Wednesday, May 4, 2011

Geithner Asking For $2 Trillion To Run The Government Thru FY 2012

That's just a complete joke.  What happened to expense-cutting and prudent fiscal management? This will take the "on-balance-sheet" debt load to well over $16 Trillion.  Who the hell is going to buy that paper, given that Asia is now cutting back on dollars?  Anyone still want believe that the Fed is done printing?  Here's the link:  Geithner Is A Complete Joke  What happens after that debt-ceiling is hit?  Anyone who thinks that this is the last debt limit increase is a moron.


  1. It's been an interesting day so far in PMs, the dollar and the share markets as they are all falling together. In the meantime, FWIW, the controversial Marty Armstrong has a cycle turn date in early/mid June. My personal opinion of Mr. Armstrong varies, but there is little doubt in my mind that he is a formidable technical analyst, and I would rather, regardless of my long term view of gold, see it fall into that date than rise. Presently, it seems quite clear that we have made a meaningful "technical" top in PMs.

  2. I would buy in to a transitory top in PM's for the time being. However, all one need understand is the USD is barely hanging on as the FED/USG is still spending wildly with no end in sight.

    I would not be surprized to see the USD roll over within a few weeks and head toward 50. Then the PM's will blast off to the stars.

    Joe M.

  3. Just in case anyone still thought the Gov't felt any sense of urgency to address the real issues in the US...

    The White House and Republican leaders "are discussing a deal that would enact strict deficit targets and some spending cuts to win Republican votes for lifting the ceiling on how much the federal government can borrow," the Wall Street Journal reports.

    "The deal would defer contentious decisions about Medicare, Medicaid and taxes until after the 2012 elections. If such an agreement were reached, it would allow both sides to assure financial markets and the public of their commitment to reducing the deficit and then use next year's campaign to lay out their competing visions for the future of major government programs."

    WTF? are these people serious? After the 2012 elections, so 1.5-2 years? we're doomed.