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 All Comments / On "Ash Carter"
    Scanning the transcript, Ash Carter gave the same “we’re back baby!” speech at Shangri La Dialogue No. 16 that he gave at the Council for Foreign Relations and Annapolis. So I think my current Asia Times piece Ash Carter’s Blissful Bubble of Oblivionhas added value as a Shangri La ‘splainer. Read it at the link....
  • @Rehmat
    India is an artificial state.

    Since its independence from British Raj on August 15, 1947 – there are close to one hundred local resistance groups fighting against Hindu upper-class dominated Indian government. Most of these religious and ethnic minority resistance groups beget their violence from the rising Hindu religious terrorism based on racism. These groups operate in Assam (31), Nagaland (21), Meghalaya (5), and Occupied Jammu & Kashmir (34). Two of India’s prime ministers, Indira Gandhi and her son Rajiv Gandhi (d.1984) were assassinated by her Sikh bodyguards and a Tamil Hindu woman.

    Muslims have always been the largest victims of Hindu fascism. Since 1947 – there have been over 300 anti-Muslim riots in various parts of India. Indian government is keeping over 700,000 armed forces in its occupied part of Muslim-majority Jammu & Kashmir valley. More than 80,000 Kashmiri Muslims, mostly civilians, have lost their lives at the hands of Hindu forces. On December 6, 1992 – Hindu mob of 300,000 destroyed Babri mosque, built by the founder of Mughal Dynasty, Emperor Babar......

    https://rehmat1.com/2008/12/03/india-an-artificial-state/

    most of the ‘seven sisters’ in NE were independent states before the brits forcefully ‘incorporated’ them into the british raj.
    when india gained independence , nehru made a grand speech to the NE in a moment of euhporia
    *those who do not wish to remain in mother india would not be forced to stay, they can go by their own free will*.
    yet when the nagas, manipuris sought independence proper, nehru waged a genocidal war to smother their independence movements. in nagaland alone, hundreds of thousands troops were sent in to overwhelm the thousands of freedom fighters. that was no contest, the ‘seven sisters’ were brutally subdued and forced to remain in the newly independent india !

    the NE and kashmir were henceforth blanketed with the afspa, the most dracanion ‘anti insurgent law’ in the world. the afspa practically gave the notorious ‘assam rifles’ carte blanche’ to kill, torture, rape with total impunity.
    u’d never know this reading the western msm.
    i shake my head whenever a brainwashed murkkan or indian wag his finger at china over its ‘brutal rule’ in tibet.
    such cheek !
    i once told a brit in guardian, china’s liberal policies with the minorities ought to get beijing a nobel peace prize, the hypocrite almost blew his top. lol
    how to counter 70 yrs of fukus propaganda, is it an exercise in futility ???

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  • @denk
    *Countries like Japan, Indonesia, especially India. I will be amused if, in twenty years, President Chelsea Clinton tells us we have to remain the dominant military power in Asia to protect it from the elephant menace.*

    lots of indians are gloating over china's beleaguerment by the 'eight nations alliance' mark 2.
    i always tell them...
    *be careful what u wish for,
    the day china is put down, u'd automatically 'inherit' that dubious crown , *the next super power*.
    what happens to china today would be repeated on india*

    in the 1962 border clash, nehru was goaded by washington to mount a foolhardy provocation at the border and the rest is history.
    today indians are still chafing at their self inflicted humiliation in 1962. in fact both india/china
    were losers, its washington which had the last laugh.

    i heard indians are smart , but modi seems to be repeating nehru's mistake again.
    is india destined to be the perennial comprador for the whitemen , the spoiler for
    the 'asian century' ??

    India is an artificial state.

    Since its independence from British Raj on August 15, 1947 – there are close to one hundred local resistance groups fighting against Hindu upper-class dominated Indian government. Most of these religious and ethnic minority resistance groups beget their violence from the rising Hindu religious terrorism based on racism. These groups operate in Assam (31), Nagaland (21), Meghalaya (5), and Occupied Jammu & Kashmir (34). Two of India’s prime ministers, Indira Gandhi and her son Rajiv Gandhi (d.1984) were assassinated by her Sikh bodyguards and a Tamil Hindu woman.

    Muslims have always been the largest victims of Hindu fascism. Since 1947 – there have been over 300 anti-Muslim riots in various parts of India. Indian government is keeping over 700,000 armed forces in its occupied part of Muslim-majority Jammu & Kashmir valley. More than 80,000 Kashmiri Muslims, mostly civilians, have lost their lives at the hands of Hindu forces. On December 6, 1992 – Hindu mob of 300,000 destroyed Babri mosque, built by the founder of Mughal Dynasty, Emperor Babar……

    https://rehmat1.com/2008/12/03/india-an-artificial-state/

    Read More
    • Replies: @denk
    most of the 'seven sisters' in NE were independent states before the brits forcefully 'incorporated' them into the british raj.
    when india gained independence , nehru made a grand speech to the NE in a moment of euhporia
    *those who do not wish to remain in mother india would not be forced to stay, they can go by their own free will*.
    yet when the nagas, manipuris sought independence proper, nehru waged a genocidal war to smother their independence movements. in nagaland alone, hundreds of thousands troops were sent in to overwhelm the thousands of freedom fighters. that was no contest, the 'seven sisters' were brutally subdued and forced to remain in the newly independent india !

    the NE and kashmir were henceforth blanketed with the afspa, the most dracanion 'anti insurgent law' in the world. the afspa practically gave the notorious 'assam rifles' carte blanche' to kill, torture, rape with total impunity.
    u'd never know this reading the western msm.
    i shake my head whenever a brainwashed murkkan or indian wag his finger at china over its 'brutal rule' in tibet.
    such cheek !
    i once told a brit in guardian, china's liberal policies with the minorities ought to get beijing a nobel peace prize, the hypocrite almost blew his top. lol
    how to counter 70 yrs of fukus propaganda, is it an exercise in futility ???
    ReplyAgree/Disagree/Etc.
  • china builds stuffs, murkka destroys.
    why so ?
    cuz china is governed by technocrats, engineers. murkka is run by shyster lawyers,bankers.
    so the theory goes.

    but why is ash carter the *physicist* such an ass, he’s a disgrace to the scientific community ??
    something is very wrong with the murkkan society.
    even if we replace the obama gang with the xi’s a team, nothing good would come out of it.
    cuz murkka is rotten to the core, kaput !

    just imagine, all 44 potus since 1875 were war criminals, u can bet the next one would be same,…gauranteed !
    problem is the murkkan psyche, dont blame tel aviv or whatever.
    dont believe me, read the comments sections …or some of the authors !

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    ReplyAgree/Disagree/Etc.
  • KA says:

    Clinton

    “If America doesn’t lead, we leave a vacuum – and that will either cause chaos, or other countries will rush in to fill the void.”

    At least America has realized or has come to admit that the void could be filled ,in the process conceding the fact America is not the indispensable country. Not a bad sign .

    Read More
    ReplyAgree/Disagree/Etc.
  • denk says:

    *Countries like Japan, Indonesia, especially India. I will be amused if, in twenty years, President Chelsea Clinton tells us we have to remain the dominant military power in Asia to protect it from the elephant menace.*

    lots of indians are gloating over china’s beleaguerment by the ‘eight nations alliance’ mark 2.
    i always tell them…
    *be careful what u wish for,
    the day china is put down, u’d automatically ‘inherit’ that dubious crown , *the next super power*.
    what happens to china today would be repeated on india*

    in the 1962 border clash, nehru was goaded by washington to mount a foolhardy provocation at the border and the rest is history.
    today indians are still chafing at their self inflicted humiliation in 1962. in fact both india/china
    were losers, its washington which had the last laugh.

    i heard indians are smart , but modi seems to be repeating nehru’s mistake again.
    is india destined to be the perennial comprador for the whitemen , the spoiler for
    the ‘asian century’ ??

    Read More
    • Replies: @Rehmat
    India is an artificial state.

    Since its independence from British Raj on August 15, 1947 – there are close to one hundred local resistance groups fighting against Hindu upper-class dominated Indian government. Most of these religious and ethnic minority resistance groups beget their violence from the rising Hindu religious terrorism based on racism. These groups operate in Assam (31), Nagaland (21), Meghalaya (5), and Occupied Jammu & Kashmir (34). Two of India’s prime ministers, Indira Gandhi and her son Rajiv Gandhi (d.1984) were assassinated by her Sikh bodyguards and a Tamil Hindu woman.

    Muslims have always been the largest victims of Hindu fascism. Since 1947 – there have been over 300 anti-Muslim riots in various parts of India. Indian government is keeping over 700,000 armed forces in its occupied part of Muslim-majority Jammu & Kashmir valley. More than 80,000 Kashmiri Muslims, mostly civilians, have lost their lives at the hands of Hindu forces. On December 6, 1992 – Hindu mob of 300,000 destroyed Babri mosque, built by the founder of Mughal Dynasty, Emperor Babar......

    https://rehmat1.com/2008/12/03/india-an-artificial-state/
    ReplyAgree/Disagree/Etc.
  • Russia, China and Iran have decided they will not be vassals of Washington. Short of vaporizing them there is nothing the Empire can do about it. That’s why nuclear war seems likely. Washington is NOT a rational actor.

    Read More
    ReplyAgree/Disagree/Etc.
  • The Council for Foreign Relations (CFR) is America’s top pro-Israel propaganda think tank. Over 80% of its members are including Dick Cheney, Barack Obama, Hillary Clinton, Henry Kissinger and David Axelord are committed Zionists. The convicted former White House staffer Elliot Abrams is currently a senior fellow at CFR.

    Ash Carter is known “Kosher Gentile”.

    In December 2014, major Israeli propagandist media organs like the NYT, WSJ and WP have hinted that Flournoy dropped from the race in favor of a better ‘kosher person’ – Harvard-Goldman Sachs-Pentagon warmongering ‘Islamophobe’ Ashton Carter.

    https://rehmat1.com/2014/12/05/ashton-carter-the-kosher-gentile-to-head-pentagon/

    Read More
    ReplyAgree/Disagree/Etc.
  • Secretary of War Ash Carter is concerned about America’s posture. No, it’s not about sitting with your back straight up and your knees placed primly together. It all has to do with how many enemies there are out there threatening the United States and what we have to do, globally speaking, to make them cry...
  • @Sam Shama
    It feels as if I am back in sixth form, arguing over who insulted whom first.

    Debates that I am used to, trade irony and sarcasm routinely. Thus my comments ['true believers', 'planet in the night sky' and 'hash of humour' etc] were nothing more than examples of the same. Its also referred to as 'taking the piss' in slang.

    Participating in debates in the U.K. exposes one to these devices amply and perhaps tends to thicken the skin to various degrees. Its all considered very much par for the course.

    Name calling also happens on occasion, but really rather rare in the better institutions. [Not sure if you've watched Oxford Union debates on youtube - they may not be readily available - but certainly Hitch's are, and you should watch the ones vs Galloway or the Intelligence squared debates]

    So after a point I reckon you lost your cool [I do as well occasionally, especially on subjects that I am pre-disposed to be thin-skinned] and called me something, to which I responded by asking you to run along.

    Nbd. We shake hands.

    Nbd. We shake hands.

    Yep, we’re just gonna have to agree to disagree. Again, for the reasons I stated above, I apologize for the name calling. Shaking hands sounds like a plan. Hand shook.

    And now… we dance :)

    Read More
    ReplyAgree/Disagree/Etc.
  • @Sam Shama
    Hey Kiza and alexander,

    Since your names were mentioned by Jr. in his latest post I thought I should ask you fellows directly if you felt that I was in any shape or form, insulting you. I know alexander felt shocked at my view regarding U.S. Federal debt, but that was my objective assessment of the situation, never an insult. Anyone else [Talha, RobinG, Geo, NtD] feel free to weigh in. If you felt so, apologies in advance.

    thanks

    Anyone else [Talha, RobinG, Geo, NtD] feel free to weigh in.


    Glad to see you extend your hand to Jr.

    Thank you Sir! Likewise.

    And you know me, I’m a big proponent of respectful communication over this medium.

    Peace.

    Ooh! This is precious. Can we get some puppy pictures to go along with it?

    Read More
    ReplyAgree/Disagree/Etc.
  • Talha says:
    @Sam Shama
    Hey Kiza and alexander,

    Since your names were mentioned by Jr. in his latest post I thought I should ask you fellows directly if you felt that I was in any shape or form, insulting you. I know alexander felt shocked at my view regarding U.S. Federal debt, but that was my objective assessment of the situation, never an insult. Anyone else [Talha, RobinG, Geo, NtD] feel free to weigh in. If you felt so, apologies in advance.

    thanks

    Hey Sam,

    No, I did not feel insulted by your responses to me on this subject. We may disagree on things, but I have found we are able to do so respectfully. Honestly, some of this conversation is above my head since it has been years since I studied this subject with serious depth.

    And you know me, I’m a big proponent of respectful communication over this medium.

    Peace.

    Read More
    ReplyAgree/Disagree/Etc.
  • @geokat62

    Anyone else [Talha, RobinG, Geo, NtD] feel free to weigh in.
     
    Sam, while we may disagree about many things, you still have my respect. I say that because of your willingness to engage in an a vigorous dialogue on any topic, without resorting to ad hominem; to acknowledge when your opponent makes a valid point; and, to bring your strong economic/finance background to bear on related topics.

    Glad to see you extend your hand to Jr.

    Thank you Sir! Likewise.

    Read More
    ReplyAgree/Disagree/Etc.
  • @Sam Shama
    Hey Kiza and alexander,

    Since your names were mentioned by Jr. in his latest post I thought I should ask you fellows directly if you felt that I was in any shape or form, insulting you. I know alexander felt shocked at my view regarding U.S. Federal debt, but that was my objective assessment of the situation, never an insult. Anyone else [Talha, RobinG, Geo, NtD] feel free to weigh in. If you felt so, apologies in advance.

    thanks

    Anyone else [Talha, RobinG, Geo, NtD] feel free to weigh in.

    Sam, while we may disagree about many things, you still have my respect. I say that because of your willingness to engage in an a vigorous dialogue on any topic, without resorting to ad hominem; to acknowledge when your opponent makes a valid point; and, to bring your strong economic/finance background to bear on related topics.

    Glad to see you extend your hand to Jr.

    Read More
    • Replies: @Sam Shama
    Thank you Sir! Likewise.
    ReplyAgree/Disagree/Etc.
  • @Junior

    Debating matters with the use of evidence, logic and data is the farthest thing from insulting people.

    Now run along.
     
    Ahh, now I see. You aren't a duplicitous fraud. You're just completely self-unaware of how confusing you are and in denial that you insult people constantly. My apologies for the name calling because it's clear to me now that you aren't even aware of how you act.

    Now catch up.

    It feels as if I am back in sixth form, arguing over who insulted whom first.

    Debates that I am used to, trade irony and sarcasm routinely. Thus my comments ['true believers', 'planet in the night sky' and 'hash of humour' etc] were nothing more than examples of the same. Its also referred to as ‘taking the piss’ in slang.

    Participating in debates in the U.K. exposes one to these devices amply and perhaps tends to thicken the skin to various degrees. Its all considered very much par for the course.

    Name calling also happens on occasion, but really rather rare in the better institutions. [Not sure if you've watched Oxford Union debates on youtube - they may not be readily available - but certainly Hitch's are, and you should watch the ones vs Galloway or the Intelligence squared debates]

    So after a point I reckon you lost your cool [I do as well occasionally, especially on subjects that I am pre-disposed to be thin-skinned] and called me something, to which I responded by asking you to run along.

    Nbd. We shake hands.

    Read More
    • Replies: @Junior

    Nbd. We shake hands.
     
    Yep, we're just gonna have to agree to disagree. Again, for the reasons I stated above, I apologize for the name calling. Shaking hands sounds like a plan. Hand shook.

    And now... we dance :)

    https://www.youtube.com/watch?v=FW8UZ7q9SoQ

    ReplyAgree/Disagree/Etc.
  • Junior [AKA "Jr."] says:
    @Sam Shama
    Well I am getting a sense of your condition:

    1. No attempt at analysis in support of your own position. Only name calling.

    2. Look up my comments on this matter from the past and you will see consistency regarding healthcare cost, especially Medicare causing budgetary stress. Yet the Aaa rating and stable outlook continues. You will also find the same posts decrying the use of restrictive measures of unemployment. So again you are wrong in your baseless vitriol. The most important difference in the case of a primary reserve sovereign is its ability to issue fiat, not directly considered my Moody's. Also both S&P and Moody's were attempting to position themselves as political experts during the Debt ceiling crisis which muddied their analyses.

    3. Does it look like I am trying to intimidate and prevent anyone from commenting [how could I]? If you feel intimidated that is most likely explained by: (a) the fact that your "Huge selling of U.S. debt" leading to collapse, was thoroughly turned on its head by actual observation and explanations as to why it will categorically not happen and (b) related prediction since 2010 of "Detonation Rate", by 2012, like the 2nd coming, keeps moving forward. Again, how is that prediction coming? [simple questions really, no resort at all to anything remotely like obfuscation]

    4. On the globalist/anti-globalist rhetoric, I previously told you in no uncertain terms that I am a Keynesian [which was followed by your vacuous joke about Kenya or something], the clear implication being that I am a globalist if that means free but fair trade [, exactly what Trump talks about. I think your problem is that that nuanced arguments are not your strong suit. You feel compelled to jump to extreme conclusions. Won't do at all if you are looking to discuss economics.

    Debating matters with the use of evidence, logic and data is the farthest thing from insulting people.

    Now run along.

    Debating matters with the use of evidence, logic and data is the farthest thing from insulting people.

    Now run along.

    Ahh, now I see. You aren’t a duplicitous fraud. You’re just completely self-unaware of how confusing you are and in denial that you insult people constantly. My apologies for the name calling because it’s clear to me now that you aren’t even aware of how you act.

    Now catch up.

    Read More
    • Replies: @Sam Shama
    It feels as if I am back in sixth form, arguing over who insulted whom first.

    Debates that I am used to, trade irony and sarcasm routinely. Thus my comments ['true believers', 'planet in the night sky' and 'hash of humour' etc] were nothing more than examples of the same. Its also referred to as 'taking the piss' in slang.

    Participating in debates in the U.K. exposes one to these devices amply and perhaps tends to thicken the skin to various degrees. Its all considered very much par for the course.

    Name calling also happens on occasion, but really rather rare in the better institutions. [Not sure if you've watched Oxford Union debates on youtube - they may not be readily available - but certainly Hitch's are, and you should watch the ones vs Galloway or the Intelligence squared debates]

    So after a point I reckon you lost your cool [I do as well occasionally, especially on subjects that I am pre-disposed to be thin-skinned] and called me something, to which I responded by asking you to run along.

    Nbd. We shake hands.
    ReplyAgree/Disagree/Etc.
  • @Kiza
    Dear Sam, with respect, your write up is a mish-mash of financial orthodoxies, establishment lies and truths. Since I personally feel challenged on my notion that the US is a runaway train heading for a cliff, I will provide a long response.

    Firstly, let me clarify that the US military budget, although partially hidden into various non-military looking allocations and appropriations, and amounting to a cool trillion per annum, by itself does not look likely to collapse the US economy. But it could be the proverbial straw thrown onto the camel's back.

    Then, let me state the key concern which is likely to collapse the US financial system and its economy. It is debt. Now, you appear to subscribe to an utterly wrong postulate that only foreign debt matters. Instead, it is that the whole Western financial system is based on debt where the problem lies. I have written before and I repeat - the debt-based Western financial system was established when the West was going through industrialization. But the debt-based financial system is utterly useless and outright dangerous for a slow-growing economy of primarily services and outsourced manufacturing. Such economy cannot produce capital returns that money chases. This is why the financial speculation (not in the positive sense of arbitrage) becomes the main replacement for production and debt-based economy becomes an enabler of speculation. On top of this come the regulatory capture and revolving doors. The result is a crooked financial market and a crooked whole financial system. An army of financial whizzes speculates with financial instruments (various derivatives) instead of creating any real value. The first effect is the loss of accumulated value of ordinary citizens - the pensions.

    Secondly, on top of this, as long as the system keeps surviving somehow, most people laugh at bears who say - we cannot keep going on like this. Another way of saying this is - nothing succeeds like success and nothing fails like failure. It does not fail, it does not fail, but when it fails one day, then it will really fail to the core.

    The Fractional Reserve Banking, which is the main principle of a debt-based developing economy, does not fit the Western economies any more. For example, the Fractional Reserve Banking lays claims on the future value produced by the borrower, but in a slow-developing mature economy the new value is added too slowly. The debt creation is too fast, the value creation is too slow, a huge pyramid of debt has been built. The pyramid must collapse one day. No-one can produce the value of paper promises any more, neither developed countries, nor developing countries. The amount in derivatives exceeds the total World economy several times over. It is a mountain of paper, which no real assets can back up.

    Finally, Sam, the worst fact is that the Western/US financial system has no feedback/corrective loop - it can only go in one direction. On top, every day that it survives is used as a proof of its survivability. But every day things only get worse, closer to the cliff, whilst the trains passengers are having one hell of a party inside, sharing huge bonuses and enjoying the good times flowing.

    I have a belief that the biggest societal leeches are, in the diminishing order of danger:
    1) banksters,
    2) military industrial propaganda complex,
    3) big pharma and medical and
    4) all other bought monopolies (private prisons, private airports, roads, telecommunications etc).
    But only the banksters can collapse the whole society and they will due to their blind greed.

    Hey Kiza and alexander,

    Since your names were mentioned by Jr. in his latest post I thought I should ask you fellows directly if you felt that I was in any shape or form, insulting you. I know alexander felt shocked at my view regarding U.S. Federal debt, but that was my objective assessment of the situation, never an insult. Anyone else [Talha, RobinG, Geo, NtD] feel free to weigh in. If you felt so, apologies in advance.

    thanks

    Read More
    • Replies: @geokat62

    Anyone else [Talha, RobinG, Geo, NtD] feel free to weigh in.
     
    Sam, while we may disagree about many things, you still have my respect. I say that because of your willingness to engage in an a vigorous dialogue on any topic, without resorting to ad hominem; to acknowledge when your opponent makes a valid point; and, to bring your strong economic/finance background to bear on related topics.

    Glad to see you extend your hand to Jr.
    , @Talha
    Hey Sam,

    No, I did not feel insulted by your responses to me on this subject. We may disagree on things, but I have found we are able to do so respectfully. Honestly, some of this conversation is above my head since it has been years since I studied this subject with serious depth.

    And you know me, I'm a big proponent of respectful communication over this medium.

    Peace.

    , @iffen

    Anyone else [Talha, RobinG, Geo, NtD] feel free to weigh in.
     

    Glad to see you extend your hand to Jr.


    Thank you Sir! Likewise.


    And you know me, I’m a big proponent of respectful communication over this medium.

    Peace.


    Ooh! This is precious. Can we get some puppy pictures to go along with it?
    ReplyAgree/Disagree/Etc.
  • @Junior

    I want to listen to your own analysis, based on a direct criticism of why {Tax Revenue/Interest Cost} is not a better measure of a country’s ability to service its ongoing liabilities.
     
    I said that the Debt to Revenue was the true indicator in relation to your use of Debt to GDP, but I did NOT criticize the Revenue to Interest Cost ratio. YOU are the one who criticized the use of Debt to Revenue and referred to people that use it for an indicator as "hacks" so any conclusions that they may draw from it should be dismissed. Here are your exact words, "Yet it suffers from the flaw of mixing a stock concept [debt levels] with a flow concept [GDP]. Apples divided by oranges. Revenue to Debt is far worse; for the same reason." So I presented you with evidence that it is indeed used, though hidden, by people other than the CNN pundits like none other than MOODY'S in their analyses. You attempt to divert attention from the fact that false-indicators are used by the government to try to convince people that we are not in a debt crisis. You in fact used the GDP to Debt ratio earlier to try to convince people that you are right. The only reason that you are not still pointing to that false indicator anymore is because I called you out on it or else you wouldn't have used it in the first place.

    I have a feeling that you are the same type of disingenuous person that would point to a false indicator like the Bureau of Labor and Statistics U-3 rates to try to prove that we are not in an unemployment crisis to advance your globalist agenda instead of using the real U-6 rates. And then if someone called you out on it, would attempt to divert the discussion to some other rate instead of the real issue which is that our government is using false-indicators to try to trick us so that we don't do anything about it.

    So, again, addressing your "Revenue to Debt is far worse" than to GDP quote... tell it to Moody's, Sam.


    Following is a brief comparison of three basic debt ratios that are considered in Moody’s sovereign ratings. The ratio of debt to revenue is a good measure of the overall burden of the debt on the government concerned, and the size of the debt in relation to revenue also influences the second ratio, the ratio of interest payments to revenue. This second
    ratio indicates the pressure on the government budget emanating from servicing the debt. The higher it is, the more difficult it can be for a government to choose between social/political priorities and servicing the debt. Finally, the most commonly cited ratio is that of debt to GDP, which, while measuring the pressure on the economy and financial markets that comes from government debt, is less directly related to debt repayment capacity.
    Page 4 http://www.nhhefa.com/documents/EvolutionofMoodysPerspectiveontheU.S.AaaRating.pdf
     
    You attempt to display your "intelligence" and economic "prowess" so that you can try to intimidate people from questioning your bullshit. You try to confuse people by using as much jumbled lexicon as you can in sentences that go absolutely no where and say absolutely nothing about your position on issues. It's plain to anyone that takes the time to try to decode your mumbo-jumbo posts that you are a misdirection artist that never states your opinions, only distracts.You're either a very insecure individual or a very duplicitous one. In my opinion, the latter.

    You are a duplicitous fraud that insidiously tries to make people think that the only danger to America is the NeoCons and that Globalists such as yourself, that would have us turn our National Sovereignty over to an International Entity by crashing our economy and taking us over financially, are not a threat. And what's worse is that you do it while pretending to have the same agenda as people while you underhandedly attempt to discredit them. Anyone who doubts this please refer to Sam's posts above like the one to Kiza in which the Globalist Sam tells us that we should vote for the anti-Globalist Trump or Sanders, or to Sam's posts attacking alexander and then turning around and pretending like he agrees with him and didn't try to insult him.

    Duplicitous fraud.

    And now for everyone's entertainment, please watch as yet AGAIN, Sam who attacks and insults people in his drivel of nonsense posts, turns around and tries to play the guiltless victim card. Play it again, Sam. We're all waiting...

    Well I am getting a sense of your condition:

    1. No attempt at analysis in support of your own position. Only name calling.

    2. Look up my comments on this matter from the past and you will see consistency regarding healthcare cost, especially Medicare causing budgetary stress. Yet the Aaa rating and stable outlook continues. You will also find the same posts decrying the use of restrictive measures of unemployment. So again you are wrong in your baseless vitriol. The most important difference in the case of a primary reserve sovereign is its ability to issue fiat, not directly considered my Moody’s. Also both S&P and Moody’s were attempting to position themselves as political experts during the Debt ceiling crisis which muddied their analyses.

    3. Does it look like I am trying to intimidate and prevent anyone from commenting [how could I]? If you feel intimidated that is most likely explained by: (a) the fact that your “Huge selling of U.S. debt” leading to collapse, was thoroughly turned on its head by actual observation and explanations as to why it will categorically not happen and (b) related prediction since 2010 of “Detonation Rate”, by 2012, like the 2nd coming, keeps moving forward. Again, how is that prediction coming? [simple questions really, no resort at all to anything remotely like obfuscation]

    4. On the globalist/anti-globalist rhetoric, I previously told you in no uncertain terms that I am a Keynesian [which was followed by your vacuous joke about Kenya or something], the clear implication being that I am a globalist if that means free but fair trade [, exactly what Trump talks about. I think your problem is that that nuanced arguments are not your strong suit. You feel compelled to jump to extreme conclusions. Won’t do at all if you are looking to discuss economics.

    Debating matters with the use of evidence, logic and data is the farthest thing from insulting people.

    Now run along.

    Read More
    • Replies: @Junior

    Debating matters with the use of evidence, logic and data is the farthest thing from insulting people.

    Now run along.
     
    Ahh, now I see. You aren't a duplicitous fraud. You're just completely self-unaware of how confusing you are and in denial that you insult people constantly. My apologies for the name calling because it's clear to me now that you aren't even aware of how you act.

    Now catch up.
    ReplyAgree/Disagree/Etc.
  • @Sam Shama
    Well my varying impressions of this response, a non sequitur at many levels, ranges from bemused admiration of what I have previously described as the curious industry of Goldbugs, to something akin to mild concern at the plight of a writer who tries to dabble in humour - the surfeit of emoticons and capitalised words - but mainly succeeds in making a hash of it on account of the hackneyed 'I knew you would say that' ploy - which fails of its own accord since the article itself admits that a global Liquidity Trap renders the US bond quite unequalled in creditworthiness and provident as far as liquidity needs are concerned. To wit, China's "dumping" of U.S treasuries along with other CBs of $225b last year, China spent $500 billion last year just to prop up its currency, the yuan. Despite all its spending, China's total holdings -- by public institutions and private investors -- of U.S. Treasury debt is up a bit from a year ago.

    I want to listen to your own analysis, based on a direct criticism of why {Tax Revenue/Interest Cost} is not a better measure of a country's ability to service its ongoing liabilities. Explain in your own words please. If you approach it with an open-minded sincere stance you will come to the conclusion I offered previously, a conclusion based on concrete unassailable, solely relevant evidence [why? since as a bondholder what you really care about are : (a) your coupons are paid (b) The bond is stable in market value [it has risen] and (c) principal is paid on time (d) the cash flow situation of the issuer is stable [it has gotten better as U.S. deficits have been falling since 2008! ]

    https://research.stlouisfed.org/fred2/series/FYFSGDA188S
     
    Furthermore, on that Bloomberg article [written in 2010], all I need point out [much more if meaningful comments follow], is that it speaks of debt related distress for countries such as Greece and Spain, which were essentially borrowing in a foreign currency called the Euro, the de facto control of which is in the hands of the ECB/Bundesbank duo, exactly similar to the situation that existed under the Gold Standard!

    Next, on the topic of that "Addogram" analysis, as far as I can make out, it is basically a paean to Kyle Bass' "Keynesian Endpoint", replete with fire and brimstone, announcing the "Detonation Rate" of 15% on the end-of-days date somewhere in 2012. How is that prediction coming along? We are still waiting and not a sign of Armageddon.

    [I won't dignify these analyses with more time wasted, other than briefly noting their reliance on 3 or 4 century-separated data points, thereby consigning them to the dustbin of statistical irrelevancies, which they then grandly claim as "long-cycle debt behaviour" or something equally hollow.]

    On that uninformed little phrase "Keynes said debt does not matter" or words to that effect; they provide me with the solid hint regarding how much you have actually read Keynes beyond the equally clueless echo chambers such as Zero Hedge. Read the man's writings directly, or better yet read Samuelson's book. [I wasn't formally trained in Austrian "economics", but in order to comment on it meaningfully I read von Mises]

    A related note to all who depended [as many here on UR did, including Paul Craig Roberts, Mike Whitney, Ron Paul to note only a subset] on Zero Hedge [a publication which since its inception peddled U.S, debt Armageddon and Gold Standard advocacy, and which I cautioned people against on a few occasions], this complete meltdown and discrediting should be an eye-opener:

    http://www.bloomberg.com/news/articles/2016-04-29/unmasking-the-men-behind-zero-hedge-wall-street-s-renegade-blog
     
    On that note, I bid you adieu on this subject Jr. for I am certain nothing in the way of a sincere attempt to understand the topic and the evidence presented will be forthcoming on your part. [Note on the other hand, Talha's response earlier; he might yet come around and criticise my posts, but I am sure those criticisms are going to be intelligent and discourse elevating]

    I happen to agree with you on many issues [including the ME situation and the deleterious economic effects of the MIC], but on this one I am afraid you've decided to wilfully ignore evidence and sound reasoning.

    Read More
    ReplyAgree/Disagree/Etc.
  • Junior [AKA "Jr."] says:
    @Sam Shama
    Well my varying impressions of this response, a non sequitur at many levels, ranges from bemused admiration of what I have previously described as the curious industry of Goldbugs, to something akin to mild concern at the plight of a writer who tries to dabble in humour - the surfeit of emoticons and capitalised words - but mainly succeeds in making a hash of it on account of the hackneyed 'I knew you would say that' ploy - which fails of its own accord since the article itself admits that a global Liquidity Trap renders the US bond quite unequalled in creditworthiness and provident as far as liquidity needs are concerned. To wit, China's "dumping" of U.S treasuries along with other CBs of $225b last year, China spent $500 billion last year just to prop up its currency, the yuan. Despite all its spending, China's total holdings -- by public institutions and private investors -- of U.S. Treasury debt is up a bit from a year ago.

    I want to listen to your own analysis, based on a direct criticism of why {Tax Revenue/Interest Cost} is not a better measure of a country's ability to service its ongoing liabilities. Explain in your own words please. If you approach it with an open-minded sincere stance you will come to the conclusion I offered previously, a conclusion based on concrete unassailable, solely relevant evidence [why? since as a bondholder what you really care about are : (a) your coupons are paid (b) The bond is stable in market value [it has risen] and (c) principal is paid on time (d) the cash flow situation of the issuer is stable [it has gotten better as U.S. deficits have been falling since 2008! ]

    https://research.stlouisfed.org/fred2/series/FYFSGDA188S
     
    Furthermore, on that Bloomberg article [written in 2010], all I need point out [much more if meaningful comments follow], is that it speaks of debt related distress for countries such as Greece and Spain, which were essentially borrowing in a foreign currency called the Euro, the de facto control of which is in the hands of the ECB/Bundesbank duo, exactly similar to the situation that existed under the Gold Standard!

    Next, on the topic of that "Addogram" analysis, as far as I can make out, it is basically a paean to Kyle Bass' "Keynesian Endpoint", replete with fire and brimstone, announcing the "Detonation Rate" of 15% on the end-of-days date somewhere in 2012. How is that prediction coming along? We are still waiting and not a sign of Armageddon.

    [I won't dignify these analyses with more time wasted, other than briefly noting their reliance on 3 or 4 century-separated data points, thereby consigning them to the dustbin of statistical irrelevancies, which they then grandly claim as "long-cycle debt behaviour" or something equally hollow.]

    On that uninformed little phrase "Keynes said debt does not matter" or words to that effect; they provide me with the solid hint regarding how much you have actually read Keynes beyond the equally clueless echo chambers such as Zero Hedge. Read the man's writings directly, or better yet read Samuelson's book. [I wasn't formally trained in Austrian "economics", but in order to comment on it meaningfully I read von Mises]

    A related note to all who depended [as many here on UR did, including Paul Craig Roberts, Mike Whitney, Ron Paul to note only a subset] on Zero Hedge [a publication which since its inception peddled U.S, debt Armageddon and Gold Standard advocacy, and which I cautioned people against on a few occasions], this complete meltdown and discrediting should be an eye-opener:

    http://www.bloomberg.com/news/articles/2016-04-29/unmasking-the-men-behind-zero-hedge-wall-street-s-renegade-blog
     
    On that note, I bid you adieu on this subject Jr. for I am certain nothing in the way of a sincere attempt to understand the topic and the evidence presented will be forthcoming on your part. [Note on the other hand, Talha's response earlier; he might yet come around and criticise my posts, but I am sure those criticisms are going to be intelligent and discourse elevating]

    I happen to agree with you on many issues [including the ME situation and the deleterious economic effects of the MIC], but on this one I am afraid you've decided to wilfully ignore evidence and sound reasoning.

    I want to listen to your own analysis, based on a direct criticism of why {Tax Revenue/Interest Cost} is not a better measure of a country’s ability to service its ongoing liabilities.

    I said that the Debt to Revenue was the true indicator in relation to your use of Debt to GDP, but I did NOT criticize the Revenue to Interest Cost ratio. YOU are the one who criticized the use of Debt to Revenue and referred to people that use it for an indicator as “hacks” so any conclusions that they may draw from it should be dismissed. Here are your exact words, “Yet it suffers from the flaw of mixing a stock concept [debt levels] with a flow concept [GDP]. Apples divided by oranges. Revenue to Debt is far worse; for the same reason.” So I presented you with evidence that it is indeed used, though hidden, by people other than the CNN pundits like none other than MOODY’S in their analyses. You attempt to divert attention from the fact that false-indicators are used by the government to try to convince people that we are not in a debt crisis. You in fact used the GDP to Debt ratio earlier to try to convince people that you are right. The only reason that you are not still pointing to that false indicator anymore is because I called you out on it or else you wouldn’t have used it in the first place.

    I have a feeling that you are the same type of disingenuous person that would point to a false indicator like the Bureau of Labor and Statistics U-3 rates to try to prove that we are not in an unemployment crisis to advance your globalist agenda instead of using the real U-6 rates. And then if someone called you out on it, would attempt to divert the discussion to some other rate instead of the real issue which is that our government is using false-indicators to try to trick us so that we don’t do anything about it.

    So, again, addressing your “Revenue to Debt is far worse” than to GDP quote… tell it to Moody’s, Sam.

    Following is a brief comparison of three basic debt ratios that are considered in Moody’s sovereign ratings. The ratio of debt to revenue is a good measure of the overall burden of the debt on the government concerned, and the size of the debt in relation to revenue also influences the second ratio, the ratio of interest payments to revenue. This second
    ratio indicates the pressure on the government budget emanating from servicing the debt. The higher it is, the more difficult it can be for a government to choose between social/political priorities and servicing the debt. Finally, the most commonly cited ratio is that of debt to GDP, which, while measuring the pressure on the economy and financial markets that comes from government debt, is less directly related to debt repayment capacity.
    Page 4 http://www.nhhefa.com/documents/EvolutionofMoodysPerspectiveontheU.S.AaaRating.pdf

    You attempt to display your “intelligence” and economic “prowess” so that you can try to intimidate people from questioning your bullshit. You try to confuse people by using as much jumbled lexicon as you can in sentences that go absolutely no where and say absolutely nothing about your position on issues. It’s plain to anyone that takes the time to try to decode your mumbo-jumbo posts that you are a misdirection artist that never states your opinions, only distracts.You’re either a very insecure individual or a very duplicitous one. In my opinion, the latter.

    You are a duplicitous fraud that insidiously tries to make people think that the only danger to America is the NeoCons and that Globalists such as yourself, that would have us turn our National Sovereignty over to an International Entity by crashing our economy and taking us over financially, are not a threat. And what’s worse is that you do it while pretending to have the same agenda as people while you underhandedly attempt to discredit them. Anyone who doubts this please refer to Sam’s posts above like the one to Kiza in which the Globalist Sam tells us that we should vote for the anti-Globalist Trump or Sanders, or to Sam’s posts attacking alexander and then turning around and pretending like he agrees with him and didn’t try to insult him.

    Duplicitous fraud.

    And now for everyone’s entertainment, please watch as yet AGAIN, Sam who attacks and insults people in his drivel of nonsense posts, turns around and tries to play the guiltless victim card. Play it again, Sam. We’re all waiting…

    Read More
    • Replies: @Sam Shama
    Well I am getting a sense of your condition:

    1. No attempt at analysis in support of your own position. Only name calling.

    2. Look up my comments on this matter from the past and you will see consistency regarding healthcare cost, especially Medicare causing budgetary stress. Yet the Aaa rating and stable outlook continues. You will also find the same posts decrying the use of restrictive measures of unemployment. So again you are wrong in your baseless vitriol. The most important difference in the case of a primary reserve sovereign is its ability to issue fiat, not directly considered my Moody's. Also both S&P and Moody's were attempting to position themselves as political experts during the Debt ceiling crisis which muddied their analyses.

    3. Does it look like I am trying to intimidate and prevent anyone from commenting [how could I]? If you feel intimidated that is most likely explained by: (a) the fact that your "Huge selling of U.S. debt" leading to collapse, was thoroughly turned on its head by actual observation and explanations as to why it will categorically not happen and (b) related prediction since 2010 of "Detonation Rate", by 2012, like the 2nd coming, keeps moving forward. Again, how is that prediction coming? [simple questions really, no resort at all to anything remotely like obfuscation]

    4. On the globalist/anti-globalist rhetoric, I previously told you in no uncertain terms that I am a Keynesian [which was followed by your vacuous joke about Kenya or something], the clear implication being that I am a globalist if that means free but fair trade [, exactly what Trump talks about. I think your problem is that that nuanced arguments are not your strong suit. You feel compelled to jump to extreme conclusions. Won't do at all if you are looking to discuss economics.

    Debating matters with the use of evidence, logic and data is the farthest thing from insulting people.

    Now run along.
    ReplyAgree/Disagree/Etc.
  • @Junior

    Numbers and relative quantities are of the essence; not hyperbole ["IMPOSSIBLE", "staggering" etc].
     
    Unless you happen to have $20Tr of Lincoln or Kennedy Greenbacks tucked under your mattress(by the way, you wouldn't happen to know whether untuckit.com carries bed-sheets as well as shirts, would you? ;) ), my use of the word "impossible" is anything but hyperbole. It is IMPOSSIBLE( ;) ) to pay back the debt because every dollar created by the Fed is debt itself because of the interest rate that the fractional-reserving-criminals charge us.

    I am an unrepentant Keynesian
     
    Now, I'm no economist, but what the HELL does you being from the African country of Kenya have to do with this conversation? :)

    These hacks [you referenced from CNN money] who write such unmitigated rubbish should not be a substitute for sound reasoning.
     
    I purposefully tried to use only mainstream articles from people who have been indoctrinated in the Keynes debt-is-good BS instead of "alternate" web sites because I knew you would use this line of defense. All for naught it seems. Perhaps instead you might respect what Moody's and also Anthony Crescenzi who is PIMCO's Senior VP, Strategist, and Portfolio Manager for PIMCO, the worlds largest bond-fund manager, have to say about our system's sustainability and the "Keynesian Endpoint"(a graphic for the Keynesian Endpoint which uses Debt to Revenue ratios for any interested http://www.addogram.com/2012/12/visualizing-the-keynesian-endpoint/ )

    From the article which I've posted below:

    http://www.bloomberg.com/news/articles/2010-06-08/pimco-s-crescenzi-sees-keynesian-endpoint-with-balance-sheets-exhasuted


    Nations have reached a “Keynesian endpoint” as exhausted balance sheets leave policy makers with few options to bolster economic growth, according to Anthony Crescenzi, an investor at Pacific Investment Management Co., the world’s largest bond-fund manager.

    “Time, devaluations, and debt restructurings might be the only way out for many nations,” Crescenzi wrote in an e-mailed note titled “Keynesian Endpoint” that referenced the Great Depression era economist John Maynard Keynes. Debt-fueled spending programs aimed at combating the global financial crisis of 2008 are among policy tools now “being seen as a magic elixir that has morphed into poison.”
     

    So a VP from the worlds largest bond-fund manager, who has said in the past that the question of our age is "If the U.S. is backing its financial system, who is backing the U.S.?", also says that we have reached a level of unsustainability.

    U.S. finances have been “substantially worsened by the credit crisis, recession, and government spending to address these shocks,” Moody’s analysts led by Steven A. Hess wrote in a report on May 25.

    The ratios of general government debt to GDP and to revenue are deteriorating sharply, and after the crisis they are likely to be higher than the ratios of other Aaa-rated countries,” according to the analysts.
     

    So it seems that the "hacks" from CNNmoney aren't the only ones that are looking at the Debt to Revenue ratios. Moody's, one of the Big Three credit rating agencies that provide analysis for banks and financial institutions worldwide, uses the Debt to Revenue ratios in their analysis so stop with the "it's only hacks using it" nonsense.

    And from the end of the article we get a glimpse into who is buying up the US debt from countries:


    Pimco had $1.07 trillion assets under management as of March 31 and is a unit of Munich-based insurer Allianz SE.
     
    PIMCO, the worlds largest bond-fund manager, is owned by Allianz SE. So I did a search to see who owns Allianz SE and... SURPRISE SURPRISE it's controlled by the Rothschilds. So the "private investors" that are propping up the bond-prices and keeping the FED ponzi scheme going are controlled by the Rothschilds.

    The deal will see Paris Orléans, the Rothschild Group’s holding company, buy the minority stakes in its subsidiaries, including N.M. Rothschild & Sons, the investment bank based in London, and the group’s French asset management business, according to a company statement released on Wednesday... David de Rothschild will become chairman of PO Gestion, a limited partnership that will control the newly combined firm. ‘‘It will allow the group to meet better the requirements of globalization in general and in our competitive environment in particular, while ensuring my family’s control of the group over the long term,’’ he said in a statement... Under the terms of the deal, Paris Orléans will combine Rothschild & Cie Banque, the group’s French businesses, with Rothschilds Continuation Holdings, a company based in Switzerland that controls the firm’s international holdings... Allianz, the German insurance and asset management company, said it would remain a long-term shareholder in Paris Orléans.
     
    http://dealbook.nytimes.com/2012/04/05/rothschilds-to-combine-french-and-british-assets/

    On page ten of this pdf from Rothschild & Co. you will see Allianz's Paris Orleans share ownership http://www.rothschildandco.com/upload/UK_G191b____On_Screen___Assembl__e_G__n__rale_Mixte.pdf

    From the Allianz own website in the final paragraph: "Leonardo & Co will provide a fairness opinion for Allianz and Rothschild for Dresdner Bank." https://www.allianz.com/en/investor_relations/announcements/ir_announcements/archive_2008/page10.html

    On an interesting side note, I found this article on the Rothschild website about there being an Alliance Assurance Company that was founded in 1824 by Nathan Rothschild. Allianz was co-founded in 1890 in Berlin by Wilhelm von Finck (co-owner of the Merck Finck & Co bank). They say that in 1939 the Nazis took the Rothschild's Vienna branch and sold it to Finck of Allianz. So did it ever really change hands or is Allianz just the Vienna Branch of the Rothschild Alliance with a German name and that's why they figure so prominently in the current Paris Orleans Rothschild plans? Theory.

    https://www.rothschildarchive.org/business/the_alliance_assurance_company/history_of_the_alliance

    https://en.wikipedia.org/wiki/August_von_Finck,_Sr.

    https://en.wikipedia.org/wiki/Allianz

    Well my varying impressions of this response, a non sequitur at many levels, ranges from bemused admiration of what I have previously described as the curious industry of Goldbugs, to something akin to mild concern at the plight of a writer who tries to dabble in humour – the surfeit of emoticons and capitalised words – but mainly succeeds in making a hash of it on account of the hackneyed ‘I knew you would say that’ ploy – which fails of its own accord since the article itself admits that a global Liquidity Trap renders the US bond quite unequalled in creditworthiness and provident as far as liquidity needs are concerned. To wit, China’s “dumping” of U.S treasuries along with other CBs of $225b last year, China spent $500 billion last year just to prop up its currency, the yuan. Despite all its spending, China’s total holdings — by public institutions and private investors — of U.S. Treasury debt is up a bit from a year ago.

    I want to listen to your own analysis, based on a direct criticism of why {Tax Revenue/Interest Cost} is not a better measure of a country’s ability to service its ongoing liabilities. Explain in your own words please. If you approach it with an open-minded sincere stance you will come to the conclusion I offered previously, a conclusion based on concrete unassailable, solely relevant evidence [why? since as a bondholder what you really care about are : (a) your coupons are paid (b) The bond is stable in market value [it has risen] and (c) principal is paid on time (d) the cash flow situation of the issuer is stable [it has gotten better as U.S. deficits have been falling since 2008! ]

    https://research.stlouisfed.org/fred2/series/FYFSGDA188S

    Furthermore, on that Bloomberg article [written in 2010], all I need point out [much more if meaningful comments follow], is that it speaks of debt related distress for countries such as Greece and Spain, which were essentially borrowing in a foreign currency called the Euro, the de facto control of which is in the hands of the ECB/Bundesbank duo, exactly similar to the situation that existed under the Gold Standard!

    Next, on the topic of that “Addogram” analysis, as far as I can make out, it is basically a paean to Kyle Bass’ “Keynesian Endpoint”, replete with fire and brimstone, announcing the “Detonation Rate” of 15% on the end-of-days date somewhere in 2012. How is that prediction coming along? We are still waiting and not a sign of Armageddon.

    [I won't dignify these analyses with more time wasted, other than briefly noting their reliance on 3 or 4 century-separated data points, thereby consigning them to the dustbin of statistical irrelevancies, which they then grandly claim as "long-cycle debt behaviour" or something equally hollow.]

    On that uninformed little phrase “Keynes said debt does not matter” or words to that effect; they provide me with the solid hint regarding how much you have actually read Keynes beyond the equally clueless echo chambers such as Zero Hedge. Read the man’s writings directly, or better yet read Samuelson’s book. [I wasn't formally trained in Austrian "economics", but in order to comment on it meaningfully I read von Mises]

    A related note to all who depended [as many here on UR did, including Paul Craig Roberts, Mike Whitney, Ron Paul to note only a subset] on Zero Hedge [a publication which since its inception peddled U.S, debt Armageddon and Gold Standard advocacy, and which I cautioned people against on a few occasions], this complete meltdown and discrediting should be an eye-opener:

    http://www.bloomberg.com/news/articles/2016-04-29/unmasking-the-men-behind-zero-hedge-wall-street-s-renegade-blog

    On that note, I bid you adieu on this subject Jr. for I am certain nothing in the way of a sincere attempt to understand the topic and the evidence presented will be forthcoming on your part. [Note on the other hand, Talha's response earlier; he might yet come around and criticise my posts, but I am sure those criticisms are going to be intelligent and discourse elevating]

    I happen to agree with you on many issues [including the ME situation and the deleterious economic effects of the MIC], but on this one I am afraid you’ve decided to wilfully ignore evidence and sound reasoning.

    Read More
    • Replies: @Junior

    I want to listen to your own analysis, based on a direct criticism of why {Tax Revenue/Interest Cost} is not a better measure of a country’s ability to service its ongoing liabilities.
     
    I said that the Debt to Revenue was the true indicator in relation to your use of Debt to GDP, but I did NOT criticize the Revenue to Interest Cost ratio. YOU are the one who criticized the use of Debt to Revenue and referred to people that use it for an indicator as "hacks" so any conclusions that they may draw from it should be dismissed. Here are your exact words, "Yet it suffers from the flaw of mixing a stock concept [debt levels] with a flow concept [GDP]. Apples divided by oranges. Revenue to Debt is far worse; for the same reason." So I presented you with evidence that it is indeed used, though hidden, by people other than the CNN pundits like none other than MOODY'S in their analyses. You attempt to divert attention from the fact that false-indicators are used by the government to try to convince people that we are not in a debt crisis. You in fact used the GDP to Debt ratio earlier to try to convince people that you are right. The only reason that you are not still pointing to that false indicator anymore is because I called you out on it or else you wouldn't have used it in the first place.

    I have a feeling that you are the same type of disingenuous person that would point to a false indicator like the Bureau of Labor and Statistics U-3 rates to try to prove that we are not in an unemployment crisis to advance your globalist agenda instead of using the real U-6 rates. And then if someone called you out on it, would attempt to divert the discussion to some other rate instead of the real issue which is that our government is using false-indicators to try to trick us so that we don't do anything about it.

    So, again, addressing your "Revenue to Debt is far worse" than to GDP quote... tell it to Moody's, Sam.


    Following is a brief comparison of three basic debt ratios that are considered in Moody’s sovereign ratings. The ratio of debt to revenue is a good measure of the overall burden of the debt on the government concerned, and the size of the debt in relation to revenue also influences the second ratio, the ratio of interest payments to revenue. This second
    ratio indicates the pressure on the government budget emanating from servicing the debt. The higher it is, the more difficult it can be for a government to choose between social/political priorities and servicing the debt. Finally, the most commonly cited ratio is that of debt to GDP, which, while measuring the pressure on the economy and financial markets that comes from government debt, is less directly related to debt repayment capacity.
    Page 4 http://www.nhhefa.com/documents/EvolutionofMoodysPerspectiveontheU.S.AaaRating.pdf
     
    You attempt to display your "intelligence" and economic "prowess" so that you can try to intimidate people from questioning your bullshit. You try to confuse people by using as much jumbled lexicon as you can in sentences that go absolutely no where and say absolutely nothing about your position on issues. It's plain to anyone that takes the time to try to decode your mumbo-jumbo posts that you are a misdirection artist that never states your opinions, only distracts.You're either a very insecure individual or a very duplicitous one. In my opinion, the latter.

    You are a duplicitous fraud that insidiously tries to make people think that the only danger to America is the NeoCons and that Globalists such as yourself, that would have us turn our National Sovereignty over to an International Entity by crashing our economy and taking us over financially, are not a threat. And what's worse is that you do it while pretending to have the same agenda as people while you underhandedly attempt to discredit them. Anyone who doubts this please refer to Sam's posts above like the one to Kiza in which the Globalist Sam tells us that we should vote for the anti-Globalist Trump or Sanders, or to Sam's posts attacking alexander and then turning around and pretending like he agrees with him and didn't try to insult him.

    Duplicitous fraud.

    And now for everyone's entertainment, please watch as yet AGAIN, Sam who attacks and insults people in his drivel of nonsense posts, turns around and tries to play the guiltless victim card. Play it again, Sam. We're all waiting...

    , @Junior
    https://www.youtube.com/watch?v=GEC2gdNfpXg
    ReplyAgree/Disagree/Etc.
  • Junior [AKA "Jr."] says:
    @Sam Shama

    The staggering amount spent on paying interest on an astronomical debt that is IMPOSSIBLE to pay back is becoming an unbelievably serious problem.
     
    Its late, and I have to keep this as brief as possible. Numbers and relative quantities are of the essence; not hyperbole ["IMPOSSIBLE", "staggering" etc]. I have noted re: this "trends for selling massive amounts " fairly recently and you chose to ignore it. [a few hundred billions in a market for tens of trillions is not ...... etc]

    http://www.unz.com/article/the-war-against-the-world/#comment-1398859
     

    You are completely missing the point of what I said. From the article I posted earlier: “So even though central banks are dumping U.S. debt, there’s plenty of demand for it from private investors.” http://money.cnn.com/2016/02/17/news/economy/china-us-debt-dump-central-banks/index.html The point is that these “private investors” are buying up the debt and that is the only reason that bond prices have not plummeted. We are talking about bond prices, NOT who is the largest creditors.
     
    I did not miss your point. I think, once again you are flying dangerously close to the ledge by implying some sort of privately fuelled debt demand. Whether it is or it isn't true is irrelevant [I happily concede that private money is buying the debt]. When you say that "it is the only reason why prices are not falling", you are grasping at straws. Firstly it isn't true [I live and breathe in these markets....I know another insult coming my way]: European sovereign accounts are buying our bonds, as are private investment funds, insurance companies and pension accounts. The price of our 10-year treasury [as I write this stands at 1.85%] and this is what it has done over the past years:

    https://research.stlouisfed.org/fred2/series/IRLTLT01USM156N
     
    Prices of bonds have risen. Again anger and an appeal to conspiracy, will not be credible in a market for tens of trillions. Understand this: the most astute investors like Buffet and Jeff Gundlach are buying UST, If they thought that a conspiracy is afoot and will cause great losses in the future they would not buy bonds. Period!

    I was not looking to insult you. Just a bit of irony, which seemed appropriate.



    I believe that the GDP to Debt ratio that you mention however is a false-indicator. The Debt to Revenue ratio is the TRUE measure of a countries ability to pay down debt.

     

    Fatally flawed argument. These hacks [you referenced from CNN money] who write such unmitigated rubbish should not be a substitute for sound reasoning. I have said this before, even Debt/GDP is not a good indicator, however since it is used extensively, it has attained some relevance. Yet it suffers from the flaw of mixing a stock concept [debt levels] with a flow concept [GDP]. Apples divided by oranges. Revenue to Debt is far worse; for the same reason. What you should be looking at is Revenue to Interest costs [both flow concepts], which goes directly to the question of the yearly deficit, which has done this:

    https://research.stlouisfed.org/fred2/series/FYFSGDA188S
     
    Gone from a -10% in the depths of the 2008 crisi to -2% currently. So please spare me the analysis of the CNN pundits.

    You should tuck in your Globalist undershirt, Sam. It’s showing.
     
    Is it really? I am an unrepentant Keynesian, and following his advice has been rather good for me I might note. Keynes was - if you were unaware of this - the original proponent of fair trade and not just free trade. I stand my ground and that undershirt most certainly does not show ;-) . [Have you tried http://www.untuckit.com/ ? They are really rather tops!]

    You seem pretty proud of your never-ending toiling to keep transparency from the American People. You should be ashamed, not bragging about it. It really is quite sad, Sam.
     
    Oy. Unwittingly, you are exhorting the American people to look for demons, when time would be better spent understanding real economics not reflexology; or was it praexeology?

    I wish you a good evening for now.

    Numbers and relative quantities are of the essence; not hyperbole ["IMPOSSIBLE", "staggering" etc].

    Unless you happen to have $20Tr of Lincoln or Kennedy Greenbacks tucked under your mattress(by the way, you wouldn’t happen to know whether untuckit.com carries bed-sheets as well as shirts, would you? ;) ), my use of the word “impossible” is anything but hyperbole. It is IMPOSSIBLE( ;) ) to pay back the debt because every dollar created by the Fed is debt itself because of the interest rate that the fractional-reserving-criminals charge us.

    I am an unrepentant Keynesian

    Now, I’m no economist, but what the HELL does you being from the African country of Kenya have to do with this conversation? :)

    These hacks [you referenced from CNN money] who write such unmitigated rubbish should not be a substitute for sound reasoning.

    I purposefully tried to use only mainstream articles from people who have been indoctrinated in the Keynes debt-is-good BS instead of “alternate” web sites because I knew you would use this line of defense. All for naught it seems. Perhaps instead you might respect what Moody’s and also Anthony Crescenzi who is PIMCO’s Senior VP, Strategist, and Portfolio Manager for PIMCO, the worlds largest bond-fund manager, have to say about our system’s sustainability and the “Keynesian Endpoint”(a graphic for the Keynesian Endpoint which uses Debt to Revenue ratios for any interested http://www.addogram.com/2012/12/visualizing-the-keynesian-endpoint/ )

    From the article which I’ve posted below:

    http://www.bloomberg.com/news/articles/2010-06-08/pimco-s-crescenzi-sees-keynesian-endpoint-with-balance-sheets-exhasuted

    Nations have reached a “Keynesian endpoint” as exhausted balance sheets leave policy makers with few options to bolster economic growth, according to Anthony Crescenzi, an investor at Pacific Investment Management Co., the world’s largest bond-fund manager.

    “Time, devaluations, and debt restructurings might be the only way out for many nations,” Crescenzi wrote in an e-mailed note titled “Keynesian Endpoint” that referenced the Great Depression era economist John Maynard Keynes. Debt-fueled spending programs aimed at combating the global financial crisis of 2008 are among policy tools now “being seen as a magic elixir that has morphed into poison.”

    So a VP from the worlds largest bond-fund manager, who has said in the past that the question of our age is “If the U.S. is backing its financial system, who is backing the U.S.?“, also says that we have reached a level of unsustainability.

    U.S. finances have been “substantially worsened by the credit crisis, recession, and government spending to address these shocks,” Moody’s analysts led by Steven A. Hess wrote in a report on May 25.

    The ratios of general government debt to GDP and to revenue are deteriorating sharply, and after the crisis they are likely to be higher than the ratios of other Aaa-rated countries,” according to the analysts.

    So it seems that the “hacks” from CNNmoney aren’t the only ones that are looking at the Debt to Revenue ratios. Moody’s, one of the Big Three credit rating agencies that provide analysis for banks and financial institutions worldwide, uses the Debt to Revenue ratios in their analysis so stop with the “it’s only hacks using it” nonsense.

    And from the end of the article we get a glimpse into who is buying up the US debt from countries:

    Pimco had $1.07 trillion assets under management as of March 31 and is a unit of Munich-based insurer Allianz SE.

    PIMCO, the worlds largest bond-fund manager, is owned by Allianz SE. So I did a search to see who owns Allianz SE and… SURPRISE SURPRISE it’s controlled by the Rothschilds. So the “private investors” that are propping up the bond-prices and keeping the FED ponzi scheme going are controlled by the Rothschilds.

    The deal will see Paris Orléans, the Rothschild Group’s holding company, buy the minority stakes in its subsidiaries, including N.M. Rothschild & Sons, the investment bank based in London, and the group’s French asset management business, according to a company statement released on Wednesday… David de Rothschild will become chairman of PO Gestion, a limited partnership that will control the newly combined firm. ‘‘It will allow the group to meet better the requirements of globalization in general and in our competitive environment in particular, while ensuring my family’s control of the group over the long term,’’ he said in a statement… Under the terms of the deal, Paris Orléans will combine Rothschild & Cie Banque, the group’s French businesses, with Rothschilds Continuation Holdings, a company based in Switzerland that controls the firm’s international holdings… Allianz, the German insurance and asset management company, said it would remain a long-term shareholder in Paris Orléans.

    http://dealbook.nytimes.com/2012/04/05/rothschilds-to-combine-french-and-british-assets/

    On page ten of this pdf from Rothschild & Co. you will see Allianz’s Paris Orleans share ownership http://www.rothschildandco.com/upload/UK_G191b____On_Screen___Assembl__e_G__n__rale_Mixte.pdf

    From the Allianz own website in the final paragraph: “Leonardo & Co will provide a fairness opinion for Allianz and Rothschild for Dresdner Bank.” https://www.allianz.com/en/investor_relations/announcements/ir_announcements/archive_2008/page10.html

    On an interesting side note, I found this article on the Rothschild website about there being an Alliance Assurance Company that was founded in 1824 by Nathan Rothschild. Allianz was co-founded in 1890 in Berlin by Wilhelm von Finck (co-owner of the Merck Finck & Co bank). They say that in 1939 the Nazis took the Rothschild’s Vienna branch and sold it to Finck of Allianz. So did it ever really change hands or is Allianz just the Vienna Branch of the Rothschild Alliance with a German name and that’s why they figure so prominently in the current Paris Orleans Rothschild plans? Theory.

    https://www.rothschildarchive.org/business/the_alliance_assurance_company/history_of_the_alliance

    https://en.wikipedia.org/wiki/August_von_Finck,_Sr.

    https://en.wikipedia.org/wiki/Allianz

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    • Replies: @Sam Shama
    Well my varying impressions of this response, a non sequitur at many levels, ranges from bemused admiration of what I have previously described as the curious industry of Goldbugs, to something akin to mild concern at the plight of a writer who tries to dabble in humour - the surfeit of emoticons and capitalised words - but mainly succeeds in making a hash of it on account of the hackneyed 'I knew you would say that' ploy - which fails of its own accord since the article itself admits that a global Liquidity Trap renders the US bond quite unequalled in creditworthiness and provident as far as liquidity needs are concerned. To wit, China's "dumping" of U.S treasuries along with other CBs of $225b last year, China spent $500 billion last year just to prop up its currency, the yuan. Despite all its spending, China's total holdings -- by public institutions and private investors -- of U.S. Treasury debt is up a bit from a year ago.

    I want to listen to your own analysis, based on a direct criticism of why {Tax Revenue/Interest Cost} is not a better measure of a country's ability to service its ongoing liabilities. Explain in your own words please. If you approach it with an open-minded sincere stance you will come to the conclusion I offered previously, a conclusion based on concrete unassailable, solely relevant evidence [why? since as a bondholder what you really care about are : (a) your coupons are paid (b) The bond is stable in market value [it has risen] and (c) principal is paid on time (d) the cash flow situation of the issuer is stable [it has gotten better as U.S. deficits have been falling since 2008! ]

    https://research.stlouisfed.org/fred2/series/FYFSGDA188S
     
    Furthermore, on that Bloomberg article [written in 2010], all I need point out [much more if meaningful comments follow], is that it speaks of debt related distress for countries such as Greece and Spain, which were essentially borrowing in a foreign currency called the Euro, the de facto control of which is in the hands of the ECB/Bundesbank duo, exactly similar to the situation that existed under the Gold Standard!

    Next, on the topic of that "Addogram" analysis, as far as I can make out, it is basically a paean to Kyle Bass' "Keynesian Endpoint", replete with fire and brimstone, announcing the "Detonation Rate" of 15% on the end-of-days date somewhere in 2012. How is that prediction coming along? We are still waiting and not a sign of Armageddon.

    [I won't dignify these analyses with more time wasted, other than briefly noting their reliance on 3 or 4 century-separated data points, thereby consigning them to the dustbin of statistical irrelevancies, which they then grandly claim as "long-cycle debt behaviour" or something equally hollow.]

    On that uninformed little phrase "Keynes said debt does not matter" or words to that effect; they provide me with the solid hint regarding how much you have actually read Keynes beyond the equally clueless echo chambers such as Zero Hedge. Read the man's writings directly, or better yet read Samuelson's book. [I wasn't formally trained in Austrian "economics", but in order to comment on it meaningfully I read von Mises]

    A related note to all who depended [as many here on UR did, including Paul Craig Roberts, Mike Whitney, Ron Paul to note only a subset] on Zero Hedge [a publication which since its inception peddled U.S, debt Armageddon and Gold Standard advocacy, and which I cautioned people against on a few occasions], this complete meltdown and discrediting should be an eye-opener:

    http://www.bloomberg.com/news/articles/2016-04-29/unmasking-the-men-behind-zero-hedge-wall-street-s-renegade-blog
     
    On that note, I bid you adieu on this subject Jr. for I am certain nothing in the way of a sincere attempt to understand the topic and the evidence presented will be forthcoming on your part. [Note on the other hand, Talha's response earlier; he might yet come around and criticise my posts, but I am sure those criticisms are going to be intelligent and discourse elevating]

    I happen to agree with you on many issues [including the ME situation and the deleterious economic effects of the MIC], but on this one I am afraid you've decided to wilfully ignore evidence and sound reasoning.
    ReplyAgree/Disagree/Etc.
  • @iffen
    a few of these foot soldiers are on their way

    What color are their shirts?

    If they are soldiers they have to have uniforms.

    If there are no uniforms then it must be guerrilla warfare.

    …But you’ve been lacking the foot soldiers who play the crucial role of engaging in hand-to-hand combat… metaphorically speaking, of course.

    All I’d like to assure you of is that a few of these foot soldiers are on their way to join in this important battle…

    Thank you – your meaning was clear and very welcome! It will take all of us, and our ranks are growing.

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  • @geokat62

    If they are soldiers they have to have uniforms.
     
    You must have missed the metaphorical part... and I specifically included it for people the likes of you. Oh, well, better luck next time, I guess.

    Ahh yes, metaphors and butterflies; the bread and butter; the meat and potatoes; the stock in trade of the esoterical, Ghost Dancing millenarians.

    I see the truth now.

    My eyes! My eyes! Wink. Wink.

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    ReplyAgree/Disagree/Etc.
  • @iffen
    a few of these foot soldiers are on their way

    What color are their shirts?

    If they are soldiers they have to have uniforms.

    If there are no uniforms then it must be guerrilla warfare.

    If they are soldiers they have to have uniforms.

    You must have missed the metaphorical part… and I specifically included it for people the likes of you. Oh, well, better luck next time, I guess.

    Read More
    • Replies: @iffen
    Ahh yes, metaphors and butterflies; the bread and butter; the meat and potatoes; the stock in trade of the esoterical, Ghost Dancing millenarians.

    I see the truth now.

    My eyes! My eyes! Wink. Wink.
    ReplyAgree/Disagree/Etc.
  • @geokat62

    There is a great effort to prevent people from learning it...
     
    Ms. Weir, you and a few others have been doing the heavy lifting, furnishing the American people with this vitally important information. But you've been lacking the foot soldiers who play the crucial role of engaging in hand-to-hand combat... metaphorically speaking, of course.

    All I'd like to assure you of is that a few of these foot soldiers are on their way to join in this important battle that you, with the help of a few others, have been waging so valiantly.

    a few of these foot soldiers are on their way

    What color are their shirts?

    If they are soldiers they have to have uniforms.

    If there are no uniforms then it must be guerrilla warfare.

    Read More
    • Replies: @geokat62

    If they are soldiers they have to have uniforms.
     
    You must have missed the metaphorical part... and I specifically included it for people the likes of you. Oh, well, better luck next time, I guess.
    , @Alison Weir
    @geokat62

    ...But you’ve been lacking the foot soldiers who play the crucial role of engaging in hand-to-hand combat… metaphorically speaking, of course.

    All I’d like to assure you of is that a few of these foot soldiers are on their way to join in this important battle...
     
    Thank you – your meaning was clear and very welcome! It will take all of us, and our ranks are growing.
    ReplyAgree/Disagree/Etc.
  • @Alison Weir
    @Gramps -- I'm glad whoever this is was at my event, and I appreciate his kind words about my response to the IDF continent. However, I feel he underestimated the church members in the audience when he wrote: "there was little support for her nor for a strictly pro-American pov from the audience."

    Actually, while the information I presented was quite new to many church members (not all, since some had already read my book), it was clear that there was considerable interest and receptivity. In point of fact, most bought my book, asked me to sign it, and indicated their wish to learn more. I rode with them in the church bus back from the event, where we had even more time to talk, and some came to a dinner the following night.

    However, I agree with Gramps that this kind of information is rarely disseminated and therefore little known. There is a great effort to prevent people from learning it; witness the attacks by JVP et al that followed the publication of my book.

    Happily, despite such ongoing efforts, the information is getting out, and follow-up events by church members were already being planned before I left.

    There is a great effort to prevent people from learning it…

    Ms. Weir, you and a few others have been doing the heavy lifting, furnishing the American people with this vitally important information. But you’ve been lacking the foot soldiers who play the crucial role of engaging in hand-to-hand combat… metaphorically speaking, of course.

    All I’d like to assure you of is that a few of these foot soldiers are on their way to join in this important battle that you, with the help of a few others, have been waging so valiantly.

    Read More
    • Replies: @iffen
    a few of these foot soldiers are on their way

    What color are their shirts?

    If they are soldiers they have to have uniforms.

    If there are no uniforms then it must be guerrilla warfare.
    ReplyAgree/Disagree/Etc.
  • Anonymous • Disclaimer says:
    @SolontoCroesus
    Interesting, but what "bottom" polity is Peled referring to -- the Jewish community or the American community?

    And what is his ultimate purpose; what does he hope to redeem -- Israel or the integrity of US politics and international policy?

    Some of these distinctions were highlighted in a joint appearance with Phil Giraldi and Miko Peled at Busboys & Poets last year --

    https://www.youtube.com/watch?v=AYXOsBMktWI

    Note how Peled called for US activism to resolve the Palestine conflict, while Giraldi insisted that from his point of view, with which I agree, the goal of American activists is to extricate Israeli's and AIPAC/Israel lobby's malign influence on US foreign and domestic politics and policy.

    I suppose you might argue that this is a difference without a distinction, geokat62, but I thought it was important when I heard Giraldi make the claim. It's particularly important when you realize the vast disparity in resources, in awareness, and commitment non-Israelish activists have to bring to the arena.

    That disparity was in evidence a few days ago when Alison Weir gave a couple of talks here in Florida. Weir's presentation, based on her book, Against Our Better Judgment https://www.youtube.com/watch?v=5ly75-R5TN8
    is powerful and informative.

    The audience was composed of about 2/5 Muslims from the community; 2/5 members of a Christian congregation many of whom have been to Israel-Palestine with their pastor; and 1/5 former IDF soldiers and/or Israeli hasbarists.

    The Israelis dominated the Q and A part of the program; Weir handled their barrage of questions which approached harassment with aplomb, but there was little support for her nor for a strictly pro-American pov from the audience. It occurred to me as I drove home that no US soldiers were in the audience, and that the IDF members made claims amounting to the necessity of IDF to protect American interests -- US forces being incapable of performing those duties.

    For all the effort the Christian church members brought to the effort, they were dismally uninformed on the easily refutable claims the IDF group raised. The Christian group was mostly older people who have been generous and earnest in seeking to right a wrong but who have not yet plumbed the foundations of the distorted beliefs that they have been propagandized with all their lives.

    PS (edit update) this was prepared before Sam Shama's comment, above, was posted; I saw Sam's Miami seder experience in the 4-min edit period. Great minds, same channel, or maybe it's something about FL

    I guess I fall into your category as one the “Christian church members/older people” that was in the audience at UCF. I don’t agree the Israelis dominated the Q and A. Alison’s presentation, based on facts, obviously caused them a lot of heartburn which it should. Although not saying so I’m sure they were all biting their toughs wanted to call her anti-Semitic which is the normal response when facing factual data of Israelis brutality of others. Given that, all they could do is attempt to discredit her by using some false accusations from JVP, Jewish Voices for Peace.

    However, I think there were many comments made from the Muslim community. Most were very appreciative of Alison exposing the truth of the human rights violation imposed on the Palestinians while the US taxpayers pump billions of $$$ to fund it and our Zionist press covers it up.

    As far as little support for Alison from the audience, this was a Q and A session. Alison didn’t an excellent job replying to the questions and we didn’t feel it was appropriate to add to her comments.

    No doubt all of us (including the older club) have been “propagandized with all their lives” but fewer and fewer people are buying it. Especially when some serious money is coming out of our pockets to fund it and when the Israeli government murders our sailors and our government does everything they can to cover it up. Aka USS Liberty. I have no doubt that if the Israeli’s blew up one of our navel carries today our President and congressmen would react in the same manner. Given the state of our political system $$$ rule. If it’s a choice between any number of dead sailors or soldiers or risking the loss of campaign contributions from AIPAC, it’s an easy choice. Just ask any of the survivors of the USS Liberty.

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  • @SolontoCroesus
    Interesting, but what "bottom" polity is Peled referring to -- the Jewish community or the American community?

    And what is his ultimate purpose; what does he hope to redeem -- Israel or the integrity of US politics and international policy?

    Some of these distinctions were highlighted in a joint appearance with Phil Giraldi and Miko Peled at Busboys & Poets last year --

    https://www.youtube.com/watch?v=AYXOsBMktWI

    Note how Peled called for US activism to resolve the Palestine conflict, while Giraldi insisted that from his point of view, with which I agree, the goal of American activists is to extricate Israeli's and AIPAC/Israel lobby's malign influence on US foreign and domestic politics and policy.

    I suppose you might argue that this is a difference without a distinction, geokat62, but I thought it was important when I heard Giraldi make the claim. It's particularly important when you realize the vast disparity in resources, in awareness, and commitment non-Israelish activists have to bring to the arena.

    That disparity was in evidence a few days ago when Alison Weir gave a couple of talks here in Florida. Weir's presentation, based on her book, Against Our Better Judgment https://www.youtube.com/watch?v=5ly75-R5TN8
    is powerful and informative.

    The audience was composed of about 2/5 Muslims from the community; 2/5 members of a Christian congregation many of whom have been to Israel-Palestine with their pastor; and 1/5 former IDF soldiers and/or Israeli hasbarists.

    The Israelis dominated the Q and A part of the program; Weir handled their barrage of questions which approached harassment with aplomb, but there was little support for her nor for a strictly pro-American pov from the audience. It occurred to me as I drove home that no US soldiers were in the audience, and that the IDF members made claims amounting to the necessity of IDF to protect American interests -- US forces being incapable of performing those duties.

    For all the effort the Christian church members brought to the effort, they were dismally uninformed on the easily refutable claims the IDF group raised. The Christian group was mostly older people who have been generous and earnest in seeking to right a wrong but who have not yet plumbed the foundations of the distorted beliefs that they have been propagandized with all their lives.

    PS (edit update) this was prepared before Sam Shama's comment, above, was posted; I saw Sam's Miami seder experience in the 4-min edit period. Great minds, same channel, or maybe it's something about FL

    @Gramps — I’m glad whoever this is was at my event, and I appreciate his kind words about my response to the IDF continent. However, I feel he underestimated the church members in the audience when he wrote: “there was little support for her nor for a strictly pro-American pov from the audience.”

    Actually, while the information I presented was quite new to many church members (not all, since some had already read my book), it was clear that there was considerable interest and receptivity. In point of fact, most bought my book, asked me to sign it, and indicated their wish to learn more. I rode with them in the church bus back from the event, where we had even more time to talk, and some came to a dinner the following night.

    However, I agree with Gramps that this kind of information is rarely disseminated and therefore little known. There is a great effort to prevent people from learning it; witness the attacks by JVP et al that followed the publication of my book.

    Happily, despite such ongoing efforts, the information is getting out, and follow-up events by church members were already being planned before I left.

    Read More
    • Replies: @geokat62

    There is a great effort to prevent people from learning it...
     
    Ms. Weir, you and a few others have been doing the heavy lifting, furnishing the American people with this vitally important information. But you've been lacking the foot soldiers who play the crucial role of engaging in hand-to-hand combat... metaphorically speaking, of course.

    All I'd like to assure you of is that a few of these foot soldiers are on their way to join in this important battle that you, with the help of a few others, have been waging so valiantly.
    ReplyAgree/Disagree/Etc.
  • @Junior

    I could not agree more, that I too, like the Hobbit, cherish and yearn for the Shire [I once considered raising sheep in Scotland]; but the Orcs – always the Orcs – shatter that bucolic idyll, don’t they?
     
    Though I agree with your comparison, sadly I have a feeling that Tolkein might've asked you to reconsider your Hobbit analogy. ;)

    More than three decades after publishing “The Hobbit,” Tolkien spoke about the Jewish-dwarvish connection during a BBC interview.

    “I didn’t intend it, but when you’ve got these people on your hands, you’ve got to make them different, haven’t you?” said Tolkien during the 1971 interview. “The dwarves of course are quite obviously, wouldn’t you say that in many ways they remind you of the Jews? Their words are Semitic, obviously, constructed to be Semitic. The hobbits are just rustic English people,” he said.
     
    http://www.timesofisrael.com/are-tolkiens-dwarves-an-allegory-for-the-jews/

    I possess a thick skin ;-) for these things. I also happen to love apfelstrudel and listening to Wagner [although in all fairness Wagner had many a Jewish friend]

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  • @Junior

    It certainly has a great deal to do with perception.It is also about a holder’s ability to sell without causing a self-inflicted harm.
     
    Your statement about selling without causing self-inflicted harm is duly noted, however there is also the self-inflicted harm of continuing to buy into a system that has absolutely no chance of sustaining itself due to the unfettered debt accumulation. The staggering amount spent on paying interest on an astronomical debt that is IMPOSSIBLE to pay back is becoming an unbelievably serious problem.

    Were the perceptions consistent with U.S.A’s inability to service debt, we would have seen the avalanche. What we have witnessed is the very opposite since 2008, when the fashion of debt-scolding first made appearance. At some point data and contrary experience ought to be a clue and persuade one that a re-evaluation is warranted.
     
    It is YOU that needs to re-evaluate. We have NOT seen the very opposite of the perception of inability to service debt, we have seen the exact opposite. In the 8 years since 2008, the last 3 has seen the trend of countries selling off massive amounts of US debt. The “biggest decline in foreign official demand for U.S. notes and bonds since records began in 1978.″ At some point data and contrary experience ought to be a clue and persuade one that a re-evaluation is warranted.

    The main creditors, once again, are the intra-governmental portfolios, of which SS is the largest. If you insist on believing that the planet in the night sky is a wheel of swiss cheese, I hate to dissuade you [In other words this charge of "private buyers" reeks of inexplicable alarmism, for it matters little even if it were true].
     
    You are completely missing the point of what I said. From the article I posted earlier: "So even though central banks are dumping U.S. debt, there's plenty of demand for it from private investors." http://money.cnn.com/2016/02/17/news/economy/china-us-debt-dump-central-banks/index.html The point is that these "private investors" are buying up the debt and that is the only reason that bond prices have not plummeted. We are talking about bond prices, NOT who is the largest creditors. The "alarmism" is whether or not these "private investors" that are trying to prop up the bond market artificially are nothing more than fronts for the privately owned criminal enterprise FED, instead of the FED doing it directly which would cause an even greater selling off of bonds. So your attempted insult about me insisting "on believing that the planet in the night sky is a wheel of swiss cheese", makes absolutely no sense. As anyone with two-eyes and a half-a-brain knows, it's CLEARLY made out of Gouda. ;)

    Japan since the 1980s has had more pronounced debt levels to GDP, and a great many short sellers of Japanese bonds were the recipients of the “widow-maker” distinction.
     
    Without a doubt I believe that Japan is in just as much trouble as the US is in terms of unsustainable debt. I believe that the GDP to Debt ratio that you mention however is a false-indicator. The Debt to Revenue ratio is the TRUE measure of a countries ability to pay down debt.

    http://www.forbes.com/sites/jeffreydorfman/2014/07/12/forget-debt-as-a-percent-of-gdp-its-really-much-worse/#352a6c916e0c

    http://www.theguardian.com/business/2013/jun/09/eurozone-crisis-debt-income-ratios

    http://www.visualcapitalist.com/by-this-measure-the-u-s-has-the-2nd-highest-national-debt/

    On the subject of a BRICS sponsored IMF type institution, you may have missed it, but the Fed actually is supportive of the idea.
     
    I'm not surprised in the LEAST that the treasonous FED is supportive of actions that are not in our Nations interest. The owners of the Fed WANT a global currency and the formation of BRICS is nothing more than a step in their agenda of achieving a global currency. BRICS is a safe-haven for them to park their burglary loot, from robbing our Home, in for the transition period between when they crash the US economy and when the global currency is put in place.

    Commodity economies need strong reserve currencies, and a diversified portfolio is beneficial to all sovereigns. The critical qualification is a prolonged and demonstrably stable economy. When the BRICS reach that status, we shall see a natural diversification of sovereign portfolios – i.e. a more balanced global economy, an outcome that is eminently desirable.
     
    You should tuck in your Globalist undershirt, Sam. It's showing.

    On the issue of the Fed audit, I really toil and tire to no avail. The intrigue is rather reminiscent of the habits of old spinsters who look under their beds ever night, in the fear, or rather in the hopes of finding a scoundrel.
     
    You seem pretty proud of your never-ending toiling to keep transparency from the American People. You should be ashamed, not bragging about it. It really is quite sad, Sam.

    The staggering amount spent on paying interest on an astronomical debt that is IMPOSSIBLE to pay back is becoming an unbelievably serious problem.

    Its late, and I have to keep this as brief as possible. Numbers and relative quantities are of the essence; not hyperbole ["IMPOSSIBLE", "staggering" etc]. I have noted re: this “trends for selling massive amounts ” fairly recently and you chose to ignore it. [a few hundred billions in a market for tens of trillions is not ...... etc]

    http://www.unz.com/article/the-war-against-the-world/#comment-1398859

    You are completely missing the point of what I said. From the article I posted earlier: “So even though central banks are dumping U.S. debt, there’s plenty of demand for it from private investors.” http://money.cnn.com/2016/02/17/news/economy/china-us-debt-dump-central-banks/index.html The point is that these “private investors” are buying up the debt and that is the only reason that bond prices have not plummeted. We are talking about bond prices, NOT who is the largest creditors.

    I did not miss your point. I think, once again you are flying dangerously close to the ledge by implying some sort of privately fuelled debt demand. Whether it is or it isn’t true is irrelevant [I happily concede that private money is buying the debt]. When you say that “it is the only reason why prices are not falling”, you are grasping at straws. Firstly it isn’t true [I live and breathe in these markets....I know another insult coming my way]: European sovereign accounts are buying our bonds, as are private investment funds, insurance companies and pension accounts. The price of our 10-year treasury [as I write this stands at 1.85%] and this is what it has done over the past years:

    https://research.stlouisfed.org/fred2/series/IRLTLT01USM156N

    Prices of bonds have risen. Again anger and an appeal to conspiracy, will not be credible in a market for tens of trillions. Understand this: the most astute investors like Buffet and Jeff Gundlach are buying UST, If they thought that a conspiracy is afoot and will cause great losses in the future they would not buy bonds. Period!

    I was not looking to insult you. Just a bit of irony, which seemed appropriate.

    I believe that the GDP to Debt ratio that you mention however is a false-indicator. The Debt to Revenue ratio is the TRUE measure of a countries ability to pay down debt.

    Fatally flawed argument. These hacks [you referenced from CNN money] who write such unmitigated rubbish should not be a substitute for sound reasoning. I have said this before, even Debt/GDP is not a good indicator, however since it is used extensively, it has attained some relevance. Yet it suffers from the flaw of mixing a stock concept [debt levels] with a flow concept [GDP]. Apples divided by oranges. Revenue to Debt is far worse; for the same reason. What you should be looking at is Revenue to Interest costs [both flow concepts], which goes directly to the question of the yearly deficit, which has done this:

    https://research.stlouisfed.org/fred2/series/FYFSGDA188S

    Gone from a -10% in the depths of the 2008 crisi to -2% currently. So please spare me the analysis of the CNN pundits.

    You should tuck in your Globalist undershirt, Sam. It’s showing.

    Is it really? I am an unrepentant Keynesian, and following his advice has been rather good for me I might note. Keynes was – if you were unaware of this – the original proponent of fair trade and not just free trade. I stand my ground and that undershirt most certainly does not show ;-) . [Have you tried http://www.untuckit.com/ ? They are really rather tops!]

    You seem pretty proud of your never-ending toiling to keep transparency from the American People. You should be ashamed, not bragging about it. It really is quite sad, Sam.

    Oy. Unwittingly, you are exhorting the American people to look for demons, when time would be better spent understanding real economics not reflexology; or was it praexeology?

    I wish you a good evening for now.

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    • Replies: @Junior

    Numbers and relative quantities are of the essence; not hyperbole ["IMPOSSIBLE", "staggering" etc].
     
    Unless you happen to have $20Tr of Lincoln or Kennedy Greenbacks tucked under your mattress(by the way, you wouldn't happen to know whether untuckit.com carries bed-sheets as well as shirts, would you? ;) ), my use of the word "impossible" is anything but hyperbole. It is IMPOSSIBLE( ;) ) to pay back the debt because every dollar created by the Fed is debt itself because of the interest rate that the fractional-reserving-criminals charge us.

    I am an unrepentant Keynesian
     
    Now, I'm no economist, but what the HELL does you being from the African country of Kenya have to do with this conversation? :)

    These hacks [you referenced from CNN money] who write such unmitigated rubbish should not be a substitute for sound reasoning.
     
    I purposefully tried to use only mainstream articles from people who have been indoctrinated in the Keynes debt-is-good BS instead of "alternate" web sites because I knew you would use this line of defense. All for naught it seems. Perhaps instead you might respect what Moody's and also Anthony Crescenzi who is PIMCO's Senior VP, Strategist, and Portfolio Manager for PIMCO, the worlds largest bond-fund manager, have to say about our system's sustainability and the "Keynesian Endpoint"(a graphic for the Keynesian Endpoint which uses Debt to Revenue ratios for any interested http://www.addogram.com/2012/12/visualizing-the-keynesian-endpoint/ )

    From the article which I've posted below:

    http://www.bloomberg.com/news/articles/2010-06-08/pimco-s-crescenzi-sees-keynesian-endpoint-with-balance-sheets-exhasuted


    Nations have reached a “Keynesian endpoint” as exhausted balance sheets leave policy makers with few options to bolster economic growth, according to Anthony Crescenzi, an investor at Pacific Investment Management Co., the world’s largest bond-fund manager.

    “Time, devaluations, and debt restructurings might be the only way out for many nations,” Crescenzi wrote in an e-mailed note titled “Keynesian Endpoint” that referenced the Great Depression era economist John Maynard Keynes. Debt-fueled spending programs aimed at combating the global financial crisis of 2008 are among policy tools now “being seen as a magic elixir that has morphed into poison.”
     

    So a VP from the worlds largest bond-fund manager, who has said in the past that the question of our age is "If the U.S. is backing its financial system, who is backing the U.S.?", also says that we have reached a level of unsustainability.

    U.S. finances have been “substantially worsened by the credit crisis, recession, and government spending to address these shocks,” Moody’s analysts led by Steven A. Hess wrote in a report on May 25.

    The ratios of general government debt to GDP and to revenue are deteriorating sharply, and after the crisis they are likely to be higher than the ratios of other Aaa-rated countries,” according to the analysts.
     

    So it seems that the "hacks" from CNNmoney aren't the only ones that are looking at the Debt to Revenue ratios. Moody's, one of the Big Three credit rating agencies that provide analysis for banks and financial institutions worldwide, uses the Debt to Revenue ratios in their analysis so stop with the "it's only hacks using it" nonsense.

    And from the end of the article we get a glimpse into who is buying up the US debt from countries:


    Pimco had $1.07 trillion assets under management as of March 31 and is a unit of Munich-based insurer Allianz SE.
     
    PIMCO, the worlds largest bond-fund manager, is owned by Allianz SE. So I did a search to see who owns Allianz SE and... SURPRISE SURPRISE it's controlled by the Rothschilds. So the "private investors" that are propping up the bond-prices and keeping the FED ponzi scheme going are controlled by the Rothschilds.

    The deal will see Paris Orléans, the Rothschild Group’s holding company, buy the minority stakes in its subsidiaries, including N.M. Rothschild & Sons, the investment bank based in London, and the group’s French asset management business, according to a company statement released on Wednesday... David de Rothschild will become chairman of PO Gestion, a limited partnership that will control the newly combined firm. ‘‘It will allow the group to meet better the requirements of globalization in general and in our competitive environment in particular, while ensuring my family’s control of the group over the long term,’’ he said in a statement... Under the terms of the deal, Paris Orléans will combine Rothschild & Cie Banque, the group’s French businesses, with Rothschilds Continuation Holdings, a company based in Switzerland that controls the firm’s international holdings... Allianz, the German insurance and asset management company, said it would remain a long-term shareholder in Paris Orléans.
     
    http://dealbook.nytimes.com/2012/04/05/rothschilds-to-combine-french-and-british-assets/

    On page ten of this pdf from Rothschild & Co. you will see Allianz's Paris Orleans share ownership http://www.rothschildandco.com/upload/UK_G191b____On_Screen___Assembl__e_G__n__rale_Mixte.pdf

    From the Allianz own website in the final paragraph: "Leonardo & Co will provide a fairness opinion for Allianz and Rothschild for Dresdner Bank." https://www.allianz.com/en/investor_relations/announcements/ir_announcements/archive_2008/page10.html

    On an interesting side note, I found this article on the Rothschild website about there being an Alliance Assurance Company that was founded in 1824 by Nathan Rothschild. Allianz was co-founded in 1890 in Berlin by Wilhelm von Finck (co-owner of the Merck Finck & Co bank). They say that in 1939 the Nazis took the Rothschild's Vienna branch and sold it to Finck of Allianz. So did it ever really change hands or is Allianz just the Vienna Branch of the Rothschild Alliance with a German name and that's why they figure so prominently in the current Paris Orleans Rothschild plans? Theory.

    https://www.rothschildarchive.org/business/the_alliance_assurance_company/history_of_the_alliance

    https://en.wikipedia.org/wiki/August_von_Finck,_Sr.

    https://en.wikipedia.org/wiki/Allianz

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  • Junior [AKA "Jr."] says:
    @Sam Shama
    Dear Kiza,
    I am glad you posted your comment as it gives me a passage to clear the air, better explain my positions and find agreement on many of the concerns you express. Let me address them in the order they appear:

    a mish-mash of financial orthodoxies, establishment lies and truths. Since I personally feel challenged on my notion that the US is a runaway train heading for a cliff
     
    Some of my views appear rather conservative, and so they may indeed be [I lose track of what is considered conservative today, tbh]; I do not count myself amongst those who believe that by merely destroying national institutions, we shall magically achieve great good. The U.S. in my estimate is caught in a flux, as much a creation of its own, as it is a legacy of periods past. I would rather not delve into that too much, as historians better than I can testify one way or another. To restate my thinking [to NtD] on this aspect, I firmly believe that whether or not one considers the actions of U.S. administrations imperialistic and warmongering [I do], one would be ill-advised to conclude that other nations, were they in the same position to expand influence, would merrily relinquish the moment; man's history being the guide. Now NtD felt that this thinking is from an era past, and we should all appeal to the better angels of our nature. I could not agree more, that I too, like the Hobbit, cherish and yearn for the Shire [I once considered raising sheep in Scotland]; but the Orcs - always the Orcs - shatter that bucolic idyll, don't they? The day might be yet when benevolent computer algorithms replace political catastrophes [5371, if you are reading this,do go gently]

    Firstly, let me clarify that the US military budget, although partially hidden into various non-military looking allocations and appropriations, and amounting to a cool trillion per annum, by itself does not look likely to collapse the US economy. But it could be the proverbial straw thrown onto the camel’s back.
     
    Here, the penny dropped. I understood the cause of Alexander's distress. I reckon it was his belief that I was simply concealing military expenditures and labelling them social security or something else. No, I did not..

    Of course the $1 tr or so of our budget goes to feed the MIC and its bloody wars!

    I hope I don't require ritual incantations to establish my abhorrence. So getting on with the task of dis-entanglement, the $1 Tr or so we are feeding the MIC, should without a shred of doubt be better spent - far far better - on U.S. infrastructure and its kind. That expenditure needs to be financed, which is where the SS Trust among others, come in with their purchase of treasuries. SS actually takes in more current tax revenues than its needs and saves those surpluses in TBonds - the largest tranche [alexander hold your horses] amongst intra-governmental holdings.

    So, again, do I believe that MIC spending should be diminished and instead we should build roads, internet backbones, fund meaningful education, fund health insurance gaps etc? Unquestionably.

    Will the military spending kept at a 5-6% of gdp cause us ruin? No. Simply because at those levels they act as demand multipliers [I know, I know].

    Now, Some important things regarding the Debt question; I can hopefully put people's minds to rest by noting:

    (1) It matters not how projects/assets/enterprises are financed: they can be debt financed 100% or any combination of debt and equity [in the case of public goods taxes] . It only matters if the enterprise itself is generating sufficient real returns [ a car will run the same whether you pay the price for from your current income or it is loan financed]. In the larger context of the U.S. nominal gdp is running at around 3.1% and public sector debt costs a nominal 1.4% on a duration weighted basis. So we are very far from panic stations. I do agree with Kiza that if we end up at a point where 20% of our gdp is spent on the MIC we might destroy our productive capacity, which will cause hyperinflation; yet we are very far from it, and should that eventuality arise, the whole world will quake.

    (2) As the Gross Federal Debt held by the public, or the total Federal Debt to GDP ratio have risen:

    (i) https://research.stlouisfed.org/fred2/series/FYPUGDA188S or
    (ii) https://research.stlouisfed.org/fred2/series/GFDEGDQ188S

    the household debt to gdp has fallen during the same period:

    (iii) https://research.stlouisfed.org/fred2/series/HDTGPDUSQ163N

    and corporate credit in Non-financial sector has also fallen since the recession

    (iv) https://research.stlouisfed.org/fred2/series/NCBCMDPNWMV

    Taken together, these trends tell us that while public sector debt has risen, it has been offset by equal value reductions in household debt and corporate debt. Such are the actions of automatic stabilisation.


    The Fractional Reserve Banking, which is the main principle of a debt-based developing economy, does not fit the Western economies any more. For example, the Fractional Reserve Banking lays claims on the future value produced by the borrower, but in a slow-developing mature economy the new value is added too slowly. The debt creation is too fast, the value creation is too slow, a huge pyramid of debt has been built. The pyramid must collapse one day. No-one can produce the value of paper promises any more, neither developed countries, nor developing countries. The amount in derivatives exceeds the total World economy several times over. It is a mountain of paper, which no real assets can back up.
     
    I am fine with having a deposit banking system run exclusively through the postal services, and loan creation is allowed according to strict equity capital requirements; in other words a pure utility model. In fact I think it will be beneficial in the sense that banks will be no longer allowed to play with depositors equity cash and be left with the devices of the market to raise equity at much steeper costs than what they enjoy now on the back of the taxpayer. It will cause the collapse of Goldman Sachs, JP Morgan, BoA, Wells, and a host of others [all derivatives valuations will go to naught], The Fed and treasury need to ensure that ATMs work [they can easily do this, especially if all money is electronic] and loans are serviced via the utility bank mentioned earlier.

    I am afraid we have not the political nor the social will to take this risk at the moment; and I think I wrote far more than I intended at the start!

    Final Note: The ills of the public body have more to do with Wealth mal-distribution than anything else. This is in no small measure the result of regulatory capture. Vote for Sanders or Trump.

    I could not agree more, that I too, like the Hobbit, cherish and yearn for the Shire [I once considered raising sheep in Scotland]; but the Orcs – always the Orcs – shatter that bucolic idyll, don’t they?

    Though I agree with your comparison, sadly I have a feeling that Tolkein might’ve asked you to reconsider your Hobbit analogy. ;)

    More than three decades after publishing “The Hobbit,” Tolkien spoke about the Jewish-dwarvish connection during a BBC interview.

    “I didn’t intend it, but when you’ve got these people on your hands, you’ve got to make them different, haven’t you?” said Tolkien during the 1971 interview. “The dwarves of course are quite obviously, wouldn’t you say that in many ways they remind you of the Jews? Their words are Semitic, obviously, constructed to be Semitic. The hobbits are just rustic English people,” he said.

    http://www.timesofisrael.com/are-tolkiens-dwarves-an-allegory-for-the-jews/

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    • Replies: @Sam Shama
    I possess a thick skin ;-) for these things. I also happen to love apfelstrudel and listening to Wagner [although in all fairness Wagner had many a Jewish friend]
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  • Junior [AKA "Jr."] says:
    @Sam Shama

    It is ALL about Perception. All it takes is a run by the top holders of the bonds to start an avalanche. And they have already begun. You talk about the trend of nations selling off their US debt in the “biggest decline in foreign official demand for U.S. notes and bonds since records began in 1978″ as if it is no big deal. Your statements about the US being the only sustainable market make absolutely no difference if the PERCEPTION of people is that the dollar is unsustainable. Their perception is of this because of the astronomical $19Tr debt with no end in sight of stopping, the 2008 crash in which the perpetrators of the robbery had absolutely no repercussions and absolutely no changes were made to the system, the massive selling off of debt by countries recently, the straining of relations with the villainous Saudi’s who many believe are the only thing keeping the house of cards propped up because of the petrodollar . And as to the rise in bond prices that you brought5 up, as I stated earlier that this is only due to privately owned firms owned by who-the-hell-knows(but I suspect they have a certain Red Shield as their owners) trying to keep the ponzi scheme going.
     
    It certainly has a great deal to do with perception.It is also about a holder's ability to sell without causing a self-inflicted harm. Were the perceptions consistent with U.S.A's inability to service debt, we would have seen the avalanche. What we have witnessed is the very opposite since 2008, when the fashion of debt-scolding first made appearance. At some point data and contrary experience ought to be a clue and persuade one that a re-evaluation is warranted. But no, that is too much to expect from the true believers, is it not?

    The main creditors, once again, are the intra-governmental portfolios, of which SS is the largest. If you insist on believing that the planet in the night sky is a wheel of swiss cheese, I hate to dissuade you [In other words this charge of "private buyers" reeks of inexplicable alarmism, for it matters little even if it were true]. Japan since the 1980s has had more pronounced debt levels to GDP, and a great many short sellers of Japanese bonds were the recipients of the "widow-maker" distinction. As the primary reserve, it is inevitable - as well the manifest ongoing experience - that short-sellers of U.S. treasuries will greatly cause the outnumbering of said Japanese widows.

    On the subject of a BRICS sponsored IMF type institution, you may have missed it, but the Fed actually is supportive of the idea. Commodity economies need strong reserve currencies, and a diversified portfolio is beneficial to all sovereigns. The critical qualification is a prolonged and demonstrably stable economy. When the BRICS reach that status, we shall see a natural diversification of sovereign portfolios - i.e. a more balanced global economy, an outcome that is eminently desirable.

    On the issue of the Fed audit, I really toil and tire to no avail. The intrigue is rather reminiscent of the habits of old spinsters who look under their beds ever night, in the fear, or rather in the hopes of finding a scoundrel.

    It certainly has a great deal to do with perception.It is also about a holder’s ability to sell without causing a self-inflicted harm.

    Your statement about selling without causing self-inflicted harm is duly noted, however there is also the self-inflicted harm of continuing to buy into a system that has absolutely no chance of sustaining itself due to the unfettered debt accumulation. The staggering amount spent on paying interest on an astronomical debt that is IMPOSSIBLE to pay back is becoming an unbelievably serious problem.

    Were the perceptions consistent with U.S.A’s inability to service debt, we would have seen the avalanche. What we have witnessed is the very opposite since 2008, when the fashion of debt-scolding first made appearance. At some point data and contrary experience ought to be a clue and persuade one that a re-evaluation is warranted.

    It is YOU that needs to re-evaluate. We have NOT seen the very opposite of the perception of inability to service debt, we have seen the exact opposite. In the 8 years since 2008, the last 3 has seen the trend of countries selling off massive amounts of US debt. The “biggest decline in foreign official demand for U.S. notes and bonds since records began in 1978.″ At some point data and contrary experience ought to be a clue and persuade one that a re-evaluation is warranted.

    The main creditors, once again, are the intra-governmental portfolios, of which SS is the largest. If you insist on believing that the planet in the night sky is a wheel of swiss cheese, I hate to dissuade you [In other words this charge of "private buyers" reeks of inexplicable alarmism, for it matters little even if it were true].

    You are completely missing the point of what I said. From the article I posted earlier: “So even though central banks are dumping U.S. debt, there’s plenty of demand for it from private investors.” http://money.cnn.com/2016/02/17/news/economy/china-us-debt-dump-central-banks/index.html The point is that these “private investors” are buying up the debt and that is the only reason that bond prices have not plummeted. We are talking about bond prices, NOT who is the largest creditors. The “alarmism” is whether or not these “private investors” that are trying to prop up the bond market artificially are nothing more than fronts for the privately owned criminal enterprise FED, instead of the FED doing it directly which would cause an even greater selling off of bonds. So your attempted insult about me insisting “on believing that the planet in the night sky is a wheel of swiss cheese”, makes absolutely no sense. As anyone with two-eyes and a half-a-brain knows, it’s CLEARLY made out of Gouda. ;)

    Japan since the 1980s has had more pronounced debt levels to GDP, and a great many short sellers of Japanese bonds were the recipients of the “widow-maker” distinction.

    Without a doubt I believe that Japan is in just as much trouble as the US is in terms of unsustainable debt. I believe that the GDP to Debt ratio that you mention however is a false-indicator. The Debt to Revenue ratio is the TRUE measure of a countries ability to pay down debt.

    http://www.forbes.com/sites/jeffreydorfman/2014/07/12/forget-debt-as-a-percent-of-gdp-its-really-much-worse/#352a6c916e0c

    http://www.theguardian.com/business/2013/jun/09/eurozone-crisis-debt-income-ratios

    http://www.visualcapitalist.com/by-this-measure-the-u-s-has-the-2nd-highest-national-debt/

    On the subject of a BRICS sponsored IMF type institution, you may have missed it, but the Fed actually is supportive of the idea.

    I’m not surprised in the LEAST that the treasonous FED is supportive of actions that are not in our Nations interest. The owners of the Fed WANT a global currency and the formation of BRICS is nothing more than a step in their agenda of achieving a global currency. BRICS is a safe-haven for them to park their burglary loot, from robbing our Home, in for the transition period between when they crash the US economy and when the global currency is put in place.

    Commodity economies need strong reserve currencies, and a diversified portfolio is beneficial to all sovereigns. The critical qualification is a prolonged and demonstrably stable economy. When the BRICS reach that status, we shall see a natural diversification of sovereign portfolios – i.e. a more balanced global economy, an outcome that is eminently desirable.

    You should tuck in your Globalist undershirt, Sam. It’s showing.

    On the issue of the Fed audit, I really toil and tire to no avail. The intrigue is rather reminiscent of the habits of old spinsters who look under their beds ever night, in the fear, or rather in the hopes of finding a scoundrel.

    You seem pretty proud of your never-ending toiling to keep transparency from the American People. You should be ashamed, not bragging about it. It really is quite sad, Sam.

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    • Replies: @Sam Shama

    The staggering amount spent on paying interest on an astronomical debt that is IMPOSSIBLE to pay back is becoming an unbelievably serious problem.
     
    Its late, and I have to keep this as brief as possible. Numbers and relative quantities are of the essence; not hyperbole ["IMPOSSIBLE", "staggering" etc]. I have noted re: this "trends for selling massive amounts " fairly recently and you chose to ignore it. [a few hundred billions in a market for tens of trillions is not ...... etc]

    http://www.unz.com/article/the-war-against-the-world/#comment-1398859
     

    You are completely missing the point of what I said. From the article I posted earlier: “So even though central banks are dumping U.S. debt, there’s plenty of demand for it from private investors.” http://money.cnn.com/2016/02/17/news/economy/china-us-debt-dump-central-banks/index.html The point is that these “private investors” are buying up the debt and that is the only reason that bond prices have not plummeted. We are talking about bond prices, NOT who is the largest creditors.
     
    I did not miss your point. I think, once again you are flying dangerously close to the ledge by implying some sort of privately fuelled debt demand. Whether it is or it isn't true is irrelevant [I happily concede that private money is buying the debt]. When you say that "it is the only reason why prices are not falling", you are grasping at straws. Firstly it isn't true [I live and breathe in these markets....I know another insult coming my way]: European sovereign accounts are buying our bonds, as are private investment funds, insurance companies and pension accounts. The price of our 10-year treasury [as I write this stands at 1.85%] and this is what it has done over the past years:

    https://research.stlouisfed.org/fred2/series/IRLTLT01USM156N
     
    Prices of bonds have risen. Again anger and an appeal to conspiracy, will not be credible in a market for tens of trillions. Understand this: the most astute investors like Buffet and Jeff Gundlach are buying UST, If they thought that a conspiracy is afoot and will cause great losses in the future they would not buy bonds. Period!

    I was not looking to insult you. Just a bit of irony, which seemed appropriate.



    I believe that the GDP to Debt ratio that you mention however is a false-indicator. The Debt to Revenue ratio is the TRUE measure of a countries ability to pay down debt.

     

    Fatally flawed argument. These hacks [you referenced from CNN money] who write such unmitigated rubbish should not be a substitute for sound reasoning. I have said this before, even Debt/GDP is not a good indicator, however since it is used extensively, it has attained some relevance. Yet it suffers from the flaw of mixing a stock concept [debt levels] with a flow concept [GDP]. Apples divided by oranges. Revenue to Debt is far worse; for the same reason. What you should be looking at is Revenue to Interest costs [both flow concepts], which goes directly to the question of the yearly deficit, which has done this:

    https://research.stlouisfed.org/fred2/series/FYFSGDA188S
     
    Gone from a -10% in the depths of the 2008 crisi to -2% currently. So please spare me the analysis of the CNN pundits.

    You should tuck in your Globalist undershirt, Sam. It’s showing.
     
    Is it really? I am an unrepentant Keynesian, and following his advice has been rather good for me I might note. Keynes was - if you were unaware of this - the original proponent of fair trade and not just free trade. I stand my ground and that undershirt most certainly does not show ;-) . [Have you tried http://www.untuckit.com/ ? They are really rather tops!]

    You seem pretty proud of your never-ending toiling to keep transparency from the American People. You should be ashamed, not bragging about it. It really is quite sad, Sam.
     
    Oy. Unwittingly, you are exhorting the American people to look for demons, when time would be better spent understanding real economics not reflexology; or was it praexeology?

    I wish you a good evening for now.

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  • @SolontoCroesus

    I approached extra-topical conversation rather gingerly to be honest, fearing retaliation, but cannily recommended the UR as a must read.

    Now it is up to you.
     

    As noted above, IDF soldiers, as well as several other young people who self-identified as Jewish, were in the audience when Alison Weir spoke. One young Jewish man that I talked to said that he was a "rising sophomore" at university, and that he switched his major from psychology to journalism "because he didn't want to go to grad school right away" after completing a psychology major. None of the IDF members or their co-ethnics were harmed; rather, they enjoyed their fill of pizza provided by the Muslim sponsors of the event.

    On the other hand, when Americans, like Rachel Corrie; or British nationals, like Tom Hurndall https://en.wikipedia.org/wiki/Tom_Hurndall support Palestinians in peaceful protest against Israeli behavior, they end up dead.

    How many Jews have ended up dead at the hands of US police or military in the course of an AIPAC event?
    (Answer: On Mar 21, 2016, when AIPAC came to DC and Americans organized a protest march, DC police protected the convention center and AIPAC attendees and arrested peaceful protesters.)
    http://dailycaller.com/2016/03/21/anti-israel-protests-turn-violent-at-aipac-conference-video/

    When the Presbyterian church USA leadership held a church council to consider divesting from settlement-linked corporations, Jewish rabbis and Jewish lobbyists were all over the meeting, intimidating the Presbyterian membership.

    How many Christians attend high-level, decision-making confabs of the Conference of Presidents of Major American Jewish Organizations?

    Now it is up to us, Sam?
    Is that your endorsement of An Eye for an Eye? http://www.theatlantic.com/daily-dish/archive/2010/06/a-blinded-american-ctd/186361/

    My ending line, which you paraphrase to good effect, was meant as a bit of a teaser for geokat62, who is a dedicated individual fighting for Justice. My efforts are directed more towards the membership of my own congregation, which, on a happy note, is surely experiencing the beginnings of emancipation from the ritual burnt offerings at AIPACs altar. No withdrawal symptoms as far as I can detect.

    It is certainly up to us, from each according to his ability.

    P.S. “An eye for an eye” had effectively been ruled out from the time of the Sanhedrin, which is why the Israeli Supreme Court does not allow capital punishment [since Eichmann], in stark contrast to some countries. The IDF leadership is another matter altogether.

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  • @RobinG
    !!!! Is there an emoticon for a deer in the headlights? Not much pressure :)

    The Hagee acolytes particularly get under my skin. The year I went to the CUFI conference with a sign "Your support for John Hagee is your ticket straight to Hell" was perhaps not one of my better moments. But when some of the young conferees started agreeing with me....

    "Don't you think the Ten Commandments, i.e. Thou shalt not Steal. Thou shalt not Kill, etc., might trump some obscure prophecy (and BTW, God doesn't need your help if it's a prophecy). And if you've killed and stolen or aided and abetted same, if there is a "Rapture" you might not be scheduled for the up escalator..."

    ....they (Hagee) gave me a personal minder to prevent the young and impressionable from hearing that. ("Move along, the session is beginning, nothing to see here...")

    I went to the CUFI conference with a sign “Your support for John Hagee is your ticket straight to Hell”

    I could say “You are a better man than I am, Gunga Din”, but I think “have you lost your mind!” is more apropos! ;-)

    Reading the StandWithUs piece…..

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  • @RobinG
    Almost forgot, 2 interesting articles ...

    Freedom House, that agent of democracy-mongering, occasionally does something good --
    http://www.jta.org/2016/04/27/news-opinion/israel-middle-east/sheldon-adelson-funded-newspaper-costs-israel-in-freedom-of-the-press-ranking
    Sheldon Adelson-funded newspaper costs Israel in freedom-of-the-press ranking

    This piece on StandWithUs is riddled with useful nuggets.
    Interesting their take on J-Street, which sits uncomfortably in the middle, disparaged from both sides. However J-Street my fall short of (our) goals, they are a very useful element in the mix. IMO they're (however marginally) on our side in the scrum. It's only if we approach the goal that we my turn on each other. Which is not to say there isn't some jostling meanwhile.
    http://www.haaretz.com/misc/article-print-page/.premium-1.709014
    The commander behind the pro-Israel student troops on U.S. college campuses

    Great article, RobinG, thx.

    Stand With Us has 80 lawyers on standby.
    Bet your bottom dollar those lawyers also help other StandWithUs activists to make themselves judgment-proof by setting up trusts and other devices to shelter their assets against the same kind of law fare warfare that StandWithUs attacks others — individuals, institutions and nations — with.

    Does the non-Jewish American activist community have such a resource?

    The article notes that Rothstein’s husband was a marketing professional and is now her partner in their org.
    There are lots of young people graduating from universities with marketing and communications degrees; they’re talented and creative.

    What would happen if non-Israelish American activists hired such a young person or company to prepare a marketing campaign to inform fellow Americans of the harm done to US interests by groups like StandWithUS?

    Dead end. They’d never work again.

    Isn’t there something wrong with that scenario, that a young, talented American would be punished by zealots for a foreign entity if those Americans dared to use their skills and talent to speak out on behalf of their own nation?

    Read More
    ReplyAgree/Disagree/Etc.
  • @Sam Shama
    Hi Geo/RobinG,

    Possibly interesting update:

    For the Seder service this year, we went to one arranged by several synagogues in Miami [I was not fully informed of the complete cast].

    It was something of a head spinner, and not just for the reason of Manischewitz on an empty stomach; present were the expected spectrum of Jews, ranging from the slightly irritated secular [eyeing the chabadniker provided matzoh suspiciously] to the orthodox [determined to teach the secular a good lesson by insisting on reading every word of the texts, prior to food being allowed on the table].

    I was mostly taken aback by about a twenty percent of the table, constituted in equal parts, by Hagee acolytes, Latinos and African Americans; AIPAC'ers all it seemed!

    I approached extra-topical conversation rather gingerly to be honest, fearing retaliation, but cannily recommended the UR as a must read.

    Now it is up to you.

    I approached extra-topical conversation rather gingerly to be honest, fearing retaliation, but cannily recommended the UR as a must read.

    Now it is up to you.

    As noted above, IDF soldiers, as well as several other young people who self-identified as Jewish, were in the audience when Alison Weir spoke. One young Jewish man that I talked to said that he was a “rising sophomore” at university, and that he switched his major from psychology to journalism “because he didn’t want to go to grad school right away” after completing a psychology major. None of the IDF members or their co-ethnics were harmed; rather, they enjoyed their fill of pizza provided by the Muslim sponsors of the event.

    On the other hand, when Americans, like Rachel Corrie; or British nationals, like Tom Hurndall https://en.wikipedia.org/wiki/Tom_Hurndall support Palestinians in peaceful protest against Israeli behavior, they end up dead.

    How many Jews have ended up dead at the hands of US police or military in the course of an AIPAC event?
    (Answer: On Mar 21, 2016, when AIPAC came to DC and Americans organized a protest march, DC police protected the convention center and AIPAC attendees and arrested peaceful protesters.)

    http://dailycaller.com/2016/03/21/anti-israel-protests-turn-violent-at-aipac-conference-video/

    When the Presbyterian church USA leadership held a church council to consider divesting from settlement-linked corporations, Jewish rabbis and Jewish lobbyists were all over the meeting, intimidating the Presbyterian membership.

    How many Christians attend high-level, decision-making confabs of the Conference of Presidents of Major American Jewish Organizations?

    Now it is up to us, Sam?
    Is that your endorsement of An Eye for an Eye? http://www.theatlantic.com/daily-dish/archive/2010/06/a-blinded-american-ctd/186361/

    Read More
    • Replies: @Sam Shama
    My ending line, which you paraphrase to good effect, was meant as a bit of a teaser for geokat62, who is a dedicated individual fighting for Justice. My efforts are directed more towards the membership of my own congregation, which, on a happy note, is surely experiencing the beginnings of emancipation from the ritual burnt offerings at AIPACs altar. No withdrawal symptoms as far as I can detect.

    It is certainly up to us, from each according to his ability.

    P.S. "An eye for an eye" had effectively been ruled out from the time of the Sanhedrin, which is why the Israeli Supreme Court does not allow capital punishment [since Eichmann], in stark contrast to some countries. The IDF leadership is another matter altogether.
    ReplyAgree/Disagree/Etc.
  • @Sam Shama
    Hi Geo/RobinG,

    Possibly interesting update:

    For the Seder service this year, we went to one arranged by several synagogues in Miami [I was not fully informed of the complete cast].

    It was something of a head spinner, and not just for the reason of Manischewitz on an empty stomach; present were the expected spectrum of Jews, ranging from the slightly irritated secular [eyeing the chabadniker provided matzoh suspiciously] to the orthodox [determined to teach the secular a good lesson by insisting on reading every word of the texts, prior to food being allowed on the table].

    I was mostly taken aback by about a twenty percent of the table, constituted in equal parts, by Hagee acolytes, Latinos and African Americans; AIPAC'ers all it seemed!

    I approached extra-topical conversation rather gingerly to be honest, fearing retaliation, but cannily recommended the UR as a must read.

    Now it is up to you.

    Almost forgot, 2 interesting articles …

    Freedom House, that agent of democracy-mongering, occasionally does something good –

    http://www.jta.org/2016/04/27/news-opinion/israel-middle-east/sheldon-adelson-funded-newspaper-costs-israel-in-freedom-of-the-press-ranking

    Sheldon Adelson-funded newspaper costs Israel in freedom-of-the-press ranking

    This piece on StandWithUs is riddled with useful nuggets.
    Interesting their take on J-Street, which sits uncomfortably in the middle, disparaged from both sides. However J-Street my fall short of (our) goals, they are a very useful element in the mix. IMO they’re (however marginally) on our side in the scrum. It’s only if we approach the goal that we my turn on each other. Which is not to say there isn’t some jostling meanwhile.

    http://www.haaretz.com/misc/article-print-page/.premium-1.709014

    The commander behind the pro-Israel student troops on U.S. college campuses

    Read More
    • Replies: @SolontoCroesus
    Great article, RobinG, thx.

    Stand With Us has 80 lawyers on standby.
    Bet your bottom dollar those lawyers also help other StandWithUs activists to make themselves judgment-proof by setting up trusts and other devices to shelter their assets against the same kind of law fare warfare that StandWithUs attacks others -- individuals, institutions and nations -- with.

    Does the non-Jewish American activist community have such a resource?

    The article notes that Rothstein's husband was a marketing professional and is now her partner in their org.
    There are lots of young people graduating from universities with marketing and communications degrees; they're talented and creative.

    What would happen if non-Israelish American activists hired such a young person or company to prepare a marketing campaign to inform fellow Americans of the harm done to US interests by groups like StandWithUS?

    Dead end. They'd never work again.

    Isn't there something wrong with that scenario, that a young, talented American would be punished by zealots for a foreign entity if those Americans dared to use their skills and talent to speak out on behalf of their own nation?
    ReplyAgree/Disagree/Etc.
  • @geokat62
    Here's another excellent piece from Mondoweiss. Miko Peled, author of The General's Son, underscores my hypothesis that the source for change must come from the bottom-up, not the top-down:

    Michael Smith asked Peled about Hillary Clinton. Peled said, nothing will change under a Clinton administration.

    I don’t think she has a position, I don’t think she cares. She follows the party line because that’s what she needs to do to get elected and that’s what she needs to get AIPAC support… The change will come from the bottom up. So to expect that an American president will somehow change American policy in the Middle East is not realistic. It doesn’t matter if it’s her or it’s Trump or it’s anybody else. An American president will change American policy only when the reality on the ground is such that politically they have no choice.

    The day American politicians feel they don’t have to bow to AIPAC, that they don’t have to support Israel and provide Israel with a blank check every year– that will be the day that things change.

    He went on to say, the politicians don’t do it because they love Israel or they care about it or the “mythoology” that it’s in the US strategic interest or that we share values.

    This has to do with internal American politics, it has to do with AIPAC. And the day that they [politicians] can feel … that they have to do the right thing, they will do the right thing, being politicians.

    I.e., it’s about the lobby and the establishment...

    The change must come from the ground, from the grassroots, doing organizing.

    It’s important for people to stop talking about the occupation or the occupied territories.. as though they are limited parts of Palestine…. All of Israel is occupied Palestine, all of Israeli cities and towns are illegal settlements. And we have to start talking about it in those terms, otherwise we will never reach a solution, which relies on understanding this, and accepting the fact that we need to push for a transformation and the establishment of a democratic regime in Palestine.
    http://mondoweiss.net/2016/04/sanders-put-everything-on-the-line-for-palestine-because-bds-movement-has-changed-us-conversation-peled/

     

    Interesting, but what “bottom” polity is Peled referring to — the Jewish community or the American community?

    And what is his ultimate purpose; what does he hope to redeem — Israel or the integrity of US politics and international policy?

    Some of these distinctions were highlighted in a joint appearance with Phil Giraldi and Miko Peled at Busboys & Poets last year –

    Note how Peled called for US activism to resolve the Palestine conflict, while Giraldi insisted that from his point of view, with which I agree, the goal of American activists is to extricate Israeli’s and AIPAC/Israel lobby’s malign influence on US foreign and domestic politics and policy.

    I suppose you might argue that this is a difference without a distinction, geokat62, but I thought it was important when I heard Giraldi make the claim. It’s particularly important when you realize the vast disparity in resources, in awareness, and commitment non-Israelish activists have to bring to the arena.

    That disparity was in evidence a few days ago when Alison Weir gave a couple of talks here in Florida. Weir’s presentation, based on her book, Against Our Better Judgment

    is powerful and informative.

    The audience was composed of about 2/5 Muslims from the community; 2/5 members of a Christian congregation many of whom have been to Israel-Palestine with their pastor; and 1/5 former IDF soldiers and/or Israeli hasbarists.

    The Israelis dominated the Q and A part of the program; Weir handled their barrage of questions which approached harassment with aplomb, but there was little support for her nor for a strictly pro-American pov from the audience. It occurred to me as I drove home that no US soldiers were in the audience, and that the IDF members made claims amounting to the necessity of IDF to protect American interests — US forces being incapable of performing those duties.

    For all the effort the Christian church members brought to the effort, they were dismally uninformed on the easily refutable claims the IDF group raised. The Christian group was mostly older people who have been generous and earnest in seeking to right a wrong but who have not yet plumbed the foundations of the distorted beliefs that they have been propagandized with all their lives.

    PS (edit update) this was prepared before Sam Shama’s comment, above, was posted; I saw Sam’s Miami seder experience in the 4-min edit period. Great minds, same channel, or maybe it’s something about FL

    Read More
    • Replies: @Alison Weir
    @Gramps -- I'm glad whoever this is was at my event, and I appreciate his kind words about my response to the IDF continent. However, I feel he underestimated the church members in the audience when he wrote: "there was little support for her nor for a strictly pro-American pov from the audience."

    Actually, while the information I presented was quite new to many church members (not all, since some had already read my book), it was clear that there was considerable interest and receptivity. In point of fact, most bought my book, asked me to sign it, and indicated their wish to learn more. I rode with them in the church bus back from the event, where we had even more time to talk, and some came to a dinner the following night.

    However, I agree with Gramps that this kind of information is rarely disseminated and therefore little known. There is a great effort to prevent people from learning it; witness the attacks by JVP et al that followed the publication of my book.

    Happily, despite such ongoing efforts, the information is getting out, and follow-up events by church members were already being planned before I left.
    , @Anonymous
    I guess I fall into your category as one the “Christian church members/older people” that was in the audience at UCF. I don’t agree the Israelis dominated the Q and A. Alison’s presentation, based on facts, obviously caused them a lot of heartburn which it should. Although not saying so I’m sure they were all biting their toughs wanted to call her anti-Semitic which is the normal response when facing factual data of Israelis brutality of others. Given that, all they could do is attempt to discredit her by using some false accusations from JVP, Jewish Voices for Peace.

    However, I think there were many comments made from the Muslim community. Most were very appreciative of Alison exposing the truth of the human rights violation imposed on the Palestinians while the US taxpayers pump billions of $$$ to fund it and our Zionist press covers it up.

    As far as little support for Alison from the audience, this was a Q and A session. Alison didn’t an excellent job replying to the questions and we didn’t feel it was appropriate to add to her comments.

    No doubt all of us (including the older club) have been “propagandized with all their lives” but fewer and fewer people are buying it. Especially when some serious money is coming out of our pockets to fund it and when the Israeli government murders our sailors and our government does everything they can to cover it up. Aka USS Liberty. I have no doubt that if the Israeli’s blew up one of our navel carries today our President and congressmen would react in the same manner. Given the state of our political system $$$ rule. If it’s a choice between any number of dead sailors or soldiers or risking the loss of campaign contributions from AIPAC, it’s an easy choice. Just ask any of the survivors of the USS Liberty.
    ReplyAgree/Disagree/Etc.
  • @Sam Shama
    Hi Geo/RobinG,

    Possibly interesting update:

    For the Seder service this year, we went to one arranged by several synagogues in Miami [I was not fully informed of the complete cast].

    It was something of a head spinner, and not just for the reason of Manischewitz on an empty stomach; present were the expected spectrum of Jews, ranging from the slightly irritated secular [eyeing the chabadniker provided matzoh suspiciously] to the orthodox [determined to teach the secular a good lesson by insisting on reading every word of the texts, prior to food being allowed on the table].

    I was mostly taken aback by about a twenty percent of the table, constituted in equal parts, by Hagee acolytes, Latinos and African Americans; AIPAC'ers all it seemed!

    I approached extra-topical conversation rather gingerly to be honest, fearing retaliation, but cannily recommended the UR as a must read.

    Now it is up to you.

    !!!! Is there an emoticon for a deer in the headlights? Not much pressure :)

    The Hagee acolytes particularly get under my skin. The year I went to the CUFI conference with a sign “Your support for John Hagee is your ticket straight to Hell” was perhaps not one of my better moments. But when some of the young conferees started agreeing with me….

    “Don’t you think the Ten Commandments, i.e. Thou shalt not Steal. Thou shalt not Kill, etc., might trump some obscure prophecy (and BTW, God doesn’t need your help if it’s a prophecy). And if you’ve killed and stolen or aided and abetted same, if there is a “Rapture” you might not be scheduled for the up escalator…”

    ….they (Hagee) gave me a personal minder to prevent the young and impressionable from hearing that. (“Move along, the session is beginning, nothing to see here…”)

    Read More
    • Replies: @Sam Shama

    I went to the CUFI conference with a sign “Your support for John Hagee is your ticket straight to Hell”
     
    I could say "You are a better man than I am, Gunga Din", but I think "have you lost your mind!" is more apropos! ;-)


    Reading the StandWithUs piece.....

    ReplyAgree/Disagree/Etc.
  • @geokat62
    Here's another excellent piece from Mondoweiss. Miko Peled, author of The General's Son, underscores my hypothesis that the source for change must come from the bottom-up, not the top-down:

    Michael Smith asked Peled about Hillary Clinton. Peled said, nothing will change under a Clinton administration.

    I don’t think she has a position, I don’t think she cares. She follows the party line because that’s what she needs to do to get elected and that’s what she needs to get AIPAC support… The change will come from the bottom up. So to expect that an American president will somehow change American policy in the Middle East is not realistic. It doesn’t matter if it’s her or it’s Trump or it’s anybody else. An American president will change American policy only when the reality on the ground is such that politically they have no choice.

    The day American politicians feel they don’t have to bow to AIPAC, that they don’t have to support Israel and provide Israel with a blank check every year– that will be the day that things change.

    He went on to say, the politicians don’t do it because they love Israel or they care about it or the “mythoology” that it’s in the US strategic interest or that we share values.

    This has to do with internal American politics, it has to do with AIPAC. And the day that they [politicians] can feel … that they have to do the right thing, they will do the right thing, being politicians.

    I.e., it’s about the lobby and the establishment...

    The change must come from the ground, from the grassroots, doing organizing.

    It’s important for people to stop talking about the occupation or the occupied territories.. as though they are limited parts of Palestine…. All of Israel is occupied Palestine, all of Israeli cities and towns are illegal settlements. And we have to start talking about it in those terms, otherwise we will never reach a solution, which relies on understanding this, and accepting the fact that we need to push for a transformation and the establishment of a democratic regime in Palestine.
    http://mondoweiss.net/2016/04/sanders-put-everything-on-the-line-for-palestine-because-bds-movement-has-changed-us-conversation-peled/

     

    Hi Geo/RobinG,

    Possibly interesting update:

    For the Seder service this year, we went to one arranged by several synagogues in Miami [I was not fully informed of the complete cast].

    It was something of a head spinner, and not just for the reason of Manischewitz on an empty stomach; present were the expected spectrum of Jews, ranging from the slightly irritated secular [eyeing the chabadniker provided matzoh suspiciously] to the orthodox [determined to teach the secular a good lesson by insisting on reading every word of the texts, prior to food being allowed on the table].

    I was mostly taken aback by about a twenty percent of the table, constituted in equal parts, by Hagee acolytes, Latinos and African Americans; AIPAC’ers all it seemed!

    I approached extra-topical conversation rather gingerly to be honest, fearing retaliation, but cannily recommended the UR as a must read.

    Now it is up to you.

    Read More
    • Replies: @RobinG
    !!!! Is there an emoticon for a deer in the headlights? Not much pressure :)

    The Hagee acolytes particularly get under my skin. The year I went to the CUFI conference with a sign "Your support for John Hagee is your ticket straight to Hell" was perhaps not one of my better moments. But when some of the young conferees started agreeing with me....

    "Don't you think the Ten Commandments, i.e. Thou shalt not Steal. Thou shalt not Kill, etc., might trump some obscure prophecy (and BTW, God doesn't need your help if it's a prophecy). And if you've killed and stolen or aided and abetted same, if there is a "Rapture" you might not be scheduled for the up escalator..."

    ....they (Hagee) gave me a personal minder to prevent the young and impressionable from hearing that. ("Move along, the session is beginning, nothing to see here...")
    , @RobinG
    Almost forgot, 2 interesting articles ...

    Freedom House, that agent of democracy-mongering, occasionally does something good --
    http://www.jta.org/2016/04/27/news-opinion/israel-middle-east/sheldon-adelson-funded-newspaper-costs-israel-in-freedom-of-the-press-ranking
    Sheldon Adelson-funded newspaper costs Israel in freedom-of-the-press ranking

    This piece on StandWithUs is riddled with useful nuggets.
    Interesting their take on J-Street, which sits uncomfortably in the middle, disparaged from both sides. However J-Street my fall short of (our) goals, they are a very useful element in the mix. IMO they're (however marginally) on our side in the scrum. It's only if we approach the goal that we my turn on each other. Which is not to say there isn't some jostling meanwhile.
    http://www.haaretz.com/misc/article-print-page/.premium-1.709014
    The commander behind the pro-Israel student troops on U.S. college campuses
    , @SolontoCroesus

    I approached extra-topical conversation rather gingerly to be honest, fearing retaliation, but cannily recommended the UR as a must read.

    Now it is up to you.
     

    As noted above, IDF soldiers, as well as several other young people who self-identified as Jewish, were in the audience when Alison Weir spoke. One young Jewish man that I talked to said that he was a "rising sophomore" at university, and that he switched his major from psychology to journalism "because he didn't want to go to grad school right away" after completing a psychology major. None of the IDF members or their co-ethnics were harmed; rather, they enjoyed their fill of pizza provided by the Muslim sponsors of the event.

    On the other hand, when Americans, like Rachel Corrie; or British nationals, like Tom Hurndall https://en.wikipedia.org/wiki/Tom_Hurndall support Palestinians in peaceful protest against Israeli behavior, they end up dead.

    How many Jews have ended up dead at the hands of US police or military in the course of an AIPAC event?
    (Answer: On Mar 21, 2016, when AIPAC came to DC and Americans organized a protest march, DC police protected the convention center and AIPAC attendees and arrested peaceful protesters.)
    http://dailycaller.com/2016/03/21/anti-israel-protests-turn-violent-at-aipac-conference-video/

    When the Presbyterian church USA leadership held a church council to consider divesting from settlement-linked corporations, Jewish rabbis and Jewish lobbyists were all over the meeting, intimidating the Presbyterian membership.

    How many Christians attend high-level, decision-making confabs of the Conference of Presidents of Major American Jewish Organizations?

    Now it is up to us, Sam?
    Is that your endorsement of An Eye for an Eye? http://www.theatlantic.com/daily-dish/archive/2010/06/a-blinded-american-ctd/186361/

    ReplyAgree/Disagree/Etc.
  • @Talha
    Dear Sam,

    I have generally been a follower of the Rothbardian school on a good chunk of economic issues, but this last post of yours was well balanced and well argued in my opinion.

    Thanks for presenting another side of the coin.

    May God preserve you and yours and grant us wisdom in mapping out our financial policies.

    Dear Talha,

    Although I have not formally studied Austrian economics [offerings being rather sparse in most traditional schools on both sides of the pond], I am familiar enough with the general approach to be able to offer some comparative perspective. My analysis is neo-Keynesian. Keynes was a giant, and recognised as such by even his bitterest contemporary and latter day rivals [Hayek, Friedman etc]. Paul Samuelson’s writings are really the formal basis for much of what is practised in modern institutions, although the labelling changes with the years. For example, the co-ordinated monetary experimentation by the CBs trace their origins in Samuelson’s thoughts; and Samuelson called Keynes his intellectual lighthouse. He was a logician par excellence and an unabashed pragmatist, that second quality often misunderstood by many today.

    Read More
    ReplyAgree/Disagree/Etc.
  • Here’s another excellent piece from Mondoweiss. Miko Peled, author of The General’s Son, underscores my hypothesis that the source for change must come from the bottom-up, not the top-down:

    [MORE]

    Michael Smith asked Peled about Hillary Clinton. Peled said, nothing will change under a Clinton administration.

    I don’t think she has a position, I don’t think she cares. She follows the party line because that’s what she needs to do to get elected and that’s what she needs to get AIPAC support… The change will come from the bottom up. So to expect that an American president will somehow change American policy in the Middle East is not realistic. It doesn’t matter if it’s her or it’s Trump or it’s anybody else. An American president will change American policy only when the reality on the ground is such that politically they have no choice.

    The day American politicians feel they don’t have to bow to AIPAC, that they don’t have to support Israel and provide Israel with a blank check every year– that will be the day that things change.

    He went on to say, the politicians don’t do it because they love Israel or they care about it or the “mythoology” that it’s in the US strategic interest or that we share values.

    This has to do with internal American politics, it has to do with AIPAC. And the day that they [politicians] can feel … that they have to do the right thing, they will do the right thing, being politicians.

    I.e., it’s about the lobby and the establishment…

    The change must come from the ground, from the grassroots, doing organizing.

    It’s important for people to stop talking about the occupation or the occupied territories.. as though they are limited parts of Palestine…. All of Israel is occupied Palestine, all of Israeli cities and towns are illegal settlements. And we have to start talking about it in those terms, otherwise we will never reach a solution, which relies on understanding this, and accepting the fact that we need to push for a transformation and the establishment of a democratic regime in Palestine.

    http://mondoweiss.net/2016/04/sanders-put-everything-on-the-line-for-palestine-because-bds-movement-has-changed-us-conversation-peled/

    Read More
    • Replies: @Sam Shama
    Hi Geo/RobinG,

    Possibly interesting update:

    For the Seder service this year, we went to one arranged by several synagogues in Miami [I was not fully informed of the complete cast].

    It was something of a head spinner, and not just for the reason of Manischewitz on an empty stomach; present were the expected spectrum of Jews, ranging from the slightly irritated secular [eyeing the chabadniker provided matzoh suspiciously] to the orthodox [determined to teach the secular a good lesson by insisting on reading every word of the texts, prior to food being allowed on the table].

    I was mostly taken aback by about a twenty percent of the table, constituted in equal parts, by Hagee acolytes, Latinos and African Americans; AIPAC'ers all it seemed!

    I approached extra-topical conversation rather gingerly to be honest, fearing retaliation, but cannily recommended the UR as a must read.

    Now it is up to you.
    , @SolontoCroesus
    Interesting, but what "bottom" polity is Peled referring to -- the Jewish community or the American community?

    And what is his ultimate purpose; what does he hope to redeem -- Israel or the integrity of US politics and international policy?

    Some of these distinctions were highlighted in a joint appearance with Phil Giraldi and Miko Peled at Busboys & Poets last year --

    https://www.youtube.com/watch?v=AYXOsBMktWI

    Note how Peled called for US activism to resolve the Palestine conflict, while Giraldi insisted that from his point of view, with which I agree, the goal of American activists is to extricate Israeli's and AIPAC/Israel lobby's malign influence on US foreign and domestic politics and policy.

    I suppose you might argue that this is a difference without a distinction, geokat62, but I thought it was important when I heard Giraldi make the claim. It's particularly important when you realize the vast disparity in resources, in awareness, and commitment non-Israelish activists have to bring to the arena.

    That disparity was in evidence a few days ago when Alison Weir gave a couple of talks here in Florida. Weir's presentation, based on her book, Against Our Better Judgment https://www.youtube.com/watch?v=5ly75-R5TN8
    is powerful and informative.

    The audience was composed of about 2/5 Muslims from the community; 2/5 members of a Christian congregation many of whom have been to Israel-Palestine with their pastor; and 1/5 former IDF soldiers and/or Israeli hasbarists.

    The Israelis dominated the Q and A part of the program; Weir handled their barrage of questions which approached harassment with aplomb, but there was little support for her nor for a strictly pro-American pov from the audience. It occurred to me as I drove home that no US soldiers were in the audience, and that the IDF members made claims amounting to the necessity of IDF to protect American interests -- US forces being incapable of performing those duties.

    For all the effort the Christian church members brought to the effort, they were dismally uninformed on the easily refutable claims the IDF group raised. The Christian group was mostly older people who have been generous and earnest in seeking to right a wrong but who have not yet plumbed the foundations of the distorted beliefs that they have been propagandized with all their lives.

    PS (edit update) this was prepared before Sam Shama's comment, above, was posted; I saw Sam's Miami seder experience in the 4-min edit period. Great minds, same channel, or maybe it's something about FL

    ReplyAgree/Disagree/Etc.
  • @Sam Shama
    I don't think the "community" had any idea re: the "father of PNAC."

    The "community" does what most ordinary people do. Work, raise families, vacation in FL, watch the debates etc. Repeat sequence.

    Also most of them really don't obsess over Israel.

    What would you ask basically ordinary Americans to do?

    Covertly I am all for the lobby. The one I am sitting in at the moment, that is: Fontainebleau Miami.

    Happy Passover Geo. Oh wait!

    I don’t think the “community” had any idea re: the “father of PNAC.”

    Not according to Philip Weiss:

    Many writers, including Joe Klein, Jacob Heilbrunn, and Alan Dershowitz, have said the obvious, that neoconservatism came out of the Jewish community. And I have long written that the Jewish community needs to come to terms with the degree to which it has harbored warmongering neoconservatives, for our own sake.

    Happy Easter, Sam.

    Read More
    ReplyAgree/Disagree/Etc.
  • @stickman
    As the U$ puppet regime, under full financial control via the Rothschild crime family and the central bankster cabal, took its orders from their puppetmasters, the same deep criminals who OWNED the British and French regimes since the Napoleonic Wars; it cannot be calmly averred that the U.$. "goaded" Britain and France into war with Germany.

    The war with Germany was actually begun by the Zionist international back in '34 when the new Nazi regime was confronted with the ironic equivalent of the economic sanctions regime many concerned people have been developing vs the Rothschild-Zionist occupiers of Palestine. The major department stores such as Macys, Sachs, et al, utterly refused to stock German goods. As department stores were primary advertisers for major newspapers and other communications media; the new regime in Germany also took huge hits by the mind-control mediums.

    Most of the outrageous actions committed by the 3rd Reich in the latter 30's can be viewed in light of the attacks on them by Rothschild-Zionism. Why? Not so much the mutterings in "Mein Kampf" as the fact that like Gadhaffi's Libya, or Lincoln's United States Notes (Greenback dollars); the Germans had dumped the central banksters and installed their own economic system based on national productivity rather than fiat debt usury.

    A Rothschild is at the nexus of the Syrian war –

    According to comments by Liza, on SicSemperTyrannis,

    sourced from http://en.kremlin.ru/events/president/news/51765

    several days before Obama announced that USA would send 250 more “advisors” to Syria to “defeat ISIS,” Netanyahu met with Putin to lay down Israel’s “red line” — Israel demands to maintain the Golan, there being oil in them hills:

    The Golan has recently become much more valuable real estate: potentially-lucrative oil and gas reserves.
    Genie Energy, owned by
    Nat Rothschild,
    has begun exploratory drilling in the Golan. Genie’s board of directors include
    Dick Cheney,
    Larry Summers,
    Rupert Murdoch,
    James Woolsey,
    Bill Richardson and
    Mary Landrieu.

    American soldiers are bleeding and dying, and American taxpayers paying, so that Israel can develop resources on stolen land and share their ill gotten loot with the lowest of America’s so-called elite.

    Read More
    ReplyAgree/Disagree/Etc.
  • @Sam Shama
    Dear Kiza,
    I am glad you posted your comment as it gives me a passage to clear the air, better explain my positions and find agreement on many of the concerns you express. Let me address them in the order they appear:

    a mish-mash of financial orthodoxies, establishment lies and truths. Since I personally feel challenged on my notion that the US is a runaway train heading for a cliff
     
    Some of my views appear rather conservative, and so they may indeed be [I lose track of what is considered conservative today, tbh]; I do not count myself amongst those who believe that by merely destroying national institutions, we shall magically achieve great good. The U.S. in my estimate is caught in a flux, as much a creation of its own, as it is a legacy of periods past. I would rather not delve into that too much, as historians better than I can testify one way or another. To restate my thinking [to NtD] on this aspect, I firmly believe that whether or not one considers the actions of U.S. administrations imperialistic and warmongering [I do], one would be ill-advised to conclude that other nations, were they in the same position to expand influence, would merrily relinquish the moment; man's history being the guide. Now NtD felt that this thinking is from an era past, and we should all appeal to the better angels of our nature. I could not agree more, that I too, like the Hobbit, cherish and yearn for the Shire [I once considered raising sheep in Scotland]; but the Orcs - always the Orcs - shatter that bucolic idyll, don't they? The day might be yet when benevolent computer algorithms replace political catastrophes [5371, if you are reading this,do go gently]

    Firstly, let me clarify that the US military budget, although partially hidden into various non-military looking allocations and appropriations, and amounting to a cool trillion per annum, by itself does not look likely to collapse the US economy. But it could be the proverbial straw thrown onto the camel’s back.
     
    Here, the penny dropped. I understood the cause of Alexander's distress. I reckon it was his belief that I was simply concealing military expenditures and labelling them social security or something else. No, I did not..

    Of course the $1 tr or so of our budget goes to feed the MIC and its bloody wars!

    I hope I don't require ritual incantations to establish my abhorrence. So getting on with the task of dis-entanglement, the $1 Tr or so we are feeding the MIC, should without a shred of doubt be better spent - far far better - on U.S. infrastructure and its kind. That expenditure needs to be financed, which is where the SS Trust among others, come in with their purchase of treasuries. SS actually takes in more current tax revenues than its needs and saves those surpluses in TBonds - the largest tranche [alexander hold your horses] amongst intra-governmental holdings.

    So, again, do I believe that MIC spending should be diminished and instead we should build roads, internet backbones, fund meaningful education, fund health insurance gaps etc? Unquestionably.

    Will the military spending kept at a 5-6% of gdp cause us ruin? No. Simply because at those levels they act as demand multipliers [I know, I know].

    Now, Some important things regarding the Debt question; I can hopefully put people's minds to rest by noting:

    (1) It matters not how projects/assets/enterprises are financed: they can be debt financed 100% or any combination of debt and equity [in the case of public goods taxes] . It only matters if the enterprise itself is generating sufficient real returns [ a car will run the same whether you pay the price for from your current income or it is loan financed]. In the larger context of the U.S. nominal gdp is running at around 3.1% and public sector debt costs a nominal 1.4% on a duration weighted basis. So we are very far from panic stations. I do agree with Kiza that if we end up at a point where 20% of our gdp is spent on the MIC we might destroy our productive capacity, which will cause hyperinflation; yet we are very far from it, and should that eventuality arise, the whole world will quake.

    (2) As the Gross Federal Debt held by the public, or the total Federal Debt to GDP ratio have risen:

    (i) https://research.stlouisfed.org/fred2/series/FYPUGDA188S or
    (ii) https://research.stlouisfed.org/fred2/series/GFDEGDQ188S

    the household debt to gdp has fallen during the same period:

    (iii) https://research.stlouisfed.org/fred2/series/HDTGPDUSQ163N

    and corporate credit in Non-financial sector has also fallen since the recession

    (iv) https://research.stlouisfed.org/fred2/series/NCBCMDPNWMV

    Taken together, these trends tell us that while public sector debt has risen, it has been offset by equal value reductions in household debt and corporate debt. Such are the actions of automatic stabilisation.


    The Fractional Reserve Banking, which is the main principle of a debt-based developing economy, does not fit the Western economies any more. For example, the Fractional Reserve Banking lays claims on the future value produced by the borrower, but in a slow-developing mature economy the new value is added too slowly. The debt creation is too fast, the value creation is too slow, a huge pyramid of debt has been built. The pyramid must collapse one day. No-one can produce the value of paper promises any more, neither developed countries, nor developing countries. The amount in derivatives exceeds the total World economy several times over. It is a mountain of paper, which no real assets can back up.
     
    I am fine with having a deposit banking system run exclusively through the postal services, and loan creation is allowed according to strict equity capital requirements; in other words a pure utility model. In fact I think it will be beneficial in the sense that banks will be no longer allowed to play with depositors equity cash and be left with the devices of the market to raise equity at much steeper costs than what they enjoy now on the back of the taxpayer. It will cause the collapse of Goldman Sachs, JP Morgan, BoA, Wells, and a host of others [all derivatives valuations will go to naught], The Fed and treasury need to ensure that ATMs work [they can easily do this, especially if all money is electronic] and loans are serviced via the utility bank mentioned earlier.

    I am afraid we have not the political nor the social will to take this risk at the moment; and I think I wrote far more than I intended at the start!

    Final Note: The ills of the public body have more to do with Wealth mal-distribution than anything else. This is in no small measure the result of regulatory capture. Vote for Sanders or Trump.

    Dear Sam,

    I have generally been a follower of the Rothbardian school on a good chunk of economic issues, but this last post of yours was well balanced and well argued in my opinion.

    Thanks for presenting another side of the coin.

    May God preserve you and yours and grant us wisdom in mapping out our financial policies.

    Read More
    • Replies: @Sam Shama
    Dear Talha,

    Although I have not formally studied Austrian economics [offerings being rather sparse in most traditional schools on both sides of the pond], I am familiar enough with the general approach to be able to offer some comparative perspective. My analysis is neo-Keynesian. Keynes was a giant, and recognised as such by even his bitterest contemporary and latter day rivals [Hayek, Friedman etc]. Paul Samuelson's writings are really the formal basis for much of what is practised in modern institutions, although the labelling changes with the years. For example, the co-ordinated monetary experimentation by the CBs trace their origins in Samuelson's thoughts; and Samuelson called Keynes his intellectual lighthouse. He was a logician par excellence and an unabashed pragmatist, that second quality often misunderstood by many today.
    ReplyAgree/Disagree/Etc.
  • @geokat62

    So, again, do I believe that MIC spending should be diminished and instead we should build roads, internet backbones, fund meaningful education, fund health insurance gaps etc? Unquestionably.
     
    With all due respect, Sam, it matters not a whit what you believe regarding MIC spending. What matters is what the Lobby believes... and I think this quote by the father of the cofounder of PNAC neatly sums things up:

    Senator McGovern is very sincere when he says that he will try to cut the military budget by 30%. And this is to drive a knife in the heart of Israel… Jews don’t like big military budgets. But it is now an interest of the Jews to have a large and powerful military establishment in the United States… American Jews who care about the survival of the state of Israel have to say, no, we don’t want to cut the military budget, it is important to keep that military budget big, so that we can defend Israel. – Irving Kristol
     
    What's the community doing to challenge the Lobby on this policy position... or are most of you covertly on board? Oh, and remember, Sam, if you'd like to elicit a response from me that's sans "the dumb goy," please try not to insult our intelligence with an "AIPAC-image-makeover" kind of response.

    I don’t think the “community” had any idea re: the “father of PNAC.”

    The “community” does what most ordinary people do. Work, raise families, vacation in FL, watch the debates etc. Repeat sequence.

    Also most of them really don’t obsess over Israel.

    What would you ask basically ordinary Americans to do?

    Covertly I am all for the lobby. The one I am sitting in at the moment, that is: Fontainebleau Miami.

    Happy Passover Geo. Oh wait!

    Read More
    • Replies: @geokat62

    I don’t think the “community” had any idea re: the “father of PNAC.”
     
    Not according to Philip Weiss:

    Many writers, including Joe Klein, Jacob Heilbrunn, and Alan Dershowitz, have said the obvious, that neoconservatism came out of the Jewish community. And I have long written that the Jewish community needs to come to terms with the degree to which it has harbored warmongering neoconservatives, for our own sake.
     
    Happy Easter, Sam.
    ReplyAgree/Disagree/Etc.
  • @alexander
    Speaking of being "shaken awake to see through the veil of false threats",have you had an opportunity to read Rebecca Gordon's latest expose' for Tomsdispatch:

    "The Al -Qaeda leader who wasn't: The shameful ordeal of Abu Zubaydah".

    In a nutshell, the guy that every Neocon and his uncle, defrauded us into believing was the number two(or three) mastermind of 9-11, turned out not only to NOT be involved , at all, in this horrific attack on our soil, ....he was not even a member of Al-Qaeda.

    And to think, at the time, I was "cheering" when they caught him .


    If this story does not pull back the curtain on the "Fatuousness of evil" that is the hallmark of our Neocon stewardship , nothing else does.

    All told (?), 81 million dollars of taxpayer money was spent designing, preparing , and nurturing a system of illegal psychological debasement and torture ....so that it could be administered, quite sadistically,to ......"the guy that never attacked us".

    Yes,

    almost one hundred mil, in "simulated drowning", "eyeball gouging (?)" , "wall slamming" ,and "crating"...."the wrong guy".

    Talk about getting the facts "wrong".

    Welcome to "Neocon America",

    Where draining our coffers, illegally torturing the guy who didn't do it.....as well as illegally invading and destroying an entire country that never attacked us..are their "highest" priorities.

    What a train wreck .

    What a "19 trillion" national debt...train .....wreck.

    Well stated.

    Read More
    ReplyAgree/Disagree/Etc.
  • @Sam Shama
    Dear Kiza,
    I am glad you posted your comment as it gives me a passage to clear the air, better explain my positions and find agreement on many of the concerns you express. Let me address them in the order they appear:

    a mish-mash of financial orthodoxies, establishment lies and truths. Since I personally feel challenged on my notion that the US is a runaway train heading for a cliff
     
    Some of my views appear rather conservative, and so they may indeed be [I lose track of what is considered conservative today, tbh]; I do not count myself amongst those who believe that by merely destroying national institutions, we shall magically achieve great good. The U.S. in my estimate is caught in a flux, as much a creation of its own, as it is a legacy of periods past. I would rather not delve into that too much, as historians better than I can testify one way or another. To restate my thinking [to NtD] on this aspect, I firmly believe that whether or not one considers the actions of U.S. administrations imperialistic and warmongering [I do], one would be ill-advised to conclude that other nations, were they in the same position to expand influence, would merrily relinquish the moment; man's history being the guide. Now NtD felt that this thinking is from an era past, and we should all appeal to the better angels of our nature. I could not agree more, that I too, like the Hobbit, cherish and yearn for the Shire [I once considered raising sheep in Scotland]; but the Orcs - always the Orcs - shatter that bucolic idyll, don't they? The day might be yet when benevolent computer algorithms replace political catastrophes [5371, if you are reading this,do go gently]

    Firstly, let me clarify that the US military budget, although partially hidden into various non-military looking allocations and appropriations, and amounting to a cool trillion per annum, by itself does not look likely to collapse the US economy. But it could be the proverbial straw thrown onto the camel’s back.
     
    Here, the penny dropped. I understood the cause of Alexander's distress. I reckon it was his belief that I was simply concealing military expenditures and labelling them social security or something else. No, I did not..

    Of course the $1 tr or so of our budget goes to feed the MIC and its bloody wars!

    I hope I don't require ritual incantations to establish my abhorrence. So getting on with the task of dis-entanglement, the $1 Tr or so we are feeding the MIC, should without a shred of doubt be better spent - far far better - on U.S. infrastructure and its kind. That expenditure needs to be financed, which is where the SS Trust among others, come in with their purchase of treasuries. SS actually takes in more current tax revenues than its needs and saves those surpluses in TBonds - the largest tranche [alexander hold your horses] amongst intra-governmental holdings.

    So, again, do I believe that MIC spending should be diminished and instead we should build roads, internet backbones, fund meaningful education, fund health insurance gaps etc? Unquestionably.

    Will the military spending kept at a 5-6% of gdp cause us ruin? No. Simply because at those levels they act as demand multipliers [I know, I know].

    Now, Some important things regarding the Debt question; I can hopefully put people's minds to rest by noting:

    (1) It matters not how projects/assets/enterprises are financed: they can be debt financed 100% or any combination of debt and equity [in the case of public goods taxes] . It only matters if the enterprise itself is generating sufficient real returns [ a car will run the same whether you pay the price for from your current income or it is loan financed]. In the larger context of the U.S. nominal gdp is running at around 3.1% and public sector debt costs a nominal 1.4% on a duration weighted basis. So we are very far from panic stations. I do agree with Kiza that if we end up at a point where 20% of our gdp is spent on the MIC we might destroy our productive capacity, which will cause hyperinflation; yet we are very far from it, and should that eventuality arise, the whole world will quake.

    (2) As the Gross Federal Debt held by the public, or the total Federal Debt to GDP ratio have risen:

    (i) https://research.stlouisfed.org/fred2/series/FYPUGDA188S or
    (ii) https://research.stlouisfed.org/fred2/series/GFDEGDQ188S

    the household debt to gdp has fallen during the same period:

    (iii) https://research.stlouisfed.org/fred2/series/HDTGPDUSQ163N

    and corporate credit in Non-financial sector has also fallen since the recession

    (iv) https://research.stlouisfed.org/fred2/series/NCBCMDPNWMV

    Taken together, these trends tell us that while public sector debt has risen, it has been offset by equal value reductions in household debt and corporate debt. Such are the actions of automatic stabilisation.


    The Fractional Reserve Banking, which is the main principle of a debt-based developing economy, does not fit the Western economies any more. For example, the Fractional Reserve Banking lays claims on the future value produced by the borrower, but in a slow-developing mature economy the new value is added too slowly. The debt creation is too fast, the value creation is too slow, a huge pyramid of debt has been built. The pyramid must collapse one day. No-one can produce the value of paper promises any more, neither developed countries, nor developing countries. The amount in derivatives exceeds the total World economy several times over. It is a mountain of paper, which no real assets can back up.
     
    I am fine with having a deposit banking system run exclusively through the postal services, and loan creation is allowed according to strict equity capital requirements; in other words a pure utility model. In fact I think it will be beneficial in the sense that banks will be no longer allowed to play with depositors equity cash and be left with the devices of the market to raise equity at much steeper costs than what they enjoy now on the back of the taxpayer. It will cause the collapse of Goldman Sachs, JP Morgan, BoA, Wells, and a host of others [all derivatives valuations will go to naught], The Fed and treasury need to ensure that ATMs work [they can easily do this, especially if all money is electronic] and loans are serviced via the utility bank mentioned earlier.

    I am afraid we have not the political nor the social will to take this risk at the moment; and I think I wrote far more than I intended at the start!

    Final Note: The ills of the public body have more to do with Wealth mal-distribution than anything else. This is in no small measure the result of regulatory capture. Vote for Sanders or Trump.

    So, again, do I believe that MIC spending should be diminished and instead we should build roads, internet backbones, fund meaningful education, fund health insurance gaps etc? Unquestionably.

    With all due respect, Sam, it matters not a whit what you believe regarding MIC spending. What matters is what the Lobby believes… and I think this quote by the father of the cofounder of PNAC neatly sums things up:

    Senator McGovern is very sincere when he says that he will try to cut the military budget by 30%. And this is to drive a knife in the heart of Israel… Jews don’t like big military budgets. But it is now an interest of the Jews to have a large and powerful military establishment in the United States… American Jews who care about the survival of the state of Israel have to say, no, we don’t want to cut the military budget, it is important to keep that military budget big, so that we can defend Israel. – Irving Kristol

    What’s the community doing to challenge the Lobby on this policy position… or are most of you covertly on board? Oh, and remember, Sam, if you’d like to elicit a response from me that’s sans “the dumb goy,” please try not to insult our intelligence with an “AIPAC-image-makeover” kind of response.

    Read More
    • Replies: @Sam Shama
    I don't think the "community" had any idea re: the "father of PNAC."

    The "community" does what most ordinary people do. Work, raise families, vacation in FL, watch the debates etc. Repeat sequence.

    Also most of them really don't obsess over Israel.

    What would you ask basically ordinary Americans to do?

    Covertly I am all for the lobby. The one I am sitting in at the moment, that is: Fontainebleau Miami.

    Happy Passover Geo. Oh wait!

    ReplyAgree/Disagree/Etc.
  • @PokeTheTruth
    Department of War works for me and defense contractors are "weapons" contractors. The U.S. military is a caldron of militarism hidden behind the political ideologue of neoconservatism.

    The American people's conscience must be shaken awake to see through the veil of false threats to further the Pentagon's agenda of being on a constant war footing which drains the U.S. Treasury of funds desperately needed to shore up the basic infrastructure of the country.

    Speaking of being “shaken awake to see through the veil of false threats”,have you had an opportunity to read Rebecca Gordon’s latest expose’ for Tomsdispatch:

    “The Al -Qaeda leader who wasn’t: The shameful ordeal of Abu Zubaydah”.

    In a nutshell, the guy that every Neocon and his uncle, defrauded us into believing was the number two(or three) mastermind of 9-11, turned out not only to NOT be involved , at all, in this horrific attack on our soil, ….he was not even a member of Al-Qaeda.

    And to think, at the time, I was “cheering” when they caught him .

    If this story does not pull back the curtain on the “Fatuousness of evil” that is the hallmark of our Neocon stewardship , nothing else does.

    All told (?), 81 million dollars of taxpayer money was spent designing, preparing , and nurturing a system of illegal psychological debasement and torture ….so that it could be administered, quite sadistically,to ……”the guy that never attacked us”.

    Yes,

    almost one hundred mil, in “simulated drowning”, “eyeball gouging (?)” , “wall slamming” ,and “crating”….”the wrong guy”.

    Talk about getting the facts “wrong”.

    Welcome to “Neocon America”,

    Where draining our coffers, illegally torturing the guy who didn’t do it…..as well as illegally invading and destroying an entire country that never attacked us..are their “highest” priorities.

    What a train wreck .

    What a “19 trillion” national debt…train …..wreck.

    Read More
    • Replies: @Carroll Price
    Well stated.
    ReplyAgree/Disagree/Etc.
  • @Kiza
    Dear Sam, with respect, your write up is a mish-mash of financial orthodoxies, establishment lies and truths. Since I personally feel challenged on my notion that the US is a runaway train heading for a cliff, I will provide a long response.

    Firstly, let me clarify that the US military budget, although partially hidden into various non-military looking allocations and appropriations, and amounting to a cool trillion per annum, by itself does not look likely to collapse the US economy. But it could be the proverbial straw thrown onto the camel's back.

    Then, let me state the key concern which is likely to collapse the US financial system and its economy. It is debt. Now, you appear to subscribe to an utterly wrong postulate that only foreign debt matters. Instead, it is that the whole Western financial system is based on debt where the problem lies. I have written before and I repeat - the debt-based Western financial system was established when the West was going through industrialization. But the debt-based financial system is utterly useless and outright dangerous for a slow-growing economy of primarily services and outsourced manufacturing. Such economy cannot produce capital returns that money chases. This is why the financial speculation (not in the positive sense of arbitrage) becomes the main replacement for production and debt-based economy becomes an enabler of speculation. On top of this come the regulatory capture and revolving doors. The result is a crooked financial market and a crooked whole financial system. An army of financial whizzes speculates with financial instruments (various derivatives) instead of creating any real value. The first effect is the loss of accumulated value of ordinary citizens - the pensions.

    Secondly, on top of this, as long as the system keeps surviving somehow, most people laugh at bears who say - we cannot keep going on like this. Another way of saying this is - nothing succeeds like success and nothing fails like failure. It does not fail, it does not fail, but when it fails one day, then it will really fail to the core.

    The Fractional Reserve Banking, which is the main principle of a debt-based developing economy, does not fit the Western economies any more. For example, the Fractional Reserve Banking lays claims on the future value produced by the borrower, but in a slow-developing mature economy the new value is added too slowly. The debt creation is too fast, the value creation is too slow, a huge pyramid of debt has been built. The pyramid must collapse one day. No-one can produce the value of paper promises any more, neither developed countries, nor developing countries. The amount in derivatives exceeds the total World economy several times over. It is a mountain of paper, which no real assets can back up.

    Finally, Sam, the worst fact is that the Western/US financial system has no feedback/corrective loop - it can only go in one direction. On top, every day that it survives is used as a proof of its survivability. But every day things only get worse, closer to the cliff, whilst the trains passengers are having one hell of a party inside, sharing huge bonuses and enjoying the good times flowing.

    I have a belief that the biggest societal leeches are, in the diminishing order of danger:
    1) banksters,
    2) military industrial propaganda complex,
    3) big pharma and medical and
    4) all other bought monopolies (private prisons, private airports, roads, telecommunications etc).
    But only the banksters can collapse the whole society and they will due to their blind greed.

    Dear Kiza,
    I am glad you posted your comment as it gives me a passage to clear the air, better explain my positions and find agreement on many of the concerns you express. Let me address them in the order they appear:

    a mish-mash of financial orthodoxies, establishment lies and truths. Since I personally feel challenged on my notion that the US is a runaway train heading for a cliff

    Some of my views appear rather conservative, and so they may indeed be [I lose track of what is considered conservative today, tbh]; I do not count myself amongst those who believe that by merely destroying national institutions, we shall magically achieve great good. The U.S. in my estimate is caught in a flux, as much a creation of its own, as it is a legacy of periods past. I would rather not delve into that too much, as historians better than I can testify one way or another. To restate my thinking [to NtD] on this aspect, I firmly believe that whether or not one considers the actions of U.S. administrations imperialistic and warmongering [I do], one would be ill-advised to conclude that other nations, were they in the same position to expand influence, would merrily relinquish the moment; man’s history being the guide. Now NtD felt that this thinking is from an era past, and we should all appeal to the better angels of our nature. I could not agree more, that I too, like the Hobbit, cherish and yearn for the Shire [I once considered raising sheep in Scotland]; but the Orcs – always the Orcs – shatter that bucolic idyll, don’t they? The day might be yet when benevolent computer algorithms replace political catastrophes [5371, if you are reading this,do go gently]

    Firstly, let me clarify that the US military budget, although partially hidden into various non-military looking allocations and appropriations, and amounting to a cool trillion per annum, by itself does not look likely to collapse the US economy. But it could be the proverbial straw thrown onto the camel’s back.

    Here, the penny dropped. I understood the cause of Alexander’s distress. I reckon it was his belief that I was simply concealing military expenditures and labelling them social security or something else. No, I did not..

    Of course the $1 tr or so of our budget goes to feed the MIC and its bloody wars!

    I hope I don’t require ritual incantations to establish my abhorrence. So getting on with the task of dis-entanglement, the $1 Tr or so we are feeding the MIC, should without a shred of doubt be better spent – far far better – on U.S. infrastructure and its kind. That expenditure needs to be financed, which is where the SS Trust among others, come in with their purchase of treasuries. SS actually takes in more current tax revenues than its needs and saves those surpluses in TBonds – the largest tranche [alexander hold your horses] amongst intra-governmental holdings.

    So, again, do I believe that MIC spending should be diminished and instead we should build roads, internet backbones, fund meaningful education, fund health insurance gaps etc? Unquestionably.

    Will the military spending kept at a 5-6% of gdp cause us ruin? No. Simply because at those levels they act as demand multipliers [I know, I know].

    Now, Some important things regarding the Debt question; I can hopefully put people’s minds to rest by noting:

    (1) It matters not how projects/assets/enterprises are financed: they can be debt financed 100% or any combination of debt and equity [in the case of public goods taxes] . It only matters if the enterprise itself is generating sufficient real returns [ a car will run the same whether you pay the price for from your current income or it is loan financed]. In the larger context of the U.S. nominal gdp is running at around 3.1% and public sector debt costs a nominal 1.4% on a duration weighted basis. So we are very far from panic stations. I do agree with Kiza that if we end up at a point where 20% of our gdp is spent on the MIC we might destroy our productive capacity, which will cause hyperinflation; yet we are very far from it, and should that eventuality arise, the whole world will quake.

    (2) As the Gross Federal Debt held by the public, or the total Federal Debt to GDP ratio have risen:

    (i) https://research.stlouisfed.org/fred2/series/FYPUGDA188S or
    (ii) https://research.stlouisfed.org/fred2/series/GFDEGDQ188S

    the household debt to gdp has fallen during the same period:

    (iii) https://research.stlouisfed.org/fred2/series/HDTGPDUSQ163N

    and corporate credit in Non-financial sector has also fallen since the recession

    (iv) https://research.stlouisfed.org/fred2/series/NCBCMDPNWMV

    Taken together, these trends tell us that while public sector debt has risen, it has been offset by equal value reductions in household debt and corporate debt. Such are the actions of automatic stabilisation.

    The Fractional Reserve Banking, which is the main principle of a debt-based developing economy, does not fit the Western economies any more. For example, the Fractional Reserve Banking lays claims on the future value produced by the borrower, but in a slow-developing mature economy the new value is added too slowly. The debt creation is too fast, the value creation is too slow, a huge pyramid of debt has been built. The pyramid must collapse one day. No-one can produce the value of paper promises any more, neither developed countries, nor developing countries. The amount in derivatives exceeds the total World economy several times over. It is a mountain of paper, which no real assets can back up.

    I am fine with having a deposit banking system run exclusively through the postal services, and loan creation is allowed according to strict equity capital requirements; in other words a pure utility model. In fact I think it will be beneficial in the sense that banks will be no longer allowed to play with depositors equity cash and be left with the devices of the market to raise equity at much steeper costs than what they enjoy now on the back of the taxpayer. It will cause the collapse of Goldman Sachs, JP Morgan, BoA, Wells, and a host of others [all derivatives valuations will go to naught], The Fed and treasury need to ensure that ATMs work [they can easily do this, especially if all money is electronic] and loans are serviced via the utility bank mentioned earlier.

    I am afraid we have not the political nor the social will to take this risk at the moment; and I think I wrote far more than I intended at the start!

    Final Note: The ills of the public body have more to do with Wealth mal-distribution than anything else. This is in no small measure the result of regulatory capture. Vote for Sanders or Trump.

    Read More
    • Replies: @geokat62

    So, again, do I believe that MIC spending should be diminished and instead we should build roads, internet backbones, fund meaningful education, fund health insurance gaps etc? Unquestionably.
     
    With all due respect, Sam, it matters not a whit what you believe regarding MIC spending. What matters is what the Lobby believes... and I think this quote by the father of the cofounder of PNAC neatly sums things up:

    Senator McGovern is very sincere when he says that he will try to cut the military budget by 30%. And this is to drive a knife in the heart of Israel… Jews don’t like big military budgets. But it is now an interest of the Jews to have a large and powerful military establishment in the United States… American Jews who care about the survival of the state of Israel have to say, no, we don’t want to cut the military budget, it is important to keep that military budget big, so that we can defend Israel. – Irving Kristol
     
    What's the community doing to challenge the Lobby on this policy position... or are most of you covertly on board? Oh, and remember, Sam, if you'd like to elicit a response from me that's sans "the dumb goy," please try not to insult our intelligence with an "AIPAC-image-makeover" kind of response.
    , @Talha
    Dear Sam,

    I have generally been a follower of the Rothbardian school on a good chunk of economic issues, but this last post of yours was well balanced and well argued in my opinion.

    Thanks for presenting another side of the coin.

    May God preserve you and yours and grant us wisdom in mapping out our financial policies.
    , @Junior

    I could not agree more, that I too, like the Hobbit, cherish and yearn for the Shire [I once considered raising sheep in Scotland]; but the Orcs – always the Orcs – shatter that bucolic idyll, don’t they?
     
    Though I agree with your comparison, sadly I have a feeling that Tolkein might've asked you to reconsider your Hobbit analogy. ;)

    More than three decades after publishing “The Hobbit,” Tolkien spoke about the Jewish-dwarvish connection during a BBC interview.

    “I didn’t intend it, but when you’ve got these people on your hands, you’ve got to make them different, haven’t you?” said Tolkien during the 1971 interview. “The dwarves of course are quite obviously, wouldn’t you say that in many ways they remind you of the Jews? Their words are Semitic, obviously, constructed to be Semitic. The hobbits are just rustic English people,” he said.
     
    http://www.timesofisrael.com/are-tolkiens-dwarves-an-allegory-for-the-jews/
    ReplyAgree/Disagree/Etc.
  • @Kiza
    Dear Sam, with respect, your write up is a mish-mash of financial orthodoxies, establishment lies and truths. Since I personally feel challenged on my notion that the US is a runaway train heading for a cliff, I will provide a long response.

    Firstly, let me clarify that the US military budget, although partially hidden into various non-military looking allocations and appropriations, and amounting to a cool trillion per annum, by itself does not look likely to collapse the US economy. But it could be the proverbial straw thrown onto the camel's back.

    Then, let me state the key concern which is likely to collapse the US financial system and its economy. It is debt. Now, you appear to subscribe to an utterly wrong postulate that only foreign debt matters. Instead, it is that the whole Western financial system is based on debt where the problem lies. I have written before and I repeat - the debt-based Western financial system was established when the West was going through industrialization. But the debt-based financial system is utterly useless and outright dangerous for a slow-growing economy of primarily services and outsourced manufacturing. Such economy cannot produce capital returns that money chases. This is why the financial speculation (not in the positive sense of arbitrage) becomes the main replacement for production and debt-based economy becomes an enabler of speculation. On top of this come the regulatory capture and revolving doors. The result is a crooked financial market and a crooked whole financial system. An army of financial whizzes speculates with financial instruments (various derivatives) instead of creating any real value. The first effect is the loss of accumulated value of ordinary citizens - the pensions.

    Secondly, on top of this, as long as the system keeps surviving somehow, most people laugh at bears who say - we cannot keep going on like this. Another way of saying this is - nothing succeeds like success and nothing fails like failure. It does not fail, it does not fail, but when it fails one day, then it will really fail to the core.

    The Fractional Reserve Banking, which is the main principle of a debt-based developing economy, does not fit the Western economies any more. For example, the Fractional Reserve Banking lays claims on the future value produced by the borrower, but in a slow-developing mature economy the new value is added too slowly. The debt creation is too fast, the value creation is too slow, a huge pyramid of debt has been built. The pyramid must collapse one day. No-one can produce the value of paper promises any more, neither developed countries, nor developing countries. The amount in derivatives exceeds the total World economy several times over. It is a mountain of paper, which no real assets can back up.

    Finally, Sam, the worst fact is that the Western/US financial system has no feedback/corrective loop - it can only go in one direction. On top, every day that it survives is used as a proof of its survivability. But every day things only get worse, closer to the cliff, whilst the trains passengers are having one hell of a party inside, sharing huge bonuses and enjoying the good times flowing.

    I have a belief that the biggest societal leeches are, in the diminishing order of danger:
    1) banksters,
    2) military industrial propaganda complex,
    3) big pharma and medical and
    4) all other bought monopolies (private prisons, private airports, roads, telecommunications etc).
    But only the banksters can collapse the whole society and they will due to their blind greed.

    Kisa, I think the cliff that you refer to is of the type that can also be likened to Seneca’s Cliff. When triggered, the resulting chaos will keep the US population occupied and be an ideal time to deploy military assets to achieve geopolitical goals for the neocon zionazis. Finally, since the ultimate goal is global control, the greater heft that the US enjoys will then become a threat to this push and so would be neutralised via economic and social collapse.

    Read More
    ReplyAgree/Disagree/Etc.
  • @Sam Shama
    Its a tricky task, writing a compact and un-irritating comment on the Gold Standard [GS hereafter], its historic failure, and the indubitable comparative success of the modern monetary system [MMS] as measured by fluctuations of GDP, unemployment rate and other key economic variables during periods of economic stress - typically temporary imbalances resulting from demand deficiency and lack of confidence on account of the employment outlook - or, supply side shocks of the 1970s variety emanating from resource shortages, viz. crude oil.

    [I am sure the preceding unconvoluted paragraph succeeded in satisfying the opening words]

    I am hearing a great deal about the actions of the "Rothschild Fed", the impending collapse of the U.S/Anglophone and European systems and a "takeover" of key reserve currency status and interbank payment systems. What is missing in all of these pronouncements, is an internally consistent set of arguments as to why all of the preceding scenarios ought to arise, leave alone their inevitability. It isn't enough, and indeed unsatisfactory to point to the $19Tr of debt, and attempt to use it as a generic rebuttal against positions to the contrary. In other words, for an argument to have economic force, it must have consistent theory and empirical validity behind it.

    Let's dispatch with a few items related primarily to data and national motivations. As of 1st quarter 2016, the $19 Tr of U.S. debt, the largest tranche is owned by the Social Security trust fund [~$2.8tr]. China owns the largest [$1.23Tr] of the total foreign holdings of $6 Tr. Most of U.S. debt is what we really owe ourselves, classified as intra-governmental holdings of $13.5 Tr or so.

    The large ones in this classification are:


    * Social Security (Social Security Trust Fund and Federal Disability Insurance Trust Fund) - $2.786 trillion

    * Office of Personnel Management Retirement - $873 billion

    * Military Retirement Fund - $601 billion

    * Medicare (Federal Hospital Insurance Trust Fund, Federal Supplementary Medical Insurance Trust Fund) - $267 billion

    * All Other Retirement Funds - $187 billion

    * Cash on Hand to Fund Federal Government Operations - $508 billion.

    (Source: Treasury Bulletin, Monthly Treasury Statement, Table 6. Schedule D-Investments of Federal Government Accounts in Federal Securities)


     

    On national motivations, it is one's right as a citizen to question, indeed oppose - presumably or questionably ( :-) ), manifested through your vote - the actions of U.S. administrations, past and present in their quests for global influence. You may despise the neocons [I am no fan], yet the government and its agencies such as the Fed, owe not a whit of explanation to other governments for pursuing its own interests. One would be living in an indulgent fiction were one to assume that other countries, if in such a position to dominate monetary and economic systems, pass on the opportunity out of pure benevolent intent.

    Turning to the GS, history ought to clarify that it is a pro-cyclical system. Implying that its application deepens ongoing recessions and exacerbates inflationary episodes. Observe what happened to the U.K. during the Great Depression; gold flowed from it to the U.S. where the recession had originally started, and as a result the Bank of England reduced the quantity of Money made available to commercial banks which responded in kind to currency available to the public. Bank failures ensued and U.K's demand side shrunk, continuing the vicious cycle. The Fed which should have increased money supply failed to do so, locking away the gold flowing into its coffers. Abandoning the GS ["freed from the gilded cage" in the words of J.M. Keynes] finally in 1931, led to a resurgence of confidence and business investments followed with the needful.

    I am also hearing that the U.S.' primary reserve status is the outcome of a "fixing". It is decidedly not. One might validly point out that the U.S wastes a fair amount on unnecessary wars, but the charge of reserve status fixing is based entirely on facts not in evidence. Think what gives a currency its reserve status. Its solely based on its ability to service its debt. I am yet to see any meaningful competitive economies that can come close to absorbing the amount of free capital that the U.S. does, or can in the foreseeable future. The $1.2Tr that China holds , is due not so much on account of any actions as a "banker" as it is an unavoidable artifact of its deliberate policy of growing its economy through exports. I should like to belabour this point; the roughly 6.3% of our total debt that China holds, it cannot trivially "sell" in the market place. For if it did so it would have to buy the debt [same as holding currency] of a competitor: Euros, Yen, or even in Renminbi. This would have the effect of increasing the price of Eurobonds or Yen bonds [reduce their interest rates] and depreciate their currencies, causing greater exports for Germany or Japan and its own vis-a-vis the U.S. which would then show up as additional U.S. debt held by these countries! This is indeed what has happened. Mercantile policies of Germany, Japan and China have rendered them captive to selling to the U.S. markets. Its is in the interest of all to move to more balanced economies [such as that of the U.S....surprised? U.S. net exports are only about -2% of national income, and closing its doors to International trade might at the most produce a garden variety recession here - more likely not - but catastrophic ones for its trading partners]. Its not an easy task when a country has been engaged in export addiction [the flip side of U.S. debt Scolds' accusations]. China is in the process of trying precisely that and as a result of it going through a period of great difficulty.

    Coming back to the question of adopting the GS and the closely related issue of reserve currency, it is incumbent on those who advocate it, to tell us what the remedy would be in the event of a future great recession [it will happen, the question is only one of duration and amplitude]. It is not nearly enough to say that a government will issue "what it needs"; for beelzebub, as it is said, lives in the details.

    You are certainly entitled to your opinions; not so much your facts.

    Dear Sam, with respect, your write up is a mish-mash of financial orthodoxies, establishment lies and truths. Since I personally feel challenged on my notion that the US is a runaway train heading for a cliff, I will provide a long response.

    Firstly, let me clarify that the US military budget, although partially hidden into various non-military looking allocations and appropriations, and amounting to a cool trillion per annum, by itself does not look likely to collapse the US economy. But it could be the proverbial straw thrown onto the camel’s back.

    Then, let me state the key concern which is likely to collapse the US financial system and its economy. It is debt. Now, you appear to subscribe to an utterly wrong postulate that only foreign debt matters. Instead, it is that the whole Western financial system is based on debt where the problem lies. I have written before and I repeat – the debt-based Western financial system was established when the West was going through industrialization. But the debt-based financial system is utterly useless and outright dangerous for a slow-growing economy of primarily services and outsourced manufacturing. Such economy cannot produce capital returns that money chases. This is why the financial speculation (not in the positive sense of arbitrage) becomes the main replacement for production and debt-based economy becomes an enabler of speculation. On top of this come the regulatory capture and revolving doors. The result is a crooked financial market and a crooked whole financial system. An army of financial whizzes speculates with financial instruments (various derivatives) instead of creating any real value. The first effect is the loss of accumulated value of ordinary citizens – the pensions.

    Secondly, on top of this, as long as the system keeps surviving somehow, most people laugh at bears who say – we cannot keep going on like this. Another way of saying this is – nothing succeeds like success and nothing fails like failure. It does not fail, it does not fail, but when it fails one day, then it will really fail to the core.

    The Fractional Reserve Banking, which is the main principle of a debt-based developing economy, does not fit the Western economies any more. For example, the Fractional Reserve Banking lays claims on the future value produced by the borrower, but in a slow-developing mature economy the new value is added too slowly. The debt creation is too fast, the value creation is too slow, a huge pyramid of debt has been built. The pyramid must collapse one day. No-one can produce the value of paper promises any more, neither developed countries, nor developing countries. The amount in derivatives exceeds the total World economy several times over. It is a mountain of paper, which no real assets can back up.

    Finally, Sam, the worst fact is that the Western/US financial system has no feedback/corrective loop – it can only go in one direction. On top, every day that it survives is used as a proof of its survivability. But every day things only get worse, closer to the cliff, whilst the trains passengers are having one hell of a party inside, sharing huge bonuses and enjoying the good times flowing.

    I have a belief that the biggest societal leeches are, in the diminishing order of danger:
    1) banksters,
    2) military industrial propaganda complex,
    3) big pharma and medical and
    4) all other bought monopolies (private prisons, private airports, roads, telecommunications etc).
    But only the banksters can collapse the whole society and they will due to their blind greed.

    Read More
    • Replies: @NoseytheDuke
    Kisa, I think the cliff that you refer to is of the type that can also be likened to Seneca's Cliff. When triggered, the resulting chaos will keep the US population occupied and be an ideal time to deploy military assets to achieve geopolitical goals for the neocon zionazis. Finally, since the ultimate goal is global control, the greater heft that the US enjoys will then become a threat to this push and so would be neutralised via economic and social collapse.
    , @Sam Shama
    Dear Kiza,
    I am glad you posted your comment as it gives me a passage to clear the air, better explain my positions and find agreement on many of the concerns you express. Let me address them in the order they appear:

    a mish-mash of financial orthodoxies, establishment lies and truths. Since I personally feel challenged on my notion that the US is a runaway train heading for a cliff
     
    Some of my views appear rather conservative, and so they may indeed be [I lose track of what is considered conservative today, tbh]; I do not count myself amongst those who believe that by merely destroying national institutions, we shall magically achieve great good. The U.S. in my estimate is caught in a flux, as much a creation of its own, as it is a legacy of periods past. I would rather not delve into that too much, as historians better than I can testify one way or another. To restate my thinking [to NtD] on this aspect, I firmly believe that whether or not one considers the actions of U.S. administrations imperialistic and warmongering [I do], one would be ill-advised to conclude that other nations, were they in the same position to expand influence, would merrily relinquish the moment; man's history being the guide. Now NtD felt that this thinking is from an era past, and we should all appeal to the better angels of our nature. I could not agree more, that I too, like the Hobbit, cherish and yearn for the Shire [I once considered raising sheep in Scotland]; but the Orcs - always the Orcs - shatter that bucolic idyll, don't they? The day might be yet when benevolent computer algorithms replace political catastrophes [5371, if you are reading this,do go gently]

    Firstly, let me clarify that the US military budget, although partially hidden into various non-military looking allocations and appropriations, and amounting to a cool trillion per annum, by itself does not look likely to collapse the US economy. But it could be the proverbial straw thrown onto the camel’s back.
     
    Here, the penny dropped. I understood the cause of Alexander's distress. I reckon it was his belief that I was simply concealing military expenditures and labelling them social security or something else. No, I did not..

    Of course the $1 tr or so of our budget goes to feed the MIC and its bloody wars!

    I hope I don't require ritual incantations to establish my abhorrence. So getting on with the task of dis-entanglement, the $1 Tr or so we are feeding the MIC, should without a shred of doubt be better spent - far far better - on U.S. infrastructure and its kind. That expenditure needs to be financed, which is where the SS Trust among others, come in with their purchase of treasuries. SS actually takes in more current tax revenues than its needs and saves those surpluses in TBonds - the largest tranche [alexander hold your horses] amongst intra-governmental holdings.

    So, again, do I believe that MIC spending should be diminished and instead we should build roads, internet backbones, fund meaningful education, fund health insurance gaps etc? Unquestionably.

    Will the military spending kept at a 5-6% of gdp cause us ruin? No. Simply because at those levels they act as demand multipliers [I know, I know].

    Now, Some important things regarding the Debt question; I can hopefully put people's minds to rest by noting:

    (1) It matters not how projects/assets/enterprises are financed: they can be debt financed 100% or any combination of debt and equity [in the case of public goods taxes] . It only matters if the enterprise itself is generating sufficient real returns [ a car will run the same whether you pay the price for from your current income or it is loan financed]. In the larger context of the U.S. nominal gdp is running at around 3.1% and public sector debt costs a nominal 1.4% on a duration weighted basis. So we are very far from panic stations. I do agree with Kiza that if we end up at a point where 20% of our gdp is spent on the MIC we might destroy our productive capacity, which will cause hyperinflation; yet we are very far from it, and should that eventuality arise, the whole world will quake.

    (2) As the Gross Federal Debt held by the public, or the total Federal Debt to GDP ratio have risen:

    (i) https://research.stlouisfed.org/fred2/series/FYPUGDA188S or
    (ii) https://research.stlouisfed.org/fred2/series/GFDEGDQ188S

    the household debt to gdp has fallen during the same period:

    (iii) https://research.stlouisfed.org/fred2/series/HDTGPDUSQ163N

    and corporate credit in Non-financial sector has also fallen since the recession

    (iv) https://research.stlouisfed.org/fred2/series/NCBCMDPNWMV

    Taken together, these trends tell us that while public sector debt has risen, it has been offset by equal value reductions in household debt and corporate debt. Such are the actions of automatic stabilisation.


    The Fractional Reserve Banking, which is the main principle of a debt-based developing economy, does not fit the Western economies any more. For example, the Fractional Reserve Banking lays claims on the future value produced by the borrower, but in a slow-developing mature economy the new value is added too slowly. The debt creation is too fast, the value creation is too slow, a huge pyramid of debt has been built. The pyramid must collapse one day. No-one can produce the value of paper promises any more, neither developed countries, nor developing countries. The amount in derivatives exceeds the total World economy several times over. It is a mountain of paper, which no real assets can back up.
     
    I am fine with having a deposit banking system run exclusively through the postal services, and loan creation is allowed according to strict equity capital requirements; in other words a pure utility model. In fact I think it will be beneficial in the sense that banks will be no longer allowed to play with depositors equity cash and be left with the devices of the market to raise equity at much steeper costs than what they enjoy now on the back of the taxpayer. It will cause the collapse of Goldman Sachs, JP Morgan, BoA, Wells, and a host of others [all derivatives valuations will go to naught], The Fed and treasury need to ensure that ATMs work [they can easily do this, especially if all money is electronic] and loans are serviced via the utility bank mentioned earlier.

    I am afraid we have not the political nor the social will to take this risk at the moment; and I think I wrote far more than I intended at the start!

    Final Note: The ills of the public body have more to do with Wealth mal-distribution than anything else. This is in no small measure the result of regulatory capture. Vote for Sanders or Trump.

    , @Sam Shama
    Hey Kiza and alexander,

    Since your names were mentioned by Jr. in his latest post I thought I should ask you fellows directly if you felt that I was in any shape or form, insulting you. I know alexander felt shocked at my view regarding U.S. Federal debt, but that was my objective assessment of the situation, never an insult. Anyone else [Talha, RobinG, Geo, NtD] feel free to weigh in. If you felt so, apologies in advance.

    thanks

    ReplyAgree/Disagree/Etc.
  • @Junior

    it is evident that in order to have a successful single currency, a single fiscal authority, a central legal framework for commercial finance, public finance and banking are key requirements. None of which are on the cards.
     
    They ARE on the cards. It's called the IMF.

    Firstly, there was no massive selling, if one were to take a measure of the total market for U.S. Treasuries. A few hundred billion in a market for tens of trillions is quite fine as evidenced by further rises in bond prices.
     
    It is ALL about Perception. All it takes is a run by the top holders of the bonds to start an avalanche. And they have already begun. You talk about the trend of nations selling off their US debt in the "biggest decline in foreign official demand for U.S. notes and bonds since records began in 1978" as if it is no big deal. Your statements about the US being the only sustainable market make absolutely no difference if the PERCEPTION of people is that the dollar is unsustainable. Their perception is of this because of the astronomical $19Tr debt with no end in sight of stopping, the 2008 crash in which the perpetrators of the robbery had absolutely no repercussions and absolutely no changes were made to the system, the massive selling off of debt by countries recently, the straining of relations with the villainous Saudi's who many believe are the only thing keeping the house of cards propped up because of the petrodollar . And as to the rise in bond prices that you brought5 up, as I stated earlier that this is only due to privately owned firms owned by who-the-hell-knows(but I suspect they have a certain Red Shield as their owners) trying to keep the ponzi scheme going.

    Secondly and more importantly, all of the sovereign selling you referenced, were due entirely on the budgetary needs of countries such as Saudi, Brazil, etc, facing revenue declines related to falls in commodity prices. So therefore, the Primary Reserve Currency, which the dollar is, behaved precisely as a reserve ought to: providing relief when it is needed.
     
    Yes, and isn't it funny that all the nations who are in dire straits right now are either part of BRICS or are threatening to join with them against the IMF. All those countries KNOW that they are being targeted and strong-armed by the IMF who are crashing their economies by rigging commodity prices to try to make them capitulate to the One-World Governance. "So therefore, the Primary Reserve Currency, which the dollar is, behaved precisely as a mob shake-down ought to: providing relief when it is needed from the crisis they created.

    http://money.cnn.com/2015/05/04/news/economy/russia-approves-brics-reserve-bank-imf/index.html

    http://money.cnn.com/2014/11/20/investing/goldman-commodity-manipulation-wall-street/index.html


    I cannot meaningfully comment on the subject of a Fed audit, it’s balance sheet, being literally an open book as it were. Candidly, I think they ought to “allow” it, if only to pacify frayed tempers; the caution transmitted by the Fed, has more to do with the possibility of a dysfunctional congress attempting de facto monetary policy and making a hash of it.
     
    No, the caution transmitted by the Fed of an audit has more to do with a bunch of crooks trying to keep their crime from being made public. Your "if only to pacify frayed tempers" line makes me think you are saying they should "allow" it only if they can control the investigation.

    [In that vein, I have been re-thinking my position on the gold standard vs. fiat money. Is it possible to have a hybrid? There might be, and it reduces essentially to establishing bounds for parity between gold and major currencies. More later.....]
     
    I think that this hybrid is sort of what China is doing. They want their Yuan/Renminbi to be gold backed but ONLY so that they can have more say in the IMF. It's all posturing for more influence when the SDR created fiat global currency is put in place. China is not opposed to the IMF and global currency, they just want more say in it because the IMF will base China's influence in the IMF on the power of a gold-backed Yuan.

    It is ALL about Perception. All it takes is a run by the top holders of the bonds to start an avalanche. And they have already begun. You talk about the trend of nations selling off their US debt in the “biggest decline in foreign official demand for U.S. notes and bonds since records began in 1978″ as if it is no big deal. Your statements about the US being the only sustainable market make absolutely no difference if the PERCEPTION of people is that the dollar is unsustainable. Their perception is of this because of the astronomical $19Tr debt with no end in sight of stopping, the 2008 crash in which the perpetrators of the robbery had absolutely no repercussions and absolutely no changes were made to the system, the massive selling off of debt by countries recently, the straining of relations with the villainous Saudi’s who many believe are the only thing keeping the house of cards propped up because of the petrodollar . And as to the rise in bond prices that you brought5 up, as I stated earlier that this is only due to privately owned firms owned by who-the-hell-knows(but I suspect they have a certain Red Shield as their owners) trying to keep the ponzi scheme going.

    It certainly has a great deal to do with perception.It is also about a holder’s ability to sell without causing a self-inflicted harm. Were the perceptions consistent with U.S.A’s inability to service debt, we would have seen the avalanche. What we have witnessed is the very opposite since 2008, when the fashion of debt-scolding first made appearance. At some point data and contrary experience ought to be a clue and persuade one that a re-evaluation is warranted. But no, that is too much to expect from the true believers, is it not?

    The main creditors, once again, are the intra-governmental portfolios, of which SS is the largest. If you insist on believing that the planet in the night sky is a wheel of swiss cheese, I hate to dissuade you [In other words this charge of "private buyers" reeks of inexplicable alarmism, for it matters little even if it were true]. Japan since the 1980s has had more pronounced debt levels to GDP, and a great many short sellers of Japanese bonds were the recipients of the “widow-maker” distinction. As the primary reserve, it is inevitable – as well the manifest ongoing experience – that short-sellers of U.S. treasuries will greatly cause the outnumbering of said Japanese widows.

    On the subject of a BRICS sponsored IMF type institution, you may have missed it, but the Fed actually is supportive of the idea. Commodity economies need strong reserve currencies, and a diversified portfolio is beneficial to all sovereigns. The critical qualification is a prolonged and demonstrably stable economy. When the BRICS reach that status, we shall see a natural diversification of sovereign portfolios – i.e. a more balanced global economy, an outcome that is eminently desirable.

    On the issue of the Fed audit, I really toil and tire to no avail. The intrigue is rather reminiscent of the habits of old spinsters who look under their beds ever night, in the fear, or rather in the hopes of finding a scoundrel.

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    • Replies: @Junior

    It certainly has a great deal to do with perception.It is also about a holder’s ability to sell without causing a self-inflicted harm.
     
    Your statement about selling without causing self-inflicted harm is duly noted, however there is also the self-inflicted harm of continuing to buy into a system that has absolutely no chance of sustaining itself due to the unfettered debt accumulation. The staggering amount spent on paying interest on an astronomical debt that is IMPOSSIBLE to pay back is becoming an unbelievably serious problem.

    Were the perceptions consistent with U.S.A’s inability to service debt, we would have seen the avalanche. What we have witnessed is the very opposite since 2008, when the fashion of debt-scolding first made appearance. At some point data and contrary experience ought to be a clue and persuade one that a re-evaluation is warranted.
     
    It is YOU that needs to re-evaluate. We have NOT seen the very opposite of the perception of inability to service debt, we have seen the exact opposite. In the 8 years since 2008, the last 3 has seen the trend of countries selling off massive amounts of US debt. The “biggest decline in foreign official demand for U.S. notes and bonds since records began in 1978.″ At some point data and contrary experience ought to be a clue and persuade one that a re-evaluation is warranted.

    The main creditors, once again, are the intra-governmental portfolios, of which SS is the largest. If you insist on believing that the planet in the night sky is a wheel of swiss cheese, I hate to dissuade you [In other words this charge of "private buyers" reeks of inexplicable alarmism, for it matters little even if it were true].
     
    You are completely missing the point of what I said. From the article I posted earlier: "So even though central banks are dumping U.S. debt, there's plenty of demand for it from private investors." http://money.cnn.com/2016/02/17/news/economy/china-us-debt-dump-central-banks/index.html The point is that these "private investors" are buying up the debt and that is the only reason that bond prices have not plummeted. We are talking about bond prices, NOT who is the largest creditors. The "alarmism" is whether or not these "private investors" that are trying to prop up the bond market artificially are nothing more than fronts for the privately owned criminal enterprise FED, instead of the FED doing it directly which would cause an even greater selling off of bonds. So your attempted insult about me insisting "on believing that the planet in the night sky is a wheel of swiss cheese", makes absolutely no sense. As anyone with two-eyes and a half-a-brain knows, it's CLEARLY made out of Gouda. ;)

    Japan since the 1980s has had more pronounced debt levels to GDP, and a great many short sellers of Japanese bonds were the recipients of the “widow-maker” distinction.
     
    Without a doubt I believe that Japan is in just as much trouble as the US is in terms of unsustainable debt. I believe that the GDP to Debt ratio that you mention however is a false-indicator. The Debt to Revenue ratio is the TRUE measure of a countries ability to pay down debt.

    http://www.forbes.com/sites/jeffreydorfman/2014/07/12/forget-debt-as-a-percent-of-gdp-its-really-much-worse/#352a6c916e0c

    http://www.theguardian.com/business/2013/jun/09/eurozone-crisis-debt-income-ratios

    http://www.visualcapitalist.com/by-this-measure-the-u-s-has-the-2nd-highest-national-debt/

    On the subject of a BRICS sponsored IMF type institution, you may have missed it, but the Fed actually is supportive of the idea.
     
    I'm not surprised in the LEAST that the treasonous FED is supportive of actions that are not in our Nations interest. The owners of the Fed WANT a global currency and the formation of BRICS is nothing more than a step in their agenda of achieving a global currency. BRICS is a safe-haven for them to park their burglary loot, from robbing our Home, in for the transition period between when they crash the US economy and when the global currency is put in place.

    Commodity economies need strong reserve currencies, and a diversified portfolio is beneficial to all sovereigns. The critical qualification is a prolonged and demonstrably stable economy. When the BRICS reach that status, we shall see a natural diversification of sovereign portfolios – i.e. a more balanced global economy, an outcome that is eminently desirable.
     
    You should tuck in your Globalist undershirt, Sam. It's showing.

    On the issue of the Fed audit, I really toil and tire to no avail. The intrigue is rather reminiscent of the habits of old spinsters who look under their beds ever night, in the fear, or rather in the hopes of finding a scoundrel.
     
    You seem pretty proud of your never-ending toiling to keep transparency from the American People. You should be ashamed, not bragging about it. It really is quite sad, Sam.
    ReplyAgree/Disagree/Etc.
  • I do deny it your Honour [:-) ].

    The Prosecution rests, your Honour. ;)

    Read More
    ReplyAgree/Disagree/Etc.
  • @Junior

    it is evident that in order to have a successful single currency, a single fiscal authority, a central legal framework for commercial finance, public finance and banking are key requirements. None of which are on the cards.
     
    They ARE on the cards. It's called the IMF.

    Firstly, there was no massive selling, if one were to take a measure of the total market for U.S. Treasuries. A few hundred billion in a market for tens of trillions is quite fine as evidenced by further rises in bond prices.
     
    It is ALL about Perception. All it takes is a run by the top holders of the bonds to start an avalanche. And they have already begun. You talk about the trend of nations selling off their US debt in the "biggest decline in foreign official demand for U.S. notes and bonds since records began in 1978" as if it is no big deal. Your statements about the US being the only sustainable market make absolutely no difference if the PERCEPTION of people is that the dollar is unsustainable. Their perception is of this because of the astronomical $19Tr debt with no end in sight of stopping, the 2008 crash in which the perpetrators of the robbery had absolutely no repercussions and absolutely no changes were made to the system, the massive selling off of debt by countries recently, the straining of relations with the villainous Saudi's who many believe are the only thing keeping the house of cards propped up because of the petrodollar . And as to the rise in bond prices that you brought5 up, as I stated earlier that this is only due to privately owned firms owned by who-the-hell-knows(but I suspect they have a certain Red Shield as their owners) trying to keep the ponzi scheme going.

    Secondly and more importantly, all of the sovereign selling you referenced, were due entirely on the budgetary needs of countries such as Saudi, Brazil, etc, facing revenue declines related to falls in commodity prices. So therefore, the Primary Reserve Currency, which the dollar is, behaved precisely as a reserve ought to: providing relief when it is needed.
     
    Yes, and isn't it funny that all the nations who are in dire straits right now are either part of BRICS or are threatening to join with them against the IMF. All those countries KNOW that they are being targeted and strong-armed by the IMF who are crashing their economies by rigging commodity prices to try to make them capitulate to the One-World Governance. "So therefore, the Primary Reserve Currency, which the dollar is, behaved precisely as a mob shake-down ought to: providing relief when it is needed from the crisis they created.

    http://money.cnn.com/2015/05/04/news/economy/russia-approves-brics-reserve-bank-imf/index.html

    http://money.cnn.com/2014/11/20/investing/goldman-commodity-manipulation-wall-street/index.html


    I cannot meaningfully comment on the subject of a Fed audit, it’s balance sheet, being literally an open book as it were. Candidly, I think they ought to “allow” it, if only to pacify frayed tempers; the caution transmitted by the Fed, has more to do with the possibility of a dysfunctional congress attempting de facto monetary policy and making a hash of it.
     
    No, the caution transmitted by the Fed of an audit has more to do with a bunch of crooks trying to keep their crime from being made public. Your "if only to pacify frayed tempers" line makes me think you are saying they should "allow" it only if they can control the investigation.

    [In that vein, I have been re-thinking my position on the gold standard vs. fiat money. Is it possible to have a hybrid? There might be, and it reduces essentially to establishing bounds for parity between gold and major currencies. More later.....]
     
    I think that this hybrid is sort of what China is doing. They want their Yuan/Renminbi to be gold backed but ONLY so that they can have more say in the IMF. It's all posturing for more influence when the SDR created fiat global currency is put in place. China is not opposed to the IMF and global currency, they just want more say in it because the IMF will base China's influence in the IMF on the power of a gold-backed Yuan.

    They ARE on the cards. It’s called the IMF.

    The IMF and the BIS(Bank for International Settlements)

    http://www.bis.org/about/index.htm

    Read More
    ReplyAgree/Disagree/Etc.
  • Junior [AKA "Jr."] says:
    @Sam Shama

    What is the reason for your quotes around “takeover”, Sam? Do you not believe that their plan is exactly to takeover and install a Global Currency? The bastards brag about it every chance they get.
     
    "Belief" is not the word I should employ in this context. Separating value judgements regarding the installation of a single global currency, one might observe that the evidence does not point to such. More so today, now that the Euro project faces dire tests, it is evident that in order to have a successful single currency, a single fiscal authority, a central legal framework for commercial finance, public finance and banking are key requirements. None of which are on the cards.

    Do you deny that the $19Tr of debt is a bubble that is already showing signs of bursting as is evidenced by the massive selling off of US debt by countries? The jig is up and ALL the world knows it BECAUSE of the $19Tr debt except for here in America where there apparently are “privately owned” companies that are buying up the debt to try and keep the ponzi scheme going as long as possible. The key part to any Con-Game(Confidence Game) is the Confidence, and the world has lost it’s confidence in the con-game that is the stability of the dollar.
     
    I do deny it your Honour [:-) ]. Firstly, there was no massive selling, if one were to take a measure of the total market for U.S. Treasuries. A few hundred billion in a market for tens of trillions is quite fine as evidenced by further rises in bond prices. Secondly and more importantly, all of the sovereign selling you referenced, were due entirely on the budgetary needs of countries such as Saudi, Brazil, etc, facing revenue declines related to falls in commodity prices. So therefore, the Primary Reserve Currency, which the dollar is, behaved precisely as a reserve ought to: providing relief when it is needed.

    In regards to whether or not going back to the Gold Standard is the solution, I don’t know. Although it seems evident that China believes that this is the correct course of action from all their current attempts to hoard as much gold as possible. I do however know that an audit of the FED is the first step that must be taken in any solution.
     
    I cannot meaningfully comment on the subject of a Fed audit, it's balance sheet, being literally an open book as it were. Candidly, I think they ought to "allow" it, if only to pacify frayed tempers; the caution transmitted by the Fed, has more to do with the possibility of a dysfunctional congress attempting de facto monetary policy and making a hash of it.

    Gold is a yellow metal that produces no income, and indeed has significant storage costs. Yet it has a strong affinity etched in the human consciousness. Under the gold standard, financial panics were rare, except in: 1873, 1884, 1890, 1893, 1907, 1930, 1931, 1932, and 1933. :-)

    Humour aside, I strive to think and write with an open mind. All analysis to be fair, starts from a question on which we consciously or sub-consciously entertain a bias. Mine happens to be on the issue of the best form of governance [more on this at a later date]. Not to be preachy, but it is important for one to approach any subject matter, without being guided by what one wants the truth to be, or what one believes would be good for others to hold credence for.

    [In that vein, I have been re-thinking my position on the gold standard vs. fiat money. Is it possible to have a hybrid? There might be, and it reduces essentially to establishing bounds for parity between gold and major currencies. More later.....]

    As you must have surely noticed in the preceding conversations, alexander and NosytheDuke, both sterling individuals I am sure, took passionate stands against U.S. Imperialism [and in passing, insulted WoO for simply holding contrary views. Well, I have been the recipient of mud in the past, and consider it par for the course commenting here at the UR] ; a matter on which it is frightfully simple to despise this country's actions. I do as well detest the costly wars. Yet it is quite another matter to wilfully deny the composition of U.S. treasury holdings, [ the word "tranche' must have been a micro-aggression trigger I set off; I can't explain it otherwise].

    it is evident that in order to have a successful single currency, a single fiscal authority, a central legal framework for commercial finance, public finance and banking are key requirements. None of which are on the cards.

    They ARE on the cards. It’s called the IMF.

    Firstly, there was no massive selling, if one were to take a measure of the total market for U.S. Treasuries. A few hundred billion in a market for tens of trillions is quite fine as evidenced by further rises in bond prices.

    It is ALL about Perception. All it takes is a run by the top holders of the bonds to start an avalanche. And they have already begun. You talk about the trend of nations selling off their US debt in the “biggest decline in foreign official demand for U.S. notes and bonds since records began in 1978″ as if it is no big deal. Your statements about the US being the only sustainable market make absolutely no difference if the PERCEPTION of people is that the dollar is unsustainable. Their perception is of this because of the astronomical $19Tr debt with no end in sight of stopping, the 2008 crash in which the perpetrators of the robbery had absolutely no repercussions and absolutely no changes were made to the system, the massive selling off of debt by countries recently, the straining of relations with the villainous Saudi’s who many believe are the only thing keeping the house of cards propped up because of the petrodollar . And as to the rise in bond prices that you brought5 up, as I stated earlier that this is only due to privately owned firms owned by who-the-hell-knows(but I suspect they have a certain Red Shield as their owners) trying to keep the ponzi scheme going.

    Secondly and more importantly, all of the sovereign selling you referenced, were due entirely on the budgetary needs of countries such as Saudi, Brazil, etc, facing revenue declines related to falls in commodity prices. So therefore, the Primary Reserve Currency, which the dollar is, behaved precisely as a reserve ought to: providing relief when it is needed.

    Yes, and isn’t it funny that all the nations who are in dire straits right now are either part of BRICS or are threatening to join with them against the IMF. All those countries KNOW that they are being targeted and strong-armed by the IMF who are crashing their economies by rigging commodity prices to try to make them capitulate to the One-World Governance. “So therefore, the Primary Reserve Currency, which the dollar is, behaved precisely as a mob shake-down ought to: providing relief when it is needed from the crisis they created.

    http://money.cnn.com/2015/05/04/news/economy/russia-approves-brics-reserve-bank-imf/index.html

    http://money.cnn.com/2014/11/20/investing/goldman-commodity-manipulation-wall-street/index.html

    I cannot meaningfully comment on the subject of a Fed audit, it’s balance sheet, being literally an open book as it were. Candidly, I think they ought to “allow” it, if only to pacify frayed tempers; the caution transmitted by the Fed, has more to do with the possibility of a dysfunctional congress attempting de facto monetary policy and making a hash of it.

    No, the caution transmitted by the Fed of an audit has more to do with a bunch of crooks trying to keep their crime from being made public. Your “if only to pacify frayed tempers” line makes me think you are saying they should “allow” it only if they can control the investigation.

    [In that vein, I have been re-thinking my position on the gold standard vs. fiat money. Is it possible to have a hybrid? There might be, and it reduces essentially to establishing bounds for parity between gold and major currencies. More later.....]

    I think that this hybrid is sort of what China is doing. They want their Yuan/Renminbi to be gold backed but ONLY so that they can have more say in the IMF. It’s all posturing for more influence when the SDR created fiat global currency is put in place. China is not opposed to the IMF and global currency, they just want more say in it because the IMF will base China’s influence in the IMF on the power of a gold-backed Yuan.

    Read More
    • Replies: @Junior

    They ARE on the cards. It’s called the IMF.
     
    The IMF and the BIS(Bank for International Settlements)

    http://www.bis.org/about/index.htm

    , @Sam Shama

    It is ALL about Perception. All it takes is a run by the top holders of the bonds to start an avalanche. And they have already begun. You talk about the trend of nations selling off their US debt in the “biggest decline in foreign official demand for U.S. notes and bonds since records began in 1978″ as if it is no big deal. Your statements about the US being the only sustainable market make absolutely no difference if the PERCEPTION of people is that the dollar is unsustainable. Their perception is of this because of the astronomical $19Tr debt with no end in sight of stopping, the 2008 crash in which the perpetrators of the robbery had absolutely no repercussions and absolutely no changes were made to the system, the massive selling off of debt by countries recently, the straining of relations with the villainous Saudi’s who many believe are the only thing keeping the house of cards propped up because of the petrodollar . And as to the rise in bond prices that you brought5 up, as I stated earlier that this is only due to privately owned firms owned by who-the-hell-knows(but I suspect they have a certain Red Shield as their owners) trying to keep the ponzi scheme going.
     
    It certainly has a great deal to do with perception.It is also about a holder's ability to sell without causing a self-inflicted harm. Were the perceptions consistent with U.S.A's inability to service debt, we would have seen the avalanche. What we have witnessed is the very opposite since 2008, when the fashion of debt-scolding first made appearance. At some point data and contrary experience ought to be a clue and persuade one that a re-evaluation is warranted. But no, that is too much to expect from the true believers, is it not?

    The main creditors, once again, are the intra-governmental portfolios, of which SS is the largest. If you insist on believing that the planet in the night sky is a wheel of swiss cheese, I hate to dissuade you [In other words this charge of "private buyers" reeks of inexplicable alarmism, for it matters little even if it were true]. Japan since the 1980s has had more pronounced debt levels to GDP, and a great many short sellers of Japanese bonds were the recipients of the "widow-maker" distinction. As the primary reserve, it is inevitable - as well the manifest ongoing experience - that short-sellers of U.S. treasuries will greatly cause the outnumbering of said Japanese widows.

    On the subject of a BRICS sponsored IMF type institution, you may have missed it, but the Fed actually is supportive of the idea. Commodity economies need strong reserve currencies, and a diversified portfolio is beneficial to all sovereigns. The critical qualification is a prolonged and demonstrably stable economy. When the BRICS reach that status, we shall see a natural diversification of sovereign portfolios - i.e. a more balanced global economy, an outcome that is eminently desirable.

    On the issue of the Fed audit, I really toil and tire to no avail. The intrigue is rather reminiscent of the habits of old spinsters who look under their beds ever night, in the fear, or rather in the hopes of finding a scoundrel.

    ReplyAgree/Disagree/Etc.
  • @Junior

    I am hearing a great deal about the actions of the “Rothschild Fed”, the impending collapse of the U.S/Anglophone and European systems and a “takeover” of key reserve currency status and interbank payment systems. What is missing in all of these pronouncements, is an internally consistent set of arguments as to why all of the preceding scenarios ought to arise, leave alone their inevitability. It isn’t enough, and indeed unsatisfactory to point to the $19Tr of debt, and attempt to use it as a generic rebuttal against positions to the contrary. In other words, for an argument to have economic force, it must have consistent theory and empirical validity behind it.
     
    What is the reason for your quotes around "takeover", Sam? Do you not believe that their plan is exactly to takeover and install a Global Currency? The bastards brag about it every chance they get.

    https://www.youtube.com/watch?v=MZVP9aHdlQI

    Do you deny the IMF's Global Currency Reset? Do you deny that the SDR's are the vehicle that they will use to bring about a Global Currency?

    http://www.businessinsider.com/new-world-disorder-why-geithners-imf-sdr-plan-for-a-global-currency-is-high-treason-2011-7

    http://www.nytimes.com/2015/12/01/business/international/china-renminbi-reserve-currency.html?_r=0

    http://www.globalresearch.ca/the-financial-new-world-order-towards-a-global-currency-and-world-government/13070

    Do you deny that the $19Tr of debt is a bubble that is already showing signs of bursting as is evidenced by the massive selling off of US debt by countries? The jig is up and ALL the world knows it BECAUSE of the $19Tr debt except for here in America where there apparently are "privately owned" companies that are buying up the debt to try and keep the ponzi scheme going as long as possible. The key part to any Con-Game(Confidence Game) is the Confidence, and the world has lost it's confidence in the con-game that is the stability of the dollar.

    http://money.cnn.com/2016/02/17/news/economy/china-us-debt-dump-central-banks/

    http://www.ibtimes.com/china-brazil-dump-us-debt-latest-signal-global-emerging-market-slowdown-2130987

    http://www.bloomberg.com/news/articles/2016-01-22/u-s-is-hiding-treasury-bond-data-that-s-suddenly-become-crucial

    http://money.cnn.com/2016/04/19/investing/saudi-arabia-threat-dump-us-assets-911-bill/

    In regards to whether or not going back to the Gold Standard is the solution, I don't know. Although it seems evident that China believes that this is the correct course of action from all their current attempts to hoard as much gold as possible. I do however know that an audit of the FED is the first step that must be taken in any solution.

    What is the reason for your quotes around “takeover”, Sam? Do you not believe that their plan is exactly to takeover and install a Global Currency? The bastards brag about it every chance they get.

    “Belief” is not the word I should employ in this context. Separating value judgements regarding the installation of a single global currency, one might observe that the evidence does not point to such. More so today, now that the Euro project faces dire tests, it is evident that in order to have a successful single currency, a single fiscal authority, a central legal framework for commercial finance, public finance and banking are key requirements. None of which are on the cards.

    Do you deny that the $19Tr of debt is a bubble that is already showing signs of bursting as is evidenced by the massive selling off of US debt by countries? The jig is up and ALL the world knows it BECAUSE of the $19Tr debt except for here in America where there apparently are “privately owned” companies that are buying up the debt to try and keep the ponzi scheme going as long as possible. The key part to any Con-Game(Confidence Game) is the Confidence, and the world has lost it’s confidence in the con-game that is the stability of the dollar.

    I do deny it your Honour [:-) ]. Firstly, there was no massive selling, if one were to take a measure of the total market for U.S. Treasuries. A few hundred billion in a market for tens of trillions is quite fine as evidenced by further rises in bond prices. Secondly and more importantly, all of the sovereign selling you referenced, were due entirely on the budgetary needs of countries such as Saudi, Brazil, etc, facing revenue declines related to falls in commodity prices. So therefore, the Primary Reserve Currency, which the dollar is, behaved precisely as a reserve ought to: providing relief when it is needed.

    In regards to whether or not going back to the Gold Standard is the solution, I don’t know. Although it seems evident that China believes that this is the correct course of action from all their current attempts to hoard as much gold as possible. I do however know that an audit of the FED is the first step that must be taken in any solution.

    I cannot meaningfully comment on the subject of a Fed audit, it’s balance sheet, being literally an open book as it were. Candidly, I think they ought to “allow” it, if only to pacify frayed tempers; the caution transmitted by the Fed, has more to do with the possibility of a dysfunctional congress attempting de facto monetary policy and making a hash of it.

    Gold is a yellow metal that produces no income, and indeed has significant storage costs. Yet it has a strong affinity etched in the human consciousness. Under the gold standard, financial panics were rare, except in: 1873, 1884, 1890, 1893, 1907, 1930, 1931, 1932, and 1933. :-)

    Humour aside, I strive to think and write with an open mind. All analysis to be fair, starts from a question on which we consciously or sub-consciously entertain a bias. Mine happens to be on the issue of the best form of governance [more on this at a later date]. Not to be preachy, but it is important for one to approach any subject matter, without being guided by what one wants the truth to be, or what one believes would be good for others to hold credence for.

    [In that vein, I have been re-thinking my position on the gold standard vs. fiat money. Is it possible to have a hybrid? There might be, and it reduces essentially to establishing bounds for parity between gold and major currencies. More later.....]

    As you must have surely noticed in the preceding conversations, alexander and NosytheDuke, both sterling individuals I am sure, took passionate stands against U.S. Imperialism [and in passing, insulted WoO for simply holding contrary views. Well, I have been the recipient of mud in the past, and consider it par for the course commenting here at the UR] ; a matter on which it is frightfully simple to despise this country’s actions. I do as well detest the costly wars. Yet it is quite another matter to wilfully deny the composition of U.S. treasury holdings, [ the word "tranche' must have been a micro-aggression trigger I set off; I can't explain it otherwise].

    Read More
    • Replies: @Junior

    it is evident that in order to have a successful single currency, a single fiscal authority, a central legal framework for commercial finance, public finance and banking are key requirements. None of which are on the cards.
     
    They ARE on the cards. It's called the IMF.

    Firstly, there was no massive selling, if one were to take a measure of the total market for U.S. Treasuries. A few hundred billion in a market for tens of trillions is quite fine as evidenced by further rises in bond prices.
     
    It is ALL about Perception. All it takes is a run by the top holders of the bonds to start an avalanche. And they have already begun. You talk about the trend of nations selling off their US debt in the "biggest decline in foreign official demand for U.S. notes and bonds since records began in 1978" as if it is no big deal. Your statements about the US being the only sustainable market make absolutely no difference if the PERCEPTION of people is that the dollar is unsustainable. Their perception is of this because of the astronomical $19Tr debt with no end in sight of stopping, the 2008 crash in which the perpetrators of the robbery had absolutely no repercussions and absolutely no changes were made to the system, the massive selling off of debt by countries recently, the straining of relations with the villainous Saudi's who many believe are the only thing keeping the house of cards propped up because of the petrodollar . And as to the rise in bond prices that you brought5 up, as I stated earlier that this is only due to privately owned firms owned by who-the-hell-knows(but I suspect they have a certain Red Shield as their owners) trying to keep the ponzi scheme going.

    Secondly and more importantly, all of the sovereign selling you referenced, were due entirely on the budgetary needs of countries such as Saudi, Brazil, etc, facing revenue declines related to falls in commodity prices. So therefore, the Primary Reserve Currency, which the dollar is, behaved precisely as a reserve ought to: providing relief when it is needed.
     
    Yes, and isn't it funny that all the nations who are in dire straits right now are either part of BRICS or are threatening to join with them against the IMF. All those countries KNOW that they are being targeted and strong-armed by the IMF who are crashing their economies by rigging commodity prices to try to make them capitulate to the One-World Governance. "So therefore, the Primary Reserve Currency, which the dollar is, behaved precisely as a mob shake-down ought to: providing relief when it is needed from the crisis they created.

    http://money.cnn.com/2015/05/04/news/economy/russia-approves-brics-reserve-bank-imf/index.html

    http://money.cnn.com/2014/11/20/investing/goldman-commodity-manipulation-wall-street/index.html


    I cannot meaningfully comment on the subject of a Fed audit, it’s balance sheet, being literally an open book as it were. Candidly, I think they ought to “allow” it, if only to pacify frayed tempers; the caution transmitted by the Fed, has more to do with the possibility of a dysfunctional congress attempting de facto monetary policy and making a hash of it.
     
    No, the caution transmitted by the Fed of an audit has more to do with a bunch of crooks trying to keep their crime from being made public. Your "if only to pacify frayed tempers" line makes me think you are saying they should "allow" it only if they can control the investigation.

    [In that vein, I have been re-thinking my position on the gold standard vs. fiat money. Is it possible to have a hybrid? There might be, and it reduces essentially to establishing bounds for parity between gold and major currencies. More later.....]
     
    I think that this hybrid is sort of what China is doing. They want their Yuan/Renminbi to be gold backed but ONLY so that they can have more say in the IMF. It's all posturing for more influence when the SDR created fiat global currency is put in place. China is not opposed to the IMF and global currency, they just want more say in it because the IMF will base China's influence in the IMF on the power of a gold-backed Yuan.
    ReplyAgree/Disagree/Etc.
  • @NoseytheDuke
    I sure hope the Wiz never agrees with anything I post, it's hardly an endorsement is it?

    Hilarious :)

    Read More
    ReplyAgree/Disagree/Etc.
  • @Diversity Heretic
    Since the U.S. has a Department of Homeland Security, the Department of "Defense" should be renamed the Department of Extraterritorial Aggression, or perhaps the Department of Empire Maintenance and Expansion.

    Department of War works for me and defense contractors are “weapons” contractors. The U.S. military is a caldron of militarism hidden behind the political ideologue of neoconservatism.

    The American people’s conscience must be shaken awake to see through the veil of false threats to further the Pentagon’s agenda of being on a constant war footing which drains the U.S. Treasury of funds desperately needed to shore up the basic infrastructure of the country.

    Read More
    • Replies: @alexander
    Speaking of being "shaken awake to see through the veil of false threats",have you had an opportunity to read Rebecca Gordon's latest expose' for Tomsdispatch:

    "The Al -Qaeda leader who wasn't: The shameful ordeal of Abu Zubaydah".

    In a nutshell, the guy that every Neocon and his uncle, defrauded us into believing was the number two(or three) mastermind of 9-11, turned out not only to NOT be involved , at all, in this horrific attack on our soil, ....he was not even a member of Al-Qaeda.

    And to think, at the time, I was "cheering" when they caught him .


    If this story does not pull back the curtain on the "Fatuousness of evil" that is the hallmark of our Neocon stewardship , nothing else does.

    All told (?), 81 million dollars of taxpayer money was spent designing, preparing , and nurturing a system of illegal psychological debasement and torture ....so that it could be administered, quite sadistically,to ......"the guy that never attacked us".

    Yes,

    almost one hundred mil, in "simulated drowning", "eyeball gouging (?)" , "wall slamming" ,and "crating"...."the wrong guy".

    Talk about getting the facts "wrong".

    Welcome to "Neocon America",

    Where draining our coffers, illegally torturing the guy who didn't do it.....as well as illegally invading and destroying an entire country that never attacked us..are their "highest" priorities.

    What a train wreck .

    What a "19 trillion" national debt...train .....wreck.
    ReplyAgree/Disagree/Etc.
  • Junior [AKA "Jr."] says:
    @Sam Shama
    Its a tricky task, writing a compact and un-irritating comment on the Gold Standard [GS hereafter], its historic failure, and the indubitable comparative success of the modern monetary system [MMS] as measured by fluctuations of GDP, unemployment rate and other key economic variables during periods of economic stress - typically temporary imbalances resulting from demand deficiency and lack of confidence on account of the employment outlook - or, supply side shocks of the 1970s variety emanating from resource shortages, viz. crude oil.

    [I am sure the preceding unconvoluted paragraph succeeded in satisfying the opening words]

    I am hearing a great deal about the actions of the "Rothschild Fed", the impending collapse of the U.S/Anglophone and European systems and a "takeover" of key reserve currency status and interbank payment systems. What is missing in all of these pronouncements, is an internally consistent set of arguments as to why all of the preceding scenarios ought to arise, leave alone their inevitability. It isn't enough, and indeed unsatisfactory to point to the $19Tr of debt, and attempt to use it as a generic rebuttal against positions to the contrary. In other words, for an argument to have economic force, it must have consistent theory and empirical validity behind it.

    Let's dispatch with a few items related primarily to data and national motivations. As of 1st quarter 2016, the $19 Tr of U.S. debt, the largest tranche is owned by the Social Security trust fund [~$2.8tr]. China owns the largest [$1.23Tr] of the total foreign holdings of $6 Tr. Most of U.S. debt is what we really owe ourselves, classified as intra-governmental holdings of $13.5 Tr or so.

    The large ones in this classification are:


    * Social Security (Social Security Trust Fund and Federal Disability Insurance Trust Fund) - $2.786 trillion

    * Office of Personnel Management Retirement - $873 billion

    * Military Retirement Fund - $601 billion

    * Medicare (Federal Hospital Insurance Trust Fund, Federal Supplementary Medical Insurance Trust Fund) - $267 billion

    * All Other Retirement Funds - $187 billion

    * Cash on Hand to Fund Federal Government Operations - $508 billion.

    (Source: Treasury Bulletin, Monthly Treasury Statement, Table 6. Schedule D-Investments of Federal Government Accounts in Federal Securities)


     

    On national motivations, it is one's right as a citizen to question, indeed oppose - presumably or questionably ( :-) ), manifested through your vote - the actions of U.S. administrations, past and present in their quests for global influence. You may despise the neocons [I am no fan], yet the government and its agencies such as the Fed, owe not a whit of explanation to other governments for pursuing its own interests. One would be living in an indulgent fiction were one to assume that other countries, if in such a position to dominate monetary and economic systems, pass on the opportunity out of pure benevolent intent.

    Turning to the GS, history ought to clarify that it is a pro-cyclical system. Implying that its application deepens ongoing recessions and exacerbates inflationary episodes. Observe what happened to the U.K. during the Great Depression; gold flowed from it to the U.S. where the recession had originally started, and as a result the Bank of England reduced the quantity of Money made available to commercial banks which responded in kind to currency available to the public. Bank failures ensued and U.K's demand side shrunk, continuing the vicious cycle. The Fed which should have increased money supply failed to do so, locking away the gold flowing into its coffers. Abandoning the GS ["freed from the gilded cage" in the words of J.M. Keynes] finally in 1931, led to a resurgence of confidence and business investments followed with the needful.

    I am also hearing that the U.S.' primary reserve status is the outcome of a "fixing". It is decidedly not. One might validly point out that the U.S wastes a fair amount on unnecessary wars, but the charge of reserve status fixing is based entirely on facts not in evidence. Think what gives a currency its reserve status. Its solely based on its ability to service its debt. I am yet to see any meaningful competitive economies that can come close to absorbing the amount of free capital that the U.S. does, or can in the foreseeable future. The $1.2Tr that China holds , is due not so much on account of any actions as a "banker" as it is an unavoidable artifact of its deliberate policy of growing its economy through exports. I should like to belabour this point; the roughly 6.3% of our total debt that China holds, it cannot trivially "sell" in the market place. For if it did so it would have to buy the debt [same as holding currency] of a competitor: Euros, Yen, or even in Renminbi. This would have the effect of increasing the price of Eurobonds or Yen bonds [reduce their interest rates] and depreciate their currencies, causing greater exports for Germany or Japan and its own vis-a-vis the U.S. which would then show up as additional U.S. debt held by these countries! This is indeed what has happened. Mercantile policies of Germany, Japan and China have rendered them captive to selling to the U.S. markets. Its is in the interest of all to move to more balanced economies [such as that of the U.S....surprised? U.S. net exports are only about -2% of national income, and closing its doors to International trade might at the most produce a garden variety recession here - more likely not - but catastrophic ones for its trading partners]. Its not an easy task when a country has been engaged in export addiction [the flip side of U.S. debt Scolds' accusations]. China is in the process of trying precisely that and as a result of it going through a period of great difficulty.

    Coming back to the question of adopting the GS and the closely related issue of reserve currency, it is incumbent on those who advocate it, to tell us what the remedy would be in the event of a future great recession [it will happen, the question is only one of duration and amplitude]. It is not nearly enough to say that a government will issue "what it needs"; for beelzebub, as it is said, lives in the details.

    You are certainly entitled to your opinions; not so much your facts.

    I am hearing a great deal about the actions of the “Rothschild Fed”, the impending collapse of the U.S/Anglophone and European systems and a “takeover” of key reserve currency status and interbank payment systems. What is missing in all of these pronouncements, is an internally consistent set of arguments as to why all of the preceding scenarios ought to arise, leave alone their inevitability. It isn’t enough, and indeed unsatisfactory to point to the $19Tr of debt, and attempt to use it as a generic rebuttal against positions to the contrary. In other words, for an argument to have economic force, it must have consistent theory and empirical validity behind it.

    What is the reason for your quotes around “takeover”, Sam? Do you not believe that their plan is exactly to takeover and install a Global Currency? The bastards brag about it every chance they get.

    Do you deny the IMF’s Global Currency Reset? Do you deny that the SDR’s are the vehicle that they will use to bring about a Global Currency?

    http://www.businessinsider.com/new-world-disorder-why-geithners-imf-sdr-plan-for-a-global-currency-is-high-treason-2011-7

    http://www.nytimes.com/2015/12/01/business/international/china-renminbi-reserve-currency.html?_r=0

    http://www.globalresearch.ca/the-financial-new-world-order-towards-a-global-currency-and-world-government/13070

    Do you deny that the $19Tr of debt is a bubble that is already showing signs of bursting as is evidenced by the massive selling off of US debt by countries? The jig is up and ALL the world knows it BECAUSE of the $19Tr debt except for here in America where there apparently are “privately owned” companies that are buying up the debt to try and keep the ponzi scheme going as long as possible. The key part to any Con-Game(Confidence Game) is the Confidence, and the world has lost it’s confidence in the con-game that is the stability of the dollar.

    http://money.cnn.com/2016/02/17/news/economy/china-us-debt-dump-central-banks/

    http://www.ibtimes.com/china-brazil-dump-us-debt-latest-signal-global-emerging-market-slowdown-2130987

    http://www.bloomberg.com/news/articles/2016-01-22/u-s-is-hiding-treasury-bond-data-that-s-suddenly-become-crucial

    http://money.cnn.com/2016/04/19/investing/saudi-arabia-threat-dump-us-assets-911-bill/

    In regards to whether or not going back to the Gold Standard is the solution, I don’t know. Although it seems evident that China believes that this is the correct course of action from all their current attempts to hoard as much gold as possible. I do however know that an audit of the FED is the first step that must be taken in any solution.

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    • Replies: @Sam Shama

    What is the reason for your quotes around “takeover”, Sam? Do you not believe that their plan is exactly to takeover and install a Global Currency? The bastards brag about it every chance they get.
     
    "Belief" is not the word I should employ in this context. Separating value judgements regarding the installation of a single global currency, one might observe that the evidence does not point to such. More so today, now that the Euro project faces dire tests, it is evident that in order to have a successful single currency, a single fiscal authority, a central legal framework for commercial finance, public finance and banking are key requirements. None of which are on the cards.

    Do you deny that the $19Tr of debt is a bubble that is already showing signs of bursting as is evidenced by the massive selling off of US debt by countries? The jig is up and ALL the world knows it BECAUSE of the $19Tr debt except for here in America where there apparently are “privately owned” companies that are buying up the debt to try and keep the ponzi scheme going as long as possible. The key part to any Con-Game(Confidence Game) is the Confidence, and the world has lost it’s confidence in the con-game that is the stability of the dollar.
     
    I do deny it your Honour [:-) ]. Firstly, there was no massive selling, if one were to take a measure of the total market for U.S. Treasuries. A few hundred billion in a market for tens of trillions is quite fine as evidenced by further rises in bond prices. Secondly and more importantly, all of the sovereign selling you referenced, were due entirely on the budgetary needs of countries such as Saudi, Brazil, etc, facing revenue declines related to falls in commodity prices. So therefore, the Primary Reserve Currency, which the dollar is, behaved precisely as a reserve ought to: providing relief when it is needed.

    In regards to whether or not going back to the Gold Standard is the solution, I don’t know. Although it seems evident that China believes that this is the correct course of action from all their current attempts to hoard as much gold as possible. I do however know that an audit of the FED is the first step that must be taken in any solution.
     
    I cannot meaningfully comment on the subject of a Fed audit, it's balance sheet, being literally an open book as it were. Candidly, I think they ought to "allow" it, if only to pacify frayed tempers; the caution transmitted by the Fed, has more to do with the possibility of a dysfunctional congress attempting de facto monetary policy and making a hash of it.

    Gold is a yellow metal that produces no income, and indeed has significant storage costs. Yet it has a strong affinity etched in the human consciousness. Under the gold standard, financial panics were rare, except in: 1873, 1884, 1890, 1893, 1907, 1930, 1931, 1932, and 1933. :-)

    Humour aside, I strive to think and write with an open mind. All analysis to be fair, starts from a question on which we consciously or sub-consciously entertain a bias. Mine happens to be on the issue of the best form of governance [more on this at a later date]. Not to be preachy, but it is important for one to approach any subject matter, without being guided by what one wants the truth to be, or what one believes would be good for others to hold credence for.

    [In that vein, I have been re-thinking my position on the gold standard vs. fiat money. Is it possible to have a hybrid? There might be, and it reduces essentially to establishing bounds for parity between gold and major currencies. More later.....]

    As you must have surely noticed in the preceding conversations, alexander and NosytheDuke, both sterling individuals I am sure, took passionate stands against U.S. Imperialism [and in passing, insulted WoO for simply holding contrary views. Well, I have been the recipient of mud in the past, and consider it par for the course commenting here at the UR] ; a matter on which it is frightfully simple to despise this country's actions. I do as well detest the costly wars. Yet it is quite another matter to wilfully deny the composition of U.S. treasury holdings, [ the word "tranche' must have been a micro-aggression trigger I set off; I can't explain it otherwise].

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  • @Carroll Price
    I posted the link for the benefit of the sizable number of Americans (not necessarily you) who assume the US never lost a battle in Vietnam, when, in fact, they lost quite a few. These are the same people, by the way, who think the US single-handedly defeated the German army, when in fact, the German army was destroyed by Russia on the Eastern Front, long before the US dared land a significant numbers of troops on European soil.

    Thanks. I understand. A strategy can prevail long term but it’s indeed sometimes composed of small battles, and we had our share of losing engagements as your list shows. And you are also quite right that the Soviets bore the brunt of the battle against Germany. Some have pointed out that the German forces in Normandy were much diminished in quality and experience from the units on the Eastern Front. A book called The Tigers Are Burning about the battle of Kursk recounted how (a) German regiment(s) were reduced to the size of a platoon by the end of the first day of that battle. As with battles in WWI, I find it chilling to imagine the educated assessments each soldier of their chances of surviving such slaughter. But that was the reality on the Eastern Front for millions for years.

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  • @NoseytheDuke
    "and if their is one thing that nurture should strive to trump nature on, let’s not look any further".

    There's another error, oh dear. What is the world coming to?

    This thread seems to be about a certain group's war making DNA and the effect it is having on the once great USA. If only common sense were as common as the inflated egos of so called intellectuals, wouldn't that be good for mankind.

    This strife that you refer to is purely confected, America has more than enough wealth and is not at risk of attack. The bellicose war making and the financial frauds that have been perpetrated by the few for greed and control is at great cost to many and there will be a payback, there always is.

    Nosy,

    Your comment, :

    “The bellicose war making and the financial frauds that have been perpetrated by the few for greed and control is at great cost to [the] many…..”

    …… hits the nail on the head.

    The question of whether or not there will be “payback” depends a lot upon our next election cycle.

    It seems these “few” have used the enormous wealth their deception has created, to entrench their control by “circling the wagons” around both the power centers in DC, and the very mechanisms of the political process.

    How can their be any accountability for the crimes committed , if every nominee the people can choose from, is already in the back pockets of those who committed the crimes ?

    This underscores the tension of our current election cycle…It is not lost on most of us..that most popular candidates for office are the ones who appear most independent from the oligarchs in the backroom running the show.

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  • @RobinG
    Well Nosy, I couldn't take on almost anybody in economics, but one of the very points that Sam made was that China could NOT "easily dump their dollars".

    Famous economists disagree with each other on all kinds of things, but when Alexander tries to refute Sam's analysis of financial policy by decrying US militarism, he's lost any claim to a cogent argument.

    Actually Robin,

    My point is that post 9-11, there was a clear mandate from the American People to bring the culprits responsible, to justice.

    There was no mandate from the taxpayer to illegally attack, invade and destroy a nation that never attacked us.

    Furthermore, there was an immense amount of fraud used to persuade us to do this.

    This is not just wrong….its evil.

    Whomsoever’s bright idea it was to do that, belongs in federal prison….right away.

    Having been fooled into war has cost us all tens of trillions of dollars that we don’t even have, Robin.

    I resent Sams ” Tranches”…because they act as arbitrary obfuscations of obscene overspending on war fraud and banking fraud.

    any penny of taxpayer money spent on criminal activity is unacceptable.

    ergo, “all” treasure spent on war fraud and banking fraud goes into the “national debt” column tranches first, their being NO legitimacy to the debt these activities created.

    Sam tranches up “social security” in our national debt column, while omitting completely the trillions in expenditures on a heinous war crime.

    As though we should recognize the funds allocated for legal expenditures, as debt, while the funds allocated for illegal expenditures are erased over.

    Not good.

    And I was shocked to see Sam, of all people, do it.

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  • @Benji Gold
    "But where is it that I care what the ethnicity is, of the defrauders ?

    Who gives a hoot about that…I don’t."

    -You shouldn't. I don't either, which is partially why I'm upset. If a man is truly guilty of a crime, then let him pay for it well and accordingly. My problem with a majority of commenters here is that they believe everything is a goddamn zionist plot, and therefore a jewish conspiracy. Take a stroll through any of the articles published and their respective comment sections. Even the most unrelated issues and problems will be turned on Israel and it's Jews.


    "Its the criminal fraud that has been committed which is the issue for me, why is the ethnicity of the culprits, germane ?"

    If this is truly your belief then I commend you for being one of the few people on Unz who see no relationship between race and crime :). (Slight joke). Just reiterating that it shouldn't be germane. I'm just slightly salty because of reasons mentioned before.

    You appear to be blind to the fact that Israel flaunts international laws when it suits, rants on about nuclear threats whilst not being a signatory to the Non Proliferation Treaty, arms both sides of conflicts, offers sanctuary for criminals and traitors, spies on the US more than any other nation, sponges off the US taxpayers like no other nation and perpetrates evil and hypocrisy as a matter of course.

    Is this good for world Jewry? I doubt it, but it’s OK with you because Israel is pulling it off and here you are again playing the victim card. Cry me a river.

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  • @Wizard of Oz
    Why paraphrase, especially with a ridiculous archaism, when you could quote if you didn't suffer from extreme mental laziness?hi The cod quote you produce is actually attributed most often to Lincoln - and never to WSC as far as I know - but is generally regarded as without reliable attribution.

    Mind you I wouldn't be bothering with what I see now can't be classified as anything else than stupidity on your part if I weren't lying by the beach in beautiful weather about to enjoy a siesta when the excellent luncheon wine takes hold. It really is stupid to attempt persuasion by your boorish random aggression without reliably sourced facts or logical argument to support your efforts. In case you don't see the distinction I am not trying to persuade people as you are (I don't know why you make your assertions if you aren't trying to persuade people to agree with your perspective and opinions) - I am merely raising doubts and questions which might help people of adequate intellect and honesty think for themselves and avoid polluting this blog with crude nonsense and unsupported exaggeration.

    Do I sound like an intellectual snob? Well I'm afraid I should probably plead guilty when I compare even the dimmest law students I once taught at leading universities to your emissions.

    Why not post your CV and diplomas Wiz? Now you’re getting desperate, trying to salvage the credibility you’ve always sought but never had here to my knowledge.

    Piling up mounds of verbiage upon a faulty premise was never going to work anyway but never mind, you tried. Stick to tennis, lunch and your plonk, you’ll possibly feel better.

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  • @Sam Shama
    Strike the "its" in "pursuing its own interests" and replace it with "their" in that sentence, which you challenged [I do loathe errors I commit in grammar; a deeply inculcated habit from early years by my masters upon the threat of the lash] :=)

    I should have been more careful regarding the agencies of government I intended to imply in that sentence. I meant exclusively the Fed. My position does not in any fashion, directly or cannily support unprovoked wars. Thus, if arguments were made pro belli, I would reject them without qualification. In another period such as the Colonial, one might have made such a case and defended it entirely, not any longer, in this day and age.

    Note however, The position of the Fed is rather delicate. It is certainly not consulted, let alone made party to, the decision making processes that release the dogs of war. Wars, as the ones we have gone through in recent decades are surely wasteful, and not just in terms of treasure burn't, but indeed more tragic in terms of lives lost.

    There are separations of powers and duties. Whether or not current wars are causal factors in economic weakness [I happen to think they are, but such a conclusion is not axiomatic], when the Fed is faced with such, it is duty-bound to act appropriately, and strive to counteract these episodes. It cannot reject the purchase of Treasury bonds, if faced with deflation, by assuming a moral position that a portion of these bonds are indirectly funding war expenditures. That would visit a gratuitous suffering on the civilian population. As I may have remarked elsewhere, economics is not a morality play. The voting public and its elected servants define the sole provenance of national morality.

    I appreciate your passion and sincere desire to live on an earth free of strife, but I fear it is very much part and parcel of the human DNA; and if their is one thing that nurture should strive to trump nature on, let's not look any further.

    On your previous comment explaining Alexander's objections [no. 216], RobinG graciously points out my response in the original post.

    “and if their is one thing that nurture should strive to trump nature on, let’s not look any further”.

    There’s another error, oh dear. What is the world coming to?

    This thread seems to be about a certain group’s war making DNA and the effect it is having on the once great USA. If only common sense were as common as the inflated egos of so called intellectuals, wouldn’t that be good for mankind.

    This strife that you refer to is purely confected, America has more than enough wealth and is not at risk of attack. The bellicose war making and the financial frauds that have been perpetrated by the few for greed and control is at great cost to many and there will be a payback, there always is.

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    • Replies: @alexander
    Nosy,

    Your comment, :

    "The bellicose war making and the financial frauds that have been perpetrated by the few for greed and control is at great cost to [the] many....."

    ...... hits the nail on the head.

    The question of whether or not there will be "payback" depends a lot upon our next election cycle.

    It seems these "few" have used the enormous wealth their deception has created, to entrench their control by "circling the wagons" around both the power centers in DC, and the very mechanisms of the political process.

    How can their be any accountability for the crimes committed , if every nominee the people can choose from, is already in the back pockets of those who committed the crimes ?

    This underscores the tension of our current election cycle...It is not lost on most of us..that most popular candidates for office are the ones who appear most independent from the oligarchs in the backroom running the show.

    ReplyAgree/Disagree/Etc.
  • @RobinG
    Well Nosy, I couldn't take on almost anybody in economics, but one of the very points that Sam made was that China could NOT "easily dump their dollars".

    Famous economists disagree with each other on all kinds of things, but when Alexander tries to refute Sam's analysis of financial policy by decrying US militarism, he's lost any claim to a cogent argument.

    I sure hope the Wiz never agrees with anything I post, it’s hardly an endorsement is it?

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    • Replies: @Junior
    Hilarious :)
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  • @RobinG
    Well Nosy, I couldn't take on almost anybody in economics, but one of the very points that Sam made was that China could NOT "easily dump their dollars".

    Famous economists disagree with each other on all kinds of things, but when Alexander tries to refute Sam's analysis of financial policy by decrying US militarism, he's lost any claim to a cogent argument.

    I disagree. Sam’s point about the dominance of US consumption is based on the the way things happened in the past but not so relevant re the future. The US consumer has pretty much maxed out his credit and ability to pay down debt so the Chinese have been successfully targeting new markets, they also have their own potentially massive domestic market to supply, which is what America used to have. Remember when products used to say Made in the USA?

    It doesn’t take a major crisis to destabilise the dollar anyway since Wall St and the FED has already done that. Just turning the dial a couple of degrees would have a big impact. Didn’t the mighty Romans debase their currency too? Wasn’t it around the same time that they squandered resources on waging wars everywhere? Sounds familiar to me but whatever, it can’t go for ever and the dumping of Chinese dollars could be the trigger that motivates other nations to follow suit, America is less popular around the world than it used to be too, I wonder why?

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  • @NoseytheDuke
    To paraphrase Winston Churchill, 'tis better for an idiot to remain silent than to express himself and reveal his idiocy. What a windfall you'd get were you to demand a refund on your "education".

    Why paraphrase, especially with a ridiculous archaism, when you could quote if you didn’t suffer from extreme mental laziness?hi The cod quote you produce is actually attributed most often to Lincoln – and never to WSC as far as I know – but is generally regarded as without reliable attribution.

    Mind you I wouldn’t be bothering with what I see now can’t be classified as anything else than stupidity on your part if I weren’t lying by the beach in beautiful weather about to enjoy a siesta when the excellent luncheon wine takes hold. It really is stupid to attempt persuasion by your boorish random aggression without reliably sourced facts or logical argument to support your efforts. In case you don’t see the distinction I am not trying to persuade people as you are (I don’t know why you make your assertions if you aren’t trying to persuade people to agree with your perspective and opinions) – I am merely raising doubts and questions which might help people of adequate intellect and honesty think for themselves and avoid polluting this blog with crude nonsense and unsupported exaggeration.

    Do I sound like an intellectual snob? Well I’m afraid I should probably plead guilty when I compare even the dimmest law students I once taught at leading universities to your emissions.

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    • Replies: @NoseytheDuke
    Why not post your CV and diplomas Wiz? Now you're getting desperate, trying to salvage the credibility you've always sought but never had here to my knowledge.

    Piling up mounds of verbiage upon a faulty premise was never going to work anyway but never mind, you tried. Stick to tennis, lunch and your plonk, you'll possibly feel better.

    ReplyAgree/Disagree/Etc.
  • @NoseytheDuke
    I do challenge your logic in stating this, "yet the government and its agencies such as the Fed, owe not a whit of explanation to other governments for pursuing its own interests".

    Starting unprovoked wars against sovereign nations is a war crime and certainly does concern other governments, everywhere. It forces them to expend resources on their defence unnecessarily, thus depriving their own people of their productivity dividend, weakens support globally for the US and if history is anything to go by, it results in the failure of that empire, Rome, France and Great Britain come to mind but there are others as well.

    Those behind all of this are parasites who seek to control the entire world, not just America. At some point the parasite will destroy the host lest it threaten the greater plan. Only the American people can stop this by rooting out these criminals and holding them to account.

    Strike the “its” in “pursuing its own interests” and replace it with “their” in that sentence, which you challenged [I do loathe errors I commit in grammar; a deeply inculcated habit from early years by my masters upon the threat of the lash] :=)

    I should have been more careful regarding the agencies of government I intended to imply in that sentence. I meant exclusively the Fed. My position does not in any fashion, directly or cannily support unprovoked wars. Thus, if arguments were made pro belli, I would reject them without qualification. In another period such as the Colonial, one might have made such a case and defended it entirely, not any longer, in this day and age.

    Note however, The position of the Fed is rather delicate. It is certainly not consulted, let alone made party to, the decision making processes that release the dogs of war. Wars, as the ones we have gone through in recent decades are surely wasteful, and not just in terms of treasure burn’t, but indeed more tragic in terms of lives lost.

    There are separations of powers and duties. Whether or not current wars are causal factors in economic weakness [I happen to think they are, but such a conclusion is not axiomatic], when the Fed is faced with such, it is duty-bound to act appropriately, and strive to counteract these episodes. It cannot reject the purchase of Treasury bonds, if faced with deflation, by assuming a moral position that a portion of these bonds are indirectly funding war expenditures. That would visit a gratuitous suffering on the civilian population. As I may have remarked elsewhere, economics is not a morality play. The voting public and its elected servants define the sole provenance of national morality.

    I appreciate your passion and sincere desire to live on an earth free of strife, but I fear it is very much part and parcel of the human DNA; and if their is one thing that nurture should strive to trump nature on, let’s not look any further.

    On your previous comment explaining Alexander’s objections [no. 216], RobinG graciously points out my response in the original post.

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    • Replies: @NoseytheDuke
    "and if their is one thing that nurture should strive to trump nature on, let’s not look any further".

    There's another error, oh dear. What is the world coming to?

    This thread seems to be about a certain group's war making DNA and the effect it is having on the once great USA. If only common sense were as common as the inflated egos of so called intellectuals, wouldn't that be good for mankind.

    This strife that you refer to is purely confected, America has more than enough wealth and is not at risk of attack. The bellicose war making and the financial frauds that have been perpetrated by the few for greed and control is at great cost to many and there will be a payback, there always is.
    ReplyAgree/Disagree/Etc.
  • @Ace
    I am not a proponent of the idea that we never lost a battle. Rather, along with Frank Snepp, I think it is clear that U.S. forces effected a military victory overall.

    I posted the link for the benefit of the sizable number of Americans (not necessarily you) who assume the US never lost a battle in Vietnam, when, in fact, they lost quite a few. These are the same people, by the way, who think the US single-handedly defeated the German army, when in fact, the German army was destroyed by Russia on the Eastern Front, long before the US dared land a significant numbers of troops on European soil.

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    • Replies: @Ace
    Thanks. I understand. A strategy can prevail long term but it's indeed sometimes composed of small battles, and we had our share of losing engagements as your list shows. And you are also quite right that the Soviets bore the brunt of the battle against Germany. Some have pointed out that the German forces in Normandy were much diminished in quality and experience from the units on the Eastern Front. A book called The Tigers Are Burning about the battle of Kursk recounted how (a) German regiment(s) were reduced to the size of a platoon by the end of the first day of that battle. As with battles in WWI, I find it chilling to imagine the educated assessments each soldier of their chances of surviving such slaughter. But that was the reality on the Eastern Front for millions for years.
    ReplyAgree/Disagree/Etc.
  • @alexander
    Excuse me , Mr Gold,

    But where is it that I care what the ethnicity is, of the defrauders ?

    Who gives a hoot about that...I don't.

    Its the criminal fraud that has been committed which is the issue for me, why is the ethnicity of the culprits, germane ?

    I don't understand ?

    Please explain.

    “But where is it that I care what the ethnicity is, of the defrauders ?

    Who gives a hoot about that…I don’t.”

    -You shouldn’t. I don’t either, which is partially why I’m upset. If a man is truly guilty of a crime, then let him pay for it well and accordingly. My problem with a majority of commenters here is that they believe everything is a goddamn zionist plot, and therefore a jewish conspiracy. Take a stroll through any of the articles published and their respective comment sections. Even the most unrelated issues and problems will be turned on Israel and it’s Jews.

    “Its the criminal fraud that has been committed which is the issue for me, why is the ethnicity of the culprits, germane ?”

    If this is truly your belief then I commend you for being one of the few people on Unz who see no relationship between race and crime :). (Slight joke). Just reiterating that it shouldn’t be germane. I’m just slightly salty because of reasons mentioned before.

    Read More
    • Replies: @NoseytheDuke
    You appear to be blind to the fact that Israel flaunts international laws when it suits, rants on about nuclear threats whilst not being a signatory to the Non Proliferation Treaty, arms both sides of conflicts, offers sanctuary for criminals and traitors, spies on the US more than any other nation, sponges off the US taxpayers like no other nation and perpetrates evil and hypocrisy as a matter of course.

    Is this good for world Jewry? I doubt it, but it's OK with you because Israel is pulling it off and here you are again playing the victim card. Cry me a river.
    ReplyAgree/Disagree/Etc.
  • @NoseytheDuke
    Sam,

    I couldn't possible take you on in matters of economics but I take it that alexander's point is that nations like China could at any time easily dump their dollars and send the value of it to the floor, thus these military adventures weaken America greatly. Think of the resulting chaos and for what gain?

    Who was it who said war can be the death of a nation and that a wise leader conserves his military strength? I think it was Sun Tsu.

    Well Nosy, I couldn’t take on almost anybody in economics, but one of the very points that Sam made was that China could NOT “easily dump their dollars”.

    Famous economists disagree with each other on all kinds of things, but when Alexander tries to refute Sam’s analysis of financial policy by decrying US militarism, he’s lost any claim to a cogent argument.

    Read More
    • Agree: Wizard of Oz
    • Replies: @NoseytheDuke
    I disagree. Sam's point about the dominance of US consumption is based on the the way things happened in the past but not so relevant re the future. The US consumer has pretty much maxed out his credit and ability to pay down debt so the Chinese have been successfully targeting new markets, they also have their own potentially massive domestic market to supply, which is what America used to have. Remember when products used to say Made in the USA?

    It doesn't take a major crisis to destabilise the dollar anyway since Wall St and the FED has already done that. Just turning the dial a couple of degrees would have a big impact. Didn't the mighty Romans debase their currency too? Wasn't it around the same time that they squandered resources on waging wars everywhere? Sounds familiar to me but whatever, it can't go for ever and the dumping of Chinese dollars could be the trigger that motivates other nations to follow suit, America is less popular around the world than it used to be too, I wonder why?
    , @NoseytheDuke
    I sure hope the Wiz never agrees with anything I post, it's hardly an endorsement is it?
    , @alexander
    Actually Robin,

    My point is that post 9-11, there was a clear mandate from the American People to bring the culprits responsible, to justice.

    There was no mandate from the taxpayer to illegally attack, invade and destroy a nation that never attacked us.

    Furthermore, there was an immense amount of fraud used to persuade us to do this.

    This is not just wrong....its evil.

    Whomsoever's bright idea it was to do that, belongs in federal prison....right away.

    Having been fooled into war has cost us all tens of trillions of dollars that we don't even have, Robin.



    I resent Sams " Tranches"...because they act as arbitrary obfuscations of obscene overspending on war fraud and banking fraud.

    any penny of taxpayer money spent on criminal activity is unacceptable.

    ergo, "all" treasure spent on war fraud and banking fraud goes into the "national debt" column tranches first, their being NO legitimacy to the debt these activities created.

    Sam tranches up "social security" in our national debt column, while omitting completely the trillions in expenditures on a heinous war crime.

    As though we should recognize the funds allocated for legal expenditures, as debt, while the funds allocated for illegal expenditures are erased over.


    Not good.

    And I was shocked to see Sam, of all people, do it.
    ReplyAgree/Disagree/Etc.
  • If it really were “pro-democracy,” one might be able to make a case for it on that basis, even if reasoned argument proved it futile to the purpose. But it’s not a pro-democracy agenda at all. That is propaganda as bogus as “The Peoples’ Republic of Dementia.”

    Read More
    ReplyAgree/Disagree/Etc.
  • @Benji Gold
    Classic Unz comment section. Just blame the Jews and Israel. The historical and continuing scapegoat.

    Comments like this does more to harm Jews than you could possibly know. You perpetuate the historical cycle by defending the indefensible and so it will be case of rinse and repeat. I very much doubt that there will be a seat for you at the table anyway and should “victory” be achieved the parasites would then in turn cull most Jews since they would be seen as a threat.

    It really is a moral issue, you support immorality when you think you are winning and cry victimisation when called on it. YOU are not doing world Jewry any favours, chum.

    Before you respond with your anti-semitism whine, my comments here can be seen where I have stated previously that I don’t hate Jews at all, there are good and bad amongst all people, but typically it starts with gaining acceptance in another land as an act of charity, progresses to manipulation to gain advantage which leads to overreach and takeover then ends in tears.

    Read More
    ReplyAgree/Disagree/Etc.
  • @Sam Shama
    Its a tricky task, writing a compact and un-irritating comment on the Gold Standard [GS hereafter], its historic failure, and the indubitable comparative success of the modern monetary system [MMS] as measured by fluctuations of GDP, unemployment rate and other key economic variables during periods of economic stress - typically temporary imbalances resulting from demand deficiency and lack of confidence on account of the employment outlook - or, supply side shocks of the 1970s variety emanating from resource shortages, viz. crude oil.

    [I am sure the preceding unconvoluted paragraph succeeded in satisfying the opening words]

    I am hearing a great deal about the actions of the "Rothschild Fed", the impending collapse of the U.S/Anglophone and European systems and a "takeover" of key reserve currency status and interbank payment systems. What is missing in all of these pronouncements, is an internally consistent set of arguments as to why all of the preceding scenarios ought to arise, leave alone their inevitability. It isn't enough, and indeed unsatisfactory to point to the $19Tr of debt, and attempt to use it as a generic rebuttal against positions to the contrary. In other words, for an argument to have economic force, it must have consistent theory and empirical validity behind it.

    Let's dispatch with a few items related primarily to data and national motivations. As of 1st quarter 2016, the $19 Tr of U.S. debt, the largest tranche is owned by the Social Security trust fund [~$2.8tr]. China owns the largest [$1.23Tr] of the total foreign holdings of $6 Tr. Most of U.S. debt is what we really owe ourselves, classified as intra-governmental holdings of $13.5 Tr or so.

    The large ones in this classification are:


    * Social Security (Social Security Trust Fund and Federal Disability Insurance Trust Fund) - $2.786 trillion

    * Office of Personnel Management Retirement - $873 billion

    * Military Retirement Fund - $601 billion

    * Medicare (Federal Hospital Insurance Trust Fund, Federal Supplementary Medical Insurance Trust Fund) - $267 billion

    * All Other Retirement Funds - $187 billion

    * Cash on Hand to Fund Federal Government Operations - $508 billion.

    (Source: Treasury Bulletin, Monthly Treasury Statement, Table 6. Schedule D-Investments of Federal Government Accounts in Federal Securities)


     

    On national motivations, it is one's right as a citizen to question, indeed oppose - presumably or questionably ( :-) ), manifested through your vote - the actions of U.S. administrations, past and present in their quests for global influence. You may despise the neocons [I am no fan], yet the government and its agencies such as the Fed, owe not a whit of explanation to other governments for pursuing its own interests. One would be living in an indulgent fiction were one to assume that other countries, if in such a position to dominate monetary and economic systems, pass on the opportunity out of pure benevolent intent.

    Turning to the GS, history ought to clarify that it is a pro-cyclical system. Implying that its application deepens ongoing recessions and exacerbates inflationary episodes. Observe what happened to the U.K. during the Great Depression; gold flowed from it to the U.S. where the recession had originally started, and as a result the Bank of England reduced the quantity of Money made available to commercial banks which responded in kind to currency available to the public. Bank failures ensued and U.K's demand side shrunk, continuing the vicious cycle. The Fed which should have increased money supply failed to do so, locking away the gold flowing into its coffers. Abandoning the GS ["freed from the gilded cage" in the words of J.M. Keynes] finally in 1931, led to a resurgence of confidence and business investments followed with the needful.

    I am also hearing that the U.S.' primary reserve status is the outcome of a "fixing". It is decidedly not. One might validly point out that the U.S wastes a fair amount on unnecessary wars, but the charge of reserve status fixing is based entirely on facts not in evidence. Think what gives a currency its reserve status. Its solely based on its ability to service its debt. I am yet to see any meaningful competitive economies that can come close to absorbing the amount of free capital that the U.S. does, or can in the foreseeable future. The $1.2Tr that China holds , is due not so much on account of any actions as a "banker" as it is an unavoidable artifact of its deliberate policy of growing its economy through exports. I should like to belabour this point; the roughly 6.3% of our total debt that China holds, it cannot trivially "sell" in the market place. For if it did so it would have to buy the debt [same as holding currency] of a competitor: Euros, Yen, or even in Renminbi. This would have the effect of increasing the price of Eurobonds or Yen bonds [reduce their interest rates] and depreciate their currencies, causing greater exports for Germany or Japan and its own vis-a-vis the U.S. which would then show up as additional U.S. debt held by these countries! This is indeed what has happened. Mercantile policies of Germany, Japan and China have rendered them captive to selling to the U.S. markets. Its is in the interest of all to move to more balanced economies [such as that of the U.S....surprised? U.S. net exports are only about -2% of national income, and closing its doors to International trade might at the most produce a garden variety recession here - more likely not - but catastrophic ones for its trading partners]. Its not an easy task when a country has been engaged in export addiction [the flip side of U.S. debt Scolds' accusations]. China is in the process of trying precisely that and as a result of it going through a period of great difficulty.

    Coming back to the question of adopting the GS and the closely related issue of reserve currency, it is incumbent on those who advocate it, to tell us what the remedy would be in the event of a future great recession [it will happen, the question is only one of duration and amplitude]. It is not nearly enough to say that a government will issue "what it needs"; for beelzebub, as it is said, lives in the details.

    You are certainly entitled to your opinions; not so much your facts.

    I do challenge your logic in stating this, “yet the government and its agencies such as the Fed, owe not a whit of explanation to other governments for pursuing its own interests”.

    Starting unprovoked wars against sovereign nations is a war crime and certainly does concern other governments, everywhere. It forces them to expend resources on their defence unnecessarily, thus depriving their own people of their productivity dividend, weakens support globally for the US and if history is anything to go by, it results in the failure of that empire, Rome, France and Great Britain come to mind but there are others as well.

    Those behind all of this are parasites who seek to control the entire world, not just America. At some point the parasite will destroy the host lest it threaten the greater plan. Only the American people can stop this by rooting out these criminals and holding them to account.

    Read More
    • Replies: @Sam Shama
    Strike the "its" in "pursuing its own interests" and replace it with "their" in that sentence, which you challenged [I do loathe errors I commit in grammar; a deeply inculcated habit from early years by my masters upon the threat of the lash] :=)

    I should have been more careful regarding the agencies of government I intended to imply in that sentence. I meant exclusively the Fed. My position does not in any fashion, directly or cannily support unprovoked wars. Thus, if arguments were made pro belli, I would reject them without qualification. In another period such as the Colonial, one might have made such a case and defended it entirely, not any longer, in this day and age.

    Note however, The position of the Fed is rather delicate. It is certainly not consulted, let alone made party to, the decision making processes that release the dogs of war. Wars, as the ones we have gone through in recent decades are surely wasteful, and not just in terms of treasure burn't, but indeed more tragic in terms of lives lost.

    There are separations of powers and duties. Whether or not current wars are causal factors in economic weakness [I happen to think they are, but such a conclusion is not axiomatic], when the Fed is faced with such, it is duty-bound to act appropriately, and strive to counteract these episodes. It cannot reject the purchase of Treasury bonds, if faced with deflation, by assuming a moral position that a portion of these bonds are indirectly funding war expenditures. That would visit a gratuitous suffering on the civilian population. As I may have remarked elsewhere, economics is not a morality play. The voting public and its elected servants define the sole provenance of national morality.

    I appreciate your passion and sincere desire to live on an earth free of strife, but I fear it is very much part and parcel of the human DNA; and if their is one thing that nurture should strive to trump nature on, let's not look any further.

    On your previous comment explaining Alexander's objections [no. 216], RobinG graciously points out my response in the original post.

    ReplyAgree/Disagree/Etc.
  • @Benji Gold
    Classic Unz comment section. Just blame the Jews and Israel. The historical and continuing scapegoat.

    Excuse me , Mr Gold,

    But where is it that I care what the ethnicity is, of the defrauders ?

    Who gives a hoot about that…I don’t.

    Its the criminal fraud that has been committed which is the issue for me, why is the ethnicity of the culprits, germane ?

    I don’t understand ?

    Please explain.

    Read More
    • Replies: @Benji Gold
    "But where is it that I care what the ethnicity is, of the defrauders ?

    Who gives a hoot about that…I don’t."

    -You shouldn't. I don't either, which is partially why I'm upset. If a man is truly guilty of a crime, then let him pay for it well and accordingly. My problem with a majority of commenters here is that they believe everything is a goddamn zionist plot, and therefore a jewish conspiracy. Take a stroll through any of the articles published and their respective comment sections. Even the most unrelated issues and problems will be turned on Israel and it's Jews.


    "Its the criminal fraud that has been committed which is the issue for me, why is the ethnicity of the culprits, germane ?"

    If this is truly your belief then I commend you for being one of the few people on Unz who see no relationship between race and crime :). (Slight joke). Just reiterating that it shouldn't be germane. I'm just slightly salty because of reasons mentioned before.
    ReplyAgree/Disagree/Etc.
  • @Sam Shama

    What you do..is you take all THESE costs that would never had occurred without the sinister and malicious fraud that created them and add em up..
     
    Alexander, did you read what I wrote, re: wasteful wars? Of course the money spent on all the above could have been far better deployed on U.S. Infrastucture and other public investments. Where did you find anything I wrote to the contrary?

    Are you disputing the data I provided? Or the implications of the GS? I fail to understand what is causing the conniptions.

    Sam,

    I couldn’t possible take you on in matters of economics but I take it that alexander’s point is that nations like China could at any time easily dump their dollars and send the value of it to the floor, thus these military adventures weaken America greatly. Think of the resulting chaos and for what gain?

    Who was it who said war can be the death of a nation and that a wise leader conserves his military strength? I think it was Sun Tsu.

    Read More
    • Replies: @RobinG
    Well Nosy, I couldn't take on almost anybody in economics, but one of the very points that Sam made was that China could NOT "easily dump their dollars".

    Famous economists disagree with each other on all kinds of things, but when Alexander tries to refute Sam's analysis of financial policy by decrying US militarism, he's lost any claim to a cogent argument.
    ReplyAgree/Disagree/Etc.
  • @Wizard of Oz
    "If we don't pay ourselves back what we owe - we lose".

    You assert this as though it was an a priori logical truth, a tautology, instead of what it is: a contingent proposition which may or may not be empirically true. What if the borrower uses the borrowed funds so well that it creates assets with high earning rates into the indefinite future - like building the Brooklyn Bridge or financing the growth of Procter & Gamble 150 years ago? The creditors wouldn't even want the debt to be paid off. They would and do happily allow it to be rolled over.

    Of course your panic is justified because the US government like most governments doesn't invest borrowed money profitably - not like the good old days when navies could help win profitable opium wars or marines open up a country for banana production....

    To paraphrase Winston Churchill, ’tis better for an idiot to remain silent than to express himself and reveal his idiocy. What a windfall you’d get were you to demand a refund on your “education”.

    Read More
    • Replies: @Wizard of Oz
    Why paraphrase, especially with a ridiculous archaism, when you could quote if you didn't suffer from extreme mental laziness?hi The cod quote you produce is actually attributed most often to Lincoln - and never to WSC as far as I know - but is generally regarded as without reliable attribution.

    Mind you I wouldn't be bothering with what I see now can't be classified as anything else than stupidity on your part if I weren't lying by the beach in beautiful weather about to enjoy a siesta when the excellent luncheon wine takes hold. It really is stupid to attempt persuasion by your boorish random aggression without reliably sourced facts or logical argument to support your efforts. In case you don't see the distinction I am not trying to persuade people as you are (I don't know why you make your assertions if you aren't trying to persuade people to agree with your perspective and opinions) - I am merely raising doubts and questions which might help people of adequate intellect and honesty think for themselves and avoid polluting this blog with crude nonsense and unsupported exaggeration.

    Do I sound like an intellectual snob? Well I'm afraid I should probably plead guilty when I compare even the dimmest law students I once taught at leading universities to your emissions.

    ReplyAgree/Disagree/Etc.
  • What you do..is you take all THESE costs that would never had occurred without the sinister and malicious fraud that created them and add em up..

    Alexander, did you read what I wrote, re: wasteful wars? Of course the money spent on all the above could have been far better deployed on U.S. Infrastucture and other public investments. Where did you find anything I wrote to the contrary?

    Are you disputing the data I provided? Or the implications of the GS? I fail to understand what is causing the conniptions.

    Read More
    • Replies: @NoseytheDuke
    Sam,

    I couldn't possible take you on in matters of economics but I take it that alexander's point is that nations like China could at any time easily dump their dollars and send the value of it to the floor, thus these military adventures weaken America greatly. Think of the resulting chaos and for what gain?

    Who was it who said war can be the death of a nation and that a wise leader conserves his military strength? I think it was Sun Tsu.
    ReplyAgree/Disagree/Etc.
  • @Sam Shama
    Its a tricky task, writing a compact and un-irritating comment on the Gold Standard [GS hereafter], its historic failure, and the indubitable comparative success of the modern monetary system [MMS] as measured by fluctuations of GDP, unemployment rate and other key economic variables during periods of economic stress - typically temporary imbalances resulting from demand deficiency and lack of confidence on account of the employment outlook - or, supply side shocks of the 1970s variety emanating from resource shortages, viz. crude oil.

    [I am sure the preceding unconvoluted paragraph succeeded in satisfying the opening words]

    I am hearing a great deal about the actions of the "Rothschild Fed", the impending collapse of the U.S/Anglophone and European systems and a "takeover" of key reserve currency status and interbank payment systems. What is missing in all of these pronouncements, is an internally consistent set of arguments as to why all of the preceding scenarios ought to arise, leave alone their inevitability. It isn't enough, and indeed unsatisfactory to point to the $19Tr of debt, and attempt to use it as a generic rebuttal against positions to the contrary. In other words, for an argument to have economic force, it must have consistent theory and empirical validity behind it.

    Let's dispatch with a few items related primarily to data and national motivations. As of 1st quarter 2016, the $19 Tr of U.S. debt, the largest tranche is owned by the Social Security trust fund [~$2.8tr]. China owns the largest [$1.23Tr] of the total foreign holdings of $6 Tr. Most of U.S. debt is what we really owe ourselves, classified as intra-governmental holdings of $13.5 Tr or so.

    The large ones in this classification are:


    * Social Security (Social Security Trust Fund and Federal Disability Insurance Trust Fund) - $2.786 trillion

    * Office of Personnel Management Retirement - $873 billion

    * Military Retirement Fund - $601 billion

    * Medicare (Federal Hospital Insurance Trust Fund, Federal Supplementary Medical Insurance Trust Fund) - $267 billion

    * All Other Retirement Funds - $187 billion

    * Cash on Hand to Fund Federal Government Operations - $508 billion.

    (Source: Treasury Bulletin, Monthly Treasury Statement, Table 6. Schedule D-Investments of Federal Government Accounts in Federal Securities)


     

    On national motivations, it is one's right as a citizen to question, indeed oppose - presumably or questionably ( :-) ), manifested through your vote - the actions of U.S. administrations, past and present in their quests for global influence. You may despise the neocons [I am no fan], yet the government and its agencies such as the Fed, owe not a whit of explanation to other governments for pursuing its own interests. One would be living in an indulgent fiction were one to assume that other countries, if in such a position to dominate monetary and economic systems, pass on the opportunity out of pure benevolent intent.

    Turning to the GS, history ought to clarify that it is a pro-cyclical system. Implying that its application deepens ongoing recessions and exacerbates inflationary episodes. Observe what happened to the U.K. during the Great Depression; gold flowed from it to the U.S. where the recession had originally started, and as a result the Bank of England reduced the quantity of Money made available to commercial banks which responded in kind to currency available to the public. Bank failures ensued and U.K's demand side shrunk, continuing the vicious cycle. The Fed which should have increased money supply failed to do so, locking away the gold flowing into its coffers. Abandoning the GS ["freed from the gilded cage" in the words of J.M. Keynes] finally in 1931, led to a resurgence of confidence and business investments followed with the needful.

    I am also hearing that the U.S.' primary reserve status is the outcome of a "fixing". It is decidedly not. One might validly point out that the U.S wastes a fair amount on unnecessary wars, but the charge of reserve status fixing is based entirely on facts not in evidence. Think what gives a currency its reserve status. Its solely based on its ability to service its debt. I am yet to see any meaningful competitive economies that can come close to absorbing the amount of free capital that the U.S. does, or can in the foreseeable future. The $1.2Tr that China holds , is due not so much on account of any actions as a "banker" as it is an unavoidable artifact of its deliberate policy of growing its economy through exports. I should like to belabour this point; the roughly 6.3% of our total debt that China holds, it cannot trivially "sell" in the market place. For if it did so it would have to buy the debt [same as holding currency] of a competitor: Euros, Yen, or even in Renminbi. This would have the effect of increasing the price of Eurobonds or Yen bonds [reduce their interest rates] and depreciate their currencies, causing greater exports for Germany or Japan and its own vis-a-vis the U.S. which would then show up as additional U.S. debt held by these countries! This is indeed what has happened. Mercantile policies of Germany, Japan and China have rendered them captive to selling to the U.S. markets. Its is in the interest of all to move to more balanced economies [such as that of the U.S....surprised? U.S. net exports are only about -2% of national income, and closing its doors to International trade might at the most produce a garden variety recession here - more likely not - but catastrophic ones for its trading partners]. Its not an easy task when a country has been engaged in export addiction [the flip side of U.S. debt Scolds' accusations]. China is in the process of trying precisely that and as a result of it going through a period of great difficulty.

    Coming back to the question of adopting the GS and the closely related issue of reserve currency, it is incumbent on those who advocate it, to tell us what the remedy would be in the event of a future great recession [it will happen, the question is only one of duration and amplitude]. It is not nearly enough to say that a government will issue "what it needs"; for beelzebub, as it is said, lives in the details.

    You are certainly entitled to your opinions; not so much your facts.

    Spot on.

    Read More
    ReplyAgree/Disagree/Etc.
  • Classic Unz comment section. Just blame the Jews and Israel. The historical and continuing scapegoat.

    Read More
    • Replies: @alexander
    Excuse me , Mr Gold,

    But where is it that I care what the ethnicity is, of the defrauders ?

    Who gives a hoot about that...I don't.

    Its the criminal fraud that has been committed which is the issue for me, why is the ethnicity of the culprits, germane ?

    I don't understand ?

    Please explain.
    , @NoseytheDuke
    Comments like this does more to harm Jews than you could possibly know. You perpetuate the historical cycle by defending the indefensible and so it will be case of rinse and repeat. I very much doubt that there will be a seat for you at the table anyway and should "victory" be achieved the parasites would then in turn cull most Jews since they would be seen as a threat.

    It really is a moral issue, you support immorality when you think you are winning and cry victimisation when called on it. YOU are not doing world Jewry any favours, chum.

    Before you respond with your anti-semitism whine, my comments here can be seen where I have stated previously that I don't hate Jews at all, there are good and bad amongst all people, but typically it starts with gaining acceptance in another land as an act of charity, progresses to manipulation to gain advantage which leads to overreach and takeover then ends in tears.
    ReplyAgree/Disagree/Etc.
  • @Sam Shama
    Its a tricky task, writing a compact and un-irritating comment on the Gold Standard [GS hereafter], its historic failure, and the indubitable comparative success of the modern monetary system [MMS] as measured by fluctuations of GDP, unemployment rate and other key economic variables during periods of economic stress - typically temporary imbalances resulting from demand deficiency and lack of confidence on account of the employment outlook - or, supply side shocks of the 1970s variety emanating from resource shortages, viz. crude oil.

    [I am sure the preceding unconvoluted paragraph succeeded in satisfying the opening words]

    I am hearing a great deal about the actions of the "Rothschild Fed", the impending collapse of the U.S/Anglophone and European systems and a "takeover" of key reserve currency status and interbank payment systems. What is missing in all of these pronouncements, is an internally consistent set of arguments as to why all of the preceding scenarios ought to arise, leave alone their inevitability. It isn't enough, and indeed unsatisfactory to point to the $19Tr of debt, and attempt to use it as a generic rebuttal against positions to the contrary. In other words, for an argument to have economic force, it must have consistent theory and empirical validity behind it.

    Let's dispatch with a few items related primarily to data and national motivations. As of 1st quarter 2016, the $19 Tr of U.S. debt, the largest tranche is owned by the Social Security trust fund [~$2.8tr]. China owns the largest [$1.23Tr] of the total foreign holdings of $6 Tr. Most of U.S. debt is what we really owe ourselves, classified as intra-governmental holdings of $13.5 Tr or so.

    The large ones in this classification are:


    * Social Security (Social Security Trust Fund and Federal Disability Insurance Trust Fund) - $2.786 trillion

    * Office of Personnel Management Retirement - $873 billion

    * Military Retirement Fund - $601 billion

    * Medicare (Federal Hospital Insurance Trust Fund, Federal Supplementary Medical Insurance Trust Fund) - $267 billion

    * All Other Retirement Funds - $187 billion

    * Cash on Hand to Fund Federal Government Operations - $508 billion.

    (Source: Treasury Bulletin, Monthly Treasury Statement, Table 6. Schedule D-Investments of Federal Government Accounts in Federal Securities)


     

    On national motivations, it is one's right as a citizen to question, indeed oppose - presumably or questionably ( :-) ), manifested through your vote - the actions of U.S. administrations, past and present in their quests for global influence. You may despise the neocons [I am no fan], yet the government and its agencies such as the Fed, owe not a whit of explanation to other governments for pursuing its own interests. One would be living in an indulgent fiction were one to assume that other countries, if in such a position to dominate monetary and economic systems, pass on the opportunity out of pure benevolent intent.

    Turning to the GS, history ought to clarify that it is a pro-cyclical system. Implying that its application deepens ongoing recessions and exacerbates inflationary episodes. Observe what happened to the U.K. during the Great Depression; gold flowed from it to the U.S. where the recession had originally started, and as a result the Bank of England reduced the quantity of Money made available to commercial banks which responded in kind to currency available to the public. Bank failures ensued and U.K's demand side shrunk, continuing the vicious cycle. The Fed which should have increased money supply failed to do so, locking away the gold flowing into its coffers. Abandoning the GS ["freed from the gilded cage" in the words of J.M. Keynes] finally in 1931, led to a resurgence of confidence and business investments followed with the needful.

    I am also hearing that the U.S.' primary reserve status is the outcome of a "fixing". It is decidedly not. One might validly point out that the U.S wastes a fair amount on unnecessary wars, but the charge of reserve status fixing is based entirely on facts not in evidence. Think what gives a currency its reserve status. Its solely based on its ability to service its debt. I am yet to see any meaningful competitive economies that can come close to absorbing the amount of free capital that the U.S. does, or can in the foreseeable future. The $1.2Tr that China holds , is due not so much on account of any actions as a "banker" as it is an unavoidable artifact of its deliberate policy of growing its economy through exports. I should like to belabour this point; the roughly 6.3% of our total debt that China holds, it cannot trivially "sell" in the market place. For if it did so it would have to buy the debt [same as holding currency] of a competitor: Euros, Yen, or even in Renminbi. This would have the effect of increasing the price of Eurobonds or Yen bonds [reduce their interest rates] and depreciate their currencies, causing greater exports for Germany or Japan and its own vis-a-vis the U.S. which would then show up as additional U.S. debt held by these countries! This is indeed what has happened. Mercantile policies of Germany, Japan and China have rendered them captive to selling to the U.S. markets. Its is in the interest of all to move to more balanced economies [such as that of the U.S....surprised? U.S. net exports are only about -2% of national income, and closing its doors to International trade might at the most produce a garden variety recession here - more likely not - but catastrophic ones for its trading partners]. Its not an easy task when a country has been engaged in export addiction [the flip side of U.S. debt Scolds' accusations]. China is in the process of trying precisely that and as a result of it going through a period of great difficulty.

    Coming back to the question of adopting the GS and the closely related issue of reserve currency, it is incumbent on those who advocate it, to tell us what the remedy would be in the event of a future great recession [it will happen, the question is only one of duration and amplitude]. It is not nearly enough to say that a government will issue "what it needs"; for beelzebub, as it is said, lives in the details.

    You are certainly entitled to your opinions; not so much your facts.

    Sam,

    I am shocked.

    I just read through your “tranches” ?

    it is the biggest sack of Neocon sh#t I have ever read .in my life…You have got a lot of nerve..

    .what a total fraud.

    Ok….. lets see where we are…… Sam the Man ?

    Question 1…what is the total cost to date of the ongoing war in Iraq? the “real” cost ?

    Question 2. what was the total cost of our bogus Iraq reconstruction effort?

    Question 3. what was the total cost(just) to build and run our embassy in Iraq?

    Question 4. what was the total cost to treat our wounded service men?

    Question 5. what is the real cost of our entire outlays in Afghanistan since 2001 ?

    Question 6. what is the total cost of homeland security since 2001 ?

    Question 7. what is the total cost to taxpayers of the TSA since its inception ?

    Question 8. what is the total cost to taxpayers of the NSA since 2001?

    Question 9. what was the total cost to taxpayers of the banking fiasco and bailout ?

    What you do..is you take all THESE costs that would never had occurred without the sinister and malicious fraud that created them and add em up….because its where the american taxpayer has been suckered out of all his money over the last fifteen years.

    This is where our “debt” has been created.

    what can I say about your last comment.

    Except its a total sham, Sam.

    A total sham.

    What a heaving crock of sh#t.

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  • @stickman
    Ace, to me it is quite evident that you speak from your heart AND from your individual level of overall understanding of how things really work. Back in '64 i was an avid Goldwater Republican ~ and more. However, over time my own point of view has become something other than a pattern of shared ideological beliefs.

    To the disagreement: You hold that the U$ military was undefeated in Vietnam. This is true only on the deepest levels where the City of London centered bankster cabal were the major victors in the war as their investments in the WarDefense industry were massive and indeed, monumental. Otherwise, because the draftee troops had come to realize that "we" had no intention of winning that war; their morale dropped to many degrees below zero. When the word got out that the bodies of U$ KIA's were eviscerated and then stuffed with bags full of heroin before being flown back stateside; the fragging incidents exploded exponentially.

    Belief in any essential difference between the Damocraps and the Repooplikkkans reveals a level of political sophistication which still has a number of steps to climb. America's greatest historical novelist and public commentator, Gore Vidal, accurately described the Democans and the Republicrats as "the two arms of the corporate party". (slight paraphrasing). These prostiticians and their parties are mere puppets for the owners of the "Federal" Reserve Bank.

    Thank you, Sir.

    I’m all in favor of personal reassessments. I am a certified paleo-conservative but now believe that the conservative movement is useless (along with the GOPe), that William Buckley, Jr., sold out some of the finest conservative minds of the age to advance his desire for social acceptance, that libertarians and neocons are a threat to our survival, that Israel adds nothing to our national security, and that Putin did a magnificent thing to insert a stick in the spokes of the mendacious U.S. effort to bring down Assad and to expose the pretend “bombing” of ISIS lo these many months. For someone who loathed the Soviet Union, that’s a strange new position. But only on the surface. Contrary to the Treason Class’s strenuous efforts to paint Putin as the new Stalin, he isn’t so there’s not much of a volte face involved on my part.

    The U.S. military achieved a military victory in Vietnam. Your point about the bankster cabal does not negate this fact. All that can be said about it, assuming you’re correct that it existed, is that it profited financially even though we experienced a political defeat at the hands of congressional Democrats. I’m more than willing to explore the role of banksters a la Anthony Sutton. I just don’t happen to be well informed on that particular cabal. The outlines of the one that is so hysterical about Donald Trump is clearer and Trump’s success is so delicious because it has forced so many of the constituent swine out into the open. Exhibit A: National Review.

    I have great skepticism about the “heroin in the bodies” story. In my 72 years I think this is the second time I’ve heard of that. Having spent one tour in Nam, I have very little faith that this allegation is remotely true. Like 9-11, such a grisly operation would require a level and degree of coordination that is just not credible. Bodies of our KIAs are precious cargo and however loose things can be in a combat zone, when bodies of our guys land in the States the chances of irregularities being detected are high. I’ll file that one under “Give me a break.”

    One-year tours took care of the anxieties of most draftees. They didn’t care about overall strategy or result but rare was the man who didn’t maintain his own DEROS countdown calendar. That said, it didn’t take a rocket scientist to see that pacification efforts often involved moving through areas that were then reoccupied by Charlie. The rules of engagement were clearer to me after I left (and they absurd) but still I did not think at the time that we were taking it to the enemy in a serious way. Compare and contrast with the Cambodian incursion and you can see what a determination to put Charlie in a world of hurt did. In the Delta, it was all over for the Cong. But that was rare, though God bless President Nixon for his willingness to fight a war as it should be fought.

    Fragging had everything to do with black troops’ resentment and that of white draftees who were not, shall we say, imbued with a love of their country. Arnett’s “Vietnam: The Ten Thousand Day War” documentary has the story on the morale problems and racial resentment on the part of blacks. Not for nothing did the military go to the all-volunteer military after the war.

    I’m not a great fan of Vidal but probably will find myself in agreement on the Uniparty idea. These are such absurd times that all dissenting voices must be reconsidered. I used to think (big) corporate America was a part of the patriotic backbone of the country but that is a belief I have long since rejected. And if one does not recoil at the concept and record of the Federal Reserve today, one is just not paying attention. It took me a while to wake up to that but I did.

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  • @alexander
    Listen Mr. Wizard,

    Our government, under Neocon domination, has overspent what it has budgeted by 13.3 trillion dollars in a mere decade and a half..

    This is absolutely insane amounts of overspending.

    Insane.

    And all of it has been spent on what ?......War fraud ? ...and banking fraud ?

    And that's OK with you ?

    Are you trying to tell me its acceptable for these people to steal tens of trillions of taxpayer dollars...because they conned us into "war" believing it was Saddam's anthrax....when it wasn't ?

    Or that we bailed out some banking shysters who decided to give a triple A rating to worthless subprime mortgage bundles, and sell them around the world?

    This is all fraud, Wizard,....... pernicious fraud.

    Why should one single american be forced to pay one penny for any of this, let alone be stuck on the hook for 19 trillion ?

    Why should we ?

    You seem to have got too excited to notice that I was never disputing the iniquity of US government debt funded policy. You could usefully absorb Sam Shama’s extended account of related matters #206.

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  • @Carroll Price
    http://www.g2mil.com/lost_vietnam.htm

    I am not a proponent of the idea that we never lost a battle. Rather, along with Frank Snepp, I think it is clear that U.S. forces effected a military victory overall.

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    • Replies: @Carroll Price
    I posted the link for the benefit of the sizable number of Americans (not necessarily you) who assume the US never lost a battle in Vietnam, when, in fact, they lost quite a few. These are the same people, by the way, who think the US single-handedly defeated the German army, when in fact, the German army was destroyed by Russia on the Eastern Front, long before the US dared land a significant numbers of troops on European soil.
    ReplyAgree/Disagree/Etc.
  • Its a tricky task, writing a compact and un-irritating comment on the Gold Standard [GS hereafter], its historic failure, and the indubitable comparative success of the modern monetary system [MMS] as measured by fluctuations of GDP, unemployment rate and other key economic variables during periods of economic stress – typically temporary imbalances resulting from demand deficiency and lack of confidence on account of the employment outlook – or, supply side shocks of the 1970s variety emanating from resource shortages, viz. crude oil.

    [I am sure the preceding unconvoluted paragraph succeeded in satisfying the opening words]

    I am hearing a great deal about the actions of the “Rothschild Fed”, the impending collapse of the U.S/Anglophone and European systems and a “takeover” of key reserve currency status and interbank payment systems. What is missing in all of these pronouncements, is an internally consistent set of arguments as to why all of the preceding scenarios ought to arise, leave alone their inevitability. It isn’t enough, and indeed unsatisfactory to point to the $19Tr of debt, and attempt to use it as a generic rebuttal against positions to the contrary. In other words, for an argument to have economic force, it must have consistent theory and empirical validity behind it.

    Let’s dispatch with a few items related primarily to data and national motivations. As of 1st quarter 2016, the $19 Tr of U.S. debt, the largest tranche is owned by the Social Security trust fund [~$2.8tr]. China owns the largest [$1.23Tr] of the total foreign holdings of $6 Tr. Most of U.S. debt is what we really owe ourselves, classified as intra-governmental holdings of $13.5 Tr or so.

    The large ones in this classification are:

    * Social Security (Social Security Trust Fund and Federal Disability Insurance Trust Fund) – $2.786 trillion

    * Office of Personnel Management Retirement – $873 billion

    * Military Retirement Fund – $601 billion

    * Medicare (Federal Hospital Insurance Trust Fund, Federal Supplementary Medical Insurance Trust Fund) – $267 billion

    * All Other Retirement Funds – $187 billion

    * Cash on Hand to Fund Federal Government Operations – $508 billion.

    (Source: Treasury Bulletin, Monthly Treasury Statement, Table 6. Schedule D-Investments of Federal Government Accounts in Federal Securities)

    On national motivations, it is one’s right as a citizen to question, indeed oppose – presumably or questionably ( :-) ), manifested through your vote – the actions of U.S. administrations, past and present in their quests for global influence. You may despise the neocons [I am no fan], yet the government and its agencies such as the Fed, owe not a whit of explanation to other governments for pursuing its own interests. One would be living in an indulgent fiction were one to assume that other countries, if in such a position to dominate monetary and economic systems, pass on the opportunity out of pure benevolent intent.

    Turning to the GS, history ought to clarify that it is a pro-cyclical system. Implying that its application deepens ongoing recessions and exacerbates inflationary episodes. Observe what happened to the U.K. during the Great Depression; gold flowed from it to the U.S. where the recession had originally started, and as a result the Bank of England reduced the quantity of Money made available to commercial banks which responded in kind to currency available to the public. Bank failures ensued and U.K’s demand side shrunk, continuing the vicious cycle. The Fed which should have increased money supply failed to do so, locking away the gold flowing into its coffers. Abandoning the GS ["freed from the gilded cage" in the words of J.M. Keynes] finally in 1931, led to a resurgence of confidence and business investments followed with the needful.

    I am also hearing that the U.S.’ primary reserve status is the outcome of a “fixing”. It is decidedly not. One might validly point out that the U.S wastes a fair amount on unnecessary wars, but the charge of reserve status fixing is based entirely on facts not in evidence. Think what gives a currency its reserve status. Its solely based on its ability to service its debt. I am yet to see any meaningful competitive economies that can come close to absorbing the amount of free capital that the U.S. does, or can in the foreseeable future. The $1.2Tr that China holds , is due not so much on account of any actions as a “banker” as it is an unavoidable artifact of its deliberate policy of growing its economy through exports. I should like to belabour this point; the roughly 6.3% of our total debt that China holds, it cannot trivially “sell” in the market place. For if it did so it would have to buy the debt [same as holding currency] of a competitor: Euros, Yen, or even in Renminbi. This would have the effect of increasing the price of Eurobonds or Yen bonds [reduce their interest rates] and depreciate their currencies, causing greater exports for Germany or Japan and its own vis-a-vis the U.S. which would then show up as additional U.S. debt held by these countries! This is indeed what has happened. Mercantile policies of Germany, Japan and China have rendered them captive to selling to the U.S. markets. Its is in the interest of all to move to more balanced economies [such as that of the U.S....surprised? U.S. net exports are only about -2% of national income, and closing its doors to International trade might at the most produce a garden variety recession here - more likely not - but catastrophic ones for its trading partners]. Its not an easy task when a country has been engaged in export addiction [the flip side of U.S. debt Scolds' accusations]. China is in the process of trying precisely that and as a result of it going through a period of great difficulty.

    Coming back to the question of adopting the GS and the closely related issue of reserve currency, it is incumbent on those who advocate it, to tell us what the remedy would be in the event of a future great recession [it will happen, the question is only one of duration and amplitude]. It is not nearly enough to say that a government will issue “what it needs”; for beelzebub, as it is said, lives in the details.

    You are certainly entitled to your opinions; not so much your facts.

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    • Replies: @alexander
    Sam,

    I am shocked.

    I just read through your "tranches" ?

    it is the biggest sack of Neocon sh#t I have ever read .in my life...You have got a lot of nerve..

    .what a total fraud.

    Ok..... lets see where we are...... Sam the Man ?

    Question 1...what is the total cost to date of the ongoing war in Iraq? the "real" cost ?

    Question 2. what was the total cost of our bogus Iraq reconstruction effort?

    Question 3. what was the total cost(just) to build and run our embassy in Iraq?

    Question 4. what was the total cost to treat our wounded service men?

    Question 5. what is the real cost of our entire outlays in Afghanistan since 2001 ?

    Question 6. what is the total cost of homeland security since 2001 ?

    Question 7. what is the total cost to taxpayers of the TSA since its inception ?

    Question 8. what is the total cost to taxpayers of the NSA since 2001?

    Question 9. what was the total cost to taxpayers of the banking fiasco and bailout ?

    What you do..is you take all THESE costs that would never had occurred without the sinister and malicious fraud that created them and add em up....because its where the american taxpayer has been suckered out of all his money over the last fifteen years.

    This is where our "debt" has been created.


    what can I say about your last comment.

    Except its a total sham, Sam.

    A total sham.

    What a heaving crock of sh#t.

    , @Benji Gold
    Spot on.
    , @NoseytheDuke
    I do challenge your logic in stating this, "yet the government and its agencies such as the Fed, owe not a whit of explanation to other governments for pursuing its own interests".

    Starting unprovoked wars against sovereign nations is a war crime and certainly does concern other governments, everywhere. It forces them to expend resources on their defence unnecessarily, thus depriving their own people of their productivity dividend, weakens support globally for the US and if history is anything to go by, it results in the failure of that empire, Rome, France and Great Britain come to mind but there are others as well.

    Those behind all of this are parasites who seek to control the entire world, not just America. At some point the parasite will destroy the host lest it threaten the greater plan. Only the American people can stop this by rooting out these criminals and holding them to account.

    , @Junior

    I am hearing a great deal about the actions of the “Rothschild Fed”, the impending collapse of the U.S/Anglophone and European systems and a “takeover” of key reserve currency status and interbank payment systems. What is missing in all of these pronouncements, is an internally consistent set of arguments as to why all of the preceding scenarios ought to arise, leave alone their inevitability. It isn’t enough, and indeed unsatisfactory to point to the $19Tr of debt, and attempt to use it as a generic rebuttal against positions to the contrary. In other words, for an argument to have economic force, it must have consistent theory and empirical validity behind it.
     
    What is the reason for your quotes around "takeover", Sam? Do you not believe that their plan is exactly to takeover and install a Global Currency? The bastards brag about it every chance they get.

    https://www.youtube.com/watch?v=MZVP9aHdlQI

    Do you deny the IMF's Global Currency Reset? Do you deny that the SDR's are the vehicle that they will use to bring about a Global Currency?

    http://www.businessinsider.com/new-world-disorder-why-geithners-imf-sdr-plan-for-a-global-currency-is-high-treason-2011-7

    http://www.nytimes.com/2015/12/01/business/international/china-renminbi-reserve-currency.html?_r=0

    http://www.globalresearch.ca/the-financial-new-world-order-towards-a-global-currency-and-world-government/13070

    Do you deny that the $19Tr of debt is a bubble that is already showing signs of bursting as is evidenced by the massive selling off of US debt by countries? The jig is up and ALL the world knows it BECAUSE of the $19Tr debt except for here in America where there apparently are "privately owned" companies that are buying up the debt to try and keep the ponzi scheme going as long as possible. The key part to any Con-Game(Confidence Game) is the Confidence, and the world has lost it's confidence in the con-game that is the stability of the dollar.

    http://money.cnn.com/2016/02/17/news/economy/china-us-debt-dump-central-banks/

    http://www.ibtimes.com/china-brazil-dump-us-debt-latest-signal-global-emerging-market-slowdown-2130987

    http://www.bloomberg.com/news/articles/2016-01-22/u-s-is-hiding-treasury-bond-data-that-s-suddenly-become-crucial

    http://money.cnn.com/2016/04/19/investing/saudi-arabia-threat-dump-us-assets-911-bill/

    In regards to whether or not going back to the Gold Standard is the solution, I don't know. Although it seems evident that China believes that this is the correct course of action from all their current attempts to hoard as much gold as possible. I do however know that an audit of the FED is the first step that must be taken in any solution.
    , @Kiza
    Dear Sam, with respect, your write up is a mish-mash of financial orthodoxies, establishment lies and truths. Since I personally feel challenged on my notion that the US is a runaway train heading for a cliff, I will provide a long response.

    Firstly, let me clarify that the US military budget, although partially hidden into various non-military looking allocations and appropriations, and amounting to a cool trillion per annum, by itself does not look likely to collapse the US economy. But it could be the proverbial straw thrown onto the camel's back.

    Then, let me state the key concern which is likely to collapse the US financial system and its economy. It is debt. Now, you appear to subscribe to an utterly wrong postulate that only foreign debt matters. Instead, it is that the whole Western financial system is based on debt where the problem lies. I have written before and I repeat - the debt-based Western financial system was established when the West was going through industrialization. But the debt-based financial system is utterly useless and outright dangerous for a slow-growing economy of primarily services and outsourced manufacturing. Such economy cannot produce capital returns that money chases. This is why the financial speculation (not in the positive sense of arbitrage) becomes the main replacement for production and debt-based economy becomes an enabler of speculation. On top of this come the regulatory capture and revolving doors. The result is a crooked financial market and a crooked whole financial system. An army of financial whizzes speculates with financial instruments (various derivatives) instead of creating any real value. The first effect is the loss of accumulated value of ordinary citizens - the pensions.

    Secondly, on top of this, as long as the system keeps surviving somehow, most people laugh at bears who say - we cannot keep going on like this. Another way of saying this is - nothing succeeds like success and nothing fails like failure. It does not fail, it does not fail, but when it fails one day, then it will really fail to the core.

    The Fractional Reserve Banking, which is the main principle of a debt-based developing economy, does not fit the Western economies any more. For example, the Fractional Reserve Banking lays claims on the future value produced by the borrower, but in a slow-developing mature economy the new value is added too slowly. The debt creation is too fast, the value creation is too slow, a huge pyramid of debt has been built. The pyramid must collapse one day. No-one can produce the value of paper promises any more, neither developed countries, nor developing countries. The amount in derivatives exceeds the total World economy several times over. It is a mountain of paper, which no real assets can back up.

    Finally, Sam, the worst fact is that the Western/US financial system has no feedback/corrective loop - it can only go in one direction. On top, every day that it survives is used as a proof of its survivability. But every day things only get worse, closer to the cliff, whilst the trains passengers are having one hell of a party inside, sharing huge bonuses and enjoying the good times flowing.

    I have a belief that the biggest societal leeches are, in the diminishing order of danger:
    1) banksters,
    2) military industrial propaganda complex,
    3) big pharma and medical and
    4) all other bought monopolies (private prisons, private airports, roads, telecommunications etc).
    But only the banksters can collapse the whole society and they will due to their blind greed.

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  • @Wizard of Oz
    "If we don't pay ourselves back what we owe - we lose".

    You assert this as though it was an a priori logical truth, a tautology, instead of what it is: a contingent proposition which may or may not be empirically true. What if the borrower uses the borrowed funds so well that it creates assets with high earning rates into the indefinite future - like building the Brooklyn Bridge or financing the growth of Procter & Gamble 150 years ago? The creditors wouldn't even want the debt to be paid off. They would and do happily allow it to be rolled over.

    Of course your panic is justified because the US government like most governments doesn't invest borrowed money profitably - not like the good old days when navies could help win profitable opium wars or marines open up a country for banana production....

    Listen Mr. Wizard,

    Our government, under Neocon domination, has overspent what it has budgeted by 13.3 trillion dollars in a mere decade and a half..

    This is absolutely insane amounts of overspending.

    Insane.

    And all of it has been spent on what ?……War fraud ? …and banking fraud ?

    And that’s OK with you ?

    Are you trying to tell me its acceptable for these people to steal tens of trillions of taxpayer dollars…because they conned us into “war” believing it was Saddam’s anthrax….when it wasn’t ?

    Or that we bailed out some banking shysters who decided to give a triple A rating to worthless subprime mortgage bundles, and sell them around the world?

    This is all fraud, Wizard,……. pernicious fraud.

    Why should one single american be forced to pay one penny for any of this, let alone be stuck on the hook for 19 trillion ?

    Why should we ?

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    • Replies: @Wizard of Oz
    You seem to have got too excited to notice that I was never disputing the iniquity of US government debt funded policy. You could usefully absorb Sam Shama's extended account of related matters #206.
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  • @alexander
    Excuse me , Mr Wizard,

    Who the losers will be ?

    You really are sounding like a nincompoop on this , either that, or the sleaziest person on the planet.

    The money we owe we have borrowed from "ourselves", you idiot.

    We are our "own" creditors.

    If we don't pay ourselves back what we spent...we lose!

    “If we don’t pay ourselves back what we owe – we lose”.

    You assert this as though it was an a priori logical truth, a tautology, instead of what it is: a contingent proposition which may or may not be empirically true. What if the borrower uses the borrowed funds so well that it creates assets with high earning rates into the indefinite future – like building the Brooklyn Bridge or financing the growth of Procter & Gamble 150 years ago? The creditors wouldn’t even want the debt to be paid off. They would and do happily allow it to be rolled over.

    Of course your panic is justified because the US government like most governments doesn’t invest borrowed money profitably – not like the good old days when navies could help win profitable opium wars or marines open up a country for banana production….

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    • Replies: @alexander
    Listen Mr. Wizard,

    Our government, under Neocon domination, has overspent what it has budgeted by 13.3 trillion dollars in a mere decade and a half..

    This is absolutely insane amounts of overspending.

    Insane.

    And all of it has been spent on what ?......War fraud ? ...and banking fraud ?

    And that's OK with you ?

    Are you trying to tell me its acceptable for these people to steal tens of trillions of taxpayer dollars...because they conned us into "war" believing it was Saddam's anthrax....when it wasn't ?

    Or that we bailed out some banking shysters who decided to give a triple A rating to worthless subprime mortgage bundles, and sell them around the world?

    This is all fraud, Wizard,....... pernicious fraud.

    Why should one single american be forced to pay one penny for any of this, let alone be stuck on the hook for 19 trillion ?

    Why should we ?

    , @NoseytheDuke
    To paraphrase Winston Churchill, 'tis better for an idiot to remain silent than to express himself and reveal his idiocy. What a windfall you'd get were you to demand a refund on your "education".
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  • @alexander
    Excuse me , Mr Wizard,

    Who the losers will be ?

    You really are sounding like a nincompoop on this , either that, or the sleaziest person on the planet.

    The money we owe we have borrowed from "ourselves", you idiot.

    We are our "own" creditors.

    If we don't pay ourselves back what we spent...we lose!

    You seem to be remarkably ignorant, or at least forgetful, for someone who is so confident that he expresses himself with arrogant assurance.

    Do you not recall Hillary Clinton saying (as disclosed I think by Wikileaks) when advised to be tough with China “how can you deal toughly with your banker”?

    I’m sure if you knew who owned the various categories of US debt and the amounts you would have used that information. All I was pointing out is that the big losers would include China and Japan, and other foreign creditors, if the US either defaulted or inflated its currency to the point where it lost significsnt purchasing power. Don’t you understand that?

    Japan is one of the very few countries with massive government debt which owes by far the greater part of that debt to its own citizens and institutions. Of course Japan hasn’t quite the freedom of action that the US still has by reason of the $US status as the world’s main reserve currency so its borrowing domestically is a major protection against insolvency although you could say of Japan that, to the extent that government has borrowed from citizens to pay for projects with no or little positive return it does face the problem of making Japanese people losers by reason of government debt.

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  • @Carlton Meyer
    The USA spends 4-8% of its GDP on what is laughably called "national security", depending on if you count just the Pentagon budget or total national security spending. For example, the Dept of Energy pays for nuclear weapons, the VA pays for military disability costs, and the Dept. of Treasury pays some $30 billion a year in military retirement costs. Then there is the annual OCO "war" slush fund of up to $100 billion. Total costs are over a trillion dollars a year.

    From my blog:

    Jan 1, 2015 - Enemies Everywhere

    In the year 2014 new "enemies" were introduced to the American people. ISIS appeared from nowhere. Friendly Russia was demonized and brought out of retirement. American forces discovered several new enemies in Africa. In 1919, historian Joseph Schumpeter’s book, Imperialism and Social Classes, described ancient Rome in a way that sounds eerily like the United States today:

    "There was no corner of the known world where some interest was not alleged to be in danger or under actual attack. If the interests were not Roman, they were those of Rome's allies; and if Rome had no allies, the allies would be invented. When it was utterly impossible to contrive such an interest -- why, then it was the national honor that had been insulted. The fight was always invested with an aura of legality. Rome was always being attacked by evil-minded neighbors. The whole world was pervaded by a host of enemies; it was manifestly Rome's duty to guard against their indubitably aggressive designs."

    Heard in passing recently;

    “The pretense in disputed elections is that the great conflict is between the two major parties. The reality is that there is a much bigger conflict that the two parties jointly wage against large numbers of Americans who are represented by neither party and against powerless millions around the world.”

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  • @alexander
    Sorry Mr Wizard,

    I would love to agree with you, but I can't.

    It is hitting future generations "exactly" as I suggested, and it is a criminal disaster.

    the debt is not the interest rates, interest rates are what is charged to service the debt.

    the debt is the debt is the debt.

    There is not much our government can do, except begin to operate at a surplus (bring in more money than it spends), or sell government owned assets (at a profit), to reduce it.

    There is the idea that we can "grow" the economy, enough so that our national debt becomes modest relative to our yearly GDP, or I suppose we can allow inflation to work , over time, so that the debt shrinks as the buying power of the dollar shrinks too.

    But even if we do all that, it is still a disaster,.... a total disaster,.... certainly compared to where we could be, had we capable stewards at the helm of our ship of state.

    Let me point something else out, Mr. Wizard,

    When foreign countries, like China, purchase large amounts of US treasury notes, they are not paying down our debt.

    Not one penny.

    If China purchases one trillion in treasury bonds, this amount is not "subtracted" from our national debt....Mr Wizard.....Our national debt stays "exactly" the same.

    If anything China is doing ,in these purchases, it is underwriting our ability to "pay off "our debt one day, so when the bonds mature, they will still get their money.

    Foreign countries purchase our bonds because they believe in the "credit worthiness" of the United States, that we are "good for the value " of the notes we issue.

    That we won't go belly up.

    But let me tell you, our national debt has reached a catastrophic threshold.and nearly all of it has been generated by these stupid, stupid neocon wars.

    Many countries around the world are watching us, and if our debt climbs much higher than it already has, above our yearly GDP, they might dump our notes because they think we are becoming insolvent, ....that we will never be able to make good on the debt we owe.

    Who can blame them ?

    This all could have been avoided, had we shown a modicum of foresight and intelligence , especially in our obscene overspending on these bogus , reckless, and never ending conflicts in the middle east.

    What a disaster.

    What are we doing over there ?

    We have just made a huge mess of everything, and gone broke in the process.

    Our foreign policy decisions must have been designed by people who have a profound hatred for the United States, especially our solvency and our freedom, .....otherwise, why would they do this?

    What are we doing over there ?

    Following orders. Israel’s orders.

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  • @Carroll Price
    When you consider Israel's long history of using false flag attacks to justify wars of aggression (9/11 anyone?) it becomes perfectly logical to assume that the "terrorist rocket attacks" that never actually to hit anything are exactly what they appear to be.

    I suppose its a very similar technique to staging the anthrax attacks in Senator Leahy and Tom Brokaw’s offices and then Blaming it on Saddam to goad us into war with Iraq.

    This kind of terror fraud, being so rampant and uncontested, has done enormous damage to the well being of our country.

    How destabilizing is it for our national security that these false flag incidents have gone unaddressed for so long ?

    It would seem our government, if it truly working in the interest the people, and the safety of the nation as a whole,would go after those committing this kind of fraud….with a vengeance.

    How can you ever be rid of the true enemy who is attacking you, if that enemy keeps getting away with fooling you into believing it was those they wish you to attack, not themselves, who are responsible ?

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  • @Wizard of Oz
    I am not really disagreeing with your extreme distaste for debt but I take issue with you when you fail to see how it is still a question about who the losers are or will be. After all bankruptcy shares the losses from debt so that the debtor isn't the only loser. S&P made itself an enemy of the US government a few years ago by downgrading Treasury's AAA. In other words even the US government may not pay all its debts just as municipalities are already failing to.

    So who loses? Inflation is one of the classic supplements or alternatives to bankruptcy. Inflation combined with very low interest rates and rolling over debt (possibly with writedowns) will spread the pain widely. Pity the poor Chinese and Japanese savers as well as US ones!

    Excuse me , Mr Wizard,

    Who the losers will be ?

    You really are sounding like a nincompoop on this , either that, or the sleaziest person on the planet.

    The money we owe we have borrowed from “ourselves”, you idiot.

    We are our “own” creditors.

    If we don’t pay ourselves back what we spent…we lose!

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    • Replies: @Wizard of Oz
    You seem to be remarkably ignorant, or at least forgetful, for someone who is so confident that he expresses himself with arrogant assurance.

    Do you not recall Hillary Clinton saying (as disclosed I think by Wikileaks) when advised to be tough with China "how can you deal toughly with your banker"?

    I'm sure if you knew who owned the various categories of US debt and the amounts you would have used that information. All I was pointing out is that the big losers would include China and Japan, and other foreign creditors, if the US either defaulted or inflated its currency to the point where it lost significsnt purchasing power. Don't you understand that?

    Japan is one of the very few countries with massive government debt which owes by far the greater part of that debt to its own citizens and institutions. Of course Japan hasn't quite the freedom of action that the US still has by reason of the $US status as the world's main reserve currency so its borrowing domestically is a major protection against insolvency although you could say of Japan that, to the extent that government has borrowed from citizens to pay for projects with no or little positive return it does face the problem of making Japanese people losers by reason of government debt.
    , @Wizard of Oz
    "If we don't pay ourselves back what we owe - we lose".

    You assert this as though it was an a priori logical truth, a tautology, instead of what it is: a contingent proposition which may or may not be empirically true. What if the borrower uses the borrowed funds so well that it creates assets with high earning rates into the indefinite future - like building the Brooklyn Bridge or financing the growth of Procter & Gamble 150 years ago? The creditors wouldn't even want the debt to be paid off. They would and do happily allow it to be rolled over.

    Of course your panic is justified because the US government like most governments doesn't invest borrowed money profitably - not like the good old days when navies could help win profitable opium wars or marines open up a country for banana production....
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  • @alexander
    Sorry Mr Wizard,

    I would love to agree with you, but I can't.

    It is hitting future generations "exactly" as I suggested, and it is a criminal disaster.

    the debt is not the interest rates, interest rates are what is charged to service the debt.

    the debt is the debt is the debt.

    There is not much our government can do, except begin to operate at a surplus (bring in more money than it spends), or sell government owned assets (at a profit), to reduce it.

    There is the idea that we can "grow" the economy, enough so that our national debt becomes modest relative to our yearly GDP, or I suppose we can allow inflation to work , over time, so that the debt shrinks as the buying power of the dollar shrinks too.

    But even if we do all that, it is still a disaster,.... a total disaster,.... certainly compared to where we could be, had we capable stewards at the helm of our ship of state.

    Let me point something else out, Mr. Wizard,

    When foreign countries, like China, purchase large amounts of US treasury notes, they are not paying down our debt.

    Not one penny.

    If China purchases one trillion in treasury bonds, this amount is not "subtracted" from our national debt....Mr Wizard.....Our national debt stays "exactly" the same.

    If anything China is doing ,in these purchases, it is underwriting our ability to "pay off "our debt one day, so when the bonds mature, they will still get their money.

    Foreign countries purchase our bonds because they believe in the "credit worthiness" of the United States, that we are "good for the value " of the notes we issue.

    That we won't go belly up.

    But let me tell you, our national debt has reached a catastrophic threshold.and nearly all of it has been generated by these stupid, stupid neocon wars.

    Many countries around the world are watching us, and if our debt climbs much higher than it already has, above our yearly GDP, they might dump our notes because they think we are becoming insolvent, ....that we will never be able to make good on the debt we owe.

    Who can blame them ?

    This all could have been avoided, had we shown a modicum of foresight and intelligence , especially in our obscene overspending on these bogus , reckless, and never ending conflicts in the middle east.

    What a disaster.

    What are we doing over there ?

    We have just made a huge mess of everything, and gone broke in the process.

    Our foreign policy decisions must have been designed by people who have a profound hatred for the United States, especially our solvency and our freedom, .....otherwise, why would they do this?

    I am not really disagreeing with your extreme distaste for debt but I take issue with you when you fail to see how it is still a question about who the losers are or will be. After all bankruptcy shares the losses from debt so that the debtor isn’t the only loser. S&P made itself an enemy of the US government a few years ago by downgrading Treasury’s AAA. In other words even the US government may not pay all its debts just as municipalities are already failing to.

    So who loses? Inflation is one of the classic supplements or alternatives to bankruptcy. Inflation combined with very low interest rates and rolling over debt (possibly with writedowns) will spread the pain widely. Pity the poor Chinese and Japanese savers as well as US ones!

    Read More
    • Replies: @alexander
    Excuse me , Mr Wizard,

    Who the losers will be ?

    You really are sounding like a nincompoop on this , either that, or the sleaziest person on the planet.

    The money we owe we have borrowed from "ourselves", you idiot.

    We are our "own" creditors.

    If we don't pay ourselves back what we spent...we lose!
    ReplyAgree/Disagree/Etc.
  • @NoseytheDuke
    Pardon me but your confirmation bias is showing and your childish worldview is on full display.

    You talk about evidence whilst simultaneously defending the Rothschild empire based on admittedly having read a single book on the subject. You defend the morally indefensible because you had a friend whom you liked who worked for a certain company. OK, I suppose that's logical to you.

    What an idiot, a fool and a mental midget you've shown yourself to be. Rothschild banking doesn't exist to help anyone but themselves. For centuries they've been funding wars and usually both sides at the same time, and more than ever for wars they've had a direct hand in fomenting.

    You mentioned a thesis that you wrote and my thoughts were purely for the poor sods who attempted to read it with your long, rambling and convoluted sentence structure and thinking what a pretentious, pseudo-intellectual fraud you are.

    You are correct on one thing though, that Indians are smart. They are also possessed of a wonderful spirt and generosity whilst making the most of sometimes challenging circumstances. India is changing rapidly, and for the better. It's a big job but it is happening and the evidence is everywhere you look.

    Don't worry your enfeebled brain about my business dealings either, I can identify pompous, puffed up, ego-driven time-wasters like you in a New York minute, by your desperation to be seen as smart whilst proving the opposite to be the case. Thanks for the laughs though.

    The idea of someone with your problems laughing except perhaps at ghoulish cruelty is hard to accept. I will credit you with enough intelligence to get yourself to and from India to do business but there seems to be a lack of education which may explain both the apparent chip on your shoulder and your inability to notice that I have not “defended” the Rothschilds as you say. Moreover my reference to my limited knowledge of Rothschild history and operations was something I introduced to encourage you, if you knew more – which you obviously don’t – to enlighten me with good sources and reliable evidence. In fact my knowledge of people working in Rothschild enterprises and, very much to the point, entirely non-Jewish competitors, is considerably greater than I mentioned but hardly worth mentioning because my standards of evidence are high and I was encouraging you to produce something which supported your assertions. I note that you responded with that Peter Koenig link which made it appear that you had forgotten your Rothschild obsession and flipped to some “fiat currency” fugue. Get help if its not too late.
    BTW I too will be in India to do business in a couple of months but at the moment I am in the middle of a social tennis tournament so quite relaxed enough to humour you even though you are not good for an argument of substance.

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  • @stickman
    Ace, to me it is quite evident that you speak from your heart AND from your individual level of overall understanding of how things really work. Back in '64 i was an avid Goldwater Republican ~ and more. However, over time my own point of view has become something other than a pattern of shared ideological beliefs.

    To the disagreement: You hold that the U$ military was undefeated in Vietnam. This is true only on the deepest levels where the City of London centered bankster cabal were the major victors in the war as their investments in the WarDefense industry were massive and indeed, monumental. Otherwise, because the draftee troops had come to realize that "we" had no intention of winning that war; their morale dropped to many degrees below zero. When the word got out that the bodies of U$ KIA's were eviscerated and then stuffed with bags full of heroin before being flown back stateside; the fragging incidents exploded exponentially.

    Belief in any essential difference between the Damocraps and the Repooplikkkans reveals a level of political sophistication which still has a number of steps to climb. America's greatest historical novelist and public commentator, Gore Vidal, accurately described the Democans and the Republicrats as "the two arms of the corporate party". (slight paraphrasing). These prostiticians and their parties are mere puppets for the owners of the "Federal" Reserve Bank.

    I heard Gore Vidal speak at The Writers Guild in Beverly Hills once. It was sold out and I was very fortunate to get in. He was wonderful.

    I think he put it this way, “There is only one political party in America, it’s the Money Party and it operates using two separate branches”.

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    • Agree: Carroll Price
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  • @Wizard of Oz
    Try proof and evidence rather than vacuous emissions expressing nothing but attitude and that the attitude of the big kid sggressive kid with learning difficulties. You should realise that you have provided absolutely NOTHING of any substance by way of evidence, fact or argument to support any of your heavily assertive replies to me.

    Pardon me but your confirmation bias is showing and your childish worldview is on full display.

    You talk about evidence whilst simultaneously defending the Rothschild empire based on admittedly having read a single book on the subject. You defend the morally indefensible because you had a friend whom you liked who worked for a certain company. OK, I suppose that’s logical to you.

    What an idiot, a fool and a mental midget you’ve shown yourself to be. Rothschild banking doesn’t exist to help anyone but themselves. For centuries they’ve been funding wars and usually both sides at the same time, and more than ever for wars they’ve had a direct hand in fomenting.

    You mentioned a thesis that you wrote and my thoughts were purely for the poor sods who attempted to read it with your long, rambling and convoluted sentence structure and thinking what a pretentious, pseudo-intellectual fraud you are.

    You are correct on one thing though, that Indians are smart. They are also possessed of a wonderful spirt and generosity whilst making the most of sometimes challenging circumstances. India is changing rapidly, and for the better. It’s a big job but it is happening and the evidence is everywhere you look.

    Don’t worry your enfeebled brain about my business dealings either, I can identify pompous, puffed up, ego-driven time-wasters like you in a New York minute, by your desperation to be seen as smart whilst proving the opposite to be the case. Thanks for the laughs though.

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    • Replies: @Wizard of Oz
    The idea of someone with your problems laughing except perhaps at ghoulish cruelty is hard to accept. I will credit you with enough intelligence to get yourself to and from India to do business but there seems to be a lack of education which may explain both the apparent chip on your shoulder and your inability to notice that I have not "defended" the Rothschilds as you say. Moreover my reference to my limited knowledge of Rothschild history and operations was something I introduced to encourage you, if you knew more - which you obviously don't - to enlighten me with good sources and reliable evidence. In fact my knowledge of people working in Rothschild enterprises and, very much to the point, entirely non-Jewish competitors, is considerably greater than I mentioned but hardly worth mentioning because my standards of evidence are high and I was encouraging you to produce something which supported your assertions. I note that you responded with that Peter Koenig link which made it appear that you had forgotten your Rothschild obsession and flipped to some "fiat currency" fugue. Get help if its not too late.
    BTW I too will be in India to do business in a couple of months but at the moment I am in the middle of a social tennis tournament so quite relaxed enough to humour you even though you are not good for an argument of substance.
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  • @bunga
    Purchasing powers of dollar vs non dollars are artificially fixed .

    Take the dollar off the "only reserve " and you will see the valuations of structural and non structural entities in a whole different light and numbers.

    That’s a bit too cryptic for me to be sure I have understood all you are trying to convey but let me essay one response anyway.

    “fixed” in “artificially fixed” is a bit puzzling. The Australian dollar for example has been sll over the place against the $US within short periods if time from over $US1.10 to under $US0.50. At the same time exchange rates with the Yuan, Euro, GBP, Indonesian rupiah, Singapore dollar, Ruble and Yen have separately volatile. Nothing “fixed” at all that I can see. If fixed what principle applies? What could prevail against China generating world oversupply of iron ore, coal and maybe oil for a few years?

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  • @Wizard of Oz
    Considerations of purchasing power parity are certainly important but not really an answer to the point of Sam Shama's reply.

    Purchasing powers of dollar vs non dollars are artificially fixed .

    Take the dollar off the “only reserve ” and you will see the valuations of structural and non structural entities in a whole different light and numbers.

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    • Replies: @Wizard of Oz
    That's a bit too cryptic for me to be sure I have understood all you are trying to convey but let me essay one response anyway.

    "fixed" in "artificially fixed" is a bit puzzling. The Australian dollar for example has been sll over the place against the $US within short periods if time from over $US1.10 to under $US0.50. At the same time exchange rates with the Yuan, Euro, GBP, Indonesian rupiah, Singapore dollar, Ruble and Yen have separately volatile. Nothing "fixed" at all that I can see. If fixed what principle applies? What could prevail against China generating world oversupply of iron ore, coal and maybe oil for a few years?
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  • […] The War Against the World: Washington finds enemies everywhere by Philip Giraldi. […]

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