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Too Big To Kick
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I get the feeling the repubs are running the Clinton thing late into the evening to drop a bomb on her in prime time.
Politicians aren't that smart are they?
Politician is another word for sociopath.
you are correct sir
"you are correct sir"
I am holding an envelope to my forehead...
and the answer is....
It's all Kabuki Theater designed to keep us "distracted"...
And yet, damn...those damn shiny objects are just so deliciously "shiny"....aren't they?
Anyone? Is it just me?
Hey look.....it s Angelina Jolie's tits!
Hey look.....it s Angelina Jolie's tits!
Uhhh - didn't she get them whacked off because she claimed to have some "genetic" propensity to develop cancer and to show "solidarity" with women who've had breast cancer? ... or some shit like that?
Boggles the mind that the repubicans think Bengazi is going to bring Hitlery down. No one cares and if that's all they got ... well my bet is no matter what "they got" Hitlery is the next Prez. Get ready for the war you all want.
What is the stock ticker for Benghazi?
Rather optimistic on the illustrator's part. The can will be kicked, the spice must flow.
Too big to kick? Ha. Just watch... They say that every time.
"Time to get a bigger boot."
When debt is printed out of thin air, does it really weigh much?
When debt is printed out of thin air, does it really weigh much?
Thank You. It makes me crazy(ier) when people say they "print money out of thin air" ... they don't - they print debt out of thin air....
If the can won't move, then just move the road. Problem solved.
"This is not an issue of credit rating, the United States can pay any debt it has because we can always print money to do that. So, there is zero probability of default." - Alan Greenspan
We can't default, but the world can sure as hell liquidate US Treasuries. That means the Fed will have to buy each and every one. The end game is hyperinflation. Likely very quickly too, probably a matter of days. They'll probably have to coin a new term for it when it happens, "megainflation" or something equally dramatic.
Of course the dumbfucks on tv will say nobody could have predicted this. By then ZH will be banned and ZH readers will be too busy diving into our stack like Scrooge McDuck to be bothered by the weeping and gnashing of teeth outside.
For hyperinflation to happen, the money has to get into people's hands somehow.
Which will never be allowed to happen.
Yes it can and it will. If I had a few hundred thousand USD denominated treasuries, and cash it in but lived in another country it would be easy to purchase US goods and have them shipped. Better yet, hop on a plane and go buy some nice get away place in Miami, with furniture and a decent reno.
The money will get in.
That's right. I mean, wouldn't America be much better off if the treasury just printed one million dollars for every person? That should work fine, right? I mean after all, the dollar is indestructible. It will always be worth more than anything else on the earth. After all, it's paper, and paper is very important. They put your report card on it.
They'll just hand trillions of dollars to some punk, with few pubes, running a hedge fund and they'll buy all the UST's the govt wants them to.
You guys talk about hyperinflation like its a natural part of economic life. Fact is, it rarely happens. The Cato institute could only find 56 hyperinflation events in history, and I think it went back hundreds of years. Many of those events were deliberately induced (Weimar was deliberately induced as an intended default on Versailles debt) and were shortly brought to an end by policy change (also Weimar).
A person might be a deficit hawk. Maybe you think its wrong to deficit spend for moral reasons, but that doesnt mean hyperinflation is this persistently recurring historical inevitability, such as Mises and others implied. We are not living and reliving Weimar, its just not an accurate parallel. That's why data is not showing hyperinflation, or even significant inflation (aside from in land-based assets i.e. real estate, which has other reasons behind it). Also, your local grocery store price gouging is not the same thing as inflation. Choose the right grocer and stuff is still dirt cheap, a pound of bacon for $10 at the butcher. Markup =/= inflation, just go to a farmer's market to see how cheap food really is.
ObamaFlation.........
In the long term, the best thing that could happen to this country is a default. We'd never be able to deficit spend again because nobody would loan us money.
It looks like you don't understand what deficit spending is. The US Government can create dollars. We dont need the chinese to buy Treasuries, thats an anachronism from the days of fixed exchange (the Gold standard). The bond market is a farce.
US can't default, it is the issuer of the currency in which its debt is denominated.
Only way US can default if it shoots itself in the foot (by imposing debt ceiling on itself even though it's unnecessary).
Hyperinflation is just another form of default.
Ok so let's discuss default....
The Fed is buying United States Treasury bonds at maximum. Why? Because no one else will!. That sounds like a default to me.
The consequences of Providence bitches!!
It is default technically but the consequences for buying your own paper are hyper inflationary-which is default in reality.
Show me the hyperinflation. I don't see it.
Have you looked at the value of being a U.S. citizen? Have you looked at report cards? Check hotel prices lately?
Your Comment: "US can't default, it is the issuer of the currency in which its debt is denominated."
You stated the problem, we are not competent enough to handle being the issuer of our own currency because no responsible issuer would state what you stated above. The idea your thought is acceptable is pretty far out, but it seems to be a very normal and accepted way of thinking these days. Its an area where we need more discipline and have none. Yes in theory you can print for a while, but nothing lasts forever and you need structure to support a lasting economy. Its not something responsible people would consider let alone ever do? Now that we are here what do we do? Im sure the British never saw it coming either, over time things change we just have a hard time noticing the change.
Don't stop buying gold until you can see the whites of their eyes....
That's one hypothesis. Another is that the money supply needs to naturally expand to accomodate increasing global aggregate value and demand, and therefore printing is appropriate.
I understand that people are averse to money creation because it seems to create something from nothing, and that doesn't seem right. Its funny that you say you need structure to support a lasting economy, because in the days of fixed exchange (the Gold standard), we had just as many crises as we have now, and we had fewer options to alleviate them. The Great Depression happened under a gold standard, and wasn't finished until FDR took us off it in 1933 to alleviate the crisis. Why someone would imagine that fixed exchange commodity money confered economic stability, is really beyond me. Thats just false history.
Interesting point ucde.
With the Asian increased standard of living, and US dollar being the default world currency, money supply has needed to expand to actually stop hyper deflation (which is also why Bitcoin will never work). To accomodate this, interest rates have dropped to zero. We live in interesting times!
dupe
Your comment: "Why someone would imagine that fixed exchange commodity money confered economic stability, is really beyond me. "
Why someone thinks you can print money without producing something is beyond me? and be successful? Never before in history has it been pulled off successfully, good times always come to an end? Printing money out of thin air is historically not successful route to take?
By "Structure" I'm talking about a system that allows money to "circulate" between companies and labour, when you ship all the jobs that made us a great country out to other counties with no tariffs? Its just a unnecessary dumb and greedy thing to do, "FREE" TRADE cost us a fortune because we were the country with everything to lose, our participation rate is the lowest its been since the seventies, less people with income from work, that was totally "self-induced" Our whole income distribution system has changed because of "Free" Trade. Our money goes from consumers to companies and does not make its way back to consumers any more? Like it used to through jobs. Our government uses paper money to control the world because its not tied to anything except their crazy ideas? Duh.
It shouldn’t be fixed, just tied to something real and limited for the purpose of balance. Our problem is we have no limits. If it feels good do it more, our economy was much more stable before all this printing, printing has not solved the structural problems that make the economy functional.
They do the same thing with gold and silver and expand the supply with "paper gold/silver" this distorts price and accelerates the process of it becoming used up? It drives the price of something "rare" down. Thats not good either, things need to remain "balanced" and they don’t in this system. Silver could run out in 10 to 15 years and we have it priced at 16 an oz and it will be more rare than gold? Its just plain stupid. Our leaders I think are fucking idiots. They are taking the easy way out.
We keep far too many people afloat with fake money, they dont have to support themselves and we live on a finite planet. Sooner or later something will give. Endless printing woud be fine if our resources were unlimited, but thats not reality at this point.
Money is anything that = hard evidence of work performed, a dollar is a promise that it is money because its not work, its a promise it is. If you dig a hole and a man pulls out his HP printer and prints you 100 bill why would you dig the hole? I would just go buy a printer instead of digging holes? Now if I dig a hole while your digging my hole and I find a piece of silver, I give it to you for digging my hole, that is payment. In other words money represents trading work for work and when someone in the equation isn’t working? Its simply not trade. Which is exactly what the dollar enables at the moment, they couldnt get it more wrong.
Money is work or anything that = work If its not work then you are a fool for accepting it as money. There is no way it can be printed from thin air, its natures law? You don’t understand what money is.
Money = Work Printing Dollars = Nothing or False Power.
Our dollar is only as good as the promises the dipshits in-charge keep. Needless to say the dollar is already worthless in my mind. It will just be time before reality confirms it.
Its allowing people circumvent real work and gives enormous power to the Greedy.
I say the problem with fiat currency is Greed insists on taking it ALL. Everything is being propped up right now with fiat, so be very careful our days are numbered.
You have to do work to generate "money" period. You cant just print it or you end up with the mess we have. I eliminate the risk of "trusting" these guys who think printing endlessly is the answer, the answer is to get out and work so you can produce "money". Fucking idiots run the show.
The above is why I trade any spare fiat these days for gold/silver. The people who work and generate real money need to kick these Aholes Asses who are sitting back and hitting infinity button on the printing presses. Why should I work when they dont?
When you think of them "Just printing money" think of Unlce Sham standing at the top of the hole your digging looking down with their HP Printer saying DIG HARDER? This country is fucking stupid.
In a fiat system with "promissory notes". Alls you can depend on is "their" promise. Alls it takes is a few broken "promises" to bring the whole thing crashing down. Its only backed by a promise. Its very simple really. Given the political situation in this country I would be fearful. Would you trust a promise from Uncle Sham right now? I wouldn’t, but that’s me. Its just a matter of time.
However by using the gold standard no matter how many promises are broken, money still remains money without question. The biggest dipshits in the world could rule with gold because no one has to take their word that its money.
Its why all the central banks are trying to make gold look like a "relic" and "worthless" so they can get more people to turn theirs in and snatch it all up because they know the score. In my opinion.
It just makes it ten times worse in the end when you continuously keep delaying the pain or the inevitable, rather than just letting things balance themselves naturally instead of trying to force our will on things. Nature is the closest thing to perfect we will know.
Currency needs to be tethered to something for humans to be able to use it responsibly.
In nature its like lying, you keep having to tell bigger and bigger lies to get by till eventually one day the truth comes out, its just the way things work in this world.
Like they haven't been there before....second verse same as the first...yawn.
The other way the U.S, will default is on the opposite side of the coin so to speak.It is when gold cannot be delivered in any way,shape or form on the Comex.
You know what's crazy? That there is likely very little gold in Ft Knox, the Fed, the GLD storage facility, and any other holding facility. What's crazier is guys like Bernanke probably gave it up because they don't see any value in having it. Think about that for a second. The guys that we trusted with gold in the first place don't think it has any value, so they gave it away to China, put it on the market to maintain liquidity.
This really is the greatest shitshow ever created.
A wearhouse is empty, until PROVEN full.
I did NOT have sex with that Gold !!!
The scary thing is that could be true, they probably gave a good chunk to china to backup our debt. IOU to Germany for some reason? Why? Nothing Left?
If Im not mistaken Bernanke said he really wasnt sure exactly what gold was? When you have someone who says that in charge of your economy? You get what you deserve I suppose.
molon labe
No one wants to be responsibie for the end of the ponzi scheme. They'll raise the debt ceiling.
au contraire....no one gets rich from ending the ponzi....
And no one controls their own destiny without money.
It'll be a dog n pony and the RINOs will cave at the last minute bc Obama will play politics and blame them for shutting down the govt...blah blah blah..same story different day...
i'm on the edge of my pleather seat over here. /s
You get what you accept.
You get what you accept.
Despite the the rally, rates closed negative:
http://finance.yahoo.com/bonds
They got people holding their cash in banks and the banks are stealing it from them. The Fed says there is no inflation but prices, assets and otherwise, continue to go higher. Next up they'll demand we ban cash and make everyone use plastic.
This is the greatest shitshow ever and Americans are more concerned with Gwen Stefani's hair then the fact everyone is being sold down a river at the request of Jamie DImon and Lord Blankcheck.
They kick the can and guys like us look fucking crazy. People tell me everythings fine, that I should work a 40 hour week so I can join the party. You know, buy a house from a bank so I can spend the next 30 years paying it off. Buy a car so I can spend the next 5 years paying it off.
And to everyone I look like the crazy one, stashing silver like there is no tomorrow.
Well in my book there isn't. There isn't a tomorrow, not in this system. Tomorrow is just today with fucking glitter sprinkled on it. But I don't like glitter. I always question anything with glitter rubbed on it.
The future is made up of the same things as today. And yesterday, all my troubles seemed so far away, but now I know they are here to stay.
Tomorrow is just today WITHOUT the glitter. Fixes it for ya. You're way too optimistic!
I'm sure Krugman would just advocate some more debt to be stuffed down the US' debt-gorged throat to stimulate growth.
Krugman hasn't posted anything on the debt ceiling lately. He is too busy ad homing the GOP and other skeptics of his fascist ways.
Check the dates on the cover of the Economist 2015 preview. 11/3 11/5
???
Why don't they just end the debt ceiling? The whole thing, the government, the currency, the prosperity is all a lie anyway.
Problem, rection, solution.
The debt ceiling causes a dip in some asset prices, tightens rates, banks move money in the opposite direction, then the ceiling is raised and viola! The investments flip and the banks trade them again.
Problem, reaction, solution is how the banks make their money. You know what they say about a crisis.
Never let a momentary kind of crisis go to waste?
I'm just surprised that Clock Kid from Texas didn't get ass raped when he met Obama at a social function in the White House.
If you can't kick the can, just run around it and pretend it doesn't exist. It's all illusion, it will go on till it doesn't.
WE stopped kicking the can years ago.
Now we just truck 55 gallon drums of bullshit.
"Too big to kick"?
Oh wait. I thought it was an article about Michelle's ass.
Don't get your hopium up. They will raise the debt limit and the party will go on for another year and then they will raise it again.
Is that Obomba or Mickey Mouse? I don't know. The ears are the same big..
If I am voted president, I will kick this can right up the shitskins' ass that doubled the size of it.
VOTE DEEZ NUTS 2016!
OMG... ZH is not seriously pushing the "we are going to default if we don't raise the debt ceiling" crap. Why does everyone spew this crap????