And Just Because.... "Is There A Risk The US Could Lose Its AAA Rating?" Tim Geithner: "No Risk"
All you need to know (from April 2011):
Peter Barnes “Is there a risk that the United States could lose its AAA credit rating? Yes or no?”
Geithner’s response: “No risk of that.”
“No risk?” Barnes asked.
“No risk,” Geithner said.
Uhm.......
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HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHtoinfinity....
Who is smiling?
"If debt is the problem, how is more debt the solution"
- Ron Paul
don't worry the other guy is 100% sure.....
TIMMAY PRINCIPLE: "...in a hierarchy Timmay tends to rise to his level of incompetence."
http://en.wikipedia.org/wiki/Peter_principle
Hard-punching ZH, et al., made this happen. Nice job TD and friends.
Describes most here at ZH:
Yet we who can hear, see and think
watch and prepare for the day
when the tyrants collapse in a blink
and they're marched to the gallows to sway
Off with their heads!
Peter Geithner, Timmay Geithner's father, was an Asian Banker, CFR member AND a member of the FORD FOUNDATION who had dealings with China in the 50's until he croaked. He was OBAMA's mother's boss as a microfinancing Manager in Indonesia. He was OBAMA's Grandmother's boss as the VP of the BANK OF HAWAII. Why did Obama appoint Timmay the tax cheat to be our Treasury Secretary? This shit is a setup. Timmay speaks fluent Cantonese AND grew up in CHINA !!!
snip
Let boys want pleasure, and men Struggle for power, and women perhaps for fame, And the servile to serve a Leader and the dupes to be duped. Yours is not theirs.
part of Robinson Jeffers' "Be Angry At The Sun"...published 1941...the more things change...
Goes well with Bernank's law: "money supply expands to fill the ocean available!"
Parkinson's law
To solve the debt problem you take on more debt?!?!?!?!? That is like telling a fat guy to lose weight he needs to eat more donuts.
telling a fat guy to lose weight he needs to eat more donuts.
Actually, eating more donuts will slim him down, once his heart explodes.
Eventually the insects and mould will reduce his size.
Same with the economy.
Borrowing more (and printing is just more future debt) to solve the debt problem, leads to economic collapse, which in turn solves the debt problem.
Ugly, but simple.
"We don't have a trillion-dollar debt because we have not taxed enough, but we have a trillion dollar debt because we spend too much."
Ronald Reagan
Gimp of the Month
Never trust a man with plucked eyebrows.
I'd say, who does he think he is, the thin white duke?
From the guy who didn't see it coming...
@ Number 156
Mako is definitely laughing his ass off right now. ZH has had it's share of flamers, but Mako circa spring to Fall 2010 was pretty special.
Uhm.......
SO,BYE BYE GEITHNER!!!!!
So Timmy " is there any risk that you and Barry are 2 dumb shits, shilling for Goldman?"
Geithner’s response: “No risk of that.”
“No risk?” Barnes asked.
“No risk,” Geithner said.
That Geithner, always kiddin' around!
(What a moron)
What a maroon!
http://www.youtube.com/watch?v=C_Kh7nLplWo
What an Ultra-maroon...
"Mr Geithner, will you retain your credibility through this?"
"No risk of that"
Downright prescient. Timmy can also fold space to be at any two points in the universe at once. Behold.
Its the spice, Mua' Dib!
Its the white powder, Timmay!
Its the avoidance of Taxation, Mr Geithner!
/must turn off computer and avoid the laughter coming from ZH!/ - William Shatner voice-over.
I own the " Ponderosa" and
[ Timmah>>> IS ( HOP SING)... Little Ben, and, Hause Wookie Write... ( Right if you have a conscience.)
this is too much what a show...
Maybe now he will resign. What a failure he has been and Barry does not even see it. He is so clueless.
The guy never had a real job before being president...
The guy never had a real job before being SecTreas
Chuck Norris fired him before offering a job.
No Risk = No Clue
When this rat tried to leave the ship, it was a bad sign. They forced him to stay. His job now is to take the hit for the team. Then, this head of the hydra will get the chop and the next one will appear. (Sorry about the mixed metaphors :|
And what's with the "light in the loafers" hand/body language? Couldn't they have used a few of those cheap, thin air fiats to get him a decent acting coach? The Secretary of the Treasury really should emanate a "take charge kind of guy" aura. Am I asking too much for the tax dollars being beaten out of me?
Timmay's job is to make Obummah look good and when that does not work anymore Obummah can act like he is "tough" and fire his ass in public.
Classic "good cop, bad cop" theater - except that Timmay is a bit bland for the "bad" job, nincompoop does not quite burn through as Dr Evil - IMO. But that is "Mr Compomise" for you: Can't do anything all the way so, logically, he can't do anything entirely right either.
This is not the downgrade you're looking for.
I +'sd you. Then logged in just to say I LOL'd.. thx.
S&P downgrades USA to AA+
(Crocodile) Timmah Dundee ' That's not a (knife) Downgrade.'
...
Has Hitler weighed in on whether this is the downgrade we are looking for?
TIMMAAAAAAAAAAAAAAAAAAH!!!!!! Living a lie....
tiptoe through the, er,...
http://www.youtube.com/watch?v=skU-jBFzXl0
Thanks Buzz.
Been too afraid to click any of your links since you branded this one into my brain.
http://www.youtube.com/watch?v=r2qoxiDj3gI
Bend over Timmy!!!
biggest LIAR of all time, behead this Bankster #1
biggest LIAR of all time, behead this Bankster #1
Off with ALL their heads! This whole administration is a disgrace! And the RINOs who enabled them last week can line up at the guillotine right behind them.
This whole admin has been and is still in complete denial of the facts.
Uh no, that would be your fellow Americans who are the ones still in denial because they are still mostly believing the shit that comes out of these lying pricks' mouths. The lying pricks know exactly what the score is and that they are lying pricks. They just don't care. But then again neither do Americans or so it seems. Gay marriage and DWTS and the football strike are more important than generational theft and high crimes.
One question I haven't seen answered is exactly what is the UST being downgraded against? The credit of the Federal Reserve Bank? German Bunds?, UK Gilts? All junk.
The ( FED is being downgraded( against D.S.K.( And CORN NUTS!!!
<---- AA
<---- AAA
Let your voice be heard, VOTE above!
How does one make the avatars bigger?
I rub mine a couple of times and that usually works. Its better if you can get a sweet young thing to rub it for ya.
+ one Quagmire giggity ;-)
Just right-click & zoom (if you're using 'Firefox') ... but the resolution will be so crap it'll make your eyes water!
<----- shut up
< ---- C- or lower
AAA - Good debt rating, bad bra size
D - Bad debt rating, good bra size
Sorry about that dear, don't be ashamed because they are small.
i like them nice big and firm.
I believe S&p has wanted to do this downgrade for a while but given the congress bickering and all of the negative economic news they needed a bit of "good news" to then release the report. they got it in the form of the jobs report.
Listening to Elvis "Stuck on you" totally works (is in tune with) with those tits.
Meanwhile back at the Ranch I heard an ex president say. You get only one in History Dickheads- after that its all "white Dictators in the US of Hay" - bitches"
Skull & bones avitar not available at this time.
just follow the bouncing...err, strangely hypnotic.
sorry, double post. Well actually one post per each...
love you folks at zh for posting this stuff
It's about Dimond time.
>sigh<
I've been waiting for this one. I didn't expect such a short wait!
Hah hah hah haaaaaaaaaaaaaaa!
oh !!!! the collocated algos got attached to your laughter.
I suppose that is why we are hearing Tim Tim is on his way out the past week.
Dear John,
Nothing to do with a retard here!
This is The Reserve Currency of the World we are debating Here.
She has been Royally fucked (and someone should pay)
Enjoy the reset to reality
P.s. That Japanese fellow called Sum kunt is not to be blaimed.
Every kunt on the other hand has had his hand in her (the USA's) pants
But No kunt will be blamed
cause
All Kunts have had her at some time.
Now she is known as an "Easy Slut"
(sorry if it offends but truth hurts)
RP: Is gold money?
BB: No it is just tradition.
RP: Just tradition?
BB: Just tradition.
It's not a downgrade if it is above a solid B+
Just wait until September!
"We must look past his transgressions on his income tax returns, because his is the only man who can shepherd us thru this morass!"
Is Spend Time With The Family too tired an excuse for sudden resignation yet?
Utter EPIC FAIL on the world stage. Good goin' Timmay. You and your tax evading, effete elite toe-sucking sit-the-pee punk ass self just got the ending you deserve.
what he meant to say is "downgrade schmowngrade--eat treasury rally you Moody S&P." and then he finished with a flourish:
http://www.youtube.com/watch?feature=player_detailpage&v=eDcI2hTUDB8
Timmy boy, anyone should know when you are loaded up to the gills with fraudulent debt, the answer is YES, you CAN be downgraded. But we all knew that, except for Tiny Tim.
Wow, that's gonna hurt timmy for a looooooooooong time.
It's gotta be at least 100x worse than 'we're going to beat x team....guaranteed'
Glass-Steagall
I don't know if you realize it, but what just happened this week is huge... The Eurozone in complete and definitive implosion (Italy and Spain down, which was unimaginable only two months ago, only the core of the core is left standing with a lethally high debt burden) ; the stock market crashes 12% in 10 days, wiping out many underwater retirement funds ; and the US lose their AAA.
It has been 3 years I've waited for the final crash. It has never seemed so close now...
What do you think will happen next? I'm curious
Bank holidays and overnight devaluations/monetization of governmental debt.
There will be zones of deflation. Stocks will crash in case of high inflation, only hyperinflation can send them higher. Real estate may temporarily move lower in nominal.
But holding a pile of cash in a bank account is madness, even if you're a hardcore deflationist. When the core banking system gets killed by defaulting debt the masters of the game will not allow their death. One day your bank account is "suspended", or you can't send money crossborders. My -- European -- great-grandfather learnt it in the 1930s.
Summary: if you don't hold gold in your hands, free of all liens that can default (so including ETFs) you're in deep shit. Why gold? Ask central banks and sovereign countries worlwide. It is immortal, stockable, dividable, movable. Nothing can match it in the whole world of elements. Not even water or food.
You left out another fact about gold, only a super nova can create it. Yes thats right it is fucking stardust!
But then so are we.
http://www.youtube.com/watch?v=3Vz5bl9GQp0
@Debt Rolling
What about war zones in North America or, more likely, widespread civil unrest? Gold owners better be ready to "protect" that investment. Also, if it's valuable enough, under martial law, a government with a powerful military can outlaw use of or outright confiscate gold. Interesting times.
To get any gold from private citizens, prior to their taking a life in the process they had better send the full SWAT team and tell them, "some of us might have to sacrifice our lives to illegally take possession of his property....anyone not okay with that risk should leave now".
There are some who actually really know how to use weapons. We have trained millions. So I desperately hope these assholes do not do something stupid like declare martial law and start confiscating things because many swore an oath to defend the US Constitution. I know that I will die supporting it. I'm doing much better on my end than Obobo. So I hope they don't create an open Stasi here (we have a closet one with the TSA) that forgets we are a nation of laws and not jack booted thugs.
Pray that they just impeach him before Barry Hussein Lenin pulls a Hugo Chavez and tries to nationalize everything. Anarchy is no form of government. Let's just impeach this clown and hope for the best.
The big boys dont care. They will send in their hired thugs and if once in a while some of them get killed so what. There are plenty more where they came from.
Who was it said I can hire half the working class to kill the other half.
Cursive --
I don't believe at all in the scenario of a big and glorious revolution or civil war - while emotionally pleasing, the psychology of the masses and military/funding considerations makes it way, way unlikely. Personnally I wouldn't bet one bean on this scenario. Occasional riots and organized raids on supermarkets, definitely -- but there will be no second civil war or something like that leading to the secession of the US, sorry. Someone who holds the medias, the emotions and the currency holds the power. And the US government will fight like a tiger to maintain them. But I don't hold you from trying.
On the other hand, there will definitely be a bloodshed -- not due to killings, but hunger. I've analyzed the situation thoroughly, and the current state of Western economies is a recipe for catastrophe that never existed in recorded history before now. A Nation with an industrial and agricultural tissue can survive an economic collapse with only a few casualties (50,000 dead by hunger in Weimar Germany), but a Nation which imports all its stuff... my imagination just cannot visualize the extent of the coming scenario. It will be horrible.
In Weimar Germany it was the city dwellers who died -- they went to the countryside with their "Fetzen Marks" month pay and tried to buy eggs and bread. The farmers turnt them all down -- too much currency, not enough supply of raw goods. And because growing food takes time, and disponible land, they died by tens of thousands.
In a complete "service economy" (i.e. a Neoliberal creature) which imports everything, it is, simply put, the END for anyone who doesn't already have physical stuff to eat or exchange. When the dollar/euro/pound/Czech koruna loses value, what do you think will happen? The global creditors will stop accepting your confetti for payment. That means no oil, no food, no natural gas. And rebuilding an industrial tissue takes a lot of time -- in this buffer, I prefer not to explain thoroughly what's going to happen.
I've written this long message because I want to share with people less experienced than me in economics, but I prefer to warn: I very rarely comment on the Internet and don't believe in arguing, like Doug Casey. Zerohedge is my only exception because I know I deal with rational and intelligent people, which are rarer every year that goes.
Thanks for sharing. I am not clear as to why you don't like arguing logic? It's what you do to teach and refine an idea.
@Debt Rolling
I'm a longtime zherohead and I appreciate the exchange of ideas. I am not advocating war or civil unrest, but we will definitely get the latter if the money is no good. If things get as bad as you suggest and large metropolitan areas are evacuated for lack of food, just think of the eventual mayhem. I have theories on what the day after tomorrow will be like, but no one really knows. What we do know for sure is that the Western economies have enjoyed a higher standard of living than will be "affordable" in the future. That's going to suck going forward, to put it lightly.