An Absolute Farce

181
132
Sun, Nov 20, 2011 - 5:44pm

Back in August, we were all treated to some "political theater" entitled "The Great Debt Ceiling Debate of 2011". What's the old line? Oh, yah..."Fool me once, shame on you. Fool me a couple hundred times, shame on me."

Seriously, this would be comical if the stakes weren't so high. The United States of America, the world's largest debtor and provider of the world's reserve currency, is insolvent and bankrupt. Its leaders are brazenly corrupt. However, its citizenry has been dumb-downed to the point of ambivalence. Therefore, the following has been allowed to pass without so much as a whisper of complaint as if its nothing but "business as usual" in Washington.

1) The "debt ceiling law" was written in 1917 (deltabravo #1 Woodrow Wilson was POTUS) ostensibly to provide a limit to the borrowing power of the federal government.

2) For almost 100 years, every time the "ceiling" is approached, Congress simply votes to raise it. Some ceiling, huh?

3) This past August, "fiscal sanity" suddenly seemed to emerge as "tea party" republocrats were going to "hold the president's feet to the fire" and halt the growth of the national debt.

4) The "crisis" was averted when a "deal was struck" that would only raise the debt ceiling by an equivalent amount of tax hikes and spending cuts.

5) However, tax hikes and spending cuts are too scawey fo little o congwessmen to debate. So, they violate the Constitution by granting special powers to a "Super Committee", conveniently comprised of legislators from districts and states whose seats are deemed "safe" due to years of gerrymandering, fundraising and other ill-begotten political benefits.

6) The Super Committee would meet in private and be tasked with the job of finding a "grand compromise" which would include new tax hikes and spending cuts. We were assured that, if the committee could not reach an agreement by November 21, "draconian" budget cuts would immediately be implemented.

7) These supah-scawey cuts would, undoubtedly, serve as the ultimate inspiration for The Super Committee to reach their "grand compromise".

8) The budget would be saved. The U.S. fiscal house would be in order. Nirvana, peace and utopia would reign for the next thousand years.

Hmmm. Not so much.

We find out today that The Super Committee has failed..."punted", as they say. Oh, you must be wondering, I wonder whose "ox is about to be gored" by those "draconian cuts"? Ahhh....no big deal. We also find out today that there were never going to be any "draconian cuts". It was all just a ruse. There are no cuts until 2013. No tax hikes until 2013, either.

Hold on a minute. Wait just a second. If we go back to August, the only way that the debt ceiling was going to be raised was on the promise that The Super Committee would negotiate a settlement. The fact that there would be a "settlement" was ensured by the pending "draconian cuts". Now you're telling me that the committee has failed to reach an agreement and that's OK because there are no cuts or tax hikes until 2013 anyway? Nothing changes? All is well?

HUH?!?!?!?!

And there's no outrage? No one cares that the citizens of the U.S. were sold a bill of goods back in August, all in the name of political expediency? Am I the only one who is incredulous at this? Just because this is "business as usual in Washington" means that this is no big deal?

Well, I got news for you. It is a big deal! This country is doomed! Soon, the undeniable, rapidly-accelerating spiral of debt will unleash heretofore unseen myriad of financial disasters upon this planet. Your only financial protection against this apocalypse is physical precious metal. Period. Buy it now while you still can.

TF

About the Author

Founder
turd [at] tfmetalsreport [dot] com ()

  181 Comments

  Refresh
Be Prepared
Nov 21, 2011 - 12:38pm

MFingGlobal's Theft really $1.2 Billion

MF Global Trustee Says Commingling Shortfall May Be Double Previous Estimate, Could Reach "$1.2 Billion Or More"

Submitted by Tyler Durden on 11/21/2011 11:29 -0500
The day after MF Global filed, we calculated that contrary to widely accepted media expectations that the client theft at MF Global was limited to "only" $600 million, the true client loss (and thus, MF Global executive felony) was in fact up to $1.5 billion. Sure enough, three weeks in the Trustee has come to see things in a comparable light. From Reuters: "The trustee liquidating MF Global Holdings Ltd'sbroker-dealer unit said on Monday that the apparent "shortfall" of customer funds may be larger than the futures brokerage had reported prior to its bankruptcy. "The trustee believes that even if he recovers everything that is at U.S. depositories, the apparent shortfall in what MF Global management should have segregated at U.S. depositories may be as much as $1.2 billion or more," <FULL ARTICLE>

The Thieves at MFingGlobal continue to be unpunished or even under an criminal investigation.....Where is "Don" Corzine and why isn't his a$$ in jail? It's not surprise how this is unfolding or that it is double the amount previously thought, but still is there no justice in the U.S. at all?

Nov 21, 2011 - 11:21am
Nov 21, 2011 - 11:19am
wo
Nov 21, 2011 - 11:12am

people get real

"they violate the Constitution by ..."
Yes, constantly.

"Your only financial protection ..."
And your only protection of property and maybe the lives of your children will be to work to elect a Constitutionalist. The time is now to support Ron Paul, not just in talk but also in action. The mood of the country is right and we can win.

https://www.ronpaul2012.com/sign-up-as-volunteer

Stop complaining and start volunteering!

VelocityPeaches Marie
Nov 21, 2011 - 11:10am

@ Peaches Marie ......Tax Strike

Anne Barnhardt is the first person i've seen 'get it'.

That paying no taxes is the fastest and most effective (and non-violent) way to bring Govt to heel

Starving Govt of its primary source of funding (and power as voting 'No Tax' is also a vote/public mandate against Govt) turns Govts greatest power, to tax/steal societies wealth, into its greatest Achillies heal

Voting is worthless

Protest is next to worthless

Guy Fawkes bomb-plot too violent

Stop paying your taxes is the fastest and most effective way for people to protest. Kudos to Anne for finding the most effective solution and more kudos for unlike all the moaners, doing something about it (brains and balls, great woman;)

Nov 21, 2011 - 11:00am

Wait - I found this - re Swaps

Exceptions so big you could drive a bus through them, but it is something:

November 18, 2011

CFTC’s Division of Market Oversight Issues Letter to Market Participants Requiring Compliance with New Large Trader Reporting System for Physical Commodity Swaps and Swaptions

Division to Provide Temporary and Conditional Safe Harbor for Less than Fully Compliant Reporting

Washington, DC – The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) today issued a letter to market participants requiring compliance with the new large trader reporting system for physical commodity swaps and swaptions. Clearing organizations and clearing members must begin reporting under the new system on November 21, 2011, and the Division requires fully compliant month-end open interest reports to be collected beginning September 2011 through February 2012 and submitted to the Commission by March 20, 2012.

The Division is providing a temporary and conditional safe harbor for less than fully compliant reporting as it launches its XML-based large trader reporting system for swaps. This safe harbor is only for market participants making a good faith effort to comply with the new rules. Because this is the first time that swaps data is being collected on a systematic basis, this temporary relief is intended to provide sufficient time for the industry and the CFTC to transition to fully compliant reporting by March 20, 2012.

Parties relying on the safe harbor must also submit an e-mail to the Division for its review that includes information on arrangements being made to come into full compliance with the rules, as well as the expected date of such compliance.

Last Updated: November 18, 2011

https://www.cftc.gov/PressRoom/PressReleases/pr6144-11

Nov 21, 2011 - 10:56am

themarkmonster

Where on the website? I have been crawling around it, and it is super positive about how great they are, but I can find no reference to them having defined 'swap'.

themarkmonster
Nov 21, 2011 - 10:10am

Position Limits

Unless I am reading the CFTC website wrong (very possible)

It seems that they defined swaps the other day and that position limits take effect January 17, 2011. 60 days after the definition of swaps

Visit the FAQ page to learn how to track your last read comment, add images, embed videos, tweets, and animated gifs, and more.

Teach
Nov 21, 2011 - 9:54am

Joe Rocker

Joe, you must live in a crappy part of town...The "Good ole Boy" code is alive and well in Alberta. I could not even count the number of times I have seen people pull over to help a stranger with road issues here, whether they be male or female. Kosmic law #1 = input creates output. Having been on both sides of the equation, I wouldn't have it any other way. I do indeed have an attitude of gratitude as there are many good people out there, willing to lend a hand.

Boardwalk
Nov 21, 2011 - 9:54am

DaddyO

The underground economy is part of the process of shrugging off the parasite feeding on us.

@Velocity - I still advocate paying every cent of tax they claim I owe them. Their problem is I'm working real hard to arrange all my financial affairs in such a manner that I don't owe them any taxes. I prefer to keep my $$ within my local community, directing it to endeavors I feel are worthwhile.

BTW- Yesterday I posted about income generating abilities of a woodlot. There is a tax advantaged way to manage the purchase of a woodlot in my jurisdiction. Setting up the title to the woodlot as a land trust entitles the purchaser to 100% tax deduction against ​any ​income source spread over 6 years. In my case the land trust would stipulate that its purpose is to promote the restoration and healthy development of the original forest type unique to this area prior to the arrival of us Europeans. The type of selective cutting I described is essential to this restoration process and critical to adhering to the charter of the land trust.

Small business income, legal tax avoidance strategy and removing assets from the reach of the tapeworm all wrapped up with a bow. What's not to like about that!

Subscribe or login to read all comments.

Contribute

Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

Key Economic Events Week of 8/10

8/10 10:00 ET Job openings
8/11 8:30 ET Producer Price Idx
8/12 8:30 ET Consumer Price Idx
8/13 8:30 ET Initial jobless claims
8/13 8:30 ET Import Price Idx
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Unit Labor Costs
8/14 8:30 ET Cap Ute and Ind Prod
8/14 10:00 ET Business Inventories

Key Economic Events Week of 8/3

8/3 9:45 ET Markit Manu PMI July
8/3 10:00 ET ISM Manu PMI July
8/3 10:00 ET Construction Spending
8/4 10:00 ET Factory Orders
8/5 8:15 ET ADP employment July
8/5 9:45 ET Markit Service PMI
8/5 10:00 ET ISM Service PMI
8/6 8:30 ET Initial jobless claims
8/7 8:30 ET BLSBS for July
8/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 7/27

7/27 8:30 ET Durable Goods
7/28 9:00 ET Case-Shiller home prices
7/29 8:30 ET Advance trade in goods
7/29 2:00 ET FOMC Fedlines
7/29 2:30 ET CGP presser
7/30 8:30 ET Q2 GDP first guess
7/31 8:30 ET Personal Income and Spending
7/31 8:30 ET Core inflation
7/31 9:45 ET Chicago PMI

Key Economic Events Week of 7/20

7/21 8:30 ET Chicago Fed
7/21 2:00 ET Senate vote on Judy Shelton
7/22 10:00 ET Existing home sales
7/23 8:30 ET Jobless claims
7/23 10:00 ET Leading Economic Indicators
7/24 9:45 ET Markit flash PMIs for July

Key Economic Events Week of 7/13

7/13 11:30 ET Goon Williams speech
7/13 1:00 ET Goon Kaplan speech
7/14 8:30 ET CPI for June
7/14 2:30 ET Goon Bullard speech
7/15 8:30 ET Empire State and Import Price Idx
7/15 9:15 ET Cap Ute and Ind Prod
7/16 8:30 ET Retail Sales and Philly Fed
7/16 11:00 ET Goon Williams again
7/17 8:30 ET Housing Starts and Permits

Key Economic Events Week of 7/6

7/6 9:45 ET Markit Service PMI
7/6 10:00 ET ISM Service PMI
7/7 10:00 ET Job openings
7/9 8:30 ET Initial jobless claims
7/9 10:00 ET Wholesale inventories
7/10 8:30 ET PPI for June

Key Economic Events Week of 6/29

6/30 9:00 ET Case-Shiller home prices
6/30 9:45 ET Chicago PMI
6/30 10:00 ET Consumer Confidence
6/30 12:30 ET CGP and SSHW to Capitol Hill
7/1 8:15 ET ADP Employment
7/1 9:45 ET Markit Manu PMI
7/1 10:00 ET ISM Manu PMI
7/1 2:00 ET June FOMC minutes
7/2 8:30 ET BLSBS
7/2 10:00 ET Factory Orders

Key Economic Events Week of 6/22

6/22 8:30 ET Chicago Fed
6/22 10:00 ET Existing home sales
6/23 9:45 ET Markit flash PMIs for June
6/23 10:00 ET New home sales
6/25 8:30 ET Q1 GDP final guess
6/25 8:30 ET Durable Goods
6/26 8:30 ET Pers Inc and Spending
6/26 8:30 ET Core inflation

Key Economic Events Week of 6/15

6/16 8:30 ET Retail Sales
6/16 8:30 ET Cap Ute and Ind Prod
6/16 10:00 ET Chief Goon Powell US Senate
6/16 4:00 pm ET Goon Chlamydia speech
6/17 8:30 ET Housing Starts
6/17 12:00 ET Chief Goon Powell US House
6/18 8:30 ET Initial Jobless Claims
6/18 8:30 ET Philly Fed
6/19 8:30 ET Current Account Deficit
6/19 1:00 pm ET CGP and Mester conference

Key Economic Events Week of 6/8

6/9 10:00 ET Job openings
6/9 10:00 ET Wholesale inventories
6/10 8:30 ET CPI for May
6/10 2:00 ET FOMC Fedlines
6/10 2:30 ET CGP presser
6/11 8:30 ET Initial jobless claims
6/11 8:30 ET PPI for May
6/12 8:30 ET Import price index
6/12 10:00 ET Consumer sentiment

Forum Discussion

by argentus maximus, 9 hours 30 min ago
by argentus maximus, 12 hours 46 min ago
by jack3617, Aug 7, 2020 - 5:51pm
by Titus Andronicus, Aug 7, 2020 - 5:13pm
by jack3617, Aug 7, 2020 - 5:06pm
by Steve S, Aug 7, 2020 - 1:59pm
randomness