Thursday, December 29, 2011

Tracy and family here....

My daughter and her family arrive from Tampa so we have a whole week together. Patti is very happy!

Wednesday, December 28, 2011

Again it will stop when it stops...

It's all about affordability, jobs, and confidence. As I've posted a year or so ago, when housing bottoms people will buy and the boom is on.

Unfortunately, every boom leads to a bust and each bust will be worse than last because the system is rotten and no one was punished this time. As soon as they can the gang will speculate and lie the economy into bust again.

At least we don't live in Spain. Their housing starts fell 44% last month so the European economy is tanking and money is flowing here. 2012 is going to be a bitch for these guys.

“Data through October 2011, released today by S&P Indices for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, showed decreases of 1.1% and 1.2% for the 10- and 20-City Composites in October vs. September. Nineteen of the 20 cities covered by the indices also saw home prices decrease over the month. The 10- and 20-City Composites posted annual returns of -3.0% and -3.4% versus October 2010, respectively. Fourteen of the 20 MSAs and both Composites saw improved annual returns compared to September’s data. Miami saw no change in annual returns in October; while Atlanta, Detroit, Las Vegas, Los Angeles and Minneapolis saw their annual rates worsen. At -11.7% Atlanta posted the lowest annual return. Detroit and Washington DC were the only two cities to post positive annual returns of +2.5% and +1.3%, respectively.

Tuesday, December 27, 2011

I posted my opinion a couple of years ago...

We are awash in oil. Trillions of barrels are under the shale rock deposits in Pennsylvania, Ohio, and W. Virginia.

We just can't drill for it!

But not to worry, the economy will start booming to save Oba mama and we still wont be able to drill for it unless the Repubs control Congress.

And all the politicians will have to fight  about some thing else because there will be no budget cuts just slower increase in the budget as the economy growing precludes the necessity of "draconian cuts" in hand outs.

Econbrowser: U.S. net exports of petroleum products
U.S. net exports of petroleum products

One big story of 2011 was the United States switched from being a net importer to a net exporter of petroleum products. Here are the details behind that development.

The graph below plots the difference between U.S. exports and imports of petroleum products. On average in 2008, we had been importing about 1.8 million barrels per day more than we exported. So far in the second half of 2011, the difference has swung to an average positive net export balance of 0.4 million barrels per day. The exports are coming in the form of diesel and gasoline that is being sold all over the world, with the top 10 buyers in terms of growth of demand for U.S. products being Mexico, Netherlands, Chile, Canada, Spain, Brazil, Guatemala, Turkey, Argentina, and France.

Saturday, December 24, 2011

I still hate Xmas.....

Xmas day is OK but the rest, You keep it. The store's nuts and we all have just about had it. I more shopping day.

Patti is doing her best to enjoy it as it could be her last that she will be able to participate in as her disease cripples her more and more until she will be helpless.

I did find an excellent explanation of or fiat money system who does a better job explaining it than I usualy do.....

–Why federal debt is not debt, and federal borrowing is not borrowing « #Monetary Sovereignty – Mitchell
magine you are the only person in the world and your bank is the only bank in the world. Your checking account has a balance of $1,000, which represents all the dollars in the world. For whatever reason, you now wish to borrow $2,000 from your bank. Can you do it?

Yes, if your bank has a 20% fractional reserve lending limitation, it can lend up to $5,000, in a series of steps described at Fractional Reserve Banking.

Where will the bank get that $2,000? From nowhere. Money does not exist in any physical form. All your money – all anyone’s money – is just numbers on a bank statement. Changing those numbers changes the amount of money you own. When a bank lends money, it creates those dollars, by marking up checking accounts. Personal borrowing creates dollars.

Then, when you pay down the loan, you destroy the dollars your bank previously created.

Contrast that with the way our federal government “borrows,” i.e. creates “debt.” Federal “debt” is nothing more than the total of all outstanding Treasury securities, among which are T-bills, T-notes and T-bonds.

Anyone can “lend” to the federal government. If you wish to lend $1,000 to the government, you purchase a T-bill. The process is this: First, you deposit $1,000 in your checking account, i.e. your bank marks up the numbers in your checking account by one thousand. Then, the federal government instructs your bank to mark down the numbers in your checking account by one thousand, while simultaneously marking up the numbers in your T-bill account by one thousand (ignoring, for the sake of illustration, interest).

The simultaneous mark down of

Friday, December 23, 2011

Read the whole post.....

Then read my response on the bottom.

The Center of the Universe » Blog Archive » Monetary Theory, Crony Capitalism and the Tea Party
Dec 21 (CNBC) — The past few years have taught us a lot about the effects and operations of monetary policy in the United States.

The Federal government responded to the economic downturn by spending enormous amounts and Federal Reserve responded to the financial crisis with an enormous expansion of its balance sheet — what the proles call “printing money” — and both occurred without any attendant inflation or giant soaring of interest rates.

The so-called “bond vigilantes” turned out to be mythological creatures, at least as far as U.S. federal debt is concerned. Even the crisis over the debt ceiling and the downgrade of the U.S.’s credit rating only lead to lower interest rates.

Thursday, December 22, 2011

The left whining about Oba mama....

These people believe that if they would just vote for the right guy then we would enter left-wing Nirvana. Of course, my son on the right believes the same thing about the Republicans.

After a few more decades it will dawn on them that they are full of it!

But the Romans, especially old Cicero, was of the same mind. He was strangled for his credulity.

Any ways, why would any president with 15 security agencies sworn to serve him and 737 military bases in about 120 countries or so have to pay attention to these gnats. He has enough fire power in one, repeat one, aircraft carrier task force (he has 12) to take out any country on the planet.

He can commit a felony in front of us on TV and still keep his job and make millions after he retires with impunity. (right Bill?)

And today he can arrest Americans and put them in prison with a  charge terrorism and lock them away forever without lawyer or trial.

But Empires are always on the world scene and as long as the average guy can eat and pay his bills it will continue because we ain't pissed enough. And that's the bottom line with these guys........ Not to be murdered!

 Because what else does the frustrated among us have against real and imagined tyranny?

And today everybody worries that we won't get to keep our 10$ a week Oba mama tax cut when they gave millions to their cronies on Wall Street.

But not to worry. The left will all turn in lockstep and vote for him again.


The Zenith of Civil Libertarian Anger at President Obama - Atlantic Mobile
On the eve of 2012, President Obama is facing a backlash from civil libertarians that is more widespread and intense than anything he's yet seen. He has previously been subject to complaints about his war on whistleblowers, the humanitarian and strategic costs of his drone war, the illegality of the war he waged in Libya, his use of the state secrets privilege, his defense of Bush-era warrantless wiretapping, and his assertion of the power to kill American citizens accused of terrorism. But news that Obama plans to sign rather than veto a bill enshrining indefinite detention into U.S. law and failing to exempt American citizens is provoking unprecedented ire.

The significance of the backlash is perhaps best understood by looking at what people and organizations who supported Obama's 2008 bid for the presidency are saying about his actions now. The head of the ACLU's legislative office insisted that Obama is poised to damage "both his legacy and American's reputation for upholding the rule of law," and noted that "the last time Congress passed indefinite detention legislation was during the McCarthy era."

Kenneth Roth of Human Rights Watch says that "By signing this defense spending bill, President Obama will go down in history as the president who enshrined indefinite detention without trial in US law." Says the New York Times editorial board: "Mr. Obama refused to entertain any investigation of the abuses of power under his predecessor, and he has been far too willing to adopt Mr. Bush's extravagant claims of national secrets to prevent any courthouse accountability for those abuses. This week, he is poised to sign into law terrible new measures that will make indefinite detention and military trials a permanent part of American law. This is a complete political cave-in, one that reinforces the impression of a fumbling presidency."

Wednesday, December 21, 2011

You wonder what the 23 per cent are smoking?.....

Too much TV, I guess. Or too much modern education. We care more about 16 year old Justin Bieber's life story or the many Kleptomaniacs we are breeding and sending to Hollywood.

Hey Robert, Congress is going to give my wife and 8 bucks a week a piece to spend as they steal my future Social Security check.

Write about something useful, why don't you?

Robert Reich (The Defining Issue: Not Government's Size, but Who It's For)
In a recent Pew Foundation poll, 77 percent of respondents said too much power is in the hands of a few rich people and corporations.

That’s understandable. To take a few examples:

— Wall Street got bailed out but homeowners caught in the fierce downdraft caused by the Street’s excesses have got almost nothing.

— Big agribusiness continues to rake in hundreds of billions in price supports and ethanol subsidies. Big pharma gets extended patent protection that drives up everyone’s drug prices. Big oil gets its own federal subsidy. But small businesses on the Main Streets of America are barely making it.

— American Airlines uses bankruptcy to ward off debtors and renegotiate labor contracts. Donald Trump’s businesses go bankrupt without impinging on Trump’s own personal fortune. But the law won’t allow you to use personal bankruptcy to renegotiate your home mortgage.

— If you run a giant bank that defrauds millions of small investors of their life savings, the bank might pay a small fine but you won’t go to prison. Not a single top Wall Street executive has been prosecuted for Wall Street’s mega-fraud. But if you sell an ounce of marijuana you could be put away for a long time.

Not a day goes by without Republicans decrying the budget deficit. But the biggest single reason for the yawning deficit is big money’s corruption of Washington. And it’s not just corporate welfare.

One of the deficit’s biggest drivers — Medicare – would be lower if Medicare could use its bargaining leverage to get drug companies to reduce their prices. Why hasn’t it happened? Big Pharma won’t allow it.

Tuesday, December 20, 2011

Happy birthday, baby....

The 41st birthday we have celebrated together.

The Fed was suppose to bankrupt the economy, remember?

Every thing you have been told about our budget is a lie. The gang who runs our world wants our SS and VA money to gamble with on Wall Street and they will tell you anything to get it!

To scare the fuck out of us and get more money into their Ponzi schemes on Wall Street they invent nonsense about budget deficits and we have to be nice to rich people or they will take their money and hide it somewhere and all our children and grandchildren will have to sell pencils on the street and eat dirt.

No really, you just have to listen to these nut jobs!

Did they tell you we run deficits and the people end up employed and if we cut deficits we lose our jobs? Just where do they think these deficits go? It's paid by the government to all of us. We spend the money and the government taxes it back.

Deficits exploded because the Republicans cut taxes on the rich and the Democrats kept spending. Meaning that we ended up with too much cash floating around the world and driving up the prices of houses, oil, gold. etc. then the shit hit the fan and we lost our jobs, houses, credit, small businesses, etc. resulting in  millions receiving  unemployment, food stamps, heat and housing subsidies, temporary government jobs etc. etc. But the money is in our bank accounts, mattresses, IRA accounts on Wall Street, and consumer goods.

Too complicated?

Must be because a lot of people are voting for more as the world falls into depression and soon they will be murdering each other for "stealing their children's future" or something. Just ask my dad's generation of what the world went through the last time this happened.

And as I have been saying the money is coming back here as Europe dissolves in bankruptcy and the big money boys are looking for safety.

Called U.S. bonds this money is financing the next boom and leading to the next bust.

Anyone think this has never happened before?

Get your head out of your ass because under our fiat money system the rich guys who buy our politicians are going to crank up the printing presses to save their asses. And their flunkies in Washington are desperate to destroy Social Security and Medicare because big business wants a piece of this money and we are screwed!

And voting either party is pointless. They all agree we must pay for this.

And we will!

Mike Norman Economics: Fed "prints" $29 trillion. Dollar goes up!!
Fed "prints" $29 trillion. Dollar goes up!!

Peter Schiff, where are you?

Jimmy Rogers, are you awake?

Marc Faber, hello??

Laurence Kotlikoff, Ken Rogoff, Standard & Poor's, where have you all gone???

Ron Paul????

Rick Santelli?????

So we now find out, thanks to researchers at the UMKC, that the Fed "printed" over $29 trillion in the past three years (see prior post) and the dollar went...up???

Don't believe me? Have a look see:

So where have all these dollar bears gone? Why isn't anybody calling them out??

Their bogus dogma about "money printing" and "currency debasement" is about as flat as all the flat world theorist claims 500 years ago.

Time to wake up and relegate these clowns to the dustbin of failed economic theories. Time for everyone to get on board with MMT.

Oh yeah, I forgot to mention...Treasuries surged over that course of time!

Monday, December 19, 2011

Should we tell ol' Krugman?....

Money, Paul. Lot's of (campaign) bribe money, duh!!!

Ron Wyden, Useful Idiot -
Oh, and if someone starts talking about how the Affordable Care Act relies on private insurers, give me a break; the reason the ACA works the way it does is the raw power of the insurance industry, which forced advocates of universal coverage to settle for an inferior system. I still think that deal was worth doing, but there’s no reason to take Medicare, which does it right — or at least closer to right — and degrade it into a worse system.

So why would anyone who isn’t a right-wing ideologue propose that kind of degradation? Inquiring minds want to know.

Saturday, December 17, 2011

Should we tell him?....

It's too late Bernie. Might as well get the money while it's there because the republic is dead when the big money boys can buy any legislation they want.

Watch Oba mama fold on this pipeline. Yes he will!

And your SS check is on the table!! They want your money to gamble with on Wall Street. They'll get it, of course.

Bill Boyarsky: Bernie Sanders Explains Why Congress Fears Citizens United - Bill Boyarsky's Columns - Truthdig
As the nonpartisan campaign finance watchdog The Center for Responsive Politics said of Citizens United, it “has profoundly affected the nation’s political landscape” and resulted in “unprecedented political spending. Secret donors. New ways for unions and corporations to spend money on politics.”

With Barack Obama and the Republican presidential candidates collecting huge amounts of money and attention, Sanders focused instead on the Senate and the House, a real public service.

Noting that the six largest banks on Wall Street have assets equal to 65 percent of the national gross domestic product, he asked what happens in Congress “when an issue comes up and impacts Wall Street … to break up these huge banks and members walk up to the desk and have to decide [whether] to vote against it with full knowledge that if they vote against the interest of Wall Street that two weeks later there may be ads coming down into their state attacking them. Every member of the Senate, every member of the House, in the back of their minds, will be thinking … ‘If I cast a vote this way, if I take on the big money interest, am I going to be punished … will a huge amount of money be unleashed in my state?’ Every member knows this is true. It is not just taking on Wall Street, maybe it’s taking on the drug companies, maybe it’s taking on the private insurance companies, maybe it’s taking on the military-industrial complex. … You’re going to think twice about how you cast that vote.”

Friday, December 16, 2011

Christopher Hitchens, my favorite atheist, RIP...

Outspoken and outrageous: Christopher Hitchens - CBS News
(speaking of religion)

"It is the wish to be a slave. It is the desire that there be an unalterable, unchallengeable, tyrannical authority, who can convict you of thought-crime while you are asleep. A celestial North Korea," Hitchens said.

And Graydon Carter, the editor of Vanity Fair, is a longtime Hitchens employer, having assigned him to write about everything from what it's like to get a complete spa makeover to what it's like to be kidnapped and water-boarded.

(On water boarding)

Hitchens quickly concluded that the latter was definitely torture, although the bikini wax was more painful.

(Princess Diana)

"Well, there's a horrible joke about a landmine, yes," Hitchens acknowledged. "She was in Angola on her landmine campaign, and there was a hushed, reverent BBC commentator. And he said, 'The thing about mine fields is that they're very easy to lay, but they're very difficult and dangerous, and even expensive to get rid of' - the perfect description of Prince Charles's first wife."

(ET contact)

"My own view is that this planet is used as a penal colony, lunatic asylum and dumping ground by a superior civilization, to get rid of the undesirable and unfit. I can't prove it, but you can't disprove it either." - God Is Not Great

(And Let's not forget Mother Teresa the "fanatical  dwarf")

"[Mother Teresa]  was not a friend of the poor. She was a friend of poverty. She said that suffering was a gift from God. She spent her life opposing the only known cure for poverty, which is the empowerment of women and the emancipation of them from a livestock version of compulsory reproduction. And she was a friend to the worst of the rich, taking misappropriated money from the atrocious Duvalier family in Haiti (whose rule she praised in return) and from Charles Keating of the Lincoln Savings and Loan. Where did that money, and all the other donations, go? The primitive hospice in Calcutta was as run down when she died as it always had been—she preferred California clinics when she got sick herself—and her order always refused to publish any audit. But we have her own claim that she opened 500 convents in more than a hundred countries, all bearing the name of her own order. Excuse me, but this is modesty and humility?"

If there is a Heaven I hope he's laughing his drunken ass off?

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Thursday, December 15, 2011


Looks like I am right. Money is starting to pour in from Europe. If it continues we will boom then bust big time as nothing has changed since the last bust.

I've stock piled food just in case even though I'm not a "prepper"
you just never know!

In the mean time, this election is getting bizarre. Is this the best we can do?

This divergence is puzzling. Fundamentally it expresses a “decoupling” between risks in the US equity markets and risks in the EUR interbank funding markets. That decoupling is difficult to imagine because should there be a funding problem among European banks, it will definitely translate into risks in the equity markets.

Nevertheless the market is telling us that participants are pricing these two risks differently with continuing credit tightness in Europe not necessarily translating into a significant slowdown in the US corporate sector. For those who feel the fundamentals don’t justify such divergence, there is a trade in there somewhere.

Wednesday, December 14, 2011

What should Congress do about the payroll tax...

Give it all back to us and let us spend it. We need the money in our hot little hands to restart the economy. That's what "lack of demand" means.

the public is broke and cutting their income is stupid.

By the way, Congress just approved $518 for Defense so the only cuts planned are my Social Security and my wifes Medicare. Oh yes, they might as well grab some of the VA money to because the clowns in Washington wouldn't want our Vets to think they are special.

Did you hear they want to cut the salaries in the Congress? Didn't think so. How about chauffeurs are they going to be cut? Anyone going to give up their bribe money?

And what do the pygmies running for president say they're going to cut?

Not to worry I'm betting on the black guy who doesn't have a bunch of ex wives waiting to be interviewed!!!

Tuesday, December 13, 2011

The left asked for it...

You want regulation you got regulations. Soon only the big boys can stay in business. They in turn buy the politicians to keep it that way. You t6hink they are going to hire Americans? As for new company formation.....

New guys drop dead!

Dear Left: Corporatism Is Your Fault | Bleeding Heart Libertarians
Dear Left: Corporatism Is Your Fault
By Jason Brennan On November 29, 2011

I’m not usually one for polemics. But sometimes polemics is called for. Here goes.

Dear members of the moderate left,

America is suffering from rampant, run-away corporatism and crony capitalism. We are increasingly a plutocracy in which government serves the interests of elite financiers and CEOs at the expense of everyone else.

You know this and you complain loudly about it. But the problem is your fault. You caused this state of affairs. Stop it.

Unlike we libertarianish people, you people actually hold and have been holding significant political power in the US over the past 50 years. What have you done with this power? You’ve greased the corporatist machine every chance you’ve gotten. You’ve made things worse, not better. Our current problems are your fault. You need to stop.

We told you this would happen, but you wouldn’t listen. You complain, rightly, that regulatory agencies are controlled by the very corporations they are supposed to constrain. Well, yeah, we told you that would happen. When you create power—and you people love to create power—the unscrupulous seek to capture that power for their personal benefit. Time and time again, they succeed. We told you that would happen, and we gave you an accurate account of how it would happen.

Monday, December 12, 2011


Can't prosecute the guys who bought Oba mama can we? Where's the justice in that?

Mike Norman Economics: Wall Street off the hook on criminal charges?
Wall Street off the hook on criminal charges?

Though often blamed with making the calls that led the country to the brink of collapse, financial executives likely won't face criminal charges for their practices during the financial crisis, according to a former top U.S. investigator.

The Justice Department has decided that prosecution of financial executives is "better left to regulators" to take civil-enforcement actions, David Cardona, who was a deputy assistant director at the Federal Bureau of Investigation until last month, told the Wall Street Journal.

Sunday, December 11, 2011

Told you so......

All that money sloshing around the globe will  be pouring in as the nut jobs in Europe destroy their economy with "austerity" the code word for fucking over the middle class to keep the rich on top!

American Economy Rebounding as Investor Favorite in Global Poll - Businessweek
More than two in five of those surveyed -- 41 percent -- identify the U.S. as among the markets that will perform best over the next year. That’s up from less than one in three who felt that way in September and is the biggest percentage for the U.S. since the survey began in October 2009. It’s also almost double that of the next two top-rated markets, Brazil and China, according to the quarterly Bloomberg Global Poll conducted Dec. 5-6 of 1,097 investors, analysts and traders who are Bloomberg subscribers.

The U.S. “may not be in the best shape ever, but compared to others it should outperform,” Alexis Laming, a poll respondent and associate director for Arab Bank (Switzerland) Ltd. in Geneva, says in an e-mail. It has “good growth potential for next year.”

Less than a quarter of investors say they expect the U.S. to relapse into recession within the next year, according to the poll. In September, half those surveyed forecast a U.S. economic contraction within that time frame.

U.S. respondents are more optimistic about the American market than their counterparts overseas: More than half pick it as a best-performing market for 2012 compared with a third of non-U.S. investors who do the same.

Treasuries Safest

Investors also give a vote of confidenc

Saturday, December 10, 2011

You have to understand how our system works.....

Then none of the gang can steal your future. The scam is to get your Social Security money into Wall Street. More bullshit is repeated then the deficit is coming to steal your kids future and we all most become paupers to prevent it.

Notice that all the "cuts" come out of our asses but the big shots get to keep all of their money. And their kids get into the best schools and never have to worry about getting a job. Just ask Chelsy Clinton how a kid fresh out of school can land a 6 figure job with NBC.

Oh yea, did you see how they got rid of Cain, the only one who could beat Oba mama? He wasn't part of the gang so he's toast.

You don't suppose the fix is in do you?

#Monetary Sovereignty – Mitchell
The future is mortgaged, the nation’s youth sold out.

Another lie, #5, by implication. Our Monetarily Sovereign government has no difficulty servicing its debt, taxes do not pay for the debt, and the nation’s youth do not owe the federal debt. So, what does “the future is mortgaged” mean? No one knows. Just lying scare words.

But I’ll tell you what does sell out our the nations youth: Reductions in Social Security and Medicare – reductions the 1% wish to foist on the population. That’s money our children and grandchildren never will see, because the wealthiest don’t want you to have the power money brings.

Take away tax deductions for mortgage interest. Jack up the retirement age for Social Security.

These are just a few of the efforts the Tribune supports. Notice, there is no effort to take away the tax deductions for corporate interest. Oh, no. That would affect the 1%. But eliminating the mortgage interest deduction, and reducing Social Security, both depended upon by the middle class, that’s “big” and “bold” in Tribune-speak.

After months of talks, the bipartisan team of lawmakers failed to reach a deficit reduction agreement with the modest goal of cutting only $1.2 trillion over 10 years – a minor fraction of the expected deficits . . . Put this nation back on track. Think big.

When the Tribune says, “Think big,” it actually means to cut the money supply, not by $1.2 trillion but by $4 trillion, most of that coming from Social Security, Medicare and Medicaid, lifelines for the 99%. That $4 trillion is not a “minor fraction” of anything. It’s dollars coming right out of your pocket.

If the idea is to wait until the 2012 election before acting, we’re appalled. Every wasted minute puts Americans and their government deeper in the hole. The same hole in which several vastly overspent, overborrowed people and governments of Europe already wallow.

This is the whopper of whoppers. Lie #6: Americans are “in the hole” specifically because their government is not enough “in the hole.” Remember this equation:

Federal Deficits – Net Imports = Net Private Savings.

It says, very simply, that increasing Federal Deficits increases Net Private Savings. This is not theory or even hypothesis. It is a basic accounting fact of federal financing. So if you want your savings reduced, as the Tribune does, then reducing federal deficits is the path.

Friday, December 09, 2011

Thursday, December 08, 2011

Nothing like lying to start the day....

European nations are not sovereign in their own currency. Therefor,  they are screwed. And just  like in 1945, we'll have to bail them out because our ruling elites are up to their necks with the rest of the criminals ruling our world.

–Two headlines revealing the pro-rich, anti-middle, anti-poor austerity efforts of the media « #Monetary Sovereignty – Mitchell
“Europe wept, still cut the debt”

The editorial goes on to say:

. . . Europe is starting to show the U.S. how to put an overspent, overborrowed economy back on track.

The key is establishing a credible plan to get out of debt . . . Announcing necessary cuts to an unaffordable pension system on Sunday, (Italian Welfare Minister Elsa) Fornero got choked up. She started to explain at a press conference, that Italy’s government had no choice but to require shared sacrifice.
What we wouldn’t give to see the cast of characters running Washington and Springfield take ownership of the financial mess they’ve put us in, and take action to get us out before we’re in as dire straits as Italy.

Some of you already may have puked at the implied and actual disinformation in this editorial. For the rest of you, let me explain.

Because the U.S. federal government is Monetarily Sovereign in the dollar, it can fund any amount of spending in its sovereign currency, without taxes or borrowing, limited only by inflation. Italy is monetarily non-sovereign. It uses the euro, over which it has no control. Two, diametrically opposite situations, requiring opposite action.

Like Italy, the U.S. states, counties and cities are monetarily non-sovereign, which is why they can have the difficulty paying their bills — a difficulty the federal government never has.

In short, any comparisons between the U.S. financial position and Italy’s are false — outright lies intended to deceive you in the 99%.

And as for “shared sacrifice,” what

Wednesday, December 07, 2011

Exactly my point....

Both parties are corrupt and criminal.

 Read the whole piece....

Davos World Economic Forum – For Bloggers | Focusing on how psychopaths & 'semiopaths' hijacked economics & our economy.
Both parties have been captured. Blaming each other’s party or swapping parties isn’t a solution because there is only one party and that is the ultra elite party. If you can’t rob clients of 3 billion dollars or steal 10 trillion dollars (and counting) from taxpayers you aren’t in the party – you are instead their food.

“Give me control over a nation’s currency and I don’t care who makes the laws”~Mayer Amschel Rothschild.

This didn’t happen yesterday. Watching this video you can see the former Chief Executive Officer of Merrill Lynch telling President Reagan to “Speed it up, and Ronnie responds, “Oh, okay.”

Tuesday, December 06, 2011

How's reform working out for you?.....

Oops! my bad There hasn't and won't be any reform and the next crash will be worse than the last.

6 Shocking Revelations About Wall Street's "Secret Government" | Economy | AlterNet

We now have concrete evidence that Wall Street and Washington are running a secret government far removed from the democratic process. Through a freedom of information request by Bloomberg News, the public now has access to over 29,000 pages of Fed documents and 21,000 additional Fed transactions that were deliberately hidden, and for good reason. (See here and here.)

These documents show how top government officials willfully concealed from Congress and the public the true extent of the 2008-'09 bailouts that enriched the few and enhanced the interests of giant Wall Streets firms. Here’s what we now know:

The secret Wall Street bailouts totaled $7.77 trillion, 10 times more than the $700 billion Troubled Asset Relief Program (TARP) passed by Congress in 2008.

Knowledge of the secret bailout funds was not shared with Congress even while it was drafting and debating legislation to break up the big banks.

The secret funding, provided at below-market rates, gave Wall Street banks an additional $13 billion in profits. (That’s enough money to hire more than 325,000 entry level teachers.)

The secret loans financed bank mergers so that the largest banks could grow even larger. The money also allowed banks to step up their lobbying efforts.

Monday, December 05, 2011

Maybe the Jews ain't going back to the ovens....

News from the Edge | Has a New War Started? | unknowncountry
Secret attacks on Iran's nuclear facilities may be under way by Israel. Israeli officials said in a recent report that a "mysterious explosion" two days ago at an Iranian nuclear facility was "no accident." Satellite images show smoke coming from an Iranian uranium enrichment facility.
In the November 30th edition of the New York Daily News, Corky Siemaszko quotes retired Israeli Major-General Giora Eiland as saying, "There aren't many coincidences. When there are so many events, there is probably some sort of guiding hand, though perhaps it’s the hand of God "

This is the second attack on an Iranian nuclear site in a month. Two weeks ago, there was another suspicious blast on a military base near Tehran, which killed General Hassan Moghaddam, the head of Iran’s missile defense program, and 30 members of the Revolutionary Guard.

Siemaszko quotes Israeli intelligence officer Dan Meridor as saying, "There are countries who impose economic sanctions and there are countries who act in other ways in dealing with the Iranian nuclear threat."

The Iranians clearly don't want to admit that their security could be breached in this way. The attack took place in a facility in the Iranian town of to Isfahan, and Siemaszko quotes the city's governor, Mohammad-Mehdi Ismaeli, as saying, "Maybe somebody's water heater exploded."

Sunday, December 04, 2011

Oh goody....unemployment stats are lies......

 Not much change so far. Too many people are not being counted so Oba mama looking better. We are in a depression. A series of boom and bust is continuing as all the speculation in the European economy will come home.

But it will improve enough saving Oba mama's second term. That's the way to bet because the Republicans are being blamed for getting  us into this mess and the same gang bought by the criminal element in Washington is still in charge.

As soon as the Europeans elect new governments this "boom" is over. Give it a few more years of grinding poverty and the destruction of the middle class who always pay the bills in any society.

Too many people can't get it through their heads that borrowing money eventually has to be paid back and it always cost more than you borrow. Eventually costing enough to bankrupt everyone and then they have to start over again, broke and without assets.

In history this is called a dark age.

Broke dicks revolt and murder the bankers and the tyrants that own them and eventually  strong men (kings) who control a gang of thugs come on to the scene to police them because law and order disappears.

But, no one believes it can happen "here" just ask the Romans, ancient Greeks, Byzantines, Egyptians, Napoleon French , and countless other know it alls.

Meh. And I Say That With Feeling -
December 2, 2011, 8:21 pm
Meh. And I Say That With Feeling

A belated reaction to today’s employment report (I’ve been closeted in a room with a bunch of men in suits, myself included, talking about the depressed and depressing world.) In a word: meh.

It could have been worse, but the basic story remains the same as it has been for 2 1/2 years: an economy that’s growing, but not enough to feel anything like a real recovery. The measured unemployment rate has trended down for a while, but it’s all basically reduced numbers of people actively searching. My favorite measure these days is the employment-population ratio for prime-age workers, which isn’t affected by changing demography. Here it is for the past decade; see the trend since the recession officially ended? Neither do I.

Of course, my meh corresponds to enormous and continuing waste, vast hardship, and millions of ruined lives. Maybe someone should do something.

Saturday, December 03, 2011

Who knew? wonder we have so many problems.....

If Saudi Women Drive | FrumForum
The social consequences will be horrendous, warn Saudi Arabia’s clerics:

As part of his careful reform process, King Abdullah has allowed suggestions to surface that the ban might be reviewed.

This has angered the conservative religious elite – a key power base for any Saudi ruler.

Now, one of their number – well-known academic Kamal Subhi – has presented a new report to the country’s legislative assembly, the Shura.

The aim was to get it to drop plans to reconsider the ban.

The report contains graphic warnings that letting women drive would increase prostitution, pornography, homosexuality and divorce.

Friday, December 02, 2011


If we look at China as a huge corporation that owns everything we see that everything is private as long as the government says so.

Chinese vice premier praises private sector - 24-Hour Business News - The Buffalo News
BEIJING (AP) - A top Chinese economics official pledged strong government support Sunday for the country's private businesses, in remarks likely to hearten a sector beleaguered by a credit crunch and downturn in exports.

Vice Premier Zhang Dejiang said private industry is a force for social stability and an important part of China's hybrid "socialist market economy." Private businesses are major job creators and play a key role in establishing a comprehensive social security web, Zhang said in a speech to businesspeople in Beijing.

"The development of the private sector deserves our unswerving encouragement, support, and guidance," Zhang said.

Zhang's remarks will be welcomed by the private business community, which has suffered from a hollowing of demand in crucial export markets in Europe and a weakening real estate industry. Unable to obtain loans from state-run banks, thousands of small businesses have been forced to borrow privately at exorbitant rates and many are now failing or on the verge of bankruptcy.

Such woes have been compounded by Beijing's redoubled support for state industries following the global economic slowdown, including generous tax breaks and preferred access to land and state bank loans.

Thursday, December 01, 2011

The boom is on....

All this money sloshing around over seas (trillions and trillions) as I predicted is now coming home as Europe melts down. But as soon as the voters over there fire the nuts who are cutting the budgets putting people in the poor house are gone they will pick up too.

Just read below, as the Fed pumps up the European banks so they can invest here to save their sorry asses because their politicians are nuts.

The rich take care of their own!

Housing still sucks but a year or two with a new Congress who can ignore, but pay lip service to, budget cutting will make a big difference. These bad loans, as I've been bitching about, have to be removed from the books. Default, payoff, or forgiven and 2+ million new families a year will be back in the market.

We are floating in oil and gold but there is no place for the speculators and pension funds to go for big enough returns to keep their investors happy. Expect gas prices to remain aver 3$ a gallon until the auto industries world wide replace the current inventory with 40- 50 and higher fuel misers.

But, nothing has really changed, and the boom and bust cycle will continue.

Mike Norman Economics: The whole world is short dollars!
Wednesday, November 30, 2011
The whole world is short dollars!

Today, like so many times in the past three years, we see the Fed stepping in and providing dollar liquidity to the world's central banks.

How many times do we have to see this?

The whole world is short dollars.

Let's face it...without the Fed’s intervention the dollar would soar to levels that no one would believe. It would restore American purchasing power, lower inflationary pressures, improve our real terms of trade and by so doing, raise our standard of living.

But what does the Fed do instead?

It “sells” the dollar on the cheap, to central banks that have every capability to sell their own currencies to provide dollar funding for their own, domestic needs.