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US Plans To Issue $846 Billion In Treasurys In The Next 6 Months, 35% More Than Previous Year

Tyler Durden's picture




 

Since obviously nobody in charge has learned anything at all, and all the old school games will continue until they no longer can, and demand for US paper, already plunging at the international level, disappears (aside from the Fed of course: the Fed will always be a happy last ditch monetizer of one-ply US paper), here is the Treasury's just released schedule for bond issuance for Fiscal Q1 (Oct-Dec 2011), and Q2 (Jan-March 2012), which amounts to $305 billion and $541 billion, respectively, or a total of $846 billion in 6 months, a $141 billion run rate per month. This compares to a total of $628 billion issued over the comparable period a year ago (although granted the Treasury did burn a whopping $225 billion in cash in Q1 of 2010). In other words, the US Treasury is planning on issuing 35% more in the first half of the fiscal year than a year previously, even though this time last year the Fed was monetizing all gross issuance, and even though the European EFSF was not about to ramp up issuance and soak up hundreds of billions of excess fixed income targeted capital. Now we only have some vague, ineffectively sterilized duration transfer operation which is doing nothing to lift belly demand, and merely takes care of the long end (while the Fed's promise to keep rates at zero until 2013 makes all bonds 2 years and less to be off zero effective duration). We doubt this schedule is even remotely sustainable without some imminent form of Large Scale Asset Purchase program being implement (with or without MBS monetization: for a definitive answer on this issue, please call 949-720-6226), and none of that Nominal GDP targeting mumbo jumbo. Unlike Europe, the Fed knows that money talks, and bullshit targeting walks.

From the Treasury:

The U.S. Department of the Treasury today announced its current estimates of net marketable borrowing for the October – December 2011 and the January - March 2012 quarters:

  • During the October – December 2011 quarter, Treasury expects to issue $305 billion in net marketable debt, assuming an end-of-December cash balance of $60 billion.  This borrowing estimate is $21 billion higher than announced in July 2011.  The increase in borrowing relates to lower receipts, higher outlays, and changes in the cash balance assumptions partially offset by higher net issuances of State and Local Government Series securities.
  • During the January - March 2012 quarter, Treasury expects to issue $541 billion in net marketable debt, assuming an end-of-March cash balance of $60 billion.

During the July - September 2011 quarter, Treasury issued $286 billion in net marketable debt, and ended the quarter with a cash balance of $58 billion.  In July 2011, Treasury estimated $331 billion in net marketable borrowing and assumed an end-of-September cash balance of $110 billion.  The decrease in borrowing was related to lower receipts offset by lower outlays and cash balance adjustments that lowered the estimated end-of-quarter cash balance.

And here is the full breakdown. Compare the projected two quarters with the comparable prior period.

 

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Wed, 11/02/2011 - 00:16 | 1835624 lolmao500
lolmao500's picture

Yep, that means a deficit of 1.692 trillion... and since it's the treasury saying that, you bet they are underestimating it, as always.

One month in the fiscal year and already 203 billion in debt.

Wed, 11/02/2011 - 00:26 | 1835671 strannick
strannick's picture

We doubt this schedule is even remotely sustainable without some imminent form of Large Scale Asset Purchase program being implement

Bring on the QEasy Money. Be nice if some genius like Tyler or J.Richards would do us all the favour of calculating when Twist will have run its course and QE3 will be rolled out of the showroom.

Wed, 11/02/2011 - 00:37 | 1835692 redpill
redpill's picture

This is contingent upon another debt ceiling raise, no?

Wed, 11/02/2011 - 00:48 | 1835711 UP Forester
UP Forester's picture

Who cares about the ceiling when the roof is on fire?

Wed, 11/02/2011 - 02:37 | 1835850 Michael
Michael's picture

The banking system they created on Jekyll Island, GA really really sucks.

Who sold us this product and where is the return department?

You sell really shitty financial products.

Wed, 11/02/2011 - 03:34 | 1835893 Michael
Michael's picture

Pensions? Pensions? You 25% of the population who get pensions don't get no stinking pensions.

You get whatever the government has in their bank accounts.

Zero Credit!

Wed, 11/02/2011 - 03:52 | 1835911 Michael
Michael's picture

I was really rooting for the Irish to tell the banksters to go fuck themselves like Iceland did.

It's nice the Greeks finally got up the balls to tell the banksters to go fuck themselves.

I'm rooting for the Greeks now. Lets just say about the Irish, I'm disappointed. 

Wed, 11/02/2011 - 05:24 | 1835975 AldousHuxley
AldousHuxley's picture

How about North Korean communist way? Kim shot the central bank chief in the head.

Wed, 11/02/2011 - 04:14 | 1835929 AldousHuxley
AldousHuxley's picture

Who cares about the roof of a bankster's house? Let it collapse and everyone else can cash in on the CDS protection on the house.

 

Nothing like shorting bank stocks.....

Wed, 11/02/2011 - 01:17 | 1835763 NewThor
NewThor's picture

Bernanke will announce QE3 tomorrow. Just a weird guess.

Wed, 11/02/2011 - 04:32 | 1835941 AldousHuxley
AldousHuxley's picture

Federal reserve to the American public
The Fed says:

"Quantitative easing will continue until the economy improves".

These are big words that many people do not understand, so let me rephrase it in a way which people CAN understand:

"The beatings will continue until morale improves".

Wed, 11/02/2011 - 02:02 | 1835818 nothing can go wrogn
nothing can go wrogn's picture

I think it's debatable as to whether they will even publicly announce QE 3 thru QE infinity.

Wed, 11/02/2011 - 03:54 | 1835871 Belarus
Belarus's picture

A stock market crash could fund the treasury with plenty of takers. It's that, or LSAP, or failed auctions. Given the Europe spillover effects, and that by March of next year it'll be clear to all we're in a world wide depression, I'm just gonna have to guess it'll be LSAP given Ben's proclivity for stock ramping. 

Wed, 11/02/2011 - 01:02 | 1835739 philipat
philipat's picture

What happens if the Chinese decide they prefer Gold? But, of course, that is why the price of Gold is being manipulated.

Wed, 11/02/2011 - 01:29 | 1835780 Sequitur
Sequitur's picture

Tylers, one and all, please keep posting these kinds of stories. Chronicle the insanity that is the U.S. debt bubble.

Greece? Italy? A mere sideshow to the massive black debt hole that is the United States of America. Unquestionably the U.S.A. has passed the debt event horizon. It's only a matter of time before the North American colonies meet the singularity. It really is game over, Congress, the Fed and Treasury simply are "taking a knee" while the clock runs out.

Again, keep up these posts. I believe, truly, the Zhedge archives will be an important part of the historical record, and future generations can read, page by page, the financial implosion of the United States.

Wed, 11/02/2011 - 21:34 | 1839531 SPADOC4
SPADOC4's picture

$1 x 60 seconds/minute x 1,440 minutes/day x 365.25 days/year x 53,616 years = $1.692 Trillion

 

Put that in your pipe and smoke it.

We're so far beyond fucked, we can't even catch a ride back to fucked

Wed, 11/02/2011 - 00:07 | 1835633 Spitzer
Spitzer's picture

The Treasury and the Fed can do no wrong.  Not yet anyway...

Wed, 11/02/2011 - 00:56 | 1835726 Nobody special
Nobody special's picture

It's wonderful when you can be your own buyer.  Not only can you never have a failed auction, when push comes to shove you can use some of that overseas monetization to simulate foreign demand.  Smoke, mirrors, and one hell of a Houdini show.  Who needs credibility?  On with the performance!

Wed, 11/02/2011 - 02:02 | 1835815 eaglefalcon
eaglefalcon's picture

being your own buyer is a disgusting act of auto-eroticism

Wed, 11/02/2011 - 04:54 | 1835949 fockewulf190
fockewulf190's picture

Lets just call it being a financial wanker.

Wed, 11/02/2011 - 00:12 | 1835637 drivenZ
drivenZ's picture

do we know how much is maturing on the feds BS in the first half of 12'?

Wed, 11/02/2011 - 00:16 | 1835646 Unprepared
Unprepared's picture

it's rotting, rotting ... not maturing

Wed, 11/02/2011 - 00:11 | 1835638 Yen Cross
Yen Cross's picture

 Overlays ! , I say!     TRUTH!

Wed, 11/02/2011 - 01:25 | 1835775 NewThor
NewThor's picture

Won't the all the money flowing out of Euro markets flow into treasuries and usa stocks?

 

Wed, 11/02/2011 - 01:47 | 1835800 Yen Cross
Yen Cross's picture

  Yes , it will flow into [ usd ] , and then into T- 10's.  I understand  your frustration. Technically ( lower) yields mean a softer dollar.

Wed, 11/02/2011 - 00:13 | 1835640 Shvanztanz
Shvanztanz's picture

Canned goods, batteries, water, candles, MATCHES or LIGHTERS, rice, rice, rice, spam, tuna, pens, paper, typewriter, solar powered calculator. CAN OPENER!

Wed, 11/02/2011 - 01:06 | 1835749 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

Water cleaning devices.  Guns & ammo.  Prescription meds.  Gold & silver.

Wed, 11/02/2011 - 01:38 | 1835793 derek_vineyard
derek_vineyard's picture

A couple of females.

Wed, 11/02/2011 - 03:24 | 1835882 saulysw
saulysw's picture

"feminine hygiene" products and toilet paper.

Wed, 11/02/2011 - 03:37 | 1835895 TuesdayBen
TuesdayBen's picture

Earplugs

Wed, 11/02/2011 - 09:29 | 1836363 pods
pods's picture

Stock up on CS instead of the antibiotics.  And have a couple bars of pemmican in the BoB at least.  High calorie density.  The Berkey is a great water filter, you can even get a fluoride filter for them.

pods

Wed, 11/02/2011 - 00:13 | 1835641 msorense
msorense's picture

Obviously QE3 is coming no later than January of next year.

Wed, 11/02/2011 - 00:13 | 1835642 Unprepared
Unprepared's picture

A million here, a billion there. Pretty soon  we would be talking about casualties.

Wed, 11/02/2011 - 03:25 | 1835884 saulysw
saulysw's picture

Nope, you are off in your scale. It's not millions/billions. It's becoming trillions/quadrillions.

Wed, 11/02/2011 - 07:46 | 1836086 bernorange
bernorange's picture

That's going to buy a lot of "$16 muffins".

www.pmbug.com

Wed, 11/02/2011 - 00:13 | 1835644 ZeroPoint
ZeroPoint's picture

And watch gas go to 7-8 dollars a gallon, and food prices shoot up another 20%.

 

It's going to end very badly and bloody.

 

Wed, 11/02/2011 - 03:21 | 1835880 BorisTheBlade
BorisTheBlade's picture

Unrest in the Middle East this year will look like a joke next year when finally inflation hits the rice prices. There goes Asia.

Wed, 11/02/2011 - 00:17 | 1835648 Shvanztanz
Shvanztanz's picture

I finally opened up a can of spam to see what I had been storing. I haven't eaten that shit since childhood. It's not too fuckin bad. Stock up on spam. Alas Babylon!

Wed, 11/02/2011 - 00:20 | 1835657 kito
kito's picture

look for cans without BPA (used in linings). its a nasty chemical, known endocrine disrupter, that leeches into your food. trader joes sells much of their canned food without bpa

Wed, 11/02/2011 - 00:25 | 1835666 Shvanztanz
Shvanztanz's picture

roger that Sir

Wed, 11/02/2011 - 08:49 | 1836216 tmosley
tmosley's picture

BPA only has a negative effect on young boys, fyi.  It imitates estrogen, and as such, interferes with sexual development based on testosterone.  Adult males have an excess of testosterone, and are already fully developed, so small levels of BPA have no effect.

So it should be avoided by pregnant women and boys under the age of 14.  But you can't, because the shit is literally everywhere, including the water.

Wed, 11/02/2011 - 17:14 | 1838681 Matt
Matt's picture

BPA may be associated with obesity, diabetes, cardiovascular disease, problems with thyroid and pancreas, reduced sexual desire and erectile dysfunction. So no, really nothing bad at all if you're a male over 14.

 http://www.medpagetoday.com/PublicHealthPolicy/EnvironmentalHealth/21882

http://healthcarehacks.com/the-effects-of-bpa-on-grown-men

and

http://news.consumerreports.org/health/2009/11/health-effects-of-bisphenol-a-bpa-may-affect-sexual-function-in-adult-men-study-finds.html

for starters. Apparently over 6.4 billion pounds per year is manufacturered, so thats comforting.

Wed, 11/02/2011 - 01:27 | 1835778 Blank Reg
Blank Reg's picture

 I read Alas Babylon 30 years ago in High School. Good book. 

Wed, 11/02/2011 - 02:23 | 1835833 Gavrikon
Gavrikon's picture

The only thing possibly worse than Spam is starvation.

Wed, 11/02/2011 - 03:34 | 1835891 saulysw
saulysw's picture

"Corned beef and pork and beans" is a recipe my wife uses on rare occasions. Fry the Spam with onions, removing any of the white stuff you might find (don't ask, don't tell). When nearing end (some will crisp up a bit), move aside and fry an egg. Boil some white rice. Heat up some baked beans. Put it all on a plate and eat with some tomato sauce. I don't know why it's called "Corned beef and pork and beans", because I can't find much pork there, but it makes an ok meal. Seriously, don't knock it until you've tried it.

Edit : Actually, I realize it's tinned Corned Beef she uses, not spam. Still, until she cooked this for me, I assumed both were more or less inedible.

Wed, 11/02/2011 - 05:17 | 1835952 Temporalist
Temporalist's picture

I have fried Spam and then put it into soups like split pea and lentil, or it can go in right out of the can and heated in the soup.

Can add diced Spam in with some frozen peas and butter/olive oil in a sauce pan with some onion and garlic and put it over pasta with some parmesean cheese like a Hobo carbonara.

Diced Spam fried with potatoes and onions and cayenne pepper for some spicy hash browns.

Thinly sliced into strips for Chef salad.

Put in a processor and add some celery and/or Italian peppers and oilve oil to make it spread like for crackers.

Sautee it with mushrooms and onions and eat with eggs.

Put in a quiche with cheddar or pepper jack and zuchinni.

 

Or just use it to defend yourself and throw the can at a would be attacker.

Wed, 11/02/2011 - 09:17 | 1836328 Melin
Melin's picture

Note to self: don't read ZH comments before breakfast.

Wed, 11/02/2011 - 07:28 | 1836052 Canucklehead
Canucklehead's picture

An old recipe for fried Spam is to dip slices of it in beaten egg and then dredge it through crushed cracker crumbs and fried.  It's good.

...Memories of the childhood and camping...

Wed, 11/02/2011 - 00:17 | 1835649 El Gordo
El Gordo's picture

Let's see - issuing more than originally planned due to (1) lower revenues and (2) higher outlays than first estimated.  Who would have ever guess those estimates to be off in this direction?

Wed, 11/02/2011 - 00:18 | 1835651 FutureShock
FutureShock's picture

What are they going to send to the IMF? I am sure they are getting the US bank exposure numbers on the European CDS and ready to write the check as soon as the last greek vote is done.  Seems like all the market moves to be made that are prudent and based on where things should end up don't happen. The contrarian Zero Hedge blog would make some bank while head shaking in disgust the whole time.  No crash comming for a while boys, print and boom.

Wed, 11/02/2011 - 00:19 | 1835654 El Gordo
El Gordo's picture

Now is a good time to go long on ink.

Wed, 11/02/2011 - 00:22 | 1835661 Yen Cross
Yen Cross's picture

 This is not a typical Wednesday, Tylers<   Stay awake!  Thank you  YEN.   London calling,?

Wed, 11/02/2011 - 00:23 | 1835664 knukles
knukles's picture

Debt, deficits, world conflagration, Fuckushittin me melt down again, Kim Kardashian is hurting from a failed marriage and I just want her to know that I'm available.  Won't even demand a pre-nup.  See Kim, that way I won't have to worry about the government breaching the debt ceiling.  I'll leave a note in the personals of the Enquirer next week so you can get in touch with me. 
XO
Uncle Knukie 

Wed, 11/02/2011 - 00:30 | 1835677 El Gordo
El Gordo's picture

Just remember that no matter how good she looks, some other guy is already tired of her shit.

Wed, 11/02/2011 - 01:02 | 1835736 wandstrasse
wandstrasse's picture

just imagine the paparazzo images 'Kim Kardashian cheek to cheek with her new lover, musing about verbal poison to squirt at the financial elite in their favourite fringe blog'

Wed, 11/02/2011 - 02:48 | 1835859 Gavrikon
Gavrikon's picture

Dude, to quote Triumph the insult comic dog, "She's had more bones buried in her than Forest Lawn."

Wed, 11/02/2011 - 00:25 | 1835667 Atomizer
Atomizer's picture

WTF - (Win the future) jackass will be on TV 24/7 with his handy teleprompter telling us the world is coming to an end if Dr. Deficit cannot make a new batch of QE3 rice.

LOL

Wed, 11/02/2011 - 00:53 | 1835716 UP Forester
UP Forester's picture

All communications will be OWN (Obama Winning Networks) on Nov. 9 when the FCC does the takeover "drill" at 2pm Eastern (and we all know how drills turn out)....

Wed, 11/02/2011 - 00:26 | 1835672 Floordawg
Floordawg's picture

"It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments. Ideologically it belongs in the same class with political constitutions and bills of right."

Ludwig von Mises, 1912

Wed, 11/02/2011 - 00:29 | 1835675 knukles
knukles's picture

Bravo, sir.  Bravo.

Wed, 11/02/2011 - 01:35 | 1835789 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

People that do not like the Austrian School must not read well, because Mises was a bad assed mother fucker.

Wed, 11/02/2011 - 02:50 | 1835860 Gavrikon
Gavrikon's picture

Fuckin' A, Ludwig von M!

Wed, 11/02/2011 - 00:28 | 1835673 Manthong
Manthong's picture

"The Federal Reserve will not monetize the debt" -Ben Bernanke Congressional testimony June 3, 2009 

Wed, 11/02/2011 - 00:33 | 1835684 DaveyJones
DaveyJones's picture

Big Ben has clocked out. Just serving his masters

Wed, 11/02/2011 - 01:37 | 1835791 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

He was chosen with purpose because his views on economics are, and have always been, very one sided.

Wed, 11/02/2011 - 01:07 | 1835750 Unprepared
Unprepared's picture

And he'll keep his word. He'll demonetize all that debt as soon as everything goes back to normal

Wed, 11/02/2011 - 00:33 | 1835685 halfacanuck
halfacanuck's picture

Tyler, Tyler, Tyler. In a floating-rate nonconvertible fiat monetary system the government sector's debt is the non-government sector's savings, due to a straightforward accounting identity. If the national debt goes up, that means people are saving more. Isn't that entirely expected, given the current investing climate?

Wed, 11/02/2011 - 01:05 | 1835743 Tyler Durden
Tyler Durden's picture

Once again, the MMT argument, that is as as in vitro (i.e. isolated from the reality of capital markets) now as it has always been. There are numerous posts on Zero hedge explaining why this so called identity is wrong. Read this as an introduction away from neo Keynesian brainwashing: Guest Post: The Great American False Dilemma: Austerity vs. Stimulus

Wed, 11/02/2011 - 03:03 | 1835867 mccoyspace
mccoyspace's picture

Wow. Here I thought that have read Everything on ZH yet I missed that whopper while traveling.
Question: are there other posts that critique MMT from perspectives other than resource scarcity?
Perhaps none other are needed, but I'm just trying to get a sense of the range of debate.

Wed, 11/02/2011 - 10:23 | 1836541 B9K9
B9K9's picture

Perhaps a simpler, yet more effective counter to the claim that since private savings = public debt (hey, where did private debt/equity go?), therefore we can reverse the identity to prove that public debt = private savings, would be that since E=mc², therefore, mc²=E.

While both are technically true in completely closed systems, good luck with that - what with all the gulags and social controls necessary to craft the "New Soviet Man".

Wed, 11/02/2011 - 15:20 | 1838160 halfacanuck
halfacanuck's picture

Thanks for the link, but I don't see Chris explain how sectoral balances is "wrong", merely that he understands one of the very key points of MMT ("[t]he US is a monopoly issuer of its own currency, and while inflation is a risk, default (per se) is not") and is "sympathetic" to arguments for more govt spending (as well as being sympathetic to less govt spending on wars and pork).

MMT isn't "isolated from reality", in my opinion. It describes how fiat money functions much more accurately than other approaches. Seems to me you just don't like the politics of most MMT'ers :)

Fri, 11/04/2011 - 14:49 | 1838001 DaveyJones
DaveyJones's picture

You're joking right? Money is nothing more than a record of resource or work, energy or some solid tangible asset. Debt is a deferment of that exchange with added cost but always under the assumption that it can and will be paid. .

Wed, 11/02/2011 - 00:35 | 1835690 AndrewJackson
AndrewJackson's picture

Every time people tell me its not as bad as I say it is, I will just keep these figures in mind. Seriously, we are barelling down on the 2 trillion dollar defecit per year fast. Basically, we have a humungous deficit, accumulated debt, & world record low interests rates but no one finds a problem with this? I will just have to buy more physical pm's while the algos sort this mess out. Watching rome burn from the sidelines.

Wed, 11/02/2011 - 00:36 | 1835691 pleseus
pleseus's picture

949-720-6226, Newport Beach, CA.  Let me guess, Pimco.  It's ringing.  Hello.  It's a Greek restaurant.  90% off gyro's and Greek bonds.

Wed, 11/02/2011 - 00:40 | 1835699 Yen Cross
Yen Cross's picture

 Milk the Cow!

Wed, 11/02/2011 - 00:54 | 1835717 TN Jed
TN Jed's picture

800-995-1708 works better.

Wed, 11/02/2011 - 00:53 | 1835718 Tigger the Cat
Tigger the Cat's picture

Can you say "PIIGSUS" or "US PIIGS"?  High debt to GDP ratio.  That sounds highly familiar.

Wed, 11/02/2011 - 00:54 | 1835722 wandstrasse
wandstrasse's picture

Lieber tanzender Schwanz, a sudden collapse where you might need matches, can opener etc is POSSIBLE, however everyone who watches out for this type of collapse misses the slow-mo collapse which has been happening since a while and will go on for a while. Both collapses have the same effect in the end, but the slo-mo one is completely different to 'ride'.

Wed, 11/02/2011 - 01:10 | 1835753 DoChenRollingBearing
DoChenRollingBearing's picture

Think big re diversification!  Cover as many bases as you can imagine...

Wed, 11/02/2011 - 00:57 | 1835727 dalkrin
dalkrin's picture

This will be a powerful incentive in prompting the super committee to rein in our deficit spending problem. 

They will be proud and smiling, offering us their innovative ideas well before November 23rd, for a grand total of $899 Billion.  (Over 10 years of course) [And valued in 2020 adjusted dollars.]

Wed, 11/02/2011 - 00:58 | 1835729 franzpick
franzpick's picture

The bankers and financial authorities have painted themselves into a financial corner, and have declared a plan to get out of the trap, requiring only the use of more paint.

Right.

Wed, 11/02/2011 - 00:58 | 1835730 Yogibear101
Yogibear101's picture

....hope...and...pocket change

Wed, 11/02/2011 - 01:06 | 1835746 blindman
blindman's picture

http://geraldcelentechannel.blogspot.com/search?updated-min=2011-10-01T0...
.
Max Igan : The Vatican controls all the Central Banks around the Planet
Max Igan - The Occupy movement is not complaining about the economic downturn it is complaining about the economic system itself , it's the money that's the problem it is not the economic downturn , the problems that we face in the planet is because of the central banking system which has been imposed around the planet by the crown Corporation which is created by the Vatican , the Vatican controls all these central banks anyway and now their answer to the problem is to further centralize the power and give more power to the Vatican

Wed, 11/02/2011 - 02:24 | 1835804 JR
JR's picture

As Gerald Celente said, “If the names on Wall Street were Italian, they would call it the Mafia.” Whataya call it when all the names are Jewish? The Vatican?

Mervyn King, the Bank of England. Ben Bernanke, the Federal Reserve Central Bank. Stanley Fischer, the Bank of Israel. Jean-Claude Trichet, just retired European Central Bank. Josef Ackermann, Deutsche Bank (ranked by NY Times as "one of five most powerful men in world"). Timothy Geithner, U.S. Treasurer. Gary Gensler, the Commodities Exchange, Duncan Niederauer, the New York Stock Exchange. Robert Zoellick, the World Bank and IMF. Dominque Strauss-Kahn, ousted the IMF. Goldmanite William Dudley replacing Stephen Friedman, the New York Fed. Goldmanite Mario Draghi, the Financial Stablity Board, president ECB. Mary Schapiro, the U.S. Securities and Exchange Commission. Jacob Lew, the Office of Management and Budget. Gene Sperling, National Economic Council. Richard Ketchum, FINRA, acronym for the Financial Industry Regulatory Authority (FINRA) -- the largest self-regulatory organization (SRO) in the United States created in 2007 by the merger of the National Association of Securities Dealers and the regulatory and enforcement divisions of the NYSE…  ET CETERA…  All Catholics!!

Priceless find, Blindman.

Wed, 11/02/2011 - 09:43 | 1836423 blindman
blindman's picture

that is a real good site.

Wed, 11/02/2011 - 02:53 | 1835857 AE911Truth
AE911Truth's picture

"If that mischievous financial policy,[interest free colonial script money], which had its origin in the North American Republic, should become indurated down to a fixture, then that government will furnish its own money without cost. It will pay off debts and be without a debt. It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedent in the history of civilized governments of the world. The brains and the wealth of all countries will go to North America. That government must be destroyed or it will destroy every monarchy on the globe." Source: The Flaming Sword, Vol. XII September 2, 1898

What this means is that our $250T debt would not exist today if congress had not passed the Federal Reserve Act in 1913, and we as a country would collectively be $250T richer - more than $1M per taxpayer richer. 

I say We The People tell congress the US Constitution does not give congress authority to delegate to the Fed or anyone else, the power to create our money. We declare the Fed's powers unconstitutional retroactively and recoup the illegally paid interest. All $1M per taxpayer to be returned back from the owners of the FED.

Wed, 11/02/2011 - 01:09 | 1835752 Alex2245
Alex2245's picture

Yeah the government is openly laughing at us right NOW!

http://theintelhub.com/2011/11/01/former-fed-chairman-laughs-at-american...

Wed, 11/02/2011 - 01:51 | 1835805 Hephasteus
Hephasteus's picture

It's fun teabaggin people till they start biting your balls off.

Wed, 11/02/2011 - 05:07 | 1835957 Temporalist
Temporalist's picture

I think that website is missing the point that he's laughing because it didn't happen under him and he knows how fucked everything is because the Keynesian Fever virus has spread and infected the host so bad it is killing it; something he probably wouldn't have allowed and corrected which is why Obama's team didn't like the Volker Rule or his program and policies.  He's not laughing AT the people he's laughing incredulously that they haven't revolted already.

Wed, 11/02/2011 - 01:20 | 1835765 alexwest
alexwest's picture

CHICKENS COME HOME TO ROOST. NO WONDER. FED/TRESUARY PLAYED GAMES SINCE MARCH 2011 DUE DEBT GAMES/ DEBT TALKS. SO NOW,, NO MORE...

US gov burns around 140/150 bln more per month to finance federal outlays..

BTW, DID ANYONE NOTICE that USA gross debt increase almost 200 bln in oct 2011 alone, 2.5 $ trln per anum.. ???

finyear closing / debt games bitchez..

alx

Wed, 11/02/2011 - 01:20 | 1835766 Sequitur
Sequitur's picture

What can one say, other than holy fucking mother of christ. Who -- who -- is going to buy all of this SHIT paper? If you don't know, look in the mirror, because it's you, me . . .  us. The Fed will forcefeed this shit paper to the American taxpayer.

We are so fucked, the young and future generations will repdudiate this debt en masse.

Wed, 11/02/2011 - 02:02 | 1835819 hambone
hambone's picture

It's plain and simple counterfeiting now...of the digital variety.

Wed, 11/02/2011 - 01:24 | 1835770 Yen Cross
Yen Cross's picture

 Is it just me ? , Or does aud/usd look like a ripe h/s pattern? Neckline on that 61 FiBi on the 1.01 something move?

    { 4 } , hour chart ?

Wed, 11/02/2011 - 01:28 | 1835779 nothing can go wrogn
nothing can go wrogn's picture

Someone hacked in to the federal reserve and downloaded their secret monetary algorithm:

foreach account; if balance = 0
     check ink levels
     print money
     mail from benbernank@fed.gov "there is no inflation"
     loop

Wed, 11/02/2011 - 01:33 | 1835786 SHEEPFUKKER
SHEEPFUKKER's picture

I'm gonna decorate my xmas tree with FRN's this year.  Who says money doesn't grow on trees?

Wed, 11/02/2011 - 01:34 | 1835787 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I think I want to go long the Euro now.

Wed, 11/02/2011 - 01:36 | 1835790 user2011
user2011's picture

Wait a minute...  I get that we are writing checks and a lot of checks.   But where did the money go ?    We have a federal budget and why are we surprised by this 860+ billions of IOU ?

Someone please explain to me why are we having these unexpected printing ?

 

 

 

Wed, 11/02/2011 - 01:39 | 1835794 SHEEPFUKKER
SHEEPFUKKER's picture

Follically challenged bearded man dropping presents out of a helicopter this holiday season instead of a sled.

Wed, 11/02/2011 - 01:43 | 1835796 El Yunque
El Yunque's picture

Maybe ole Ben is trying to flush the rat bastards out of their hidy-holes: BAC has a bazillion "dollars" worth of derivatives that are composed mostly of shit, wrapped in shit, and tied with shit, and tax "revenues" are hugging a Laffer curve in a passionate embrace to zero - no taxes means infinite supplies of government "money," and "money" is getting printed Retenmark style, then at some point the rat bastards will step out into the sunshine to figure out what the hell is going on.

If yer banks ain't filled with gold, and the rat bastards that run the joint is thinking them dollars is good as gold, while a dilithium crystsal powered printing operation is swinging into warp, then it's a sure sign the whole friggin bankapoolaza poochscrew marathon is just about done.

What is a dollar bill divided by a bazillion? Better yet, what's a dirivative divided by zero? Infinity squared?

Screw it, I'm growing beans and corn. Of course some asshole will step in the middle of that shit and game that into oblivion too.

crap.

Wed, 11/02/2011 - 01:43 | 1835797 bill1102inf
bill1102inf's picture

I hear the cocaine cartels are going to buy 1 Tril in UST's , aprox 1/5 of their total holdings.

Wed, 11/02/2011 - 01:58 | 1835801 hambone
hambone's picture

No matter how much money the CB's create, there still won't be enough to pay the bills (still deflation)...the real question is whom they give the counterfeit money to (not me, not you)...it all goes to the greatest among us to steal the assets and loanshark to the least among us.

Plain and simple massive wealth transfer under way...won't be any wage increases, home price appreciation, not enough jobs...just cost of neccesities rising.  Established rights of life, liberty, pursuit of happiness are eroding faster and faster.

Wed, 11/02/2011 - 03:08 | 1835872 AE911Truth
AE911Truth's picture

Mr. hambone: ref: "the real question is whom they give the counterfeit money to (not me, not you)..."

Which raises the issue of, ... why not give all this new money to the little people. We would just spend it into the economy and it would trickle up.

That actually would stimulate the economy.

Wed, 11/02/2011 - 03:33 | 1835888 hambone
hambone's picture

giving money to the people directly would be highly inflationary and highly democratic (anyway, do we want more spending or less debt akin to a debt jubilee?)...also giving money or cutting debt directly to the people wouldn't allow for patronage of the money makers (CB's) allied w/ the money receivers (PD's)...the goal isn't now and hasn't been about economic stimulation, it's about the lever of power a printing press allows and consolidation of power.

Wed, 11/02/2011 - 01:58 | 1835806 Yen Cross
Yen Cross's picture

 Chair Satan has officially polluted  " Planet Earth"...

 

  Algos? come ya traders ... We beat algos every day! Algos are for lazy people.

  Look at hedge fund returns ( ROI) this year. They got their heads handed to them! They came back from vacation and thought they were in control.

 

       We were in control!

Wed, 11/02/2011 - 01:59 | 1835812 SHEEPFUKKER
SHEEPFUKKER's picture

2 legit, 2 legit to countefeit

Wed, 11/02/2011 - 01:59 | 1835813 AR15AU
AR15AU's picture

They can bring down the markets a bit to scare money back into bonds...  

Wed, 11/02/2011 - 02:03 | 1835820 Dr. Engali
Dr. Engali's picture

There's no need to fear uncle Ben is here. He will print and buy. There's nothing that could go wrong. Is there? Shit better buy more gold, silver, and lead.

Wed, 11/02/2011 - 02:09 | 1835823 cynicalskeptic
cynicalskeptic's picture

Wasn't 'Debasing money' once a capital offense?      

But then the Constitution prohibited printing fiat currency in the first place.....  

 

Spend it if you've got it - while it's still worth something.   Booze and ammo will be in high demand shortly.

 

Wed, 11/02/2011 - 03:43 | 1835901 Conax
Conax's picture

Coinage Act of 1792:
"Sec. 19.  And be it further enacted, That if any of the gold or silver coins which shall be struck or coined at the said mint shall be debased or made worse as to the proportion of fine gold or fine silver therein contained, or shall be of less weight or value than the same ought to be pursuant to the directions of this act, through the default or with the connivance of any of the officers or persons who shall be employed at the said mint, for the purpose of profit or gain, or otherwise with a fraudulent intent, and if any of the said officers or persons shall embezzle any of the metals which shall at any time be committed to their charge for the purpose of being coined, or any of the coins which shall be struck or coined at the said mint, every such officer or person who shall commit any or either of the said offences, shall be deemed guilty of felony, and shall suffer death."

Yep, a capital felony for 219 years, but that's sooo 18th century.

Wed, 11/02/2011 - 02:11 | 1835825 chump666
chump666's picture

watch Italy:

* AEP: Greek vote sets off 'pandemonium', engulfs Italy - Telegraph

Wed, 11/02/2011 - 02:18 | 1835830 Yen Cross
Yen Cross's picture

2.6  Trillion and Growing.  I need some pasta, and free love!

Wed, 11/02/2011 - 02:30 | 1835842 hambone
hambone's picture

check the futures...looks like the QE cats outta the bag??? 

Wed, 11/02/2011 - 03:17 | 1835877 Yen Cross
Yen Cross's picture

 What is qe ? I have no numbers or ideas.  This is the best bull shit smear of them all. Where is the cash coming from?

   All I see is the same b/s over seas investment! This shit is so old , it looks like " Dinosaur " shit!

Wed, 11/02/2011 - 02:16 | 1835828 Yen Cross
Yen Cross's picture

 Z/H your servers are getting hit again. Must be the " Herman Cainites".

Wed, 11/02/2011 - 02:28 | 1835839 YesWeKahn
YesWeKahn's picture

Is this why future is on fire?

Wed, 11/02/2011 - 02:42 | 1835855 paarsons
paarsons's picture

The whole world is fucked up.

Max Keiser put it best.  America is the one eyed giant in the Valley of the Blind.

I just don't see a bond crisis looming.  But what do I know?

http://fucklloydblankfein.blogspot.com

Wed, 11/02/2011 - 02:52 | 1835863 JR
JR's picture

Netanyahu Pushes Cabinet to Back Attack on Iran | Antiwar.com

"Israel is often said to be a nation with an eye constantly on its next war. But with an invasion of the Gaza Strip apparently already in the offing, the nation seems to have its eyes on more than one future war, with an attack on Iran also being pushed.

 "Top Israeli officials familiar with the situation say that Prime Minister Benjamin Netanyahu has redoubled his efforts to convince the rest of his cabinet to back an attack on Iran, and that he has finally won over hawkish Foreign Minister Avigdor Lieberman to his side." ...

http://antiwar.com/

 

Wed, 11/02/2011 - 03:06 | 1835870 Yen Cross
Yen Cross's picture

 You can't make this " diatribe " , up.  What is the euro being bought on? Thank goodness I'm selling rallies.

Wed, 11/02/2011 - 03:15 | 1835874 tliberty
tliberty's picture

Another good article.

Let's face it, the State is not designed to be humble. It is designed to run like a business. Its design is such that it will continue to swell until in collapses. In response to the question posed at the beginning of the article: no, they will never learn. They can't. This is one of the issues I have taken with Ron Paul supporters that honestly believe that the State is a beast that can be shrunk. That's like asking gravity to suddenly not work and acting shocked when the apple falls to the ground.

In my opinion, it is high time for us all to start forming alternative currencies and economies that are local and sustainable, while at the same time connected via the internet. I refuse to believe that the best we can do as a society is through the ever expanding beast that is government. We are smarter than them.

http://www.golddeputy.com/

Wed, 11/02/2011 - 05:10 | 1835961 Temporalist
Temporalist's picture

I think the ZH title for this post should be:

 

Get 35% More Toilet Paper Per Roll Of FRNs!

Wed, 11/02/2011 - 06:25 | 1836000 nathan1234
nathan1234's picture

The fact is the country is being run by Wall Street.

The crooks on Wall Street continue to hoodwink Americans and the world pretending that the piece of paper called the US Dollar has value. They buy assetsand accumalate wealth using this monopoly money .

The sooner this Ponze scheme comes to an end the better it is for the world as well as Americans ( the 99%).

Anyone who buys a T Note /T Bond risks loosing their entire money. Who knows if the haircut ( new word for default) will be 50- 75-100%.

It is like being at the barbers wondering if they will be slitting your throat while they cut your tresses

 

Wed, 11/02/2011 - 06:52 | 1836024 f16hoser
f16hoser's picture

"This is Helocopter Ben Standing-By to drop on your command!" 5, 4, 3, 2, 1, Pickle!

Wed, 11/02/2011 - 07:26 | 1836048 ivars
ivars's picture

Superexponetially growing debt nears the coyntry to default ( in 2016):

http://www.tfmetalsreport.com/comment/78029#comment-78029

Wed, 11/02/2011 - 07:41 | 1836077 ziggy59
ziggy59's picture

Must be a great reason to release this Vunderbar news at midnight, no?

Wed, 11/02/2011 - 07:56 | 1836109 MFL8240
MFL8240's picture

Nice to see the economy is producing more of something!

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