And the big wind down begins, without deficit spending, the US and world economy will grind to a halt.
The US went off the gold standard because there wasn't enough money to go around, Wall Street wasn't making money fast enough, so they devised ways of accelerating commissions, the US taxpayer assumed the risk.
Deficits began to skyrocket during the Reagan Administration when Reagan and the US Congress agreed to whatever one side wanted as long as the other side got what they wanted. Corporations successfully lobbied to have their share of the tax burden reduced from fifty percent in 1980 to around five percent today. While CEO pay increased five to ten times what it was in 1980, while working wages have been stagnant since the 1970's. Inflation has taken hold and promises to continue to increase as long as Bernanke continues to print money, which will be until the system collapses.
Geithner said it best, there is no credible spending plan that will not cause the need to raise the debt ceiling. So, the debt ceiling is raised, and we continue the march toward higher prices and lower GDP. Unfunded federal entitlements and the lack of political will to significantly cut spending guarantee deficit spending will remain out of control. Regardless of whether the debt ceiling is raised, the system will collapse when the federal government loses the ability to borrow money. Debt to infinity proponents have said as much by describing the dire consequences of not raising the debt ceiling. The US finds itself in a position of having to cut spending, while maintaining a socialist welfare state for at least the next fifty years. Future generations will look back and wonder who were these profligates. The history books will record they were the politicians, bureaucrats, central bankers, and financiers, who contribute little to society, yet were allowed to gain a strangle hold over the world economy. When the ponzi scheme collapse, and it's almost guaranteed at this point, what will the future look like, indeed.
S&P TO DEEPLY CUT U.S. RATINGS IF DEBT PAYMENT MISSED « The Burning Platform
Thursday, June 30, 2011
Tuesday, June 14, 2011
Obama vows to get people back to work - NewsObserver.com
Cree is one three companies headquartered in NC with a billion dollars in the bank. SAS and Red Hat are the other two. The private sector isn't going to get off of their hands, meaning no hiring is going to occur, until the federal government gets deficit spending under control. This also means the ball is squarely in the big O's court. Thankfully, bumbling Joe is on the case, leading up the administration's efforts to uncover government waste, like Otis from Mayberry being asked to uncover where all the moonshine's being made.
Getting a handle on deficit spending is no simple matter. There are powerful interests that like the status quo. A balanced budget amendment would go a long way, and tax reform to require corporations and individuals to pay their fair share of a progressive tax, without deductions, would just about right the Titanic.
These powerful interests, on the other hand, would rather subjugate the masses, including the US, while continuing to exploit the world's resources for their own gain. Are we truly a government of, for, and by the people, or merely a pawn in Satan's scheme of world dominion? Actions speak louder than words, Mr. President.
Obama vows to get people back to work - National - NewsObserver.com
Getting a handle on deficit spending is no simple matter. There are powerful interests that like the status quo. A balanced budget amendment would go a long way, and tax reform to require corporations and individuals to pay their fair share of a progressive tax, without deductions, would just about right the Titanic.
These powerful interests, on the other hand, would rather subjugate the masses, including the US, while continuing to exploit the world's resources for their own gain. Are we truly a government of, for, and by the people, or merely a pawn in Satan's scheme of world dominion? Actions speak louder than words, Mr. President.
Obama vows to get people back to work - National - NewsObserver.com
Sunday, May 29, 2011
Senate budget pounds Perdue staff | newsobserver.com projects
I agree, keep the Office of the Governor cuts in place, and cut the General Assembly's budget at the the same percentage as most other agencies, anywhere between 7 and 15 percent.
In general, let agencies cut all services in meeting their spending cut goals of 10 percent. Then let's start talking about where the other 90 percent of the budget is being spent.
A financial tsunami is about to hit in terms of the federal government's ability to borrow money. If our state's fiscal house is not in order, it will get swept away by the ensuing flood. The biblical reference, for those of you keeping score, is Matthew 7:24-27.
We're witnessing the end of the socialist revolution on a global scale, and possibly the fall of western civilization. How we respond to the absolute necessity to reduce federal deficit spending will determine our fate as a society. A reduction in federal deficit spending necissitates a reduction in state spending, that cannot be made up for in increased taxes.
The coming year will see states and local governments declaring bankruptcy, with the the feds doing everything they can to prop them up and maintain status quo. When will the emporer realize he's wearing no clothes? Perdue should be working with the majority in the General Assembly to cut spending, instead of protecting her sacred cows.
Senate budget pounds Perdue staff | newsobserver.com projects
In general, let agencies cut all services in meeting their spending cut goals of 10 percent. Then let's start talking about where the other 90 percent of the budget is being spent.
A financial tsunami is about to hit in terms of the federal government's ability to borrow money. If our state's fiscal house is not in order, it will get swept away by the ensuing flood. The biblical reference, for those of you keeping score, is Matthew 7:24-27.
We're witnessing the end of the socialist revolution on a global scale, and possibly the fall of western civilization. How we respond to the absolute necessity to reduce federal deficit spending will determine our fate as a society. A reduction in federal deficit spending necissitates a reduction in state spending, that cannot be made up for in increased taxes.
The coming year will see states and local governments declaring bankruptcy, with the the feds doing everything they can to prop them up and maintain status quo. When will the emporer realize he's wearing no clothes? Perdue should be working with the majority in the General Assembly to cut spending, instead of protecting her sacred cows.
Senate budget pounds Perdue staff | newsobserver.com projects
Saturday, May 28, 2011
Perdue rips into Republicans' budget - Politics - NewsObserver.com
Governor Perdue is fighting a losing battle, which, even if she wins, the war is lost. The large trend across all states is rising budget gaps. The next two years will see municipalities and states declaring bankrupt, while an already bankrupt federal government will attempt to bail them out. Perdue should be working with the majority leadership in the General Assembly to reduce the size of State Government across the board, as quickly as possible.
The surest and quickest way to cut payroll, the largest single cost factor in State Government, is to early retire all retirement eligible employees. This serves two purposes, immediately reduces the payroll by the largest margin possible, without reducing services, and makes room for new and entry level hires to fill in the gaps, thereby raising the State's employment rate.
Instead, Beverly "do as I say, not as I do" Perdue seems intent on iterating the worn out mantra of the socialist welfare state, which is crumbling on a global scale, and willing to go down fighting, instead of helping to brought about a new world order. The survival of our state depends on getting our fiscal house in order, or there will be a new breed of carpet bagger coming to call, global corporatists. Another risk is the confiscation of the State's pension fund.
Cowell should be buying physical gold and silver, like the university of Texas has done. We'll need it to back our own currency, like Utah is preparing to do.
Cooper should be pursuing mortgage fraud, instead of looking the other way, as the other 49 state attorneys general are doing.
The collapse of the US Dollar is no small matter, and our state should be doing everything it can to extricate itself from the grasp of the federal government, the most bloated and corrupt government in the history of the world, instead of Perdue's complicity.
Rising food and fuel prices, and sovereign debt is causing a global epidemic of civil unrest. We can avoid it in our own communities by eliminating socialist welfare spending, cutting taxes in order to create jobs in the private sector, and reigning in power of government. The other alternative is a police state. Which will you choose? There are those who would prefer a police state, most of those participated in the civil rights movement, and would support a police state as a means of furthering their own agenda. Most reasoning people would choose individual liberty, which means limiting the power of the state, and is the basis upon which the US Constitution was written. The TSA is allowed to violate the 4th amendment prohibiting unreasonable search and seizure, now the State of Illinois allows police to enter a person's house without probable cause. As a nation and a society, we must reverse the tide of the police state, and assume responsibility for ourselves, including the elimination of the welfare state. Welfare and Police state go hand in hand, again, which will you choose, as the choice is each person's individually, and collectively at the ballot box. You and I decide, and in the immortal words of Patrick Henry spoken in 1775, "Give me liberty, or give me death".
The power of government resides not in the states, as was decided by the war between the states. It remains to be seen whether it will reside in the people.
Perdue rips into Republicans' budget - Politics - NewsObserver.com
The surest and quickest way to cut payroll, the largest single cost factor in State Government, is to early retire all retirement eligible employees. This serves two purposes, immediately reduces the payroll by the largest margin possible, without reducing services, and makes room for new and entry level hires to fill in the gaps, thereby raising the State's employment rate.
Instead, Beverly "do as I say, not as I do" Perdue seems intent on iterating the worn out mantra of the socialist welfare state, which is crumbling on a global scale, and willing to go down fighting, instead of helping to brought about a new world order. The survival of our state depends on getting our fiscal house in order, or there will be a new breed of carpet bagger coming to call, global corporatists. Another risk is the confiscation of the State's pension fund.
Cowell should be buying physical gold and silver, like the university of Texas has done. We'll need it to back our own currency, like Utah is preparing to do.
Cooper should be pursuing mortgage fraud, instead of looking the other way, as the other 49 state attorneys general are doing.
The collapse of the US Dollar is no small matter, and our state should be doing everything it can to extricate itself from the grasp of the federal government, the most bloated and corrupt government in the history of the world, instead of Perdue's complicity.
Rising food and fuel prices, and sovereign debt is causing a global epidemic of civil unrest. We can avoid it in our own communities by eliminating socialist welfare spending, cutting taxes in order to create jobs in the private sector, and reigning in power of government. The other alternative is a police state. Which will you choose? There are those who would prefer a police state, most of those participated in the civil rights movement, and would support a police state as a means of furthering their own agenda. Most reasoning people would choose individual liberty, which means limiting the power of the state, and is the basis upon which the US Constitution was written. The TSA is allowed to violate the 4th amendment prohibiting unreasonable search and seizure, now the State of Illinois allows police to enter a person's house without probable cause. As a nation and a society, we must reverse the tide of the police state, and assume responsibility for ourselves, including the elimination of the welfare state. Welfare and Police state go hand in hand, again, which will you choose, as the choice is each person's individually, and collectively at the ballot box. You and I decide, and in the immortal words of Patrick Henry spoken in 1775, "Give me liberty, or give me death".
The power of government resides not in the states, as was decided by the war between the states. It remains to be seen whether it will reside in the people.
Perdue rips into Republicans' budget - Politics - NewsObserver.com
Thursday, May 19, 2011
Registers of Deeds as Unexpected Foot Soldiers Fighting Mortgage Abuses? « naked capitalism
AA, very good point. Registrars are public officials and should be notified, if they haven't been already.
The other point I wanted to make is a big thank you to Yves for her unwavering commitment to uncovering mortgage fraud. Easy credit driving caused the housing bubble, and if that's all there was to it, that would be the end of it. Instead our global financial system is in havoc, the US federal government owns 46% of all foreclosed property, federal deficit spending has been increasing exponentially since the end of WWII, we have an inequitable tax code where corporations pay little or no taxes, and 10% of income goes to the top 1% of households.
Gas prices were the tipping point to the mortgage fraud. Mortgage fraud may very well be the tipping point to the collapse of the dollar. The inability of federal regulators to prosecute fraud only means that maintaining status quo is more important than the law. Perhaps the states attorneys general can wield a bit more influence.
I'm proud that a North Carolina Registrar is one of those fighting the good fight, and I intend to send this article to my local and national elected representatives. If the Attorney General of North Carolina published an e-mail address, I would send a copy to his office, as well.
Registers of Deeds as Unexpected Foot Soldiers Fighting Mortgage Abuses? « naked capitalism
The other point I wanted to make is a big thank you to Yves for her unwavering commitment to uncovering mortgage fraud. Easy credit driving caused the housing bubble, and if that's all there was to it, that would be the end of it. Instead our global financial system is in havoc, the US federal government owns 46% of all foreclosed property, federal deficit spending has been increasing exponentially since the end of WWII, we have an inequitable tax code where corporations pay little or no taxes, and 10% of income goes to the top 1% of households.
Gas prices were the tipping point to the mortgage fraud. Mortgage fraud may very well be the tipping point to the collapse of the dollar. The inability of federal regulators to prosecute fraud only means that maintaining status quo is more important than the law. Perhaps the states attorneys general can wield a bit more influence.
I'm proud that a North Carolina Registrar is one of those fighting the good fight, and I intend to send this article to my local and national elected representatives. If the Attorney General of North Carolina published an e-mail address, I would send a copy to his office, as well.
Registers of Deeds as Unexpected Foot Soldiers Fighting Mortgage Abuses? « naked capitalism
Sunday, May 15, 2011
The New York Fed Working to Bend Real Estate Law to Suit Needs of Banks « naked capitalism
I tend to agree with the crisis not ending until "rule of law" is restored. However, the defenders of the status quo, our current monetary system, will gladly change the law to suit their purposes. Not only did the Fed inject $T's in liquidity to banks all over the world, but toxic mortgages were bought from these banks, leaving the public holding both end of the bag.
$6.5T lost in housing equity, and $T's more in public debt. This isn't going to end well. A balanced budget amendment and tax reform will go a long way. Let the big banks have their way, as long as everyone pays their fair share of the tax burden, and our federal government quits spending more than it takes in in tax reciepts.
The New York Fed Working to Bend Real Estate Law to Suit Needs of Banks « naked capitalism
$6.5T lost in housing equity, and $T's more in public debt. This isn't going to end well. A balanced budget amendment and tax reform will go a long way. Let the big banks have their way, as long as everyone pays their fair share of the tax burden, and our federal government quits spending more than it takes in in tax reciepts.
The New York Fed Working to Bend Real Estate Law to Suit Needs of Banks « naked capitalism
Wednesday, May 11, 2011
Budget Whack a Mole | newsobserver.com projects
Holy Cow, I wish this much attention was being paid to the budget when it was being doubled in the ten years leading up to 2008. As was the case last year, it doesn't matter what budget is passed, tax revenues will likely fall short, and even more spending cuts are going to have to be made.
Gov Dumpling is going to be hard pressed to get her education agenda in there without offering up offsets in spending somewhere else. Can't raise taxes and can't blame it on the Republicans. We're in the worst economy in seventy years, and I would advise the state to start planning for further cuts.
As energy and food prices continue to climb and stimulus spending trickles upward, wages remain flat, and it's highly likely the wheels come off the economy before 2012 elections. Barry Goldwater said that federal pensions and interest on the national debt will freeze federal spending by 2020, and we may arrive at that destination sooner than anyone realizes when federal deficit spending collides with a sell off in US treasuries.
A federal balanced budget amendment is what is needed now, as well as tax reform for both individuals and corporations to counter accumulation of wealth in the top 1% of US households, who aren't paying their fair share. Federal pensions will continue to garner their automatic COLA, while everyone else except the the wealthy suffer, and the poor suffer the most. No, Progressive Pulse, that doesn't mean spend more :), it means balance the federal budget, and reform tax policy. It will take an act of God to accomplish, and God help us all.
Budget Whack a Mole | newsobserver.com projects
Gov Dumpling is going to be hard pressed to get her education agenda in there without offering up offsets in spending somewhere else. Can't raise taxes and can't blame it on the Republicans. We're in the worst economy in seventy years, and I would advise the state to start planning for further cuts.
As energy and food prices continue to climb and stimulus spending trickles upward, wages remain flat, and it's highly likely the wheels come off the economy before 2012 elections. Barry Goldwater said that federal pensions and interest on the national debt will freeze federal spending by 2020, and we may arrive at that destination sooner than anyone realizes when federal deficit spending collides with a sell off in US treasuries.
A federal balanced budget amendment is what is needed now, as well as tax reform for both individuals and corporations to counter accumulation of wealth in the top 1% of US households, who aren't paying their fair share. Federal pensions will continue to garner their automatic COLA, while everyone else except the the wealthy suffer, and the poor suffer the most. No, Progressive Pulse, that doesn't mean spend more :), it means balance the federal budget, and reform tax policy. It will take an act of God to accomplish, and God help us all.
Budget Whack a Mole | newsobserver.com projects
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