaud us for throwing off the shackles
make sure they are arrested or guillotined so they dont attempt it again.
I'd say a high percentage of these folks would be squawking pretty loud.
https://libertyblitzkrieg.com/2014/10/17/113-federal-reserve-staff-membe...
I reason we will break the planets record in debt to GDP. If the UK can have 400% debt to GDP, they're not even a world power anymore. I know the .Gov are not changing anytime soon. So let's have at it, 1000%. No even more, we got reserve currency too. That's got to be worth another 500%. Anyone argues they get Syriad'd.
This could slog on for another century of idiocy.
If the UK really had 400% Debt/GDP it would be laughing, it has a further 600% in bank liabilities. UK is a basket case, like the US using its own currency to scam its citizens
Some countries still paying off WW1 debt.....
''Earlier this week, the UK announced it will repay £218 million ($349 million) from the £2 billion of debt that it incurred during the war.''
http://qz.com/290183/in-2014-countries-are-still-paying-off-debt-from-wo...
And it won't be over til it's over over there give or take a century.
Daddy Rothschild need a new pair of shoes.
A trillion = 1 million multiplied by 1 million.
18 trillion = 1 million multiplied by 1 million multiplied by 18.
a million seconds = 12 days
a billion seconds = 32 years
a trillion seconds = 32,000 years
You got downvoted because it's actually only 31688.8 years. You exaggerating bastard!!!
Give him some slack, we was using Obama dictated common core arithmetic standards.
http://www.corestandards.org/Math/
/LOL
The debt should be divided up equally among all 57 states.
Yes, solar tidal forces on the earth slow it down (energy is dissipated) just like tidal forces on the moon slow it down so it moves farther from earth and takes a little longer to go around the earth with time, just as the earth takes longer to go around the sun as time goes by. So, the length of the year isn't really 365 days. but close enough for government work.
) “They can get it under control.”
"What a massive lie. Politicians have been saying for decades that they’re going to cut spending and get the debt under control."
the "sophisticated" sociopath says everything hunky dory as long as deficit rate grows less than GDP ... US fails here, too
and when the shit gets real.... they hear about it on the news.
as long as we have career politicians and as long as our moral decline continues.... we will get more of this..... until the day we don't.
Unpayable and ultimately unsustainable.
FED, .gov, and Wall Street on a bender.
We will get the tab.
Run it against my new global digital currency credit card will ya? It'll clear.
We may get the tab but I guarantee you that the FED and Wall Street will get the short end of the tube steak. No other option exists.
The Hamptons are not far enough away. Nowhere is far enough away. Let this fucker collapse and watch the fallout. Immense is the only words I have.
so why did obama put the ranchers out of business? I WANT STEAK! why did harry reid attack that ranch and kill those cattle? I WANT STEAK!
i don't want obamacare, or illegal alien invasion, I WANT STEAK!
i don't want obama and holder to start a race war in fergusen, I WANT STEAK!
and bacon!
That's cool but get some fiber as well to avoid those hemorrhoids.
does anybody know jelly babies? obola told me he wanted to give me a 'jelly baby'. can you eat those? is it like skittles?
;)
Unfortunately since bathhouse Barry is in office, all you'll be getting is TUBE STEAK!
There's your steak mutherfukker! And you'll take it with a side of pees and like it.
All you'll get from Barry is a mutton bayonet...or so I've heard
You mean extra special "Cream" filled TUBE STEAK!
And you'll take it up the azz and like it.
If you want your steak you can keep your steak!
(after I am out of the picture)
Sincerely,
Obumfuck
truely is unconscionable. this IMO was the bigger lie obama told (right in-front of obamacare). ill never forget that town-hall he had when he called bush "unpatriotic" for racking up $7-8 trillion in debt. now, O took us up to $18 and of course, he has and excuse as to the "why". IMO it was his plan all-along and his solution was "to tax some rich folks" because "it was the right thing to do" (wealth redistribution).
bottom-line is that this how any society eats itself - continue to allow people into the country (lie and say they want to start businesses, will be good for the economy) when in actually what they are doing is getting more people hooked on government (because these people are NOT leaving violent countries, rather they are leaving socially BROKE ones) to come here in search of more "stuff" not "opportunity". its all these people know that are flooding in here - socialism. nothing more than building new blocks of voters.
a large part of me always wished we either A. restructured right after lehman or B. defaulted on the debt during the debt ceiling fight - the pain was always going to be immense - after lehman, we would have lost an arm ... at the debt ceiling, would have been an arm and a leg - either way, body would have survived ... seems like both parties are not going to wake-up until the patient is completely dead because they never treated the virus (debt) rather just thru band-aids on the symptoms.
makes me fuggin sick.
In all fairness to Obama....
/sarc
band-aids are all politicians are ever willing to do as long as there is an election cycle to deal with.... and, of course, an uninformed, lied to and manipulated public being told all sorts of lies and quoted to all sorts of made up numbers that represent anything but the truth.
half or more of the population depends on printed money from the defaulted government every month to survive anyway..... and, this shit will continue.... until they get our 401ks.... get negative interest.... get our accounts corzined directly etc.... you know, for our own good..... I mean.... who'd have more than X dollars in an account anyway..... it's not fair.
"Generations that will not even be born for decades will inherit these debts by complete accident of birth."
Only if Western Civilization is around that long...and it's not looking good on that front.
http://olduvai.ca
today some births are not accidental--they are planned. We need more planning and fewer accidents. Unfortunately, accidents will continue to outnumber plans for the forseeable future. Enter government planning. That's what makes the gods laugh.
"Generations that will not even be born for decades will inherit these debts by complete accident of birth."
So (operationally speaking), basically you're saying that Mexicans & Chinese will end up paying the tab. Sweet! Hey Wong, tell Jose I'll have a little steak in that bean & rice burrito.
May I suggest we go to war with those we owe the debt to and erase it that way.++++++
no fair skipping to last page
Do you mean a war with ourselves mainly? eternal recurrence of the same
On a long enough fiat timeline all your 10 year bonds end up paying zero.
Get to work, Janet !
I agree on the article's points, but I'd like to know how long this can go on before the SHTF?
I remember back in the 80's thinking there was no way our government could sustain the sort of non-war time debt being incurred by Reagan....boy, was I a bit off with that thought. And now looking at today's Japan (albeit they seem to be potentially reaching some sort of crescendo), I suspect this facade can last a whole lot longer....
Dang, I fear I may not live long enough to get to see how this whole thing plays out..... ; )
80s and 90s had a few things going for them
early 80s saw leading edge of boomers entering peak consumption ... now they are old and retiring (and not consuming as much)
deficit/debt small back then ... allowed for Reagan tax cuts ... now? i can only see taxes heading in 1 direction
honestly, who gives a fuck about boomers and retirees etc anymore. We have no idea who is in our country anymore. All we know is whoever we let in aint payin for any boomer shit. They are takers not givers. So the whole argument is bullshit. I wonder what all the edumacted folks who bought the commie shit for the last 50 years are going to think when the world is on fire around them and they dont know why? Meh, probably will never get it
sounds like a boomer trying to justify
sort of feel the same way as you do. how has it been able to stay together this long???
we haven't seen negative rates yet.... govt. doesn't have our 401ks yet... no confiscation from the govt. yet.... other than corzine and a few other banker types doing it.
the dollar is still pegged to energy... for a little while longer.... but, any major ( really major ) event could kill confidence and that would bring it all down rather quickly.
I hear folks like snyder talking about a CDS crisis etc. but, that will never happen as long as those on the board deciding what a "default" is are the ones from the banks writing the contracts. LOL
ZIRP will be the death of our banking.... with no ability to make money the old fashoned way, it's just a casino where the banks control the house and guido is out back with a hammer.
G Edward Griffin came up with a pretty good plan to eliminate the debt and The Fed. http://nesara.org/comparisons/griffin_book.htm
The upside Warren, Soros and a bunch of other billionaires made a killing off that debt!
"They can get it under control". I am NOT an alcoholic (gambling addict, you-name-it addict). I can quit drinking any time I want. :-)
Check is in the mail, I won't cum in your mouth, this 4 wheel drive is paid for and I won this belt buckle at a Rodeo.
"5 Complete Lies About America's New $18 Trillion Debt Level"
Actually 6 lies: It is not "America's" debt. It is the debt of the DC US governmnet and nation.
We Americans of the American country did NOT sign for it. Sorry, not ours.
They're going to have to look for another group of turnips for payment on this.
An American, not US subject.
The lawyers at AK, AR, and Glock concur.
Agreed. Over Thanksgiving dinner, my father in law mentioned how mad he was that we Americans are all on the hook for over $100k each. I burst out laughing and he looked at me, perplexed. I told him I ain't paying shit because I didn't sign a contract with United States Government, Inc. I don't think he got it.
Got news for ya, if you have a social security number you signed a contract with the government...
I did? When I was an infant?
Your parents did, you can thank em later.
If your parents had not allowed the government to give you a Social Security number, would the government have not allowed them to take you home? If so, then was the government holding you, a baby, hostage? If so, then was the government kidnapping you? If you pay your chld's kidnapper a ransom, is that "signing a contract" with him, in the sense that a willing buyer and a willing seller have signed a contract to make a transaction with one another?
they took your footprint, as consent.
When you pay your taxes and get nothing in return, when ther vslue of the dollar approaches zero, when your country starts looking like a banana republic. Thats you, paying your debts.
I thought that meant that they have to take care of me for life /sarc
That is not a contract. You can't work at most places without one. The social security number is like holding a gun to your head. You have to take it, if you don't, Wal-Mart won't hire you so you can go hungry while earning a wage.
I don't make the rules, you want to be part of the system you need to sign the contract to get that SS number. From that you can get all your licenses, Ids, and what not. Once again, I don't make the rules but if you or your parents signed you up for a SS number you are part of the system and are collateral for the debt.
SS s NOT a contract. In Law, its a WAIVER. Through your voluntary application, you or your parents WAIVED Constitutional/Judicial protections of CONTRACT and PROPERTY in exchange for what the courts would classify as extraordinary protections paid for with money from the public treasury. That is a PRIVILEGE and is the basis for ALL Excise or PRIVILEGE taxes withheld from your paycheck.
NO, there exists no statute that mandates that you must have the number to live and work in the US. NO, if you are not part of the system you so called wage (property) cannot be used as a unit of measurement to calculate the (indirect) excise.
I have 2 kids. No SS #. I cannot claim them as dependents on my taxes. They are ineligible for ALL entitlements. This FACT is fully supported by existing case law.
Meat Hammer: Agreed. Over Thanksgiving dinner, my father in law mentioned how mad he was that we Americans are all on the hook for over $100k each. I burst out laughing and he looked at me, perplexed. I told him I ain't paying shit because I didn't sign a contract with United States Government, Inc. I don't think he got it
Actually, you did. That is what your birth certificate is. It is a Title, like a car title. You are chattel.
Read up on Admiralty law (maritime law). Notice the gold fringe around the US flag when you're drawn into court.
You are absolutely 100% correct.
No one can incur a debt on another. If I remember correctly, basic contract law says there has to be offer, acceptance, consideration and agreement between parties.
.gov is screwed. I do not have to pay for their errors, vices and indulgences. They will try and take what we have, but they do that anyway by tax increases and so on. We do not have to play the game.
Have you checked consumer debt lately? The enemy is also us
1) They don't want it under control. They want it totally out of control They want to crash the global economy as a part of ushering in a one world satanic government. The politicians are just corrupted, controlled mouthpieces to sell the short--term lie to meet the real end goal
2) Debts based on fraud are null and void just like the usurping of rights under the color of law and the theft of unalienable rights documented in the American Constitution and Bill of Rights
3) Actually America could do this under 1 particular section of the Constitution and/or Bill of Rights that I've documented before. But Simon Black won't tell you that because he's part of the fear mongering solution providers that recommend retreat and pervade the internet. Doom sells. Don't waste your time with Mr. Black. Come join me, Mr White Knight, on my farm in some safe haven and bring all your guns and gold with you. We'll build a utopia as the world collapses around us.(sarc)
4) Gross debt? Net debt? Any debt is was matters. If you couldn't afford it you shouldn't buy it. Simplicity in life. As my teenage daughter tells her mother. KISS. KISS my wife replies? And my daughter responds yeah, Keep It Simple Stupid. Then she laughs and my wife goes ballistic.
5) Yes, they will fix everything by raising taxes. They'll fix it so they steal everything you have left and move you into the UN sanctioned safe zones where they can lock you down and monitor you 24/7. Then they will control all the land, all the food, all the mineral and water rights and you will have nothing under Agenda 21. Not fear mongering. Read it. I'm not providing links just search term it and read the published documents
Everyone believes they can keep falling back into some defensive position to save themselves while the satanic tide advances and solidifies its grip across the world. The only thing this will buy you in the end is more time. More time to see your eventual demise in front of you. Like a slow motion train wreck in progress and its going to hit each of us and it will come to rest on our children. The people that say FORWARD need to start going BACKWARD in full retreat and the only way that will happen is if people start uniting and pushing back 100% 24/7.
100% free solution nothing for sale and no fear mongering. Just truth, justice, and a free global way