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Anyone smarter than me know if Wells' analysis cited here holds water?
It likely does but that is for bare-bones funding. If we got to September and we were funding such a miniscule portion of the govt, I'd expect SPX 1000. I don't think it could ever get to that point. Congressmen have 401ks pensions too.
EDIT: strikeout text not working ["401ks"," too"]
Of course one could throw together a list of just 3-letter acronym agencies that could be shuttered tomorrow without much negative impact for taxpayers and we would have plenty of money to service our debt.
They could merge the EEeePeeEh and the DeeHeychEsss and find 1 trillion of synergies over the next 100 years. Voila problem solved, surprised no congressmen or senators have proposed it.
You are forgetting that the monetary system is debt-based. Right now, the government is the only entity growing credit. Private actors are not. If you repay debt, the money is extinguished.
Correct that is why debt reduction isn't and will never be on the table, only debt-accumulation-rate reduction
No debt, no money. What a system! Thanks, Alex Hamilton . . . Props to Mr. Burr.
How about the 1 T payment due August 15 ?
whats all the talk about that ?
or am I misinformed ?
TD explains that here, which also answers my initial question:
isn't that the downpayment for Obummas 2012 re-election campign?
Should I bring my tomato plants in on the 15th? LMAO
In reading the linked story I saw this line... "The Federal Reserve may have the legal authority to extend a line of credit to the Treasury..."
If this is possible, that the treasury can borrow money from the federal reserve that is somehow not subject to the debt limits which are the whole point of the current partisan deadlock then why not simply stop printing up bills, notes, and bonds and just go to the Fed for our financing needs.
For that matter if the government is obligated by law to pay me a sum for my veterans disability on the first of each month and they miss a payment, or several then are they not increasing the debt of the USA, but instead of increasing it in the form of treasury debt vehicles they increase it in the form of owing millions of citizens. I say that once the debt ceiling was hit the government should have simply shut down because ongoing operations are still accruing new debt and are thus either illegal or the debt ceiling laws are irrelevant and should simply be ignored like so many other laws.
But as a citizen still even if that means little now, I want to know what the terms of this credit card contract between the Fed and Treasury will be. Why would issuing new debt in the bond markets be illegal while new debt owed to the Fed would not? Or owed to citizens because they did not make a required monthly payment?
AND WHERE IS THE BLEEDING SPELL CHECK BUTTON?
Well, it's semantics really. I think what they could legally do, for example...the Social Security Fund is full of Treasuries. They could sell the treauries, the Fed would probably buy most of them...and there's your operating capital. Is it legal? Loosely.
I believe the Fed is not permited to fund the govt directly. Technically the govt has to borrow through a dealer. But the Treasury actually prints the "physical" dollar bills, the actual paper. Printing isn't borrowing, so they could print, deposit, and write checks. Presto.
F5 refreshed for me with IE9
Try "home" on top of the ZH page, works for me.
use a descent browser
or try the rss feed and refresh that manually
How about a decent one instead!
I read something that the treasury has alternate sources of funding such as leasing it's gold reserves to the fed. Would this approach work to ease the crisis?
It would kick the can down the road a few news cycles, but no it would not ease the crisis of spending more than is brought in.
Until either tax receipts go up or spending comes down this "crisis" will never end. Which is as intended.
what...never heard of this...new conspiracy theory...
US leases Godl to FED for additional funding. US defaults so the FED gets all the gold. there is the happy ending, money shot, literally!!! game over, cycle complete. FED owns the real MONEY.
very interesting, can you provide a link? -theking
How is it possible that we don't know exactly when we will run out of money, when we already know what we will be spending/borrowing? What sort of accounting is that?
That is the whole pension of 2,46 million gamma Americans going out in one month, so what is the problem?
Don't like the green/red arrows. Clutters the comment box. Maybe I just need to get used to it. Does anybody know what the Total Score means? Is this a game?
Is this a game..........................................Depends on whether you think it's real or all an illusion.And how would you know anyhow since you only see your point of view inside your own mind?Is it truth or honesty?
Is this all a game......................................
the tabular format has a lot more information
you need to plot a line 'closing cash' in this graph to make sense
Write all the odious debt off. Give it all to the FED RESV. Let them embrace their monster.
Tyler, when are you going to make your graphs 3D..??
Yes with lots of pretty colors. Oh and flashing lights, I like flashing lights.
Deficit figures can be manipulated until the cows come home, but the change in cash never lies. That's why the projected levels of deficit reduction in the various proposals being bandied about by the politicos aren't worth shit. The change in the national debt oustanding provides a more accurate assessment of the federal government's cash burn.
Does everything go to Gold and Silver bullion?
Will the military obey their oath to the CONSTITUTION or when BHO gives the illegal orders will they obey? In lieu of obedience will they stage a coup?
Thanks, Tyler :)My mom always uses different colors for different things on graphs 'cause she thinks it keeps my attention longer.
So, now we have until August 15?
If the Federal Obligations bar chart includes any debt that comes due (am guessing it does, but can not tell), it is very misleading.
Maturing debt obligations can be refinanced without any increase in the debt ceiling. So those obligations should not be a part of the calculus for the debt limit discussion.
The administration (echoed thousands of time by the liberal MSM) is lieing when they say not raising the debt ceiling will result in default -- absolutely not true. Plenty of money coming in to service the debt -- which it will be paid.
The rating agencies will downgrade the US with or without debt deal or size of deal (unless the deal is about $10T) -- it is just a question of when. And the market seems to show no fear of a downgrade (and not because they do not think there is going to be one).
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