Theres' Something Fishy In The House Of Morgan, Pt. 2: Bitcoin Fear, Envy & Loathing
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Posted on 02/13/2014 8:13:12 AM PST by Rusty0604
The nonpartisan Congressional Budget Office is acting in a bipartisan way to cover up the biggest single threat to the bipartisan political alliance that is stripping America of its wealth: the United States Congress.
There is no question that the following policy is bipartisan. Democrats and Republicans in Congress are completely agreed that the following information should not get out to the American people, namely, that the present value of the United States government’s off-budget liabilities is over $200 trillion.
The CBO has two sets of books. This is what any Ponzi scheme requires. It releases one set of books to the rubes in the financial media, who are perfectly content to quote from it, when they are even aware of it.
In past years, the CBO simultaneously released what it calls its Alternative Fiscal Scenario. This forecast is what CBO actually projects future taxes and spending to be ...But this year, the CBO’s long-term forecast included only the EBF. The AFS was nowhere to be seen.
The CBO did not get away with this, at least not to the extent that it had hoped. There were complaints...The CBO posted this information, but it did not alert the financial media to the update. Using the AFS figures, the unfunded liability is $205 trillion. This is the figure that the CBO does not want the general public, meaning the financial media, to be aware of.
There is no way out, other than default. This will have profound consequences politically, economically, and socially. It will be the end of the Keynesian welfare state. The Keynesians will be left holding the empty bag.
This is how all Ponzi schemes end. But those deluded souls who buy into them refuse to face statistical reality until the scheme blows up, leaving them empty-handed.
(Excerpt) Read more at dailyreckoning.com ...
THis is Obama’s primary tool in his quest to destroy America.
It seemed like only a short time ago it was 100 trillion. When it goes parabolic like this the end is near.
Theres' Something Fishy In The House Of Morgan, Pt. 2: Bitcoin Fear, Envy & Loathing
Click to be Added / Removed.
Do we have graphs showing the payouts as needed over time? vs revenue? vs “borrowing”? vs GDP? Would help nail down when hyperinflation (ie: the end) arrives, the point when it is impossible to print enough cash to in effect confiscate enough wealth to pay up.
“You can’t con an honest man, but you can con a dishonest man all day.”
“”Elect me, and I’ll steal for you!”
And words mean stuff. This topic doesn't get much attention because "Alternative Fiscal Scenario (AFS)" should more appropriately be named, "Actual Fiscal Scenario".
I bet that would turn some heads. Something as simple as conservatives putting forth a bill to rename it, and mandate the reporting by CBO would be huge and serious (or hugh and series, if you prefer).
HOORAY Gary North! Socialism Is Legal Plunder. ID the socialists. Some here…
http://cpc.grijalva.house.gov/caucus-members/
Many others are not so obvious. ID some by their words and some by their deeds.
DEPOPULATE socialists from the body politic. For the damage they have done to the republic, their assets should be subject to confiscation.
It’s easy to…
live - free - republic
The welfare state started long before Obama. He just added another entitlement as did Bush 43 with the prescription drug program, which represents a $7.3 trillion unfunded liability.
I’m with you, have been on this one a long time. Thanks for updating me and informing others.
There is no way out, other than default. This will have profound consequences politically, economically, and socially. It will be the end of the Keynesian welfare state. The Keynesians will be left holding the empty bag.
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The French have a good word for this: denouement. Its the final part of a story when the plot or outcome becomes clear and is resolved. In other words, the Big Reset is coming.
Totally agree with you. The debt is not just unsustainable, its cataclysmic in the true sense of the word.
All of these doom laden forecast ignore the government’s prime weapon - deflation. They can reduce their debt by an unlimited amount by inflating the currency. How much inflation would you like today? Say “Pengo” - (No, not the game).” Say “Mark”. The possibilities are limitless.
A deluge of consequences to ensue if the voters don’t get it right in the next two elections.
Somebody could design an email...
Hey, the Chinese have been taking our debt on for years.
They’re funded, by the future stream of tax revenue.
And they’re not real liabilities in practice. Real liabilities can’t be changed. If I owe someone $1,000, I can’t unilaterally say to that person, “I say I now only owe you $600”.
The international-banker-controlled Federal and State governments, on the other hand, can, in the future, pass legislation (or in the pResident’s case, simply sign a banker-written executive order) that says, effectively, “we were going to pay you $1,000, but we’re only going to pay you $600.”
But the scam-elected politicians, being minions to bankers, have been ordered to never ever reduce the obligations of government. Never.
The bankers order them to adhere to this rule, of constantly ratcheting up government spending and never decreasing it.
Why ?
Because spending more than is received in taxes causes governments to go hat in hand to bankers to borrow. It’s been going on for centuries. The top-level advisors to governments have been part of the banking world. The head of state views “his” bankers as his key ally, while all along the banker views him as a rube ripe for being controlled by them. He is only their expendable, replaceable puppet, in their view, a vassal through which they, in fact, rule over the population. They convince him to go to war, they convince him to sue for peace. They convince him to regulate. They convince him to spend on public works.
Governments are CUSTOMERS of bankers.
Like addicts are customers to drug dealers, or, more appropriately, like borrowers are customers to loan sharks, bankers never ever want their government customers to get any inkling of an idea that they a) won’t repay or b) won’t continue to borrow more.
It’s usury, but on a national scale. Why loan shark one citizen at a time when you can loan shark the entire population of a nation ?
Even though government could turn away from the bankers with 2 easy steps: a) pay off what’s owed but borrow not one more penny and b) aggressively prosecute them and get them put in jail and publicly reviled so they don’t start massive agitprop campaigns to push said government out of office.
National governments, being sovereign and thus having the right to coin their own money, could pay off national debts by simply creating their own money to do so. States and provinces, of course, don’t have that option, but must pay off only through the use of tax revenue.
What freedom it would be to have those debt monsters off our back.
It may be off books, but it still needs to be repaid, or defaulted. This will destroy socialism.
Do not fall for the ploy that these programs are “liabilities” in any typical business sense of the word. The left is hyping this up and conservatives are falling for it.
A political promise made by a politician is just that and carries no legally enforceable weight beyond the politician’s next election. SS is the best example. It can be ended tomorrow if a simple majority voted to end it. So it is with all of these “liabilities”. What the left is trying to do is take “promises” no matter how outlandish, sustainable, or constitutional and turn them into “liabilities” that must be funded.
Exhibit A is Social Security, B is public worker’s pensions, C is military pensions, and D is government bonds. Everyone one of these will be defended by the right and the left for different reasons.
Overlooked is that whatever is instituted by politics can be undone by politics. These future “liabilities” cannot be paid in full and therefore will not be paid. At some point there will be a political reckoning as to who wins and who loses.
I understand all of the I earned it, they are our heroes, it was taken from me, it’s all I have, the money was wasted elsewhere, I relied on the promises, I worked hard, etc.. But it does not change the fact that what one generation does another can undo...see Jefferson...and one generation cannot obligate the next for its debts...see Jefferson again.
...in Reuters’ own words, “the savings of the European Union’s 500 million citizens could be used to fund long-term investments to boost the economy and help plug the gap left by banks since the financial crisis, an EU document says.” What is left unsaid is that the “usage” will be on a purely involuntary basis, at the discretion of the “union”, and can thus best be described as confiscation.
The source of this stunner is a document seen be Reuters, which describes how the EU is looking for ways to “wean” the 28-country bloc from its heavy reliance on bank financing and find other means of funding small companies, infrastructure projects and other investment.
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