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Are You Ready For The Coming Debt Revolution?
Submitted by Bill Bonner via Bonner & Partners,
There is a specter haunting America… and all the developed nations of the world. It is the specter of a debt revolution.
We left off yesterday talking about how the economy of the last 30 years – and especially that of the last six years – has favored the old over the young.
“Rise up, ye young’uns,” we as much as said, “you have nothing to lose but your parents’ debts.”
We showed how the value of U.S. corporate equity, mainly held by older people, had multiplied by 28 times since 1981.
That was no honest bull market in stocks; it was a market sent soaring by an explosion of credit.
But what did it do for young people whose only assets are their time and their youthful energy?
Alas, the real economy has increased by only five times over the same period.
A Grim and Menacing Specter
And when you look more closely at work and wages, the specter grows grimmer and more menacing. Average hourly wages have barely budged in the last 30 years. And average household incomes have fallen – from $57,000 to $52,000 – in the 21st century.
But as our fingers came to rest yesterday, there was one question hanging in the air, like the smoke from an exploded hand grenade: Why? Was this huge shift – of trillions of dollars of wealth from young working people to old asset holders – an accident?
Was it just the maturing of a market economy in the electronic age? Was it because China took the capitalist road in 1979? Or because robots were competing with young people for jobs?
Nope… on all three counts.
First, old people, not young people, control government. Ultra-wealthy campaign funders like Sheldon Adelman and the Koch brothers were all born in the 1930s. The big money comes from wealthy geezers like these, eager to buy candidates early in the season when they are still relatively cheap. Old companies fund most Washington lobbyists, too. And old people decide elections: There are a lot of them… and they vote. They know where the money is.
Second, the government – doing the bidding of old people – restricts competition, subsidizes well-entrenched industries, raises the cost of employing young people, and directs its bailouts, cheap credit, and contracts to the graybeards.
Third, the credit-based money system increases the profits and prices of existing capital. It encourages borrowing and spending. This rewards the current generation while pushing the costs into the future.
Grandparents Prey on Grandchildren
None of this was an accident. None of it would have happened without the active intervention of the old folks, using the government to get what they could never have gotten honestly.
This is not the same as saying they were completely aware of what they were doing and what consequences their actions would have. We doubt the Nixon administration had any idea what would happen after it tore up the Bretton Woods monetary system in 1971. It was behind the eight ball, fearing foreign governments would call away America’s gold.
Few in the White House realized they had made such a calamitous mistake when the president ended the convertibility of the dollar into gold.
And yet it created a world in which parents and grandparents could prey on their grandchildren… for the next 44 years. And it’s still not over.
The new credit money – which could be borrowed into existence with no need for any savings or gold backing – was just what old people needed.
We have estimated that it increased spending by about $33 trillion over and above what the old, gold-backed system would have allowed. That spending lifted the value of the geezers’ assets and increased their living standards. Meanwhile, the average 25-year-old reporting for work in 2015 can’t expect a single dollar more in real hourly wages than his father did in 1980.
The total value of outstanding U.S. corporate bonds was 17% of GDP in 1981. Now, it’s $11.6 trillion – or 65% of GDP.
What did corporations use that money for?
Some of it went into capital investment that made companies more productive and more profitable. But much of it went where you would expect it to go: to buy back shares… to acquire other companies at inflated prices… and to pay off executives as the value of their share options went up!
Who did this benefit? Mostly people over 50.
Government debt is even worse. Unlike most personal debt, it doesn’t go to the grave with the person who borrowed it. It sticks around to burden the next generation – who got nothing from it.
Federal debt in 1980 was less than $1 trillion. Today, it is $18 trillion. That money was used to fund federal programs – few of which provided any benefit to young people.
An accident? A mistake? Partly. But old people must have known what they were doing.
Their lobbyists asked for the spending. Their politicians voted for it. Their companies enjoyed the revenues. And they pocketed much of the money. When the economy threatened a correction, they demanded more credit on easier terms to keep the money flowing. And when their credit balloon popped in 2008, they whined to the feds to protect their ill-gotten gains.
Honest capitalism? Not if they could prevent it.
Creative destruction? Not on their watch.
Pay for what you get? Not if they could put the bills on the next generation.
Young people of the world, unite!
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Millenials
Boomers
Who do we blame?
Here we go again!
Identity politics never gets old.
Long as the EBT keep workin', vivo de revolition, bitchezz!!
<- Let Millenials opt out of SS and other "programs" instituted before they were born?
<- Fuck that no way, they don't know what's good for them!
Maybe, but politicians of all ages are never going to make tough choices (aka responsible choices) unless forced to (Including by the electorate: as they says in a democracy - And more so in a Constitutional Republic - you get the Government you deserve). When aided and abetted by (self-defined) omnipotent Central Bankers who believe their own self-importance and that Monetary Policy is the fix-all for everything, the chances of politicians making tough chices reduce to zero. Just keep on spending until, when the SHTF you can then blame the Fed for having failed the country with disastrous Monetary Policy?
Or, in other words, there is plenty enough blame to go around all of society.
Blame anyone who wants government.
Amen. Cut government to stay within its original intent laid out by the U.S. Constitution. And stop "printing" money. Problem solved.
There are still far too many who think governments "produce" something. That naive expectation will need to die culturally before progress will happen. Hasn't happened for a couple of hundred years, but the issue has never been as clear as it is today. Of course, corporate deadweight is catching up with government for its lack of real production. Our capacity to actually create is grinding to a halt under the weight of these sucking leviathans.
There is plenty of blame to go around. Mostly I get annoyed that people are so stupid they still believe all these empty promises. Especially young people. Who the fuck do you think is going to pay for it? You are, one way or another. It's the debt thing that really irks me though. I don't believe any of it to be legitimate. This country was founded partly due to taxation without representation. Deficit spending passes the bill for today's spending into future generations who had no say in the matter, therefore shouldn't be responsible for it. Most people wouldn't dream of taking out a credit card in their newborns name and running up 50k on it and sticking them with the bill, but that's exactly what they do, none the less.
There has been a trend of new Zh accounts sporting user names very similar to other long time members so I not sure what's going on here. You say that especially young people believe these promises, The young people I know (my kids and their friends) are very suspicious and distrustful of people who espouse political beliefs and do not vote.
This isn't because because they're stupid, self-centered, apathetic or lazy debt laden students that matriculate in basket weaving and facebook, as is a popular stereotype. They never believed any politicians of any stripe, don't support any of them, and think voting is a fool's errand. They understand the "system" was fucked up beyond repair before they came along and there isn't anything they can do about it so they just ignore it.
the collapse is a matter of everyday.
II. DESTRUCTION OF DEBT; DESTRUCTION BY DEBT; DECLINE BY DEFICITS & NATIONAL DEBT; DEFAULT ON DOLLAR-BASED DEBT
https://youtu.be/HDLLXUaqZxg
My children have already decided;
"We ain't paying"
Dog
chunga-exactly, you described my 2 sons and i. fools errand! ignorance decribes it to a tee.
ignorance allows todays enjoyment w/o the baggage of giving a shit about a system beyond repair.
bonner has spoken the words of "same as it ever was". old money will always dictate policy.
but this old money has entered a tipping point of usery and guv waste not being able to sustain the system of old money being stable. the pedelum swings to the point of no return w/o revolution.
sure, they will paper this over and over whilst taking ever moar gains, but at some point it becomes unsustainable.
the economy is like an amtrack train rounding the bend at 100 mph. and the engineer(fed), claims no responsibilty, ha...
My children have already decided;
"We ain't paying"
Dog
Sadly that's not their decision. They gon' get locked up if they don't pay those taxes. There's no way to opt out of slavery.
Except a violent uprising.
Impossible. Guess what you have to have a lot of to keep people locked up? So no, we aren't paying.
Government will never be cut.
https://www.youtube.com/watch?v=lhbHTjMLN5c
Government NEVER cuts. It adds. Hence the old saying that the only thing that gets close to immortality is a Government Prorgram?
In reality, cuts are no longer enough, it needs whole Departments to be eliminated (If only Rick Perry could remeber their names)....
too late.
The elites feel entitled to rule us all now.
Big Government is like a bad case of herpes and we all know it aint going anywhere onit's own.
I can't argue with that. There is plenty of blame to go around but millenials can't be blamed for SS. The generation wars aren't something I like although I believe there is a lot more vitriol and crticsims aimed at millenials than the other way around.
The promises from .gov are empty, we know this and it will not change. If it were an option I'd let them out. Like tarabel says below that I agree with, this will all be popped long before the millenials get old so it doesn't matter. Besides, anbody thinking any opting out will ever be allowed is crazy. The BK laws were "reformed" to specifically snare them in this education bubble so they're not getting out of this if TPTB get there way.
If the millenials were allowed to opt out, who would pay for my ss benefits? /s
Your .gov of course./s
Everyone is going to get kicked out, so opting out will be a moot point soon enough.
double-clicker fucking dummy
True, it is identity politics, but you can only steal from the future for so long before it blows up in your face, and that's where we're headed now.
It's exactly where we're headed, but it won't blow up in their face, it will blow up everyone else's. They will steal until your future is so fucked you rather hang yourself than look for those responsible.
Boomers are certainly going to try and foot the millennials withe the bill but they probably will be the ones to get screwed. When it comes down to it they are going to be dependent on the millennials.
debtcrash.report/entry/debt-taken-on-by-fools
by then they will be senile and not care
we are the suckers for letting the system perpetuate
the scary thing is that they control the weapons industrial complex and media amongst other things
We will see, the powers that be would love having different generations at each other's throats.
http://debtcrash.report/entry/debt-taken-on-by-fools
The boomers have been in power during most of this mess we're in.
If you're going to blame the boomers, then you have to blame the hippies in particular. They were the liberals of the generation who started the cultural revolution/degradation that led to this welfare state and broken society we have today.. Hitlery is of that generation, they are actually the ones in control right now.
But they are going to start dying very soon, and none of this will matter. When all the boomers are dead, who will force Gen x and y to pay?
patience, grasshopper..
We blame ourselves.
I am 48. It wasn't until I was 37 that I woke up. I caused a ton of damage with my "voting" and cheerleading during that time.
I should have spoken out then, but I didn't.
I speak up now, moreso off of websites and person to person but I fear it is too late.
However, there is a downside to being awake and sometimes I wish that I could be reinserted into the matrix.
The "Burden of Knowing" sucks I tell you. It sucks. But what can I say? I have become a sucker for the truth and there is no going back, and to be honest, I actually don't want to go back.
But this is our fault. All of ours, to one degree or another. We let it happen and we continue to.
+1
I'm a gen-x with millenial kids and I feel guilty as hell for doing my part in creating this mess. The author is in the minority here for not washing his own balls but that's the zh demographic.
"The returning prisoner, whose eyes have become acclimated to the light of the sun, would be blind when he re-enters the cave, just as he was when he was first exposed to the sun. The prisoners, according to Socrates, would infer from the returning man's blindness that the journey out of the cave had harmed him and that they should not undertake a similar journey. Socrates concludes that the prisoners, if they were able, would therefore reach out and kill anyone who attempted to drag them out of the cave."
material growth is our god.
And our god lives at walmart, starbucks, the west, etc.
First; you own stuff, next; stuff owns you.
Every notice how most young people are lacking common knowledge and basic scientific principles?
First; you own stuff, next; stuff owns you.
plus 1....
no truer words spoken, the crux of unhappiness...
I think that was Plato's writing. Plato, a student of Socrates, placed Socrates in his writing (Socrates never wrote) and most often put his, Plato's thoughts, in the mouth of Socrates.
Its your fault like its the rat's fault that it got its neck broke in a mouse trap. Your sense of guilt is irrational, preventing you from realizing the truth of your situation.
In your case I recommend LSD. Mushrooms are not enough for you. With mushrooms you'd either escape the truth with even more bullshit and cement your delusion, or you'll experience at least an hour of brutal introspection with an equally fruitless outcome. Don't even bother with mescaline or X. LSD comes full on so fast that your flawed ratiocination won't have time prevent you from breaking through it.
I can attest to this. Shrooms are meant for the more experienced psychonaut while LSD provides a fresh new insight on reality. For a god level breakthrough I recommend DMT.
Yesterday was natural chemistry.
Today is TV + web
Unless massive multinational criminal syndicates extinct themselves, by a natural governor mechanism we don't know of yet,
Tomorrow is DNA + TV
Thank you, Bill Joy, Bill Gates, Mark Zuckerberg et. al.
Be seeing you.
Hey Solo, TVIX is the stock you need to buy in your retirement account.
MAn, this author is describing a Ponzi Scheme. The earlier you were born, the more you benefit. As later and later generations/immigrants are brought into the system, they still benefit but much less.
Now the system is being supported by debt which is really going to cut into future generations not born yet (those are the true suckers).
Problem is that you can't opt out now, and if you want the system to return to being sustainable -- that requires probably a good 30 -60% revaluation of the US dollar to put it back in line with other global nations that actually produce stuff.
Those nations are the true losers atm. They aren't being properly compensated because the dollar is an advanced wealth skimming mechanisim that benefits the USA at the top of the pyramid and USA vassal states depending on the pecking order.
So when you think about it, it's probably better to shut up and take what you can get instead of bitchin how your parents and grandparents got to have more...
Great system!
How to cancel your Social Security Corporation
1) print out IRS form 966: corporate dissolution
2) under the corporation name put MR/MS/MRS/etc as appropriate and then your full name IN ALL CAPS.
3) under EIN put your SSN.
4) under return type, check Other and write in "1040."
5) the rest of the info you can figure out.
6) above your signature write "Without Prejudice UCC 1-308"
7) make a copy for your records
8) send it into the IRS
This next year, Instead of filing taxes, Cancel them!
Why does this work? Your Social Security Number is actually a corporation and a second you. This stems from the idea of "corporate personhood." The idea of giving corporations the rights of natural humans may seem utterly disgusting, but under Black’s legal dictionary the definition of "person" is a natural human or corporation. This is because they are trying to fool people into self identifying as their SSN corporation! Hence the need to give your Statutory person the rights of a natural human.
Another reason why this works is because of UCC 1-308. Please look it up. This is the code that reserves natural human rights and opts out of the UCC that you don’t know about. This is critical to understand because if a judge were to ever ask you what that means, it is only valid if you know. That is to say, presenting this paperwork to a statutory court, and understanding it, means they don’t have jurisdiction...
Not only that but you also then have the Constitutional right to have any and all cases seen by a court of common law. Or have the case dismissed and compensation dispensed for your troubles. You can tell the difference between a statutory court and a common court because statutory courts use American Flags with a gold fringed borders.
What Without Prejudice UCC 1-308 Means:
The use of 'Without prejudice' UCC 1-308,' in connection with my signature indicates that I have reserved my Common Law right not to be compelled to perform under any contract that I did not enter into knowingly, voluntarily, and intentionally. And furthermore, I do not accept the liability associated with the compelled benefit of any un-revealed contract or commercial agreement.
Implications:
-Congratulations, you are a sovereign citizen that has reclaimed your constitutional rights!
-Using or claiming to be your invalid SSN is fraud.
-You have the right to have all debts be denominated in Constitutional Money: ounces of gold and silver.
-You have the right to work without a SSN.
-You have the right to be paid in ounces of gold or silver.
-You have the right to be treated as a corporation without a SSN but only with discrete opt-in consent.
-Filing taxes would be considered fraud due to need to fill in your invalid SSN. They also only collect unconstitutional Fed Notes which is most certainly not constitutional legal tender: gold or silver.
-Figuratively, all account linked to your statutory person are invalidated.
-Technically, if gold or silver is offered and declined, the debt itself is nullified. This include mortgages, car loans, credit cards, student loans, federal and state taxes, etc.
-Anyone that calls to collect on an unconstitutional debt linked to your deceased “person”, asking to speak to you. They are actually asking two questions: Do you still have a personal statutory corporation? And, do you still self-identify as your corporation? It would be fraud to say yes, as your corporation doesn’t exist anymore!
-You have the right to sign up for a new SSN.
-No retirement benefits, As if they will be there when most of us retire.
-You have the right to have all court cases seen by a court of common law or have the case dismissed due to the lack of Statutory Jurisdiction.
Interesting....has this been tested all the way through ?
Yes. And you'll go to jail every time.
This stuff is bullshit.
But Boomers ARE to blame. That is the generation that traded in the traditional values of honest work, honest money, and productivity for "Live for Today". They wanted it allm got it, and figured out how to make others pay for it. And when their 2.1 kids aren't enough, just bring in more cheap labor to enslave.
Am I missing something?
You are missing a lot
Most boomers just worked their asses off had kids that went ghetto bought stocks that crashed 40% twice bought houses that they had to walk from or will never get full recovery back voted in Clinton bush and Obama or 24 Fucking years of govt wars and financial mismanagement and fraud saw 50% of high paying jobs go to India and China.
Sure it's the boomers fault.....Fuck you!
Perfect. The generations at each others throats. Race wars, feminist poison destroying the nuclear family, rich vs. poor, gay vs. straight, religious conflagration, red vs. blue, nation against nation...... Divided and conquered. Man, if we could come together against our common enemy, the fight would be over in an afternoon.
Don't fall for the race-baiting generation bating BS. You forgot to mention that you are also asymptotically approaching retirement, as are gen x and y below you.
The author also forgot to mention things like the poll tax riots and the miners stike in the UK which were far more anti-establishment than anything we have today. These articles coming out like the police on just posted are just "bait of the day".
maxx2205 I get you my man but you must admit the boomers who demonstrated against the crazy Vietnam war were cheerleaders for the Iraq war when they were too old to be drafted.
You have to admit, it's quite self serving.
I prefer the rich scum vs. the rest of us paradigm.
No; traditionalist and boomer geezers are to blame in that order; they just want the lazy money eg inflated corporate equity fuelled by the fed and well, just let the young'uns sort it out. Nice job Bill!
Ok, let's all not have kids! That'll screw them! It'll work... I think I saw it on South Park.
Miffed;-)
I knew I should have strangled the little bastards in their cribs instead of feeding them, clothing them, housing them and teaching them right from wrong.
They'll prolly grow up like this fuckhead author.
Had to + you (not that we wouldn't have anyway) because some member, probably new, does not realize that this is the interwebs' top Gallows Humor site and junked you because they were OFFENDED. Please read the guidelines before coming onboard people.
Prolly a couple of idiot Generation Z's thinking something has been stolen from them feverishly looking up the phrase Gallows Humor anyways ;-)
Ok, that was a dig at us women! I just know it. God damn it we get offended at every fucking thing. Just fucking pisses me off to no end. Damn it where are my fucking down votes? For chrissakes I thought I was one of the guys here, now I'm just the token female on the team. Fuck it, I'm just so OFFENDED.
I think Wild Turkey is too strong for me. Fuck, one damn hang over comin my way.
Miffed
Woo Hoo! You go girl. It's Friday Night!
Maybe you can't combine it with Freak on a Leash by Korn. Thank God I don't live in McMansionville, some bitch would call the cops for sure.
Miffed;-)
We are OFFENDED that your hangover might be worse than ours. In your mind. (turns over checkerboard)
There's your downvote. Out-hangover us, will ya?
Yeah baby! I'm back in the building! But damn. I'm still fucking OFFENDED you think men can have worse hangovers. You think you're better than us women! Do you think you have me running scared? Spouting your micro aggression on me? I'll spike your steak with soy and bitch slap you some! Then who will be boss?! Try it again I'll sic a vapid mealy mouthed college prof on ya.
Miffed
Oh, that's it. It's MACRO TIME!!!
Bring it baby...I'm on ( ok, until the buzz wears off or mr leaves for a motel)
Miffed ;-)
(Opens hatch bay Big Boy drops with Slim Pickens riding whoo hoo) Okay that one time, just a little tease, you mention your measurements. Well guess what? Those numbers are forever etched into our mind! You're 38-20-something-something-something.....
Love it! Nothing like riding a big bad boy like Slim Pickens did. Now that was one bang of an ending and I bet he felt the earth move. No multiples but the big one is what counts. 36D 22.... Hey are you taking advantage of an inebriated wild microbiologist that loves the pleasure of a man? Ok, dumb question but I am blond.
Miffed;-)
In the movie (in our mind), it was 38DDDD and THAT bikini*.
*Ladies, see the bikini in Dr. Strangelove and NEVER show more than that (buttfloss).
Ok, I'll play Miss Foreign Affairs but I'm feeling rather turgid in places. I think I better slip into something more comfortable. Shall I come up and see your etchings?
Miffed;-)
I know how it is, baby. Tell you what you do. You just start your countdown, and old Bucky'll be back here before you can say........Blast Off!!!!
Now you're talking! Why do I think it'll blow before I'm ready? The perils of gullibility mixed with alcohol and a sensitive trigger switch. Danger UXB. Maybe I can disarm it. Ok, one more scotch should do it. Need to be relaxed for this kind of work.
Is it hot in here or is it just me?
Miffed;-)
Smokin'. But we must consider our precious bodily fluids.
I'm considering my ass because it's hide will likely be tanned but good and my iPad shoved in a meat grinder when he reads this.
I must tell him to respect my authoratah and pray it works.
Miffed;-)
you dirty whore. i love it.
What BK means is that the Air Force never sleeps.
That Mrs. Dirty Whore to you bub! I must be granted respect though have done nothing to deserve it! Damn it, I'm a woman and that's how we think. You will grant me my boon and bend the knee just because I demand it. I shall make it a law and then you will truly respect my authoratah!
Miffed;-)
Fucking lefties, don't show up until things are hot and heavy then want in on the action. Maybe he's Carlos Danger?
Damn straight. Fucking liberals sucking on my teat. Extracting my essence for their sordid existence. Disgusting leaches.
Whoa, I don't think that metaphor worked too well. Eh, you'll get my drift.
Miffed;-)
It worked just fine, as there's no fighting in the war room.
Perhaps what the world needs is loving in the love room.
This is so true. Too much antagonism all around. I think this has been orchestrated as well. With all their liberation, I rarely see a woman happy today. Men seem just as miserable. Cant believe this is worth it.
Hey, I'm just a simple gal. Some nice food. A few good drinks and a sheepskin rug by the fire is all I need. Think I'm gonna shelve the Wild Turkey tho'
Don't think my ideas will catch on. Shiny baubles on sale at Nordstrom's seem more appealing today. Phototrophic parameciums.
Miffed;-)
Most certainly true my dear gentleman.
Did I hear correctly you, BoP and nmewn had a dueling with Thirst over a issue involving MsC and me? I never read it but, if true, I owe you a belated bow of the head in respect and deference.
I may be tipsy but never crass.
Miffed;-)
Don't know anything about that, but love you and MsC and everyone who comes here with respect and an open mind.
And I do love you too. For your quick lively mind so rare today as well as your penchant for a good verbal impaling when warranted. I do admit at times I deserved it myself and got the flat instead of the edge of the blade. Respect must always be earned and you will always have mine.
Now to sneak quietly into bed and mollify a man in a way so my transgressions will be reprimanded less caustically. Good night. ;-)
Miffed
I don't suck up to the club like Slim, so no, I don't imagine he experienced a complete imbalance of the rules of nature that a real free marketer could unleash on all of you today.
I could show you something ...wonderful. But I won't. Because no homo sapiens sapien is ready, and I am trained to resist psychological warfare.
Perhaps you should not have made me, Quill and Dagger. But you idiots did. And a duplicate.
You do realize that until 50 years ago nitroglycerin was sold over the counter (in most states) without any judgement other than the dude behind the counter, and nobody NOBODY was blown up?
Stand your ground or eat shit. Grunts.
Wild Turkey. Once is enough. Or you're not a microbiologist. I even submitted your alias to The Pope for sainthood...
How do you think we got here, bro?
Have your spawn move to the west coast and eat generous quantities of what ever can be pulled fromt the Pacific Ocean. This is a sure fired way of not having any offspring at all or who can even function.
Nature will take care of us.
It's Your Planet... You Figure it Out... ( chl )
Tyler, I see this argument as tending to serve the 0.1% who are fat from nursing at the Fed's teats, and who are the ones actually stealing from the young, because this argument directs the justifiable anger of the young, away from that 0.1%, and toward their own parents and grandparents.
Tyler, are your grandparents stealing from you?
Tyler, are your parents stealing from you?
Tyler, if they are stealing from you, then one thing that might help is if you could go to your grandparents and parents and do a Fourth Step, telling them, face-to-face, that you have harbored feelings of anger at them for stealing from you. Tell THEM!
'Occupy Wall Street', right? LOL
Yeah Tyler, how do you square this POS article with all the stories about the 65 year olds taking minimum wage jobs to get by? Yeah the TBTF shitheads and the other insiders rape the economy but that's why they're the .01%ers.
This was not written by the Tylers;
"Submitted by Bill Bonner via Bonner & Partners,"
It is not identity politics it is identity theft.
You have no right to take out credit cards in another person's name, and the national debt is precisely that sort of criminal activity writ Trillions large..
I do not owe YOUR creditors one fucking cent.
IMHO, the national debt is Odious Debt as it was not incurred honestly. Your parents and neighbors debts should not be heaped upon you by their acts of faux democratic socialization IE assignment to you.
Those that did not incur the debt have no obligation to pay it. It should all be repudiated and defaulted at first opportunity.
Yes, yes, yes. I agree with you and with Thomas Jefferson, who I think voiced pretty much the same concern. All I am saying is that it was not "the Baby Boomers" who took out those debts. Nor did those debts even START with the Baby Boomers. They started with WW1. They started with, and continue with, the FED, and, under the FED's direction, the Military Industrial Congressional Complex, plus the Welfare State which pays people to have babies, plus the Too Big To Fail Corporations in every conceivable industry, which get unending subsidies in every conceivable way, but all paid for with Phony Money cranked out by the FED, and ultimately "borrowed from" (actually, STOLEN from) the children, and their children, and their children - until the sheeple end up where the FED knows they belong, which is right back in the New Medieval Dark Ages, where a serf will once again bow down properly to his Master and beg.
They will bow for a loaf of bread but there won't be enough for everyone. It's going to get real ugly real fast and still I'm not sure if I have any sympathy left for mankind, as it seems to be in our essence to rape, pillage and destroy anything on a whim. Utterly corrupted and egomaniacal, maybe we are meant to blow up in a blaze of nuclear glory.
Tyler?
Tyler, I believe it's called "a red herring". Anyway, I see it as being "a red herring".
"Old" people didn't do all this deliberately and knowingly, the politicians ( being dependent on the very wealthy and the corporations in order to get elected ) did all this for saving the TBTF banks, boost the bonuses of the top managers and boost the stock options of those same managers. And THOSE groups only represent a tiny fraction of the "old" people. Blaming "old people" as a group is just unfair - most of them are now being confronted with strongly reduced pensions and skyrocketing medical costs. Have a look at the pet-food corner in big retailers' warehouses : it seems to be old people all of a sudden got 3 cats and 5 dogs ...... that's the reality.
Can we stop with this "old people buying pet food to save money" nonsense? Anybody that owns pets know that canned pet food is about the same price, and sometimes more expensive, than canned human food. A can of spam costs $1.79 and has twice as many servings as three cans of Fancy Feast at $0.79 a can. So yes, some days my cat does cost more to feed than me, and probably is eating more nutritious too.
The money went to buying hookers and blow and buybacks.
Oh goody, a Generational Class Warrior, just what the doctor ordered.
"We showed how the value of U.S. corporate equity, mainly held by older people, had multiplied by 28 times since 1981."
Thirty four (to the author) is apparently the new old.
This article is short on analysis and long on steaming brown stuff. The statement that equities rose more than the US GDP is ignoring the fact that many of those corporations are international, so maybe gains in worldwide GDP should be considered, not just US GDP.
Then there's this bit: "Federal debt in 1980 was less than $1 trillion. Today, it is $18 trillion. That money was used to fund federal programs – few of which provided any benefit to young people." Just how many dollars have been used to support the FSA? Those worthless eaters have sucked up more than $18 trillion since the War on Poverty began. And what did we get for it except a more and more disfunctional population?
We're screwed not because a bunch of us Boomers decided to stick it to our progeny, but because there's been a war against the American population since before we were born. The impulse toward fascism/communism/corporatism or whatever you want to call it has been going on for longer than 100 years and includes the rise of public schoos (thank John Dewey) which morphed into dens of brainwashing. There are so many different facets to what went wrong it would take an encyclopedia to document them all. Maybe the blame can be placed with the Illuminati or Freemasons or the Pilgrim Society, or maybe it's the Red Shield and Rockefellers. Or maybe it's all being orchestrated by the Father of Lies. Does it matter?
All I know is that for 50 years I paid my own way. Plus I paid into (contributed, I'm told) a mandatory retirement ponzi scheme. All against my will. So screw you, Bonner. It isn't the old folks. Perhaps ome of those who greased the skids are/were old, but most of the geezers I know are not in the club about which Carlin spoke.
Definitely, Bonner is a complete asshole.
He expects the Gen X, Y, Z and Millinial generations to believe the obverse reflection in the mirror, the reflection of federal governments credit fueled bubble (the counterfeiting of cash, their future) egged on by the likes of the Idiot Economic Pundit Keynesian Class of Brad DeLong, Ritholz, Krugman etal who are THEIR instructors, not mine.
So who is Bonner calling stupid, who taught them ("the young" Bonner speaks of) economics?
It certainly wasn't Hayek, Mises or Rothbard...lol...sounds more like Sharpton and Obama ;-)
Hey you Whitehouse, ha ha, charade you are You house proud town mouse, ha ha, charade you are You're trying to keep our feelings off the street You're nearly a real treat All tight lips and cold feet
Pigs (3 different ones)
Ironically... rather childish analysis, while the real perpetrators continue unscathed.
In fact, I'll add...
Shame on you, Bonner -- every distraction from the truth is a disservice and no better than another nail in the coffin.
I'll take Class Warfare for $400, Alex.
Nice try. Too late. We know.
What is it that we "tried nicely", but were" too late" for, that "we know"?
Did "we" miss dinner or sumpin?
Is there any dessert left?
A'la Russian Revolution? That was class warfare.
The American people are armed with a mighty weapon that no victim populace in the history of the world has ever had. That weapon is based on the precarious and vulnerable way that Zion and the DC US have built their empire on our backs in the form of fiat-debt.
That structure REQUIRES that we keep paying them in service of their fiat-debts. If we were to Stop paying, their whole ponzi and grift skyscraper of cards would collapse. Afterwards, we, the American people, can then Stop paying all levels (national, state, country, local, etc.) of the DC US government, which, when combined with the loss of fiat-loans from the banksters, will also collapse.
Tyranny's inevitable treasonous and violent response will then be that much more muted and weak.
Liberty is a demand. Tyranny is submission..
The most powerful weapon the American people have is Rejection.
The system of fraud and theft that has been built up upon the backs of the American people is dependent upon our backs. Withdraw our backs, and the whole scheme collapses. This is our greatest weapon.
Stop Paying--Put it into food, and precious metals, etc. They stole whatever "debt money" they loaned you in the first place (fractional reserve banking) and soon you won't be able to pay them anyways, so Stop Paying.
Stop Playing--Stop being a tool for them to use, mock, and call "stupid." Stop Playing.
Stop Obeying--If they are in violation of the Constitution then they are not legitimate anyways, so Stop Obeying their unlawful dictates.
The Four Rs
Rejection: Stop Paying, Stop Obeying, Stop Playing
Revolution: It is inevitable, so prepare, as they are.
Restoration: Restore the American people, country and Constitutional republic.
Retribution: The guilty must answer for their crimes against the American people and the Constitution.
‘stop paying’ = eliminate those on the teat. All the systems have to go. We can’t pick and choose.
To many old and retarded and disabled people dialed-in on the teat.
Our best hope is to euthanize those on the teat keeping no historic records of the event.
I sure do hope you forgot to add that /sarcasm switch on to your post.
If not... in the future you will first on the list.
So you're advocating getting rid of the 55% on the teat. Does that include all retired folks collecting SS and Medicare, because they're no longer paying into the system?
Your stupidity is only exceeded by your ignorance. I paid into Social Security for over 50 years and now I should be euthanized. What I paid into is referred to as a "Social Contract". I suggest you go to the Internet and learn about what a Social Contract is.
Is your SS uniform hanging in your closet or do you wear it to church? Do you even know what the SS was?
Stop Paying. I took my money out of Bank of America and put it all in my local credit union, where it is invested in local businesses. What else can I do?
Stop Playing. I sold all my stocks and bonds and got out of the stock and bond market. Currently am invested in private equity firms in a local market which only supports local businessmen. What else can I do?
Stop Obeying. I gave my television away and am reading books about history. What else can I do?
What is the fourth R?
Horse shit. The debt won't be paid because mathematically it can't be. It is a ponzi/fraud that everyone pretends is real. Therefore, it is free. Therefore, it is not burdening anyone's kids.
We are all watching the kabuki theater of greece and laughing. However, the 3rd act of that play is every western gov, including the US. Bond holders will take haircuts. Pensions will be cut. We know that already.
Protect yourself. If you have financial assets be ready to get them out of the banking system. If you are poor, load up on debt (NOT student loans), buy productive assets and default. Not yet. The 18 month warning is when japan or a major EU country goes greece.
i take it bonner's daddy didn't leave him a large estate in trust. lulz
Bullshit, it will come down to those living off the Communist State and those who say F--K off. Those who won't get their welfare checks, Obama phones, will join the SSD, SS, Centeral Committee Pensions and moochers. The Oligarchy will keep the military checks coming though, they need them for control, as the banker theives will long have "bugged out"!
They are going to 'Take America back'.
As soon as that is done they will step up to the podium and tell you they are dictating every facet of how you shalll live your life.
There is no coming debt revolution. It is here, today. It is now.
these articles are soft financial porn
the key is the availability of cheap NON RECOURSE DEBT. let me say that again kiddos.. NON- RECOURSE DEBT.. look at Freddie and Fannie. 80% leverage non recourse.
NON-RECOURSE = YOU the TAXPAYER are the bag holder when $hit goes south.
brought to you by the letter B
It's a verifiable fact that the boomers will fare better than the next generation. The government is full of that generation and that's the biggest factor. I'm sure the majority rationalize it as good for the country.
It's an ideology that is doihng us in, not the collective Boomer population. That boomers control the levers of power is not relevant. Had we not endured 100+ years of unconstitutional crap foisted on us by progressives since Teddy Roosevelt and Woody Wilson (or earlier) we wouldn't have the problems we do. (We might have different ones, but that's beside the point.) Generational warfare is a distraction, just like all the jabbering about Brady's soft balls replacing Billary's shakedown while she was SecState in the news venues. At least the retired boomers like me paid into SS (it will take 10 years of collecting for me to break even on a nominal basis, ignoring lost purchasing power, etc.). What have all those FSA types and illegal invaders from south of the border done to deserve any free money? (Actually, that has an answer or maybe two. Cloward-Piven is one goal of the oligarchs, and buying all those votes will free stuff enables the oligarchs to remain in control.)
Don't get distracted; recognize the real problem, or you'll never see the real solution.
Ah the Boomers. They were out in mass demonstration in multiple cities throughout the US during the Viet Nam war and attacked Government and those who didn't lose their life in Viet Nam fighting a pschotic war, lost it at Kent State and other places.
Oh, by the way Millenials where do you march and where do stand up to the Grand Cabal?
You are Igonorant in the first order of magnitude and a coward to boot.
One wonders who is behind the flood of articles blaming aging for American's ecnomic problems. Not bankers, not corporate job exporting, not military spy spending of a trillion dollars a year, not the crony capitalists who game the system and destroy free markets. Oh no! We know where the problem is, it is aging. Well mother fucker, if you think you don't or won't age, you are in for the fucker of all surprises. Those who were young a few years ago, are now getting old, and guess what, America's ecnomic problem is theirs! As if they did not fund their parents retirments and health care. No, they are leeches for getting old. And you too will be a leech before you knwo it. The bankers and elites want nothing more than to shift blame to aging people, instead of their total fuck up of capitalism. They stole everything not nailed down, they used congress as their personal non stop cost plus contract machine. I could go on, there is plent of shit to sling at the elites. But they aren't selling me on old age as America's reason for collapse. But if they can bullshit enough people, they can steal everyones pensions and health care too. After all, the wall street cunts still have assets to strip.
This is bullshit, and made to fool weak minded belivers in crony fake rigged markets. The liars and cheats and banker fraudsters want old people pensions now too. Get it all you cunts!
"Death Panel" excuses. I love your rant !!
"But if they can bullshit enough people, they can steal everyones pensions and health care too".
Avoid 401K's and the sickcare systems. It helps speed things along.
"But if they can bullshit enough people, they can steal everyones pensions and health care too".
Yes Caveman 93, they already are doing both in on fell swoop.
http://www.nakedcapitalism.com/2015/05/senate-democrats-work-with-republ...
Jobs (Pensions) and Healthcare free traded for the glorious TPP!
"The bankers and elites want nothing more than to shift blame to aging people, instead of their total fuck up of capitalism."
Exactly. This is at the root of Bonner's diatribe against older generations. Older generations didn't actively manipulate the credit/debt system to boost their personal wealth. They simply responded to circumstances that were created by the elites/bankers at the time. In exactly the same way that today's young generation do. Bonner forgets that the personal wealth of any generation natuarlly increases as they get older due to the system created by the elites.
Lawyers.
Heaven was invented to encourage young men to do great things for their family. Hell is what lawyers make from every coalescence of potential social power resulting from those human sacrifices. Kill the lawyers if you like, but do kill the law schools.
Younger people are the ones who vote to maintain this idiotic scheme. I keep warning them,. They keep calling me crazy.
So if they really want to work menial jobs forever and turn all their money over to the goverment to give their elders food, housing, medical care, and a hefty supply of pocket money every month-- more power to them.
This system will not change until the current caste of teachers are driven into a well-deserved exile.
Its a bigger scam than that. The "old vs the young" is another version of the Red-Blue sub-scam they (the bankerz) run every 4 years.
The scam is the asset-stripping of the US-and any other country with assets and a central bank. The reporting requirements of the IRS provide the blueprint.
Taxes and regulation are the mechanisms. Every few years we get another "improvement in crop yield" by virtue of another round of taxes and regulation. Just beforehand they open the immigration gates promising some of the loot to the immigrants. This drowns the native vote of protest against being raped yet again.
The process is uniform in all Western "democracies"
The locals making it all happen for them make out pretty well.
Part of making it happen means keeping the locals at one another's throats so they don't focus too well on whats happening in the big picture
so those of us in the middle of these two groups the young and old will really be the ones whom get bent over. we tried to repeat what our parents did and well just cant seem to get there. life has been resonable good which is supposed to be the reward for hard work but these young cocksuckers refuse to work and pay there dues and will now I see blame it on the old. Tyler its not the boomers who are to blame except they didnt have enough kids and were selfish in there giving and making it way to easy. they got things way to easy and never have enough. They refuse to stand down and let my generation take the reigns these old fucking greedy fuckers wont retire and I mean the Warren Buffets of the world and my last boss at 83 so greedy he had to buy me out instead of retiring and letting me buy the business because of his greed. Millions were not enough for an 83 yr old to retire. so from the betweeners of the two rediculouous old and young we will have a trick up our sleeves and while we are young we will take what is ours and restore our country. I say from my generation rise up and finish off the old young
He won't LET YOU buy him out, or LET YOU do what you want.
You sorry little cunt. Some 83 year old has more drive and ambition than you do. Start a competing business and DRIVE him out.
Intergenerational government debt is taxation without representation. It is immoral, and the next generation should not be responsible for it.
Funny how this guy mentions a couple of the "millionaires and billionaires" (both associated with the political right) but somehow fails to mention the thugs who work for these admittedly not entirely wonderful "folks".
We are in this shit because of GOVERNMENT.
Because of the thug f'ing dipshits who work for these "millionaires and billionaires".
Humanity needs to realize that secumbing to criminal gangs who call themselves 'governments' has only ever ended one way.
Hmmm.
Who has more power?
The puppet gubmints who do the bidding?
Or:
The Puppeteer millionaires & billionaires who call the shots?
The debt slavery systems were in place long before anyone alive today was born.
It all began when the first of the Chubby Clan sat down one day in the woods and said "I can't be arsed to hunt today"
Good luck buying elder care insurance now.
Even Obamacare couldn't fund that and insurance companies no longer write the policies.
Ironic considering.
Meaning...with all the spending and rock bottom interest rates that appear ready to plunge again...yes, there are some things that simply are not affordable anymore.
Yet another strike against money printing...as if that needs even saying anymore.
I am a Boomer and in my experience, this article is spot on.
There is a special place in hell for these grey hairs as I call them.
They steal the work/life/money from any generation younger than themselves without batting an eye. Yes they run Washington and yes they vote.
Young people maybe have not lived long enough to figure it all out, but they see there is no way for them to get much of anywhere with hard work so many of them give up before they even try. Think about it, who can blame them.
But as for myself, I did'nt just get off the boat, and after being a victum a couple of times over of these grey haired thieves, I have figured the scam out.
Now when they try to scam me I tell them the go to hell the old bastards.
Those "grey haired thieves" and "old bastards" of whom you speak were probably young thieves and young bastards before they got old. Age has approximately nothing to do with it, and I can't think of any reason you would associate age with these pathologies. You sound like the type of person who votes for the blue team (not that the red team is any better) and complains about life not being fair. Heck, even the second-worst president ever, Carter, managed to recognize and state that life's not fair.
Hope I didn't hurt your feelings.
"They steal the work/life/money from any generation younger than themselves without batting an eye. Yes they run Washington and yes they vote."
If you put all old people in this statement, then you are delusional and do not live in a world that actually exists. Some of the oligarchs who do as you describe are in their late 30s and mid 40s. Grey hairs didn't off-shore American jobs, which has destroyed the life of many older people, but bankers of all ages in conspiracy with the US Government did. Bankers and corporations many lead by CEOs in there 30s and 40s have gutted the US and the Oligarchy would relish sending the young against the old and even better creating a race war to distract the population from the gutting achieved by the grand aristocracy.
And you have taken the bait.
I sense some truth in what he's saying (little) but a whole lot more ATTITUDE. Needs a good bitch slapping.
You describe the miniscule few. Most old people worked for a living, sacrificed for their families and never had the capability to engage in the pillage your describe. Most old people have struggled all their lives just to keep their head above the torrent.
You're perspective is one with blinders on for the greater reality. Oligarchs are indeed old. The rest of the old continue to struggle on.
If it wasn't for those "grey haired thieves" and "old bastards," we wouldn't be talking about putting Harriet Tubman on the $20 bill. We'd be talking about alternating between Hermann Goering and Adolf Eichmann.
If you avoid debt that would be less money in the system by principle due to it being a debt based "currency". No problem. If we try hard enough we can get 150 million out of the labor participation rate with $3 trillion annual deficits easy!