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After 6 Years Of QE, And A $4.5 Trillion Balance Sheet, St. Louis Fed Admits QE Was A Mistake

Tyler Durden's picture




 

As you’re no doubt aware, the Fed is fond of using the research departments at its various branches to validate policy and analyze away bad economic outcomes. For instance, earlier this year, the San Francisco Fed came up with an academic justification for the now infamous double seasonally adjusted GDP print - they call it "residual seasonality." Then there’s the NY Fed, where researchers recently took to the bank’s blog to explain why, despite all evidence to the contrary, Treasury liquidity is "fairly favorable."

Be that as it may, someone will occasionally say something really inconvenient - like when, back in April, the St. Louis Fed warned that the American Middle Class was "under more pressure than you think," a situation the bank blamed on the diverging fortunes (literally) of the haves and the have nots in the post-crisis world. The implication - made clear in the accompanying graphics - was that QE was effectively eliminating the Middle Class.

Now, the very same St. Louis Fed (this time in the form of a white paper by the bank’s vice president Stephen D. Williamson), is out questioning the efficacy of QE when it comes to stoking inflation and boosting economic activity. 

Williamson says the theory behind QE is "not well-developed", and calls the evidence in support of Ben Bernanke’s views on the transmission mechanisms whereby asset purchases affect outcomes "mixed at best."

"All of [the] research is problematic," Williamson continues, as "there is no way to determine whether asset prices move in response to a QE announcement simply because of a signalling effect, whereby QE matters not because of the direct effects of the asset swaps, but because it provides information about future central bank actions with respect to the policy interest rate." In other words, it could be that the market is just reading QE as a signal that rates will stay lower for longer and that read is what drives market behavior, not the actual bond purchases. 

But the most damning critique of Bernanke’s response to the crisis is this:

There is no work, to my knowledge, that establishes a link from QE to the ultimate goals of the Fed inflation and real economic activity. Indeed, casual evidence suggests that QE has been ineffective in increasing inflation. For example, in spite of massive central bank asset purchases in the U.S., the Fed is currently falling short of its 2% inflation target. Further, Switzerland and Japan, which have balance sheets that are much larger than that of the U.S., relative to GDP, have been experiencing very low inflation or deflation.

And then there’s this:

A Taylor-rule central banker may be convinced that lowering the central bank's nominal interest rate target will increase inflation. This can lead to a situation in which the central banker becomes permanently trapped in ZIRP. With the nominal interest rate at zero for a long period of time, inflation is low, and the central banker reasons that maintaining ZIRP will eventually increase the inflation rate. But this never happens and, as long as the central banker adheres to a sufficiently aggressive Taylor rule, ZIRP will continue forever, and the central bank will fall short of its inflation target indefinitely. This idea seems to fit nicely with the recent observed behavior of the worldís central banks.

And this: 

Thus, the Fed's forward guidance experiments after the Great Recession would seem to have done more to sow confusion than to clarify the Fed's policy rule.

So in sum, the vice President of the St. Louis Fed has taken a look around and discovered that in fact, not only have trillions in asset purchases not worked when it comes to creating "healthy" inflation and boosting growth in the US, these asset purchases haven't worked anywhere they've been tried. Furthermore, he's noticed that central bankers that adhere, in a perpetual state of Einsteinian insanity, to the Taylor principle, will never be able to raise rates and finally, he thinks that the more the Fed talks, the more confused the public gets about what it is the central bank intends to do. 

We would agree on all accounts here, although when it comes to forward guidance and discerning what the Fed's goal is, actions, as they say, speak far louder than words and with the S&P 500 having levitated some 200% since March of 2009, we don't think anyone is truly "confused." 

St Louis Fed Qe Study

 

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Wed, 08/19/2015 - 07:17 | 6442873 Captain Debtcrash
Captain Debtcrash's picture

This isn't good, it means they are going to try even crazier policies.  Its like driving in Korea, it's one thing I learned driving over there, when you see the flashers come on, they are about to do something crazy.  When the fed starts talking like this, they are about to cut across 6 lanes of traffic without looking. 

Wed, 08/19/2015 - 07:19 | 6442881 Headbanger
Headbanger's picture

No.  Translation:

NO MOAR QE FOR YOU QE-TARDS

AND THE FERAL RESERVE WILL RAISE RATES SOON NO MATTER WHAT!

Wed, 08/19/2015 - 07:21 | 6442888 VinceFostersGhost
VinceFostersGhost's picture

 

 

Raise rates on how many trillions of dollars?

 

Who's gonna pay for that?

Wed, 08/19/2015 - 07:23 | 6442896 e-recep
e-recep's picture

QE worked for the cronies pretty well actually.

Wed, 08/19/2015 - 07:34 | 6442936 Mr Poopra
Mr Poopra's picture

Bingo.  Extract as much wealth as possible before you restart the game, except now you own everything from the beginning.

Wed, 08/19/2015 - 07:43 | 6442966 NoDebt
NoDebt's picture

I thought QE was one of those things that "doesn't work in theory but does in reality."

Hey, that's what Bernanke said, so it must be true.  It's merely a question of who it "works" for.

Wed, 08/19/2015 - 07:48 | 6442981 negative rates
negative rates's picture

It's supposed to work the queen or there's hell to pay. Which then leads to the age old question of just how many queens does it take to screw in a lightbulb, which then leads to the wrong answer and doesn't work for anyone, and then all that is left is to pay the consequences................bitches!

Wed, 08/19/2015 - 07:55 | 6443004 Clockwork Orange
Clockwork Orange's picture

Its a start, but then again you have to wonder what the objective is, right?  

If these 'academics' really believe infaltion is 1.6% and QE has been an abject failure in that regard, then they haven't bought a 6 oz box of Cheez-its lately, nor an 11 oz can of coffeee.  

Since that can't possibly be the case, you have to wander what is the newest chapter of Fraud-ville leading to ...

 

Wed, 08/19/2015 - 08:57 | 6443167 knukles
knukles's picture

Oh, so debasing the currency doesn't work?
No shit.  History is replete with  .... ah fuck. 
Morons.  We'd surrounded by morons and narcissists.
Tell ya' who QE worked for.  The bankers. 
Fuck all you leaches and thieves , those who have abused public trust and responsibilities.

And this conclusion from the veritable Pantheon of monetary policy, FRB St Louis.
(not a bunch of nit wits like in SF)

Wed, 08/19/2015 - 09:11 | 6443198 TongueStun
TongueStun's picture

The Zionist JEW media has never blamed Obama for a single thing that has 'happened during his watch', ostensibly, because they think a kneegrow is too stupid to know what is going on around him.....yet blaming a white Christian heterosexual President Bush was an everyday occurrence.....

 

HOW STUPID ARE WHITE AMERICANS AND CHRISTIANS TO NOT SEE THE ZIONIST JEW FEDERAL RESERVE BANKSTER'S WAR AGAINST THEM?

 

Diversity = The war on Whites and Christians and Heterosexuals......everyone else is protected.

Wed, 08/19/2015 - 09:38 | 6443319 fiftybagger
fiftybagger's picture

"HOW STUPID ARE WHITE AMERICANS?"

Apparently not quite as stupid as you, who swallows the Vatican's bait hook, line and sinker; thinking that the Jesuits who really run the world, don't.  And thinking that Jews, who are just their banking and media stooges, do.

Wed, 08/19/2015 - 13:17 | 6444226 SamAdams
SamAdams's picture

QE saved the banks from collapse.  It was a bank bailout all along.  If the banks had collapsed, it would have unleashed a major social upheaval.  Simply put, QE saved the bankers and politicians from the populace.  That is why they told Congress "We have to bailout now, or tomorrow there will be anarachy".

But yes, the rich got richer and are privatizing as in Greece.

And as far as Jews and the Vatican, what I know is that the towers in NY were brought down by explosives.  A Jew benefited greatly from the Tower's destruction, as did Israel.  At the same time, Bush and Cheney were complicit and actively covered the crime.  So, we have some so called Jews and some so called Christians who are involved in this deceipt and terror.  They should all be brought to justice and the fact that Obama has not done so, means it's business as usual. 

 

 

Wed, 08/19/2015 - 16:22 | 6445004 El Vaquero
El Vaquero's picture

So, the Fed admitting it was wrong is a precurser to helicopter drops to the masses at the next crisis? 

Wed, 08/19/2015 - 16:24 | 6445013 Santini Air
Santini Air's picture

n ZeroBrain fantasy land, the dollar is going to die at the exact same moment that a massive EMP happens over all industrialized nations all at once.  Unfortunately, nobody who survives knows anything about building a dam or sees any point in setting up a power grid.  Oh, and everyone who knew how to build PCB boards or ASICs is also dead.  But that's okay that pesky technology stuff didn't make it... because the ZB crew is set up with their Bushmaster AR15, eating squirrel covered in Alex Jones nascient iodine!

What a bunch of F'n gooftards....

Wed, 08/19/2015 - 17:11 | 6445160 El Vaquero
El Vaquero's picture

You are 100% free to not post here and to not read ZH.

Wed, 08/19/2015 - 17:58 | 6445265 Santini Air
Santini Air's picture

Why?  The articles are good and the comment section is mildly retarded.  Jumbling up the fact that the dollar is crashing with post-"SHTF"/ end-of-the-world fantasies.

Wed, 08/19/2015 - 18:36 | 6445338 remain calm
remain calm's picture

I guess when the lynching mobs come he hoping to be spared. Sorry Mother Fucker.

Wed, 08/19/2015 - 18:53 | 6445368 Pairadimes
Pairadimes's picture

This sanctimonious bullshit is the Fed hoping that as long as they confess to sucking at helping the economy, that people won't notice that QE was never about helping the economy, but was a massive fraud designed to cover bad private bets with public money.

 

Fuck you, Bernanke.

Thu, 08/20/2015 - 03:04 | 6446306 pretty bird
Wed, 08/19/2015 - 19:24 | 6445426 remain calm
remain calm's picture

Fed officials must read ZH. Thanks for the down vote. ;)

Wed, 08/19/2015 - 19:02 | 6445383 Bay of Pigs
Bay of Pigs's picture

So says yet another incarnation of Fonestar who said BTC would be worth more than gold just a year or two ago.

Only down 80+% from its highs. Well done shithead.

Wed, 08/19/2015 - 19:08 | 6445397 El Vaquero
El Vaquero's picture

Putting aside the fact that if the dollar hyperinflates, we're not going to be importing much oil and the trucks that supply food to your local supermarket are going to have a hard time rolling down the highway, what is your point?

Wed, 08/19/2015 - 16:56 | 6445086 Mentaliusanything
Mentaliusanything's picture

Yes Correct! Helicopter drops of folding for the masses is like gasoline on embers. Uncontrolled ignition that will make you recoil in horror. But it does work even if for a very short time, then comes the cold and freezing reality.

However, to go back to sound money, pre August 15 1971, well that would be the "emperor has no clothes" moment

"When Nixon’s policy became clear to the Fed Chairman, Arthur Burns, that August week, Burns exclaimed, “What a tragedy for mankind!” It’s high time to put the whole thing, farce, tragedy, you name it, into the historical dustbin and return to the gold-based monetary system we were so near to in the 1980s, and which for eras before had supervised unexampled economic runs at the standard of the industrial revolution."

Wed, 08/19/2015 - 17:56 | 6445257 jcdenton
jcdenton's picture

Well at least someone is paying attention. Now for the naysayers, here's a little support for the contention:

http://tuppersaussy.com/museum/html/writings/articles/dialvol1no1.html (search keyword "Jews.")

And does anyone really need to interpret the following for ya?

http://tuppersaussy.com/museum/html/writings/articles/15brienner.html

Look up the address in Munich, and notice that Google Earth has this blocked. Why is that, when the actual residential address no longer exists?

Now we cannot take down the Vatican. It has a purpose. But when it steps over the line, then someone has to throw it back from that line, and keep it in check. And the last time that was done, we are close to that 500 year anniversary.

http://www.truecovenanter.com/truelutheran/luther_trade_and_usury.phtml

It should not be shocking news and/or revelations that men like Madison, Locke, and Milton (yes, Milton) held the former Augustinian monk in very, very high regard ..

https://en.wikipedia.org/wiki/Two_kingdoms_doctrine

Perhaps the rest of us can wake up and do it right a second time around, given that we have the chance ..

Wed, 08/19/2015 - 10:02 | 6443412 Cruel Aid
Cruel Aid's picture

the old media is so obviously agenda driven youd have to be deaf dumb and blind not to be aware of it. We all know the power of persuasion from  e.bernaise and his ilk.

Wed, 08/19/2015 - 10:22 | 6443506 Fahque Imuhnutjahb
Fahque Imuhnutjahb's picture

 

 

NO INFLATION?!?  Bullshit.  The wealth and income of the .0001% has inflated tremendously.  What type of inflation was goal seeked (sought?)

should be the question.  Many belittle the Fed. as being incompetent; I on the other hand think they are getting the results they desire.

Wed, 08/19/2015 - 19:59 | 6445519 Tall Tom
Tall Tom's picture

Some of the inflation went to the .001%...NOT THE BULK OF IT.

 

But this paragraph alone just demonstrates how clueless they are...

 

 

There is no work, to my knowledge, that establishes a link from QE to the ultimate goals of the Fed inflation and real economic activity. Indeed, casual evidence suggests that QE has been ineffective in increasing inflation. For example, in spite of massive central bank asset purchases in the U.S., the Fed is currently falling short of its 2% inflation target. Further, Switzerland and Japan, which have balance sheets that are much larger than that of the U.S., relative to GDP, have been experiencing very low inflation or deflation.

 

The economic activity and inflation was EXPORTED...TO CHINA.

 

Just where in the hell did all of those funds come from??? China is NOT the World Reserve Currency and they just cannot print like the USA does.

 

Damn. The Empirical Evidence stares them right in the face and they are too fucking blind to see it.

 

It worked...But just not in the way that they had intended.

 

With the collapse of China all of that massive liquidity is headed like a TSUNAMI back to American Shores. They will liquidate EVERYTHING in order to stay afloat. They will dump their Treasuries.

 

But like a Tidal Wave in the deep ocean is is not discernable from any other wave just yet. But it is coming. You can be assured that it is coming.

 

Yes we will get deflation alright. But after that LOOK OUT. That will happen by July next year.

 

In late September and early October the markets will be trashed. We will see a Deflation of the likes which nobody here has experienced. And the rebound will shock you.

 

Just like in Weimar Republic Germany a massive deflation preceded their hyperinflationary destruction.

 

Deflations precede HYPERINFLATIONS. Do not be fooled.

Wed, 08/19/2015 - 12:34 | 6444063 Dsyno
Dsyno's picture

I'm shocked at all the racist ZH'ers on here. I consider ZH to be full of intelligent people, but the comments from some of these people are disgusting, immature, and vile.

Are they old farts from another era? Get the fuck outta here and go back to your shit hole, drink your whiskey, scratch your ass while you bitch about how the world would be a better place without Jews/blacks/whatever your racist shithead thinks up. Keep it off these forums.

Wed, 08/19/2015 - 12:55 | 6444164 OldPhart
OldPhart's picture

Are they old farts from another era?

Some of us are.

Wed, 08/19/2015 - 16:58 | 6445123 Mentaliusanything
Mentaliusanything's picture

I just blame the Beans.

Wed, 08/19/2015 - 13:17 | 6444242 g speed
g speed's picture

well now that you brought it up if you're a nigger then I hate hate you and if you're a jew then I hate you too and if you're a whatever then I hate you more for that cause whatever your race that is the most useless fucked up problematic race there is and should be exterminated by all the other races cause its yours and so is inferiour and toxic to all other life  -----well you started it---dumb mother fucker--take you race talking shit outta here--enough of your PC crap.

Wed, 08/19/2015 - 13:20 | 6444249 armageddon addahere
armageddon addahere's picture

It started years ago. Paid trolls with an agenda, derailing and redirecting discussion with racist, anti Semitic and other bullshit posts when the Tylers were getting too close to the truth. With the added benefit of giving the place a bad name.

Eventually they drove away all the most knowledgeable  posters and reduced the level of discussion to what you see today.

Wed, 08/19/2015 - 17:17 | 6445170 Miffed Microbio...
Miffed Microbiologist's picture

Dsyno, the people here are simply done with all the PC, feminist agenda, globalist agenda, gay/transgender agenda, environmental agenda, socialist agenda, corporate agenda. We're done with fat acceptance, illegal immigration, corporate welfare, EBT, MSM propaganda, an unstoppable MIC and eroding personal freedoms. We're just done.

So grow a pair, suck it up and quit with the asinine offensiveness. Sorry, you won't get a participation trophy here for showing up.

Miffed

Wed, 08/19/2015 - 19:53 | 6445509 knukles
knukles's picture

Sigh, I'm in love!

Wed, 08/19/2015 - 20:39 | 6445642 Miffed Microbio...
Miffed Microbiologist's picture

Ha ha! Only someone here would say that. Honestly, I'm worried when I finally have to go back to corporate life after hanging out here for a couple of months. Two words out of my mouth and I'll be hogtied in the corner.

Miffed;-)

P.s. Started the second book. Can't read it before bed or I get disturbing dreams. I hope it isn't truly prophetic but my skin is crawling. There are others who see.

Thu, 08/20/2015 - 00:18 | 6446111 OldPhart
OldPhart's picture

what books?

Thu, 08/20/2015 - 12:57 | 6447725 knukles
knukles's picture

Margaret Atwood's trilogy:  Oryx and Crake, The Year of the Flood and MaddAddam

Wed, 08/19/2015 - 18:22 | 6445313 jcdenton
jcdenton's picture

You must be a woman. Or, at the very least someone pretending to be one. For people say of the Caucasus, that favor their culture and lifestyle over another. That is not a crime. It's a preference. As long as they do not violate the sensibilities or say the right of free expression of those non-Caucasus, what is the problem here? If someone causes physical harm to another, regardless of ethnic origin, it is a matter of rule of law. Not, a hate crime with special penal consequences.

If I assert that most that call themselves Jews, are probably Ashkenazim, that originate from Khazaria, that have no Semitic [Hebrew] blood at all in their genome, and have generationally adopted the Hebrew religion and culture via force, certainly not among the "chosen" of the Bible, no more than any gentile; AM I -- antisemitic?

https://www.scribd.com/doc/123652605/Genome-Evolution-of-Jewish-Populati...

And for the record I'm 56, not quite the quintessential "old fart," and my preference is for Shiner Bock ..

Wed, 08/19/2015 - 19:49 | 6445499 silverserfer
silverserfer's picture

dsyno why you hayt'n so much dawg? Youve only been here 12 weeks. Stopped being shocked you pussy.   

Wed, 08/19/2015 - 23:15 | 6446020 Crash Overide
Crash Overide's picture

What's sad is it took some folks 6 years to figure out QE was a fraud just like the FED.

Wed, 08/19/2015 - 11:06 | 6443679 tarsubil
tarsubil's picture

I bought a 29 oz can of diced tomatoes a couple weeks ago. I couldn't believe they made a friggin' 29 oz can. What a joke.

Wed, 08/19/2015 - 13:23 | 6444253 armageddon addahere
armageddon addahere's picture

They have been making those for 100 years?????

Thu, 08/20/2015 - 00:33 | 6446124 OldPhart
OldPhart's picture

NO, you used to get a 4 ounce can, 8 ounce can, 16 ounce can, 32 ounce can, and for the bigun's, you'd get a five pound can, really bigguns was a #10 can which was about ten pounds (looking through the hoard for a #10 [don't have any]).

Now we have these odd ounce counts.  Campbell's soup, for instance, in 10 3/4 ounce instead of the 16 ounce size.  Same price or more.  (Dollar General has 16 ounce cans for a dollar.  Grocery store has 10 3/4 ounce for $1.56.)

Coffee used to be sold in three pound and five pound cans.

There used to be such a thing as five gallon ice cream.

Soda cans were 12 and 16 ounces.  Not 11.5 and whatever the 16 oz replacement is.

Bread used to weigh a minimum of a pound and a half.

The inflation isn't only the price, it's in the reduction of the content.  I think this all started around 2005/2006, and most of us just didn't pay attention.

http://www.foxbusiness.com/personal-finance/2011/05/05/10-everyday-grocery-items/

 

Thu, 08/20/2015 - 12:42 | 6447621 tarsubil
tarsubil's picture

What the fuck? Are you retarded? 29 oz is not a standard weight. It is 3 oz off 2 lbs. It makes no sense in terms of sales and packaging besides hiding price per lb increases. Why don't you go read some science books because you're talking like a fucking retard?

Wed, 08/19/2015 - 10:01 | 6443401 Crash Overide
Crash Overide's picture

"Bingo.  Extract as much wealth as possible before you restart the game, except now you own everything from the beginning."

 

Yeah but this time it will be different, the fix is in and people are armed with knowledge and other things...

One can hope the people won't allow it anymore.

Wed, 08/19/2015 - 18:16 | 6445301 Kassandra
Kassandra's picture

Or possibly, people are just armed.

Wed, 08/19/2015 - 07:49 | 6442985 ZH Snob
ZH Snob's picture

yes.  QE has enriched the uber wealthy beyond belief.

these fed guys really know how to spin a paper whirlwind full of half-truths, outright lies and excuses.  they want us to believe that their intention was to improve the economy when in reality all they've done and continue to do is to hide behind theory papers like this while filling the coffers of their subsidiary banks.

 

 

Wed, 08/19/2015 - 08:01 | 6443007 Croesus
Croesus's picture

OT: 

Does anyone recognize who the speaker is, in picture#2? 

 

http://www.ebaumsworld.com/pictures/view/84699835/

 

 

Wed, 08/19/2015 - 08:06 | 6443028 detached.amusement
detached.amusement's picture

hey, isnt that julio iglesias?

/s

Wed, 08/19/2015 - 10:24 | 6443514 IRC162
IRC162's picture

Why yes, that is officer Frank "Ponch" Poncherello from CA Hwy Patrol.  

Wed, 08/19/2015 - 07:54 | 6443000 JRobby
JRobby's picture

"QE worked for the cronies pretty well actually."

Very well indeed! Don't look for it to be unwound to soon.

Wed, 08/19/2015 - 08:26 | 6443089 JerseyJoe
JerseyJoe's picture

And to bail out the banks.  Why does the Fed need Mortgage Backed Securities?    The Fed bought the crap to get it off the balance sheets of the banks and presto - the banksters get their inflated bonuses instead of being fired or thrown in jail...

Too big to fail and too big to jail...just ask Holder. 

Wed, 08/19/2015 - 16:58 | 6445116 mygameon
mygameon's picture

MBS is the greatest unrecognized ass fucking of the American population ever achieved by the political class and NWO types.

MBS had ZERO market value or total loss if taken by the bank. Then the FED via fiat and taxpayer debt assigns a market value without any discovery and buys tens of Billion$ per month.

Creating infinite gain for the banksters and unserviceable debt for future generations.

What is not clear, did the banks get to "keep" the physical assets and then resell to the international oligarchs at bubble licious prices.

If not, shouldn't the FED balance sheet adjusted accordingly?

Same scenario about to happen with corporate hy debt. 1% and management transferring corporate wealth via dividend and stock buy back through ZIRP financing. Then when the bubble pops the tax payer gets the bill again.

Will that finally move the sheeple?

Wed, 08/19/2015 - 21:13 | 6445739 Ness.
Ness.'s picture

There is a reason they call them POMO's instead of TOMO's.

Permanent Open Market Operations - POMO

 

"There will be no rate normalization in my lifetime."  ~ Ben Bernanke.

 

http://www.newyorkfed.org/markets/pomo/operations/

Wed, 08/19/2015 - 09:51 | 6443357 Milton Freewater
Milton Freewater's picture

Did anyone really  expect QE to work for us peasants ?   It was designed  to fill bankster pockets and devalue the dollar.  Did I miss something or did it work perfectly ? 

Wed, 08/19/2015 - 19:34 | 6445465 Rubicon727
Rubicon727's picture

"QE worked for the cronies pretty well, actually."

This is, precisely, what I think they were up to all along.

I wish an honest economist, or someone at Zerohedge could compile convincing evidence to this entire QE shambles.

Wed, 08/19/2015 - 07:25 | 6442903 Captain Debtcrash
Captain Debtcrash's picture

They may raise rates, I think they will, but it will only be to scare the crap out of the politicians via a market crash to give them the leeway to do some really crazy stuff like ban cash and push rates significantly negative.  THey are saying QE didn't work to meet their INFLATION targets, so they will have to do something to meet those targets which are above where we are now.  At least according to thier "offical statistics".  

Wed, 08/19/2015 - 07:44 | 6442968 Headbanger
Headbanger's picture

Could be.   But they'll ban OWNING GOLD first as FDR did way back when.

That plus taxing corporations on foreign profits or some other means of forcing all that money back to the US

Illegals will be deported

Social Security benefits cut along with other social programs

But it won't stop a major financial collapse anyway.

Wed, 08/19/2015 - 10:09 | 6443439 Cruel Aid
Cruel Aid's picture

i dont think they can get away with gold ban this time. fool me once...

Hopufully people are aware that they have guns therefore power. the military and ex wont side with them again. false flags have been dug up for all to see... if they will pull their head out of the screen and read about it

Wed, 08/19/2015 - 07:46 | 6442975 onewayticket2
onewayticket2's picture

it'll be small, once and primarily to save face at their cocktail parties and amongst their academic friends.....but it'll be accompanied by quieter stimulus in some fashion to offset.

Wed, 08/19/2015 - 09:29 | 6443291 Son of Captain Nemo
Son of Captain Nemo's picture

Raise rates on how many trillions of dollars?

Who's gonna pay for that?

Frame that one buddy when the next FOMC meets to ask Janet that question!

Wed, 08/19/2015 - 11:48 | 6443854 Okienomics
Okienomics's picture

On U.S. Treasuries owned by the FRB, the earned interest gets paid to the U.S. Treasury.  If the FRB owns most of the Treasuries, then most of the interest gets paid back to the Treasury by the one bumping the rates.

QED.

Wed, 08/19/2015 - 12:49 | 6444132 NorthernPike
NorthernPike's picture

Per specifications of US money as cited in the Fed Paper "Modern Monetary Mechanics" one can only conclude that debt must continue to expand or the financial system will have to transition to massive bankruptcies or utter collapse. There are some wierd things that could be done in the coin realm but that is out of the FEDS hands. 

These are elemental design features that blend well with population, energy and resource growth.  IMHO the monetary system is in need of a redesign to work better with physical reality. Properly done the .0001% could improve the probability of maintaining control over a longer period of time. It is not likely to happen or be a point of conversation in politics as most are locked into the belief systems of the current order.

Conclusion: A new world order is on the way and nothing can be done to stop it.

 

 

Wed, 08/19/2015 - 08:07 | 6443033 Professor Fate
Professor Fate's picture

Can't wait for the politically correct sequal..."BLACK SWANS MATTER" as the middle class finally take to the streets.  

Fate the Magnificent
"Push the Button, Max" 

Wed, 08/19/2015 - 09:23 | 6443267 ThroxxOfVron
ThroxxOfVron's picture

 

 

CAN WE PLEASE GET ON TO THE HANGING THE FUCKING BANKING & POLITICAL CRIMINALS PART NOW?

 


Wed, 08/19/2015 - 11:12 | 6443705 tbone654
tbone654's picture

You mean like we did John Corzine?

Wed, 08/19/2015 - 07:21 | 6442889 Cognitive Dissonance
Cognitive Dissonance's picture

Now that the Fed has shown the prior Emperor, and his policies, as naked to the world, the Fed can roll out a new and improve QE. I shall wait patiently by my mailbox for Fed/Gov checks to 'stimulate' the economy and fan the flames of glorious inflation.

Wed, 08/19/2015 - 07:32 | 6442927 bigkahuna
bigkahuna's picture

Thats going to be the only way. Get the helicoptors ready.

Wed, 08/19/2015 - 07:32 | 6442930 EscapeKey
EscapeKey's picture

you won't get a penny. instead, the problem clearly was that the QE quantities weren't quite big enough - instead of printing £85bn/month, let's try tripling that.

Wed, 08/19/2015 - 07:37 | 6442943 Cognitive Dissonance
Cognitive Dissonance's picture

I'll enjoy my delusion and you yours. ;-)

Wed, 08/19/2015 - 07:45 | 6442972 EscapeKey
EscapeKey's picture

well, allow me to suggest you don't go shopping just yet

Wed, 08/19/2015 - 08:02 | 6443017 Cognitive Dissonance
Cognitive Dissonance's picture

We dollar cost average our grocery shopping. :-)

Mrs Cog is in the midst of this summer's massive canning operation. Yesterday she put up 2 1/2 gallons of Salsa Verde and 6 gallons of Mexican chicken soup. Today will be 6 gallons of traditional chicken soup. Last week she put up 5 gallons of chicken cacciatore, 12 gallons of tomato soup, 4 gallons of crushed canned tomatoes, 3 gallons of bean salsa and a gallon of tangy barbecue sauce.

We don't need no stinkin' grocery store.........except when we do. :-)

<Bonus question....How many pints jars equals a gallon?>

Wed, 08/19/2015 - 08:15 | 6443053 falak pema
falak pema's picture

the magical eight !

If you could change that to 10 you would get Kim Kardashian as a bonus.

Nobody has dared say 10 pints to a gallon. Now that would save the FED with a 25% inflation rate.

And you would win KK as bonus. (Not sure Mrs Cog would be pleased as KK is no Cinderella who scrubs floors !)

Wed, 08/19/2015 - 20:53 | 6445649 Escrava Isaura
Escrava Isaura's picture

 

 

falak pema,

Great work in your part clearing all the misinformation and nonsense. Zero Hedge needs more like you and MEFOBILLS.

 

Anyway, just would like to add this anecdote: Today I made myself stare at the sky looking for that imaginative figure that is supposed, accordingly to many, guide us here in earth.

 

Unbelievable that anyone that look at the sky can believe that there is anyone there guiding us here.

 

By the way: Thanks for the TINA's link below. Very insightful. I made a paper copy of it to reread it over one more time.

 

Wed, 08/19/2015 - 07:35 | 6442938 LawsofPhysics
LawsofPhysics's picture

I see plenty of inflation from this tractor cab. Just wait until the supply chains break down in earnest.

Wed, 08/19/2015 - 07:44 | 6442957 Cognitive Dissonance
Cognitive Dissonance's picture

I see dead fiat everywhere. The funny thing is this. The Fed/BLS have been hiding inflation in their manipulated numbers so long and so well even they can no longer 'find' it. I can't wait until they change the way they 'count' and suddenly it appears. I'll set up a lawn chair and an umbrella next to the mailbox and wait for Uncle Sam's fiat in the mail.

Wed, 08/19/2015 - 08:13 | 6443045 LawsofPhysics
LawsofPhysics's picture

People don't know anything but fiat. Stupid sheep.

Wed, 08/19/2015 - 08:58 | 6443174 headhunt
headhunt's picture

The good news, the debt hasn't increased for months

Wed, 08/19/2015 - 23:56 | 6446079 ThroxxOfVron
ThroxxOfVron's picture

Right...

Not ONE single cent deviation higer OR lower in more than 8 months in the National Debt of the United States Federal Govenment !!!

It's almost as if the bureaucrats that get paid simply to mundanely add numbers to the biiiig spreeeaaaadd sheeeeeet...   jussssst.   stopppppedd.   aadddddddddddingg. ....ANNNNYYYYYYTHINNNNGGGGGGGGGGGG.    

....to the PHONY spread sheet....

 

-Damned good thing there have been absolutely NO Treasury Auctions this year to prove otherwise!

Wed, 08/19/2015 - 10:46 | 6443555 Chumly
Chumly's picture

We need to stretch out time's arrow relative to the current median income in America, which is sitting at 1987 levels. Is the current average cost of an auto, house, college, a week's groceries, etc, etc, etc what it was back back then, let alone the savings rate what it was back then? Taking that "inflation adjustment" into consideration, the middle class family and average retiree's standard of living has been decimated - obliterated!

Nothing will bring this back into balance short of a debt jubilee - I agree with people like Steve Keen in this regard.

Wed, 08/19/2015 - 21:59 | 6445829 Manipuflation
Manipuflation's picture

You two.  I have extra zucchini this year.  Who coulda knode?

Wed, 08/19/2015 - 07:41 | 6442961 TideFighter
TideFighter's picture

it's going to take a lot of broken windows to fix this

Wed, 08/19/2015 - 07:46 | 6442976 Cognitive Dissonance
Cognitive Dissonance's picture

Can we start with breaking some windows at the Fed? Please?

Wed, 08/19/2015 - 09:39 | 6443322 Son of Captain Nemo
Son of Captain Nemo's picture

Can we start with breaking some windows at the Fed? Please?

I think even Bastiat would have taken it up a notch complete with petrol and a lighted match for each "executive" in D.C. starting with Yellen.

The front entrance to the building is almost 6 stories from top to bottom and overlooks a marble walkway!

Wed, 08/19/2015 - 23:57 | 6446082 ThroxxOfVron
ThroxxOfVron's picture

The Eccles was made for Naplam.

Wed, 08/19/2015 - 07:51 | 6442988 EscapeKey
EscapeKey's picture

how about constructing a suspension bridge between new york and ireland?

or san francisco and hong kong?

Wed, 08/19/2015 - 08:31 | 6443101 Manipulism
Manipulism's picture

They are only doing Lucifers work(it is their god)

Wed, 08/19/2015 - 10:56 | 6443629 jakesdad
jakesdad's picture

agreed - the 64 trillion $ question is does that mean "damn the torpedoes, fulll steam ahead!" on liftoff, nirp/cash ban or other?

Wed, 08/19/2015 - 18:46 | 6445358 myne
myne's picture

At this point,  the only thing that might work is to drastically drop taxes (via increased rebates) at the low end of the curve (middle class), fund the tax shortfall, and up rates.

Since  it is always the middle class that generates the bulk of monetary velocity, it's always those people you want to bring out of their shells.

If it's timed perfectly, the velocity of money will increase, inflation will increase and rates will normalise. 

That will throw the dollar under the bus, but save the people the system is supposed to serve. 

A debt jubilee by another means. 

Of course,  it could also fail spectacularly, and result in hyperinflation as the dollar cases to be the global reserve.  

Wed, 08/19/2015 - 07:15 | 6442874 fudge
fudge's picture

I thought they didn't make Mistakes ? :-/

Wed, 08/19/2015 - 07:33 | 6442935 bigkahuna
bigkahuna's picture

They don't. They got what they wanted.

Wed, 08/19/2015 - 07:36 | 6442942 Lostinfortwalton
Lostinfortwalton's picture

That was Jason Bourne.

Wed, 08/19/2015 - 07:14 | 6442876 wildbad
wildbad's picture

this is really good...

Wed, 08/19/2015 - 07:18 | 6442878 ParkAveFlasher
ParkAveFlasher's picture

Sorry!  My bad.  Can I get a D.O.?

Wed, 08/19/2015 - 07:21 | 6442891 VinceFostersGhost
VinceFostersGhost's picture

 

 

You get one mulligan......and that's it.

Wed, 08/19/2015 - 07:31 | 6442923 clade7
clade7's picture

I doubt Williamson's masters will grant him one.

Wed, 08/19/2015 - 07:18 | 6442879 luckylongshot
luckylongshot's picture

The problem of too much debt has occurred 775 times in history. It has been fixed 775 times by writing off the debt. QE has never worked. The Fed should not have expected it would work. This is not rocket science

Wed, 08/19/2015 - 07:25 | 6442900 headhunt
headhunt's picture

They never expected it to work.

Wed, 08/19/2015 - 23:59 | 6446085 ThroxxOfVron
ThroxxOfVron's picture

It work fine.

They counterfeited their way into OWNING YOU & YOUR KIDS.

 

...WTF did you think they were doing??

Wed, 08/19/2015 - 08:07 | 6443032 jerry_theking_lawler
jerry_theking_lawler's picture

All QE did is spread the pain out longer and to more people. What should've happened is the businesses that were 'bad' should've closed. The stronger one's should've stayed open. It would've been a deep recession or mild depression but in the 9+ years hence we would've already recovered and the market forces would've work like they should....

Now we are trapped in CB hell with them making the calls. This will not end well.

Wed, 08/19/2015 - 07:20 | 6442883 headhunt
headhunt's picture

Conversation in the White House circa 2009;

 

Commie 1: So you mean if we just keep printing money we can destroy the USA as we know it?

Commie 2: Yes.

Commie 1: It almost seems too simple.

Commie 2: Yeah... I know, right.

Commie 1: Can we buy more printers?...

Wed, 08/19/2015 - 07:29 | 6442913 ToSoft4Truth
ToSoft4Truth's picture

It all started in 2009, huh.

 

 

Wed, 08/19/2015 - 07:50 | 6442987 headhunt
headhunt's picture

Plug in any date you want, the actors and intent do not change

Wed, 08/19/2015 - 09:10 | 6443214 falak pema
falak pema's picture

I did.

Wed, 08/19/2015 - 08:27 | 6443093 JerseyJoe
JerseyJoe's picture

The Chairman agrees.

Wed, 08/19/2015 - 08:42 | 6443126 falak pema
falak pema's picture

Lets try 10/11/ 2001 in the WH to see if that works :

Commie 1 : They bombed us

Commie 2 : Who bombed us

Commie 1 : I thought Who was on first base. He couldn't bomb us as you have to be on third to score a HR.

Commie 2 : What?

Commie 1 : What was on Second base.

Commie 2 : Why?

Commie 1 : Now you're getting closer. Why was on Third.

Commie 2 : Why didn't he stay on third if Who was not sure of  What was doing?

Commie 1 : Because Why was our guy who didn't know What from shinehole. Or so we thought. After all, WHy would he wear a turban?

That sums up American expertise in the WH of those halcyon days.

Commie 1 was Dubya and Commie 2 was Dick C (not Dick tracy).

What you sow you then reap in one huge big heap, from the Halls of M to the shores of T !

Wed, 08/19/2015 - 08:57 | 6443171 headhunt
headhunt's picture

Still with the 'Bush's fault' meme...Zzzzzzzzzzzzzzzzzzzzzzzzzzzz

Wed, 08/19/2015 - 20:23 | 6445598 Tall Tom
Tall Tom's picture

Well this Ponzi scheme may have been maintained for quite a bit longer if those Twin Towers and WTC#7 were not imploded... and we did not mobilize to kill a bunch of Arabs.

 

But the death seed was sown on August 15, 1971, when America abandoned Honest Money for a Paper Ponzi. Some may wish to write that it started when the Federal Reserve was created in 1913. Yeah?

 

Well they could not have printed gazillions if we had not ABANDOND GOLD, could they?

 

But they began the acceleration of the end on September 11, 2001. And the Bush Administration was all too ready to blame it on Iraq...when Iraq had NOTHING TO DO WITH IT. 

 

Now that truth WAS EXPOSED, along with the truth that THEY KNEW that Iraq had NOTHING TO DO WITH IT...before we attacked them.

 

So your Red Team colors are showing a bit because you got all butthurt and felt you had to respond with some snark.

 

Awwwwwww...You are just another Socialist wiff hurt feewings...

Wed, 08/19/2015 - 07:20 | 6442884 New_Meat
New_Meat's picture

Morganthau admitted that the then-Fed and Treasury approach was FUBAR also.  That was in evaluating conditions in 1938.

- Ned

Wed, 08/19/2015 - 07:20 | 6442885 Debugas
Debugas's picture

creating inflation is easy - try Ben's helicopter drop

Wed, 08/19/2015 - 07:26 | 6442906 Calculus99
Calculus99's picture

Why give free money to the peons when you can give it to the rich?

Wed, 08/19/2015 - 18:54 | 6445370 cheech_wizard
cheech_wizard's picture

I have long questioned this approach. A far better approach would have been to give the money to the peons, because eventually it would have ended up in the hands of the rich anyway.

But it would have made the peons happy and slightly better off economically, and allowed the can to be kicked down the road for a lot longer.

Standard Disclaimer: I can dream, can't I, or is that a thought crime now?

 

Wed, 08/19/2015 - 07:21 | 6442887 ToSoft4Truth
ToSoft4Truth's picture

Maybe this assessment is wrong? 

Wed, 08/19/2015 - 07:30 | 6442920 new game
new game's picture

maybe we are smarter than fifth grade, jeez, reading this piece gives me great pause. what a fucked up world we live in...

Wed, 08/19/2015 - 07:24 | 6442897 Infinite QE
Infinite QE's picture

A mistake when looked at through the eyes of the goyim. But from our eyes, the most brilliantly devious plan we ever executed. Our wealth has grown exponentially and we will now move on to our greatest plans ever. The complete enslavement of the goyim world.

- The Learned Elders of Zion

Wed, 08/19/2015 - 07:26 | 6442905 wmbz
wmbz's picture

So what difference does it make, they'll keep right on doing it.

After all it's "free" money. There are no checks and balances.

Wed, 08/19/2015 - 07:27 | 6442908 Seasmoke
Seasmoke's picture

This is Anti-Semitic.

Wed, 08/19/2015 - 07:29 | 6442911 fattail
fattail's picture

Its only a mistake if there real intention was to create inflation.  If their intention was to create shit tons of deflation by pulling aggregate demand forward at an ever faster rate with 7 straight years of 0% rates and then pull the lever on the gallows by raising rates .25% so the 1% can swoop in and pick up productive assets for pennys on the dollar, then I think they have an outstanding chance of being a huge success.  

Good for you FED.  You got one right.

Wed, 08/19/2015 - 07:32 | 6442929 new game
new game's picture

raising rates=fleecing the low hanging fruit from the minions still "believing". ha

Wed, 08/19/2015 - 07:34 | 6442914 buzzsaw99
buzzsaw99's picture

did Williamson not just say zirp 4evah bitchez?

Stephen D. is a zh reader!

edit: i'm guessing that he did not go so far as to say with no qe and higher rates that economic activity or inflation would be greater, because he knows damn well that isn't true. the problem is that the fed put a bandaid on a compound fracture and gave the patient a sedative. everyone hates pain so they won't stand for the cure.

Wed, 08/19/2015 - 07:29 | 6442916 Panic Mode
Panic Mode's picture

And they get pay tonnes of money for being thick as shit.

Wed, 08/19/2015 - 07:30 | 6442919 overmedicatedun...
overmedicatedundersexed's picture

the usa congress would rather that polite 4th estate should ignore all the above..if people see how inept the FED is at anything but making the .01% richer, why congress would be asked to act. and then so many deep dark crimes could come to light. how much perfume of "gosh,nobody coulda known" moments would it take?

it is sooooo complex trying explain away crimes as policy mistakes, that's why all our laws are incomprehensible to even those who "write" them..justice roberts anyone?

Wed, 08/19/2015 - 07:31 | 6442922 LawsofPhysics
LawsofPhysics's picture

Time for a refund or serious retribution motherfuckers...

Wed, 08/19/2015 - 08:10 | 6443040 falak pema
falak pema's picture

refund?

How do u refund electronic IOUs in trillions?

Debt Jubilee if they had any conjones!

Wed, 08/19/2015 - 09:42 | 6443327 SSRI Junkie
SSRI Junkie's picture

.

Wed, 08/19/2015 - 07:32 | 6442926 trueFacts
trueFacts's picture

May I suggest that you have the wrong premise and wrong conclusions.  First, the premise: the pprimary goal of FED, and the primary goal of QE, is to save/help banks, NOT to create economic activity and a wee bit of inflation.   Second, the conclusion: QE was a tremendous success for bankers/goldman, and the FED could care less about inflation and economic activity and whatever these "ultimate" (fairy-tale) goals are.

Wed, 08/19/2015 - 07:38 | 6442952 buzzsaw99
buzzsaw99's picture

the st. louis branch may believe in fairy-tales but the joo york branch runs the show.

Wed, 08/19/2015 - 08:34 | 6443109 Crocodile
Crocodile's picture

But the Vatican gives the orders to the NY Fed.  The Vatican takes their orders from Satan personally.

Wed, 08/19/2015 - 07:52 | 6442994 headhunt
headhunt's picture

They care but like a meth junky they plan on stopping after this next hit...

Wed, 08/19/2015 - 07:33 | 6442931 ToSoft4Truth
ToSoft4Truth's picture

Cut taxes like Reaganomics.  No more taxes to cut – issue income credits (Tax Reform Act of 1986), like Reaganomics.         

Wed, 08/19/2015 - 07:38 | 6442945 RaceToTheBottom
RaceToTheBottom's picture

When does Goldman Sacks write the official FED rebuttal?

Wed, 08/19/2015 - 07:38 | 6442953 Infinite QE
Infinite QE's picture

Williamson, not being of the tribe, only is shown what he needs to be shown. The GS team, however, is part of our tribe, our A Team, and knows all.

- Learned Elders of Zion

 

Wed, 08/19/2015 - 08:06 | 6443026 buzzsaw99
buzzsaw99's picture

The Squid is everywhere. It is all around us. Even now, in this very website. You can see it when you look out your window or when you turn on your television. You can feel it when you go to work... when you go to church... when you pay your taxes... [/Morpheus]

Wed, 08/19/2015 - 21:39 | 6445796 A82EBA
A82EBA's picture

just wondering why they called their underground habitat Zion?

Wed, 08/19/2015 - 07:38 | 6442950 Urban Redneck
Urban Redneck's picture

Of course, "There is no work... that establishes a link from QE to the ultimate goals of the Fed inflation and real economic activity."

 

However, there is empirical proof that QE does not generate real economic activity.

 

There is a direct correlation between the money supply and GDP (until TSHTF).  It is (mis)named the velocity of money.

 

If increasing the money supply actually increased real economic activity (or GDP) then the velocity of money would remain relatively constant.  However, (even being extremely generous) we have long since past the point of diminishing returns on increasing the money supply, and have reached the point of almost pure wealth transfer via that mechanism. 

Wed, 08/19/2015 - 07:39 | 6442955 tok1
tok1's picture

The Japanede Govt a advisor summed up the failure yesterday .

He said higher food and import prices ( caused by weak yen ) lead to

a drop in consumption ..

So after 20 extra budgets and a debt of 10.5 trill, he suggests another one
of 35 bill.

Also he strangely thinks they may need more QE if inflation remains too low.

So the economy is contracting because QE caused excessive import price inflation .. And so the problem with the economy is deflation ( requiring more QE).

Code we are broke QE pays the bills we have no clue what to do .

Wed, 08/19/2015 - 07:40 | 6442958 Crocodile
Crocodile's picture

QE kills capital investment and thus the economy; duh!  Who could see that coming?

-----------

ZIRP - keeps really bad corporations and companies in business via debt propping, which hurts the economy; who could have seen that coming?

------------

Conclusion:  economy destroyed and "Mission Accomplished"!

Wed, 08/19/2015 - 08:02 | 6443020 TeethVillage88s
TeethVillage88s's picture

ZH Q: What does Williamson's Working Paper say or should conclude about Arthur F. Burns' & Paul Volker's High Interest Rates in the 1970s???

Compare, Contrast and Discuss in One or more Paragraphs.

LOL

I think Arther Burns & Paul Volker damaged the Economy with high Interest Rates even into the Reagan FISCAL Stimulus despite other problems with Budget Deficits from the Vietnam War, the Gas Crisis (high Inflation) and the change in the Value of the USD as a result of removal of the Gold Standard.

1974 Rate over 10% - Arthur F. Burns
1980 - 1982 Rate over 15% - Paul Volcker
1984 Rate over 10% - Paul Volcker

https://research.stlouisfed.org/fred2/series/FEDFUNDS

"At the Watergate break-in of 1972, the burglars were found carrying $6300 of sequentially-numbered $100 bills. The Fed lied to reporter Bob Woodward as to the source of the bills. Burns stonewalled Congressional investigations about them and issued a directive to all Fed offices prohibiting any discussion of the subject.[11]"

http://www.cnbc.com/2015/08/18/st-louis-fed-official-no-evidence-qe-boos...

https://research.stlouisfed.org/wp/2015/2015-015.pdf

Wed, 08/19/2015 - 08:32 | 6443105 Crocodile
Crocodile's picture

The gas "crisis" was by design as Kissinger made deals with the OPEC nations to trade all OIL in USD; to seal the deal the oil embargo was implemented to drive up the prices to make the OPEC nations accept the deal.  Everyone was happy except the people of course; couldn't have that.

Wed, 08/19/2015 - 08:40 | 6443124 TeethVillage88s
TeethVillage88s's picture

Thanks I forgot about the Oil Embargo. Also I learned that Burns was head of FED at the time.

I seem to remember sugar prices inflated, so I'd guess farm produce inflated.

Wed, 08/19/2015 - 11:00 | 6443648 Chumly
Chumly's picture

....crickets....

Wed, 08/19/2015 - 07:42 | 6442963 EconoIdiot
EconoIdiot's picture

They simply cannot afford a larger payment to maintain the status quo.  Do any of you people understand what this means?

Wed, 08/19/2015 - 07:48 | 6442982 Winston Churchill
Winston Churchill's picture

Excrement meets blade.

Wed, 08/19/2015 - 08:13 | 6443048 jerry_theking_lawler
jerry_theking_lawler's picture

I should develop, manufacture and market a fan with self cleaning blades....I bet it'll sell like hotcakes in the very near future.

Wed, 08/19/2015 - 08:06 | 6443027 TeethVillage88s
TeethVillage88s's picture

No more Interest on Savings & Checking Account, no more CDs with safe earnings.

Total--Interest on the Public Debt, under Treasury, 2014 = $429.57 Billion
Total--Interest on the Public Debt, under Treasury, 2013 = $415.7 Billion
Total--Interest on the Public Debt, under Treasury, 2000 = $362.1 Billion
Total--Interest on the Public Debt, under Treasury, 1998 = $363.8 Billion

Wed, 08/19/2015 - 07:47 | 6442978 Crocodile
Crocodile's picture

Apart from the help of the LORD; the nation is doomed and the same for each individual who rejects the gift of salvation, which is the gift of eternal life in a "place" that man has always strived for; the place called "peace" & "contentment".

Wed, 08/19/2015 - 08:05 | 6443023 falak pema
falak pema's picture

thats sounds awesomely like the Everglades.

You sure you don't speak in name of your avatar breed?

Wed, 08/19/2015 - 08:45 | 6443141 Crocodile
Crocodile's picture

That was funny.  I put that in there to gauge how many people hate Jesus and to sound the warning of what will ultimately count at the end of this life.  All of this pales in comparison to standing before the Creator of all that has been created to be judged righteously; only to be found guilty of rebellion against THE KING.  They will not fight it, for they will all be in agreement of their guilt.

 

Of course the people that hate Jesus are always the ones who know little to nothing about him, for if they did, then they would realize that he truly is the Way, the Truth and the Life and offers the only path to that peace and contentment that man has always seeking and never finding.  They would see one who always lead by example and never asked anyone to do anything that he would not or did not do; it is what everyone wishes we had in leadership at home, work and the nation.

Wed, 08/19/2015 - 08:57 | 6443172 roisaber
roisaber's picture

Blah blah blah, vacuous religious cant, blah. 

Wed, 08/19/2015 - 09:08 | 6443205 plane jain
plane jain's picture

I don't know anyone who hates Jesus.

I do know plenty who have a beef with organizations doing all kind of things supposedly in his name and cherry picking which things he said really are important vs. what can be safely ignored because it is inconvenient, i.e. divorce. 

The jews just say he was a fake. The muslims recognize him as a prophet. And the rest (hindu, buddhist, atheist, etc.) think of him as maybe a spiritual teacher, or just a guy from history that a legend grew up around most of which wasn't original to him and was previously attributed to other religious figures.

 

 

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