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Posted: 3/20/2013 12:12:47 PM EST
[#1]
Quoted:
Quoted:
I know there are a lot of regular Zerohedge readers here, so I'm surprised no one posted this link to Kyle Bass addressing Chicago Booth's Initiative on Global Markets last week (Had to watch in Internet Explorer to get video to play. FF to 7:45 to get past intro.) I've never heard the Japanese "bug in search of a windshield" thesis explained so well. Some highlights:
So when Japan blows up, what happens? Maybe we get a fivefold increase in the chance of a first-world military conflict. Or we get lucky and avoid that, and the worst effect is products we get from Toyota, Fujitsu, Kyocera, Panasonic, Sanyo, Sharp, Sony, etc. have decreased quality. The Greece issue messed up our stock markets pretty badly a few years back; imagine what a Japanese blowup would mean. And Japan's problems are similar to ours, but we're years off from realizing those problems. Hopefully. The Karl Rove story about Medicare Part D is interesting. Always figured it was something like that, but never heard the backstory. How long before we are hitting similar numbers here ? The US numbers will officially be recognized as unsustainable, and the dollar rejected as the world's reserve currency, the day before you guys begin work on the OBR I ordered last month. 
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Posted: 3/20/2013 12:19:21 PM EST
[#2]
Quoted: Quoted: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/03/Fed%20vs%20S%26P.jpg Treasury's Lew sees no stock market bubble That's cute. Maybe he should read this article.... Fed's $4 Trillion Question: Where's the Exit Door?"With increasing fervor, investors are asking what is the U.S. central bank's exit strategy for getting rid of all the government debt it has bought in an effort to stimulate risk assets and boost the economy." Hey, maybe the U.S. Treasury could mint FOUR trillion dollar coins and just buy them from the Fed? Yeah, that's the ticket. |
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Posted: 3/20/2013 12:23:00 PM EST
[#3]
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lol at the people who over the years have been saying the euro will become the new reserve currency. Hopefully the Chinese don't have the last laugh. They won't The Chinese are deeper in hock than we are. The difference is they did it with Local Gov debt and Company debt instead of one big Fed wad. China's First Default China Narrowly averts Credit Bubble Pop Who could have possibly guessed that copying the Japanese economic model that resulted in the 1990 crash, except 10 times bigger, could lead to trouble? Pro-Tip: The reason Chinese goods are cheap is because the production of it is subsidized with debt. We all know that selling at a loss can be made up in volume. |
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Posted: 3/20/2013 3:10:46 PM EST
[#4]
Quoted: Quoted: Quoted: lol at the people who over the years have been saying the euro will become the new reserve currency. Hopefully the Chinese don't have the last laugh. They won't The Chinese are deeper in hock than we are. The difference is they did it with Local Gov debt and Company debt instead of one big Fed wad. China's First Default China Narrowly averts Credit Bubble Pop Who could have possibly guessed that copying the Japanese economic model that resulted in the 1990 crash, except 10 times bigger, could lead to trouble? Pro-Tip: The reason Chinese goods are cheap is because the production of it is subsidized with debt. We all know that selling at a loss can be made up in volume. Everyone will take a bite from the shit sandwich but someone will come out on top after the dust settles. There is a lot of evidence China is amassing a huge amount of Gold, in a world of destroyed fiat money that could be the basis for a new globally accepted currency. |
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Posted: 3/20/2013 3:17:15 PM EST
[#5]
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Everyone will take a bite from the shit sandwich but someone will come out on top after the dust settles. There is a lot of evidence China is amassing a huge amount of Gold, in a world of destroyed fiat money that could be the basis for a new globally accepted currency. they've got nothing on India. |
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Posted: 3/20/2013 3:25:44 PM EST
[#6]
Quoted:
Quoted:
Everyone will take a bite from the shit sandwich but someone will come out on top after the dust settles. There is a lot of evidence China is amassing a huge amount of Gold, in a world of destroyed fiat money that could be the basis for a new globally accepted currency. they've got nothing on India. I'm not sure of that. Most of India's Gold is in private hands, China is very tight lipped on what they have. They are and have been for several years the worlds leading producer of Gold. The open numbers for their imports are hitting 1000 tons a year. China Gold Imports From Hong Kong Climb to Record on Wealth Mainland China imported 834,502 kilograms (834.5 metric tons), including scrap and coins, compared with about 431,215 kilograms in 2011, according to Bloomberg calculations based on data from Hong Kong’s Census and Statistics Department. Imports in December rose to a monthly record of 114,405 kilograms, according to data from the department yesterday. China was expected to displace India as the world’s biggest gold consumer last year, according to a forecast in November from the producer-funded World Gold Council. |
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Posted: 3/20/2013 3:51:31 PM EST
[#7]
Quoted: BERNANKE: No signs of stock bubble...Quoted: Quoted: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/03/Fed%20vs%20S%26P.jpg Treasury's Lew sees no stock market bubbleThat's cute. Maybe he should read this article.... Fed's $4 Trillion Question: Where's the Exit Door?"With increasing fervor, investors are asking what is the U.S. central bank's exit strategy for getting rid of all the government debt it has bought in an effort to stimulate risk assets and boost the economy." Hey, maybe the U.S. Treasury could mint FOUR trillion dollar coins and just buy them from the Fed? Yeah, that's the ticket.  You LIE!  No Checks, No Balance...Tyrannical Government  |
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Posted: 3/20/2013 4:02:00 PM EST
[#8]
Quoted: Quoted: BERNANKE: No signs of stock bubble...That's cute. Maybe he should read this article.... Fed's $4 Trillion Question: Where's the Exit Door?"With increasing fervor, investors are asking what is the U.S. central bank's exit strategy for getting rid of all the government debt it has bought in an effort to stimulate risk assets and boost the economy." Hey, maybe the U.S. Treasury could mint FOUR trillion dollar coins and just buy them from the Fed? Yeah, that's the ticket. You LIE! No Checks, No Balance...Tyrannical Government It's only a "bubble" AFTER it collapses, silly. The internet bubble was called the "new economy" before it collapsed and was called a "bubble". The housing bubble was called "investing in the American dream" before it collapsed and was called a "bubble". Stocks will run for awhile yet. So there's no bubble. Until there is. THEN it will be obvious. |
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Posted: 3/20/2013 4:09:33 PM EST
[#9]
Quoted: snip... It's only a "bubble" AFTER it collapses, silly. The internet bubble was called the "new economy" before it collapsed and was called a "bubble". The housing bubble was called "investing in the American dream" before it collapsed and was called a "bubble". Stocks will run for awhile yet. So there's no bubble. Until there is. THEN it will be obvious. Right, duh!!!  I feel really embarrassed... 
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Posted: 3/20/2013 4:31:51 PM EST
[#10]
Quoted:
I'm not sure of that. Most of India's Gold is in private hands, China is very tight lipped on what they have. They are and have been for several years the worlds leading producer of Gold. The open numbers for their imports are hitting 1000 tons a year. China Gold Imports From Hong Kong Climb to Record on Wealth Mainland China imported 834,502 kilograms (834.5 metric tons), including scrap and coins, compared with about 431,215 kilograms in 2011, according to Bloomberg calculations based on data from Hong Kong’s Census and Statistics Department. Imports in December rose to a monthly record of 114,405 kilograms, according to data from the department yesterday. China was expected to displace India as the world’s biggest gold consumer last year, according to a forecast in November from the producer-funded World Gold Council. Good read. The thing is that having gold/silver in the citizen's hands is how a PM based economy would smoothly take over after a fiat crash. Simply having it in a vault with paper in distribution won't calm the masses. |
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Posted: 3/21/2013 9:21:58 AM EST
[#11]
Making the Call...WE are entering a New 'Recession'!
US Restaurant Spending "Pretty Ugly" In February I wonder how History will define this Depression? |
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Posted: 3/21/2013 10:05:30 AM EST
[#12]
Quoted:
Making the Call...WE are entering a New 'Recession'!
US Restaurant Spending "Pretty Ugly" In February I wonder how History will define this Depression?
Noticed that ... no wait, walk right in. |
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Posted: 3/21/2013 10:10:25 AM EST
[#13]
Quoted:
Making the Call...WE are entering a New 'Recession'!
US Restaurant Spending "Pretty Ugly" In February I wonder how History will define this Depression?
We will not go back into recession. That requires 2 quarters of negative GDP growth. 2 weeks ago last qtr GDP was revised upwards from negative to +0.1% As long as they keep changing how they compute inflation, when they adjust the raw GDP numbers for inflation, they can always produce a positive GDP growth, simply by under estimating inflation and having the UN-accounted for growth due to inflation, show up as positive growth in GDP. |
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Posted: 3/25/2013 5:41:56 AM EST
[#14]
EU finance ministers approve Cyprus bailout deal, avoiding bankruptcy
Published March 25, 2013 FoxNews.com Cyprus' Parliament president says a 10 billion euro ($13 billion) package of rescue loans secured by his country in tense, last-ditch negotiations is a "painful one," although the bailout saved the country from a banking system collapse and bankruptcy. Yiannakis Omirou said Monday that Cyprus must work fast to reform its economy and leave the bailout as soon as possible. The deal reached in Brussels early Monday prevented Cyprus' imminent financial meltdown by securing the bailout on the condition that the country cut back its banking sector and force large losses on big deposits to help pay much of the bill. Without a bailout deal by Monday night, the tiny Mediterranean nation would have faced the prospect of bankruptcy, which could have forced it to become the first country to abandon the euro currency. That would have sent the region's markets spinning. Read more here. Emphasis above is mine. Now I am not as good as most of you guys with interpreting data, but it seems to me that the rich are being forced to "pay their fair share". |
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Posted: 3/25/2013 6:21:38 AM EST
[#15]
Well it doesn't matter if its the rich paying, when the banks open, the rest of the people are going to remove their share. They have already shattered the confidence that enables the system to function.
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Posted: 3/25/2013 7:43:39 AM EST
[#16]
Quoted: "Analysts have estimated investors might lose up to 40 percent of their money."EU finance ministers approve Cyprus bailout deal, avoiding bankruptcy Published March 25, 2013 FoxNews.com Cyprus' Parliament president says a 10 billion euro ($13 billion) package of rescue loans secured by his country in tense, last-ditch negotiations is a "painful one," although the bailout saved the country from a banking system collapse and bankruptcy. Yiannakis Omirou said Monday that Cyprus must work fast to reform its economy and leave the bailout as soon as possible. The deal reached in Brussels early Monday prevented Cyprus' imminent financial meltdown by securing the bailout on the condition that the country cut back its banking sector and force large losses on big deposits to help pay much of the bill. Without a bailout deal by Monday night, the tiny Mediterranean nation would have faced the prospect of bankruptcy, which could have forced it to become the first country to abandon the euro currency. That would have sent the region's markets spinning. Read more here. Emphasis above is mine. Now I am not as good as most of you guys with interpreting data, but it seems to me that the rich are being forced to "pay their fair share". Global Governments have become the Modern-day Mafia What happens when the People no longer want to play their game? That should end well...F'in Pimps 'Hey, Hey, calm down people...WE had to suspend our 'System' in order to Save It'  Citizen reaction should be interesting. My Prediction: Cry but Comply |
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Posted: 3/25/2013 8:02:06 AM EST
[#17]
http://www.zerohedge.com/news/2013-03-24/rampapalooza-cyprus-troika-reach-deal
As Bloomberg further clarifies, uninsured depositors, or those with over EUR100,000 in savings may be completely wiped out: "Deposits below the EU deposit-guarantee ceiling of 100,000 euros will be protected, and a loss of no more than 40 percent will be imposed on uninsured depositors at the Bank of Cyprus, two EU officials said. Uninsured depositors at Cyprus Popular would largely be wiped out, two other officials said."
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Posted: 3/25/2013 8:16:17 AM EST
[#18]
I think I hear a big sucking sound of large accounts leaving EU banks.
This will not end well. |
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Posted: 3/25/2013 8:34:21 AM EST
[#19]
Looks like Spain is going to get in on this banking party - but for now, it's only the investors who will bear the brunt.
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Posted: 3/25/2013 9:11:40 AM EST
[#20]
Here's a really interesting take:
Cyprus is in a struggle to save itself, at least the European definition of "save itself," and remain a Eurozone member. But will Cyrpus even use the same euro as the rest of Europe when all is said and done?
After all, banks remain closed in Cyprus, which means a euro in a Cypriot bank has very little value. If you can't spend it, is it really a euro? And even when banks reopen, it is assumed that capital controls will be imposed to prevent euros from leaving the island. So a French euro will be able to purchase goods and services in Germany, but a Cypriot euro will not. It seems then that a Cypriot euro is unambiguously worth less than a French euro. Thus, there will be two Euros in circulation (if not already). This is the thesis of blogger Guntrum B. Wolff (ht Ed Harrison): The most important characteristic of a monetary union is the ability to move money without any restrictions from any bank to any other bank in the entire currency area. If this is restricted, the value of a euro in a Cypriot bank becomes significantly inferior to the value of a euro in any other bank in the euro area. Effectively, it means that a Cypriot euro is not a euro anymore. By agreeing to this measure, the ECB has de-facto introduced a new currency in Cyprus.
I think this might be right. If I can spend my dollar in Oregon but not in California, it is really the same dollar? I think not. link ETA: It's going to be really interesting when this bailout/in fails like all the others before it. |
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Posted: 3/25/2013 10:54:38 AM EST
[#21]
Folks, please consider- and yes, I'm serious. The bailouts are working perfectly. Think about it... ...It's all about cash flow: Who the cash is flowing from, and who the cash flows to. 
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Posted: 3/25/2013 11:02:36 AM EST
[#22]
Quoted:
Here's a really interesting take: Cyprus is in a struggle to save itself, at least the European definition of "save itself," and remain a Eurozone member. But will Cyrpus even use the same euro as the rest of Europe when all is said and done?
After all, banks remain closed in Cyprus, which means a euro in a Cypriot bank has very little value. If you can't spend it, is it really a euro? And even when banks reopen, it is assumed that capital controls will be imposed to prevent euros from leaving the island. So a French euro will be able to purchase goods and services in Germany, but a Cypriot euro will not. It seems then that a Cypriot euro is unambiguously worth less than a French euro. Thus, there will be two Euros in circulation (if not already). This is the thesis of blogger Guntrum B. Wolff (ht Ed Harrison): The most important characteristic of a monetary union is the ability to move money without any restrictions from any bank to any other bank in the entire currency area. If this is restricted, the value of a euro in a Cypriot bank becomes significantly inferior to the value of a euro in any other bank in the euro area. Effectively, it means that a Cypriot euro is not a euro anymore. By agreeing to this measure, the ECB has de-facto introduced a new currency in Cyprus.
I think this might be right. If I can spend my dollar in Oregon but not in California, it is really the same dollar? I think not. link ETA: It's going to be really interesting when this bailout/in fails like all the others before it. it's not just cypress.... they have their eyes elsewhere |
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Posted: 3/25/2013 4:35:06 PM EST
[#23]
If they thought they could get away with it here, they would do it in a heartbeat.
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Posted: 3/25/2013 4:49:27 PM EST
[#24]
Quoted:
Folks, please consider- and yes, I'm serious. The bailouts are working perfectly. Think about it... ...It's all about cash flow: Who the cash is flowing from, and who the cash flows to. 
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Posted: 3/25/2013 5:59:00 PM EST
[#25]
I'd like to recommend a book. "The Servant Economy" by Jeff Faux. Good explanation of how we got to where we are. He also makes predictions about where we are
headed. As I'm sure we all know, making prediction(especialy about the future) is an iffy business. |
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Posted: 3/25/2013 6:13:54 PM EST
[#26]
Quoted:
I'd like to recommend a book. "The Servant Economy" by Jeff Faux. Good explanation of how we got to where we are. He also makes predictions about where we are headed. As I'm sure we all know, making prediction(especialy about the future) is an iffy business. Yes, much more accurate making predictions about the past. |
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Posted: 3/25/2013 6:28:09 PM EST
[#27]
I was hoping someone would pick up on that!
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Posted: 3/25/2013 9:25:01 PM EST
[#28]
Quoted:
Well it doesn't matter if its the rich paying, when the banks open, the rest of the people are going to remove their share. They have already shattered the confidence that enables the system to function. There is a cap on the amount they can withdrawal.
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Posted: 3/25/2013 10:09:25 PM EST
[#29]
Quoted: I'd like to recommend a book. "The Servant Economy" by Jeff Faux. Good explanation of how we got to where we are. He also makes predictions about where we are headed. As I'm sure we all know, making prediction(especialy about the future) is an iffy business. I have read Jeff Faux book, I understand his substitutions. Several years ago I attended an economic conference were he spoke. All I can say, is he's a near miss. He is blinded by progressive ideology. He blames our current problems on the fact that he believes we don't have enough government intervention. Where most of us on the other side blame it on too much government intervention. The financial crisis would have resolved many of the problems created by what he calls Wall Street greed, if only government had allowed the natural economic system to correct it. We didn't. Bush abandoned free market principles and Obama continued this. I could go on for pages on the flaws in his assumptions but I won't. I will simply say, he is wrong. |
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Posted: 3/26/2013 11:35:57 AM EST
[#30]
Earlier in this thread I wrote that basically Q.E. is counterfeiting money. In a criminal counterfeiting scheme the people that benefit the most are the those printing the money, then those who get the money next gain the next greatest benefit, and so on down the line. Each level benefits less from the "new money" and in fact by the time it reaches or "trickles down" to the middle-class, and poor the inflation it causes has the greatest detrimental effect. On these economic classes it's basically a regressive tax. This is basic economics, and should be easy enough for most people to understand.
In the case of Q.E. and increased government deficit spending the political elite, and oligarchs have reaped the greatest benefits. Banks, and financial institutions have received the tremendous benefit. And while many of them are at least in part culpable for the "financial crisis" few top executives have faced punitive action. Next the wealthiest Americans who have assets have enjoyed an economic revitalization. Their "wealth" has returned to pre-crisis levels. But beyond their ranks few have truly benefited. The unemployment improvements are misleading. They've downplayed or outright ignored the U6 unemployment numbers which seem to show that there has been little if any improvement in workforce participation, U6 remains in the 14-15% range. It looks like a lot of working-aged Americans have just "disappeared" or "gone Galt" in this economy. I think perhaps the most shocking fact is that fewer Americans today hold jobs in actual numbers then held jobs in 2000. That in and of itself is disturbing, made even more disturbing when you consider the fact that the population has increased by over 30 million new workers over that same period. The reality is a lot of working aged individuals aren't working. There are a staggering amount of young people below the age of 35 who hold part-time or low wage jobs. And the hardship doesn't seem to end there. It looks like a significant part of the job creation is people working 2 low-wage jobs in an effort to try to make ends meet which skewes workforce participation even more . These numbers have been a disturbing sign that this recovery is like no other we've ever seen. Today CNBC posted an article talking about the Fed's acknowledgement and concern of this trend. The wealthy are getting wealthier, and the middle-class or poor are getting poorer. They don't have the tools to address this. I thought you might like to read it for yourself: Has Wealth Inequality in US Sparked Fed's Interest?What would be your solution? Personally, I would eliminate payroll taxes for all employees and employers. I'd phase out ALL payroll withholding, for things like social security, SSI disability, medicare and medicaid. Be honest, none of these "contributions" are anything more then involuntary taxes that ultimately are part of the Federal Budget. It's stupid to slice and dice taxes to make them look like anything other then what they are, taxes. Personally, I'd like to see it all offset by a national sales tax, or some combination of sales tax and other tax. For employers this would reduce the cost of employing people by roughly 7%, and it would put 7% MORE money in the pockets of working Americans. Next I would like to see income tax replaced all together, and along with it all mandatory withholding. Again, I rather pay a national sales tax to offset the revenue. Finally, I'd like to see corporate tax rates eliminated as well, but if that is not possible at least lowered to 10% across the board. This would make American one of the more attractive places in the world for business, and might bring new jobs and money into our system. |
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Posted: 3/26/2013 12:08:28 PM EST
[#31]
^ ^ ^
Take all the nation's wealth to the street corners of America's downtown and hand the last of it out. Just get it over with. |
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Posted: 3/26/2013 12:30:06 PM EST
[#32]
Quoted: ^ ^ ^ Take all the nation's wealth to the street corners of America's downtown and hand the last of it out. Just get it over with. I really wish someone could find the reset button, and just reboot. I'd rather go through a massive, perhaps violent, reset, then years and years of this Wizard of Oz manipulation. Nowhere on the globe is it working. It's not fixing the systemic problems in Europe, it won't fix the problems in Japan, or the United States either. I agree, let's just get it over with.
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Posted: 3/26/2013 12:42:02 PM EST
[#33]
Quoted:
Earlier in this thread ... Where is the leadership pushing this (or any other) plan?
I'm adamantly against a national sales tax, unless the constitutional government power to tax incomes is repealed and replaced with an absolute prohibition on taxing incomes. Furthermore, any replacement for income tax must not be hidden. It should show up on the receipt for purchased goods or services as FEDERAL TAX: $$.$$ I think we would do well to end (forbid) mandatory withholding for medicare, social security, and income tax, and make everyone write a check for their quarterly estimate. This is predicated on the idea that the people in this nation want the government to shrink, and that the government will allow itself to shrink. J. |
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Posted: 3/26/2013 12:54:22 PM EST
[#34]
There's a few folks that didn't save as some Democrats promised them the moon ...
http://www.foxnews.com/politics/2013/03/26/alameda-county-administrator-to-get-423644-year-after-retirement/ |
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Posted: 3/26/2013 1:48:34 PM EST
[#35]
Quoted: Amen!!!Quoted: ^ ^ ^ Take all the nation's wealth to the street corners of America's downtown and hand the last of it out. Just get it over with. I really wish someone could find the reset button, and just reboot. I'd rather go through a massive, perhaps violent, reset, then years and years of this Wizard of Oz manipulation. Nowhere on the globe is it working. It's not fixing the systemic problems in Europe, it won't fix the problems in Japan, or the United States either. I agree, let's just get it over with. By that not happening, WE are left with these Treasonous, Failing Policies Global Oligarchs are stealing OUR Wealth, directly or indirectly...Who voted for that? |
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Posted: 3/26/2013 1:58:41 PM EST
[#36]
Quoted:
Quoted:
^ ^ ^ Take all the nation's wealth to the street corners of America's downtown and hand the last of it out. Just get it over with. I really wish someone could find the reset button, and just reboot. I'd rather go through a massive, perhaps violent, reset, then years and years of this Wizard of Oz manipulation. Nowhere on the globe is it working. It's not fixing the systemic problems in Europe, it won't fix the problems in Japan, or the United States either. I agree, let's just get it over with. I firmly believe you will get your wish. And in the not so distant future. |
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Posted: 3/26/2013 3:15:11 PM EST
[#37]
Quoted:
Quoted:
Quoted:
^ ^ ^ Take all the nation's wealth to the street corners of America's downtown and hand the last of it out. Just get it over with. I really wish someone could find the reset button, and just reboot. I'd rather go through a massive, perhaps violent, reset, then years and years of this Wizard of Oz manipulation. Nowhere on the globe is it working. It's not fixing the systemic problems in Europe, it won't fix the problems in Japan, or the United States either. I agree, let's just get it over with. I firmly believe you will get your wish. And in the not so distant future. With what is happening with Cyprus, with hearing that they are talking about doing the same to the PIIGS, and that the finger is being pointed at Brussels and Berlin as the bad guys, I fear we are seeing the beginnings of the next ground war in Europe. |
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Posted: 3/26/2013 5:17:24 PM EST
[#38]
Quoted: Quoted: Quoted: Quoted: ^ ^ ^ Take all the nation's wealth to the street corners of America's downtown and hand the last of it out. Just get it over with. I really wish someone could find the reset button, and just reboot. I'd rather go through a massive, perhaps violent, reset, then years and years of this Wizard of Oz manipulation. Nowhere on the globe is it working. It's not fixing the systemic problems in Europe, it won't fix the problems in Japan, or the United States either. I agree, let's just get it over with. I firmly believe you will get your wish. And in the not so distant future. With what is happening with Cyprus, with hearing that they are talking about doing the same to the PIIGS, and that the finger is being pointed at Brussels and Berlin as the bad guys, I fear we are seeing the beginnings of the next ground war in Europe. I'll be honest the EU and Euro have turned into a socialism killer, unintended I'm sure. That's why you'll hear them talk about trying to correct that problem. But separating their "Treasury" function from their political function really causes a bit more fiscal responsibility. It also has caused Europeans socialist a hell of a lot of grief. They can't just vote themselves MORE money. Every fiscal imbalance becomes big news, and causes a lot of drama. Which is the way it should be. Our politicians act as if fiscal consequences don't even enter their mind when voting for something that is going to cost money. And the fed can just pump counterfeit money into the economy at their whim and it doesn't even make the headlines. The EU will either succeed at reducing European socialism and fiscal irresponsibility, or they'll build a truly United States of Europe, creating more centralized political powers. Or it will all just eventually fall apart. My money is on the latter. It will eventually just fall apart. Their cultural and nationalistic divide is too great. If you went back to the 1800's, in fact up to, and shortly after the American Civil War you would have seen a similar "nationalistic" fervor from citizens of various states. But they shared a common language and fairly similar cultures. Not so in Europe. They don't even share a single unifying language. I don't see how their "confederation" can survive long term, and I certainly don't see the U.S.E becoming a reality. I'm not sure it would result in war. Not that there might be wars over other issues in Europe. But going to war over the Euro is self defeating. If the political/economic pain gets to be too much they'll just drop out and default on their EU obligations. I suppose their is an outside chance war breaks out inside a country like Greece, and the Greek leadership calls in European troops and peace-keepers to maintain order. That could happen but I think it unlikely. Unless the opposition to austerity became much more organized and violent. Throwing molotov cocktails and protest probably isn't enough. |
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Posted: 3/27/2013 3:00:57 AM EST
[#39]
Jeeze.
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Posted: 3/27/2013 5:38:58 AM EST
[#40]
Quoted: Quoted: Earlier in this thread ... Where is the leadership pushing this (or any other) plan? I'm adamantly against a national sales tax, unless the constitutional government power to tax incomes is repealed and replaced with an absolute prohibition on taxing incomes. Furthermore, any replacement for income tax must not be hidden. It should show up on the receipt for purchased goods or services as FEDERAL TAX: $$.$$ I think we would do well to end (forbid) mandatory withholding for medicare, social security, and income tax, and make everyone write a check for their quarterly estimate. This is predicated on the idea that the people in this nation want the government to shrink, and that the government will allow itself to shrink. J. What you stated is basically the "Fair Tax" bill. There are quite a few books on Amazon that go into detail of the bill. Part of the bill is a repeal of the 16th Amendment. |
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Posted: 3/27/2013 9:23:04 AM EST
[#41]
Quoted: Quoted: Earlier in this thread ... Where is the leadership pushing this (or any other) plan? I'm adamantly against a national sales tax, unless the constitutional government power to tax incomes is repealed and replaced with an absolute prohibition on taxing incomes. Furthermore, any replacement for income tax must not be hidden. It should show up on the receipt for purchased goods or services as FEDERAL TAX: $$.$$ I think we would do well to end (forbid) mandatory withholding for medicare, social security, and income tax, and make everyone write a check for their quarterly estimate. This is predicated on the idea that the people in this nation want the government to shrink, and that the government will allow itself to shrink. J. I oppose all income taxes, for the same reasons our founding fathers opposed them. They reek of slavery, or servitude. You "owe your master a first share of the fruits of your labor", that's wrong on so many levels. It's been around for long enough now that most Americans just "except". This was not always the case. I'm also no a huge fan of mandatory withholding. It is ironic that people get angry about "deposit taxes", government reaching into your bank account and taking out money, but feel fine about government doing this every paycheck. I'm also not a huge fan of perpetual property tax, which is tantamount to state ownership of land, and the payment of rents. But that's a different tax "windmill". And I suppose that they could use the excuse that they "defend it" with police and defense spending. But I still believe it should be capped, or a one-time transaction tax. Something other then what it is. I agree the 16th Amendment should be repealed. It is slavery. I like the FairTax.org, except for the rebate function. Paying everyone a paycheck on a monthly basis seems unnecessarily complex. But overall I like the concept and support it (even with the rebate mechanism) Government that taxes transactions are the most honest and transparent. I hate hidden, complex, and obscure taxation systems. The payers SEE the effects of government spending. |
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Posted: 3/27/2013 9:34:13 AM EST
[#42]
Quoted:
"Analysts have estimated investors might lose up to 40 percent of their money."Emphasis above is mine. Now I am not as good as most of you guys with interpreting data, but it seems to me that the rich are being forced to "pay their fair share".
Global Governments have become the Modern-day Mafia
What happens when the People no longer want to play their game? That should end well...F'in Pimps
'Hey, Hey, calm down people...WE had to suspend our 'System' in order to Save It'
Citizen reaction should be interesting. My Prediction: Cry but Comply
[/quote] The rest of the world will comply. We still have guns. Wonder why they are trying to take guns that only have 300 deaths a year tied to them? I don't think it's for the children. It's for the politicians and bankers.
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Posted: 3/27/2013 11:09:02 AM EST
[#43]
His statement explains all the current Economic Fraud...I'm coining a new phrase...'Sub-Prime' Gold
Santelli: 'I Don't Look at Gold as Gold Anymore' WE will be left with a Tyrannical Government, after all the So Big, they Have to Fail Bubbles Burst |
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Posted: 3/27/2013 11:13:31 AM EST
[#44]
Quoted: Quoted: Emphasis above is mine. Now I am not as good as most of you guys with interpreting data, but it seems to me that the rich are being forced to "pay their fair share". "Analysts have estimated investors might lose up to 40 percent of their money." Global Governments have become the Modern-day Mafia What happens when the People no longer want to play their game? That should end well...F'in Pimps 'Hey, Hey, calm down people...WE had to suspend our 'System' in order to Save It' Citizen reaction should be interesting. My Prediction: Cry but Comply The rest of the world will comply. We still have guns. Wonder why they are trying to take guns that only have 300 deaths a year tied to them? I don't think it's for the children. It's for the politicians and bankers. Let's hope these 'Guards' stay calm & understanding? Cyprus Banks Opening: Guards Prepare for Battle...  No money allowed to leave country... |
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Posted: 3/27/2013 11:54:38 AM EST
[#45]
Quoted:
Quoted:
Quoted:
Earlier in this thread ... Where is the leadership pushing this (or any other) plan?
I'm adamantly against a national sales tax, unless the constitutional government power to tax incomes is repealed and replaced with an absolute prohibition on taxing incomes. Furthermore, any replacement for income tax must not be hidden. It should show up on the receipt for purchased goods or services as FEDERAL TAX: $$.$$ I think we would do well to end (forbid) mandatory withholding for medicare, social security, and income tax, and make everyone write a check for their quarterly estimate. This is predicated on the idea that the people in this nation want the government to shrink, and that the government will allow itself to shrink. J. I oppose all income taxes, for the same reasons our founding fathers opposed them. They reek of slavery, or servitude. You "owe your master a first share of the fruits of your labor", that's wrong on so many levels. It's been around for long enough now that most Americans just "except". This was not always the case. I'm also no a huge fan of mandatory withholding. It is ironic that people get angry about "deposit taxes", government reaching into your bank account and taking out money, but feel fine about government doing this every paycheck. I'm also not a huge fan of perpetual property tax, which is tantamount to state ownership of land, and the payment of rents. But that's a different tax "windmill". And I suppose that they could use the excuse that they "defend it" with police and defense spending. But I still believe it should be capped, or a one-time transaction tax. Something other then what it is. I agree the 16th Amendment should be repealed. It is slavery. I like the FairTax.org, except for the rebate function. Paying everyone a paycheck on a monthly basis seems unnecessarily complex. But overall I like the concept and support it (even with the rebate mechanism) Government that taxes transactions are the most honest and transparent. I hate hidden, complex, and obscure taxation systems. The payers SEE the effects of government spending. I'm opposed to sales taxes, any tax on gross economic activity is more intrusive and has greater unintended consequences than even the most progressive tax on profit, but more than that, focusing on taxation is a waste of resources. You can't starve a beast if you aren't willing to cage it, that just gets you eaten. In other words we need to focus on the illegitimate powers being exercised by our government, no tax reform is going to have the slightest impact unless we manage to put government back in its cage. I understand the objections to property taxes as well, but my experience with fire and life safety have convinced me that they're the best way to fund public services at the local level, assuming we're going to have publicly funded local services. A fire district's budget is directly related to the economic value it's responsible for protecting, which seems to me as it should be. If government were in its cage, the cost would be so much lower we would have better options to fund it, and any method would present less of a moral problem. The immorality of taxation isn't in the method used it's in the purposes it's used for, the moral imperative is to keep the inherent violation of property rights to a minimum while adequately funding that which is necessary and sufficient to secure the rights of the people. Keeping the egregiousness of a necessary evil like taxation to a minimum is inherently a complex problem. |
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Posted: 3/27/2013 11:56:57 AM EST
[#46]
Quoted:
Quoted:
Quoted:
Earlier in this thread ... Where is the leadership pushing this (or any other) plan?
I'm adamantly against a national sales tax, unless the constitutional government power to tax incomes is repealed and replaced with an absolute prohibition on taxing incomes. Furthermore, any replacement for income tax must not be hidden. It should show up on the receipt for purchased goods or services as FEDERAL TAX: $$.$$ I think we would do well to end (forbid) mandatory withholding for medicare, social security, and income tax, and make everyone write a check for their quarterly estimate. This is predicated on the idea that the people in this nation want the government to shrink, and that the government will allow itself to shrink. J. I oppose all income taxes, for the same reasons our founding fathers opposed them. They reek of slavery, or servitude. You "owe your master a first share of the fruits of your labor", that's wrong on so many levels. It's been around for long enough now that most Americans just "except". This was not always the case. I'm also no a huge fan of mandatory withholding. It is ironic that people get angry about "deposit taxes", government reaching into your bank account and taking out money, but feel fine about government doing this every paycheck. I'm also not a huge fan of perpetual property tax, which is tantamount to state ownership of land, and the payment of rents. But that's a different tax "windmill". And I suppose that they could use the excuse that they "defend it" with police and defense spending. But I still believe it should be capped, or a one-time transaction tax. Something other then what it is. I agree the 16th Amendment should be repealed. It is slavery. I like the FairTax.org, except for the rebate function. Paying everyone a paycheck on a monthly basis seems unnecessarily complex. But overall I like the concept and support it (even with the rebate mechanism) Government that taxes transactions are the most honest and transparent. I hate hidden, complex, and obscure taxation systems. The payers SEE the effects of government spending. If folks had to take their payroll check down to the payroll tax office to get it "cashed" ... |
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Posted: 3/27/2013 5:45:18 PM EST
[#47]
FABER: Not Even Gold Will Save You From What is Coming...
Here's his explanation: When you print money, the money does not flow evenly into the economic system. It stays essentially in the financial service industry and among people that have access to these funds, mostly well-to-do people. It does not go to the worker. I just mentioned that it doesn't flow evenly into the system. Now from time to time it will lift the NASDAQ like between 1997 and March 2000. Then it lifted home prices in the U.S. until 2007. Then it lifted the commodity prices in 2008 until July 2008 when the global economy was already in recession. More recently it has lifted selected emerging economies, stock markets in Indonesia, Philippines, Thailand, up four times from 2009 lows and now the U.S. So we are creating bubbles and bubbles and bubbles. This bubble will come to an end. My concern is that we are going to have a systemic crisis where it is going to be very difficult to hide. Even in gold, it will be difficult to hide. |
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Posted: 3/27/2013 7:29:58 PM EST
[#48]
The entire western world economy is one big debt bubble.
The only way they can keep it going is to keep the debt bubble growing. |
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Posted: 3/27/2013 10:36:24 PM EST
[#49]
Well at least the dollar is the world's reserve currency....at least for awhile longer.
http://www.ibtimes.com/so-long-yankees-china-brazil-ditch-us-dollar-trade-deal-brics-summit-1153415# So Long, Yankees! China And Brazil Ditch US Dollar In Trade Deal Before BRICS SummitChina and Brazil agreed to trade in each other’s currencies just hours ahead of the BRICS summit in South Africa. tick tick tick tick tick..... |
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Posted: 3/27/2013 10:40:28 PM EST
[#50]
Quoted:
Well at least the dollar is the world's reserve currency....at least for awhile longer. http://www.ibtimes.com/so-long-yankees-china-brazil-ditch-us-dollar-trade-deal-brics-summit-1153415#
So Long, Yankees! China And Brazil Ditch US Dollar In Trade Deal Before BRICS SummitChina and Brazil agreed to trade in each other’s currencies just hours ahead of the BRICS summit in South Africa. tick tick tick tick tick..... @^%$#$%(*%* and here we go 
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