A bankrupt empire still trying to police the world is the ultimate act of hubris
- quote is from the article linked below
I woke up today in a bearish mood for some reason and the commentary below from The Burning Platform blog was perfect fuel:
I'm not bearish, mind you, on the prospects for the markets, especially the precious metals. The Fed will print plenty of money to accommodate the Government's deficit spending and debt accumulation. The prospects are hopeless for new leadership that will do what is needed to start saving this country. The Republican choices are beyond dismal (except Ron Paul) and Obama is really nothing more than an extension of his predecessor. Any Obama apologist who believes otherwise is a complete idiot.•We’ve increased our national debt by $5.6 trillion in the last three and a half years. It took from 1789 until 2000, two hundred and eleven years, to accumulate the first $5.6 trillion of debt.
•Our average annual deficit from 2000 through 2008 was $190 billion. Our average annual deficits since 2008 have been $1.3 trillion. Our deficits never exceeded 4% of GDP prior to 2008, but now they exceed 9%.
•The national debt will reach $20 trillion by 2015 and if interest rates normalized to the same level they were in 2007 (5%), annual interest expense would be $1 trillion, or 45% of current tax revenue.
•There are 242 million working age Americans and 100 million of them are not working. But don’t concern yourself. The Federal government reports that only 13 million of these people are actually unemployed. The other 87 million are just kicking back and living off their accumulated riches.
•The economic recovery has been so great that the 7.5 million people added to the Food Stamp rolls since the recession officially ended in December 2009 isn’t really an indication of severe stress among the 99%. Only 46.5 million Americans (15% of the population) need food stamps to survive.
•The unfunded liabilities of Medicare, Medicaid and Social Security exceed $100 trillion and cannot possibly be honored, leaving future generations to fend for themselves.
With that, I hope everyone takes the time to read thru this commentary from The Burning Platform: LINK
Just for the record, the entire precious metals sector is fundamentally and technically set up for its next big cyclical move to new highs.
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He forgot the 17 trillion in unfunded costs related to the Affordable Health Care act.
ReplyDeleteIt defines Oxymoron.
Dave, all of your readers should see this as well: http://www.moneynews.com/Headline/fed-debt-Treasury/2012/03/28/id/434106
ReplyDeleteFrom the WSJ about the Fed buying over 60% of US Debt!
Josh
here is the governments angle
ReplyDeletethey borrow money and pay three percent interest
but inflation is also three percent
so they pay nothing to borrow money!!!!
the real question is not how much debt, but the "REAL COST"
of debt service
if I buy an asset and it is going up faster than my rate of interest
it is called leverage
so our government is running a brilliant swindle on the whole world
we pay nothing we never pay back the principle
it actually can go on "forever"
looked at food stamp eligilbility....need to have less than 2k in assets to qualify...even with crooked signups, this is beyond sad to have 46mm .....
ReplyDeleteThank you, Dave. It's hearing from you that the precious metals sector is fundamentally and technically set up for its next move big cyclical move higher that put me at rest this evening. After a brutal month watching my PM miners get pummeled, and facing facts like the ones presented by Jim Quinn, I'm hoping for new, and hopefully forgiving, rallies in the PM shares before the May correction in equities.
ReplyDeletePeace to you...
(from 4/2, 7:09 pm), Correction: I meant to say, "It's a relief hearing from you that the PM sector is fundamentally and technically set up for its next big cyclical move higher that put me at rest this evening."
ReplyDeleteI don't think the fundamentals or the technicals will apply when the paper and the gold diverge. Much has been written about this, but I see no way to avoid the outcome predicted by the holders of vast amounts of physical gold.
ReplyDeleteThe paper hung will defend the crashinmg paper "price" of the worlds only true intrinsic-value money and if you trade the paper price you will need to throw your technicals and fundamentals away to prepare for that.
It's really quite simple, hoard all the physical metal you can afford to and leave no trail to it as evidence for the next wave of fascist enslavement dictums.
Everyone's always talking about supporting the troops..so why doesn't MSM start listening to them?
ReplyDeleteVIDEO: 1930s Bonus Army Redux? Veterans For Ron Paul Plan Huge March on RNC in August …
Veterans marched on the Whitehouse in Washington DC on Monday 20th of February 2012. The reason they march is to tell the people, the Whitehouse and Obama that Ron Paul is their choice for President on the upcoming election. Thousands showed up for the march and there was a ceremony for the troops that has died under Obama as Commander and Chief. The veterans called out “President Ron Paul” to support Ron Paul in the upcoming election and his call for ending the wars. 75% of the troops support Ron Paul today and he is receiving most of the funding for his campaign from the troops. The words “End the FED” was also chanted by the marching veterans. – YouTube
http://sgtreport.com/2012/04/video-1930s-bonus-army-redux-veterans-for-ron-paul-plan-huge-march-on-rnc-in-august/
Gangsterism and the non persons..
ReplyDeleteThrough The Breakdown Crisis - Primer
http://youtu.be/JjH-e9iBlcQ
Gold and silver-the ultimate anti-fiat currency vs Fed's ‘sophisticated swindle'
ReplyDeleteWhile public awareness of this problem has grown steadily for 40 years, grassroots objection is just now reaching a critical mass, especially among the younger followers of presidential candidate Ron Paul. That is why Federal Reserve Chairman Ben Bernanke, in reaching out to the next generation of leaders with his series of university lectures, is disingenuously making a point of damning the gold standard for its "volatility" while utterly dismissing the simple truth that at least on the gold standard the dollar retained its purchasing power over time, something the U.S. dollar under the Federal Reserve Bank's stewardship unequivocally has failed to do.
TGR: And now the largest wave of retirees in American history is about to have a nasty surprise?
RK: Exactly. Retiring Baby Boomers are discovering they have been duped and that their golden years have been confiscated by a government they believed was serving their interests-and this largest cohort of the population, as well as an increasing number of young people facing a very bleak future determined for them before they were born by deficit spending politicians and their social welfare programs that have simply run amok-are saying "We're mad as hell, and we're not going to take it anymore."
I believe that when you see the radical left in America as manifested by the Occupy Wall Street movement marching right by the radical right in America as manifested by the Tea Party movement effectively mouthing the same slogans, and seeing their ranks swell with retiring Baby Boomers, change is at hand.
The United States has a history of reform, of "throwing the bums out," and we think it likely that time is at hand once again.
To be clear: we think this is a good thing, a cleansing thing, that will lead to better lives for the mass of Americans.
http://www.mineweb.com/mineweb/view/mineweb/en/page103855?oid=148722&sn=Detail&pid=102055
Go down to...You are here. Sums it all up.
ReplyDeletehttp://www.zerohedge.com/contributed/2012-14-03/trust-barometer-pink-slime-solar-energy?
When inflation hits this moribund dump it's going to make Weimar Germany look like a joke. That said, traders should be prepared to convert their funds into another currency on extremely short notice - basically ANYTHING other than the dollar or Euro...
ReplyDeleteThe United States is dying, and deservedly so, I might add...I plan on selling my assets here and vacating as quickly as possible.
ReplyDelete