Moody's Jewelry Neon Sign (Photo credit: Lost Tulsa)
~I couldn’t resist this picture ;))~jude
The man who yesterday got into a heated argument with the chairsatan on whether gold is or isn’t money (a Bernanke response already mocked to death so we will leave it alone), shares his take on the most recent bout of scaremongering by Moody’s (with S&P doing in private today what Moody’s did in public yesterday) with Bloomberg TV’s Erik Schatzker.
When asked if the American AAA rating is worth saving, his reply: “probably not. I think if you had a market evaluation on this issue, it should have marked down a long time ago.” The reason the downgrade will come regardless is that “ultimately that is going to happen anyway because we are insolvent.” The big picture: “I think it is part of the game to make sure everyone is fearful so we continue this process. Long term, I think raising the debt limit is a negative because it delays the inevitable. It will give us much bigger problems down the road. Today and tomorrow, if Moody’s does not lower the bond rating, it will be helpful in the short run. In the long run, it will be more devastating because Congress will go back to their old habits again.” Said otherwise: Moody’s is concerned about US debt now, but is not concerned if US were more tomorrow – sheer idiocy.
Paul on whether the AAA rating is worth saving:
“Probably not. I think if you had a market evaluation on this issue, it should have marked down a long time ago. I always wonder about these ratings. Bond ratings before the crash three years ago were not very helpful. Sometimes I wonder whether this is more of a political theater to build up the fear. First, we won’t be able to write the checks for Social Security and the next thing there’ll be a down rating of bonds.”
“The market does the final rating. I think our solvency in our dollar is better rated by the price of gold rather than what Moody’s will say. In the short run, what Moody’s does will have an effect.”
The Constitution is not an instrument for the government to restrain the people; it is an instrument for the people to restrain the government – lest it come to dominate our lives and interests.
- Patrick Henry -
The 26th amendment (granting the right to vote for 18 year-olds) took only 3 months & 8 days to be ratified! Why? Simple! The people demanded it. That was in 1971…before computers, before e-mail, before cell phones, etc.
Of the 27 amendments to the Constitution, seven (7) took 1 year or less to become the law of the land…all because of public pressure.
I’m asking each addressee to forward this email to a minimum of twenty people on their address list; in turn ask each of those to do likewise.
In three days, most people in The United States of America will have the message. This is one idea that really should be passed around.
Congressional Reform Act of 2011
1. No Tenure / No Pension. A Congressman collects a salary while in office and receives no pay when they are out of office.
2. Congress (past, present & future) participates in Social Security.
All funds in the Congressional retirement fund move to the Social Security system immediately. All future funds flow into the Social Security system, and Congress participates with the American people. It may not be used for any other purpose.
3. Congress can purchase their own retirement plan, just as all Americans do.
4. Congress will no longer vote themselves a pay raise. Congressional pay will rise by the lower of CPI or 3%.
5. Congress loses their current health care system and participates in the same health care system as the American people.
6. Congress must equally abide by all laws they impose on the American people.
7. All contracts with past and present Congressmen are void effective 1/1/12..
The American people did not make this contract with Congressmen. Congressmen made all these contracts for themselves. Serving in Congress is an honor, not a career. The Founding Fathers envisioned citizen legislators, so ours should serve their term(s), then go home and back to work.
If each person contacts a minimum of twenty people, it will only take three days for most people (in the U.S.) to receive the m essage. Maybe it is time.
I know it’s early on a Monday morning, but I had to give my take on the “deal” announced last night by our sham of a President and Congress. Normally nothing shocks me anymore in the seething cauldron of corruption we call America, but even I am taken aback by the gall of these disgusting people. I literally felt ill when Obama interrupted a feel good story about Mark Wahlberg on “60 Minutes” last night to give his speech, literally screaming at the TV (ask my wife) with a lust I last showed during Bush’s II’s initial “we are attacking Iraq” speech in March 2002.
As you are all aware, I predicted in my July 28th RANT, “Sunday Night Special”, a lot of blustering going into the weekend, and “come Sunday night, a triumphant, “bipartisan agreement” to “temporarily” raise the debt limit by roughly $1 trillion, to $15.3 trillion, with essentially ZERO spending cuts or tax increases to back it up – in essence, the worst possible scenario for the dollar and the U.S.’s credibility.”
Unfortunately, what we got was even WORSE, by several magnitudes! Worse for America, worse for the Western World, and far worse for my already maxxed out forecast of imminent hyperinflation. Per the NIA update released late last night (text below), the debt ceiling will essentially be raised by $2.1-$2.4 trillion, to roughly $16.4-$16.7 trillion from $14.3 trillion currently, or just enough to get through the 2012 elections if you believe the fatally flawed, insanely optimistic math of the government (4.8% GDP growth, LOL!). Most of the supposed “dollar for dollar” spending cuts intended to match the debt explosion haven’t even been CONSIDERED yet, let alone included in this plan, and most of the proposed initial cuts don’t even START until 2013, AFTER the entire $2.1-$2.4 trillion debt limit increase has not only been IMPLEMENTED but likely UTILIZED ALREADY! In other words, it is very likely that the national debt will be in the $16.5 trillion region before even a dollar of spending is CUT!!!! Not to mention, we already have a $2+ trillion/year annual budget deficit, which will at the least be maintained indefinitely, if not increased due to the aforementioned optimistic math that assumes government revenues will dramatically increase due to forecast strong economic growth!
I have more than a few things on my mind about this despicable agreement to further destroy America for the benefit of Washington and Wall Street, but my most vitriolic RANTing has to be reserved for the supposedly “conservative” Republicans in the House of Representatives, led by John “limp-d**k” BONER (talk about a misnomer). As you know, I have absolutely no political leaning at all, except on selected social issues (such as gay marriage, abortion, etc.), where I favor the left. But money-wise, I have long maintained there is not the slightest difference between a “liberal” and a “conservative”, as both parties have long, documented histories of the identical policies of uncontrollable spending and debt issuance. The biggest misnomer in political history, for instance, is that Reagan was a conservative spender (lol, what do you think “supply-side economics” actually means, not to mention his obsession with outspending the Soviets in the Cold War). Pound for pound, Bush I was one of the biggest debt-issuing Presidents in history, and words cannot describe how much financial (and other damage) done to this country by the REAL WMD, George W. Bush. As for the Democrats, of course, no refutals are required, as even Clinton was able to rack up $2 trillion of debt during a period of supposed “budget surpluses”, while Obama has racked up more debt ($5+ trillion in just 2 ½ years, soon to be $8 trillion in four years) than most countries on earth COMBINED in history!
To date, 8 Presidential candidates, 4 Governors, 12 U.S. Senators, 35 Congressmen, and over 120,000 citizen activists have signed the Cut, Cap, Balance Pledge to not even consider raising the debt ceiling unless Congress first passes significant spending cuts, a spending cap, and a strong balanced budget amendment.
With last evening’s debt ceiling talks between President Obama and congressional leaders ending in disarray, it is time for us to TURN UP THE HEAT!
That’s why this Thursday, July 14th at noon locally Americans across the country are joining the fight to save America by dropping off the Cut, Cap, Balance Pledge at their elected officials’ district offices and asking them to sign the pledge.
If so, please go to www.CutCapBalancePledge.com/OfficeBlitz to find the address of the district office closest to you for your U.S. Representative, download the Cut, Cap, Balance Pledge, and drop off the pledge at noon on Thursday, July 14th (or another time that is more convenient for you).Then forward this email to five friends and ask them to join you in this critical office blitz to save America!
One small step toward Executive Order 6102 part 2, and one giant leap for corruptcongressmankind.
From: FOREX.com <firstname.lastname@example.org>
Date: Fri, Jun 17, 2011 at 6:11 PM
Subject: Important Account Notice Re: Metals Trading
Important Account Notice Re: Metals Trading
We wanted to make you aware of some upcoming changes to FOREX.com’s product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011.
In conjunction with this new regulation, FOREX.com must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading at 5pm ET. As a result, all open metals positions must be closed by July 15, 2011 at 5pm ET.
We encourage you to wind down your trading activity in these products over the next month in anticipation of the new rule, as any open XAU or XAG positions that remain open prior to July 15, 2011 at approximately 5:00 pm ET will be automatically liquidated.
CFTC Commissioner Bart Chilton has hit back at Republican plans to delay for 18 months all rulemakings involving derivatives under the Dodd-Frank financial regulation law.
Four Republican lawmakers on the Financial Services and Agriculture committees are pressing for legislation to extend the deadlines for fear that the reforms could weaken US market during a time of economic recovery.
While the prospects of the proposals being passed are small, CFTC Commissioner Chilton says such legislation is not needed.
“Regulatory reforms are important to implement correctly, but they are also time-sensitive,” he says. “Hundreds of trillions of dollars in trading remain completely unregulated. It is exactly this “dark” trading that helped lead to a hideous bail-out paid for by taxpayers.”
While acknowledging that regulators may be unable make every deadline required under the reform bill, Chilton adds: “The urgency Congress has already placed on getting reforms implemented is just as important today as it was when this good and needed legislation became law.”
(Reuters) – The United States will hit the legal limit on its ability to borrow no later than May 16, Treasury Secretary Timothy Geithner said on Monday, ramping up pressure on Congress to act to avoid a debt default.
“The longer Congress fails to act, the more we risk that investors here and around the world will lose confidence in our ability to meet our commitments and our obligations,” Geithner said in a letter to congressional leaders.
“Default by the United States is unthinkable.”
Previously, the Treasury had forecast that the $14.3 trillion statutory debt limit would be reached between April 15 and May 31. As of Friday, Treasury borrowing stood just $95 billion from the ceiling.
Some Republican lawmakers have sought to use the need to raise the debt limit as a lever to pressure the Obama administration into agreeing on large-scale budget cuts.
The debt-limit showdown comes as Congress struggles to complete a spending package that would keep the government operating beyond Friday.
Republicans are seeking to use that bill to enact deep spending cuts and lawmakers are focusing on a proposal to trim this year’s budget by $33 billion, a relatively small amount compared with a projected $1.4 trillion deficit.
Geithner said a failure to raise the debt ceiling in a timely way would push interest rates higher and spark “a financial crisis potentially more severe than the crisis from which we are only starting to recover.”
Both Geithner and Federal Reserve Chairman Ben Bernanke have said a failure to raise the ceiling could have “catastrophic consequences.”
The real owners are the big wealthy business interests that control things and make all the important decisions. Forget the politicians, they’re an irrelevancy. The politicians are put there to give you the idea that you have freedom of choice. You don’t. You have no choice.
You have owners. They own you. They own everything. They own all the important land. They own and control the corporations. They’ve long since bought and paid for the Senate, the Congress, the statehouses, the city halls. They’ve got the judges in their back pockets. And they own all the big media companies, so that they control just about all of the news and information you hear. They’ve got you by the b!!!!. They spend billions of dollars every year lobbying – lobbying to get what they want. Well, we know what they want; they want more for themselves and less for everybody else.
But I’ll tell you what they don’t want. They don’t want a population of citizens capable of critical thinking. They don’t want well-informed, well-educated people capable of critical thinking. They’re not interested in that. That doesn’t help them. That’s against their interests. They don’t want people who are smart enough to sit around the kitchen table and figure out how badly they’re getting f!!!!! by a system that threw them overboard 30 f!!!!!! years ago. You know what they want? Obedient workers – people who are just smart enough to run the machines and do the paperwork but just dumb enough to passively accept all these increasingly s!!!!!!! jobs with the lower pay, the longer hours, reduced benefits, the end of overtime and the vanishing pension that disappears the minute you go to collect it.
And, now, they’re coming for your Social Security. They want your f!!!!!! retirement money. They want it back, so they can give it to their criminal friends on Wall Street. And you know something? They’ll get it. They’ll get it all, sooner or later, because they own this f!!!!!! place. It’s a big club, and you ain’t in it. You and I are not in the big club.
The complete video of this presentation and other revelations which are linked next contain hard-hitting street gutter language profanity and off-the-charts vulgar allusions to abhorent physical behavior that some socially protected viewers might find offensive or disgusting or even sickening. This was George Carlin’s technique to shock his audience out of their passive complacency as he described social crimes that SHOULD make people sick!
Following these presentations there are deep exploratory probes by Congressional committee hearings into the criminal actions which led to the financial crisis and coverups and continued despicable fraud.
If you choose to watch any or all of these videos, you should be aware that you have been warned, and that you accept the risk of subsequent sleepless nights. It is your own choice.
On a more personal social/economic level: India no longer has an exclusive patent on the “Untouchable” class. Now we, former members of the now-defunct American middle class are only peons, where a “peon” is defined as “one who gets peed on” and routinely ignored and blocked from grievance redress.
George Carlin’s insight explains why the wrong people get rewarded in the employment market in America today. The skilled engineers, scientists, and technicians who created the greatest economic engine for freedom through their inventive genius and work ethic must now be “directed” by a (defined as superior) “management class” of economists and lawyers and paper-shuffling bureaucratic administrators with fancy titles who are rewarded only in accordance to the extent of their unquestioning toady loyalty to the no-work mega-rich parasites on the economy.
WASHINGTON, Jan 24 (Reuters) – Republican lawmakers are working on legislation designed to help the United States avoid defaulting on its debt if the country is not allowed to borrow more, congressional aides said on Monday.
Republicans in the Senate and House of Representatives are expected to introduce similar legislation this week that would require the U.S. Treasury to pay interest on its debt if the nation reaches its $14.3 trillion borrowing limit.
The Obama administration has said that the so-called debt ceiling could be breached as early as March 31, and as late as mid-May. It is pressuring Congress to raise the debt limit, or the amount of debt the country is legally allowed to issue, predicting catastrophic consequences if the borrowing limit is not raised.
Fearful of anti-government sentiment, Republicans are loathe to allow the nation to borrow more without taking substantive steps to cut spending and trim the $1.3 trillion budget deficit.
Under legislation that Representative Tom McClintock is crafting, the U.S. Treasury would be forced to prioritize payments on national debt.
Senator Pat Toomey is getting ready to introduce similar legislation, requiring the government to prioritize payments on U.S. debt before the federal government’s other obligations in the event the debt ceiling is reached.
An aide to Toomey said his bill has 10 co-sponsors so far. It is not known how many lawmakers are supporting McClintock’s bill.
Although Toomey acknowledges that a lack of funds would hurt the country, he has said: “It would be even worse simply to raise the debt ceiling without regaining control of federal spending.”
In order for a bill to become law, both chambers must pass similar legislation.
TREASURY CALLS PLAN UNWORKABLE
The U.S. Treasury has already rejected the concept of prioritizing payments and has said it would not prevent the country from defaulting on its debt because it would only protect principal and interest payments and not other legal obligations of the United States.
“While well-intentioned, this idea is unworkable,” Deputy Treasury Secretary Neal Wolin has said.
“Adopting a policy that payments to investors should take precedence over other U.S. legal obligations would merely be default by another name, since the world would recognize it as a failure by the U.S. to stand behind its commitments,” Wolin said on the Treasury’s web site.
If Congress does not allow the government to borrow more, the U.S. could default on its debt and wreak havoc on financial markets. (Additional reporting by Andy Sullivan and David Lawder; Editing by Leslie Adler)