• Sprott Money
    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

America Maxes Out Its Credit Card Again - Treasury To Raise Debt Limit By Another $1.2 Trillion On December 30

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Tue, 12/27/2011 - 11:23 | 2013504 SheepDog-One
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Got to be good for at least +20 on the S&P today huh fellas?

Tue, 12/27/2011 - 11:31 | 2013520 Mr Lennon Hendrix
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I love the smell of desperate Keynesianism in the morning....it smells like victory.

Tue, 12/27/2011 - 11:32 | 2013533 strannick
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It smells like QE-ictory

Tue, 12/27/2011 - 11:34 | 2013540 eureka
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RE: "You didn't think US consumer confidence could be bought for free now did you?"

- and Keysianism...

It's all good  - you just have to be an optimist - and that is the chief charactertrait of the US psyche - just think of our beloved heroes of optimism & hope: Donald Duck, Donald Trump, Donald Rumsfeld... and of course The Prince of Peace & Hopium par excellence, His Athletic Rockstar Emminence "Donald"-Barrack Obama...

The parade of of US clowns is endless.... - and cheap - all it costs is a little optimism - is that too much to ask?

Tue, 12/27/2011 - 11:44 | 2013586 Sudden Debt
Sudden Debt's picture

Waw... This reads like a poem!
You just won a trip to greece!
The land that doesn't has a printing press like the US has but spends money just like it!

Tue, 12/27/2011 - 12:57 | 2013793 The Big Ching-aso
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I'm not too worried.   After we run out of credit we just become a cash n' carry economy.    Put cash in wheelbarrow, carry to store, put groceries in wheelbarrow, carry home.   No need then for credit ceiling hikes.    Everyone happy-happy.        Wheelbarrow manufacturers in Beijing especially.

 

Tue, 12/27/2011 - 20:04 | 2015029 StychoKiller
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Umm, just keep an eye on that wheelbarrow, someone might steal it!

Tue, 12/27/2011 - 11:35 | 2013551 BandGap
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Psssst! They are not desparate. They get what they want, every time.

Tue, 12/27/2011 - 11:54 | 2013624 Mr Lennon Hendrix
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They want oil +$100?  Gold +$1600?  There are limitations to the Fiat Ponzi's breadth. scope, and measures of alchemy.

Tue, 12/27/2011 - 12:50 | 2013837 NotApplicable
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It's all a matter of timing. Once they've transferred all of the wealth from the debt slaves, they'll have no problem with everything being priced out of everyone else's reach.

As for the idea of preventing a revolt, well, since (as Mises said) there's no escaping the crack-up phase of a credit-fueled boom, so, being the creative-destructionists they are, they'll just use the opportunity to thin the herd of the rowdy young bucks while shepherding the passive into the protective police state.

By and large, private property will once again be possessed only by the ruling class.

And with that cheerful thought, maybe I should just go back to bed.

Tue, 12/27/2011 - 13:36 | 2014001 ActionFive
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Commodity police state.

Tue, 12/27/2011 - 11:37 | 2013559 Stoploss
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LOLOLOL!!!!! Didn't even make it to the end of the year!!

Tue, 12/27/2011 - 11:40 | 2013569 Sudden Debt
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And now we know what santa was carrying in his big red bag!
Benny used a helicopter, santa uses a sled
AND ALL IN THE NAME OF THE FED!!!

Tue, 12/27/2011 - 11:51 | 2013613 solgundy
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help destroy America.........re-elect Obama

Tue, 12/27/2011 - 14:12 | 2014117 Ned Zeppelin
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if not the Kenyan, who would you have us vote for?

Tue, 12/27/2011 - 14:21 | 2014134 Excursionist
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<sigh> Normally views like this could be written off as sarcasm, attempts at humor, etc., but we seem to have arrived at a point where Rome (both literal and figurative) burning to the ground is perhaps the fastest way to get back on track.

Tue, 12/27/2011 - 14:44 | 2014202 Silver Dreamer
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We already have our own barbarian horde too to help burn it down.

Tue, 12/27/2011 - 20:37 | 2015078 mailll
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Or elect any other puppet that the elite put before us.  I personally would vote for Ron Paul, even though if elected, he would have to take on the beast (new world order/one world government). 

Tue, 12/27/2011 - 13:00 | 2013581 FinHits
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How does the math go again?

Eurozone has something like €8,500 billion of government debt, or at 1.30 USD fx rate $11,000 billion. It is increasing, but not as fast as the debt in e.g. USA or Japan.

All of those three have started to put debt brakes in their system (although I am not too sure about Japan). The European debt brake ("fiscal compact") probably has the highest chance of working, since the markets are voting against debt growth in the Eurozone periphery, but are not doing the same for USA or for Japan.

In the Keynesian world the debt brakes are supposedly bad, but it would be great to see if this could be proven wrong with a real world experiment. Eurozone looks like a possible anti-Keynesian guinea pig in 2012. Maybe it will get slaughtered, at least the PIIGS parts. Maybe not.

 

It would be great if ZeroHedge would calculate the debt velocity of various countries. Probably absolute numbers in USD billions/year are more interesting than % of GDP since the Keynesian government spend bias distorts GDP figures.

Tue, 12/27/2011 - 11:23 | 2013505 SHEEPFUKKER
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BAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!!!

 

Tue, 12/27/2011 - 11:26 | 2013515 Schmuck Raker
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...Humbug.

Tue, 12/27/2011 - 11:34 | 2013547 SheepleLOVEched...
SheepleLOVEcheddarbaybiscuits's picture

hahah whats the point of a debt ceiling if all they do is raise it?

Tue, 12/27/2011 - 11:39 | 2013564 Iriestx
Iriestx's picture

That's what I don't understand.  Just raid it by $900t and be done with the whole affair... at least until Barry maxes that figure out mid-way through his second term.

Tue, 12/27/2011 - 12:40 | 2013802 Dr. Engali
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It's called politics. How can one side point the finger at the other and say "look how much they are spending" without the political theater of a debt ceiling?

Tue, 12/27/2011 - 12:59 | 2013859 NotApplicable
NotApplicable's picture

It's called the political theatre of directed history. They go through this idiocy long enough, and eventually people will just let them turn this practice into another automatic function where X is added annually, and all of the infighting will be over the value of X (ultimately obscuring the fact that X should be a constant in order to have any value). Once that battle becomes too entrenched, then they will turn the annual constant into a variable as well, making it semi-annual, or quarterly, monthly...

Oh, and while all the sheeple fight over these variables, they never once bother to consider that they should never even exist (if the world is to be a better place). Nope, to them there is nothing we cannot afford to buy ourselves collectively on credit. The only question is for what scam to spend it on.

Tue, 12/27/2011 - 11:40 | 2013566 tarsubil
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Every once and a while it can be used as a distraction. But not too often, or the people will catch on. Can't have the people catching on.

Tue, 12/27/2011 - 13:10 | 2013897 gdogus erectus
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Debt ceiling?  No, no, no - it's the debt target.  I think that's just a typo.

Tue, 12/27/2011 - 13:46 | 2014032 Iconoclast
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Only two weeks back it wasn't projected to bust through the new limit until March April..wtf has happened? USA has burnt through an extra $2.1 trl inside 4 months..???!!! Fukc...

Tue, 12/27/2011 - 23:32 | 2015268 mailll
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Like most people already knew, it was all a charade.  The ultimate goal is to spend, spend, spend until we crash.  But the puppet politicians already got their rewards --- for being puppets.  And the American people are up in arms over this, literally.  In December, more guns were sold in one month than in any other month in US history, breaking the previous high set in November.

Tue, 12/27/2011 - 11:24 | 2013507 fuu
fuu's picture

Send in the clowns.

Tue, 12/27/2011 - 11:27 | 2013518 junkyardjack
junkyardjack's picture

*Throw out the clowns

Fixed that for you

Tue, 12/27/2011 - 11:41 | 2013578 achmachat
achmachat's picture

talking of clowns...

can you believe they were going to impeach Clinton for that cigar story?

just take a step back and compare that to what the current oval office occupier keeps doing to the US. As a person from the other side of the pond I am watching in total disbelief.

Tue, 12/27/2011 - 13:03 | 2013874 NotApplicable
NotApplicable's picture

After the Coup of '63, what kind of beliefs can you possibly still hold?

Tue, 12/27/2011 - 13:54 | 2014055 Nobody For President
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"Total Disbelief" would be a great psuedoname for a future ZH'er.

There is usually at least one 'news' article a day that does that to me.

Tue, 12/27/2011 - 19:36 | 2014974 Moe Howard
Moe Howard's picture

TPTB had him impeached for lying about the sex story.

The reason they investigated the sex story is so they could ignore the treason he committed transfering missle tech to Red China. When TPTB say look here, always look the other way to see what they don't want you to see.

Presidents and other powerful people have sex, all kinds of sex, with all kinds of people. It only comes out as a distraction.

Using a cigar on a woman over 21 is not a crime.

Tue, 12/27/2011 - 11:25 | 2013512 Scirocco
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SILVER BITCHEZ !

AND OIL...

*IRAN TO CLOSE STRAIT OF HORMUZ IF OIL SANCTIONS IMPOSED: IRNA

Tue, 12/27/2011 - 11:34 | 2013549 Cole Younger
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Do you really think they could do that? The U.S. would sink all there ships, take out there missle defences, and have a turkey shoot with there aircraft.

Tue, 12/27/2011 - 11:40 | 2013567 f16hoser
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You sink half a dozen big ships in the Straight, it's blocked-off. Not that deep. Fucked either way.

Tue, 12/27/2011 - 11:41 | 2013577 Scirocco
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The US is surely superior, but go collect thousands of mines thrown in the water that would make any oil tanker look like a giant torch...

 

Tue, 12/27/2011 - 13:58 | 2014066 Nobody For President
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Iran has a couple; of allies: One of them is named Russia.

The other is named China.

It is a consideration...

Tue, 12/27/2011 - 11:26 | 2013514 Natural Man
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So 15,000,000,000BAMA is now becoming 16,000,000,000BAMA? GREAT!!!

Tue, 12/27/2011 - 11:26 | 2013517 JPM Hater001
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My favorite part was when they formed the debt commission followed by the Super Committee.  Together they have done a great job increasing the deficit. 

Bravo.

Tue, 12/27/2011 - 11:35 | 2013553 WonderDawg
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Just remember, it's not a debt ceiling, it's a debt target.

Tue, 12/27/2011 - 12:30 | 2013766 Cast Iron Skillet
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got it. so the gov has been overachieving, and everybody gets bonuses.

Tue, 12/27/2011 - 12:33 | 2013778 natty light
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Next there will be a double-secret probation limit.

Tue, 12/27/2011 - 11:27 | 2013519 Manthong
Manthong's picture

Debt is an asset.

It is a claim on future earnings if you are a bank.

It is a claim on your children if you are a government.

Tue, 12/27/2011 - 11:27 | 2013522 Irish66
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Japan

Tue, 12/27/2011 - 11:32 | 2013523 MFL8240
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Are they fucking kidding? Just set the limit at 20 Trillion and end this horeshit.

Tue, 12/27/2011 - 11:36 | 2013557 Cole Younger
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20 trillion will be here soon enough so you will get your wish.

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