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Why Did These Former Fed Members Admit Mathematically, Logically, & In Reality: "It's Over"?
In the ironically titled "Paying For The Past" presentation, none other than Dick Fisher, Al Greenspan, and Larry Lindsey appear to have crossed the Rubicon of denial, lies, and deception to the dark-side of accepting reality. As Bill Holter asks, why exactly would these former Federal Reservists hint that, mathematically, logically, intuitively and in real life, IT'S OVER! Do they now realize what the crazy gold bugs have been saying all along is true and the day of reckoning is very close at hand. They must be trying to get "out in front" of what is coming so they're on the record for historical and "legacy" purposes. Nothing else makes any sense.
As Bill Holter details...I could only chuckle after watching the interview because my entire writing can now consist of "yeah, what they said!". Rather than write an entire article on this, I believe it might be better to let you watch what I was going to write, and we can move on to the "motives" of these three telling "mostly" the truth. If you watch this interview, please keep in mind this one question "...and the alternative is"?
Why exactly would these former Federal Reservists hint that, mathematically, logically, intuitively and in real life, IT'S OVER! They did back peddle a little bit as the interview went on but "why" or better yet why now? I believe they know what the crazy gold bugs have been saying all along is true and the day of reckoning is very close at hand. They must be trying to get "out in front" of what is coming so they're on the record for historical and "legacy" purposes. Nothing else makes any sense. Are they "trying" to torpedo the system or to break confidence? I highly doubt it but after watching the interview, would any kid with a paper route invest their money into the current system? Are they trying to bad mouth the Fed now they are no longer employed there? No, in fact, they each one pointed the blame at Congress. It's Congress' fault we are in this mess! "They" (Congress) spent the money and made the promises which cannot be honored and will ultimately be broken.
There is a punch line of course, one these three men don't want you to hear! Actually, the joke AND the punch line are both one in the same, "the money itself is bad and is the core to ALL economic and financial problems!". You see, Congress could never had authorized all of the spending if the Treasury did not have the "money" in its coffers. Yes Treasury could have borrowed money but would have been restrained if "money" was gold or something "real". The only way that Congress has been able to get away with bankrupting the country was with the aid of ... yes, the FEDERAL RESERVE these guys used to work for! The Fed has in fact underwritten the scheme, if there was no Fed ...the leverage could never have been built into the system. Greenspan, Fisher and Lindsey of course know this but they can never admit it. Were they to admit it, it would be an admission that they knew all along they were driving the bus over a cliff ...with a roadmap wide open!
All three spoke about the current state of interest rates and the unsustainability of the situation. They ask "why", for what good reason are interest rates at levels only justified by a crisis? The answer of course is; we are still in a crisis, we never exited and if rates HAD been increased ...their greatest fears would have already been realized! Mathematically, rates cannot go higher because of the inability to service interest payments (not to mention blowing up the leveraged interest rate derivatives) would come front and center. They are trying to say the inability to pay is guaranteed to come ...but is a future event. If rates were to rise now, it becomes a current event. It's really this simple!
Lawrence Lindsey even said at the 45 minute mark, "this is how they all end ...including Zimbabwe"! All "what" Larry? Fiat currencies? Or central banks who issue them? This brings me to another article which has come out and ties in perfectly. Actually, it ties in so well we can bring this entire article full circle and back to one of the gold bugs most central theses. Zerohedge posted an article regarding a systemic bet being made by billionaire hedge fund manager Paul Singer. Mr. Singer's strategy is simple, he calls it the "bigger short". He believes interest rates have only one way to go, up. He also believes we will see far more staggering defaults than we did in 2008-09. He believes shorting the debt of the world is a no brainer trade and one where you can win ALL the marbles.
Zerohedge of course picked up on the "minor flaw" in this strategy. The very same flaw I might add that Harry Dent, Martin Armstrong and others are missing. You see, when you "win", you must be "paid", but paid in "what" is the question. Assuming Mr. Singer is correct and the system does collapse on itself and he "wins". His win of course will be HUGE ...but, he will be paid in dollars or euros or whatever fiat currency his trade is done in. What will his winnings be worth if the currency itself is worth nothing? It reminds me of Mikhail Barishnikoff in the movie "White Nights", he had a stack full of worthless rubles and threw them handful after handful up in the air while saying "rubles, rubles, lots and lots of rubles". He had money ...but it wasn't worth anything.
You see, the currencies themselves are supported by the very debt Mr. Singer is selling short and expects to collapse! Which now brings us back full circle to the crazy gold bugs. This is exactly what they have been saying all along, a debt default will also mean a collapse in confidence of the currencies themselves and direct "fear capital" back into real money. This will create huge demand, force supply into hiding and additionally revalue gold higher because the currencies themselves are losing value and confidence. Gold bugs are not so different from those who see the dangers in the system from overheated markets and overleveraged debtors. The only difference is that these nut jobs want what hasn't been for nearly 50 years, they want TRUE and REAL "SETTLEMENT"! They actually want to get paid in something real! How crazy is that?
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Because i cant even afford to buy a bag of walnuts at my grocery store
off topic besides all of us here know the end game is near ; think about this for a moment
Texas legalizes open carry in public, on campus. what else big is happening this summer in Texas (labeled as enemy by DOD) hmmmm!!looks like our revolution will start in Texas
Bix weir, road to roota... Greenspan was a gold standard proponent from day one!
LINDSEY sure is a well fed toad
Fuck the Fed!
It's over for them.
All three have shave & haircut appointments with a guillotine.
"Greenspan was a gold standard proponent from day one!"
Not good guy...only means he knew the exit for the unworkable alternative.
Centrally planned fiat money does not work, period.
(Especially when the central planning Fed is owned by the banks.)
This is what they need to say and that we urgently need sound money reform - NOW.
It serves it's purpose though...
Sometimes I like to dream that Greenspan acted to destroy the Western money system as fast and as catastrophically as possible in order to better expose its inherent fraud, and delegitimize paper money for ever. He'd thus be acting like the Fransisco d'Anconia and Ragnar Danneskjöld characters of Atlas Shrugged (which Rand wrote while Greenspan was presumably one of her closest friends).
Rand: this money system is so corrupt, and the people are so gullible, they must be given a taste of their own medicine, we must expose this fraud in the most spectacular way possible.
Greenspan: I have an idea; but first, I need to become Fed chairman.
Maybe, or maybe Greenspan is just a rat who knows when it is time to get off a sinking ship.
Bix weir, road to roota... Greenspan was a gold standard proponent from day one!
And then he turned FIFA, a Fed Ingrate Financializing Amerika.
I refuse to be in a revolution while my tummy is full.
The south will rise again. They owe a terrible debt to those cock sucking Yankee homo bastards who shattered the tenets of the constitution in 1861.
Does anyone else savor the delicate irony that the second civil war will also be fought about slavery, albeit this time about the self inflicted willing free shit army kind?
Imagine, if you can, a vibrant manufacturing economy in the south, free from parasites, while the north rots in the rat infested fetid stink of the very financialization they thought would bring them such wealth in Unicorn fart denominated dollars.
I shiver in delight and wonder if I ought not double my medication.
The guy on the right has a goiter were his twig and berries should be.
Everyone realizes this is the lead in to capital controls, frozen bank accounts and negative interest, right?
You mean to tell me that the FDIC doesn't have enough money to just replace everything in our bank accounts that's lost when the banks collapse?
All available funds will go to covering bad derivative obligations of the TBTF. Make money selling the insurance, collect from Uncle Sam when your bet loses! Nice work if you can find it.
Groundskeeper Carl. You must not be familiar with Dodd Frank Sec 2. Accounts are not paid on savings with cash but under OLA (organized liquidation agreement) are giving shares of said institutions shares/stock. FDIC is off hook laying out cash to account holders. Read up on that.
The interviewees are quite correct Govt will not go away quietly...Dodd Frank being one.
Gold/silver will remain, when paper turns to ashes.
Check.
(I'm 15:30 in and my commode and slop bucket runneth over. I can't take much more).
Let the pogrom begin!
Turns out that Al did become a cartoon in a cartoon graveyard.
"He had money ...but it wasn't worth anything."
If what he had wasn't worth anything, then it was not money.
The "worth" was stolen by whomever introduced the falsified units of value and exchanged it for real values.
Of note, is the slow motion movie over the last few years of TPTB scrambling to findwhere their value (gold) is.
Ticonderoga, meet Eccles.
How come all these asshats admit the con AFTER they've left their posts? Why not show a little bit of integrity and announce to the world that it's a Ponzi DURING their term, then have the decency to resign?
Engaging in criminal fraud, only to admit it later, does not absolve them of responsibility.
Same with Eisenhower. JFK spoke up while in office, Reagan got shot early in to keep him quiet. I had hopes for Carter, but he didn't want to go that far.
Should we be expecting a former FedRes suicide or two?
They talk about the Fed and its predicament as if they had nothing to do with it. You only get to hear this truthiness if you are an elite and attend a special conference like this. They would not dare have that kind of discussion on CNBC.
They were doing as they were told.
It's not necessarily "over" yet. Notice that the panel was put on by the Pete Petersen Institute. Mr. Billionaire Blackstone Petersen's life mission is to cut social security and medicare bt scaring us. I say cut the "offense" budget instead, stop meddling in others' affairs.
While I agree 100% that we should cut offense, in it's entirety, I disagree that social security and Medicare aren't 'meddling in others affairs'. Those things meddle in my affairs quite a bit. I'm forced to pay into it, at gunpoint, and by the time I retire, if there even is such a thing, it will be bankrupt. Forcing me to participate in a Ponzi scheme most definetely qualified as meddling in my affairs.
Miltary Offense
US Offense Forces
US Offense Budge
US Department of Offense.
This so very offensive.
Cant get enuff.
red1chief:
"Offense" takes up about 18% of the federal budget. Social Security and Medicare alone take up about 38%. Add in Medicaid and all the other "entitlements" and you're well over 60%.
Thing is, I know if I were in charge, I could find plenty of fat to cut from Defense, but at least national defense is a Constitutionally mandated primary job of the federal government. If not THE primary job.
Social Security and Medicare should never have even been created, much less championed in a country with a $100-200 trillion (actual) debt.
They either got a sudden bought of conscience which is possible or they are doing it to save their asses because when the system goes down there will be violence. The LA Riots, Ferguson and other incidents have proved that.
All the rich have to do is not where shiny stuff around the animals and they will be fine...
Europe is forcing their members to cut off their version of the FDIC, within two months.
Imagine if everyone in a bank on both sides of the Atlantic lost all their money in a banking collapse.
The FDIC has not ruled on how they would treat Americans being 'Cyprused'.
Two months . . . And Jade Helm starts in one.
"Lawrence Lindsey even said at the 45 minute mark, "this is how they all end ...including Zimbabwe"! "
- Again Name your Leader or MSM Talking Head, NONE of them Take Responsibility for anything
- It is Disgusting that our Fathers or Grandfathers participated in Sitting on their Thumbs
- I'd really like to know if my Father & His Friends & My Uncles never taught me to take over ... I'm not the only one ... this is Typical for US Leadership... They hold back all the Information you need to take over the Job
Question: Anyone else thinking Ducktape when they see these three US Leaders? Duct-tape their hands and feet. Then get your smelly underwear and tape it to their nose and mouth.
Bahahahaha Jokes on you.
That fat cunt on the right is taking up two spots in the game of musical chairs.
Not to exhonorate him... But, at minimum, the 'FAT TOAD' on the right, once upon a time, got something right...
http://www.theatlantic.com/politics/archive/2013/03/paying-the-costs-of-...
Not that the two 'other' jews who are paying no attention to him give a FF (nor did jew 'Paul Wolfowicz', at the time)...
So sorry about my omission; That "FAT TOADY CUNT'" on the right, didn't even get that right. He was out by a huge factor regarding the cost of the Iraq war. On top of that. I can't remember him protesting the entitled observers when they said it would cost us nothing, because the oil that we were entitled to take by force would pay for the inconvenience. Astonishing!
Additionally, he now stands (ahem, that would require the assistance of some over-entitled healthcare worker) up and claims that it's our fault for placing ourselves in the unfavorable position of asking for a pension from a system which he helped portray as sustainable. Now he wants to "attack" those entitlements as the cause of the system's failure. Beautiful.
Greenspan asks; "What are the probabilities that JP Morgan would be allowed to fail?" ALLOWED!!!!!
"ZERO"!!!!!!
And that's a market?
The markets aren't rigged? Then system IS the rig. The market isn't allowed to know what the financial balance sheets are. They won't let the books open.
THEY,... as in those CUNTS on stage, as past perpertrators of this fraud as well as the current rein holders won't allow the books to be exposed. Just prop up the markets, prop up governments and change the goal posts when necessary. These pricks haven't changed. They're just trotting out onother one of their favorite plays.
What the fucking fuck? Why are we not out on the streets with ropes and pitchforks in hand? They are telling the truth to us and with a smile. Who's the fucktard, us or them?
I'm telling all that will listen that the criminals are laying the groundwork for scapegoating the FedRes when they, the FedRes, hikes rates and the shit hits the fan. That is why the dollar is up, as well. Not that the FedRes doesn't deserve blame, but their is a bigger game afoot, Zion.
They know something has to give, and that they can only "afford" to save their European fiefdom, so the dollar, DC US, and American people are going to get the bullet.
The dollar is up on "exit," not strength.
Liberty is a demand. Tyranny is submission..
"The whistle gives away what the light is attached to."
Agreed , the game is almost over !
very poor analysis by ZH here--these rich bastards want to cut social security for old folks. That is what this forum was all about. That's it. Nothing else.
They are trying to scare americans so they can manufacture consent to cut social security for old people.
Yea and they are also bragging about their own wealth which by the way they stole from all of us. Man I really hate these people.
I want to eliminate social security too, and in far from rich. But, I am also only 30 years old, and resent being forced to pay into a Ponzi scheme, and I am never going to see any of that money, ever. So I don't care what they do to old people, as long as it means they stop taking my money. People should know better than to think they can go through life without any savings and expect the govt to force other to patfor their retirement.
A good Ponzi scheme should have better bait.
Now here's the problem. This young fella, Carl, doesn't wanna play. Now that just goes and fucks it all up for those good Slav....eh, citizens, that whent before him.
Come on Carl. Adopt an old fuck. Take him fishing, or her to get her hair done. This is America, we don't save. Uncle Slappyfoot makes sho' we gots all we need.
Savins' for suckers.
You don't want Social Security? Opt out. http://www.irs.gov/pub/irs-pdf/f4029.pdf
The Amish won't have me. Nice try. Like they would make it that easy.
Pg 2, Who qualifies? Instructions for Certfication.
Go ahead and try to opt out. If you aren't Amish, Muslim, or a Christian Minister, then expect for a midnight visit from some men with guns.
I'll opt out if the gov agrees to give me back what I've paid in so far, with zero accrued interest despite decades of paying in.
That seems fair.
You were promised something that you were never going to get.
Yes its horrible - but the politcians who promised you that never really worried about how it was going to be paid.
Look at the USA Government debt to GDP. Its officially over 100%. Its unofficially, what 200? 300? %.
Add in the promised pensions which are part of the 100 - 200T in contingent liabilities and your totally screwed.
You aint getting your pension! Your government is now broke.
In the video they talked about increasing interest rates to eventually 4%.
They will not be going up again to normal levels (excluding maybe some token rises), in the next 2-3 decades.
You have 18T of debt, your income is 2.5T your "official" outgoings are 3.0T.
To keep the math simple because it wont be long before you are there, lets make the Government Debt 20T. @ 4% = 800B in just interest payments or 30% of your revenue. (Yes yes yes, it wont jump immediatley - but it would rise and keep rising).
What I do think we will see is that over the next 50 years if we end up with a new world reserve currency, backed by currencies and gold, will impose fiscal responsabilities on all countries, which will lead to long term real increases in wages and salaries. But if your a baby boomer hoping for a government pension, it is time for a massive reality check!
Oh, it's gonna get cut. The ONLY question will be, where will you be in line when they yell...
"SOLD OUT!"
Golly damn. I hope I live to see .gov fucks beat out of their gold plated pensions. Even if I die of starvation during the shitstorm, that will make it all worthwhile.
These sons of bitches set themselves up like royalty on the backs of real value producing taxpayers.
And it chafes my ass.
Maybe they figure if they admit the system is falling apart around them people will accept what they say when it all falls down to the ground? Frankly, when the TBTF finally topple Greenspan will BUG out to some other country and go into hiding. Denial can only last for so long and then shit starts to get real very quick. If Greece goes down within a couple of weeks the Western banks will topple in due course. Jade Helm 15 makes more sense each day as we approach doom in September. Moreover, Greenspan s making this admission within weeks of the seven year mark of the Lehman Bros. Chapter 11. So, to sum up, QE Infinity was merely intended to buy seven years of preparation before they were in a position to prognosticate as they have here.
legal and systemic slavery is
a hard habit to quit,
talk among yourselves.
Jane's Addiction - Been Caught Stealing (Video)
http://www.youtube.com/watch?v=jrwjiO1MCVs (3:37)
I just listened to a little more than 6 minutes and I felt like I had to barf. It was a lot better when I was naive and I didn't know what was going on. Now that I do, I have to admit that it really pisses me off. The lies the deception and that freaking annoying too big to fail statement just really pisses me the fuck off!
Why are these guys and Bernanke in the last few days blaming CONgress? Because they know it will soon be over. Finished.
These 3 jackasses have as much responsibility for what is going on as does Congress. They're now out of office and pointing fingers back at Congress. Son of a bitches, all of them.
Insane Clown Posse - ICP - The Little Yellow Bus
http://www.youtube.com/watch?v=IwwuZr6H1LQ (3:18)
/www.youtube.com/watch?v=iloyyrVt7EM
Uber-Keynesian socialists admitting socialism doesn't work. They can't even print enough money to ever make it work. To the crypto-communist, progressive liberal neo-fascists out there in la-la land, told ya so.
Those fucking assholes have known that it was over from the very first day it began. They knew that it was impossible to pay back the debt from the very first day that their scumbag ancestors wrote the first fucking counterfeit check to create the first bill that it was impossible to pay it back. Too little too late.
The rest of us would prefer it if you crawled off to your beach front condo in that Caribbean island with your high priced whores and shut the fuck up.
Generally, I don't swear. But what the heck. Hypocritical cunts, the whole lot of them.
There is only one real solution.
The US government will selectively default on all treasuries held by the Fed.
Then interest rates will be raised.
Selective default gives a short reset and if the corruption is punished then maybe the system can be preserved. If not, then it is a coin toss as to what/who survives and who does not.
Yeh... sounds good on paper but...do you think that the Russians , Choine3se, and jaopanese that own approx $4T of TSYs between them would mind?
Default is not an option unless these foreign holders get somehting in return... thats the real security issue that the neo Bolsheviks and Bank CEOs have thrust upon the USA.
Try comprehending that .. and come back with another guess.
I is actually not a bad video to see what they have in mind.
Congress doesn't get it or take action... But the FED is also heavily involved in either politics or private bank influence as we know.
Yeah, they talked about killing Social Security, getting Medical Costs under control, maybe killing federal pensions, working to eliminate entitlements, raising interest rates, Interest rates on education & Health Care,
- Seems like they push for killing social security
- They say the FED Interest Rates are asinine
- They say the Federal Govt & FED is actually liable for TBTF and even non financial businesses like GM or GE
- They said we don't need more college graduates since our education system is bad
- They said get rid of Davis-Bacon-Act
- Larry said go to VAT Tax instead of Income tax
But I don't get the sense that they know war is an option, that TBTF Banks may orchestrate a Crisis to raise Interest Rates, that they really feel for the jobless or have a plan for the jobless, or that they feel for people that are not rich.
War & a Crisis to raise interest rates & shrinking entitlements may be what we get.
I have a 'Liberty Media' audio ad breaking through the audio of the interview.
Tylers...you are allowing the ZH experience to be ruined by overly aggressive advertisers. The idea that audio can just intrude at anytime is offensive. I understand you need income to make things run but this ad is bad.
who gave this comment the thumbs down? The ads on ZH have gotten stupid the last 6 months. Oh Wait. ZH now is ABC...
No one in congress wants to admit to the sheeple that a real problem exists, and not while they are in office!
Media wont admit it.
So round and round it goes until the music stops.
If you look at the homo sapien on the far right in the pic and the homo sapien on the far left in the pic...makes you doubt the glitz and glamour belief that homo sapien is an advanced species of mammal.
If the one on the left and the one on the right had a child together it would look like?
Picture the one on the left in Arab gown & headress.
Totally looks like Arafat.
The FED is like the largest heroin supplier in the world who allows his customers to get addicted for free and then begins charging for fixes to alleviate the addicts withdrawal symptoms. The FED since 1913 has been the Great Enabler for free-spending politicians. The criminal political class, exemplified by Senator Harry Reid, D. NV, are more concerned with lining their pockets with pennies from selling out America for fractions of pennies on the $ thousands.
All of the politicians are going to be held responsible. You can't blame the voters. It isn't like the United States of America has free and open elections. There hasn't been one in my lifetime (1955-present). I've known this problem has existed ever since I learned mathematics. Everybody agrees this problem exists when shown the math, unless they are part of the criminal elites, that is.
I want to make something very clear: DEATH IS TOO GOOD FOR THE CRIMINAL ELITES. DEATH WOULD BE A BLESSING THAT NONE OF THEM DESERVE.
The FED has stolen at least $500,000,000,000 from American savers per year each year of ZIRP. Follow the money. Whom are the beneficiaries of that cumulative $500,000,000,000 / year X 7 years = $3,500,000,000,000?
I am not advocating hangings, beheadings, or other terminal actions. In fact, I'm not advocating even harming them. I am advocating HONESTLY investigating for corruption, illegal activities, accepting bribes, treason, etc., then prosecutions by HONEST prosecutors in HONEST courts, before Peoples Juries. The guilty will be punished commensurate with the harm that they inflicted on the People.
And by definition, all of the elites are criminals and/or traitors (Bill Clinton, Hillary Clinton, Bush I, Bush II, Obama, etc.). The entire public sector is a massively corrupt RICO case begging for prosecution by an honest criminal justice system, including the corruption in the private Too Big Too Fail Financial, Insurance and Real Estate (FIRE) sector and the big, rent-seeking Crony corporations (General Motors, Chrysler, General Electric, etc.). If that does not happen extremely quickly, though I am not calling for one, there will be a violent revolution.
And as I have said before, what country will harbor the criminal elites when a US Navy Carrier Strike Group (USN CSG) accompanied by the 'brown water Navy' and an US Marine Expeditionary Unit (USMC MEU) appears on their horizon? How many Aussies or Kiwis are willing to die harboring the likes of say, Bill and Hillary Clinton?
TOTALLY MANDACIOUS
they think they can simply cut pensions and health care to pay for their nutso policies?
they underwrite the big casion on wall street
they underwrite the asset bubble on wall street
they buy bonds till kingdom come
they encourage leverage in tax law
AND THEY THINK THAT REDUCING PENSIONS WILL DO IT?
IT IS SO INCREDIBLY MENDACIOUS...the problem is not the PENSIONS its these arrogant and fundamentally unintelligent mens BAD POLICY
TOTALLY MANDACIOUS
they think they can simply cut pensions and health care to pay for their nutso policies?
they underwrite the big casion on wall street
they underwrite the asset bubble on wall street
they buy bonds till kingdom come
they encourage leverage in tax law
AND THEY THINK THAT REDUCING PENSIONS WILL DO IT?
IT IS SO INCREDIBLY MENDACIOUS...the problem is not the PENSIONS its these arrogant and fundamentally unintelligent mens BAD POLICY
The answer to our debt problems is war with China. Not WW111 but a skirmish with sanctions attached.
that would
Stop them selling their bonds by fiat
Stimulate industries bring jobs home
Create their economic implosion
And return the US to numero uno economy
Without which we are sunk.
The answer to our debt problems is war with China. Not WW111 but a skirmish with sanctions attached.
that would
Stop them selling their bonds by fiat
Stimulate industries bring jobs home
Create their economic implosion
And return the US to numero uno economy
Without which we are sunk.
Larry Lindsey will be "paying for the past" with type 2 diabetes.
Thanks for the article!
This is like the twilight zone....
The gold is "mounting" up in the place where war fears to tread: Fortress Alps. "Switzers" as described (accurately) in Shakespeare's Hamlet (1603). When the Grand Capitulation occurs, possession of gold will be 10/10ths of the law.
Guess who will get to rule for another 700 years...