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Old 09-20-2012, 01:16 PM   #3021
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Unfortunately this is from a couple of years ago. Jack hates when I make this comparison, so here it goes.

* U.S. Tax revenue: $2,170,000,000,000
* Fed budget: $3,820,000,000,000
* New debt: $ 1,650,000,000,000
* National debt: $14,271,000,000,000
* Recent budget cuts: $ 38,500,000,000

Let's now remove 8 zeros and pretend it's a household budget:

* Annual family income: $21,700.00
* Money the family spent: $38,200.00
* New debt on the credit card: $16,500.00
* Outstanding balance on the credit card: $142,710.00
* Total budget cuts so far: $38.50
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Old 09-20-2012, 02:13 PM   #3022
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Quote:
Originally Posted by Braineack View Post
The epitome of everything I hate about Obama:



“you're willing to stake your political career on there being a common ground?”

“That’s the core of my faith,” Obama replied.


his position has not evolved; he still hates America, the American way, and your success.
When is the last time Obama sat down to find common ground? His first two years saw half of America not even allowed to the table. His surrogates in Congress didn't even allow the Republicans into the meeting rooms. How about that grand compromise the last time we reached the debt ceiling? How about the concessions he made regarding Obamacare? The Catholics are completely happy about their "compromise". I guess they just get to compromise their beliefs and the First Amendment.

Complete and utter bullshit.
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Old 09-20-2012, 03:37 PM   #3023
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Originally Posted by cordycord View Post
None of this negates the fact that we spend more than we take in.
I know this is a waste of time with Cord, but maybe other readers will get something from the information. As long as the US runs a persistent Trade deficit, if the Private Sector wants to run a surplus (save more than it spends), the Government Sector must run a deficit (spend more than it takes in). This is a mathematic relationship. I can send you the spreadsheet with the data.

Quote:
Even fiat currency is based on perceived value, and "printed" money--even if its an electronic chit sent from one government entity to another--causes monetary inflation.
All government spending is "printing money." Any time the US government spends money, that money is new money that is created out of thin air. This is not new, did not start with Bernanke or Greenspan, etc.

What is "monetary inflation?"

Quote:
This could give us a perfect storm debt swap bond collapse when the bubble unwinds.
What does this mean? What is a "debt swap bond collapse?"
What bonds?
What does it mean for a bond to "collapse?"
What will cause those bonds to collapse in that way?

Quote:
You must love those Austrians Jack.
I think the Austrians provided a lot of great information and foundations to my understanding of economics. I also think they view economics through ideological and political blinders that leaves huge gaps in their understanding of reality. Edward Harrison being an exception as he incorporates modern monetary system understanding into an Austrian perspective.

Most Austrians are stuck on anachronisms like the money multiplier, loanable funds theory, etc.
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Old 09-20-2012, 03:53 PM   #3024
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Where most of Mitt Romney’s 47% live

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Old 09-20-2012, 04:03 PM   #3025
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coincidentally.
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Old 09-20-2012, 04:07 PM   #3026
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Quote:
Originally Posted by Scrappy Jack View Post
I know this is a waste of time with Cord, but maybe other readers will get something from the information. As long as the US runs a persistent Trade deficit, if the Private Sector wants to run a surplus (save more than it spends), the Government Sector must run a deficit (spend more than it takes in). This is a mathematic relationship. I can send you the spreadsheet with the data.
If you need a graph to explain the intricacies of "we spend more than we take in", then yes, there is no hope.
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Old 09-20-2012, 06:24 PM   #3027
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Here are some more "money printing" fun facts to share with you friends.

Dollar Index on 09/19/2011: 77.14
Gold price on 09/19/2011: $1803 per ounce
Dollars "printed" in past year according to US Treasury: $65 TRILLION

Dollar Index on 09/19/2012: 79.05
Gold price on 09/19/2012: $1770 per ounce

Dollar is up.
Gold is down.

But don't worry...dollar debasement and inflation are coming all you gold lovers! Really, I swear!
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Old 09-20-2012, 06:26 PM   #3028
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is the dollar still worth less than the canadian?
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Old 09-20-2012, 07:21 PM   #3029
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Quote:
Originally Posted by braineack View Post
is the dollar still worth less than the canadian?
irrelevant!
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Old 09-20-2012, 07:28 PM   #3030
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is it?

it's irrelevant the the gold lost a tiny bit of value, but the dollar happened to gain back a little bit of losses without a trend to recover?

hey look, the same thing happened in 2008:





oh no, derp derp derp derpu dpefre pfd safsafdsa 2012:




I like jagged lines with trends. tell me about the power of a dollar vs gold again?
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Old 09-20-2012, 07:39 PM   #3031
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Quote:
Originally Posted by cordycord View Post
irrelevant!
Sarcasm alert.

As jacked up as America has been, "luckily" the world is also going through its own melt down. One plays on the other.

However, one can only play the ponzi scheme so long before the numbers catch up. All this short-term debt if restructured to historic rates means an extra $300 billion per year in interest payments per point. As Timmy Geithner said, "What if we have a bond sale and nobody shows up?"

For Jack, let's unwind this ponzi balloon.
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Old 09-20-2012, 08:09 PM   #3032
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Brain: The point is with all of that $65 TRILLION printed, gold is down slightly and dollar is up slightly. Also, 1 USD = ~0.97 CDN. With all of that MONEY PRINTING!!!11!!one!!uno!! shouldn't there be massive monetary inflation?!

Cord - Why in the name of Dinosaur-Riding Jesus would the US ever "restructure" its sovereign debt? Either you are using that term wrong or I am misunderstanding what you mean.


Also, if "nobody shows up" to a US Treasury auction, it means the primary dealers have revolted and you have a full-fledged currency rejection (and riots in the street, etc). That also probably means the US has lost a war on domestic soil or has had a complete government takeover by some sort of dictator or military coup.
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Old 09-21-2012, 12:08 AM   #3033
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Quote:
Originally Posted by Scrappy Jack View Post
Cord - Why in the name of Dinosaur-Riding Jesus would the US ever "restructure" its sovereign debt? Either you are using that term wrong or I am misunderstanding what you mean.

Also, if "nobody shows up" to a US Treasury auction, it means the primary dealers have revolted and you have a full-fledged currency rejection (and riots in the street, etc). That also probably means the US has lost a war on domestic soil or has had a complete government takeover by some sort of dictator or military coup.
My mistake. Our debt is manageable now because interest rates are low. Should those "A's" become "b's", we'll be in a world of hurt.

As for nobody showing up to an auction, that was Tax Cheat Timmy Geitner's question, not mine. I'm going to assume that he's got more inside information that even you Jack. Why would he say something like that during the debt ceiling crisis?

We'll have another debt ceiling debate here soon--along with the "fiscal cliff" in January. Might that cause Timmy to ask the question again?
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Old 09-21-2012, 07:16 AM   #3034
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My mistake. Our debt is manageable now because interest rates are low. Should those "A's" become "b's", we'll be in a world of hurt.
And what will cause the interest rates on that debt to rise? Understanding the mechanics is important.

Quote:
As for nobody showing up to an auction, that was Tax Cheat Timmy Geitner's question, not mine. I'm going to assume that he's got more inside information that even you Jack. Why would he say something like that during the debt ceiling crisis?
"Tax Cheat Timmy," appointee of Obama? No way he - or Obama who said the USA was going to be "out of money" unless the debt ceiling was raised - have political designs. Same with the Congressional Republicans who talk about us being "bankrupt" and the "next Greece." No way they could be spreading wrong information in order to manipulate gullible electorates.

They are the government and they are here to help.
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Old 09-21-2012, 12:15 PM   #3035
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Quote:
Originally Posted by Scrappy Jack View Post
And what will cause the interest rates on that debt to rise? Understanding the mechanics is important.



"Tax Cheat Timmy," appointee of Obama? No way he - or Obama who said the USA was going to be "out of money" unless the debt ceiling was raised - have political designs. Same with the Congressional Republicans who talk about us being "bankrupt" and the "next Greece." No way they could be spreading wrong information in order to manipulate gullible electorates.

They are the government and they are here to help.
The Geitner quote came out in the Woodward book a couple weeks ago, not as a means of political manipulation.
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Old 09-21-2012, 12:40 PM   #3036
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Default Falling down the ladder

Annual Ranking: U.S. Has Less Economic Freedom Than Bahrain | CNSNews.com
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Old 09-21-2012, 02:32 PM   #3037
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4chan surprisingly gets something right about politics:

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Old 09-21-2012, 02:47 PM   #3038
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lol at obama caring about nukes.
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Old 09-22-2012, 01:33 AM   #3039
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Default Food Stamps

National disgrace.
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Old 09-22-2012, 01:38 AM   #3040
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Default turnaround is fair play :)

The PJ Tatler » Turnabout Fair Play: Israel Demands Restitution of Jewish Land Confiscated by Arabs
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