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Today's FTMFW Soundbite Is... (And Live Obama Town Hall Webcast)
...Courtesy of the teleprompter:
- OBAMA SAYS SOLVING DEFICIT IS `NOT THAT COMPLICATED'
Translated: "My fellow Americans, I forgot my antipsychosis medications this morning, and god bless. Thank you." Watch the town hall webcast below.
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Obama went on to say "Releasing a birth certificate that looked genuine was a lot more complicated."
Jesus H Christ, what a bunch of sheeple!!!!
The bankster CIA Manchurian Candidate at his finest.
Kruschev was mis-interpreted when he said: "We will Barry you!"
@ Tyler Durden. Just a question: say that, hypothetically, the government paid off all its debts, would there still be sufficient dollars left in the economy and if so, where did they come from? As far as I know is the government the only organisation that is able to create financial assets out of thin air. Every time the government spends, money is created into the economy out of thin air and every time taxes are paid, money is removed. It's a misconception that the government of a country like the USA needs to borrow to finance their spendings. Treasuries are just a monetary instrument and a way for the private sector to save with interest. Even the Fed is not able to add financial assets to the economy. F.e. Q.E. is clearly not adding any financial assets to the private sector. At the moment Treasuries were issued, dollars were removed from the economy. Now with QE the opposite is true and netto no financial assets were added to the economy. Is there such a big problem with government spending in times where the private sector is heavily deleveraging? Off course it brings inflationary pressure, but this effect is heavily reduced by the deleveraging private sector. I understand that government spending can be very dangerous in times when the economy is on full capacity, but now?! I actually don't see the big problems of the deficit of a country that has the monopoly on their currency and debts denominated in that currency. I see potential inflationary problems, but again now?! Can you tell me where my reasoning is wrong?
Is there such a big problem with government spending in times where the private sector is heavily deleveraging?
Depends on HOW you spend.
You could spend by improving infrastructure and stimulate domestic production
Or you can spend on more wars and propping up the failing system that rewards the outsourcing of production, thereby making the system even less sustainable.
I totally agree that government spending should be focused on sustainability and create added value to society (infrastructure etc) But IMO (and please tell me if I am wrong) many people on zerohedge are concerned about the fact that the government can never repay its debt, and that concern is, for different reasons, just based on nothing and shows a lack of understanding of how a modern monetary system works for a country that has the monopoly on its currency and debt denominated in that currency.
The US got itself in a situation where destroying money needed not keep pace with creating money. This was because the world economy was absorbing Dollars.
This has been going on for some decades and the US got thoroughly addicted to this 'tax on global trade'. This is why the deficit is so big.
The world can not absorb Dollars indefinitely however.
At some point the US budget needs to be balanced, or there will be rampant inflation.
The fear that you speak of is about the world rapidly losing all confidence in the ability of the US to sustain the value of the Dollar. The sell-off that would follow will cause hyperinflation in the US.
Paying back your debts in hyper-inflated currency counts as default.
"This is why the deficit is so big."
Is it? Again I am really against the power of the Fed, the power of governments and the financialisation of the economy, and I consider myself a strong believer in free markets, but I still don't see why the deficit is unsustainable.
"The world can not absorb Dollars indefinitely however."
Why not if government spending, taxation, etc are well managed?
"At some point the US budget needs to be balanced, or there will be rampant inflation"
This statement may be true. But before I can agree, can you define "balanced"?
"The fear that you speak of is about the world rapidly losing all confidence in the ability of the US to sustain the value of the Dollar. The sell-off that would follow will cause hyperinflation in the US. "
There is absolutely no reason to believe that the market is going to lose all confidence in the ability of the US to sustain the value of the Dollar. Well, maybe in the future when politicians create another unnecessary crisis by having a new non-discussion about the self-enforced precondition for the monetairy system that is called the "debt ceiling".
"Paying back your debts in hyper-inflated currency counts as default."
There is no paying back for the USA, because the government finances spendings by creating money out of thin air and therefore never had to borrow to finance. Btw, without the deficit, the US private sector would not even be able to save.
"Btw, without the deficit, the US private sector would not even be able to save."
Seems dumb even by your standards. There can always be savers and borrowers. You could also still have fractional reserve banking if lenders took the risk of a bank default. I guess MMT is kind of neat because it allows disciples to make crazy statement that sheeple might just nob their head at; unless you are actually the real sheeple.
"Seems dumb even by your standards. There can always be savers and borrowers. "
Funny that people that know less, offend more. I am, off course, talking about the private sector as a whole.
"You could also still have fractional reserve banking if lenders took the risk of a bank default."
Fractional reserve banking is not the system we have at the moment. Banks are not reserve constraint, when lending money.
"I guess MMT is kind of neat because it allows disciples to make crazy statement that sheeple might just nob their head at; unless you are actually the real sheeple."
Most MMTers are very much against the Fed and a lot of the policies taken atm. MMT is not an ideological direction. It just explains how the
monetary system works. If you were a little more open to arguments and were able to think for yourself, you could actually learn something from it.
Define well-managed, then try to find it in the US Govt...we're waiting...
"The world can not absorb Dollars indefinitely however." Why not if government spending, taxation, etc are well managed?
Because the world population can not grow forever.
Because economies can not grow forever.
Because the SCO countries are slowly phasing out the Dollar for trade, for strategical and political reasons.
Because new technical advancements today can just as well shrink the world economy, making people less reliant on the labor of others. (Google around for "3D printer" for example)
---
"At some point the US budget needs to be balanced, or there will be rampant inflation" This statement may be true. But before I can agree, can you define "balanced"?
Spending in such a way that does not cause inflation or requires your currency to disappear abroad.
---
There is absolutely no reason to believe that the market is going to lose all confidence in the ability of the US to sustain the value of the Dollar
Have you seen the price of gold lately?
---
There is no paying back for the USA, because the government finances spendings by creating money out of thin air and therefore never had to borrow to finance.
You are forgetting that international creditors are holding the receipts. So either the Dollar needs to maintain its purchasing power or the US won't be able to borrow in the future.
If the US wound't have borrowed but just printed, there would be unstoppable inflation.
"There is absolutely no reason to believe that the market is going to lose all confidence in the ability of the US to sustain the value of the Dollar
Have you seen the price of gold lately?"
The gold price is much more correlated with real interest rates than with the marketperception of the ability of the US to sustain the value of the Dollar.
With this logic it would be a great idea to walk into a casino and put all your money on one number at the roulette table.
You can be sure most investors don't think this way.
Wow. QE buys assets with dollars created out if thin air and no dollars are removed from the economy. QE2 was fun because the $600 billion was used to prop up the european banks that are still insolvent.
UST's are just a monetary instrument; one that is designed to charge taxpayers for the creation of money that could be issued for free. You see Robbie4, the Global Bank Cartel owns and controls the federal reserve.
Meanwhile our "government" spends beyond its means in good times, average times and bad times. And it will get worse: look at CBO's forecast of exploding deficits and debt even with rosy economic assumptions.
Tell your teachers they are morons. And stop reading/watching the MSM.
"Wow. QE buys assets with dollars created out if thin air and no dollars are removed from the economy. QE2 was fun because the $600 billion was used to prop up the european banks that are still insolvent."
At the moment the Fed bought the Treasuries, Treasuries were removed from the economy and Treasuries almost function as "money". Treasuries are financial assets which you can use as collateral to buy stuff in a lot of situations. The inflationary argument of QE is based upon the wrong assumption that inflation is heavily correlated with M1.
"UST's are just a monetary instrument; one that is designed to charge taxpayers for the creation of money that could be issued for free. You see Robbie4, the Global Bank Cartel owns and controls the federal reserve."
That might be true. I am also very much against the current monetairy/financial system and especially the existence of the Fed. I just
want to discuss the reasons why the system is wrong and what are the
right solutions for the different problems. At the moment I have the feeling
that a lot of people don't actually understand how the monetairy system works and are therefore angry for the wrong reasons.
"Meanwhile our "government" spends beyond its means in good times, average times and bad times. And it will get worse: look at CBO's forecast of exploding deficits and debt even with rosy economic assumptions."
That indeed is (if true) a big problem, like I said in my original post.
"Tell your teachers they are morons. And stop reading/watching the MSM."
You didn't give one single argument that proves me wrong, so I won't.
Think of the Fed as a Giant Global Bank Cartel SIV with an implicit federal government guarantee. Next ponder the fact that 12 of the Primary Dealers are owned by foreign banks. Most importantly, don't forget to party and chase tail as that is a very important part of your academic experience.
"Think of the Fed as a Giant Global Bank Cartel SIV with an implicit federal government guarantee. Next ponder the fact that 12 of the Primary Dealers are owned by foreign banks."
I never said I agreed with the monetary system and I never denied that there is a lot of corruption. I just want to discuss the working of the modern monetary system.
"Most importantly, don't forget to party and chase tail as that is a very important part of your academic experience."
Unfortunately, my academic experience finished long ago. Thanks for the tip though. I allways thought Modern Monetary Theory was the perfect turn on for girls and because of you I now know this thought is the reason masturbation is still my only sexual experience.
I am talking about MMT. But the masturbation comment is amusing. Let's agree to have no common ground on QE and I wish you well. I'm going to go talk to a wall I can see now...
Answers to your questions can be found in:
"The Creature From Jekyll Island, a Second Look at the Federal System", 5th Ed., G. Edward Griffin, ISBN: 978-0-912986-45-6
The system is wrong because it puts power in the hands of corrupt, unaccountable bankers, politicians and various other nefarious wrongdoers. It assumes the people are too stupid to do the right thing and the economic mechanisms are failures after thousands of years of experience. So, these crooks and liars "guide" us to the "proper" conclusions: ie inflate away any reason to save so they will spend. Inflate housing so they will spend. Destroy the value of savings so they will spend. Not once does the genius of a Krugman or Benank or Obama et al ever worry about saving. So if everyone spends, who gets the benefit of selling these mostly depreciating assets?
Robbie,
Good questions all. It's true that in a static environment where T-Bills espunged debt, there would be little problem in continuing the "print/destroy" debt model. The problem with this is:
1. Foriegn governments buy the debt in their currency with the expectation of a return (interest). So the next issuance or repayment needs to be larger than the initial issuance.
2. The governement has made promises to pay a specified amount at some point in the future. These liabilities need to be funded at some point or deferred to a TBill or some other asset exchange.
3. The promises of payment are based upon debt that is, in turn, based upon faith that payment will be made. To this point, we must turn to the Hitchhiker's Guide to the Galaxy... wherein God, in protest to the loss of faith in Him appears and proves that He is real... but, since His ability to BE is based upon faith, He disapears in a POOF of logic.
When people lose faith in the ability to repay, the demand for the $ is reduced. Since the $ is sustained completely upon issuance of new debt, it is hard to imagine that the $ can continue without unlimited unicorn horn licking.
4. There has been a real devaluation of the $ in terms of purchasing power over the last (oh... take your pick of years)... If you are a foriegn government who has to buy his oil in $ and the $ you have in your vault purchase less oil each year, will you want to hold the $'s? Won't you be pissed when you've been robbed of your purchasing power through excessive printing by the issuer of the $? I know I am.
And so... why hasn't he solved it yet?
When he had the Green Bay Packers at the White House he joked that Aaron Rodgers should be traded to the Bears. I think Green Bay should do this but only if Obama get's rid of Timmy and Ben...it is a start.
Exactly. If its so easy, then when are you going to get around to putting your 'easy solution' in play? Then again, this might be bad news as WW3 would solve the debt problem, confiscating all americans bank accounts and stock holding would be a nice plus the the banksters debt. Just depends on what the meaning of 'is' is.
Obama was elected by people who think he shits unicorns and rainbows. Michelle Bachmann tried to steal his thunder with her comment that the economy could be fixed in 90 days during the last debate. Obama has to step up his game for the starry-eyed lemmings.
I think she stole his thunder with the Corn Dog photshoot.
pods
"And so... why hasn't he solved it yet?" He is working on it. It's not easy managing the largest economy in the world, and ungreatful comments like this are not helpful at all. You should be at least satisfied that he has managed to keep this recovery going so that fewer people lose their jobs. The only barrier to prosperity is this libertarian religion that oposes what this economy is lacking most - AGGREGATE DEMAND. As I've said before, the ONLY way to boost our economy is further monetary and fiscal stimulus.
um...you forgot the <sarc> disclaimer...
And by the way, I would be truly 'greatful' if he were doing more than the 'least' he could be doing.
This little bus tour he's on right now is a poorly disguised campaign trip.
Saving it for an October Surprise
Just dissolve Congress and he can solve it no problem.
Don't laugh he still has another year to try that...
Already solved, Super Congress
What a total lying piece of shit! Milestones
He saved GM. He just told the crowd that. He also assassinated bin Laden.
It'll be epic when they fail again.
Nah, it'll be epic when they kill Bin Laden again.
OBL still has 6 of his 9 lives left. We can assassinate him another 3-4 times easily without raising any suspicions.
I just hope that the miniseries accurately portrays him wandering the Afghan desert with his dialysis machine, looking for an outlet to plug it into.
Shades of Ron Cobb
http://designobserver.com/images/features/heller_cobb4.jpg
I am so glad Tyler does not give us a test on these videos. I refuse to watch them. And so much for the gold correction.
I blocked them cause even opening this article the WH site dumps a bunch of LSOs on your computer, hard to get rid of unless you run FF
Is this bullish for SBUX?
i listened to 8 seconds and couldnt take it anymore.
I think you win a free Klondike Bar if you last 5 seconds. Oh wait, that's for your wife.
It's really sux the only choice democrats have to vote for is more of this nonsense guy. As the republican establishment ignores R. Paul, the only candidate it has that has any real chance of bringing the dissatisfied democrat/independents over. We're truly fucked into more of the same.
Puns, Platitudes, anecdotes and cliches...
VERBAL DIARRHEA!
Eat your peas you bitter clingers!
Zip your lip with a padlock, na na na, please reelect me with your pants on. I'm talkn' bout... blah blah blah, blah blah blah.
It's simple to solve the deficit problem. DEFAULT. There's no good reason for 2% of the economy to be burnt up paying interest on the debt - primarily to the rich and foreign governments - nor for a trillion dollars of capital every year to be fed to the gaping maw of the war machine. Stick it to the rich and default!
Amen. Not just the US either. We should be looking at this here in the UK too (since it seems inevitable anyway).
Felonious Monk breaking it down for B - (work caution - swearing):
http://www.youtube.com/embed/-McpNtHet3w
Maybe a seven headed hydra monster will rise out of the river and swallow his stupid ass up. The audience too.
http://www.mythicalcreaturesguide.com/page/Hydra
How is there not a sniper in the trees across the little river there?
Secret Service didn't just start doing their thing yesterday.
Just look at the dense foliage. There's not enough SS to be climbing around up there. Hell, they could be withing a foot of me and never see me unless they stepped on me. One trained sniper, that's all I ask. Is it so much!
Other than watching him splinter, what's the value of shooting a puppet? Might as well take out the Teleprompter, as it's higher up in the chain of command.
Neither though, is worth the effort.
Good God, man, are you *insane*?? How the fuck do you think LBJ got his "Great Society' bullshit through congress in 64-66? Why, he'd merely say, with a reverent look on his scummy lying face, "It's what our late great martyred JFK would have wantd". And the stupid assholes in congress, afraid of being called "mean" by the stupid assholes in the media, would obediently line up to vote for it. How'd that work our for us?
Now imagine what that blowhard halfwit Biden and his new VP Pelosi would try trotting out to "honor our fallen Dear Leader". VAT tax? sure. Welfare on Steroids? yup. Free cable for the Po'? you bet. The mind boggles. You need to be praying every day in every way that Barry stays good & healthy until we can throw his sorry lying ass out on the street next november.
Obama "when I first came into office we said we were going to double our uh...deficit...uh I mean...exports yeah exports...uh and now that we through the domestic economy under the bus...rural farmers are getting robbed...."
This is why our problems will never be solved....http://youtu.be/am-k5bL40kU
Boy, he has created a lot of jobs. He created 800,000 jobs just in agriculture. And another 1 million from extended unemployment benefits.
....not to mention flipping burgers at your local fast food chain.
Austin Powers just woke up from being frozen and screamed 'WHAT THE FUCK HAPPENED"
Monsanto is coming to eat you little farmer bitchezs! (insert evil laugh here)
Nice river in the background. Any chance an upstream dam bursts and washes this clown away?
Minnesota sucks. Maybe Canada will take it off our hands.
It's easy - just eat your peas. Can't go wrong if you eat your peas.
LOL... ah shut up Barry. Look in ur mailbox I bet the banksters sent you a few more Benny Bucks. Better buy some TV ads while the dollar still has a little value. what a ball less lie'n punk ass...
A thought occurred to me: Why not send a can o' peas to the Whitehouse? How many would it take to get MSM attention?
I thought this was live stand up on comedy Central?
"folks MAY have been laid off"...did he really just say that?
Oh gawd...
That hurt.. but he is right, it is not that complicated and it is manageable.
It is simple, but it is not easy and he is not able or willing to manage us out of it.
Wow this Obama is really so FOS it is comical. Bleh bleh $ this that bleh blah yadda yadda bleh blah STFU "prez". now uh that solves about all of the problem re: wasting time hot air bleh blah
What kind of people does it take to sit an listen to this BS?
This guy has a cadence similar to Jim Jones...
low-grade preachah-man...........uh huh.......
You gotta wonder if his hopium is going to be as deadly as the kool-aid...
He's just keepin it real yo. The teleprompter will take questions later.
Instert (__________) bullshit example, then claim to know what one is talking about. The key word: talking. It's all about talking and that is cheaper than cheap.
Silver mofo's!
Just one sniper down river , problem solved
What for? So another FOS jerkoff takes his place?
This is a structural Amerikankan problemo!
No shit, can you imagine Biden as POTUS? (shudder)
There's an upside though: No more O'fuckhead.
Here is your quick synopsis:
When you done with #6, start over at #1 and repeat.
social security will be here for generations - LIAR IN CHEIF
Sure it will. You'll get your check on the first, then promptly spend it on your one decent meal for the month.
Shhh. The President is in "roll up my sleeves, no tie-wearing, talking like I'm running for office as an oustider" mode.
This Obammy guy is such a joke (not that the republicans are any better) as are all of his dumb ass supporters that just want free shit stolen from others and given to them. Social Security is stolen money. I want a fucking refund with interest, asshole.
Anyone who spends more than a few seconds listening to this guy ramble is going to lose IQ points at a rapid pace.
Barack Barry Hussein Soetoro Obama what's his name:
"you folks don't understand, see I've been on the bus fighting those corporate jets. This economy is not my fault! Now you have the enemy fighting me (cause I'm black):
repubs, tea party, america lovers, fox news, white rich people, freedom lovers(?) small gov't, truthers, birthers or basicly most of america. So I'm back on the bus, growin them jobs, growin the economy, feeding the children blahblahblah"
didn't this lady just tell him she was turned down? and in typical teleprompter fashion he just blew right past her and launched into more teleprompterspeak...
he is right solving the deficit is easy, abolish the federal reserve and put them on trial!!
Yea, it's not that complicated at all...
tax the rich
single-payer
end the stupid wars
rebuild infrastructure
economy solved.
Might need a job or two in there for some folks.
yes... rebuild infrastructure, kill the pointless costs of healthcare.
these things put more REAL money in the pockets of ACTUAL consumers.
supply-side econ is a scam and the proponents of it should be shot in the fucking head
"if i were paying my fair share of taxes we wouldnt have to put this load on seniors"
theres a quote for ya
stating he doesnt pay his fair share
sweet
other than that bit o nonsense....mostly nonsense....good sidestepper around questions though
exceptional bullshit artist
my ears are starting to bleed though
Well hell, the IRS will take donations.
Where the fuck is this? - intermission at a Peter, Paul & Mary concert?
Cannon Falls, MN.
Come on, guys, cut the teleprompter some slack, it's the mouth piece that sucks.
-t
Mr. President just said farm prices are too high so we need to subsidize them. Really, I kid not.
your choices for 2012: (a) this guy, (b) libertarian with history of racist newsletters (c) guy who uses the governor's office to promote protestant-only prayer day, (d) lady who wants intelligent design taught in science class.
The lesser of evils may be Ron Paul.
We would all, of course, be helpless people in a corner being exploited by the Soviet Empire or Sharia Law if the government were not fighting wars (I thought the Iraq war was over, Barak), involved in education, handing out free pharaceutical medical care, kicking in doors of organic farmers, fighting the war on drugs, and all the myria of regulations of the EPA & FDA & USDA & AMA.
I want my tinnitus back.
Panem et circenses omnibus!
"Family's who've been 'strugglin'"
Yeap, he just said "strugglin'"
You got that right, fucknut...we ain't seen nuttin yet in terms of strugglin.
Ohhh look, honey...the fascist parade is coming to heartland Minnesota. It's history! Wish I was there to be witness to the FAIL of which this man is.
Obama still talking in theory about his potential presidency....like he hasnt been president for 3 years already. When are you going to leave CAMPAIGN mode, Mr Dickhead?
Does anyone listen to this guy? When he leaves the Oval Office he can follow Eliot Spitzer into the CNN newsroom. His style and level of analysis would probably be more comfortable where he seems to spend so much time - on TV.
"you can't be a free-rider" HAHAHAAAAAAAAAA
just don't tax me and i'll afford my insurances.
taxation w/out representation
Socializm beeches!
Glass-Steagall is the only way out...and it is easy.
But that's not what dumbfuck Obama is talking about. He's full of shit. But we all knew that already.
But fear not, he doesn't actually feel that way, he was just reading his orders.
Glass-Steagall
Okay, I'll bite........ what is FTMFW?
For The Mother Feckin Win!
Okay, thanks :)
That deficit is all because of global warming I am sure. Solve global warming and you solve the deficit (and cancer, and polar bears, and Africa, and wars, and bad weather as well).
Rumor has it that it was in fact El Nino.
pods
What a douche.
The biggest spender in the history of the world actually says, 'solving the deficit is not that complicated'?
How can you have any puddin if you don't eat your meat.
No comment .
Still trying to stop laughing.
I refuse to hear anything he has to say...ever again.
My goal is to never hear any preznit ever speak again, or any of the candidates (except, RP).
My ultimate goal is to not even know who they are. That way, when some evil-do(good)er voter starts complaining, I can interrupt them with, "Who? Never heard of them."
If it wasn't for the yard signs, I'd have no idea who holds the weapons of governance locally.
So easy, a caveman reading a teleprompter could solve it.
Number 2 on the list is peace in the middle east.
Duck soup for the annointed one.
We've spent enough money in the ME...annex the fuckers, withdraw troops, wait a year, then build "Disney Sahara Land", on the desolation, drill new oil wells through the "sea of glass/history of energy" area of the park, let Delta fly in American tourists on 13,000 MPH gliders. ME problem solved. Mission accomplished!
4 more years ought to do it.
What do people really expect from this guy? They should have handed him rubber pants, boots and a big snow shuvel to clean up 8 years of Bush F-ups. Start shuveling all that shit Obama. He's a 4 year janitor, and then you get 8 more years of right wing destruction.
There is only one political party you boob. Obama-Romney 2012!
So, Did Obama ride the bus all the way from DC; or, did they fly it and him separately to the event? It's not all about image and appearance, no not at all.
www
Apparently, this is an "official" Presidential trip, so they bought two busses with taxpayer money and flew him out to meet the busses with his entourage on Air Farce One.
They should call it the "Magical Misery Tour"
WilliamBanzai7 should have some fun with this one.
Gives "I am the Walrus" a whole new meaning.
Hey, can anyone please supply the link to the ENGDAHL piece on Rockefeller, oil, empire, and global finance?
Inflate the tires!
Kinda glad I missed this one. I was on a trip to town (all day event from here) and caught sound bites on the return on sat radio. I kept switching from station to station to avoid it and it was on EVERY FUCKING CHANNEL! 27 NEWS/TALK CHANNELS WITH ODUMBO BITES ON EVERY ONE. I almost drove through the guard rail over a cliff to get away from it. This guy is truly, uncategorically, undeniably an INSANE NARCISSIST! ________ (insert deity of choice here) help us if Odumbo II plays in theaters in 2012.