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Athens On The Potomac - It Could Never Happen Here, Right?
Submitted by John Gabriel via Ricochet.com,
Financial experts in New York, London, and Brussels have tut-tutted Greece’s economic travails as Athens considers its future with the European Union. Why did they borrow so much money? How can they ever pay it back? Do they think that much debt is sustainable?
Instead of pointing fingers at the innumerates running Athens, they should consider our own situation. Jason Russell of the Washington Examiner shows how America’s debt projections look suspiciously like Greece’s recent history.
With all the chaos unravelling in Greece, Congress would be wise to do what it takes to avoid reaching Greek debt levels. But it’s not a matter of sticking to the status quo and avoiding bad decisions that would put the budget on a Greek-like path, because the budget is on that path already.
A quarter-century ago, Greek debt levels were roughly 75 percent of Greece’s economy — about equal to what the U.S. has now. As of 2014, Greek debt levels are about 177 percent of national GDP. Now, the country is considering defaulting on its loans and uncertainty is gripping the economy.
In 25 years, U.S. debt levels are projected to reach 156 percent of the economy, which Greece had in 2012. That projection comes from the Congressional Budget Office’s alternative scenario, which is more realistic than its standard fiscal projection about which spending programs Congress will extend into the future.
If Congress leaves the federal budget on autopilot, debt levels will soar. Instead, spending must be reined in to avoid a Greek-style meltdown.
While we’re right to be concerned about 2040, the U.S. is in deep trouble now. Yet if you mention the debt to most Americans, they’re either confused or indifferent. “But Obama lowered the deficit.” “Just print more money.“ “It’s Reagan’s fault!”
Since most graphs look like this, I created my own user-friendly debt chart focused on three big numbers: Deficit, revenue and debt. (My first version was published a couple of years ago. This one is updated with the most recent figures).
It’s an imperfect analogy, but imagine the green is your salary, the yellow is the amount you’re spending over your salary, and the red is your MasterCard statement.
The chart is brutally bipartisan. Debt increased under Republican presidents and Democrat presidents. It increased under Democrat congresses and Republican congresses. In war and in peace, in boom times and in busts, after tax hikes and tax cuts, the Potomac flowed ever deeper with red ink.
Our leaders like to talk about sustainability. Forget sustainable — how is this sane?
Yet when a conservative hesitates before increasing spending, he’s portrayed as a madman. When a Republican offers a thoughtful plan to reduce the debt over decades, he’s pushing grannies into the Grand Canyon and pantsing park rangers on the way out. While the press occasionally griped about spending under Bush, they implore Obama to spend even more.
When I posted the earlier version of this chart, the online reaction was intense. A few on the right thought I was too tough on the GOP while those on the left claimed it didn’t matter or it’s all a big lie. Others told me that I should have weighted for this variable or added lines for that trend. They are free to create their own charts to better fit their narrative and I’m sure they will. But the numbers shown above can’t be spun by either side.
All of the figures come from the U.S. Treasury and math doesn’t care about fairness or good intentions. Spending vastly more than you have, decade after decade, is foolish when done by a Republican or a Democrat. Two plus two doesn’t equal 33.2317 after you factor in a secret “Social Justice” multiplier.
If our current president accumulates debt at the rate of his first six-plus years, the national debt will be nearly $20 trillion by the time leaves office. That is almost double what it was when he was first inaugurated.
Like many Americans, I haven’t had the privilege of visiting Greece. Unfortunately, Greece will be visiting us unless we change things and fast.
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https://www.youtube.com/watch?v=mOwZwkhFemQ
Here in this video is James Wolfson, former president of the WORLD BANK giving a speech at Stanford in 2009. To Paraphrase : " Our world used to be an 80/20 split........... 20 percent of the world's population (FIRST WORLD POPULATION) had 80% of the world's GDP . Now in the near future it will be 35/65."
ThESE IMF bankers and all the other GLOBALISTS have designed this thing where our incomes are going from an 80% share to a 35% share. That , my dear zerohedgers is the problem. That is the crash we are all living now. I hope you all realize this is the way it has been planned from the beginning.
I'm so sick of people telling me we are not in a crash. We ARE in a crash........ we are in a financial crash, disaster. It is not in your head, it is not your imagination, it is REAL!
USrael, the shining city on the hill...of debt. The tribe is taking us for everything we got.
What is interesting is that the second derivative of the debt chart in the Bush years is negative while it is clearly positive in the Clinton and (at least early) Obama years.
Exclaimer: I am highly "un"partisan.
in my city san diego we are just like greece. we have a shipping industry, and tourism. we're on the edge of the country, we have been bankrupt for about ten years. the solution is to cut bone and leave the fat, necessary services, like police and fire. whenever it rains you cant go swimming in the ocean.. still we are americas finest city. we have a lot of rich people, mitt romney owns a mansion in la jolla. we have a professionl football team, since 1961 i think. the NFL and the owners want the city to pony up on a 1.5B stadium. NFL?IMF?.. otherwise the team is going to LA. greece bought into hosting the olympics, and its been downhill for them ever since. of course the people want the team to stay, fifty years, they actually were in a superbowl once. and there were gods on mt olympus too. once you go broke the people in washington pretty much tell you what to do, they print money give it you, and beat you up about your economic policies. but you are beholden to them. a few years ago blackwater tried to take over the little town or Portero, but the noble warrior of that place fought back and drove the paramilitary special opts away. once you lose control of your finances you dont have those options. .now greece may have to put up with russian warships. the money printers can buy tanks and airplanes and stuff to spy on you and federal cops to sniff around your outhouse. they finance it all with debt that is never paid. the city pays for the new stadium, the team raises ticket prices, and the value of THEIR assets go higher, much higher.
these arent even the real numbers people...!!!!!!!!!! it has got to be much worse...
....something about bread and circuses.....
Your chart is screwed-up, it hasn't been seasonally adjusted!
/sarc
Iceberg! Man the deck chairs!
It’s worth noting that Greece’s current crisis technically has nothing to do with a failure to pay back debt. All it took was a failure to pay interest on the debt.
This problem becomes an even bigger threat to debtors when interest rates rise, which is why the Yellenator and our government can never let rates significantly rise again.
It could happen here.
But depending on what 'it' is...that could be anything.
The US's position is very, very different from Greece's for a several reasons.
Firstly, it is different because the amount of dollars circulating in the US is entirely at the discretion of the US Federal Reserve...theoretically under the control of the US Congress. So where Greece goes to the Troika who control the Euro Central Bank for monitization and debt forgiveness terms, the US doesn't have to go anywhere.
Secondly, the US got into debt trouble in an entirely different way than Greece. Greece borrowed the money to spend on itself. The US primarily borrowed the money to spend on others...and/or EXPLICITLY to destroy the US as it had existed up to that point.
Let me say that again. Yes, the US has had plenty of bridges to nowhere. BUT, the US does not have the kind of outsided social benefit and spending programs at the national level as do most other nations with so-called 'mixed socialist-capitalist (since they are antonyms with the latter being the absence of the former- just plain socialist) economic systems'.
SO WHERE DID THE MONEY GO?
- It went to Europe in the form of Eurodollars for the purpose of establishing and maintaining the Dollar Reserve Currency.
- It went to military spending for the purpose of defending the interests of the most important members of the Dollar Reserve Currency System - primarily European others. If you look at the last century of military spending in the US and in Europe you will see that at the exact moment that European internal Military Spending plummetted, US military spending skyrocketed. SHORTLY, the US was under credible threat of military invasion. The military spending was to perform military activites on the behalf of others.... But the US defense industry happily became war profiteers to do it.
- It went to foreign aid
- The largest part of it went into the national 'Great Society' Cloward-Piven strategy.
So, the pathology of how the debt was acquired is totally different. American's aren't retiring at age 50 with public pensions and never were, nor with exception of welfare - which is very anemic by European standards - was it being directly spent on public welfare or capital spending. But the money had to be created anyway. The monetary system demanded it.
So, the banks lowered credit standards for the purpose of creating the money, to the point they were giving it away. And then when it failed to be repaid - as it was designed to - the government and Fed assumed the debts and used them as assets to secure the creation of still more money...to the benefit of the same bankers.
The US debt isn't the US debt. It is the bankster's debt transferred to the Public purse explicitly to socialize losses, and explicitly to collapse the United States using a cloward-Piven strategy for the ultimate purpose of justifying and enabling trans-national governments.
When the time comes when we face catasrophic financial collapse and the citizens are scared and possibly hungry, things will probably get rather rowdy for a while.
Who will be held responsible and will they survive the meltdown? I wonder if it will be like a zombie movie or will Americans reach an accord and try to work out of this together?
Just wonderin'
To be more accurate and objective, try including unfunded mandates. The red would be over ten times deeper.
Whenever one person or entity (government) can borrow money that other people (generations of taxpayers) must repay, disaster, destruction and extreme injustice are sure to follow.
EVERY. SINGLE. TIME.
Since every "government" on earth does this, those human predators who call themselves "government" are destroying mankind (with full knowedge and intent). And every person who sanctions, supports or advocates this behavior is also a cause of the disasters, destruction and extreme injustice that follows.
What a way to run a world.
its never being repaid.
The issue is what the vampires will extort for not sucking any more blood from the stones they've left behind.
national parks? sovereignty?
The TPP may well be setting the table for what the country pays to the Banksters when it becomes obvious even to the especiall obtuse that these debts and liabilities can simply never be paid.
Money created out of thin air, used to chain the world.
It's nothing but black magick.
If you don't believe the debt is real, it loses all its power.
You say "the debt will never be repaid"... AND... the bankers will end up owning [almost] everything. Why doesn't that constitute "repayment".
Of course, actual repayment would mean exterminating every human who has ever called themselves "banker" or "politician" (or "financial industry worker", or "government worker").
Just mint a few shiny $1T coins and you are golden. Problem solved.
See further -- http://www.perthmint.com.au/1-tonne-gold-coin.aspx
clinton spent social security trust money, swapped it out with IOUs from the same poor fucks who were jacked to fund "their own retirement" -and claimed to have balanced the budget.
A massive fraud, it was, a lie like "wipe Israel off the map" simply repeated loud and frequently.
Had Social Security never been spent like general revenue, it arguably could not only be solvent, but be running a surplus, and while it would need adjustment {and evential dismantling} it would not be the fucking black hole of unfunded blackness requiring more borrowing to cover it.
Anyway - accounting tricks can neither create nor destroy debt, but can sure hide them.
there was no clinton "surplus" and the debt grew by large chunks every year.
The Canadian Sociital Retirement System works very well, prmised on not mixing retirement payments paid by the public with Government general revenue. Think they know something we do not???????????
Even had they not spent the 'trust fund' it still would have added to the debt because the trust fund was invested in US debt obligations. This means the trust fund would be owed both principle and interest from the government which would add to the debt when paid. ( of course it could only be paid by issuing ever more debt)
false - there was billions in cash as well. *that* was spent as general revenue.
the cash was used to buy nothing but treasuries, they valued the trust fund as the worth of the treasuries, without the associated us taxpayer liability.
But the point is that fica money was liquid -and slick willy basically spent it all, swapping for taxpayer ious from the taxpayer to fund government deficit spending.
"Even had they not spent the 'trust fund' it still would have added to the debt because the trust fund was invested in US debt obligations."
Yes, and those obligations are NOT US treasuries, they are 'promises' from congress.
If everything was above board, it would be treasuries but its not. Its a 'special' security only the SS trust fund uses.......similar to a post-it note from congress.
The smoking gun is this:
If SS is so healthy and such a great system, why did congress create their own pension fund?
Squid
Donald Trump or Ben Carson could fix this!
Anyone know why debt is growing faster than the cumulative deficit?
Because the FED rolls over old debt that has matured ( they never actually pay back debt ) and because they need to pay the interests as well. And that problem is the same everywhere - if you never pay back your mortgage and take on new debt to pay for the interest, your outstanding debt will increase exponentially.
Blame "global warming".
The New Monetary Theorists that work at the US Treasury, FED & for US Politicians have anchored themselves to the "Full Faith of the US, theory."
They tell us the US Government is not like a household, as they have a printing press and can never default. They also believe that ZIRP can go on forever and the official US $18 trillion debt only needs to be rolled over and it can be added to, indefinitely. The unfunded liabilities can also be paid indefinitely as they too are financed piecemeal from annual revenues or if needed, additional debt.
I am not an Ivy League economist or a FED genius, but it this is true, - they do not need tax dollars any longer. Congress no longer needs to fight about shutting down the government and the EU, IMF and the World Bank are in the clear. The US Treasury and the FED have everything well in hand.
The new Monetary Mesiah is here and all he has to do is wave his hands over one singular printing press and the US dollar will always multiply to any amount necessary to cover everyone in the world.
We should all rejoice, and spend, spend, spend, with every ounce of strength in our bodies.
Let me put it this way: The only place it CAN'T happen ist Die Schweiz, Switzers, Fortress Alps; the only place on Earth where WAR FEARS TO TREAD.
Unless some U-boat captain stops taking his meds.
Good point, but it's the 21st century, and the 6-year Kraut regime that was the excuse for handing Eastern Europe to Stalin, has been over with for 70 years.
Still... replace 'U-boat captain' with 'captain of a US guided missile frigate, submarine, or aircraft carrier' and your point is clear - if some scumbag is of a mind to lay waste to a country, they don't have to send the economic detritus of their labour markets ('boots on the ground')... they can push a button and destroy vast tracts of land.
The problem we face is that the sort of people who have an advantage in 'democracy' have psychological maladaptations that also result in them getting gooey in the fork at the idea of being able to wage wide-area slaughter (given that they are usually 5'8 or under, and a buck-fifty wringing wet, it's psychological compensation for being physically weak).
The algorithms won't allow it. Besides, he too probably has a little pied-a-terre in Klosters. He may be off his meds but he's still a greedy, godless little fuck.
This site has become an absolute joke. A home for antisemites and raging know-it-alls who parade around their vitriol and think they know what is going to happen to the world. There are lots of people who disagree with your visions of cataclysm. They may be right, they may be wrong. Bottom line is this - you don't know what is going to happen. None of us do. From Moneyball: (1:30-1:55) https://youtu.be/ugN5aD5p2NU
these are not the droids you are looking for...
nor is the value you think you have ....yours..you borrowed it
This site has become an absolute joke. A home for antisemites and raging know-it-alls who parade around their vitriol and think they know what is going to happen to the world. There are lots of people who disagree with your visions of cataclysm. They may be right, they may be wrong. Bottom line is this - you don't know what is going to happen. None of us do. From Moneyball: (1:30-1:55) https://youtu.be/ugN5aD5p2NU
He doesn't show enough numbers, just like everyone else.
30 September 2014, Final Monthly Treasury Statement, Outlays and Revenues, Table 5.
Total-Federal Government Actual Budget 2014 = $3.5 Trillion (B. Obama)
Total-Federal Government Actual Budget 2012 = $3.54 Trillion (B. Obama)
Total-Federal Government Actual Budget 2010 = $3.45 Trillion (B. Obama)
Total-Federal Government Actual Budget 2008 = $2.98 Trillion (G.W. Bush)
Total-Federal Government Actual Budget 2006 = $2.65 Trillion (G.W. Bush)
Total-Federal Government Actual Budget 2004 = $2.29 Trillion (G.W. Bush)
Total-Federal Government Actual Budget 2002 = $2.01 Trillion (B. Clinton)
Total-Federal Government Actual Budget 2000 = $1.79 Trillion (B. Clinton)
Total-Federal Government Actual Budget 1998 = $1.65 Trillion (B. Clinton)
Total-Federal Government Actual Budget 1997 = $1.6 Trillion (B. Clinton)
$T Debt Added
J. Carter, ,$0.37 T (4 yrs)
R. Reagan, $1.69 T
G. H Bush, $1.4 T (4 yrs)
W. Clinton, $1.627 T
G. W. Bush, $4.357 T
B. Obama, $6.365 T (4 yrs)
B. Obama, $8 T (6 yrs est.)
I just posted a bunch of numbers, so here are the links:
http://www.zerohedge.com/news/2015-07-01/ex-im-bank-bites-dust-today-goo... (Where gvt can find more money for corporate socialism)
http://www.zerohedge.com/news/2015-07-01/ex-im-bank-bites-dust-today-goo... (Compare EX-IM Funding to other domestic issues)
http://www.zerohedge.com/news/2015-07-01/ex-im-bank-bites-dust-today-goo... (VA funding is a joke and nothing works, but their salaries & Pensions)
http://www.zerohedge.com/news/2015-07-01/ex-im-bank-bites-dust-today-goo... (small business Loans are puny compared to Ex-IM Bank Funding)
http://www.zerohedge.com/news/2015-07-01/ex-im-bank-bites-dust-today-goo... (perspective here, here are the big money programs that need our attention)
LOL We are Greece. We just are a Superpower which means we must have Military Republic, Must have Strong Central Government, Must have huge FIAT Currency Spending to support Superpower status and frequent wars to keep Superpower Status, Must have Superpower Financial Status, Must be Fascist at the Federal Level to Support our Systemically Important Corporations which support our Superpower Status, and Central Government & Banking Arm on Wall Street must push around the States and make them both dumber and more dependent on federal money so that they can not "take the Power Back".
Also Superpower status requires State Controlled Press/MSM and both Foreign & Domestic Spying to maintain Strong Central Government Power. No Whistleblowers allowed.
Freedom, Liberty, Equality, Justice for All, Fraternity are relative and always have been relative. Inverted Totalitarianism means the State is the ultimate Authority Officially, but the Corporations actually drive the state and are the true power. Like Soft Empire or Soft Colonialism through Hegemony, we have Soft Fascism.
Watch it. That debt's gonna leave a mark.
deutsche mark? or ost mark? or weimar republic mark...hmm...
how come the mark stil exists after 100 million wouldn't but a second class postage stamp? weird..
If you can't pay your bills without borrowing money that doesn't exist, then your Insolvent. If the US Government could not borrow a single dollar, then you're Insolvent.
There was NO dot.com surplus, that was a book keeping gimic.
The payroll tax is "supposed" to go into the SS trust fund, not used as general revenue. They've been using the payroll tax as general revenue since the early seventies.....hence the numbers are actually WORSE than the above.....which is scary since the above numbers are a complete nightmare.
So, lets put the unfunded liabilities in there and see how we go? Doing so is a problem because to see the revenue line (which will be pasted to the horizontal axis) you'll need a magnifying glass plus you'll need a monitor that is 7 stories deep.
These numbers are too big for 98% of the population to even grasp.
Its easier just to say...."we're broke"....actually, we'd be rich if we were just broke, we're in hock upto our eyeballs and its getting worse every day.
Squid
This guy is a Pollyana. He tries to make it sound like he is issuing a warning but his number are far far more optimistic than what they really are.
The fate of Greece is the fate of the USA and all other nations under the octopus of central bankster criminal debt, fraud and chaos.
Criminal activity must be framed as criminal activity and therefore the solution has to be framed in how do we break the criminal stronghold and bring the criminals to Justice for their conspirator criminal activity and repudiating the criminal debt.
We should be examining how to prosecution the central bankster fascist (merger of multinational corporate monopoly with government) criminal cabal and review professors Black, Chossudovsky, Hudson and researchers Gavin Marshall and Nomi Prins research into the criminal cabal activities.
I am a 71 year old student that has been following the maneuvers of the American bankster fascist most of my life. The EU was designed, financed and implemented by the criminal banksters and their shadow government of the Council on Foreign Relations. The banksters CFR activities are well documented over the last 60 odd years in plotting Treason against the USA and implementing the fascist New World Order. Selling debt as wealth is their weapon.
Do gold bugs really believe that the central criminal banksters are going to lose control of the gold market in the USA? Today, the currency is fiat but the BRICS gold backed currency of tomorrow will set a new gold standard. The bankster criminals stole all the USA gold when we went off the Gold Standard. The criminals’ loot, pillage, burn bridges and destroy as they move forward so that there is no way back. When the bankster criminals need gold, Emperor Obama via decree, will confiscate the gold in your teeth.
In my opinion, it will take a violent revolution to bring the fascist bankster criminals to Justice, until then, we are all victims.
The wrong decisions are always the easiest to make. Combine that with governments that are more concerned with retaining power, than a genuine love for it's nation and people, and hey presto, you have the welfare state.
I do not believe for a moment, that in my life time things will change. Nations will continue to live beyond their means until they destroy themselves.
People are stupid.
What is the gov borrowing, what does it owe?
It's a FIAT CURRENCY.
The U.S.G. Owns The Money.
It does not need to borrow money from anyone.
It does not need to tax anyone to get the money to spend.
True.
But not enough of us know that. Most people have no idea about fiat.
TPTB want to keep it that way.
even a complete muppet can see that debt (mastercard statement) bears no relation to the (fiscal) income v expenditure...
italy has been playing this game for decades...
funny how it's not related to the interest rate?
must be balloon ARM terms in the original "get a banker to work out your finances"equation.
"he who sells what isn't his'n, buys it back or goes to prison"
unless of course the criminals and the stupid have PhD's...
Fuggit.
Bust the joint out and collect the insurance.
Cue Nicky's piano break on Layla.
What the Greece pig rape means, funny same I said years ago. I was saying a while ago, a study of form 433a and the NOLA online chapter 7 bankruptcy means test will reveal defacto "statute" reality. Asset is liability and liability is asset for pig slaves on the plantation. It looks like the whole pot of retirement needs to be in whole life, annuity is also exempt property but div and cap gain is taxed when coming out. I do a little annuity now too, a little. I am about done with metals accumulation and have to return heavier to whole life. I explained my wife whole life plan, at $360 a month is annual term, converts annually to permanent, it is term on the form 433a because it is defined as annual term by MassM. It is MassM LSIR rider defined as annual term. To this add $750 a month paid up additions earning extra dividend and death benefit. The beauty of this 2nd part it can be reduced or stopped if income changes. On her little min wage, her dividend first year is equivalent 5% pay raise tax free, 20% in a couple years, compounding. It replaces waste of tuition debt going backwards 15-20 years to recoup tuition lost work years wastes. How many min wage workers will be pulling down 20% annual pay increases. I think Greece bailout terms are 23% sales tax like food too, raise retirement age huge, increasing tax on pension income. To collapse economy to be sure the debt explodes perpetually, pigs to the slaughter. Whole life is the only safe place. I am doing annuity too but smaller. WL could be best as one time lump front payment, there are companies that let you cut if off with paid to date benefit in force, that is another way if afraid of long commitment. What no one knows, agents don't know or offer it, is attach a large cash contribution to it, it is then exempt property earning the dividend, tax free coming out. The other beauty of whole life you don't care how much it costs about your age or health. you want it to cost a lot, at end of term have more cash value the more it cost. At a higher age pay more for less death benefit but it becomes 100% cash earning dividend so you end up with the same value as starting younger at a lower premium. I have to clear the finances and see how I am going to buy another for myself, the MassM with LSIR to qualify as term on the 433a. The 433a comes in if targeted by irs (obamacare), you can only keep a term payment on 433a allowable expenses, WL payment is notallowable expense, that is the risk of getting WL cut off, that is the secret of the MassM annual term with LSIR annual conversion rider, it is term. I am going to stop my paid up additions to first policy, and use that sum to buy a new MassM converting annual term. I need just a little more time to clear of some liabilities from buying this house. So I am looking at everything in private mutuals in exempt property status and tax free. Likewise I will s start using the company rule to transfer 401k over to this open annuity tax free which is allowable at age 59-1/2, 2-1/2 more years. But growth is taxed coming out of annuity so it cant come out of Roth. What stays in 401k will have to be Roth, as pension taxes will be going up, pay the taxes now and convert to roth. It's going to be a matter of health and working a long time, I don't mind if I can setup this way with the max exempt property and least tax exposure I can work a bit for myself and family. I think the bible says you work till you die, no such thing as retirement, funny how natural law comes around, except for the "great society" that raped and sucked bone marrow out of centuries of unborn fetuses, they loved an early ponzie, cannibal demons.
What's up doc? got an insurance policy to sell?
you are smart... WL = PV of a zero at 8% against 30 year strip at 4%.
bravo..
Congress is the puppet to give the illusion there exists a US Constitution. It is why they debate the use of "Redskins" as offensive; as in Washington redskins,...while they fund a killing machine called the Apache helicopter. It is the same group that spends a dime to make a penny.
"Congress would be wise to do what it takes to avoid reaching Greek debt levels" - Really Jason? Ever hear of "debt enslavement"?
I have a question (let me say first I'm not an economist or in the finanace trade, asking truly out of ignorance) can some one educate me, according to my research the US debt ceiling was reached again on March 15th of 2015, the temporary suspension that had been enacted expired then. I haven't heard anything about this anywhere.. so what's going on, are we now in an "Extroardinary Measures Phase" as described in this article:
https://en.wikipedia.org/wiki/United_States_debt_ceiling
( see paragraph "Suspension of Debt Ceiling" for the reference to the March 15th date )
My question is, what happened with that ceiling suspension expiration? Are they just saying 'fuck it, who cares about the ceiling' and the news is censoring it? Why no Debt-Ceiling hoopla? Or are we quietly in the "Extroardinary Measures" mode? Or did something else happen that I missed? I don't get it. This is a sincere question not trying to be sarcastic.
Interesting thing here - check this google news search for "current us debt ceiling":
https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF...
Right now when I just did that search, it returns on the first page of search results, articles with titles like:
"No rest for Malaysia"
"Loquacious, Self-Involved White Man Running For President"
"Little Cactus Flowers: Art in the Shadow of #Grexit"
"What Sweet Briar Reminded Us About Alumni Engagement and Fundraising"
.. not exactly relevant to my search.
From here:
http://www.cbo.gov/publication/49961
What Is the Current Situation?The Temporary Debt Limit Extension Act specifies that the amount of borrowing that occurs while the limit is suspended be added to the previous debt limit of $17.212 trillion. Therefore, on March 16, the limit will be reset to reflect cumulative borrowing through the period of suspension. The amount of outstanding debt subject to limit has now risen to around $18.1 trillion. That amount is about twice the outstanding debt subject to limit at the end of fiscal year 2007.
If the current suspension is not extended or a higher debt limit not specified in law before March 16, 2015, beginning on that date the Treasury will have no room to borrow under standard operating procedures. Therefore, to avoid a breach of the ceiling, the Treasury would begin employing its well-established toolbox of so-called extraordinary measures to allow continued borrowing for a limited time. The Congressional Budget Office projects that those measures would probably be exhausted and the Treasury would probably run out of cash in October or November; however, the timing and magnitude of revenues and outlays over the next several months could vary noticeably from CBO’s projections, so the date on which those measures would be exhausted and the Treasury would run out of cash could occur earlier or later. At such time, the government would be unable to fully pay its obligations, a development that would lead to delays of payments for government activities, a default on the government’s debt obligations, or both.
The budget projections and economic forecast are generally issued each January and updated in August; the budget projections are also generally updated each March.
http://www.cbo.gov/publication/45069
There is no easily trackable monthly projection from April 2015 to December 2015, but if you click through to the spreadsheet, you will notice a nice 18% jump in individual income tax revenues and, coincidentally, in mandatory spending from FY (CY?) 2014 to 2016
May monthly stuff here..
http://www.cbo.gov/sites/default/files/114th-congress-2015-2016/reports/...
Monthly Treasury data here:
https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/backissues.htm
If the 8% decrease in the deficit for the 7 months of the fiscal year from 1 October to 30 April between FY 2014 and FY2015 continue for the 5 months from 1 May to 30 September, a further $163B in deficit will occur.
FY2014 monthly track here for May to September (will drop by 8% per month for each?)
129971 May -70519 June 94621 July 128677 August -105803 Septemberlooking at the graph,
Probably,
A bullet to the chest of Reagan made all the difference.
All next presidents became coy to the CIA & FBI insiders working for cabal banksters who actually ordered the strike.
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Netyanahu : 'Suck out all you can till it lasts,
Your place in TelAviv is ready anytime.'
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Happy printing
I believe the debt clock was stopped by OMB or WH at $18.1T according to another ZH post. It's more like $19B now and before PBO leaves office I think it will be $21.5T.
A trillion here and a trillion there. At some point it adds up to real money.
I believe the debt clock was stopped by OMB or WH at $18.1T according to another ZH post. It's more like $19B now and before PBO leaves office I think it will be $21.5T.
Solution: buy gold on your deep-in-the-red Mastercard and then suffer a boating accident.
The debt doesn't matter. Krugy instructed the writers of HBO's Newsroom to tell me so.
Looking at the chart, great Gaddafi was right, it wont last for too long...