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Debt Ceiling 101, Santelli Sounds Off
In an effort to reach the angry mob, CNBC's Rick Santelli goes all Sesame Street on the numbers behind the US Debt Ceiling Rise. Focusing for two minutes on what this practically means for every man, woman, child, and politician, the shouting Chicagoan points out that when the US breaches this new limit then the world's entire population will be on the hook for $2,346 each (and $52,409 per US person).
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Does that mean move out of the US before we get the bill?
It means "follow our example".
If you have assets, they will be taken.
If you have debt and unfunded liabilities like the government, you won't have anything to steal.
Assuming your body is the last thing they could steal, expatriation with your assets may be advisable.
Santelli is the only one worth watching on CNBC. They should take LIESman's salary and give it all to Rick. Better just fire steve bonehead LIESman.
The Fed and the political structure that it manages (Congress and the Administration) can exhibit an aspect of recovery hope by keeping the stock market up. And its policy is simple: removing all value from the economy that is available (savings, retirement and insurance receipts, housing equity, salary depreciation) and transferring it to the stock market by way of the investment banks.
As Ron Paul said, the country is destroying its money and its middle class.
As Eric L. Prentis said today on ZH: “Chairman Bernanke admits his Zero Interest Rate Policy (ZIRP), that now extends to the end of 2014, is a massive transfer of wealth from savers to borrowers, which reduces capital formation.”
As Bill Sardi said recently: “[T]he American people are aggregately losing the value of their banked money at the rate of $16,881 per second, $970,904 per minute, $58,254,253 per hour, $1.398 billion per day, or $510,304,260,000 per year (that’s $510 billion!). That is the most conservative figure, based upon a 7% rate of inflation. The erosion of American wealth could be as high as $780 billion/year if a higher 10% inflation rate is employed.”
Prentis, in the rest of his comment today, concluded:
This video gives good perspective, too.
One hundred million dollar penny.
http://www.youtube.com/watch?v=3dl1y-zBAFg&feature=player_embedded
holyshit. This just gave me another stroke.
And I think I'm going to puke.
Thanks. That was well done.
Ron Paul should definitely use some of that for TV ads, or embed it on his website.
This just scared the shit out of me....
...hey Rick, if you really want to put pressure on the Loyd Blankcheck feinds and the political class asshats, hit them where it hurts the most, use their own words. For instance, ''we are doing god(s) work''. You use the data on the chart and say what you said and ''then'' throw in their punchline ''we are doing god(s) work''. It goes something like this..
Rick's script: ...for every man woman and child on the planet. In the words of Goldman's Loyd Blankfiend ''were doing god(s) work'', One is forced to also consider the ''debt'', numbers of ''a man'', if you will, with the words ''in God we trust'' on the Federal Reserve debt note. The combination, with words such as these from Goldman's CEO and the Fed, in the light of the Word of God, well, lets put it to the test.
If you are going to ''use'' the name of God, like these bankers, or if you are going to ''print'' His name on the world reserve currency, you obviously love enough to equal your offer (of temptation) with ''God's'' work and the word ''Trust'', well, last time I checked ''The Book'', One would obviously need to calculate ''God's work'' and ''in God we trust'' with the numbers and One would surely conclude that Loyd is refering to the first books of the Word of God for Loyd, and because America is a Protestant based country, based on the same book, One must consider God and Christ placing a mark of debt upon every man woman and child on Earth. Last time I checked doing this is Un-God-ly, but, it certainly is prophetic. Doing this is well defined, in the light of God's Word, however, so we can give Loyd and the Federal Resreve some ''credit', but, this kind of credit is I'm sure not what the bankers want every man woman and child on Earth to know about. Which is just amazing to me. As a matter of fact, when every man woman an child on Earth is hit with this form of a tax, do to a global economic market system this huge,, the mark of debt is called ''the mark of the beast'', a mark which nobody on Earth, rich or poor, free or bond, can buy sell or trade without, as a result of the evil in the global market and the contempt our leaders have for our Father in Christ.
...back to you Jim.
You see Rick? I'm sure you could do a much better job writing up such a script but you get the picture. Let me tell you bud, if you could do another chart, and paint this clear picture, it will expose the strong delusion to the general public and rest assured, that video will become one, if not the most global viral video of all time. You see, it does not matter if people cannot fathom the depth of this black hole on the chart, what convicts people emotionally, enough for them to rise up and make their own effort to divest from the black hole, well, it's when a voice like yours sheds a light so bright that people cannot escape the reality of the black hole that will destroy their effort to escape it, ...with their own labor at this point in time, without making their individual effort to do so. It does not even matter if people know God or not, when you point out the facts and the fact that these evil bankers hold the Word of God and every man woman and child on Earth in contempt, everyone will be able to see that fact. Nobody will be able to escape the math and everyone will be able to calculate the number of the beast, for it is a human number, that of a man. http://www.biblegateway.com/passage/?search=Revelation%2013:16-18&version=KJV
Good Start Rick.
Lets Add(or subtract) the following:
92 million tax return filiers actually pay income tax (about 50 million file and pay no tax or get a net refund). Therefore $16T divided by 92 million is $173,900 per every tax Payer.
Yes, but of the 92m that pay about 86.5% is paid by the top 50% of the TOTAL filers. So actually 46M are paying the vast majority of the tax, and the bottom 50% cannot be expected to pay an Equal share. So 46m owe $348,000 each.
But wait there is more...
$16T is only our on balance sheet items. What about the Other all in GAAP items ( you know stuff like Medicare/caid, Soc. Sec., Drug benefit, Freddie and Fannie, wars - ALL off balance sheet..oh yea, and Bernanke giving $16T in backdoor TARP and dozens of other undisclosed tranactions...was Enron spelled like this End-Run) ...um $104 Trillion...divided by the 46 million tax Payers...
Equals - Drum Role please $2.26M/ taxpayer.
Nice.
Who here (ZHedgers) could add $2.26m to their existing personal debts and not go belly up in 6 seconds to 2 years? oh yea, and save for college, and retirement, and medical care, and...and...and...
Do the math you might round a bit different than me, but you'll end up in the same mathematical black hole.
the film doesn't work.
http://covert.mypressonline.com
Debts that cannot be paid will not be paid...
This is simply an indicator of the end of this monetary system... the imbalance in currency distribution will only be worsened by current policies.
It's the nature of the distribution of a currency across an economy (even more than some nominal measurement of quantity) which determines the ability of that economy to function.
At least that seems obvious to me.
......BUT WHAT ABOUT EUROPE?!!!!!!!oh right you mean...oh you mean theres a problem in the good `ol usa.?....erm
erm.......BUT WHAT ABOUT EUROPE?.....EuropeeuropeEUrope...WELL ..hold the front page!
If you take the numbers off of this debt clock and include the "off the books" "unfunded liabilities" of Social Security, Medicare, and Prescription Drugs your total liabilities per taxpayer comes to more than $1 million each. Actually, I come up with $1,038,044 per taxpayer.
That number's changing as we speak however. Going up, of course.
Of course, some claim that much of that debt is owed by US citizens, and some if it to the "lock box" Social Security Fund, as if it would be no big deal to not pay those debts.
The first of the baby boomers turned 65 years old at the tail end of last year. As they retire the money they've been paying in as taxes have been going into the general revenue fund is going to stop. In fact, it will probably turn into a negative cash flow as they start drawing out that money they've been paying into Medicare and Social Security for those decades they've been working.
Ut oh.
Our total debts went up some 75% more than total revenues last year. It's going to be hard to bring that number down as the boomer generation starts to retire.
I guess we're ok, though, as long as interest rates are near zero. If inflation doesn't roar out of control. And the economy starts growing rapidly...
And what is the number flogged about for how many are retiring? 10,000 a day, a week? I know its 10,000, just forget the time span. Its a hell of a lot no matter what it is. Hell, some are not even waiting until they turn 65. A guy I work with here is retiring at the ripe old age of 56. Got his 30+ years government service and splitting. My supervisor is 50 and she has her 30 years already.
10,000 Boomers to Retire Each Day for 19 Years
In 2011 The Baby Boomers Start To Turn 65: 16 Statistics About The Coming Retirement Crisis That Will Drop Your Jaw
Retirement Crisis Closes In On Baby Boomers
One global war and problem solved!
...that is certainly the plan defined by the NTI boys ...like Old Henry Kissiger. http://www.youtube.com/watch?v=EN4xp4ZSYDE&feature=related
First the slaughter, to establish the proper amount of fear among all nations, so that peace with Israel and all nations is sealed under a United Nations agreement, then the fulfillment of the new world order global security matrix will seal the nations to the global market crisis that has now been established and then the new world order peace and global market standard will be fulfilled. http://www.youtube.com/watch?v=SISUIhprOa8
http://www.biblegateway.com/passage/?search=1%20Thessalonians%205:%201-5&version=KJV
I think Rick should have included dogs and cats in those equations.
Would have made it more palatable.
...yeah, Dimond Dogs http://www.youtube.com/watch?v=36lWAcY9IXE
...and Stray Cats http://www.youtube.com/watch?v=aVIZga_WS5w&feature=results_main&playnext=1&list=PL1A55E1AEE21F5A39
My 2 year old son is working on a way to leverage his share of the debt into a toy purchasing extravaganza!
The central banks give money to the banks to buy soverign debts and the governments keep borrowing more and the cycle keeps repeating.
Any idiot would know that there will be costs associated witht the printing of more money. Commodity prices will keep going higher and income just can't catch up with the rising costs. There will be social unrest and change of governments.
This will end badly...probably with a war.
Time for a Jubilee
The eye opener is really the 16.4 trilion per taxpaying household- I think about 326,000 per tax paying household. Approx 115,000,000 households, 45% don't pay anything, anyone want to check my math? You just can't convince the sheeps it can't be repaid. Oh, and a huge chunk of the taxpaying households are government employees whose paychecks are just making it worse. How about Tax paying, non-federal goverment employee households- that would be a good one. Yikes- I just got the willies....
Glad someone got the Sesame street meme. Really and truly, this kind of stuff is the only thing that will peculate through at this point. (Sorry, meant percolate... slip of the tongue there)
No really, you try explaining what "total decimation of fish stocks" means to most politicians. Or what "pension funds losing cash" means to OAPs. They just don't get the whole "end of the line" edge.
And yes, Iceland just got fucked on mackerel, which just ain't cool (especially if you're looking at the % fish species / annum, there's only growth across the board by moving to different species). Wasn't me, but... I did try and warn them. Anyone can check the pelagic stocks totals over the last 10 years, and know that things aren't peachy. Let alone the stock crashes of bi-vavles. Naughty, naughty.
Oh.. the OP? Well done... $4k / household doesn't mean much when the average under-water debt is $47k. Otherwise, they wouldn't have re-mortgaged.
If we count all liabilities of the government and divide by the number of those actually ABLE to pay that is the number.
casas prefabricadas