Dollar Crisis
For all the trolls posting up anti-Tea Party bullshit, here's what Tuesday's election meant:
- In the course of his first term, Obama increased the federal debt by just shy of $6 trillion and in return grew the economy by $905 billion. So, as Lance Roberts at Street Talk Live pointed out, in order to generate every dollar of economic growth the United States had to borrow about five dollars and 60 cents. There’s no one out there on the planet — whether it’s “the rich” or the Chinese — who can afford to carry on bankrolling that rate of return. According to one CBO analysis, U.S.-government spending is sustainable as long as the rest of the world is prepared to sink 19 percent of its GDP into U.S. Treasury debt. We already know the answer to that: In order to avoid the public humiliation of a failed bond auction, the U.S. Treasury sells 70 percent of the debt it issues to the Federal Reserve — which is to say the left hand of the U.S. government is borrowing money from the right hand of the U.S. government. It’s government as a Nigerian e-mail scam, with Ben Bernanke playing the role of the dictator’s widow with $4 trillion under her bed that she’s willing to wire to Timmy Geithner as soon as he sends her his bank-account details.
If that’s all a bit too technical, here’s the gist: There’s nothing holding the joint up.
That's Mark Steyn in National Review Online. The Euro crisis currently underway overseas is going to look like a cakewalk compared the the Dollar crisis on tap.
Labels: national politics
posted by SCC at 12:01 AM
69 Comments:
Consider that National Review Online might not be quite on target. They also predicted a Romney win with 315 electoral votes. He received a third less at 206.
There is a very simple solution proven to work.
Go back to the tax rates of the Eisenhower presidency. High tax rate in the wealthy and foreign imports!
You will solve the budget problem virtually overnight!
all the millions that voted for Obama, You have killed us all dummies.
Four more years was funny before the election, now it is downright scary.
I'll gladly not pay you Tuesday, for a hamburger, today.
Feed me.
I voted for Romney and you are spot on with the economic reasons for why Obama has and will continue to make this country worse off. What Republicans need to do though is distance themselves from the far right if they want to hold the presidency in 2016. Obama can't be reelected and Biden is an idiot so it's there for the GOP's taking. Tying all of our good conservative ideals to the radical right though will only alienate us from moderate independent voters and make the Republicans unelectable next time around. I'm a republican and I want small government. Why the hell does the Republican Party feel the need to get all up in everyone's business when it comes to women and the gays etc...? Stick to your guns Republican Party: Fiscal conservatism, a strong stance on illegal immigration, remaining the most powerful military in the world. Forget that other right wing Christian conservative BS. I'd love to see a resurgence of the Republican Party in 2016. Whether or not that happens will depend on appealing to the majority of the country's voters and not looking for attaboy a from the most conservative members of our own party.
Too bad the original Tea Party got compromised.
They had the people when they where against the bankers and in favor of prosecuting them for their frauds and for stopping the corporate bailouts.
Then something happened and they just adopted the same GOP mantra. It was like they were bought off and people got turned off. They were all sent packing this election cycle no?
We're headed to a place like Greece and Spain are in today.
We have people like Rahm spending $55 million dollars for parks -- then has the balls to tell you that we need pension reform.
i'll have what 12:36 am is drinking
There is enough blame to go around between R's and D's.....
The fact that none will admit is that globalization and technology have made "good paying, blue collar jobs" obsolete. We will never compete with 3rd world semi-slaves and maintain a decent standard of living.
The Bush family, Clinton, Emanuel,Romney, etc....all know this and intended it to work out this way. The trick for them is to somehow manage the decline so that their positions are not threatened by an angry, debased, threadbare populace.
When is a Job Fair NOT a Job Fair?
When there's no hiring!!
"y'all better gimme a WalMart gift or something for making me stand out here like this..." and I don't blame 'em one bit.
What a clisterf--- Rahm put these people thru
CHICAGO (CBS) – About 3,000 people lined up for the city’s first-ever jobs fair on Friday – some of them waiting in line for up to six hours – hoping to apply for work with the city, but many left frustrated after learning the only way to apply for a job was to go online.
WBBM Newsradio’s Bernie Tafoya reports Mayor Rahm Emanuel stopped by the job fair, expecting a warm welcome from job seekers, but instead ran into lots of ticked-off people.
More than 3,000 people showed up for the 55 posted job openings, but city hiring rules require all applications be filed online, so many of those who attended left frustrated at having to stand in line for hours, without being able to actually apply for a job...
(more..check it out...)
http://chicago.cbslocal.com/2012/11/09/city-to-hold-job-fair-today-at-kennedy-king-college/
When u have a leader who hates this countries fundamental beliefs, what do you expect? Hang on all - cuz the marxist loving, lazy fool is just getting started. God help us.
Let it all burn. It's the only way to end the insanity.
I'm old and I've learned one thing. Anyone who believes ANY politician, probably bets on pro-wrestling and harness races.
Anonymous said...
There is a very simple solution proven to work.
Go back to the tax rates of the Eisenhower presidency. High tax rate in the wealthy and foreign imports!
You will solve the budget problem virtually overnight!
11/11/2012 12:36:00 AM
*************
Another Rhodes Scholar heard from.
First off, the wealthy don't have enough money to balance our budget, even if you took all of it.
Secondly, if we place a tax on imports, the other countries will tax our exports and we will have another great depression, idiot. Hoover and Roosevelt's mishandling of the recession of 1929 made it a depression.
In case you never learned it, but back in the IKE presidency, we made damn near everything the world used. The population of the world was about 2 1/2 billion people. It is now approaching 7 billion people. That's the reason we can't have unlimited immigration, there's too many people in the world now. All of that growth has been in the 3rd world. But, but, we're all descendants of immigrants so we should just allow all these uneducated, no skill people with leprosy, TB, hepatitis and incurable social diseases so they can bankrupt that wonderful socialized medicine you and people like you forced on us. Not to mention, they will need to be financially subsidized by the 53% that pay taxes.
You nitwits have no idea the consequences of your actions. It makes you "feel good", so let's DO IT!
THat article is basically right, with one minor quibble. The Federal Reserve is private-public. The individual banks like the Chicago, Boston or NY Fed are all owned literally by other private banks. The Federal Reserve Board and a few related entities are governmental.
But basically, its not one arm of government borrowing money just from another arm. The control of all that collateral (4 trillion plus) is now in the hands of either unelected government bankers who are supposed to be intentionally independent of congress and the President... or in the hands of private bankers.
That amount will be growing at least at 40B per month with QE3 settlements that start this week. Eventually, maybe the Fed owns it all.
I love it, they demonize the Tea Party because they want to stop illegal immigration and slow the growth of government spending. Illegal immigration is balkanizing our country and the deficit spending is bankrupting us. But it's OK. You can kick the can down the road a few more months and maybe the problem will go away if you ignore it.
Well, it won't and when the entire fabric of our society tears and YOU are one of it's victims, don't cry to me, you got what you voted for.
They stole the election. The democrats and republicans are on the same team. Freedom loving people are the enemy.
Now, Obama has more "flexibility."
Pretty scarey, huh?
You are also missing another angle that is at the heart of both these past two elections AND the severe murder rate her in Chicago.... RACE!!!
I saw it plainly with my black police "brothers" that spewed racist bigoted rants while they failed to realize that B O is as far from their culture as he is from poverty. The man was raised in an affluent WHITE household and learned an entirely different set of values than those of the thugs living here. they voted for this man based on his skin color alone.
Black people will never let go of race, because that dogma is entrenched in their pysche. Bravo Demoncrats, you put black people back in chains without them realizing it and all it cost you was some free stuff.
God bless our Soliders, I fear you will be needed again within the next four years more than ever.
"The People Have Spoken..Now They Will Be Punished"
"The People Have Spoken..Now They Will Be Punished"
Republicans desperately need to move to the middle. I'm a moderate who happens to be a police officer. I want to vote republican, but not when the result is an extremely conservative agenda is shoved down my throat. I believe on the right to bear arms, but also think religion and politics should be separate. I think welfare recipients should have to be drug tested, but also am pro-choice. I think the Bush tax cuts should expire, but also think entitlement programs need to be scaled back. I can't have a conversation at work about these issues without guys screaming LIBERAL! LIBERAL! Until the republicans can move away from their far right agenda, and more towards the middle, moderates like me will continue to vote for the democrat. If nothing changes republicans WILL get their asses handed to them again in four years. They need to wake the fuck up!
If Obama needed money he should of signed up to work that violence reduction- you can make 9 trillion pretty fast as long as you don't mind working weekends.
The left just doesn't get it. When the house of cards comes crashing down, they'll be regretting thir vote
3.47am,,,,,,,you just hit it on the head.....Brilliantly put!
I wonder how many of us on this blog even know where that phrase originated from
Sadly it takes a truly tragic event for true leadership to step up.
Governor Christie showed this rare leadership when he stepped up for his constituency in the face of super storm Sandy. He earned my respect that day.
He stood up in the face of his own party vilifying him and said the hell with politics New Jersey needs help and Obama did a good job. I won't vote for him but the president did a good job for New Jersey.
How refreshing.
With the fiscal cliff looming I hope someone steps up and shows why they were elected, like Governor Christie did. The hell with politics the country needs you.
get ready for the big reset, it's gonna hurt.
http://www.theblaze.com/stories/how-many-businesses-have-announced-closings-or-lay-offs-since-obama-won-a-second-term/.
Look at all the businesses closing and good jobs lost thanks limbs for another 4 years of destruction, what kind of goofs voted for this guy?
But somehow there is still U.S. money available to prop-up various foreign dictatorships and their economies eventhough they can't stand the United States and what it stands for.
while this is all true. just think about 80% of the dept has no idea.
Obama will have the "America" he wants. All we will have is memories of what was.
"The left hand of the U.S. government is borrowing money from the right hand of the U.S. government." The recently-released documentary "End of the Road: How Money Became Worthless" illustrates this with tremendous clarity. The Documentary Channel has been running it, and it's scheduled to be shown next on 11/28. When the Eurozone crisis comes to an inevitable conclusion, the markets will focus on America. Watch out!
"Consider that National Review Online might not be quite on target. They also predicted a Romney win with 315 electoral votes. He received a third less at 206."
They, along with a dozen other outlets, made a prediction based on whatever model they wanted to use.
However, the article quoted states empirical data, and does little to interpret it because of the inherent explanation extrapolated from the given data.
The long and short of it is that the currency manipulation practiced by the Chinese, and fed into by both the Bush and Obama years, is not a natural market force and is bound to dissolve in a sort of a fission-like reaction.
Not a fan of Barry O.,but anyone who thinks Romney was the answer to all this countrys problems is delusional.The problem IS the two party system.Sort of like two heads on the same dong.
It's all gotta come crashing down at some point. Too many decades of irresponsible government. Like a recovering junkie we got no where to go but up afterwards. Unless we OD...
Make you a deal, anonymous. Go back to Eisenhower-era spending policies - no Medicare/Medicaid/Great Society Welfare, huge expenditures on infrastructure and the military - and you might have a deal.
You may need to have another war that destroys Europe, Japan, Korea, and China for it to work out 100% the same but I don't think any of us are willing to go that far.
Plain and simple...WE'RE FUCKED!!!
The fact that remains that Romney was not a good candidate to begin with. He had no obvious plan to fix this fiscal problem which is beyond the economy. Obviously Wall Street loves Obama or else it would be suffering much more.
Romney was unable to hammer home how fiscally irresponsibly Obama is. Obama is trying to spend is way out of this mess. While I agree tax relief does help spur more spending. More needs to be done, more needs to be cut.
I also can't help but to stress that how much of this is because of Bush. I know it is a tired saying, but must be said. Perhaps that is what Romney missed and should have blamed Bush. Maybe people would have said, "Look at this guy, he's not like the last!"
It's all good. Lemme git my Obama phone G. It free. Hells yeah.
Anonymous said...
There is a very simple solution proven to work.
Go back to the tax rates of the Eisenhower presidency. High tax rate in the wealthy and foreign imports!
You will solve the budget problem virtually overnight!
11/11/2012 12:36:00 AM
Bingo!Bullseye! The tax rate at that time in America strongly discouraged the greed we see now. The disparity in pay between CEO and worker was acceptable then. Today a CEO can run a company into the ground and walk away with a bonus in the tens of millions,while the workers lose everything.
Anonymous said...
3.47am,,,,,,,you just hit it on the head.....Brilliantly put!
I wonder how many of us on this blog even know where that phrase originated from
11/11/2012 09:56:00 AM
Like you're the only genius here that watches cartoons.......
Anonymous said...
Republicans desperately need to move to the middle. I'm a moderate who happens to be a police officer. I want to vote republican, but not when the result is an extremely conservative agenda is shoved down my throat. I believe on the right to bear arms, but also think religion and politics should be separate. I think welfare recipients should have to be drug tested, but also am pro-choice. I think the Bush tax cuts should expire, but also think entitlement programs need to be scaled back. I can't have a conversation at work about these issues without guys screaming LIBERAL! LIBERAL! Until the republicans can move away from their far right agenda, and more towards the middle, moderates like me will continue to vote for the democrat. If nothing changes republicans WILL get their asses handed to them again in four years. They need to wake the fuck up!
11/11/2012 09:33:00 AM
Agreed. I liked "moderate Mitt" and voted for him. Those two idiots, Akin and Mourdock, cost him plenty of women's votes as did the far right's stance on choice. I'm pro-choice and pro-second amendment.
Did I like the late President Reagan, absolutely, but I think that the country has moved more to the left since the 1980's. Republican's need to adapt of they will be going the way of the Whigs.
Anonymous said...
Republicans desperately need to move to the middle. I'm a moderate who happens to be a police officer. I want to vote republican, but not when the result is an extremely conservative agenda is shoved down my throat. I believe on the right to bear arms, but also think religion and politics should be separate. I think welfare recipients should have to be drug tested, but also am pro-choice. I think the Bush tax cuts should expire, but also think entitlement programs need to be scaled back. I can't have a conversation at work about these issues without guys screaming LIBERAL! LIBERAL! Until the republicans can move away from their far right agenda, and more towards the middle, moderates like me will continue to vote for the democrat. If nothing changes republicans WILL get their asses handed to them again in four years. They need to wake the fuck up!
11/11/2012 09:33:00 AM
Exactly right. You hit the nail on the head. I too would like to vote Republican, but won't, for mostly the same reasons you stated. In addition, it doesn't help the Republican party to have morons like Akin from Missouri, and Mourdock from Indiana spouting off nonsense about a rape pregnancy being "God's will", or a woman's body being able to expel a rape fetus automatically.
And for the second straight election, the Republicans chose a scary candidate for VP. Four years ago we had Caribou Barbie, with more open space between her ears than open space in her state, and this time we had Paul Ryan, who scares the crap out of me just thinking about what he'd do to Social Security and Medicare if given the chance. I'm sure there are a lot of older Republicans who voted Democratic this time just because of worries about that.
Until Republicans get rid of the lunatic fringes of their party, and stop letting the ultra right wingers dominate the discussion, I think many people like me (I don't consider myself a liberal by any means) will still be voting Democratic.
You may need to have another war that destroys Europe, Japan, Korea, and China for it to work out 100% the same but I don't think any of us are willing to go that far.
11/11/2012 02:11:00 PM
i'm in.
Chalkie
I find it ironic that a CPD blog would complain about federal defecits, when the CPD feeds from the federal trough in the form of homeland security (and other government) grants and subsidies. Say what you will about people on food stamps, section 8, social security and medicare, but government employees take far more from the system than the traditional welfare queen. Dont even try to say youre not a welfare queen because you work. The banks were working even though they received corporate welfare during the 2008 bailouts.
Republicans desperately need to move to the middle. I'm a moderate who happens to be a police officer...
LOL! Another consistent (D) voter telling Republicans how to win in the future.
What is wrong with that argument?
Obamacare will be the destruction of this country. Yet here we sit as we move closer each day to this travesty being enacted.
The majority of the country does not understand the economy and what harm obama has done by doubling the debt. Somebody is gonna have to turn off the money spigot and balance the country's pocketbook. It would have been easier to do it now rather than later. When later comes, its gonna be a mother$%^#@!
My kid went to one in the suburbs last year. Same thing. Hi how are you. Check out our website if you are interested in applying for a job.
NO ONE gives out applications at job fairs in today's world....if they do it is not anyone who you would want to work for!!!
Ah, that Wimpy, he was a wise man!
Forget that other right wing Christian conservative BS. I'd love to see a resurgence of the Republican Party in 2016. Whether or not that happens will depend on appealing to the majority of the country's voters and not looking for attaboy a from the most conservative members of our own party.
What about gun rights? should your "GOP" abandon those too? Not really CONSERVING anything then
Until the republicans can move away from their far right agenda, and more towards the middle, moderates like me will continue to vote for the democrat. If nothing changes republicans WILL get their asses handed to them again in four years. They need to wake the fuck up!
You know the only party that agrees with your gun stance is the Republican. Taking guns away is the primary stance of the Dems. Once they accomplish that, they can do what ever they want to you. And you will have no say in it. You will be classified as a Victim.
There will NEVER be another Republican president. EVER. Well, not like we know it. The GOP is in it for the GOP, not the poor saps that think they agree with it.
The GOP will dash to the middle. The GOP will prop up blacks and browns and women in a desperate attempt to look not white. The GOP will abandon every issue important to its existence: gun rights, illegal immigration, voter ID, pro life, Christianity, etc.
This will play right into the hands of the Democrats. Because the Dems know a dirty little secret that only a few of us know. They are the real RACISTS! The oppressed blacks, browns, women, gays, muslims, hippies, and degenerates will NEVER EVER vote for The Evil Rich White Man (TM). The oppressed what to steal from TERWM, why would they vote for them? They won't.
It does not matter how the GOP paints its posters. The Democrats know that they are White, and will never let their base go and their base will never leave, no matter how much money is promised.
Sign the petition for a recount
http://www.examiner.com/article/citing-voter-fraud-petition-at-white-house-web-site-demands-recount-of-election
What amazes me the most is the Big Tent the Democratic party has constructed. I refer it to The Thing That Should Not Be (tm). The Communists have managed to cobble together a coalition that is diametrically opposed to each other.
White Male Labor v. Illegals
Main stream Blacks v. Gays
Muslims v. Gays and Liberated Women
Ghetto Blacks v. Their Victims
The main thing I can think of that could keep all their people together is : Other People's Money
Check out Bev Harris and her web site Black
Box Voting for her excellent coverage of voter fraud
http://beforeitsnews.com/election-2012/2012/11/stolen-election-evidence-is-mounting-everything-points-to-stolen-votes-2446928.html
We are being asked to believe that Romney got close to three million fewer votes in 2012 than John McCain got in 2008.
That’s not possible.
This election is a fraud.
Republicans desperately need to move to the middle. I'm a moderate who happens to be a police officer...
LOL! Another consistent (D) voter telling Republicans how to win in the future.
What is wrong with that argument?
This was exactly my point. I mention a few right and left leaning ideas I agree with which automatically makes me a ................ DEMOCRAT! Thank you for validating my comments. Again, republicans will have to figure out what the hell a moderate is before the next election.
AMMO UP........told ya!
That’s just the FEDERAL INCOME TAXES, more and more of the millionaires income will be sheltered off shore.
What BHO and the Democrats haven't let it on, (nobody read the Obamacare Bill) is all the other taxes that will come on line now that the Messiah is in for four more years.
Taxes on bank transactions, sales taxes on home sales, taxes on energy use ($6-7 gallon gas before long. All kinds of nickel and dime stuff that will kill the working people's dreams and fund the New Americans.
It's going to really get bad as Supreme Court Justices die off and BHO appoints new. Look for Eric Holder to get one of those slots and the first "Devout Muslim" Supreme Court Justice.
God Bless America
>>>Anonymous said...
What amazes me the most is the Big Tent the Democratic party has constructed. I refer it to The Thing That Should Not Be (tm). The Communists have managed to cobble together a coalition that is diametrically opposed to each other.
White Male Labor v. Illegals
Main stream Blacks v. Gays
Muslims v. Gays and Liberated Women
Ghetto Blacks v. Their Victims
The main thing I can think of that could keep all their people together is : Other People's Money
11/11/2012 08:50:00 PM<<<
"Your children's children will live under communism. You American's are so gullible. No, you won't accept Communism outright; but we'll keep feeding you small does of Socialism untill you will finally wake up and find that you already have Communism. We won't have to fight you; WE'LL SO WEAKEN YOUR ECONOMY, untill you fall like overripe fruit ino our hands."
Nakita Khrushchev, 1959
So we have two nitwits who voted Democratic although they believe they would have gone Republican except for one or two points. I'll take Palin over Biden any day of the week. You also let two fringe far righters get boxed into a corner, so you vote Democratic? You are either stupid, or a troll.
I'm pro choice, want religion out of the discussion and believe in self reliance also, so I voted Republican. That is the party closest to those beliefs. The Democrats have been taken over by the zealots. You don't see that?
Democrats have a better PR group. A vicious, damn the truth and win at any cost group to be sure. They should scare you.
This was exactly my point. I mention a few right and left leaning ideas I agree with which automatically makes me a ................ DEMOCRAT! Thank you for validating my comments. Again, republicans will have to figure out what the hell a moderate is before the next election.
11/11/2012 10:45:00 PM
and, after all, your opinions being validated is all that really matters.
I contantly her people say they want to vote republican. ITs just a lame excuse justifying their vote for democrats.
First of all, abortion is the law of the land. The only debate is about our taxes and if they are used to fund it.
Lame democrats (those who want to vote republican but dont) use idiotic statements to justify not voting for republicans, but ignore idiotic democrats. Be honest, you will vote democrat because you are programmed to.
As long as you rely upon yourself, you will be fine, no matter who is in the White House.
"Today a CEO can run a company into the ground and walk away with a bonus in the tens of millions,while the workers lose everything."
As can a politician. Look at Richard M. Daley & Chicago...
rb
I find it ironic that a CPD blog would complain about federal defecits, when the CPD feeds from the federal trough in the form of homeland security (and other government) grants and subsidies. Say what you will about people on food stamps, section 8, social security and medicare, but government employees take far more from the system than the traditional welfare queen. Dont even try to say youre not a welfare queen because you work. The banks were working even though they received corporate welfare during the 2008 bailouts.
You ignorant fool. Government employees pay a fair share of taxes. Government employees go to work and provide a service. A good majority of your welfare recipients do nothing but lay around the house and party all the time. Last time I checked people on welfare pay zero taxes. Also, the banks were working for their personal gain. The shifty banking system is what put us in this recession in the first place. I hope your post was a joke, because if you actually truly believe your post you are clueless to reality.
In the soon to be immortal words of Paul Ryan: "The most predicted financial crisis of all time."
Anonymous said...
I find it ironic that a CPD blog would complain about federal defecits, when the CPD feeds from the federal trough in the form of homeland security (and other government) grants and subsidies. Say what you will about people on food stamps, section 8, social security and medicare, but government employees take far more from the system than the traditional welfare queen. Dont even try to say youre not a welfare queen because you work. The banks were working even though they received corporate welfare during the 2008 bailouts.
You ignorant fool. Government employees pay a fair share of taxes. Government employees go to work and provide a service. A good majority of your welfare recipients do nothing but lay around the house and party all the time. Last time I checked people on welfare pay zero taxes. Also, the banks were working for their personal gain. The shifty banking system is what put us in this recession in the first place. I hope your post was a joke, because if you actually truly believe your post you are clueless to reality.
11/13/2012 02:32:00 AM
The first poster is right. Didn't you hear anything Romney said. Romney blames government workers for causing financial crises for local and state governments. Romney doesn't believe in federal revenue to hire teachers,fire, and police. You probably voted for him too. Who's the fool?!
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