Chris Martenson: "Why This Market Needs To Crash (And Likely Will)"

Tyler Durden's picture

Authored by Chris Martenson via PeakProsperity.com,

Like an old vinyl record with a well-worn groove, the needle skipping merrily back to the same track over and over again, we repeat: Today's markets are dangerously overpriced.

Being market fundamentalists who don’t believe it’s possible to simply print prosperity out of thin air, we’ve been deeply skeptical of the financial markets ever since the central banks began their highly interventionist policies. Since 2009, they have unleashed over $12 Trillion in new money into the world, concentrating wealth into the hands of an elite few, while blowing asset price bubbles everywhere in the process (see our recent report The Mother Of All Financial Bubbles).

Our consistent view is that price bubbles always burst. Which is why we predict the world’s financial markets will implode spectacularly from today's heights -- destroying jobs, dreams, hopes, economies and political careers alike.

When this happens, it will frighten the central bankers enough (or merely embarrass them enough, being the egotists that they are) that they will respond with even more aggressive money printing -- and that will then cause the entire money system to blow up.  Ka-Poom!  First inwards in a compressed ball of deflation, then exploding outwards in a final hyperinflationary fireball (see our recent report When This All Blows Up...).

It really cannot end any other way.  Money is not wealth; it is merely a claim on wealth.  Debt is a claim on future money.  The only way to have faith in our current monetary policies is if one believes that we can always grow our debts at roughly twice the rate of GDP -- forever.   That is, compound the claims at twice the rate of income year after year from here on out.

This would be like having your credit card balance rolled over every month as the balance grows at 10% each year, while your income advances at only 5% per year.  Eventually you simply have a math problem: your income becomes swamped by your debt service payment.  First you are insolvent, then bankruptcy eventually follows.

At the national level, the US is already insolvent, meaning liabilities exceed assets.  The US has been spending far above our means for decades and decades, amassing a tremendous amount of public and private debt (as well as entitlement promises) along the way. And, yes, even nations can go bankrupt.

But bankruptcy is a legal process, and it’s not possible for an entire economy to enter a legal process, so what do we mean when by talking of a looming bankruptcy? Simply put, all those the claims represented by all the debt and excess printed currency have to be destroyed, or reduced, to bring things back into balance. 

The Austrian economist Ludwig von Mises said it best: There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”

Sadly, there’s been absolutely no demonstrated willingness on behalf of our national leadership for  “voluntary abandonment of further credit expansion”. In fact, it’s been the exact opposite.  With the Federal Reserve leading the way, the ‘plan’ has been the voluntary, increasingly desperate, attempt to expand credit even more aggressively than before.

To understand just how dangerous this has become, we need look no further than this chart:

ious

Our current debts and other national liabilities now total more than 1,000%(!) of the nation's annual income, a.k.a GDP.

US economic growth began slowing due to its accelerating ‘too much debt’ problem back around 2000. Instead of allowing natural market forces to clear out the excessive debts, the Federal Reserve chose to go into overdrive to ‘remedy’ the problem. It's remedy? Drive interest rates to 0% to reduce the service burden of those debts, and print trillions of fresh dollars that in turn can fund new borrowing.

Of course, no true ‘solution’ for having too much debt involves piling up even more of it.  That's like treating cancer with more cancer.  Or alcoholism with more alcohol. But such has been the twisted logic of our central bankers.

The only path that history has shown works involves fiscal austerity and reducing debt.  Or, as von Mises put it, "a voluntary abandonment of the credit expansion".  But, that requires real political courage and a willingness from society to endure actual ‘pain’ in the form of living below its means to make up for the prior periods of living too lavishly. Don't expect that to happen anytime soon? Nether do we... 

Returning to the chart above, it’s sufficient to know that no country, ever, in all of history, has ever dug out from such a mountain of excess claims.  Never.  Not once.

The only possible way we're avoiding crisis is if the economy suddenly returns to extremely rapid economic growth for an extremely long time.  And that’s if AND ONLY IF during such a period of rapid growth, we use that windfall to pay down the debts and other associated IOU’s -- rather than as an excuse to once again look the other way because, hey, everything's awesome now!

At any rate, what we can divine from all of this is that there’s been zero effort towards ‘voluntary abandonment’ of the credit cycle. And there's been every effort made towards extending it farther. We're simply climbing ever higher up an extension ladder from which we will someday fall.  We passed the ‘moderately painful’ height a long time ago; now we're up at the ‘quite possibly lethal’ altitude.

But make no mistake, pushing us further up this credit ladder is exactly what 0% interest rates were meant to do.  The openly-stated intent of the central banks in treading into the never-before-tried ZIRP and NIRP waters was to spark more borrowing (and spending). 

The fact that savers and pension plans have been utterly decimated by these low (even negative rates in some parts of the world) is not even a passing concern to the Federal Reserve.  Their only goal has been to get credit expanding again as fast as possible.  Ditto for the European Central Bank, The Bank of England, and the Bank of Japan, as well as The People’s Bank of China.

All of them have the same plan: Expand!

But this ‘plan’ does not pencil out.  It fails basic math both here in the short term, as evidenced by more than a decade of sub-par GDP growth, but especially later over the long term. Why?  Because there’s no such thing as perpetual exponential expansion of anything. Even the universe itself is expected to one day stop expanding and eventually implode in a "big crunch".

Regrettably, though, that’s the ‘plan’ of every major central bank around the world right now.

Because it's mathematically guaranteed to fail, our only job as private individuals is to understand the situation accurately and to then take actions that are in alignment with the reality of living within such a broken system.  If we can’t stop the lunatics, at least we can foresee the consequences of their actions and begin to unhitch ourselves as best as possible from their nutty trajectory.

Just how reality-detached are these bankers?

As Adam Taggart recently wrote:

Janet Yellen just poured more gasoline on the anti-bank fire smoldering in my heart...

Speaking today at the 10th Biennial Federal Reserve System Community Development Research Conference in Washington, D.C, she delivered a short speech titled "Strong Foundations: The Economic Futures of Kids and Communities". In it, she focuses on the difficulties of growing up poor and is clearly trying to present herself as an advocate for raising families out of poverty.

 

Really, Janet? Really???

 

What about the record-low interest rates you've presided over?

 

The ones that have destroyed all incentive to save?

 

The ones that have starved American households of savings income, especially for those on a fixed income?

 

The ones that have created asset bubbles everywhere, making it nearly impossible for young families to buy a house and sending the cost of rent and other living expenses skyrocketing?

 

The ones that have made it tremendously cheap for companies to borrow and invest in automation, gutting future demand for unskilled/low-skilled workers?

 

The ones that have led to the greatest wealth disparity in our country's history?

 

This is a classic example of the shameless pathological hypocrisy/evil of those running our monetary and financial systems. It's akin to a bloody-handed serial killer lecturing to his dying victims "You know, someone should really do something about the murder rate in this town")

Janet has a strong tradition of “blaming the victim” which she did a few years ago by lecturing poor and working class Americans that their own lack of advancement had nothing to do with Federal Reserve policies that literally hand money to big banks and wealthy insiders. Instead, she saw the root causes as shoddy early childhood education, a lack of entrepreneurship, and not having had wealthy parents who passed down a reasonable inheritance.  I kid you not, she really said all that back in 2014. 

Maddening?  You bet.  But only if you're of the mind that Janet Yellen cares about connecting the consequences of her actions to real people and their increasingly poor outcomes.  Once you understand that Janet, et al., are psychologically unable to cross the chasm between their personal views of themselves and the consequences of their actions, it’s much less surprising. And much more sad and pathetic.

But also very human.  All throughout history, oppressors and genocidal maniacs have always deployed elaborate psychological defenses to protect their fragile egos from the sort of crushing destruction that would result from a clear-eyed view of themselves and their actions.  It’s hard to transition from one's self-inflated view of being a virtuous superhero to admitting you're actually the source of untold misery and heartbreak.

At Peak Prosperity, we hold out hope, dim though it may be, that the bankers and their bought-and-paid-for-politicians will be held accountable for the lives they are ruining, as well as the immoral and criminal acts they've committed in the process.  Without accountability, nothing ever changes. You only get a repeat of the same bad behavior that got you into trouble in the first place.

That right there, in a nutshell, describes the systemic abuse by the banking elite that began under Greenspan when he bailed out Wall Street in 1998 (during the LTCM debacle). This was followed closely by the repeal of Glass-Steagall under Clinton in 1999.  Since then, it has been an orgy of exploitation. And after a brief pause during the Great Recession (during which the banks paid themselves record bonuses while receiving taxpayer bailouts), it got worse than ever.

Conclusion

All of the efforts to extend today's sky-high asset prices are drawing to a close. And the ending will be ugly. As prices correct, dazed investors will lose $trillions of market value, likely quite swiftly. 

But how was it ever supposed to end any differently?  The entire premise of what the Federal Reserve has been attempting to do is completely preposterous.  They have ignored (or just as alarming, have been ignorant of) the risks of everything from moral hazard, to historical precedent, to the role of incentives on human behavior, to common sense.

And just as happened in 2008, the accumulating instabilities within the system will reach a tipping point where they can no longer be suppressed. The deflation monster will escape from the box the central banks have been desperate to confine him within, and he will very quickly set about making up for lost time. A lot of wealth will get destroyed very quickly.

Strange as it may sound, it's our opinion that the sooner this happens, the better. Crash now while there’s still chance of picking up the pieces afterwards and making something useful from them. The longer we push off the inevitable correction, the more destructive it will be and the more difficult it will be to recover from.

Why risk taking the overdrafts to such extreme levels that the future is ruined for generations? Or ends in the sort of global warfare that can result from economically-wounded nations lashing out instead of holding themselves to proper account? 

The boomer generation in charge has a lot to answer for in this story; from their inability to lead boldly, to their selfish pushing-off of the repercussions of their own poor decisions onto future generations

More simply put: We not only need a market crash, but deserve one.  

So, with that somber realization in mind, what to do? Well, for individuals like yourself, our strongest advice is to position yourself for crisis before crisis arrives.

 

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TabakLover's picture

Hey pal. Until you can answer WHEN? just STheFU. Thank you.

VD's picture

or if he can answer an even simpler question: do you really think the money printers will ever stop printing fiat out of thin air?

max2205's picture

3:30 ramp every day will save us....

abyssinian's picture

Promises are like loans.........make a new promise to cover the bad ones, borrow new money to cover the bad loans....

 

Obviously Chris is totally cluless how everything works lately 

Not My Real Name's picture

He seems to be unaware of the difference between money and currency.

"Money is not wealth; it is merely a claim on wealth."

No, Chris ... gold (and silver) are money. Everything else is credit. Currency is not wealth; it is merely a claim on wealth.

 

Jubal Early's picture

(((The money printers))) always do print, until they stop.  Then when everything is crashed, they print up some fresh new notes or borrow from their "international cabal" and buy everything up for pennies on the dollar.  This is exactly what happened in Weimar.  After the hyperinflation they owned the majority of property in Germany.  They ended up enslaving the farmers with debt too and then taking their land.  That is why when Hitler threw out the money lenders the people were ecstatic.  Once the people got rid of (((their))) debt based money system the economy flourished and the people regained their pride that had been stolen at (((Versailles))).

Martinson is (((compromised))).  He must have jews in his family or in his blood because he will never talk about this.

CHX13's picture

No, but there will be some severe golden roadblocks coming up soon.

Sebastion's picture

Oh this is so fresh.  another market will crash story. yawn, this site sucks lately

yogibear's picture

Chris Martenson is a flake.

Central banks are buying stocks and propping up the markets and have been. He can wish all he wants.

DontWorry's picture

No one can accurately predict the future.  But observations can be made about the present.  There is a parallel of Fed ZIRP and the history of fire suppression in Yosemite National Forest.  In Yosemitie some experts were saying the the suppression of frequent low intensity fires was making the forest less healthy and allowing the accumulation of dead and down trees which would fuel an intense fire.  In combination with a drought and some dry lghtning or unattended campfire, and there would be a firestorm. Eventually it happened.

This is what ZIRP is doing the the economy - creating a buildup of zombie banks and corporations, captured regulators and bad debts that is smothering the economy.  At some point there will be a combination of factors - an exogenous or endogenous shock, and there will be an economic firestorm that no amount of money printing can paper over. 

But no one can predict the exact timing of that ignition source.  We can just observe the accumulating economic dead and down and say look out for dry lightning and no campfires.

Martenson is saying its better to start that fire now than later when there is more fuel.

Arnold's picture

The most current term is catastrophic correction, I believe.

ReZn8r's picture

That's right, we don't have 'market crashes' anymore, just 'catastrophic corrections'.

Is that your term or something from the talking heads?

Arnold's picture

You can have it.
My copyright has expired on use.

Racer's picture

They are changing the £1 coin in the UK - the current one will become "worthless" very soon. That says it all......

ParticularlyStupidHumanoid's picture

It's those ass-clown Baby Boomers driving this whole thing into the ground. ZH is typical of them. They have their own special prophetic vision, and a my-way-or-the-highway attitude. Fine, enough no-compromise leglislators means we need a dictator, since we have a broken society. Have your way, you damn fools, you idiot arrogant boomers!

ParticularlyStupidHumanoid's picture

It's the fourth turning, and you don't even know what it is. You don't even realize the government is falling apart, and idiots are calling for the conditions which will assure the destruction of this nation's system of government.

We already know the legislature is not well-functioning. If they do not compromise, and if you do not accept compromise, then you reject America - and everything which America stands for! You are not a real American, if you're against compromise. Compromise is the only reason for the existence of the legislature.

Be arrogant, if you must. Be sold on your own narrow but utterly impossible little prophetic vision for how the world should work. But know this, though you will laugh it off, mock it, you were one of those who formed the basis of the destruction of the systems of govenment.

The fourth turning is here, and plain. Gone are the old men who could compromise. Pathetic. At every turn, another Rachel Maddow, another Rush Limbaugh, another Nancy Pelosi, another Rand Paul. No-compromise people like that aren't Americans - they're idiots.

fattail's picture

Compromise is how we got $20 trillion in debt.  When you are compromising principles of sound money and fiscal responsibility, compromise is evil.

ParticularlyStupidHumanoid's picture

Compromise isn't how we wound up in debt. We wound up in debt by failing to compromise. Consider a husband and wife, who will not compromise:

Husband: I DESERVE this new F-150 pickup. I NEED it for work. I earn the money around here anyway!

Wife: I take care of the kids AND work. I DESERVE a complete kitchen remodel.

Husband: Fine, I'm going to the dealership. They have financing.

Wife: I'm going to Home Depot. I'll open a new credit card.

^ The above is the result of a no-compromise attitude - overspending.

auricle's picture

Compromise is the only reason for the existence of the legislature.

 

What happens when the two party's that control the legislature, are there to legislate away the very constitution they swore to defend? Our republic has been overrun by globalists. Just ask John McCain. Saving it is impossible, not enough of the electorate is knowledgeable enough about the problem due to MSM globalists news networks programming a complicit electorate.

Our legislature has been compromising the destruction of the dollar for well over 100 years. 

ParticularlyStupidHumanoid's picture

Every boomer is an argument in favor of despotism.

No compromise? Then you HATE AMERICA!

Offthebeach's picture

We haven't won a war in 70 years ( excluding Poland and east Europe falling to Uncle Joe, and China)  WW1 was a armistice.   We did kick the Spanish though.  That might of been the truly last "win"

Pubic skools suck.  Anybody with 2cts goes basement Bible and up.

10,000 large and small mill towns and manufacturing cities are dead, supported by McDonalds, Social Security, Disability,  town/county shuffle jobs.

20 million illegals taking jobs, pumping up welfare burdens, sending cash home.  5 million H1B keeping tech fat.  1 million legal from 3rd world bring grandma with the brain tumor over.

Jobs shifted to China for fiat to keep the fiat viable, otherwise 20 trillion domestically would be papering the walls.  We're tied at the neck with the Chinese financial commie thugs cause we don't want the paper back, so we partner up with their thug fuk the Chinese working stiffs ( wonder when ameriserfs will get our own internal script/camp money as we meld into the Chino-Amero system.

 

20 trillion and our roads, cities, bridges look like shit.  Brand new billion dollar projects are graceless, ugly, shoddy, un plumb/level or smooth 

I work and trim out a lot of 20k+/sqft houses.  Junk.  Graceless.  Blah.  The stuff that gets excavatored into dumpsters....you can't buy that wood, those doors.  The architects don't  exist now.  99.99% couldn't assemble a birdhouse.  But hey...you've "arrived "  Got a 8 car barn with a hoaky car wash.  On the water, all climate controled so god forbid you hear the surf pounding from storm off the Azores.

 

EPA, Post Office and a hundred other agencies have full auto weapons, swat teams, armored vehicles. Everything is recorded.   Everyone is a felon, 3 times a day.  You can't work, make, fish, grow, build, sell, rent, trade, sit still with out some mark of the beast license,  permit, code, plan, hearing, permit. 

Pop Culture is but whoring for girls and war and violence for boys.

Yeah, everthing is going to be fine.

 

 

 

 

BandGap's picture

Said the snowflake typing from his mom's basement.

Life isn't fair, get over it.

ParticularlyStupidHumanoid's picture

I do not speak of fairness. I speak of the fourth turning. What do you think representative democracy is for? The whole point is to reach compromises. But the Baby Boomers are a bunch of spoiled brat arrogant idiots, who insist on always getting their way. Now they drive the ship of state into the ground.

Concerning ZH, what crack-smoking idiot would even suggest it would be a good thing for a market crash? Do you suppose this time the government will be able to prevent the rise of a dictator? Do you think people will look around, then listen to ZH sooth them with claims that if they're just a bit smarter then they'll be worthy of competiting with the robots, and just might have a decent life in perhaps 50 years?

But let's be clear. If you cannot abide by compromise, then you aren't even an American. You're an overgrown baby that cannot call himself an adult. But that's typical of Baby Boomers. Overgrown foul-mouthed brats.

El Vaquero's picture

Chris's argument is that the market is going to crash and crash hard, no matter what, and the sooner, the less catostrophic.  Do you have a counter-argument?  No?  Then why should he compromise with you?

ParticularlyStupidHumanoid's picture

Well look, that's not even a proper format for argumentation. You answer the question for me? Well, you should find that straw man easy enough to handle. I'll leave you to the "real doll" argumentative experience then.

El Vaquero's picture

You aren't even trying to address his argument.  His argument is that our economy is distorted, and that the greater the distortion, the more harsh the correction.  Address that.  You can't.  You don't have a real argument.  Just a gripe.

ParticularlyStupidHumanoid's picture

You say "address that. you can't". Well there you go. Having a good time with your straw man? What else can he say?

El Vaquero's picture

That's not a strawman.  It's a simple statement that you're not addressing his argument.  But here's an ad hominem:  You're a jackass who thinks higher of himself than he really is.  

 

straw man ?strô ?man/ noun  
  1. 1. an intentionally misrepresented proposition that is set up because it is easier to defeat than an opponent's real argument.
ParticularlyStupidHumanoid's picture

That's exactly what you did. You invented out of whole cloth a position. Then you answered it. You did it twice.

El Vaquero's picture

No, no, no.  You're not addressing what Chris said.  

 

Strange as it may sound, it's our opinion that the sooner this happens, the better. Crash now while there’s still chance of picking up the pieces afterwards and making something useful from them. The longer we push off the inevitable correction, the more destructive it will be and the more difficult it will be to recover from.

That's what Chris said.  I can back up my position, which is that Chris's position is that the economy is distorted, is becoming more distorted, and the more distorted, the more painful the correction will be.  You aren't even bringing an argument to the table.  

Address Chris's argument:  

Is the economy distorted?

Is it becoming more distorted?

What is the correction going to look like and why?  

You can start by addressing those points, or looking at where I've misrepresented what Chris said, or you're not bringing anything to the table, other than bitching.  Bitching isn't an argument.  

ParticularlyStupidHumanoid's picture

Why would I want to talk with someone so incredibly rude as you? If you had manners, you'd get answers. But here's the thing, you have emotionally-based beliefs, and as such will never change your mind anyway. I've seen a sick-in-the-head prima donna arrogant god-hater before. One after another. No thanks. Go live your life, then dwell eternally with your lord in the Abyss.

Is-Be's picture

Ooh!!

Such venom that doth drip from your fangs,serpent.And you  preach of Love?

Abandon this Foreign Desert death Cult.

Is a tree not known by its fruit?

DanDaley's picture

Concerning ZH, what crack-smoking idiot would even suggest it would be a good thing for a market crash?

 

Okay, so you've got a humongous boil on your ass...do you lance it or let it go?


aqualech's picture

No, it is the financial elite and big banks trying to maximize indebtedness before they collect the collateral. The old "give them enough rope" schtick. That is face value fact.

ParticularlyStupidHumanoid's picture

No compromise? No legislative government. No America.

El Vaquero's picture

Bring something to the table, then we can talk about compromise. 

DontWorry's picture

You are operating from the flawed premise that the legislature makes the laws.

 

TimmyM's picture

The true American ideal is limited government. Limited government means what legislators do is relatively unimportant. This is freedom.
Your mind is captured by a perverse dynamic that is dominated by politics.
We have not had a free market democratic republic since the Civil War.
What we have is an immoral warfare state funded by an entirely unsustainable debt based monetary system. This cannot be reformed. It must be blown up.
The headlines should be dominated by talk of enterprize, prosperity and caring. But they are dominated by politics, war and monetary central planning. You are calling for statesmanship, which appears noble. But polite immoral Marxism is worse than blatant fasicism.

ParticularlyStupidHumanoid's picture

What do you think the purpose of a legislature is? Do you suppose the point is to NOT compromise? What a JOKE! But Baby Boomers - look into it - are driving America into the ground. It's the fourth turning, and boomers are in charge just in time to screw it all up.

You speak of "limited government" as if that even means anything. We have a Constitution that says nothing of the sort! Have you even read it? Look how the post office languishes. Did you know that post offices can't even afford real postal vehicles for their routes, and don't provide them? So, you may say, "Limited government is against the post office" - then at least YOUR brand of "limited government" is incompatible with the Constitution. Again, have you read it? It's free online! Go read it

As far as money systems, that is yet another example of how the legislature has failed us. It's their job (again, see the Constitution) to run our monetary system. Granted, it wasn't boomers who did that one.

But boomers are here, ruining everything. Arrogant no-compromise idiots, left and right.

Fine then, if that is the position of those boomers, and they have positioned themselves in the government, then we must admit it is time for a despot.

Dr. Venkman's picture

The point of the legislature is to legislate. Make laws. Nothing requires compromise so your "political philosophy" is wrong. Compromise may aid in legislation, but usually results in BAD legislation in our system. The need for "compromise" to get things done is the best argument FOR limited government, Post Office or no Post Office, Boomers or no Boomers.

"Compromise" under our system is now legislative bribery. We have crooks and imbeciles running through the halls of Congress.

ParticularlyStupidHumanoid's picture

Incorrect. The purpose of a despot is to "make laws". The purpose of a legislature is to arrive at compromises. You speak of "bad" legislation, when what you call "bad" is precisely that which the founders intended - compromise. Imperfect. Rachel Maddow, the lunatic, foaming at the mouth about "bad" legislation - likewise the extreme right, and so on.

But you do have a point about legalized bribery. Obama has been prancing around the world collecting rewards from the heads of transnational corporations, in an obvious instance of bribery. There was also Scalia's death - he died taking a legal bribe. DISGUSTING.

You say "post office or no post office". Choose. Choose then, post offices or be anti-American. There are no two options. This is our constitution. If you don't love my nation, and if you are unwilling to compromise, then GET OUT!

Consider the following:

(The extreme left and right are the bad woman. Those willing to compromise are those who want those "bad" laws).

16Then two prostitutes came to the king and stood before him. 17One of the women said, “My master, this woman and I live in the same house. I had a baby while she was with me in the house. 18Then three days after I had my baby, this woman also had a baby. We were alone; there was no one else in the house except the two of us. 19This woman’s child suffocated during the night when she rolled on top of him. 20She got up in the middle of the night and took my son from my side, while your servant was sleeping. She put him in her arms, and put her dead son in my arms. 21I got up in the morning to nurse my son, and there he was, dead! But when I examined him carefully in the morning, I realized it was not my baby.” 22The other woman said, “No! My son is alive; your son is dead!” But the first woman replied, “No, your son is dead; my son is alive.” Each presented her case before the king.

23The king said, “One says, ‘My son is alive; your son is dead,’ while the other says, ‘No, your son is dead; my son is alive.’” 24The king ordered, “Get me a sword!” So they placed a sword before the king. 25The king then said, “Cut the living child in two, and give half to one and half to the other!” 26The real mother spoke up to the king, for her motherly instincts were aroused. She said, “My master, give her the living child! Whatever you do, don’t kill him!” But the other woman said, “Neither one of us will have him! Let them cut him in two!” 27The king responded, “Give the first woman the living child; don’t kill him. She is the mother.” 28When all Israel heard about the judicial decision which the king had rendered, they respected the king, for they realized that he possessed supernatural wisdom to make judicial decisions.

assistedliving's picture

not particularly religous but when these biblical types overwhelm the ZHdoomporn types even I start to worry

Is-Be's picture

It was Charlemagne the Butcher who imposed them on us 1300 years ago at Irumsul.

 

Is-Be's picture

Akhenaten invented monotheism and it has been carried forward by florid schizophrenics.

There are plenty of " Prophets", wizards,kings, gods and fairies in the psyche wards.

Dr. Venkman's picture

You have a Bible and the Idiots Guide to Logic Fallacies. Not a bad start really. Pick up a book on Latin in your travels.

The despot has no need for laws other than the first law of nature-- might makes right.

If a compromise included an Amendment to the Constitution that removed the fed gov's monopoly on the post office, would you stay in this country, or go? You seem to love the post office.

 

ParticularlyStupidHumanoid's picture

Another possibility is that you are arrogant and are not nearly so wondrous as you suppose. But is it possible that you can insult another person without knowing you did so? Is it possible to be so blind to your own behavior?

But your own actions indict yourself as having found it so as I have said, and prove you have no intelligent answer.

Those who refuse compromise are Anti-American! They don't belong here, in MY COUNTRY!

El Vaquero's picture

 

What do you think the purpose of a legislature is?

Here is the stated purpose of the legislature:

 

Section 1.

All legislative powers herein granted shall be vested in a Congress of the United States, which shall consist of a Senate and House of Representatives.

Section 2.

The House of Representatives shall be composed of members chosen every second year by the people of the several states, and the electors in each state shall have the qualifications requisite for electors of the most numerous branch of the state legislature.

No person shall be a Representative who shall not have attained to the age of twenty five years, and been seven years a citizen of the United States, and who shall not, when elected, be an inhabitant of that state in which he shall be chosen.

Representatives and direct taxes shall be apportioned among the several states which may be included within this union, according to their respective numbers, which shall be determined by adding to the whole number of free persons, including those bound to service for a term of years, and excluding Indians not taxed, three fifths of all other Persons. The actual Enumeration shall be made within three years after the first meeting of the Congress of the United States, and within every subsequent term of ten years, in such manner as they shall by law direct. The number of Representatives shall not exceed one for every thirty thousand, but each state shall have at least one Representative; and until such enumeration shall be made, the state of New Hampshire shall be entitled to chuse three, Massachusetts eight, Rhode Island and Providence Plantations one, Connecticut five, New York six, New Jersey four, Pennsylvania eight, Delaware one, Maryland six, Virginia ten, North Carolina five, South Carolina five, and Georgia three.

When vacancies happen in the Representation from any state, the executive authority thereof shall issue writs of election to fill such vacancies.

The House of Representatives shall choose their speaker and other officers; and shall have the sole power of impeachment.

Section 3.

The Senate of the United States shall be composed of two Senators from each state, chosen by the legislature thereof, for six years; and each Senator shall have one vote.

Immediately after they shall be assembled in consequence of the first election, they shall be divided as equally as may be into three classes. The seats of the Senators of the first class shall be vacated at the expiration of the second year, of the second class at the expiration of the fourth year, and the third class at the expiration of the sixth year, so that one third may be chosen every second year; and if vacancies happen by resignation, or otherwise, during the recess of the legislature of any state, the executive thereof may make temporary appointments until the next meeting of the legislature, which shall then fill such vacancies.

No person shall be a Senator who shall not have attained to the age of thirty years, and been nine years a citizen of the United States and who shall not, when elected, be an inhabitant of that state for which he shall be chosen.

The Vice President of the United States shall be President of the Senate, but shall have no vote, unless they be equally divided.

The Senate shall choose their other officers, and also a President pro tempore, in the absence of the Vice President, or when he shall exercise the office of President of the United States.

The Senate shall have the sole power to try all impeachments. When sitting for that purpose, they shall be on oath or affirmation. When the President of the United States is tried, the Chief Justice shall preside: And no person shall be convicted without the concurrence of two thirds of the members present.

Judgment in cases of impeachment shall not extend further than to removal from office, and disqualification to hold and enjoy any office of honor, trust or profit under the United States: but the party convicted shall nevertheless be liable and subject to indictment, trial, judgment and punishment, according to law.

Section 4.

The times, places and manner of holding elections for Senators and Representatives, shall be prescribed in each state by the legislature thereof; but the Congress may at any time by law make or alter such regulations, except as to the places of choosing Senators.

The Congress shall assemble at least once in every year, and such meeting shall be on the first Monday in December, unless they shall by law appoint a different day.

Section 5.

Each House shall be the judge of the elections, returns and qualifications of its own members, and a majority of each shall constitute a quorum to do business; but a smaller number may adjourn from day to day, and may be authorized to compel the attendance of absent members, in such manner, and under such penalties as each House may provide.

Each House may determine the rules of its proceedings, punish its members for disorderly behavior, and, with the concurrence of two thirds, expel a member.

Each House shall keep a journal of its proceedings, and from time to time publish the same, excepting such parts as may in their judgment require secrecy; and the yeas and nays of the members of either House on any question shall, at the desire of one fifth of those present, be entered on the journal.

Neither House, during the session of Congress, shall, without the consent of the other, adjourn for more than three days, nor to any other place than that in which the two Houses shall be sitting.

Section 6.

The Senators and Representatives shall receive a compensation for their services, to be ascertained by law, and paid out of the treasury of the United States. They shall in all cases, except treason, felony and breach of the peace, be privileged from arrest during their attendance at the session of their respective Houses, and in going to and returning from the same; and for any speech or debate in either House, they shall not be questioned in any other place.

No Senator or Representative shall, during the time for which he was elected, be appointed to any civil office under the authority of the United States, which shall have been created, or the emoluments whereof shall have been increased during such time: and no person holding any office under the United States, shall be a member of either House during his continuance in office.

Section 7.

All bills for raising revenue shall originate in the House of Representatives; but the Senate may propose or concur with amendments as on other Bills.

Every bill which shall have passed the House of Representatives and the Senate, shall, before it become a law, be presented to the President of the United States; if he approve he shall sign it, but if not he shall return it, with his objections to that House in which it shall have originated, who shall enter the objections at large on their journal, and proceed to reconsider it. If after such reconsideration two thirds of that House shall agree to pass the bill, it shall be sent, together with the objections, to the other House, by which it shall likewise be reconsidered, and if approved by two thirds of that House, it shall become a law. But in all such cases the votes of both Houses shall be determined by yeas and nays, and the names of the persons voting for and against the bill shall be entered on the journal of each House respectively. If any bill shall not be returned by the President within ten days (Sundays excepted) after it shall have been presented to him, the same shall be a law, in like manner as if he had signed it, unless the Congress by their adjournment prevent its return, in which case it shall not be a law.

Every order, resolution, or vote to which the concurrence of the Senate and House of Representatives may be necessary (except on a question of adjournment) shall be presented to the President of the United States; and before the same shall take effect, shall be approved by him, or being disapproved by him, shall be repassed by two thirds of the Senate and House of Representatives, according to the rules and limitations prescribed in the case of a bill.

Section 8.

The Congress shall have power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States; but all duties, imposts and excises shall be uniform throughout the United States;

To borrow money on the credit of the United States;

To regulate commerce with foreign nations, and among the several states, and with the Indian tribes;

To establish a uniform rule of naturalization, and uniform laws on the subject of bankruptcies throughout the United States;

To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;

To provide for the punishment of counterfeiting the securities and current coin of the United States;

To establish post offices and post roads;

To promote the progress of science and useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries;

To constitute tribunals inferior to the Supreme Court;

To define and punish piracies and felonies committed on the high seas, and offenses against the law of nations;

To declare war, grant letters of marque and reprisal, and make rules concerning captures on land and water;

To raise and support armies, but no appropriation of money to that use shall be for a longer term than two years;

To provide and maintain a navy;

To make rules for the government and regulation of the land and naval forces;

To provide for calling forth the militia to execute the laws of the union, suppress insurrections and repel invasions;

To provide for organizing, arming, and disciplining, the militia, and for governing such part of them as may be employed in the service of the United States, reserving to the states respectively, the appointment of the officers, and the authority of training the militia according to the discipline prescribed by Congress;

To exercise exclusive legislation in all cases whatsoever, over such District (not exceeding ten miles square) as may, by cession of particular states, and the acceptance of Congress, become the seat of the government of the United States, and to exercise like authority over all places purchased by the consent of the legislature of the state in which the same shall be, for the erection of forts, magazines, arsenals, dockyards, and other needful buildings;--And

To make all laws which shall be necessary and proper for carrying into execution the foregoing powers, and all other powers vested by this Constitution in the government of the United States, or in any department or officer thereof.

Section 9.

The migration or importation of such persons as any of the states now existing shall think proper to admit, shall not be prohibited by the Congress prior to the year one thousand eight hundred and eight, but a tax or duty may be imposed on such importation, not exceeding ten dollars for each person.

The privilege of the writ of habeas corpus shall not be suspended, unless when in cases of rebellion or invasion the public safety may require it.

No bill of attainder or ex post facto Law shall be passed.

No capitation, or other direct, tax shall be laid, unless in proportion to the census or enumeration herein before directed to be taken.

No tax or duty shall be laid on articles exported from any state.

No preference shall be given by any regulation of commerce or revenue to the ports of one state over those of another: nor shall vessels bound to, or from, one state, be obliged to enter, clear or pay duties in another.

No money shall be drawn from the treasury, but in consequence of appropriations made by law; and a regular statement and account of receipts and expenditures of all public money shall be published from time to time.

No title of nobility shall be granted by the United States: and no person holding any office of profit or trust under them, shall, without the consent of the Congress, accept of any present, emolument, office, or title, of any kind whatever, from any king, prince, or foreign state.

Section 10.

No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make anything but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility.

No state shall, without the consent of the Congress, lay any imposts or duties on imports or exports, except what may be absolutely necessary for executing it's inspection laws: and the net produce of all duties and imposts, laid by any state on imports or exports, shall be for the use of the treasury of the United States; and all such laws shall be subject to the revision and control of the Congress.

No state shall, without the consent of Congress, lay any duty of tonnage, keep troops, or ships of war in time of peace, enter into any agreement or compact with another state, or with a foreign power, or engage in war, unless actually invaded, or in such imminent danger as will not admit of delay.