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Update: America Has A $16.4 Trillion Debt Ceiling In 52-44 Senate Vote
Update: the Senate has failed to reject a bid to stop the debt ceiling hike with a simple 52 vote majority all of it along party lines. The US now has $16.4 trillion in debt capacity as of Friday. Since roughly $100 billion was plundered from Pension Funds in the past month, The US will have about $15.4 trillion in debt with the Monday DTS. The question then is how long will the $1 trillion in debt capacity last: at $125 billion/month it won't be enough to carry the US past the election without another massive debt ceiling spectacle.
While Congress recently voted down the increase in the US debt ceiling, that vote was largely irrelevant. And all that matters is how the Senate will vote. Watch it live in progress below. It is virtually unlikely that the process of debt ceiling increase will be overturned so within minutes the US should have a brand spaking new debt ceiling of $16.4 trillion.
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We are on the path to world government.
The clues are in the JP Morgan ad on this website today. Morgan says, “fiscal consolidation” and “consolidated fiscal policy” are the same thing as the use of federal taxes in the United States to pull together the different “states” in Europe to keep “peripheral Europe” in a common currency. What JP Morgan doesn’t state but which can be seen between the lines is that “consolidated fiscal policy” and “fiscal integration” depend on political consolidation and loss of sovereignty…much like the loss of states’ rights in America.. That’s the key to a banker-controlled Europe, the puzzle piece to fit a banker-controlled America and a banker-leveraged Asia. And voila! World government.
Here are excerpts from the JP Morgan ad, a rough, partial transcript in which Joseph S. Tanious, CFA, market strategist for the J P Morgan Funds,“suggests that the European debt crisis is a complex, multi-faceted issue that is likely to have a lingering impact on our global markets” :
“Looking at what is going on in Europe, a lot of these countries may have gotten into these problems through different avenues but the underlying problem is that several of these countries in peripheral Europe have amassed too much debt for the capital markets to be comfortable with. As a result of that, the cost of borrowing for these countries has gone up substantially. You’ve come together with this common currency, you’ve now 17 countries in the European Union who have formed or come together under the euro, and the issue with that is you cannot have consolidated monetary policy without having consolidated fiscal policy. It would sort of be like states here in the United States sharing a common currency without the federal government having the ability to actually transfer funds from one state to another through the form of federal taxes. We think the end game here is you have to move closer towards fiscal integration. It is one of two things; you either break up the euro in its entirety, which is extremely unlikely due to both political reasons and financial reasons, very very expensive. Or, the other way is you move closer to fiscal integration, potentially issuing euro bonds of some sort or providing fiscal transfers from the stronger European economies over to the weaker economies in peripheral Europe. This of course is not very easy to explain to the German taxpayer. People in Germany or core Europe in stronger economies do not want to be viewed as bailing out the meeker economies in peripheral Europe in the form of higher taxes, which is essentially what we do here in the United States through fiscal transfers at the federal level.”
http://www.youtube.com/user/jpmorganfund?v=mClGnJEJU9E&feature=pyv&ad=9767664058&kw=european%20debt
Jamie Dimon - Bankster Overlord. I saw part of his interview on CNBC in Davos this AM. What a lyin' sack o shit on the detail end. What hubris on the macro end! Basically, his whole point was that banks control everything so deal with it. Well, at least that's honest.
Interesting that the origin of the income tax on individuals is generally cited as the passage of the 16th Amendment, passed by Congress on July 2, 1909, and ratified February 3, 1913; and that on December 23, 1913, the Federal Reserve Act was passed.
As the old song goes, “You can’t have one without the other....”
http://maxkeiser.com/2012/01/26/jamie-dimon-to-mf-global-clients-let-them-eat-shit/
HOW THE FED CREATES MONEY
We've been talking about how the privately owned Federal Reserve can produce money from thin air. Here's how it's done.
1. The purchase of bonds is approved by the Federal Open Market Committee.
2. The Fed buys the bonds which it pays for with electronic credits made to the sellers bank. These credits are based on nothing.
3. The receiving banks then use these credits as reserves from which they can loan out ten times the amount.
To reduce the amount of money in the economy they simply reverse the process.
The Fed sells bonds to the public and money is drawn from the purchasers bank to pay for them.
Each million withdrawn lowers the banks ability to loan by 10 million.
The Federal bank in this way has overall control of the US money supply, as each country's central bank does in the same way. The bankers, through the magic of fractional reserve banking have been delegated the right to create 90% of the money supply. This control makes a mockery of any elected government. It places so called leaders behind a toy steering wheel, like the plastic ones, set up to amuse small children.
Or as Rep.Charles Lindbergh father of famous aviator Lucky Lindy puts it when commenting on the Federal Reserve Act:
"This act establishes the most gigantic trust on earth. When the President signs this bill, the invisible government by the Monetary Power will be legalised.
The people may not know it immediately, but the day of reckoning is only a few years removed... The worst legislative crime of the ages is perpetrated by this banking bill."
Rep. Charles Lindbergh (R-MN)
Or as Woodrow Wilson put it:
"We have come to be one of the worst ruled, one of the most completely controlled governments in the civilised world - no longer a government of free opinion, no longer a government by... a vote of the majority, but a government by the opinion and duress of a small group of dominant men.
Some of the biggest men in the United States, in the field of commerce and manufacture, are afraid of something. They know that there is a power somewhere so organised, so subtle, so watchful, so interlocked, so complete, so pervasive, that they had better not speak above their breath when they speak in condemnation of it."
Woodrow Wilson
In order to clearly establish that this is not a conspiracy theory, but is actually how things are controlled, we further quote Charles Lindbergh. From the house of representatives, Lindbergh was well placed to see exactly what was happening back then and continues to happen today.
"To cause high prices all the federal reserve board will do will be to lower the re-discount rate..., producing an expansion of credit and a rising stock market; then when... business men are adjusted to these conditions, it can check... prosperity in mid-career by arbitrarily raising the rate of interest.
It can cause the pendulum of a rising and falling market to swing gently back and forth by slight changes in the discount rate, or cause violent fluctuations by greater rate variation, and in either case it will possess inside information as to financial conditions and advance knowledge of the coming change, either up or down.
This is the strangest, most dangerous advantage ever placed in the hands of a special privilege class by any Government that ever existed.
The system is private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money.
They know in advance when to create panics to their advantage. They also know when to stop panic. Inflation and deflation work equally well for them when they control finance..."
Rep. Charles Lindbergh (R-MN)
Powerful information, TruthInSunshine. Americans have allowed the most dangerous thing to be done to the country possible, they have placed the merchandising of money, its origination and lending, in the hands of the internationalist money changers who are using it as the final weapon to destroy representative government and the property and personal rights of the people. Nations are powerless to protect themselves.
The Fed and the Fed-controlled government, by debt and new bank credit loans to the businesses and entities they arbitrarily choose, effectively have destroyed an individual’s right to dispose of his own earnings in the way he would choose, i.e., his right to own, use and control the value of the property he has honestly acquired.
G.M. Coogan wrote in Money Creators in 1937:
“If the Government (the dictators of government policies) controls the lending of money, it can determine who may or who may not borrow money and hence can control every single business in the country. Controlling every business means controlling every economic activity; control of every economic activity gives power to control also the cultural and spiritual activities of the citizen… Lenin recommended Government origination and control of the medium for exchange. Unless the power to originate money is restricted to sovereignty and scientifically exercised, and lending is restricted exclusively to private, independent, State-chartered corporations, it is nothing short of childish prattle to talk about preventing the onrush of Socialism, or whatever name one wants to use to designate an anti-Christian State, in which all but the ‘chosen few’ are hopeless slaves.”
"The Federal Reserve Banks are not federal instrumentalities..." -- Lewis vs. United States 9th Circuit 1992
"The Federal Reserve banks, while not part of the government,..." -- United States budget for 1991 and 1992 part 7, page 10
"The Federal Reserve bank buys government bonds without one penny..." -- Congressman Wright Patman, Congressional Record, Sept 30, 1941
"The Federal Reserve system pays the U.S. Treasury 020.60 per thousand notes -- a little over 2 cents each-- without regard to the face value of the note. Federal Reserve Notes, incidentally, are the only type of currency now produced for circulation. They are printed exclusively by the Treasury's Bureau of Engraving and Printing, and the $20.60 per thousand price reflects the Bureau's full cost of production. Federal Reserve Notes are printed in 01, 02, 05, 10, 20, 50, and 100 dollar denominations only; notes of 500, 1000, 5000, and 10,000 denominations were last printed in 1945." -- Donald J. Winn, Assistant to the Board of Governors of the Federal Reserve system
"Neither paper currency nor deposits have value as commodities, intrinsically, a 'dollar' bill is just a piece of paper. Deposits are merely book entries." -- Modern Money Mechanics Workbook, Federal Reserve Bank of Chicago, 1975
"This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President [Wilson} signs this bill, the invisible government of the monetary power will be legalized....the worst legislative crime of the ages is perpetrated by this banking and currency bill." -- Charles A. Lindbergh, Sr. , 1913
"From now on, depressions will be scientifically created." -- Congressman Charles A. Lindbergh Sr. , 1913
Raise the debt ceiling to ~ and beyond. Buzz Lightyear would be proud. I tire of this tripe.
Exactly J.R.
We are on the path to world government
Debt slavery!
WOO HOO... Hooray for the Senate.
Anyone notice all the hand-shaking and back patting after they adjourned? These baffons actually BELIEVE they are doing great work.
Pirates slap each other on the back too after plundering another ship. I dont believe for a second they believe theyre 'doing great work' theyre all a bunch of thieves is all.
Time to convert my assets to the Zimbabwean dollars.
"Let me emphasize that this note is not a plea for a return to a gold standard.... I regard a return to a gold standard as neither desirable nor feasible—with the one exception that it might become feasible if the doomsday predictions of hyperinflation under our present system should prove correct." - Milton "eCONomist" Friedman
As long as "they" keep getting theirs via bribery, inside trading, etc., why not raise the limit? It keeps the game going. As Moe Greene said.."Draw chips for everybody on the house".
I'm turning Japanese, I'm turning Japanese....
'Debt ceiling'? Thats so 2008...we dont need to worry about debt anymore Bernank just prints up more money whenever its needed....surely all-is-well, what could go wrong?
isn't it time they built a debt house? gotta hold up the ceiling somehow!
The 'Billion Euro House'? We can call ours the 'Trillion Dollar House'... http://news.yahoo.com/irishman-makes-billion-euro-home-shredded-notes-094926529.html
Seriously, does anyone know how long it will take to burn through this? A few weeks back, I thought I saw a Zerohedge post estimating somewhere between late August and mid-October.
After TARP it became abundantly clear that the house is not needed and that everything starts and ends with the senate regardless of whether or not the house agrees. The senate should be disbanded imo. It has morphed into a dictatorial unconstitutional entity who wields ENTIRELY too much power.
Reid is the Senate.
That too shall pass in time.
Bullshit. The senate is split almost 50/50 D and R with a small edge to D for now. There is no POSSIBLE way anything could get done in there without R agreeing to D demands. Proof once again that they are all bought and paid for by corporate/banking interests. D vs R is all theatre for the chattle.
"D vs R is all theatre for the chattle." We need to scream this at all the sheeple who parrot CNN, Fox, or whatever bullshit MSM they get all their information from. We are fighting against a century of brainwashing. People in the US are mostly ignorant sheeple who have no capacity for critical thinking. SHEEPLE! WAKE UP! Choose the Red Pill!
Sadly, this has all become such a farce that it really doesn't matter what they do with the debt ceiling, elections, foreclosures, wars, whatever...
It's all just one big bad fuckin joke...and the joke is on anyone who believes that the will of the people or the fate of the nation or world matters to those savages inhabiting the halls of power.
As George Carlin said: "It's a big fuckin club...and you ain't in it"
With ths increase in the debt ceiling, the word bankrupt, officially has no meaning anymore.
Why does the House vote not matter?
Because they've allowed themselves to be usurped by the senate with nary an argument. The house at this point is the child in a parent/child relationship and the senate is the parent. The parent may ask the child what his opinion is on something but he is under no obligation to follow the child's opinion and in most cases does not. It's quite obvious by now that they are all purchased by the same corporate/banking interests anyway.
Man I miss all the excitement, so anti-climatic
Tyler, I dont get the 'Another massive debt ceiling spectacle' part....this didnt even make the news, not even mentioned.
Because we're number 47. Weeeeee!!!!!!!
US drops 20 places to number 47 in the Reporters Without Boarders Press Freedom Index 2011-2012
We're now ranked just below Taiwan, Comoros, South Africa and Ghana...but hey...we're still better than Haiti...barely.
http://en.rsf.org/press-freedom-index-2011-2012,1043.html
is that alFranken?
i guess alF is a zeroHead...he just e-mailed me:
"at this level of increment it's not taxpayers' money, slewie!"
i wonder how he got my e mail?
Sharpen the Pitchforks and Pull the Piano Wire from the Piano!
"In a largely (sic) ceremonial vote the Republican controlled House voted down this measure."
NWO is tightening the debt noose further around the neck of the American people along with the rest of the developed world. This way the US is so hopelessly in debt it will have to cave into all demands to hand over its national sovereignty in exchange for the privilege to obtain refinancing from the IMF. Another fiscal and political union in the brave new world.
I wonder why their ramping up drone warfare and special ops capabilities.
Debt target.
Obama took office when debt was $10T.
Pretty sure he can hit $16.4T before he starts his second term.
I wonder at what point this will start to matter? And what point will the bond market turn on the US. I honestly have no clue.
What is morally wrong about destroying savers? Apparently nothing if you're Million Dollar Boneass. Anyone who is on a fixed income and the government policy is to exact a stealth tax by destroying your currency needs to be thrown out of office. Anyone who votes for the same policy that this government now employs is voting for a lower standard of living. Every bananna republic starts the same way and that is by making promises to all that they can't possibly deliver on and then destroying the currency trying to make it all work.
Bingo!!!
They will raise it to 20 Trillion by 2014.
Raise it a centillion! The quicker it all implodes the quicker we can start over!
It won't crash, it won't implode... just look at Japan, Europe, etc. Our central banking overlords are in full control and their plan is to impress everyone into more indebtedness (slavery). They are tightening the noose on us. Austerity? You haven't seen Austerity yet. They fully plan to own every country, every business and every person.
I need some popcorn and 3D glasses cause this movie rocks - suspense, espionage, sex scandals and political intrigue - plus it lasts longer than Ben Hur.
Splendid. Ludicrous Speed, Mr. Sulu.
For some Thunder Down Under:
http://www.dailymail.co.uk/news/article-2092021/Julia-Gillard-rescued-Australia-Day-Aboriginal-protesters-shes-dragged-safety.html
It could be $164 trillion for all I care. The US debt isn't my debt; why would I assume any obligation to repay it? They'll get nothing from me.
Don't be so confident. Take a look at Venezuala. They just confiscate what their hearts desire.
They ARE getting your money - see theft by inflation!
Jesus Christ... can a single day go by... scratch that, a few fuckin' hours pass without some completely insane, jaw-dropping story that doesn't sicken me to the core or scare the living shit outta me?
God bless you Zerohedge, your doing Gods work.
I need a drink... again.
and there you have it...ZH is the brain child of the DISCUS
Well done viahj. The usual conspiracy theories around here were getting kinda stale.
it's time to call in Seal Team VI, although perhaps the commander will be reprimanded for not rescueing those Somalia hostages in time for the SOTU. I dont' mind political theatre, as long as it's GOOD political theatre.
uh...maybe SEAL Team VII since VI was kind of..uh...killed. You know, shortly after that "bin Laden" thing.
Shocking huh?
What was 2011 GDP? How much do the GSE's owe?
Debt ceiling doesn't matter. It could be $30 trillion, who cares?
What DOES matter is steadily declining value of USD ...which has lost 40% of its '07 value, from the very thing this debt ceiling increase represents, more currency printing ("Ctrl+P").
Any discussion of debt ceiling increase failing to address declining value of the dollar is avoiding the main point.
Debt ceiling? doesn’t matter.
We have been on a dual currency system for some time, 16T or 16Q whatever it takes to keep the ... as long it does not dilute the wealth of the clique
The clique (esp. the Rothschilds) holds vast amounts of gold. They are fine either way. Those on fixed incomes are fucked. QE to infinity...
This means another downgrade is coming
I'm sure it's just transitory. Recovery summer around the corner
Bastards
Names and Addresses of the Treasonists need to published for all to see
Phew, this vote solves every problem we have faced so far.
My "high yield savings" account now is at 0.9%.
Pretty incredible. They got balls to label it that imo.
maybe it's the same as high yield bonds... ie. junk. :-/
...there is no defense for corruption.
The United States is corrupt and it's armed forces stand in offense against life liberty freedom and justice for all as a result. This fact is clear for anyone to see. It does not matter if people admit it or not, history offers no escape and it cannot ''change''. The truth is not a choice. the judgment of fools, the silence of the weak and the tyranny of evil people offer no escape from the mark of the self devouring beast.
The outside force that would normally come to restore order, because the people within the United States are powerless and weak, it has not come. The reason for this defines the modern reality at hand. All nations and Israel are corrupt. The economic system is a borderless crime that has captured all nations and Israel. This demands destruction and war.
Raising the debt ceilng is evil, it's murder suicide.
"at $125 billion/month it won't be enough to carry the US past the election without another massive debt ceiling spectacle."
And that is all that Obama cares about anyways.
Stupid democrats.
It would have been epic to see congress block the debt ceiling increase.
/yeah both parties are total scum and the republicans voted against it just for show
Got the angels complaining the rat's down at the FED are trying to print their way in.
maybe a "do-nothing" senate would be better than a "do something WRONG" senate.
Who were the fucking no votes? The Republicans? How lame is that? Sure, let's put them in charge and see if they vote no next time!!!
Too fucking funny.
...cant buy sell or trade outside of the mark of the $16.4 Trillion Beast. Lol, scripture just flashed a warning.
http://bible.cc/matthew/24-22.htm
http://www.biblegateway.com/passage/?search=2+Peter+3%3A7-9&version=KJV
...feeding the Labor of this last generation to the black hole, the beast, is the revelation of the contempt of The Unbecoming, and the mark upon man throughout human history. Labor is now sealed in the shadow of death. What is risen in agreement with mercy is standing fast. The nations and Israel are fallen and ruled by the darkness of their judgment. The feet of iron and clay are cocked, the bruised heel is the new world order. The following movements lead to the foot dashing against The Stone. http://www.youtube.com/watch?v=8wYdUh05PJM