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Can’t turn your back on the Federal Reserve, the Treasury or any of Washington, DC, for even one minute these days! As we are distracted by earthquakes and one-sided wars of aggression, Washington’s busy little gnome community continues to madly undermine our nation. A change in the roster won’t stop this insidious mining project. The latest news about our budget deficit is just beyond astonishing. We will have a super-record deficit of over $2 trillion next year? OUCH.


Since the Chinese trade surplus is shrinking, China has zero incentive to buy up another trillion dollars in US debt. Ditto for Japan! They are seeing their exports to the US crash! They also have a strong yen. They cannot possibly keep up with the tsunami of red ink DC is cranking out. Who on earth is going to buy up two trillion dollars in red ink? Investors? ONLY FOR A ONE YEAR LOAN. This gigantic sum will have to be turned over and over and over again, at higher and higher future interest rates.

U.S. Debt Set to Soar in This Year –

With President-elect Barack Obama and congressional Democrats considering a massive spending package aimed at pulling the nation out of recession, the national debt is projected to jump by as much as $2 trillion this year, an unprecedented increase that could test the world’s appetite for financing U.S. government spending…..

But about 40 percent of the debt held by private investors will mature in a year or less, according to Treasury officials. When those loans come due, the Treasury will have to borrow more money to repay them, even as it launches perhaps the most aggressive expansion of U.S. debt in modern history…

As of yesterday, the debt stood at nearly $10.7 trillion, of which about $4.3 trillion is owed to other government institutions, such as the Social Security trust fund. Debt held by private investors totals nearly $6.4 trillion, or a little over 40 percent of gross domestic product.

According to the most recent figures, foreign investors held about $3 trillion in U.S. debt at the end of October. China, which in October replaced Japan as the United States’ largest creditor, has increased its holdings by 42 percent over the past year; Britain and the Caribbean banking countries more than doubled their holdings.

Good grief.  Is there anyone with any sanity at work here?  Shall we post a sign, ‘Entering Bedlam’ at the highway off ramps in DC?  We are turning our nation into a massive debtor’s prison, of course.  Notice the itty bitty news in this story about how our debts were ‘nearly’ $10.7 trillion.  HAHAHA.  And when was the debt ceiling raised last time?  To look at how Congress, the President and all others have gotten utterly reckless with the debt ceiling, even in ‘good times’, we have to go back through time in our Tardis which is of course, internet search engines.  So let’s go visit 2002, first:


S&P: U.S. Could Raise Debt Ceiling to $6 Trillion 

March 15, 2002–The U.S. Treasury Department estimates that the US$5.95 trillion debt limit set by Congress could be reached by the end of March 2002, Standard & Poor’s today said.

“While hitting the debt limit does not automatically shut down the operations of the government, because the federal government can continue to operate using its cash position, it certainly curtails the flexibility of the government to manage operations,” said Amelie Cagle, vice president for marketing development at Standard & Poor’s office in Washington, D.C.

In a recent article, “The U.S. Debt Ceiling: Going Up,” Cagle said that in early February 2002, U.S. federal debt stood at less than US$100 billion below the ceiling, at $5.85 trillion. However, the gap has already narrowed to roughly US$25 billion below the ceiling, or US$5.93 trillion.

“As we approach April 15, more cash will be coming in as taxpayers send in their 2001 returns,” said Cagle. “But in spite of this, sometime by the end of 2002, Congress will have to act to increase the federal debt limit.”

Back in that primitive era when men carried clubs and wore animal skins and women didn’t cover their breasts, the Neanderthals in DC worried about budget deficits.  The GOP was very loud during the Clinton years, about balancing the budget.  So he did.  Instantly, the vultures descended and began to rip apart the budget and the budget went stinky immediately.   In 2000, the deficit was half of what it is today.  


8 years to double our deficit is quite an achievement, of course.  Worthy of Samson and Delilah.  Samson was lucky.  Delilah, being non-Jewish, only cut his hair.  John the Baptist wasn’t so lucky.  His love demanded his head be chopped off and served on a silver platter.  Actually, I want to stop this haircutting operation whereby my children and grandchildren get to pay off huge debts run up by warmongering idiots in DC.  And I want to chop off the heads of these war mongers for committing crimes against humanity.  


The utter madness in Palestine is reflected in all our colonialist wars with Muslims who seem pretty stubborn.  They don’t seem to quite surrender but keep tugging at us.  Like with Vietnam, we can drain most of our wealth into these eternal swamps.  We pulled out of Vietnam to the great relief of everyone.  Only to dash off into endless wars or funding the repression of billions of Muslims who increasingly hate us for oppressing them.  To pay for these many follies, we run budget deficits.


The right wing nearly never mentions wars and the Pentagon as major causes of our financial difficulties.  Instead, they want to have us all starve to death or die of disease and not have any services, here in America, while spending oodles of dollars on military toys and wars with angry Muslims who seem to reproduce faster than any population on earth.


Anyway, back to the balmy days of 2002, the US began to seriously increase both our trade and budget deficits.  They are very connected.  Japan and China as well as other trade rivals, began to buy our debts and also drop interest rates so we could borrow more and more.  Which we did.  Here is the ever-ready Ron Paul in those early days of yore when a knight was good and brave and Rapunzel’s golden hair made a stairway to Heaven:


Speech by Ron Paul, 6/3/2003: The Federal Debt Spiral


The administration held a grand signing ceremony last Wednesday to celebrate the tax cut bill, a marginally worthwhile piece of legislation that does reduce income taxes slightly. The East Room of the White House was awash with cabinet members, Congressmen, Senators, administration staffers, supporters, and news media of every kind, all gathered for a perfect political photo-op.


One day earlier, however, the President signed another bill into law without fanfare of any kind. There was no press conference, no cameras, and no ceremony whatsoever. In fact, the White House issued only the briefest comment on this particular bill, even though it affects the American people far more than the modest tax cut bill. The reason for the silence? The President had just approved a whopping $984 billion increase in the national debt, the single-largest increase in our nation’s history. This was hardly a proud moment for the President or Congress, so the White House understandably kept the whole matter very quiet.

For perspective, this latest debt limit increase of nearly one trillion dollars is as large as the entire federal budget in 1985. The embarrassing increase was necessary because federal law limits the amount of debt the Treasury can carry, and the current $6.4 trillion limit had been reached. The federal government across the board has been spending money feverishly, at levels approximately 22% higher than just three years ago. This spending spree caused Congress to raise the debt limit from $5.9 trillion only six months ago, but the new limit was quickly reached.
The House managed to avoid a direct vote on raising the debt limit, instead burying a series of automatic debt increases in the terrible 2004 budget passed in April. The Senate, by contrast, at least held an up-or-down vote on the issue. Yet only one Republican Senator voted against saddling the American people with nearly another trillion dollars of debt. Both parties in Congress clearly now view the debt ceiling law as purely symbolic at best. Privately, most members probably view it as an unnecessary obstacle that should be eliminated, an opinion shared by Federal Reserve Chairman Greenspan.

As per usual, Congress tried to sweep things under the carpet and Bush shoved it all under the desk in the Oval Office and Cheney removed the incriminating evidence to an undisclosed place, most likely, Dubai.  Speaking of Dubai, recently, an Israeli Firster in the news wondered why the Palestinians can’t do what Dubai is doing.  I think they should open a casino/money laundering business there only the Jews, who know this business very, very well, will certainly bomb the bejeezus out of them if the Palestinians imitate the other micro-national pirates.


Ron Paul was 100% correct when he noted, in 2003, that BOTH parties considered the debt ceiling to be purely symbolic.  And thank you, dear Congressman, for noting that Greenspan also wanted to get rid of the debt ceiling ritual, too. Now, we will move forwards in time to 2004.  More ceiling demolition in DC.


US debt ceiling to be lifted

By Nick Beams
8 November 2004

In a sign of financial turmoil ahead, the day after the presidential election the Bush administration announced that it will have to ask Congress to raise the debt ceiling in order that it can organise the government’s massive borrowing needs.

The current debt ceiling of $US7.384 trillion was reached on October 14, but fearful of the political consequences of increasing the national debt in the lead-up to the elections, the administration undertook a series of manoeuvres to keep financing government activities without breaching the debt ceiling. However these measures can only be continued until the middle of this month, necessitating a new authorisation from Congress.

The need to raise the debt ceiling stems from the record budget deficits of the past two years. The deficit for the 2004 budget year, which ended on September 30, was $413 billion, following a deficit of $377 billion in 2003.

The growing fiscal debt is only one of the indicators of growing imbalances in the financial position of the US. The other major sign of disequilibrium is the balance of payments deficit, now running at just under $600 billion per year, or almost 6 percent of gross domestic product (GDP). 

Whoa!  Only a year and a half later after Ron Paul’s lament, the ceiling is another trillion higher!  How is this???  If we look at the debt stats, it was never more than $600 billion a year.  Yet the debt actually rose more than that.  Heh. Welcome to DC where many budgets are blacked out.  Secret!  And with the wars, super-secret!  And with the war on terror, aka, killing Palestinian children or bombing wedding parties, it is utterly out of control and no one has the slightest idea, how much various spook operations are spending.  Except this shows up on the aggregate numbers.  It is hundreds of bilions.



Republicans Raise US Debt Ceiling to $9 Trillion, Caused by Iraq War and Tax Breaks for the Rich

Friday March 17, 2006

Any objective analysis of our country’s fiscal history would have to conclude this administration and this rubberstamping Republican Congress are the most fiscally irresponsible in the history of our country. In fact, no other president or Congress even comes close,”declared Democratic Senate Leader Harry Reid (D-NV) as the Senate voted 52 to 48 on Thursday to raise the federal debt ceiling by another $781 billion to now be $8.97 trillion. America’s proverbial credit-card limit was increased to prevent “a first-ever default on U.S. Treasury notes.” Every Senate Democrat and three Republicans voted against increasing US debt to its highest levels in history. The United States’ near-bankrupt condition in 2006 evolved over merely five years, when President George Bush inherited from President Bill Clinton a record-setting US budget surplus.



So, in 2006, all the DNC Senators and one GOP dude rejected raising the ceiling.  And note that the GOP, always focused on one thing only: to cut taxes for their sponsors who put money into GOP wallets—voted for more tax cuts.  When I went to DC, I noted that the GOP was against the bail out billions only because it didn’t include tax cuts.


This infantile behavior is treason.  But then, virtually no one seems to be paying attention to our climbing debts.  Often, I see propaganda about how this is hardly a blip on our GDP.  This is totally stupid.  Deficits are climbing rapidly and are the root of what is wrong with the present economy.


Now, let’s move to the Roaring Twenties: short skirts and scooby-doo young men wearing coon coats!  Here is a site that was betting, just last summer…ah, that was an eternity ago!  Grandpa’s day!  The bet was, when will the US overshoot the $10 trillion ceiling:


August 13, 2008 When will the US National Debt exceed $10 trillion? | Hubdub

When will the US National Debt exceed $10 trillion?

Settled as On or Before 9/30/2008 (end of the fiscal year)

Settled as ‘on or before 9/30/2008’ as the report showing the $10 trillion mark was reached was released at 11:30 AM on October 1.


With emergency funding for wars, economic stimulus packages, and the seemingly endless list of ways the government wastes money, they still are “only” increasing the debt by roughly $600 billion a year. But, as close as we are to the $10 trillion milestone, it seems inevitable that we’ll be looking at a fourteen-figure debt before long. So, how long?

Settlement details: As reported by the US Treasury at 
Information is updated around 11:30AM EDT each weekday.

Forecast history, %

   Zoom in


  On or Before 9/30/2008 (end of the fiscal year)
  10/1/2008 – 1/19/2009 (remainder of Bush’s term)
  1/20/2009 – 4/20/2009 (90 days for next President)
  After 4/20/2009
Activity: H$22,636

Settled as On or Before 9/30/2008 (end of the fiscal year) on Thu 2nd Oct 2008 8:34am EDT

Suspend date: Mon 20th Apr 7:59am EDT (15 weeks to go) Settlement date: Thu 2nd Oct 2008 8:34am EDTPrediction cut-off: Predictions on this question after Wed 1st Oct 2008 11:30am EDT have been voided because they were made after the question could be settled
more info…

The ceiling was shot through like a Hamas rocket in less than a few weeks after this story appeared!  Only it was secret.  We wouldn’t know except in retrospect.  Indeed, here is my story about when the crisis hit and the government had to raise the ceiling, yet again:



US National Debt Limit Raised Ahead of Budget Busting Bailout Legislation :: The Market Oracle 

Jul 25, 2008 – 12:04 PMBy: Peter_Schiff

With President Bush no longer threatening a veto, the subprime mortgage and Fannie and Freddie “bailout” bill is now sailing through Congress.  In anticipation of its enactment, Congress had the foresight to raise the national debt limit to $10.6 trillion.  Who says that politicians don’t plan ahead? 

Once signed into law, the budget busting legislation will hand the Administration a blank check to prop up the ailing home lenders.  The ultimate cost is anybody’s guess.  I believe that the price tag will be higher than just about anyone imagines.  Paulson’s Bazooka will be locked and loaded with enough fire power to blow what’s left of our economy into the dustbin of history. 


Now we are in the Summer of Love, cool man, psychedelic!  The Woodstock Generation took its geritol and voted to raise the damn ceiling again.  Two days later, I ran this hysterical, furious editorial:


July 27, 2008:  EZ READING MONEY MATTERS: Congress Sneakily Raised Debt Ceiling To Almost $11 Trillion!

Right behind my back, in the dark, in the Cave of Death, Congress snuck in a proviso to raise the debt ceiling by nearly a trillion dollars to nearly $11 trillion. And they always race to new ceilings! This made nearly NO news at all! And I scan the news closely! Readers email or make comments when news like this breaks yet none of us heard this news. Time to go back to the beginning of the law that forced Congress to set a ceiling and the President to adhere to this. Back, back to the Reagan years when he smiled and said it was OK to go deep into debt and run everything in the red. Today, this ethos is our new Constitution!

Peter Schiff: US National Debt Limit Raised Ahead of Budget Busting Bailout Legislation

With President Bush no longer threatening a veto, the subprime mortgage and Fannie and Freddie “bailout” bill is now sailing through Congress. In anticipation of its enactment, Congress had the foresight to raise the national debt limit to $10.6 trillion. Who says that politicians don’t plan ahead?

Once signed into law, the budget busting legislation will hand the Administration a blank check to prop up the ailing home lenders. The ultimate cost is anybody’s guess. I believe that the price tag will be higher than just about anyone imagines. Paulson’s Bazooka will be locked and loaded with enough fire power to blow what’s left of our economy into the dustbin of history.

OK, here is my reaction: GODDAMN IT. What the hell is going on? HAHAHA. No wonder the NYT had that big story about what a pitiful, poor, pathetic outsider and naïf Treasury Secretary Paulson is! The baby didn’t know his way about Washington, DC, even though he and his wife give to both the Republican and Democratic parties, hosts politicians, ran in and out of DC giving orders, etc. But he knew no one and knows nothing. And Bernanke is doing his best, even Obama says so! He is struggling to provide Free Funny Money™ to all and sundry in and out of government! The NYT didn’t bother trumpeting the dire news in a headline I could see on the front page. When I googled this story to see if there were others covering it, there were only 2 other sources!!!! What the hell is going on here?

When the ceiling was secretly raised to $11 trillion, this was a signal, well before September, 2008, that the sky was the limit and the future raises will be equally secret.  Now, Congress is on a rip.  To the moon! On top of this, Obama wants to go to the moon.  I wish I could send everyone but Kucinich and Ron Paul to the moon.  And the way to the moon is to make NASA a Pentagon pet.  You see, money will suddenly flow like crazy, via secret funds, to this project!  And Congress will keep raising the ceiling, all the way to the moon and when we land on the moon, the Chinese will already be there and will hand us our bill for paying for everything as they announce the New World Order!


And who said the East isn’t Green Cheese? Opinion

Obama’s Market Cop Pulled Shades on Sketchy Deal: Susan Antilla

 Consider the complaint filed in federal court last week against the Financial Industry Regulatory Authority Inc. and its chief executive, Mary L. Schapiro, President-elect Barack Obama’s pick to run the Securities and Exchange Commission.

Benchmark Financial Services Inc. of Ocean Ridge, Florida, is suing Finra and its top officers for allegedly deceiving members of NASD — formerly the National Association of Securities Dealers — about terms of the merger of NASD’s regulatory unit with that of the New York Stock Exchange in July 2007. The combination created Finra.

Benchmark is run by Edward Siedle, a former SEC lawyer who today investigates pension fraud and other financial abuses. The firm, a Finra member, has now twice challenged the regulator that oversees it.

Siedle sued NASD in 2002 when it tried to block him from publishing a book that examined and ranked the disciplinary records of member firms. Amid NASD’s objections and threats to sue him, Siedle scrapped the project.

Every single hurdle Obama has come to, he has crashed into it.  I was once at this amusing horse show in upstate NY. The hunter-jumpers had to go over various hazards.  One fine mettled horse had the best time in the trials.  Took every jump like Pegasus.  Then, when the second jump began to decide who was first, second and third, the fabulous horse put back his ears.  His rider dug in her heels.  The horse bucked.  She urged him forwards and he turned his head and glared at her.


Then, she urged him forwards.  He crashed through every single barrier!  I was laughing as I watched this ‘dumb’ animal teach his rider a lesson.  He accomplished the goals she set him!  Then, she wanted him to repeat it?  No way.


Obama had to jump many hurdles to become President.  Now, he sees nothing but barriers before him.  So he is giving up.  Instead of fixing the SEC, he is destroying it.  Instead of stopping the flood of red ink, he is doubling it.  Instead of stopping American-sponsored wars against Muslims, he is doubling this.  I knew the minute I saw Mary Shapiro’s name, that Obama was told to cover up crimes, not wrestle with Wall Street and clean up the mess there.  


Just like the budget deficit: we are digging our collective graves to bail out the criminals who are destroying the global financial systems.  How stupid is that?  If we, the taxpayers, are going to ‘be the bank’ then we fucking better ‘Be the damn bank!’  Namely, nationalize the stupid Federal Reserve!  It is a private bank!  They screwed up!  They are demanding we bail out them and their buddies, JP Morgan, Goldman Sachs, the Saudi-owned Citigroup, all the Madoff crew, everyone.  The US is already the mortgage holder for nearly the entire US housing market!  


Obama could give a strong speech.  I would suggest he have Kucinich and Ron Paul write every other paragraph.  Then we will get a decent speech.  And then Obama has to fire his top staffer, Emmanuel.  And Hillary the Hillbilly Yalie Clinton.


A Donor’s Gift Soon Followed Clinton’s Help –

An upstate New York developer donated $100,000 to former President Bill Clinton’s foundation in November 2004, around the same time that Senator Hillary Rodham Clinton helped secure millions of dollars in federal assistance for the businessman’s mall project.

Mrs. Clinton helped enact legislation allowing the developer, Robert J. Congel, to use tax-exempt bonds to help finance the construction of the Destiny USA entertainment and shopping complex, an expansion of the Carousel Center in Syracuse.

Mrs. Clinton also helped secure a provision in a highway bill that set aside $5 million for Destiny USA roadway construction.

The bill with the tax-free bonds provision became law in October 2004, weeks before the donation, and the highway bill with the set-aside became law in August 2005, about nine months after the donation.

Mr. Congel and Philippe Reines, a spokesman for Mrs. Clinton, both said there was no connection between his donation and her legislative work on his project’s behalf.

HAHAHA.  No connection!  Don’t follow the chain connecting these two things!  And how, pray tell, did the nearly bankrupt Clintons go from $0 dollars to over $100 million in less than seven years?  All of DC is corrupt.  The stench is so strong, a skunk convention would have to be resuscitated due to fainting.


Fed has abandoned monetary policy, critic says | Reuters

 The Federal Reserve has embarked on a campaign of unsupervised industrial policy to end the country’s financial crisis, a move that could undermine its independence, a former top U.S. official said on Saturday.

John Taylor, who was under secretary of treasury for international affairs from 2001 to 2005, said the explosive growth of the Fed’s balance sheet since September was “unbelievable.”

“This doesn’t really seem like quantitative easing in the sense of finding a growth rate in the money supply,” he told a panel discussion during the annual meeting of the American Economics Association.

This isn’t quantitative easing, this is wholesale insanity.  All this funny money will come back to haunt us.  Already, oil is climbing.  Gold has been bouncing around between $800-900 an ounce.  The next inflation wave is right offshore.  We have a depression but this won’t stop a sudden surge in other forms of inflation!  Our trade rivals struggle to keep the dollar from tanking.


They will give up if we continue this.  They cannot suck down all this excess money we are pouring into our system.  This money will NOT flow overseas.  The terms for spending it is to ‘buy American’ and spend here.  But hark!  Congress also wants to give Israel more money, more bombs and drop  more bombs on Afghanis and Pakistanis and Iranians and anyone that prays to Mecca.  So about half of this money will either flow into these bloody wars or go to the moon?  HAHAHA.  We can pay the Chinese there, of course!  Pay them rent or something.


Fed aims to buy $500 billion in MBS by mid-year | Reuters

The U.S. Federal Reserve on Tuesday moved forward aggressively with an effort to drive down mortgage costs, setting a goal of buying $500 billion in mortgage-backed securities by mid-2009.

The central bank said it would start buying the securities in early January under a program announced last month. When it announced the program, mortgage rates dropped in anticipation of the purchases.

Still, some analysts on Tuesday expressed surprise with how vigorously the Fed was pledging to act and the news propped up prices for MBS in very thin trade.

“When they are buying along the lines of $80 billion to $100 billion a month, if they’re going to do it in six months, they have to buy everything they can get their hands on,” said Kevin Cavin, a mortgage strategist at FTN Financial in Chicago.


The housing bubble, if it is restarted, will wreck worse damage than the stupid previous bubble.  Barely have homes dropped to reasonable prices based on historic records, they want to pump it up again.  This way, we can pretend that shanties are worth what mansions were worth a mere 20 years ago!  Isn’t rampant inflation wonderful?


Bankrupting the US to boost housing values!  What an idea.  Who came up with it?  Chairman Mao’s mad wife?





Filed under .money matters, Politics


  1. roger

    Elaine thank you again for your wonderfully informative site. But you are seriously putting a cramp in my ability to engage in small talk with friends and relatives!

    ps. my favourite recurring line of yours is “HAHAHA”

  2. DeVaul

    “And I want to chop off the heads of these war mongers for committing crimes against humanity.”
    Holy Hell, Elaine! You’re gonna have Incoherent Maximus on your ass in no time!
    Here, I’ll try to distract him while you run for cover:
    I hate Hitler. I wish I could have been the one who placed the bomb right next to him because I would have tied his shoelaces to the handle just to be safe.
    There, dive into into the corn shed while I take the verbal rampage because I want to stick bayonets up babies’ butts and hate other people.
    I will fall on my sword for you. Good luck!

  3. Niels

    Nobody’s mentioned an important point — we are currently paying low interest rates on our national debt. What happens when we have to pay high interest rates on our national debt?

  4. Charlie the jester

    I hate the idea of giving up hope, but I confess I am having trouble figuring out what to hope for.
    As more corruption is exposed, some people may indeed get arrested. But it seems like that is only a byproduct of various criminal conspiracies acting in order to throw some over in order to save others. It doesn’t seem like there is anyone left on the side of actual justice.
    Then you have people thinking that revolutionary violence will solve our problems. And “survivalists” stocking ammo prepared to declare war on the rest of humanity. What’s the word…ack.
    I guess I can hope that as the abyss comes more clearly on the horizon a conscience will assert itself from somewhere.

    Ill fares the land, to hastening ills a prey
    Where wealth accumulates and men decay:
    Princes and lords may flourish or may fade;
    A breath can make them, as a breath has made;
    But a bold peasantry, their country’s pride,
    When once destroyed, can never be supplied.

  5. DeVaul

    There is no justice in this country, and perhaps there never was, at least not as we understand it.
    There are really only two forms of justice in the world today: poetic and informal.
    Informal justice is what is used when the “official” system exposes itself as nothing more than a sham. Poetic justice is the result of fate or some other esoteric cause.

  6. Maybe there’s no justice, just us!

    But Holy Shit!

    I’m back!!!

    The assholes have to wait for another day for me to die!

    Yep! Crawled back on the internet just like some carnivorous snail, I did!

    HAHAHAHAHA!Maybe there’s no justice, just us!

    But Holy Shit!

    I’m back!!!

    The assholes have to wait for another day for me to die!

    Yep! Crawled back on the internet just like some carnivorous snail, I did!


  7. DON

    Elaine: excellent stuff as always…………….
    Now that Bill Richardson has stepped down for
    his position (Commerce Sec.) Maybe we
    could get Madoff to run. He hides well and his monetary policy is invisible. Sounds like Richardson has some skeletons in his closet like the rest of Public Servants.

  8. Charlie the jester

    Of course, power corrupts.
    But, the “system” you refer to is made up of actual people. And there used to be more people working on the side of actual justice. At least there was a modicum of an effort to stem the tide of corruption so that things did not go completely down the tubes.
    Also, like I said I’m looking for hope. Given the grim reality I’m sure there are negative outcomes that I’ve overlooked, but I think I have to enough to hold me, for now.

  9. Obama needs China to go along with the bailout plan if he intends to finance this madness. The bailout “vote” was delayed recently because China hasn’t agreed to bankroll US improvidence, but Paulson is assiduously hacking away at them, I assure you!

  10. Bear of Little Brain

    Anything you can do… tra, la…
    Listened to Mme Laguarde (French Finance Minister) on Bloomberg earlier, repeating her delight at the unanimity of the G20 meeting and stressing the importance of urgent collective action. When the recalcitrant Trichet was mentioned, she seemed of the opinion that he, too, is a true European, and can be trusted to do the right thing. 🙄 We’ll see how things are by the next G20, sometime soon.
    Meanwhile, on the good ship Lollipop, there are: rumours of another bank bailout and more bank nationalisations; fears of the consequences of this week’s BoE decision (is a another cut already priced into “Sterling™” or not; will savers have zero interest ?); and our resident maniac is planning to create 100,000 jobs (against a projected rise from 1.86 million unemployed now to 3 million in 2009 – all under-reported, of course) and protect everyone forever from everything. 🙄 A snippet from a BBC interview with Crash Gordon (won’t bore you with the link):
    ‘Insisting he would not accept “defeatism”, he added: “Things are going to go right because we are going to take the action that is necessary.” ‘
    I suspect that this is just the kind of positive Churchillian attitude that gave us such success in the Dardanelles and at Gallipoli:
    Obviously, he intends to go down with the ship. I’m heading for the lifeboats.
    Ah, gold’s heading north, I see; silver, too. I’ll enjoy it while I may. Bedtime for Bear.

  11. cognitis

    Democratic aide today said Obama to push for both $300BB in tax cuts–yea, cuts–and also for $775BB stimulus package; Obama then wants to decrease US revenue by $300BB while increasing spending by $775BB, thus increasing the US debt by over $1TT over Bush’s projections.

  12. Zorro

    During the primaries I was out every weekend
    with signs for Ron Paul and went to caucus for him.
    Most people didn’t care about Ron but his supporters
    although few in number were very enthusiastic.

    Here is a recent video from Ron Paul on current events:

  13. cognitis

    Obama wasn’t elected: he was installed. Ron Paul appealed to blue-collar angry Euro males, the very group feared most instinctively by Jews. Don’t expect Jew Media to ever show paul without deriding or dismissing him.

  14. David


    I just paid my county property taxes, and the county tax office issued a declaration that they would be unable to reduce our tax bills even though some of our home values have decreased by as much as 50 percent.
    I own several rental properties so this is significant for me. Well, this is true all over the US after the housing bubble burst. Houses are being taxed by local governments at double their real worth. Taxpayers are pissed. This is going to eventually wreak havoc on local economies and local governments providing services and police protection.
    I’m sure local and regional mortgage banks also are holding a lot of paper on foreclosed properties, and these are being taxed at double their real value…This is a great big huge mess for everyone…And now, the pressure is coming to force another bubble before homeowners and mortgage bankers gain a voice and demand a huge reduction of their tax bills…this is billions and billions of dollars of lost local and state revenues all over the US.
    No wonder the government wants another bubble.

  15. nah

    personally i think there bluffing to call someones bluff ‘maybe the lenders’… and there going all in on a bluff… WHEN this happens in real life it doesnt matter what great crap you have in your hand its still 50/50 you dont go all in on less than a straight unless theres 2 people at the table and blinds are insaine ‘we are not at this point’… and hyperinflation, well could look at the money supply which HAS been increasing geometricaly for at least 8yrs approaching ‘BLAST OFF’… our leaders when they strap us to a rocketbooster dont jump off first they dont got the balls ‘hence my warning to all 18yr olds, They will not fail you’… wonder what rates are going to be all this talk about less than zero is AMAZING what does that mean…

    This has the makings of history

  16. nah


  17. David


    Glad you’re back!!!

  18. Gary

    Here’s a little ditty for America’s elite:

    Baa Baa Black Pit Bull

    “All we are like Staffordshire Terriers gone astray
    Woof woof woof
    Gentlemen Pit Bulls on a spree
    Doomed from here to eternity
    Oh Lord have mercy on such as we
    Woof woof woof.”

  19. emsnews

    David, I pay pretty high taxes in the thousands on my own property and yes, the taxes went up as the property values rose and now, it won’t fall. Abandoned houses popping up all over the place makes this much, much worse.

  20. Paul S

    The deficit news is even worse when you remember that some large entitlement programs, like Social Security, are OFF BUDGET. Then you need to factor in the outright lying by our politicians on how much their pet programs will REALLY cost. Such as the way the Bushes lied about their so-called Medicare “reform” bill. The Bush Administration said the program would cost around $185 billion LESS than it did in its final form. When you hear of long term pols retiring in larger than normal numbers, you will know the you-know-what is about to hit the proverbial fan.

  21. emsnews

    Its when they bail out of the US entirely.

  22. When I ran my “commune,” I used to send in the property taxes. And even “water taxes.” All my friends who own houses have watched their property taxes go up with real estate prices. When it dawned on me that property values could actually go down, it was really obvious to me that the tax assessors would never ratchet down those taxes fair and square-like. I wish I could have taken out a bet on that one.

    Plus people are simply walking away from houses, so they will pay no more taxes. Local government will just die. The feds used to take a lot of money out of our income taxes to give “bloc grants” and such to the locals. I’ll bet that is gone. This was used to enforce all kinds of things like anti-discrimination laws and such. This was good for all my black friends, but they are so savvy, they saw the limits of that from day one. Anyone who has any sanity left will stop worrying about skin color, will start to to worry about having any skin at all now.

    Last night, Dr. Art Bell was on the radio taking his new year predictions from call-ins. Said he supported Bush for eight years, but no more because “look what happened!” Yeah, right Dr. Bell. I predicted it all in 2000.

    In a really real world, they would not just tax houses, THEY WOULD TAX ALL WEALTH. If you didn’t pay the tax, somebody could steal your paper, and you could not go to court to get it back without the tax receipts. And if your paper had differential equations on it that the jury could not decipher, they would just take the attitude that it was all gibberish, and toss it all away.

    We don’t need any more of these shell games. Las Vegas is not the real world, where we have to live.

  23. Elaine

    Thought you should read these…

    And this…

    Hmmm…what can you say?.

    Tell/Red Dawn.

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