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Dead nuts right on...
Yup, and that's bothersome when one considers that Stockman's biography (please, nobody actually write it!) could be titled:
From Voodoo Economics to the Economics of Voodoo
Stockmans sentence on the national economy being victim to a leveraged buyout over the past thirty years should be obvious to one and all by this time; one could infer it from reading Prof. Hudson over the past forty years, and Catherine Austin Fitts over the past ten.
Indeed: amassing tremendous debt against the federal government by way of "defense spending" and peddling securitized debt over the past 13 plus years.
And then putting that debt on the citizenry, and demanding the austerity from the citizenry.
Now, they've essentially sold off chunks of America, while taking out all those loans against it.
Only after a Greenspan, or Paulson (Hank), or Rubin (Robert), etc., is found deceased from torture or waterboarding (Cheney-defined non-torture) will there ever be the possibility of change.
People should listen to the full audio. It's worth the time. Then sit down and ask yourself if you truly understood these issues. Then ask yourself how many of your friends and family understand this issue. How would they change their behavior, decisions, or voting patterns if they did? They have to want to understand, of course. But sending them a link to that audio with an encouraging word couldn't hurt. Because things can't get better until people finally wake up.
..." Because things can't get better until people finally wake up."
then what happens ?
... doubt it - coz there's a game n'hi-def on at 2 and pizzapizzapizza's trip-bling up
3 for 1 !
It may actually be worse than Stockman indicates. We really don't know how much off balance sheet "loans" that will never be paid back have been provided by The Fed to European banks, MENA, UN, IMB and just about any insider with connections who asked. I have heard whisper numbers as high as $16 trillion, no way to substantiate.
"I blame it on the 1971 decision by Nixon to close the gold window and let the dollar float."
It finished closing in 1971. It started closing in 1913.
Nixon "decided" to close the gold window the way a fat person who has lost his job, has no money and no food "decides" to go on a diet.
America's gold stash was nearly spent. The French in particular were cashing in their dollars for gold as fast as they could. At the rate gold was flowing out of the country Fort Knox would have been empty in 2 to 3 more years.
Good point. Since they refuse an audit, I believe the gold, aside from coin melt... is LONG gone. Which was the last slim hope for our dollar... Can you say: "Currency collapse"??
Indeed. Nixon had NO choice or every last ounce of gold would have been gone. Whatever one thinks of Nixon, there was absolutely no choice at all.
Sure, he had a choice. He could have revalued the $/oz to a realistic level.
But then the US would have had to live within its means. Whereas, the US has spent like a drunken sailor for 40 years.
He made the absolute right decision from a short/medium-termist, selfish point of view, the 'in the long run, we're all dead' point of view.
Sadly... the end of the 'long run' draws nigh.
It's ok folks, it's only temporary...
"Accordingly, I have directed the Secretary of the Treasury to take the action necessary to defend the dollar against the speculators. I have directed Secretary Connally to suspend temporarily the convertibility of the American dollar except in amounts and conditions determined to be in the interest of monetary stability and in the best interests of the United States."
See...Nixon wasn't lying after all. I bet that by this time next year, the gold window is back open!
All right, get Nixon's moldy corpse outa the ground and make Him sign the recision order! :>D
@Edward Fiatski, excellent article? or for achieving goal first responder. No way you read it.
Anyway, guess Fed webbots going crazy now LOL.
Good point, let me slip this in.
Hey Bernanke, how's my dick taste you son of a bitch!
David Stockman Im sure just got put on the DHS terrorist watch list for his 'Incindiary and un-american anti FED rhetoric'.
I'm sure he'll have fun during his next trip through the TSA line.
Nah. he has been saying this for a long time
Stockman's brilliant and refreshingly/brutally honest.
For those of you who may have missed his spot on rant on the Dylan Ratigan show (yes, it actually was allowed to air on Tokyo Rose Hopium Channel (aka proxy for government & banksters bubble-vision that is Main Stream Media), here he is:
He can join all of us at ZH. Soon we won't be able to fly on their airlines...
The problem with Stockman is that his solution relies rather substantially upon tax increases to attenuate the deficit -- which ( indeed, any tax increase ) is nothing more than a bailout of Government; once again, saddled upon the backs of [ largely ] the middle class. Let no one be fooled: Stockman is but another Beltway Insider, cut from the same bolt as Pete Peterson.
Saw him on CNBS. Great clip. god! Does anybody else just want to kick Michelle Caruso Cabrera in the face! I hate that chick!
Definitely...but I'd hate to ruin a good shoe.
also saw him on cnbs this morning. Had him on for 3 minutes, but in that 3 mins he completely refuted everything their three hour guest had been saying all morning.
But whose video clips do you think they'll replay?
I'd rather horse around with her bOObs, to be honest.
Michelle CC is one angry little twit. That woman has major "daddy" issues. Trust me, she was ignored by her father as a child. She hates men. It all goes back to the childhood.
nice boobs though...
Only after banging her like a screen door in a hurricane.
Michelle CABOOSA Carrera would make a great bull-dyke dominatrix, and Geithner would gladly pay he prevailing rate to be humiliated, just after Michelle CABOOSA Cabrera digested a full meal of black beans, guacomole, chalupas and salsa,
while i have a divergent opinion regarding fiscal policy, i feel we should try and maintain a high level intellectual discussion here on ZH.
oh, and here's a bikini pic of her:
Stockman has been consistent with this mantra for a while now. He is the most credible of the previous Treasury, Fed, CEA folk of the past 30 years in my opinion. He's not defensive, takes some responsibility and is trying to look forward for reconfigured solutions while providing a reasoned explanation of the past. I sure wish there were more public figures doing this.
But since there aren't, it is incumbant on the non-public figures to take control. ZH is a good organizing place for this.
he's generally a fairly straight shooter but also is able to develop his own audience's need for him. this "interview" seems very highly developed, but i just read what was above-the-line here and didn't go to the video for all the light-hearted comedic nuance
we don't try to control too much of the agenda and dialogue here, just what happens on zH, as we dumpster-dive for something Real...
d.s. seems to appreciate that the low interest rates "imposed" on the nation is to facilitate, even render possible, financing for the incredible goobermint of the USA, which needs to S-T-O-P but just can't!
as far as the "leveraged buy-out" goes, of course! this is exactly what the role of fiat in the NWO amounts to, but i think it goes much faster than that as "bad money forces out (buys out) the good". that is why mark-to-market is essential; we end up with zombie shells sucking equity outa everybody with all the "market" deals based on new paper and "growth scenario's" and then "passing thru" the profits and socializing/leaving in 'the market' any losses/"little legal or coroprate problems"
so, yes, the uber-elite seems to own a shitload of everything, asset-wise, quite "legally" too, but not the "liabilities" which are left for the people to suffer, without quite enough means of production left here to support them, employment-wise, either!
so, we watch very carefully as they and their pols and lawyers and regulators and accountants and lobbyists and copy-writers and producers re-adjust the rules, again, preparing the sheeple to "lower future expectaions" as they chuckle at their own magnificence ...
Stockman is quite adept at evaluating and responding to his audience. He presented a paper to the newly-elected Reagan and his transition team called "Avoiding an Economic Dunkirk." That old WWII buff, Ronnie, was charmed and that's how Stockman got the OMB gig. Plus, in his paper he succinctly and colorfully explained what was going on in the financial markets at the time and why.
well, at least he wasn't involved in charming the contras or the iranians or selling drugs to finance covert black ops like those guys in the white house!
i'm sure the budget wasn't involved or they woulda used it! L0L!!! i'm sure he's been asked what he didn't know and when he didn't know it. hasn't he?
Zero Hedge Quoted On 12pm EST Strategy Stession on CNBS by a CDS Analyst...
I wonder when everything is said and done what we will end up with?
He asked what we were going to end up with, not what we have now.
serfdom, medieval style
When everything is said and done more will be said than done.
END, Demolish, Obliterate, Disintegrate the Fed! sniff that social media, attachwatch MF'ers..
Will roll this over the weekend. Can relax, and listen to the truth. Thanks Tyler.
The politicians and the CBs would be wise to listen to Stockman. He has nailed it!
tyler, what strong underlying business is buffett referring to when discussing his optimism in BAC??
More bailout money to the croney Uncle Booofeettt.
How many physical dollars are floating (or stashed) trhoughout the world...must be trillions flooding various ocuntries like Ukraine, and thru Africa.....
How can any country back up or "guarantee" these quadrillions of outstanding paper IOU's I wonder?
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