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There's No Painless Way Out
Uncle Sam's bills of almost $4tn per year relative to his income of just over $2tn means that he does what most American's do - he borrows money - and it is this simple fact that underpins the reasoning that there is no painless way out of the mountain of debt that we have amassed over the last few decades. While none of this is new, the straightforward nature of this video's message makes it hard to argue, from anything other than an ivory tower, that this supposed self-sustaining print-and/or-borrow-fest can go on forever. Paying off your mortgage with your credit card remains the clearest analogy of what is occurring and while the Mutually Assured Destruction case is made again and again for why the analogous credit-card-providers will never halt our limit, it seems increasingly clear that the fiat money fiasco has switched regimes to chaos rather than the apparent nominal calmness of the great moderation.
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Suicide is painless -- M*A*S*H.
Great reference mate. Makes me feel old. Damn old.
Through early morning fog I see
visions of the things to be
the pains that are withheld for me
I realize and I can see...
[chorus]:
That suicide is painless
It brings on many changes
and I can take or leave it if I please.
I try to find a way to make
all our little joys relate
without that ever-present hate
but now I know that it's too late, and...
[Chorus]
The game of life is hard to play
I'm gonna lose it anyway
The losing card I'll someday lay
so this is all I have to say.
[Chorus]
The only way to win is cheat
And lay it down before I'm beat
and to another give my seat
for that's the only painless feat.
[Chorus]
MASH
The sword of time will pierce our skins
It doesn't hurt when it begins
But as it works its way on in
The pain grows stronger...watch it grin, but...
[Chorus]
A brave man once requested me
to answer questions that are key
'is it to be or not to be'
and I replied 'oh why ask me?'
'Cause suicide is painless
it brings on many changes
and I can take or leave it if I please.
...and you can do the same thing if you choose.
I fixed it.
You sure did. One question: Howcome unborn children already have credit cards?
It's called a Social Security Card.
It's called a Servile Serf Card
Fixed it.
And who gets the debt when the baby is never born? So it's paying the mortgage with someone else's kids' credit card!
I have seen on RV's a bumper sticker that says: WE ARE SPENDING OUR KIDS INHERITANCE
Isn't that cute. I have wanted to get a Sharpie and add to it: ...AND THEIR SOCIAL SECURITY
It's a child cardholder not a choice?
lol.
Hey - How the heck did you get the strikethrough text to work? It never displays correctly for me.
http://www.zerohedge.com/donate
Past performance is not indicative of future results.
In Soviet America, unborn baby has Credit Card.
Or think of it this way: when the government sees a hungry dog, it cuts off the dog's tail and feeds it to him.
Actually it's paying off Their mortgage with My credit card.
First thing that popped into my mind upon reading the headline.
Pain?
"I'll just sit and grin, the money will roll right in."
http://www.youtube.com/watch?v=DeUriaEc49I
Am I the only one who is tired of all this bullshit and justs wants whatever is going to happen to hapen so we can get it the fuck over with already!!!??!?
No.. NO.. I'm ready already!! This waiting is driving me crazy!
Kick the can has allowed me to get in a better position to weather the coming storm. I'll take as many prepping days as I can get. When this country goes "cold turkey" off the reserve currency drug, it will be a living hell. Extend and pretend is a preppers best friend.
I've been ready for 3 years.
Hope & Change.
Hi
My name is Dow Jones and I am a Bernankaholic.
...it has been 126 microseconds since my last sub-penny.
www.youtube.com/watch?v=DMSHvgaUWc8
Paying your mortgage with yourd credit card...using unsecured credit to pay down secured credit.
Only in America...and Europe.
The ones who paid off their student loans before the bubble burst, did so by taking non-existant equity out of their houses. Mortgage debt is dischargeable in bankruptcy!
You didn't see that advice on Suzie Orman or Jim Cramer's shows.
A new wrinkle (actually, an aspect not utilized as much as it could be) to the student loan problem:
http://www.thenation.com/article/167142/colleges-withhold-transcripts-grads-loan-default
Colleges Withhold Transcripts From Grads in Loan DefaultWow, talk about supplying justification for defaulting on a debt...
could we have a video-for-dummies just like this for The Feds' derivatives and other shadow toxic assets?
No, because upon hearing the words Federal Reserve, your average American's eyes begin to glaze over. Add a long word like "derivative" into the mix, and you've lost them just like that. Start talking about "shadow banking" or "toxic assets" and you'd have a comatose patient on your hands.
No, this video is perfect, even for my nearly braindead co-workers. No fervent voice rising in pitch to emphasize points, no flashy explosions or sensationalist graphics. Just simple, straightforward, and easily understandable. And the best part is that it leads the viewer to the direct conclusion that a global financial collapse is unavoidable, lets that point sink in, and then allows the viewer to draw his or her own conclusions.
'Massive Wealth Destruction' Is About to Hit Investors: Faber
"Somewhere down the line we will have a massive wealth destruction that usually happens either through very high inflation or through social unrest or through war or credit market collapse," he said. "Maybe all of it will happen, but at different times."
http://www.cnbc.com/id/46923999
Or all at the same time.
coming soon: ALL OF THE ABOVE
Surely this begs the question, how fucking long can the boy cry wolf? Did the wolf lose his teeth?
I am about ready to say fuck this, and go on a spending spree. WTF do I have to lose? Seriously, can anyone tell me what the heck I have to lose? Maybe I can get a bailout.
Capitulation?
Probably a good time to stock up on lots of physical silver.
Brass, lead and copper will be more practical.
I prefer the other cartoons where the bear shits himself in the end.
I resemble that remark.
forever is a long time
"no painless way out of the mountain of debt"
Corrected it for you "no way out of the mountain of debt"
Dude, you are forgetting the $118 trillion in unfunded liabilities.
No painless way out for who? Federal Reserve don't give a shit.
...Until they do.
$118 trillion unfunded liabilities is no problem... Millenials will just reject and cancel those as liabilites. Once their politicians are in control -- poof, granddad's soc.sec. and medicare are cancelled.
Lots of pain, though...but you either do the bypass or you die. Most people will opt for the bypass, and majority rules!
Paying your mortgage with your credit card?! Shit, how about not paying your mortgage at all and just staying put for free. Its the latest rage, and more and more people are hopping on the gravy train. The jails are full, the system is imploding, and Homeland Security hasn't got their 450 million hollowpoints order filled yet, so you might as well take your mortgage money, fill the garage up with beer and wait for the NFL to come around again.
I tried that with my rent money and it didn't work.
Renting is different. You could get beaten black and blue with a wiffleball bat if you piss your landlord off. The banksters on the other hand are just a bunch of pussies who can only mail you paper threats. Use them to light your charcoal up with when its burger time again. ; )
Pink Slime indeed.
8
I agree with most of what you say 'cept the prisons aren't full....municipalities are letting prisoners walk/early release due to cost cutting measures. So, that may actually fuel the drama knowing more and more shit is walking the streets.
Have a nice day!
Exceedingly bullish!
Vicious cycle.
Debt > Monetization > Debt > Monetiz...
I'll bet Jon Corzine can make the debt just disappear.
I don't think JPMorgan wants it though.
If I submit a guest post titled "WE'RE ALL GONNA DIE!!!!" can I get on ZH too?
Well...how will $65 Trillion$ of unfunded debt and liabilities be paid for?
It can always be paid in printing press dollars but it can never be paid in value.
Are you contending that we're NOT all gonna die?
What is "unfunded?"
It's easy to fuck over children and the vulnerable -- again and again. They are not even consulted in the racketeering syndicate of fraud and fuckups.
Record bonuses for conjuring money from monetized oppression.
END THE FED!
If you can make up the numbers, they can make up revenue.
Or are you just projecting?
Get back to us when you can work in a connection to gold price manipulation.
denial of said conclusion relegates one to the delusional masses still believing in ponce de leon's fantasy quest.
submit something that convincingly examines the case for a return to the glory days and you will get posted, i am sure. you see, the problem with that case is it is become impossible to make the numbers lie so you will have to lie about the numbers...like .gov does.
Well, we are all gonna die. It is an inevitiblity of the human condition. Natural law, something the detractors of sound economic theory seem so eager to deny.
No. Old news.
On a long enough time line the survival rate for everyone drops to zero.
No, because this timeline thing is in the header and
you won`t get anything but bored looks on a doomsters site.
And by the way : guest posts are for entertainment and
furious commenting upon, just to get back on the real thing.
Johnk
So.... your not going to die.... ??? how quaint.
Johnk.
Thats pronouced "Junk" ...right?
Always with the negative wavelengths!
More liquidity will solve any problem…
Financial markets, drunkenness, sinking ships, whatever.
Like a small cell cancer knawing away at the bones....like a slowly spreading pestilence.....a chronic decay of the ripened fruit.....mold-forming fungi budding ceaselessly crowding out healthy tissue with fungus......gangrene eating, blackening the burning flesh of the diabetic foot....
Besides this, I think we'll be fine.
The word you may be looking for DemaSolar is entropy. Piles of molecules will reform later and only 1/3 of the people go early. I am an optimist but don't believe happy times will be here again until 2021. Unfortunately, history is rhyming.
Annoying to be so cynical and watch this ridiculous clown circus of a market play to the sheeple so effectively...I may be broke when the final downturn comes but will have the satisfaction of knowing I was 100% right on the investment and 100% wrong on the timing
There is no painless way out? I think/know there is, but the problem is SOME will endure pain. Its called a jubilee, and it sucks if you still have money and power to lose. Hence the reason its anathema to tptb. Theyve been trying to have a jubilee for the banksters and corpos for several years bow, but socially and politically this can only go on for so long. A jubilee is coming, it cant be avoided. You can call it a reset or default or whatever, but it is coming without doubt. Debts that cant be paid, wont be. The real question is what comes after. Are we going to be Iceland or China?
so i should get into a mortgage i can't afford right now, so i can get a free house?
jomamma, yes, buy now ....before the house prices drop another 40%.
A short bout of hyperinflation is for all extents and purposes a jubilee ...
No, a jubilee does not destroy the life savings of millions...
Wanna bet? Your debts are someone else's savings or pension fund assets.
Don't confuse the bank with the depositor, Corzine.
"Your debts are someone else's savings or pension fund assets."
Not if you're Bernanke. Your get to conjure up both sides of the balance sheet, so your pals have constant "walking around" money.
Probably a mixture of both...we'll call it Icelina...no, Chinland! In fact, that's twice as good a name as Icelina, so let's call it Double Chinland...from now on America will be known as Double Chinland.
He's wrong, it has happened before see Rome, and the Dark ages....
Dark ages , as in no major conquests and changes to report
for historians because life just went on smoothly in sustainable structures.
iceland got out of the noose before the platform door dropped fairly painlessly by lynching the people who should be lynched...the bankers.
The banks are not incorporated in political office in Iceland.
Politics is the best fuck that fraud money can buy.
Iceland's issues were a rounding error in the grand scheme of things. And the issues were actually caused by the banks so the Iceland government could legitimately be outraged. Unfortunately the banks have long memories and I'm sure there is a Fuck You moment in store for Iceland at some point in the future.
In the US the problem is a collusion of the US government and the banks. The banks let the US government keep writing checks and the US government lets the banks stuff their pockets right from the dollar printing presses. When it turns ugly the US government will show the American people who they really work for.
That Iceland debt has not disappeared. It's still around and being sold into the hands of folks who will demand payment. The worst for Iceland is far from over....
A good step in preparing for the future is to own, free and clear if possible, a good house, and perhaps productive land.
Inflation means the world out of kelter
Our new diets are just hamburger helper
owning silver is fine
and gold is devine
but you gotta, just gotta have shelter.
(apologies to the Limerick King)
Just hope that the Keystone XL pipeline doesn't go through your productive land.
You get out of debt by figuring out how you go into debt in the first place. About 1/3 of the deficit is a result of the Bush Tax Cuts; another 1/3 was caused by an increase in unfunded spending and mandates (part D medicare, endless wars, creating bloated and worthless bureacracies such as the dept of Homeland Defense, bailouts to banks, etc.); the final 1/3 is caused by reduced tax revenues from less people working, interest income, and capital gains during this ongoing recesion.
With even a shred of political will, two thirds of the deficit could be quickly reduced by returning to 2000 tax rates and reducing spending levels. Lowering the unemployment rate is going to take time. Governmental or personal debt is not necessarily bad, only a question of whether the borrowed funds were invested wisely or just pissed away.
Unfortunately, the individuals who have benefited the most from the policies of the last decade also hold the reins of power. Not too optimistic about this.
mortgage
on a house of cards
I'ma spend that mortgage money making sure my fire insurance premium is all paid up.
Fire insurance as in CDS ? No payout if some of the foundation was found left after the fire?
This reminds me of the Y2K scare all over again.
Difference is that one had a specific date and action was taken to fix stuff before the baloon dropped.
This worldwide debt problem is being drawn out, being made bigger and bigger, which will make the problem worse when the baloon drops.
Only 2 people in my circle of family, friends and co-workers understand this.
The rest are oblivious and don't want to talk about it, or understand it and don't want to acknowledge it.
Am amazed by the paycheck-to-paycheck people I know who just keep on buying stuff they want but don't need.
Scumbag Jon Corzine has become the latest financial icon. Cheat until you get caught and just play dumb even though your responsible. Corzine is laugh along with all of those at Goldman Sachs people how they can just walk away from fraud.
Maybe a good one for little kids to begin to understand how irresponsible (criminal) Uncle Sam really is. Where's the part about the private banking cartel (Fed, JPM, GS, BoA, etc.) being the first to benefit from newly created money, and earning interest on money created out of thin air to pay for Uncle Sam's endless warfare and welfare?
i can only imagine what we'll be posting when the SHTF moment is here.... A HAHH AH HAHh aH (if ZH won't be censored by then...) :(
Dude the narrator must be a globalist. He says no one knows what will happen if heaven forbid the banks go bankrupt. Threaten me with marshall law why don't ya.
Look you first close the borders. No one in or out. You arrest all federal reserve bankers and bankers of the 5 big banks. You start printing US treasury dollars from the US instead of the FED. All the food going overseas well that stays here. All the energy and raw materials going overseas, well that stays here too. You round up the globalist politicians and in particular the Clintons, Bushs and the Indonesian. You put them all on a slow boat to china. That's about it. Time to Party. Bring it on.
The more they borrow, the longer they print, the longer they wait; the solution becomes the end of a rope.
That's one of the clearest vids for the layman I've seen. We really are screwed no matter what because our politicians won't bite te bullet and call for austerity. About the only way out for the little guy is to try and 'Go Galt' http://www.futurnamics.com/goinggalt.php
Probably a good time to buy more silver.
I wonder how many people who, as unborn babies, were saved by Pro-Life influence, end up voting, as adults, for those who are Pro-Abortion? I wonder if they were ever told by their mothers how close she came to killing them, or having them killed?
Why ask? Well, a post above mentioned that "It's a cardholder, not a choice." Clever. But it made me wonder. It would be very interesting to know if those saved from abortion end up supporting abortion and, if they do, why they do. Sort of a "I've got mine, so screw you" mentality. Unless, of course, mom never told them they were within minutes or hours of getting sucked or cut out of the womb.