<< <i>" The fact that we're here today to debate raising Americas debt limit is a sign of leadership failure. It is a sign that the u.s. government can't pay it's own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our governments reckless fiscal policies." Sen. Obama of Illinois March 2006. >>
He couldn't have said it better. What no one seems to be saying is that if they don't balance the budget, we'll just be having the debt ceiling discussion again in a year or two, and then in another year or two and on and on, as has been happening for the past few decades.
Which leads me to the next point of, why raise taxes when the only thing it can possibly do is slow the approach (by some degree) toward the next debt ceiling increase? Of course, all of this is just a smoke screen because SS and Medicare are unsustainable even if they do manage to balance the budget.
I find it absolutely fascinating how the political games are played. The republicrats want to pass a short term version of a debt ceiling increase, so that this issue never goes away until after the election.
The socialist-democrats want this just to go away, period (until after the election) - nevermind that the $4 Trillion they've racked up is already committed to their pet programs and won't ever be rolled back or repealed without a huge 10-year fight.
If this isn't gridlock, I've never seen gridlock.
They never roll back spending programs, which means that no matter who controls the government - in order to tip the scales toward their side of the fulcrum - they have to leave the other party's new spending in place, while they quadruple spending on their own priorities. This causes the ratios to change without cutting anything that would require a real decision.
It's all smoke & mirrors, and there is no deadline because there is no debt crisis. Spending crisis, yes. Debt crisis, no.
Q: Are You Printing Money? Bernanke: Not Literally
Looks like all QE2 did was keep rates HIGH. 10yr yield was 2.50 before QE2 and 3.20 when it ended. At 2.60 now. Thanks Ben!! From now on, please just let nature take its course. Just where are these high rates the "experts" have been predicting?
In addition to the inverted yield curve in Australia, it is also inverted in Brazil. Both are commodity sensitive countries. Bye bye inflation threat. Unless the global central banks can do something to drive the US dollar lower. Let the great debt deflation continue. As a global recession hits, the rock based currencies will faulter. The only competing currencies will be the chocolate franc, YEN, Euro and of course, gold. Japan is a mess, Europe probably worse--Switzerland wont be immune. We may have seen a glimpse of the future in the trading of the last few days as both gold and the dollar traded higher.
Yields in Germany and Gr. Britain look kind of funky if you use the ECB target rate as the short term yield.
The markets look as frightening right now as they have to me in the 52 years I've watched them and the 45 years I've watched them closely. Even black Tuesday in 1987 wasn't this bad.
We have to start making the right moves. Not just short term moves to get us through today as is typical in modern times but implementing a strategy to get us through the next 20 years and put us on a course to a sustainable economic future.
<< <i>The markets look as frightening right now as they have to me in the 52 years I've watched them and the 45 years I've watched them closely. Even black Tuesday in 1987 wasn't this bad.
We have to start making the right moves. Not just short term moves to get us through today as is typical in modern times but implementing a strategy to get us through the next 20 years and put us on a course to a sustainable economic future. >>
Maybe when the DOW 30 gets to 9K and change, we can begin talking seriously about fixing the problem. New tax code, considerably reduced role in use of public tax money for other than national responsibilities, balanced budget every two years, stuff like that. As long as our leaders just go around sniffin' each others butts and call that doing the work of the people, not much is going to happen. I got my first TG bills today, they were 20's...gonna write on them. Good job on the budget bill; go gold.
<< <i>Maybe when the DOW 30 gets to 9K and change, we can begin talking seriously about fixing the problem. New tax code, considerably reduced role in use of public tax money for other than national responsibilities, balanced budget every two years, stuff like that. As long as our leaders just go around sniffin' each others butts and call that doing the work of the people, not much is going to happen. I got my first TG bills today, they were 20's...gonna write on them. Good job on the budget bill; go gold.
HEY!...GOT CASH? >>
I believe the biggest problem is campaign finance. Until government gets out of bed with wall street, Delaware, madison avenue, and industry we aren't going to get the needed changes. The culture of greed (and corruption) have to go. The failed educational system can only be remedied with draconian action. Teachers should be given a literacy test and those who fail fired. The rest should get immediate 50% pay hikes paid for by the elimin- ation of of all federal programs and the guttingof most school staffs and school boards. Let the teachers teach and fire those who fail. Kids would be reading again in weeks instead of having a decades long erosion in standards and literacy. The top 10% of high school sen- iors should have state paid tuition to any school in the state and this amount should be transferrable.
It was the virtual elimination of taxes on the high income earners that created the culture of greed and fuels the takeover of the economy by the few. Rescind most of the Reagan tax breaks on the rich. Institute onerous taxes on bonuses paid to bankers et al.
Most major changes should be implemented gradually with an announcement of the event- ual end point but tax increases should be immediate. Ultimately we have to stop the waste and inefficiency and this will require that people be held accountable. This means the grossly incompetent will need to find new work even if that means wall street bankers are sweeping up the floors rather than all the money in the world.
I was about 25% in the stock market for the past 2 years, though have very little in my 401K since I took a loan out for half its value this year. The other half was in the Swab Stable Value Fund. Only took a $1K hit since Monday. Now completely out of it as of today. QE3 is a definite now to stop this possible crash. Their is a no vote of confidence by investors today. The debt though 2020 is projected to be $26 Trillion. They only cut if back by $2 trillion. So instead of $28 Triliion it will only be $26 trillion(this was on ABC News and The Daily Show yesterday). How utterly nuts is this.
This should be the number one priority. In order for Congressman and Senators to get elected they must sign a contract with the American People that this will be implemented. The problem is how to you get this done since its the Congress that will have to pass such a law. It will never happen. Revolution will do it.
<< <i>I was about 25% in the stock market for the past 2 years, though have very little in my 401K since I took a loan out for half its value this year. The other half was in the Swab Stable Value Fund. Only took a $1K hit since Monday. Now completely out of it as of today. QE3 is a definite now to stop this possible crash. Their is a no vote of confidence by investors today. The debt though 2020 is projected to be $26 Trillion. They only cut if back by $2 trillion. So instead of $28 Triliion it will only be $26 trillion(this was on ABC News and The Daily Show yesterday). How utterly nuts is this. >>
It's not going to be $26T or $28T because you didn't count entitlement programs. It boggles my mind why/how we ignore that giant elephant in the room.
“We have to start making the right moves. Not just short term moves to get us through today as is typical in modern times but implementing a strategy to get us through the next 20 years and put us on a course to a sustainable economic future.”
I am so sorry my friend but at this point nothing can be done. Oh we will have a collapse in the end, but as the tea party folks are finding out the choice now is riots in the streets if you cut stuff, or just keep printing the money. As we can see from their last two votes most of them and all the “old establishment” have made the choice to just keep paying. The country is headed strait down the toilet, but then again we new that was coming when we started this thread back in 2004.Ah the good old days when sliver was $8 and gold was $450.
What is possible at this point is what was possible then. Stay out of long term paper holdings of all kinds, pay off all debt, store some cash, food, ammo, gold, and silver and set back and watch the circus fold up its tents! It may take several years but the show is over it just takes a long time to close.
“Whoever controls the volume of money in our country is absolute master of all industry and commerce, and when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.” — James A. Garfield, 20th U.S. president, two weeks before he was assassinated in 1881.
I'm not sure that I understand Greece. They are starting to privatize some things that were previously government enterprises because the government can no longer afford to pay the government employees.
I wasn't listening too closely, but how does a deeply socialist government go about privatizing an industry? I guess that Russia went through that, sorta.
Don't the Democrats (let me rephrase that - don't the democrats and republicans) wonder what the end result of their policies is going to be? Isn't it ironic that Greece is bankrupt and it is now doing a 180?
Power corrupts, and absolute power corrupts absolutely. I heard that somewhere, once.
Q: Are You Printing Money? Bernanke: Not Literally
<< <i>I'm not sure that I understand Greece. They are starting to privatize some things that were previously government enterprises because the government can no longer afford to pay the government employees.
I wasn't listening too closely, but how does a deeply socialist government go about privatizing an industry? I guess that Russia went through that, sorta.
Don't the Democrats (let me rephrase that - don't the democrats and republicans) wonder what the end result of their policies is going to be? Isn't it ironic that Greece is bankrupt and it is now doing a 180?
Power corrupts, and absolute power corrupts absolutely. I heard that somewhere, once. >>
Greece is being forced to privatize their income producing assets by the banksters as a condition to receiving further bailouts. The banksters defrauded the Greek government by hiding their liabilities so they could join the Euro, which they never should have been allowed to join. The toxic paper they were sold went bust and now they are asking the Greek people, which had nothing to do with the fraud committed, to pay for it through austerity. Instead they should tell the banksters to take a hike and sue them, like Iceland did, and is now on the road to recovery.
Until there's blood in the street I don't think it's ever too late. Sure it's too to escape the consequences of a 75 year long wild party and we'll have a hangover of biblical proportions but we can head off the destruction if we get any sort of leadership. We need someone who is willing to tell the truth and state how he plans to fix our busted systems. Instead we get campaigners and political hacks at all levels of federal govern- ment.
<< <i>I'm not sure that I understand Greece. They are starting to privatize some things that were previously government enterprises because the government can no longer afford to pay the government employees.
I wasn't listening too closely, but how does a deeply socialist government go about privatizing an industry? I guess that Russia went through that, sorta.
Don't the Democrats (let me rephrase that - don't the democrats and republicans) wonder what the end result of their policies is going to be? Isn't it ironic that Greece is bankrupt and it is now doing a 180?
Power corrupts, and absolute power corrupts absolutely. I heard that somewhere, once. >>
Over the past 100 years or so, Greece has only made good on its interest payments about 50% of the time. The USA is not Greece.
Let me re-phrase that. Who in their right mind would buy a formerly government-run enterprise that is 100% staffed by former government employees with unsustainable pensions & benefits, vacations, healthcare etc?
The first time you asked them to do their jobs and come to work, they would strike. Then, it's goodbye investment.
Q: Are You Printing Money? Bernanke: Not Literally
"...we can head off the destruction if we get any sort of leadership. We need someone who is willing to tell the truth and state how he plans to fix our busted systems."
So true. We seem to have come to the logical conclusion of our two party system; each having enough strength and a strong enough amount of polarity that they can negate the efforts of the other. The folks that elect them are no longer the 3 Br 1 1/2 on a 50x50 lot types, now they are the union PACS, the national organizations that get their workers to give campaign money to the selected candidate, the large aggregations of people representing some interest or another that block vote for some politician that they think will further their ambitions. It's the old "If you rob Peter to pay Paul, you can count on Pauls vote." mentality where our leadership diverts money to support the interest of their voting base; it's the system that has evolved to its logical conclusion...people rebel at their money being spent to support people that won't work, generations of people that have babies out of wedlock so they can suck down the system put in place to protect the elderly and infirm, mobs of people that compose action groups that siphon off gov money to further their private interest group in the name of the greater good, the number of examples are almost endless. On the other hand, politicians are chided and threatened with non support at the voting box if they don't take care of those that brung um.
I predicted before the '08 election that soon, not yet, there will come a guy or a gal that has their mind right. Someone that is deeply patriotic and steeped in the leniage of the country and it's people, someone that understands the role and needs of a world power and that has a modern view of how that mantel should be deployed both at home, in the congress, and abroad. We have never had a perfect President but we have certainly had some exceptional ones. I'm hoping that there is someone out there that has a clear vision of where they want to take this thing and how they want to do it. Someone that has military combat experience or some kind of personal risk of a patriotic nature that knows what we're talking about when we speak of being "free". Someone that is willing to let the mid east work itself out and that will embrace our northern and southern neighbors in a way never before witnessed of considered. Rather than break up into 5 separate regions as Russia has predicted, we should grow together and create a separate but equal union that will exist for themselves, their people and each of the member nations. Someone that carries the might of the US in a sheath and withdraws it only when they plan to completely destroy their opponent, none of this innocent civilian stuff...one in-all in...Do not screw with us, period.
OK, diatribe for Sat morning done. Please return to your regularly scheduled programming.
<< <i>Let me re-phrase that. Who in their right mind would buy a formerly government-run enterprise that is 100% staffed by former government employees with unsustainable pensions & benefits, vacations, healthcare etc?
The first time you asked them to do their jobs and come to work, they would strike. Then, it's goodbye investment. >>
Greece is being forced to put up income producing assets like the sate lottery and public utilities. Bailing out the banks that caused the problem created a moral hazard which is why they should have let them fail. Greece would then be able to bring back it's currency and be a position to rebulid, just like Iceland did.
Interesting video using Comex volumes to that show that the recent drop in silver from $42 was all computer generated algos. Not selling from longs or buying by shorts. By dead markets the author means manipulated or govt controlled. He gives a compelling case for massive manipulation of interest rates. And I know $240 TRILLION reasons why that is the case. Author never did state what he meant by Black Monday (ie dumping of equities, or silver, or TBonds....or any combination of the 3).
<< <i>"...we can head off the destruction if we get any sort of leadership. We need someone who is willing to tell the truth and state how he plans to fix our busted systems."
So true. We seem to have come to the logical conclusion of our two party system; each having enough strength and a strong enough amount of polarity that they can negate the efforts of the other. The folks that elect them are no longer the 3 Br 1 1/2 on a 50x50 lot types, now they are the union PACS, the national organizations that get their workers to give campaign money to the selected candidate, the large aggregations of people representing some interest or another that block vote for some politician that they think will further their ambitions. It's the old "If you rob Peter to pay Paul, you can count on Pauls vote." mentality where our leadership diverts money to support the interest of their voting base; it's the system that has evolved to its logical conclusion...people rebel at their money being spent to support people that won't work, generations of people that have babies out of wedlock so they can suck down the system put in place to protect the elderly and infirm, mobs of people that compose action groups that siphon off gov money to further their private interest group in the name of the greater good, the number of examples are almost endless. On the other hand, politicians are chided and threatened with non support at the voting box if they don't take care of those that brung um.
I predicted before the '08 election that soon, not yet, there will come a guy or a gal that has their mind right. Someone that is deeply patriotic and steeped in the leniage of the country and it's people, someone that understands the role and needs of a world power and that has a modern view of how that mantel should be deployed both at home, in the congress, and abroad. We have never had a perfect President but we have certainly had some exceptional ones. I'm hoping that there is someone out there that has a clear vision of where they want to take this thing and how they want to do it. Someone that has military combat experience or some kind of personal risk of a patriotic nature that knows what we're talking about when we speak of being "free". Someone that is willing to let the mid east work itself out and that will embrace our northern and southern neighbors in a way never before witnessed of considered. Rather than break up into 5 separate regions as Russia has predicted, we should grow together and create a separate but equal union that will exist for themselves, their people and each of the member nations. Someone that carries the might of the US in a sheath and withdraws it only when they plan to completely destroy their opponent, none of this innocent civilian stuff...one in-all in...Do not screw with us, period.
OK, diatribe for Sat morning done. Please return to your regularly scheduled programming. >>
There's plenty of wealth in this country and plenty of generation of new wealth. There's enough that every single person can live quite well but we must quit throwing it away. Why do we make or import products that go straight to the landfills. This country has a throw away mentality and this must go. We need a more fair distribution of wealth so that those who work hard get a fair share and those with power have more incen- tive to increase total wealth instead of sucking up whatever is left.
Most of what we need to do is quite obvious. It's getting there that is always the hard part. Changing things requires courage and it requires leadership not beholden to special interests. To even begin the journey we need a vote of no confidence and campaign finance reform.
Change really isn't that tough and that perilous when it is thought out in advance and enacted incrementally. There will always be unintended consequences and unforeseeable consequences. There will be winners and losers but if we don't change we'll all be losers except a few leaches in banking.
Even after two generations of a failed educational system this country still has some of the best talent and sharpest minds in the world. We can change if we really desire it but not when we vote for the status quo at the ballot box and the pursestrings.
I sincerely believe that merely beginning a change and defining the parameters would energize the country so much that the economy would improve a little. We have everything we need except the will. When the blood runs in the street it will be too late and whatever sparks the problem will have to play out. Whatever is left might have to be rebuilt from the ground up.
<< <i>We need a more fair distribution of wealth so that those who work hard get a fair share and those with power have more incentive to increase total wealth instead of sucking up whatever is left. >>
What do you mean by 'so that those who work hard get a fair share? It still seems to me that those who work hard and smart are doing fine. That hasn't changed.
Taxing and regulating the hell out of people who have wealth as well as an environment of economic and poiltical uncertainty sure isn't going to incentivize them to invest their wealth into things that tend to generate jobs and get money flowing. What are you proposing?
<< <i>Over the past 100 years or so, Greece has only made good on its interest payments about 50% of the time. The USA is not Greece. >>
It's easy to do when you can just print as much as you need. Unfortunately for Greece they can't print Euros. >>
Greece adopted the Euro in 2001. I do believe they printed their own drachmas prior. And they defaulted several times on those drachma denominated obligations.
All the lessons of what created and would create prosperity again will continue to fall on deaf dumb and ignorant ears. The empire will continue to contract.
Glad to be in the business we've chosen
Good idea for Americans to learn how to say please and thank you in mandarin.
"Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9
"Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5
"For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
<< <i>However, not taxing them these past 35 years has not seemed to produce much either.
Many folks give too much credit to unions and the 12% of the work force they represent.
Yes they are guilty of many sins, such as child labor laws, minimum wage, unemployment
Insurance , safe industrial work standards, medical and pension benefits,fair grievance
machinery, secret ballots to vote on contracts. Unions even make it very difficult to authorize
strikes, they require 66% for a strike vote of those voting but only 50% + 1 of those voting.
to ratify a contract. The problem is generally with poor management getting enormous salaries
that justify their bonuses by cutting jobs and shipping work overseas. We seem to constantly
attack the wrong people. Labor costs, are a decreasing percentage of the cost of a product due
to automation. So, the argument over huge wages for union labor just does not fly. In any event,
what is so terrible about a job with a good salery and good benefits. Is everyone more pleased
to be working for minimum wages and no benefits? >>
Thank you Bear! Sometimes it seems that many people have been brainwashed by talk radio to blame the unions/Democrats/liberals for everything. The middle class has been losing ground ever since Reagan, and wealth has been concentrating at the top. The rich are paying less in taxes than they have for many years. And the Republican presidents have run up most of our national debt. Here's where our $14.3 trillion in debt came from:
$1.0 trillion before Reagan: from periods of war and economic downturn. $1.9 million from Reagan: peacetime defense buildup and permanent tax cuts $1.5 trillion from G. Bush: Persian Gulf War and lower revenues from recession $1.4 trillion from Bill Clinton: 2 years of surpluses but deficits in other years $6.1 trillion from GW Bush: Two wars, tax cuts for the rich, recession $2.4 trillion from B. Obama: stimulus spending, tax cuts, lost revenue from recession
So $9.5 trillion of the $13.3 trillion in debt accrued since 1980, or 71.4%, was accrued by Republican presidents.
(Federal Reserve Bank of NY; Dept of the Treasury, Bureau of the Public Debt)
Handling the published sovereign debt by itself would be rather doable. Future entitlements are a 10X magnitude larger than the debt. Then another 10X magnitude above that are the otc derivatives. That's where we really screwed up. Imagine playing a poker game where your first bet didn't work so you then up it 10X. Well that didn't work either so you up that 10X (net 100X). It doesn't take a PhD to figure out how that last bet is going to end.
<< So $9.5 trillion of the $13.3 trillion in debt accrued since 1980, or 71.4%, was accrued by Republican presidents. >>
Gee, I had no idea that presidents were 100% responsible for the deficit. I guess Congress had nothing to do with creating the deficit, nor did the voters who demanded and got numerous "entitlements" that they were unwilling to pay for. Nope, it's all the fault of the presidents.
Edit: Here's an interesting graph showing the deficits under Republican, Democrat and mixed control of Congress. Quite a different picture, wouldn't you say?
<< <i><< So $9.5 trillion of the $13.3 trillion in debt accrued since 1980, or 71.4%, was accrued by Republican presidents. >>
Gee, I had no idea that presidents were 100% responsible for the deficit. I guess Congress had nothing to do with creating the deficit, nor did the voters who demanded and got numerous "entitlements" that they were unwilling to pay for. Nope, it's all the fault of the presidents.
Edit: Here's an interesting graph showing the deficits under Republican, Democrat and mixed control of Congress. Quite a different picture, wouldn't you say? >>
The presidents propose the budget, they set the agenda, and they generally get their agenda. Reagan got his peacetime military buildup; W. got his extra war without paying for it and his tax cuts for the rich. I remember when Clinton was trying to balance the budget, and the Republicans ran campaign ads ridiculing him for it. Certainly both parties have dined at the pork barrel, but it's simply not true that the Demos are responsible for our national debt. The Repubs ran up more of the debt.
<< <i><< So $9.5 trillion of the $13.3 trillion in debt accrued since 1980, or 71.4%, was accrued by Republican presidents. >>
Gee, I had no idea that presidents were 100% responsible for the deficit. I guess Congress had nothing to do with creating the deficit, nor did the voters who demanded and got numerous "entitlements" that they were unwilling to pay for. Nope, it's all the fault of the presidents.
Edit: Here's an interesting graph showing the deficits under Republican, Democrat and mixed control of Congress. Quite a different picture, wouldn't you say? >>
The presidents propose the budget, they set the agenda, and they generally get their agenda. Reagan got his peacetime military buildup; W. got his extra war without paying for it and his tax cuts for the rich. I remember when Clinton was trying to balance the budget, and the Republicans ran campaign ads ridiculing him for it. Certainly both parties have dined at the pork barrel, but it's simply not true that the Demos are responsible for our national debt. The Repubs ran up more of the debt. >>
I am apt to believe that those who are benefiting from the current economic climate are also benefiting from the country being bitterly divided along party lines - and I for one am just playing into this divide anymore. The problems that America faces are not as simple red vs. blue, but as long we as a nation insist on categorizing them as such, they will never be recognized... much less confronted & overcome.
"I am apt to believe that those who are benefiting from the current economic climate are also benefiting from the country being bitterly divided along party lines-"
Yes, like the rumor that Soros cashed in for 10 B on the market drop after the S&P announcement. On the same note, when the big O wanted to scare people into buying into his debt limit plan, he said he would go after social security and the military pay if he didn't get what he needed. Interesting that he didn't offer to suspend the salaries of the legislators or suspend the welfare credit card accounts until it was resolved...certainly an interesting strategy.
Just kidding. But in talking with a friend at a large law firm who just told me his firms insurance premiums dropped, i decided to look for other examples.
I'll take Gold and Silver, Economic News and Coins for 2500, Alec................MJ
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
Comments
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>" The fact that we're here today to debate raising Americas debt limit is a sign of leadership failure. It is a sign that the u.s. government can't pay it's own bills.
It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our governments reckless fiscal policies." Sen. Obama of Illinois March 2006. >>
He couldn't have said it better. What no one seems to be saying is that if they don't balance the budget, we'll just be having the debt ceiling discussion again in a year or two, and then in another year or two and on and on, as has been happening for the past few decades.
Which leads me to the next point of, why raise taxes when the only thing it can possibly do is slow the approach (by some degree) toward the next debt ceiling increase? Of course, all of this is just a smoke screen because SS and Medicare are unsustainable even if they do manage to balance the budget.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
The socialist-democrats want this just to go away, period (until after the election) - nevermind that the $4 Trillion they've racked up is already committed to their pet programs and won't ever be rolled back or repealed without a huge 10-year fight.
If this isn't gridlock, I've never seen gridlock.
They never roll back spending programs, which means that no matter who controls the government - in order to tip the scales toward their side of the fulcrum - they have to leave the other party's new spending in place, while they quadruple spending on their own priorities. This causes the ratios to change without cutting anything that would require a real decision.
It's all smoke & mirrors, and there is no deadline because there is no debt crisis. Spending crisis, yes. Debt crisis, no.
I knew it would happen.
Why We Fight Part 1 of 10
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
http://www.bloomberg.com/news/2011-08-02/australian-house-prices-fall-in-second-quarter-as-higher-rates-damp-demand.html
Edited to add...Australia now has an inverted yield curve. Rut-roh!!
Knowledge is the enemy of fear
In addition to the inverted yield curve in Australia, it is also inverted in Brazil. Both are commodity sensitive countries. Bye bye inflation threat. Unless the global central banks can do something to drive the US dollar lower. Let the great debt deflation continue. As a global recession hits, the rock based currencies will faulter. The only competing currencies will be the chocolate franc, YEN, Euro and of course, gold.
Yields in Germany and Gr. Britain look kind of funky if you use the ECB target rate as the short term yield.
Brazil yield curve
Australia yield curve
Knowledge is the enemy of fear
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
I've watched them and the 45 years I've watched them closely. Even black
Tuesday in 1987 wasn't this bad.
We have to start making the right moves. Not just short term moves to get
us through today as is typical in modern times but implementing a strategy to
get us through the next 20 years and put us on a course to a sustainable
economic future.
<< <i>The markets look as frightening right now as they have to me in the 52 years
I've watched them and the 45 years I've watched them closely. Even black
Tuesday in 1987 wasn't this bad.
We have to start making the right moves. Not just short term moves to get
us through today as is typical in modern times but implementing a strategy to
get us through the next 20 years and put us on a course to a sustainable
economic future. >>
cladking for president (or senator)
Doorbell
HEY!...GOT CASH?
<< <i>Maybe when the DOW 30 gets to 9K and change, we can begin talking seriously about fixing the problem. New tax code, considerably reduced role in use of public tax money for other than national responsibilities, balanced budget every two years, stuff like that. As long as our leaders just go around sniffin' each others butts and call that doing the work of the people, not much is going to happen. I got my first TG bills today, they were 20's...gonna write on them. Good job on the budget bill; go gold.
HEY!...GOT CASH? >>
I believe the biggest problem is campaign finance. Until government gets out of bed with
wall street, Delaware, madison avenue, and industry we aren't going to get the needed
changes. The culture of greed (and corruption) have to go. The failed educational system
can only be remedied with draconian action. Teachers should be given a literacy test and
those who fail fired. The rest should get immediate 50% pay hikes paid for by the elimin-
ation of of all federal programs and the guttingof most school staffs and school boards. Let
the teachers teach and fire those who fail. Kids would be reading again in weeks instead
of having a decades long erosion in standards and literacy. The top 10% of high school sen-
iors should have state paid tuition to any school in the state and this amount should be
transferrable.
It was the virtual elimination of taxes on the high income earners that created the culture
of greed and fuels the takeover of the economy by the few. Rescind most of the Reagan
tax breaks on the rich. Institute onerous taxes on bonuses paid to bankers et al.
Most major changes should be implemented gradually with an announcement of the event-
ual end point but tax increases should be immediate. Ultimately we have to stop the waste
and inefficiency and this will require that people be held accountable. This means the grossly
incompetent will need to find new work even if that means wall street bankers are sweeping
up the floors rather than all the money in the world.
Unfortunately, nothing will happen until an absolute
disaster befalls our Nation. It is a shame, that change
requires such financial and emotional costs, but
human nature, greed and the lust for power, are very
strongly embedded in the American Political System. As
usual , it will be the working people, those still lucky
enough to have a job, that will carry the heaviest burden.
Camelot
Box of 20
This should be the number one priority. In order for Congressman and Senators to get elected they must sign a contract with the American People that this will be implemented. The problem is how to you get this done since its the Congress that will have to pass such a law. It will never happen. Revolution will do it.
Box of 20
<< <i>I was about 25% in the stock market for the past 2 years, though have very little in my 401K since I took a loan out for half its value this year. The other half was in the Swab Stable Value Fund. Only took a $1K hit since Monday. Now completely out of it as of today. QE3 is a definite now to stop this possible crash. Their is a no vote of confidence by investors today. The debt though 2020 is projected to be $26 Trillion. They only cut if back by $2 trillion. So instead of $28 Triliion it will only be $26 trillion(this was on ABC News and The Daily Show yesterday). How utterly nuts is this. >>
It's not going to be $26T or $28T because you didn't count entitlement programs. It boggles my mind why/how we ignore that giant elephant in the room.
us through today as is typical in modern times but implementing a strategy to
get us through the next 20 years and put us on a course to a sustainable
economic future.”
I am so sorry my friend but at this point nothing can be done. Oh we will have a collapse in the end,
but as the tea party folks are finding out the choice now is riots in the streets if you cut stuff, or just
keep printing the money. As we can see from their last two votes most of them and all the “old establishment”
have made the choice to just keep paying. The country is headed strait down the toilet, but then again we new
that was coming when we started this thread back in 2004.Ah the good old days when sliver was $8 and gold was $450.
What is possible at this point is what was possible then. Stay out of long term paper holdings of all kinds, pay off all debt,
store some cash, food, ammo, gold, and silver and set back and watch the circus fold up its tents! It may take several years
but the show is over it just takes a long time to close.
— James A. Garfield, 20th U.S. president, two weeks before he was assassinated in 1881.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
I wasn't listening too closely, but how does a deeply socialist government go about privatizing an industry? I guess that Russia went through that, sorta.
Don't the Democrats (let me rephrase that - don't the democrats and republicans) wonder what the end result of their policies is going to be? Isn't it ironic that Greece is bankrupt and it is now doing a 180?
Power corrupts, and absolute power corrupts absolutely. I heard that somewhere, once.
I knew it would happen.
<< <i>I'm not sure that I understand Greece. They are starting to privatize some things that were previously government enterprises because the government can no longer afford to pay the government employees.
I wasn't listening too closely, but how does a deeply socialist government go about privatizing an industry? I guess that Russia went through that, sorta.
Don't the Democrats (let me rephrase that - don't the democrats and republicans) wonder what the end result of their policies is going to be? Isn't it ironic that Greece is bankrupt and it is now doing a 180?
Power corrupts, and absolute power corrupts absolutely. I heard that somewhere, once. >>
Greece is being forced to privatize their income producing assets by the banksters as a condition to receiving further bailouts. The banksters defrauded the Greek government by hiding their liabilities so they could join the Euro, which they never should have been allowed to join. The toxic paper they were sold went bust and now they are asking the Greek people, which had nothing to do with the fraud committed, to pay for it through austerity. Instead they should tell the banksters to take a hike and sue them, like Iceland did, and is now on the road to recovery.
I'm guessing a gap higher is near.
It's down $.17
the consequences of a 75 year long wild party and we'll have a hangover of biblical
proportions but we can head off the destruction if we get any sort of leadership. We
need someone who is willing to tell the truth and state how he plans to fix our busted
systems. Instead we get campaigners and political hacks at all levels of federal govern-
ment.
<< <i>I've never seen a market act as schizophrenically as silver is right now.
I'm guessing a gap higher is near.
It's down $.17 >>
Now it's down $.70!!!!!!
How Does It Look for the Dollar?
Taped on Sept 3, 1970 (New York City, NY)
Guests: Harry Browne, Eliot Janeway
DVD available on Amazon.com
http://www.amazon.com/gp/product/B004SQFR6E
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>I'm not sure that I understand Greece. They are starting to privatize some things that were previously government enterprises because the government can no longer afford to pay the government employees.
I wasn't listening too closely, but how does a deeply socialist government go about privatizing an industry? I guess that Russia went through that, sorta.
Don't the Democrats (let me rephrase that - don't the democrats and republicans) wonder what the end result of their policies is going to be? Isn't it ironic that Greece is bankrupt and it is now doing a 180?
Power corrupts, and absolute power corrupts absolutely. I heard that somewhere, once. >>
Over the past 100 years or so, Greece has only made good on its interest payments about 50% of the time. The USA is not Greece.
Knowledge is the enemy of fear
The first time you asked them to do their jobs and come to work, they would strike. Then, it's goodbye investment.
I knew it would happen.
need someone who is willing to tell the truth and state how he plans to fix our busted
systems."
So true. We seem to have come to the logical conclusion of our two party system; each having enough strength and a strong enough amount of polarity that they can negate the efforts of the other. The folks that elect them are no longer the 3 Br 1 1/2 on a 50x50 lot types, now they are the union PACS, the national organizations that get their workers to give campaign money to the selected candidate, the large aggregations of people representing some interest or another that block vote for some politician that they think will further their ambitions. It's the old "If you rob Peter to pay Paul, you can count on Pauls vote." mentality where our leadership diverts money to support the interest of their voting base; it's the system that has evolved to its logical conclusion...people rebel at their money being spent to support people that won't work, generations of people that have babies out of wedlock so they can suck down the system put in place to protect the elderly and infirm, mobs of people that compose action groups that siphon off gov money to further their private interest group in the name of the greater good, the number of examples are almost endless. On the other hand, politicians are chided and threatened with non support at the voting box if they don't take care of those that brung um.
I predicted before the '08 election that soon, not yet, there will come a guy or a gal that has their mind right. Someone that is deeply patriotic and steeped in the leniage of the country and it's people, someone that understands the role and needs of a world power and that has a modern view of how that mantel should be deployed both at home, in the congress, and abroad. We have never had a perfect President but we have certainly had some exceptional ones. I'm hoping that there is someone out there that has a clear vision of where they want to take this thing and how they want to do it. Someone that has military combat experience or some kind of personal risk of a patriotic nature that knows what we're talking about when we speak of being "free". Someone that is willing to let the mid east work itself out and that will embrace our northern and southern neighbors in a way never before witnessed of considered. Rather than break up into 5 separate regions as Russia has predicted, we should grow together and create a separate but equal union that will exist for themselves, their people and each of the member nations. Someone that carries the might of the US in a sheath and withdraws it only when they plan to completely destroy their opponent, none of this innocent civilian stuff...one in-all in...Do not screw with us, period.
OK, diatribe for Sat morning done. Please return to your regularly scheduled programming.
<< <i>jmski52......You are speaking about the USA are you not
sure is starting to appear that way eh?
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>Over the past 100 years or so, Greece has only made good on its interest payments about 50% of the time. The USA is not Greece. >>
It's easy to do when you can just print as much as you need. Unfortunately for Greece they can't print Euros.
<< <i>Let me re-phrase that. Who in their right mind would buy a formerly government-run enterprise that is 100% staffed by former government employees with unsustainable pensions & benefits, vacations, healthcare etc?
The first time you asked them to do their jobs and come to work, they would strike. Then, it's goodbye investment. >>
Greece is being forced to put up income producing assets like the sate lottery and public utilities. Bailing out the banks that caused the problem created a moral hazard which is why they should have let them fail. Greece would then be able to bring back it's currency and be a position to rebulid, just like Iceland did.
Interesting video using Comex volumes to that show that the recent drop in silver from $42 was all computer generated algos. Not selling from longs or buying by shorts.
By dead markets the author means manipulated or govt controlled. He gives a compelling case for massive manipulation of interest rates. And I know $240 TRILLION reasons
why that is the case. Author never did state what he meant by Black Monday (ie dumping of equities, or silver, or TBonds....or any combination of the 3).
roadrunner
<< <i>"...we can head off the destruction if we get any sort of leadership. We
need someone who is willing to tell the truth and state how he plans to fix our busted
systems."
So true. We seem to have come to the logical conclusion of our two party system; each having enough strength and a strong enough amount of polarity that they can negate the efforts of the other. The folks that elect them are no longer the 3 Br 1 1/2 on a 50x50 lot types, now they are the union PACS, the national organizations that get their workers to give campaign money to the selected candidate, the large aggregations of people representing some interest or another that block vote for some politician that they think will further their ambitions. It's the old "If you rob Peter to pay Paul, you can count on Pauls vote." mentality where our leadership diverts money to support the interest of their voting base; it's the system that has evolved to its logical conclusion...people rebel at their money being spent to support people that won't work, generations of people that have babies out of wedlock so they can suck down the system put in place to protect the elderly and infirm, mobs of people that compose action groups that siphon off gov money to further their private interest group in the name of the greater good, the number of examples are almost endless. On the other hand, politicians are chided and threatened with non support at the voting box if they don't take care of those that brung um.
I predicted before the '08 election that soon, not yet, there will come a guy or a gal that has their mind right. Someone that is deeply patriotic and steeped in the leniage of the country and it's people, someone that understands the role and needs of a world power and that has a modern view of how that mantel should be deployed both at home, in the congress, and abroad. We have never had a perfect President but we have certainly had some exceptional ones. I'm hoping that there is someone out there that has a clear vision of where they want to take this thing and how they want to do it. Someone that has military combat experience or some kind of personal risk of a patriotic nature that knows what we're talking about when we speak of being "free". Someone that is willing to let the mid east work itself out and that will embrace our northern and southern neighbors in a way never before witnessed of considered. Rather than break up into 5 separate regions as Russia has predicted, we should grow together and create a separate but equal union that will exist for themselves, their people and each of the member nations. Someone that carries the might of the US in a sheath and withdraws it only when they plan to completely destroy their opponent, none of this innocent civilian stuff...one in-all in...Do not screw with us, period.
OK, diatribe for Sat morning done. Please return to your regularly scheduled programming. >>
There's plenty of wealth in this country and plenty of generation of new wealth. There's enough that every
single person can live quite well but we must quit throwing it away. Why do we make or import products that
go straight to the landfills. This country has a throw away mentality and this must go. We need a more fair
distribution of wealth so that those who work hard get a fair share and those with power have more incen-
tive to increase total wealth instead of sucking up whatever is left.
Most of what we need to do is quite obvious. It's getting there that is always the hard part. Changing things
requires courage and it requires leadership not beholden to special interests. To even begin the journey we
need a vote of no confidence and campaign finance reform.
Change really isn't that tough and that perilous when it is thought out in advance and enacted incrementally.
There will always be unintended consequences and unforeseeable consequences. There will be winners and
losers but if we don't change we'll all be losers except a few leaches in banking.
Even after two generations of a failed educational system this country still has some of the best talent and
sharpest minds in the world. We can change if we really desire it but not when we vote for the status quo
at the ballot box and the pursestrings.
I sincerely believe that merely beginning a change and defining the parameters would energize the country so
much that the economy would improve a little. We have everything we need except the will. When the blood
runs in the street it will be too late and whatever sparks the problem will have to play out. Whatever is left
might have to be rebuilt from the ground up.
<< <i>We need a more fair distribution of wealth so that those who work hard get a fair share and those with power have more incentive to increase total wealth instead of sucking up whatever is left. >>
What do you mean by 'so that those who work hard get a fair share? It still seems to me that those who work hard and smart are doing fine. That hasn't changed.
Taxing and regulating the hell out of people who have wealth as well as an environment of economic and poiltical uncertainty sure isn't going to incentivize them to invest their wealth into things that tend to generate jobs and get money flowing. What are you proposing?
Many folks give too much credit to unions and the 12% of the work force they represent.
Yes they are guilty of many sins, such as child labor laws, minimum wage, unemployment
Insurance , safe industrial work standards, medical and pension benefits,fair grievance
machinery, secret ballots to vote on contracts. Unions even make it very difficult to authorize
strikes, they require 66% for a strike vote of those voting but only 50% + 1 of those voting.
to ratify a contract. The problem is generally with poor management getting enormous salaries
that justify their bonuses by cutting jobs and shipping work overseas. We seem to constantly
attack the wrong people. Labor costs, are a decreasing percentage of the cost of a product due
to automation. So, the argument over huge wages for union labor just does not fly. In any event,
what is so terrible about a job with a good salery and good benefits. Is everyone more pleased
to be working for minimum wages and no benefits?
Camelot
<< <i>
<< <i>Over the past 100 years or so, Greece has only made good on its interest payments about 50% of the time. The USA is not Greece. >>
It's easy to do when you can just print as much as you need. Unfortunately for Greece they can't print Euros. >>
Greece adopted the Euro in 2001. I do believe they printed their own drachmas prior. And they defaulted several times on those drachma denominated obligations.
Knowledge is the enemy of fear
In the meantime:
10 Growing Trends for the Chinese Consumer
All the lessons of what created and would create prosperity again will continue to fall on deaf dumb and ignorant ears. The empire will continue to contract.
Glad to be in the business we've chosen
Good idea for Americans to learn how to say please and thank you in mandarin.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
from jsmineset.com
"Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9
"Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5
"For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
<< <i>
from jsmineset.com
It would be appropriate to have the military sucking off the rear ends of those who are suckling that pig.
Then put a large percentage of Americans somewhere in that mix.
I don't think the average fellow realizes how fked this place is PRECISELY because of all that sucking.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
The Refusal to Think
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>However, not taxing them these past 35 years has not seemed to produce much either.
Many folks give too much credit to unions and the 12% of the work force they represent.
Yes they are guilty of many sins, such as child labor laws, minimum wage, unemployment
Insurance , safe industrial work standards, medical and pension benefits,fair grievance
machinery, secret ballots to vote on contracts. Unions even make it very difficult to authorize
strikes, they require 66% for a strike vote of those voting but only 50% + 1 of those voting.
to ratify a contract. The problem is generally with poor management getting enormous salaries
that justify their bonuses by cutting jobs and shipping work overseas. We seem to constantly
attack the wrong people. Labor costs, are a decreasing percentage of the cost of a product due
to automation. So, the argument over huge wages for union labor just does not fly. In any event,
what is so terrible about a job with a good salery and good benefits. Is everyone more pleased
to be working for minimum wages and no benefits? >>
Thank you Bear! Sometimes it seems that many people have been brainwashed by talk radio to blame the unions/Democrats/liberals for everything. The middle class has been losing ground ever since Reagan, and wealth has been concentrating at the top. The rich are paying less in taxes than they have for many years. And the Republican presidents have run up most of our national debt. Here's where our $14.3 trillion in debt came from:
$1.0 trillion before Reagan: from periods of war and economic downturn.
$1.9 million from Reagan: peacetime defense buildup and permanent tax cuts
$1.5 trillion from G. Bush: Persian Gulf War and lower revenues from recession
$1.4 trillion from Bill Clinton: 2 years of surpluses but deficits in other years
$6.1 trillion from GW Bush: Two wars, tax cuts for the rich, recession
$2.4 trillion from B. Obama: stimulus spending, tax cuts, lost revenue from recession
So $9.5 trillion of the $13.3 trillion in debt accrued since 1980, or 71.4%, was accrued by Republican presidents.
(Federal Reserve Bank of NY; Dept of the Treasury, Bureau of the Public Debt)
that are the otc derivatives. That's where we really screwed up. Imagine playing a poker game where your first bet didn't work so you then up it 10X. Well that didn't work
either so you up that 10X (net 100X). It doesn't take a PhD to figure out how that last bet is going to end.
roadrunner
<< <i>
<< <i>
from jsmineset.com
It would be appropriate to have the military sucking off the rear ends of those who are suckling that pig. >>
Better yet, it would be even more appropriate to show some old folks suckling that pig. The entitled generation.
--aap
Gee, I had no idea that presidents were 100% responsible for the deficit. I guess Congress had nothing to do with creating the deficit, nor did the voters who demanded and got numerous "entitlements" that they were unwilling to pay for. Nope, it's all the fault of the presidents.
Edit: Here's an interesting graph showing the deficits under Republican, Democrat and mixed control of Congress. Quite a different picture, wouldn't you say?
My Adolph A. Weinman signature
<< <i><< So $9.5 trillion of the $13.3 trillion in debt accrued since 1980, or 71.4%, was accrued by Republican presidents. >>
Gee, I had no idea that presidents were 100% responsible for the deficit. I guess Congress had nothing to do with creating the deficit, nor did the voters who demanded and got numerous "entitlements" that they were unwilling to pay for. Nope, it's all the fault of the presidents.
Edit: Here's an interesting graph showing the deficits under Republican, Democrat and mixed control of Congress. Quite a different picture, wouldn't you say? >>
The presidents propose the budget, they set the agenda, and they generally get their agenda. Reagan got his peacetime military buildup; W. got his extra war without paying for it and his tax cuts for the rich. I remember when Clinton was trying to balance the budget, and the Republicans ran campaign ads ridiculing him for it. Certainly both parties have dined at the pork barrel, but it's simply not true that the Demos are responsible for our national debt. The Repubs ran up more of the debt.
<< <i>
<< <i><< So $9.5 trillion of the $13.3 trillion in debt accrued since 1980, or 71.4%, was accrued by Republican presidents. >>
Gee, I had no idea that presidents were 100% responsible for the deficit. I guess Congress had nothing to do with creating the deficit, nor did the voters who demanded and got numerous "entitlements" that they were unwilling to pay for. Nope, it's all the fault of the presidents.
Edit: Here's an interesting graph showing the deficits under Republican, Democrat and mixed control of Congress. Quite a different picture, wouldn't you say? >>
The presidents propose the budget, they set the agenda, and they generally get their agenda. Reagan got his peacetime military buildup; W. got his extra war without paying for it and his tax cuts for the rich. I remember when Clinton was trying to balance the budget, and the Republicans ran campaign ads ridiculing him for it. Certainly both parties have dined at the pork barrel, but it's simply not true that the Demos are responsible for our national debt. The Repubs ran up more of the debt. >>
I am apt to believe that those who are benefiting from the current economic climate are also benefiting from the country being bitterly divided along party lines - and I for one am just playing into this divide anymore. The problems that America faces are not as simple red vs. blue, but as long we as a nation insist on categorizing them as such, they will never be recognized... much less confronted & overcome.
>>>My Collection
Yes, like the rumor that Soros cashed in for 10 B on the market drop after the S&P announcement. On the same note, when the big O wanted to scare people into buying into his debt limit plan, he said he would go after social security and the military pay if he didn't get what he needed. Interesting that he didn't offer to suspend the salaries of the legislators or suspend the welfare credit card accounts until it was resolved...certainly an interesting strategy.
eidted to add: Gold at 1776.
Just kidding. But in talking with a friend at a large law firm who just told me his firms insurance premiums dropped, i decided to look for other examples.
Knowledge is the enemy of fear
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......