I'm throwing my hat in the default ring as well. However, I wish Bill would give us a peek at what, exactly, that would mean...I know we owe Japan about 1.7 trill, and China, a little under a trill. Would they go to war over it? What other consequences, besides the usual "financial calamity" generalities, could one expect? I really would like to hear some hypotheses on this, rather than just scary rhetoric. Also, what does the aftermath look like? Is the Fed destroyed? Do we get back on a gold standard? separate from the rest of the world's central banks? I have soo many questions.
Totally agree with your view that these old codgers should retire. But I do think that age is very much a state of mind rather than your chronological age. Some good examples being Charlie Munger who still gives a great speech and informed answers at age 99 or Robert DeNiro who is still a great working actor (and fathering a child?) at age 79, and Bill Bonner who still churns out a good phrase and good writing almost every day at age 74.
Minority of one... well at least two since I agree... DC won't change its ugly ways without serious trauma that they and unfortunately everyone else is going to have to experience. Sometimes cold turkey is the only way...
America’s biggest enemy is not Russia, China or Iran.
It’s the Democrats.
If I was locked in a room with a gun that is loaded with two bullets. And told that Stalin, Hitler and a Democrat will be locked up with me. And, that I could alter history.
Doesn't matter who is in power in the USA. They are all in it for themselves. Not their constituents. Those 81 debt ceiling raises happened across both party's tenures.
“Politicians are the same all over. They promise to build a bridge even where there is no river. ”
Once again, your essay is like a breath of fresh air in a very stale room. Isn't one definition of insanity doing the same thing over and over while expecting different results? I have wondered why the logical alternative that you mention seems to never be considered or at least not spoken out loud. ie, reduce spending via downsizing our seriously bloated government. Didn't Elon even muse about wondering what everybody was doing before he reduced Twitter personnel by almost 80%?
“Maybe it’s time for her…along with Joe Biden, Donald Trump, the debt ceiling, ‘stimulus’ spending, $1 trillion deficits, and a long list of relics…to go the way of the three-martini lunch.” Oh, if only this would happen. Something to pray for.
There is a simple solution to our country's problems. Get rid of elections and fill the positions by appointment only. Bill Bonner should be the one to do the appointing.
I could be wrong. Where would Bill get the sources of making the right appointee decisions. Where would he draw them from.
We all know how historically the list of candidates developed. We were critical of the process for generations. We managed to go to the Moon and attempting to go to the Sun at night and the old problem was not even tackled.
The bottom line is that to get the right people in the right places is a complicated issue.
One thing for sure, Americas elected officials for many, many years represented the biggest natural disaster one can imagine. People learned how to deal with disasters like earthquakes, hurricanes, volcano eruptions but never figured out how to pick their leadership.
Should we consider finding a king or queen and create a dynasty or perhaps artificial intelligence would be better than the real human intelligence. As it stands right now, we are dealing with artificial intelligence but it is very retarded.
Again, so..... there is not a hope in h@#% that RFK Jr, if he were to get elected, would let the US government default. Nor is there any hope that Trump would either if elected; it would mess up his hair, um...sorry image. And Biben? LOL! Maybe DeSantis? Nah, he’s too busy fighting morality with an independent business and putting it under rather yoke of government. So that leaves us with the long fall by way of inflation and then hyperinflation. I watched the Mexican middle class suffer in the 80’s and 90’s with their Peso devaluations. They could not get their money out of the country, but the rich could. To make ends meet ranchers along the Mexican / US border turned to running marijuana. In the Mexican town across the border from where I grew up, the chief of police became the dominant smuggler after he called in the Federales and fingered his competition; rumors of brutal torture were rampant. Not long after, President Regan accused the governor of the Mexican state of Sonora of being a drug runner, which was denied. Funny thing was, there was a marijuana plantation visible from the main highway outside a Mexican town I will not name, on land owned by said governor which was also patrolled by Mexican Federal soldiers. I won’t bother going in to the billions that the US has spent fighting both the war on drugs and the immigrant problem, which goes to line the pockets of the elite, and which I can assure you Mexico and other central and South American countries have no desire to stop, but rather focus on the rude awakening to which your readers and the American Middle class will wake up to when they see their leaders are just as corrupt and looking to save their own skins as the empire falls. As a American, I hope that the ingenuity, drive, and independence of the average person will surface and prevent this at the eleventh hour, but pessimism is getting the better of me.
Democrats, of course. Why do you think Warren and other Senate Democrats are attacking J Powell. Because “they” see their huge mistake. AND, they enthusiastically voted for it. Lol
Once again I say it would be better to do away with the debt ceiling since it is meaningless as a deterrent to borrowing. Just authorize the Treasury in the appropriations bill to borrow whatever funds are necessary to execute the policy. That way we would be spared this periodic theater of raising the debt ceiling after the spending was authorized. Biden and the Democrats could have had their “clean” debt ceiling bill last December when they controlled the House and Senate but they didn’t do it because they wanted this fight.
They might have wanted "this fight", but they didn't see McCarthy successfully achieving the type of Bill he got through the house. You think giving Biden a blank check to spend us into trillion dollar annual deficits for as far as the eye can see is a good idea?
Right there with you brother Dave. Mr. Finn's comment is perhaps the lamest, most-out-of-touch thing I have read all week. Amazing that with all the free and unbiased information available in our world today, there are people who could remain so obtuse...
Cluelessness abounds in our country unfortunately. I'm beginning to think what McCarthy should do is pass a "clean bill" that only enables them to borrow enough to cover the remaining three and a half months of the fiscal year up to September 30. (It wouldn't be anywhere near the 1.5 trillion that's in the House's bill that's currently on the table.)
The spending during that period is already dictated by that ridiculous omnibus Bill that McConnell and the usual gaggle of traitorous Republicans helped pass back in December. Then, they'll have to come to the table and talk turkey for 2023-24 when the dims don't have the House. If McConnell stabs McCarthy and the rest of the House Repubs in the back at that moment then that should be the final straw to remove him as the Republican Leader. I was very sad the day McConnell went back to work in D.C. I was really hoping that fall he took at a party was going to send him into retirement.
They wouldn't and it's why they despise conservatives because those of us that understand "the gravy train" are hellbent on cutting it down to a smaller, more reasonable size.
That's true, but if the Republican caucus in the Senate were to ban together they could vote in a different member as Minority Leader. This would strip McConnell of serious power because he controls one of the largest fund raising PAC's in the nation. He also gets to appoint members to Committee assignments. He rules over the Republicans in the Senate like a mob boss, essentially withholding money and Committee assignments from anyone that crosses or disagrees with him. And, his agenda has very little to do with what those that vote Republican want. He must go, and the sooner the better.
I wasn't "name calling", I don't know you well enough to call you names, good or bad. I was using the word as a descriptor for your post:
𝙤𝙗𝙩𝙪𝙨𝙚
𝙖𝙙𝙟𝙚𝙘𝙩𝙞𝙫𝙚
1. 𝙖𝙣𝙣𝙤𝙮𝙞𝙣𝙜𝙡𝙮 𝙞𝙣𝙨𝙚𝙣𝙨𝙞𝙩𝙞𝙫𝙚 𝙤𝙧 𝙨𝙡𝙤𝙬 𝙩𝙤 𝙪𝙣𝙙𝙚𝙧𝙨𝙩𝙖𝙣𝙙
Apply that adjective to the sum of our "governments" History of spending (at least the last 20 years) + the scheme you outline where they would, essentially, get a blank check without even the slightest broken braking mechanism that the Debt Ceiling provides, and you get just one product (=)
I’m not saying blank check. My proposal is to attach the funding to the appropriation rather than approving spending without regard to how it will be funded. I think the biggest problem we have is the amount of debt we have. But the debt ceiling has become a meaningless exercise as a means of controlling it. I fear for my grandchildren.
Yes, I agree a default is in order.Like American Corporations do as of midnight tonight you no longer have a job here, we are filing for bankruptcy tomorrow.And yes I'll also be affected,because there won't be a direct deposit of my social security check at the end of the month.Will I survive,probably,but the fake game will be over atleast.
Richard Smith. They can keep their Social Security and Medicare. Just leave me alone and let this crap be over I and mine will be fine prosper if you will.
WFE, I agree with you.Like Bill says,when Nixon took us off the gold standard in 1971 I believe,the working class hasn't had a pay raise since.They just hold our feet over the trench and say vote for me ,we will save you.The trench wouldn't have been there ,if we had held the policitians feet to the fire,but we didn't. so mote it be.
Thanks for bravely getting on board the Default Express Mr. Smith. There is enough tax revenue to provide S.S. and Medicare for awhile, but there has to be an alternative to these Ponzi schemes, or we'll be right back where we started.
Nobody said you were stupid. When you look at the year before tax cuts were implemented and then compare them to the years following the tax cuts, the federal government's revenue increased--every time.
Marxists/Leftists/Democrats hate this fact, so it's often difficult to find all the information. When I get time I will produce the numbers to show you that what I'm saying is true. It happened when JFK did it, it happened when Reagan did it, it happened when Bush Jr. did it and it happened when DJT did it. The problem is nobody cut spending so debt and deficits went up despite the fact that more money flowed into the Treasury. Tax cuts are not the problem or a problem, profligate spending is.
I'm throwing my hat in the default ring as well. However, I wish Bill would give us a peek at what, exactly, that would mean...I know we owe Japan about 1.7 trill, and China, a little under a trill. Would they go to war over it? What other consequences, besides the usual "financial calamity" generalities, could one expect? I really would like to hear some hypotheses on this, rather than just scary rhetoric. Also, what does the aftermath look like? Is the Fed destroyed? Do we get back on a gold standard? separate from the rest of the world's central banks? I have soo many questions.
Please, can't we give defaulting on the national debt a chance?
Totally agree with your view that these old codgers should retire. But I do think that age is very much a state of mind rather than your chronological age. Some good examples being Charlie Munger who still gives a great speech and informed answers at age 99 or Robert DeNiro who is still a great working actor (and fathering a child?) at age 79, and Bill Bonner who still churns out a good phrase and good writing almost every day at age 74.
Same people who complain about fiscal recklessness go to the polls and re-elect for decades the same congress who control fiscal policy.
They get what they deserve.
I can’t wait for the whole economy to crash & burn.
Minority of one... well at least two since I agree... DC won't change its ugly ways without serious trauma that they and unfortunately everyone else is going to have to experience. Sometimes cold turkey is the only way...
America’s biggest enemy is not Russia, China or Iran.
It’s the Democrats.
If I was locked in a room with a gun that is loaded with two bullets. And told that Stalin, Hitler and a Democrat will be locked up with me. And, that I could alter history.
I would shoot the Democrat two times!
Doesn't matter who is in power in the USA. They are all in it for themselves. Not their constituents. Those 81 debt ceiling raises happened across both party's tenures.
“Politicians are the same all over. They promise to build a bridge even where there is no river. ”
― Nikita Khrushchev
I agree Luke. Both parties are too blame. Logical progression is a new party.
Did you know that our forefathers expected one party. American!
Once again, your essay is like a breath of fresh air in a very stale room. Isn't one definition of insanity doing the same thing over and over while expecting different results? I have wondered why the logical alternative that you mention seems to never be considered or at least not spoken out loud. ie, reduce spending via downsizing our seriously bloated government. Didn't Elon even muse about wondering what everybody was doing before he reduced Twitter personnel by almost 80%?
“Maybe it’s time for her…along with Joe Biden, Donald Trump, the debt ceiling, ‘stimulus’ spending, $1 trillion deficits, and a long list of relics…to go the way of the three-martini lunch.” Oh, if only this would happen. Something to pray for.
There is a simple solution to our country's problems. Get rid of elections and fill the positions by appointment only. Bill Bonner should be the one to do the appointing.
I could be wrong. Where would Bill get the sources of making the right appointee decisions. Where would he draw them from.
We all know how historically the list of candidates developed. We were critical of the process for generations. We managed to go to the Moon and attempting to go to the Sun at night and the old problem was not even tackled.
The bottom line is that to get the right people in the right places is a complicated issue.
One thing for sure, Americas elected officials for many, many years represented the biggest natural disaster one can imagine. People learned how to deal with disasters like earthquakes, hurricanes, volcano eruptions but never figured out how to pick their leadership.
Should we consider finding a king or queen and create a dynasty or perhaps artificial intelligence would be better than the real human intelligence. As it stands right now, we are dealing with artificial intelligence but it is very retarded.
Yes Isaac, when American's only have a choice between a Trump and a Clinton/Biden, what choice do we really have?
Both are corrupted with artificial, demented intelligence, and both are extremely retarded. Yet we had to choose one.
Yes, we did chose the retard, as the reality tv show called America continues it's decent to third worldism...
The King is Coming!
Closer every minute Mr. Wolf...
Bill wants to have a few more laughs. And see his grandchildren grow up. Not a bullet between his eyes. He has a plan. A great one.
Now someone younger needs to run with it.
Again, so..... there is not a hope in h@#% that RFK Jr, if he were to get elected, would let the US government default. Nor is there any hope that Trump would either if elected; it would mess up his hair, um...sorry image. And Biben? LOL! Maybe DeSantis? Nah, he’s too busy fighting morality with an independent business and putting it under rather yoke of government. So that leaves us with the long fall by way of inflation and then hyperinflation. I watched the Mexican middle class suffer in the 80’s and 90’s with their Peso devaluations. They could not get their money out of the country, but the rich could. To make ends meet ranchers along the Mexican / US border turned to running marijuana. In the Mexican town across the border from where I grew up, the chief of police became the dominant smuggler after he called in the Federales and fingered his competition; rumors of brutal torture were rampant. Not long after, President Regan accused the governor of the Mexican state of Sonora of being a drug runner, which was denied. Funny thing was, there was a marijuana plantation visible from the main highway outside a Mexican town I will not name, on land owned by said governor which was also patrolled by Mexican Federal soldiers. I won’t bother going in to the billions that the US has spent fighting both the war on drugs and the immigrant problem, which goes to line the pockets of the elite, and which I can assure you Mexico and other central and South American countries have no desire to stop, but rather focus on the rude awakening to which your readers and the American Middle class will wake up to when they see their leaders are just as corrupt and looking to save their own skins as the empire falls. As a American, I hope that the ingenuity, drive, and independence of the average person will surface and prevent this at the eleventh hour, but pessimism is getting the better of me.
Democrats, of course. Why do you think Warren and other Senate Democrats are attacking J Powell. Because “they” see their huge mistake. AND, they enthusiastically voted for it. Lol
Bravo, Bill. Your best speech ever. Count me in as well. Let’s default.
As you so eloquently described “It ain’t working anymore”.
Let’s see if political courage can make a comeback. Our Modern Day Valley Forge awaits all Americans.
Let it fall apart, then let’s fix it!
Once again I say it would be better to do away with the debt ceiling since it is meaningless as a deterrent to borrowing. Just authorize the Treasury in the appropriations bill to borrow whatever funds are necessary to execute the policy. That way we would be spared this periodic theater of raising the debt ceiling after the spending was authorized. Biden and the Democrats could have had their “clean” debt ceiling bill last December when they controlled the House and Senate but they didn’t do it because they wanted this fight.
They might have wanted "this fight", but they didn't see McCarthy successfully achieving the type of Bill he got through the house. You think giving Biden a blank check to spend us into trillion dollar annual deficits for as far as the eye can see is a good idea?
Right there with you brother Dave. Mr. Finn's comment is perhaps the lamest, most-out-of-touch thing I have read all week. Amazing that with all the free and unbiased information available in our world today, there are people who could remain so obtuse...
Cluelessness abounds in our country unfortunately. I'm beginning to think what McCarthy should do is pass a "clean bill" that only enables them to borrow enough to cover the remaining three and a half months of the fiscal year up to September 30. (It wouldn't be anywhere near the 1.5 trillion that's in the House's bill that's currently on the table.)
The spending during that period is already dictated by that ridiculous omnibus Bill that McConnell and the usual gaggle of traitorous Republicans helped pass back in December. Then, they'll have to come to the table and talk turkey for 2023-24 when the dims don't have the House. If McConnell stabs McCarthy and the rest of the House Repubs in the back at that moment then that should be the final straw to remove him as the Republican Leader. I was very sad the day McConnell went back to work in D.C. I was really hoping that fall he took at a party was going to send him into retirement.
:DJ: With the benefits /salaries that all the people in the government make..why would they want to leave "the gravy train."?
They wouldn't and it's why they despise conservatives because those of us that understand "the gravy train" are hellbent on cutting it down to a smaller, more reasonable size.
DJ: While cutting it down, see if we can get rid of some of them; this seems to be their retirement home.
Can't, Kentucky has a Dimocrat Governor.
That's true, but if the Republican caucus in the Senate were to ban together they could vote in a different member as Minority Leader. This would strip McConnell of serious power because he controls one of the largest fund raising PAC's in the nation. He also gets to appoint members to Committee assignments. He rules over the Republicans in the Senate like a mob boss, essentially withholding money and Committee assignments from anyone that crosses or disagrees with him. And, his agenda has very little to do with what those that vote Republican want. He must go, and the sooner the better.
Amen to that.
Please explain what is obtuse about my comment. Name calling isn’t a discussion.
Hi Mr. Finn -
I wasn't "name calling", I don't know you well enough to call you names, good or bad. I was using the word as a descriptor for your post:
𝙤𝙗𝙩𝙪𝙨𝙚
𝙖𝙙𝙟𝙚𝙘𝙩𝙞𝙫𝙚
1. 𝙖𝙣𝙣𝙤𝙮𝙞𝙣𝙜𝙡𝙮 𝙞𝙣𝙨𝙚𝙣𝙨𝙞𝙩𝙞𝙫𝙚 𝙤𝙧 𝙨𝙡𝙤𝙬 𝙩𝙤 𝙪𝙣𝙙𝙚𝙧𝙨𝙩𝙖𝙣𝙙
Apply that adjective to the sum of our "governments" History of spending (at least the last 20 years) + the scheme you outline where they would, essentially, get a blank check without even the slightest broken braking mechanism that the Debt Ceiling provides, and you get just one product (=)
Obtuse...
I’m not saying blank check. My proposal is to attach the funding to the appropriation rather than approving spending without regard to how it will be funded. I think the biggest problem we have is the amount of debt we have. But the debt ceiling has become a meaningless exercise as a means of controlling it. I fear for my grandchildren.
True, McCarthy appears to have given them enough rope to hang themselves. And we are there. Now if we can just get J Powell to pull the lever.
I guess I have to ask so I'm sure, who are the "them" that have enough rope?
I didn’t say give him a blank check. You didn’t understand my point that the debt ceiling has proven to be meaningless.
Removing the debt ceiling obviously is a blank check. Wouldn't be having this stand off if it doesn't mean something.
I understood your point completely. I was simply pointing out that you were wrong.
Biden and the Democrats passed a Bill that stimulated demand when the Fed was raising rates to stifle demand.
These really stupid people are doing the same thing in Ukraine by lifting sanctions on Iran who is resupplying Russia with missiles and ammo.
Yes, I agree a default is in order.Like American Corporations do as of midnight tonight you no longer have a job here, we are filing for bankruptcy tomorrow.And yes I'll also be affected,because there won't be a direct deposit of my social security check at the end of the month.Will I survive,probably,but the fake game will be over atleast.
Richard Smith. They can keep their Social Security and Medicare. Just leave me alone and let this crap be over I and mine will be fine prosper if you will.
WFE, I agree with you.Like Bill says,when Nixon took us off the gold standard in 1971 I believe,the working class hasn't had a pay raise since.They just hold our feet over the trench and say vote for me ,we will save you.The trench wouldn't have been there ,if we had held the policitians feet to the fire,but we didn't. so mote it be.
Thanks for bravely getting on board the Default Express Mr. Smith. There is enough tax revenue to provide S.S. and Medicare for awhile, but there has to be an alternative to these Ponzi schemes, or we'll be right back where we started.
Nobody said you were stupid. When you look at the year before tax cuts were implemented and then compare them to the years following the tax cuts, the federal government's revenue increased--every time.
Marxists/Leftists/Democrats hate this fact, so it's often difficult to find all the information. When I get time I will produce the numbers to show you that what I'm saying is true. It happened when JFK did it, it happened when Reagan did it, it happened when Bush Jr. did it and it happened when DJT did it. The problem is nobody cut spending so debt and deficits went up despite the fact that more money flowed into the Treasury. Tax cuts are not the problem or a problem, profligate spending is.