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« National Debt Contest Winner - The Spending Is Nuts | Main | CHART: Jobs Report Shows U.S. Labor Force Participation At 63.9%, A 27 Year Low »
Friday
Aug052011

13 Reasons Why The U.S. Is Now OFFICIALLY BANKRUPT

ATTENTION IDIOTS IN THE MAINSTREAM MEDIA - Stop The Budget Lies - There Are NO Cuts - House Passes Bill To INCREASE Spending By $7 Trillion Over The Next 10 Years

Lies, Damn Lies And Government Budgets

1) Corporate journalists and financial pundits know NOTHING about budgets.

2) The Boehner led House passed legislation this evening that INCREASES spending by $7 TRILLION over the next ten years versus a baseline budget that would have increased spending by $9.5 TRILLION over the same period.

3) CBO said today that LESS than 2% of the decrease in the GROWTH of spending will come before the 2012 elections.  The remainder come after the election.

4) Defense and war machine spending will grow at 3% per year instead of 4% per year.

5) This was nothing but an agreement to agree at a later date to look for reductions in planned spending GROWTH.

6) A Super Congress will decide on a mix of tax increases and reductions in planned spending growth to meet the targets at a later date.

7) No one in Congress even considered Ron Paul's simple plan, now endorsed by Time Magazine as well as liberal economist Dean Baker, to wipe out $1.6 trillion in fake debt owned by the Federal Reserve.  Debt that we owe to ourselves, that is entirely legal to wipe away.

8) CBO says under this plan, the national debt will INCREASE from $14.4 TRILLION currently to more than $25 TRILLION over the next 10 years.

9) The assumption for #8 above assumes the economy grows at 3% per year over the next 10 years, and that Treasury interest rates stay at historic lows.  When rates increase, and bet your life that they will, interest on the debt will increase and so will annual deficits, leading to a national debt much higher than the $25 TRILLION that CBO estimates.

10) Regarding Treasury rates and interest on the debt, get educated about a concept called 'DURATION RISK.'  Turbo Geithner and his MENSA bed-fellows at Treasury have chosen to finance the great majority of recent and future borrowing in short-term bills, which means that they have to be rolled over frequently.  This is perhaps the least-discussed and most dangerous issue related to Treasury debt.

11) If S&P or Moody's has the sack to downgrade the U.S. AAA rating, a Sovereign CDS default will be triggered and Global Financial Armageddon will be unleashed.

12) The bill passed by Boehner tonight was the BEST they could do after 6 weeks of fighting.

13) Due to #12, the United States is officially fucked.

Thank you and good night.

 

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Reader Comments (31)

Debt Deal Barely Changes Defense Spending Expectations

http://www.defensenews.com/story.php?i=7263762&c=AME&s=TOP
Aug 1, 2011 at 11:10 PM | Registered CommenterDailyBail
Why are we ignoring Ron Paul's simple, painless debt solution?

http://www.wnd.com/index.php?fa=PAGE.view&pageId=327389#ixzz1TpyrqMzF
Aug 1, 2011 at 11:11 PM | Registered CommenterDailyBail
Ron Paul & Dylan Ratigan: Cancelling Debt Held By The Fed

http://dailybail.com/home/ron-paul-dylan-ratigan-cancelling-debt-held-by-the-fed.html
Aug 1, 2011 at 11:11 PM | Registered CommenterDailyBail
"Stairway To Heaven"

There's a lady who's sure all that glitters is gold
And she's buying the stairway to heaven.
When she gets there she knows, if the stores are all closed
With a word she can get what she came for.
Ooh, ooh, and she's buying the stairway to heaven.

WITH GREAT APOLOGIES TO LED ZEPPELIN
Aug 1, 2011 at 11:21 PM | Unregistered CommenterDavid Brickner
The debt ceiling is irrelevant. It was too late when Ronald Reagan left office. Since Reagan, the USA Federal Government has been a member of the, "living dead." There are no words in the English language to describe this level of sadness.

“In 2011 Dennis Blair, previous director of national intelligence, mentioned that 17 Americans have been killed on U.S. soil by terrorists in the 10 years since 9/11 — 14 of them in the Ft. Hood massacre. Meanwhile, auto accidents, murders and rapes combined have killed an estimated 1.5 million people in the past decade. “What is it that justifies this amount of money on this narrow problem?” WHAT ABOUT THE LIVES OF THE 1.5 MILLION? WHAT IS THE TSA DOING ABOUT THAT?

The only thing Bush proved by invading Iraq was that Sadam was a great leader. Just look at the place then, and compare it to now. Bush and his cronies will go the warmonger way of Hitler and his henchmen. Think of how great the USA and the world would be today if the US never had a military of any kind. All that money could have been used to build a Utopian society. Is the USA run by a secret satanic society? The level of stupidity of the USA leaders over the last nearly 100 years is so incomprehensible, I cannot think of any other explanation for the blatant and widespread insanity. Where does the USA go in the next 20 to 50 years? There is only one course, and it has been played out a thousand times in recorded history. The 50 states will divide up to become separate countries, or groups of states will join together where it is in their benefit. The federal government with their warmongering ways, and all their debt, will go the way of the Romans and their debt. Two long articles are posted on the site: facebook.com/garydonoliver
Aug 1, 2011 at 11:36 PM | Unregistered CommenterGary Oliver
About #13: Who do I see about getting KISSED?
Aug 1, 2011 at 11:50 PM | Unregistered CommenterTR
Nice rant Gary. I think the last statement says it all for me:

Two long articles are posted on the site: facebook.com/garydonoliver

Facebook? Are you kidding me? Its the american people that are idiotic and naive. Why would anyone use Facebook, an Israeli run data mining company, who is now suggesting that there be no more anonymity on the web. They are plenty of file hosting services besides Facebook.
Aug 1, 2011 at 11:54 PM | Unregistered Commenterdogismyth
Thank you.

Good night and good luck.
Aug 2, 2011 at 12:09 AM | Unregistered Commenterewingsc
About #13: Who do I see about getting KISSED?

---

Pelosi and Boehner are waiting to plant a big fat wet one on everyone's rear.
Aug 2, 2011 at 12:27 AM | Registered CommenterDailyBail
Don't point that at me.

http://imgur.com/jFoNr
Aug 2, 2011 at 12:35 AM | Unregistered CommenterTR
funny shit. great link tr.
Aug 2, 2011 at 12:39 AM | Registered CommenterDailyBail
Denninger on Debt Deal

I hope you like higher taxes.

Much higher taxes.

http://market-ticker.org/akcs-www?post=191135
Aug 2, 2011 at 12:43 AM | Registered CommenterDailyBail
NY Fed’s gold hoard worth $350 billion

http://www.rawstory.com/rs/2011/08/01/soaring-demand-spotlights-secret-ny-gold-hoard/

Global economy is cooling rapidly
Commentary: U.S., Europe and China all report weakness in factories

http://www.marketwatch.com/story/global-economy-is-cooling-rapidly-2011-08-01

Even the Tooth Fairy Knows It's a Depression

http://www.dollarvigilante.com/blog/2011/7/29/even-the-tooth-fairy-knows-its-a-depression.html

Our Collpase is Assured........

http://www.youtube.com/watch?v=_xfZ_9PJTFs

On another note LOL I live in WI and think that's funny as hell about the ballots and did you hear the Dem's Recall headquarters burned down...

Fire Destroys We Are Wisconsin PAC Offices in La Crosse

http://foxpoint.patch.com/articles/fire-destroys-offices-of-group-active-in-wisconsin-recall-effort

Things are getting better with Walker in charge

Walker: Wisconsin added 9,500 jobs last month

Gov. Scott Walker says the state added 9,500 jobs last month, accounting for more than half the jobs created nationwide in that period.

http://www.businessweek.com/ap/financialnews/D9OK6CRO1.htm
Aug 2, 2011 at 2:55 AM | Unregistered CommenterLiberatedCitizen
From UrbanSurvival: if you click over to this YouTube video, just out, and hit the 'closed caption' button, you'll soon learn that what the MSM corpmedia is burying is that the Japan mess has about the same radiation release as 20 Hiroshima-sized bombs

http://www.youtube.com/watch?feature=player_embedded&v=Dlf4gOvzxYc
Aug 2, 2011 at 4:08 AM | Unregistered CommenterTR
You've been fucked for a long, long time. Your parents sat there and watched it happen. Maybe you can rectify, maybe not. Up to you.
Aug 2, 2011 at 4:47 AM | Unregistered Commentermofo
Good compilation.

But pleeeze - replace the inaccurate "mainstream" media and "mainstream" journalists with the correct and accurate "Corporate" media and "Corporate" journalists.
The "mainstream" is the Internet, upon which your article is posted ("corporate" media is sliding downhill fast due to their lies and deception)
Aug 2, 2011 at 2:16 PM | Unregistered Commentert quigly
OH, don't worry about cutting expenditures. Its part of the SOLUTION. We are still in the REACTION phase. Since many americans are still armed to the teeth, the REACTION phase is being drawn out for maximum effect from fear and intimidation. The climax should be here soon and predictably the majority of sheepish americans will be asking for the SOLUTION. You know...the one they already have in mind.

The SOLUTION is austerity and more, and it will be brutal and quite possibly deadly for many senior folks. Need an operation and you don't have insurance....too bad. Better hit the relatives up for the cash otherwise you'll die. The forced eugenics program and associated violence (cause there will be pissed off people) will surely reduce our population by more than 25% within a decade or so.

And to be honest, the "haves" won't have much trouble ignoring the despair (and death) of the "have nots". I'll bet my left nut on those predictions.
Aug 5, 2011 at 10:08 PM | Unregistered Commenterdogismyth
I used to see Geithner with Bush's neocons in 1982 when they worked for Sen Henry Jackson D-Wa in Seattle. He was a fidgity kid, and for good reason. He would be standing next to Richard Perle. True story.
Aug 6, 2011 at 12:24 AM | Unregistered CommenterHoward T. Lewis III
I used to see Geithner with Bush's neocons in 1982 when they worked for Sen Henry Jackson D-Wa in Seattle. He was a fidgity kid, and for good reason. He would be standing next to Richard Perle. True story.
Aug 6, 2011 at 12:29 AM | Unregistered CommenterHoward T. Lewis III
If QE2 was repaid by a stack of scrip with a theme like 'slavery derivatives', the national debt, likewise, could be paid off with a wheel-barrow load of 'Milli-vanilli song and dance' derivatives and there would be nothing the debt holders could do. Unless.....
Aug 6, 2011 at 1:17 AM | Unregistered CommenterHoward T. Lewis III
We were bankrupt in 1933, some have dared to admit it over the years.


United States Congressional Record, March 17, 1993 Vol. 33, page H-1303

Speaker-Rep. James Traficant, Jr. (Ohio) addressing the House:

"Mr. Speaker, we are here now in chapter 11. Members of Congress are official trustees presiding over the greatest reorganization of any Bankrupt entity in world history, the U.S. Government. We are setting forth hopefully, a blueprint for our future. There are some who say it is a coroner’s report that will lead to our demise."


We will never be allowed out of receivership.
Aug 6, 2011 at 3:05 AM | Unregistered CommenterS. Gompers
TO DAVE..WITH LUV FROM STEPPENWOLF...THERE IS A MONSTER ON THE LOOSE, AND WE DONT KNOW HOW TO MIND OUR OWN BUSINESS CAUSE THE WHOLE WORLD HAS GOT BE LIKE US, NOW WE ARE FIGHTING A WAR OVER THERE..BUT WE CANT PAY THE COST...ANY OF YOU CUPCAKES REMEMBER THIS SONG AND 8 MILES HIGH..? BOTH WERE BANNED FROM THE FM AIRWAYS IN 1969 I BELIEVE..8 WAS A DRUG SONG..SO THE SUITS THOUGHT..ITS NOT...MONSTER ON THE OTHER HAND PUTS FORTH A QUICK OVER LOOK AT THE HISTORY OF THE UNITED SNAKES..AND AFTER THE BANNING..NO MORE STEPPENWOLF..BUT DO YA REMEMBER THE BASE PLAYER NICK..MOONING ON THE ED SULLIVAN SHOW? PRICELESS...GOODBYE AMERICAN EMPIRE..REST IN PIECES...THE POLICE FARCE IS BEATING THE PEOPLE, AND THE LAZY STUPID SHEEP JUST CANT UNDERSTAND..CAUSE THERES A MONSTER ON THE LOOSE..AND IT JUST SITS THERE WATCHING...
Aug 6, 2011 at 8:42 AM | Unregistered Commenterdr mengle,got twins?
Where are the minute men? This shit is just idle talk and rantings....its time to ride
972.444.0203.
Aug 6, 2011 at 12:43 PM | Unregistered CommenterKing David
Remember kids, when a great big bully has you by the shirt and has just spit in your face, and he wants to hit you until he gets tired, and he is in great physical condition and you are not, it is time to face the fact that justice is not prevailing. Keep in mind this big pile of crap is an obsolete piece of genetic trash and has no real value except as compost material, and you should have used a bit more clever and stayed legal.
I done demonstrated before, and we finally won. Not without peril and lumps. And we stayed legal. They trashed store fronts. They tried to start riots. They injured and murdered people. They were wrong. We could have killed everyone of them. We did not attack a single one. They took advantage. They wanted trouble. We wanted peace.
Aug 6, 2011 at 5:50 PM | Unregistered CommenterHoward T. Lewis III
The World has entered terminal decline of oil production. There will be less and less oil as the years roll by. That is why the U.S. Government is not stimulating the economy for recovery. No oil = no economy.

Get a clue folks. They're not going to tell you that the ship is sinking, and as a result, millions of Americans will go hungry on a regular basis in the not-too-distant future, which is a nice way of saying that people will starve to death.

It's over.

Prepare now (if you can) otherwise you will be a casualty.
Aug 7, 2011 at 4:43 PM | Unregistered CommenterJohnS
I couldn't agree more why we are not on the same page as Ron Paul. And though I agree we are in a knee jerk reaction stage with vultures that have answers to make money of her hardships of honest people I feel more strongly that ignoring the strong possibility that ignoring the great "American Apocalypse" or taking it lightly is a mistake.

Bad money does not make good money. A saying older than the creation of it and it stands true today. Take notes and vote. Continue to hope for the best for everyone who is in a struggle because of this overwhelming greed by the so very few.
Aug 7, 2011 at 7:05 PM | Unregistered CommenterDave
The US is bankrupt because of war. War illegally fought on other nations, war fought on drugs without any effect. The only way out of this with the now usual thinking is for the US to stimulate their economy by, guess what?, You got it. A world War!!! World wars have historically gotten everyone working for a common cause. It has also made the Bush family rich by selling iron to the Germans during WW2. Einstein described insanity as: doing the same thing repeatedly and expecting different results. Time to wake up from insanity US of A.
Mar 23, 2013 at 4:12 PM | Unregistered CommenterClaudeP

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