There is another Man going around taking names and He's deciding who to save and who's to blame. That is the Man I am worried about and how long is it going to take to get those names. Just sayin'
Bill, loved your line: "someone’s going to pay for all the mistakes, boondoggles, and jackassery of the US government, but it’s not going to be them." This will be a great education for all the economically illiterate Statists among us thinking they can vote for someone else's wallet. Borrowing from the late great H.L. Mencken; I sincerely hope these Statists get it good and hard :-)
"The USA is $30 trillion in the hole. ...when you owe $90 trillion, you wonder how you will default."
Dan wrote, back in July, "...where we are: $30 trillion in debt with no end in sight. But here we are, nonetheless."
And another mention, 9 July: "…US GDP was just over $1.1 trillion in 1971. Now it is $24 trillion – a 21 times increase. But Federal Debt in 1971 was only $398 billion. Now, it’s over $30 trillion – an increase of 75 times. In other words, the supply of ‘money’ grew three times as fast as supplies of goods and services (GDP)."
Where did the $30 trillion come from? Is there legitimate collateral to cover $60 trillion of the total owing? I'm missing something.
I don't think you're missing anything. The "collateral" has been the world's "Faith" in the benevolence, stability and legitimacy of our Federal Government. Unfortunately, all three of those are in severe decline at present, yet the fiat continues to flow unabated.
As a Nation we allowed our monetary system to get hijacked and rigged, with very, very few ever pointing out the scam over the last 50 years. IMO, we kind of deserve what is coming our way due to our long-term lack of DEMANDING the Constitution/Bill of Rights be observed and honored, as well as staying basically silent as the "Bankers" have robbed us blind...
Bill, this is a reply to your article rather than those 'jackass trolls' who like to show off their ignorance usually by denigrating others who may have a different point of view .. so back in the Daily Reckoning you wrote very clearly that the only way out of the "financial black hole" was to create major world conflict .. sadly Iran Syria Iraq Afghanistan Somalia or any of the other "minor skirmishes" as they were then described, now relabeled as "special operations" are not doing the job .. you've known for some time that the Russian Civil war between the south and north is nothing more than what the US will also be facing between it's segregated Blue & Red states .. so what's the real issue ? still the same as what Hayek Von Mises and other predicted which is really about supply & demand or have and have nots or plainly put to many people scattered across to large an area to enable all of them to live up to media fantasies/exaggerations further fueled by high speed technology information transfer that enables massive miss-information and public panic at the slightest click of anything that might alter the human condition .. other than moving to Northern Ireland what financial survival advice can you provide .. USD SWF or GOLD ? Please skip the political or climate commentaries as this only fuels the many trolls you've managed to attract.
"Bill, this is a reply to your article rather than those 'jackass trolls' who like to show off their ignorance usually by denigrating others who may have a different point of view"
So, if I'm hearing what you are trying to say - anyone who disagrees with YOU is a troll?
No? Sure sounded that way. And no again, I'm not denigrating you. Just pointing to a log in your eye perhaps.
As an aside, I would maybe suggest that proper punctuation usage and a glancing familiarity with correct grammatical rules CAN be your friends, but I don't mean anything especially personal by it...
Priceless tweet from Liz, I create no societal value, Warren: "Chair Powell just announced another extreme interest rate hike while forecasting higher unemployment. I’ve been warning that Chair Powell’s Fed would throw millions of Americans out of work — and I fear he’s already on the path to doing so."
Where was brave Pocahontas when the Jacobins were throwing millions of Americans out of their jobs because they refused the clot shot :-)
The expression "Inflate or die" which we hear all the time from Bonner Private Research needs some clarification. Bonner says above that if inflation gets worse it will "destroy the economy", but if interest rates rise to control the inflation the "economy will die." Inflate or die? A puzzling mantra.
It will be interesting to read what Bill and his three colleagues have to say tomorrow and the remainder of this week after the Fed announcements this afternoon. The Fed made some projections about 2023, 2024, etc., that surprised me. I wonder if Bonner Private Research thinks the Fed governors will actually stick to their guns or fold during 2023? Sounds like they will hang tough in 2022.
Great song, great songwriter (who is also a great guitarist), and great group. The music of the 60s, 70s, and 80s was a 'golden age" in my opinion. Today's music seems poor in comparison. What happened? Or maybe its just me becoming old and hard of hearing!
There is another Man going around taking names and He's deciding who to save and who's to blame. That is the Man I am worried about and how long is it going to take to get those names. Just sayin'
Don Harrell
Good on you Don! I was hoping you’d shake the haters off and keep sayin’ “just sayin”!
Bill, loved your line: "someone’s going to pay for all the mistakes, boondoggles, and jackassery of the US government, but it’s not going to be them." This will be a great education for all the economically illiterate Statists among us thinking they can vote for someone else's wallet. Borrowing from the late great H.L. Mencken; I sincerely hope these Statists get it good and hard :-)
"If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem."
J. Paul Getty
Just substitute U.S. Government for you, and the people for bank. The term "on all fours" comes to mind :-)
"The USA is $30 trillion in the hole. ...when you owe $90 trillion, you wonder how you will default."
Dan wrote, back in July, "...where we are: $30 trillion in debt with no end in sight. But here we are, nonetheless."
And another mention, 9 July: "…US GDP was just over $1.1 trillion in 1971. Now it is $24 trillion – a 21 times increase. But Federal Debt in 1971 was only $398 billion. Now, it’s over $30 trillion – an increase of 75 times. In other words, the supply of ‘money’ grew three times as fast as supplies of goods and services (GDP)."
Where did the $30 trillion come from? Is there legitimate collateral to cover $60 trillion of the total owing? I'm missing something.
Thx
Hi Jonathan -
I don't think you're missing anything. The "collateral" has been the world's "Faith" in the benevolence, stability and legitimacy of our Federal Government. Unfortunately, all three of those are in severe decline at present, yet the fiat continues to flow unabated.
As a Nation we allowed our monetary system to get hijacked and rigged, with very, very few ever pointing out the scam over the last 50 years. IMO, we kind of deserve what is coming our way due to our long-term lack of DEMANDING the Constitution/Bill of Rights be observed and honored, as well as staying basically silent as the "Bankers" have robbed us blind...
Bill, this is a reply to your article rather than those 'jackass trolls' who like to show off their ignorance usually by denigrating others who may have a different point of view .. so back in the Daily Reckoning you wrote very clearly that the only way out of the "financial black hole" was to create major world conflict .. sadly Iran Syria Iraq Afghanistan Somalia or any of the other "minor skirmishes" as they were then described, now relabeled as "special operations" are not doing the job .. you've known for some time that the Russian Civil war between the south and north is nothing more than what the US will also be facing between it's segregated Blue & Red states .. so what's the real issue ? still the same as what Hayek Von Mises and other predicted which is really about supply & demand or have and have nots or plainly put to many people scattered across to large an area to enable all of them to live up to media fantasies/exaggerations further fueled by high speed technology information transfer that enables massive miss-information and public panic at the slightest click of anything that might alter the human condition .. other than moving to Northern Ireland what financial survival advice can you provide .. USD SWF or GOLD ? Please skip the political or climate commentaries as this only fuels the many trolls you've managed to attract.
"Emergency's have always been the pretext on which the safegaurds of indvidual liberty have eroded". Von Hayek
And how true !
Hi Alt -
"Bill, this is a reply to your article rather than those 'jackass trolls' who like to show off their ignorance usually by denigrating others who may have a different point of view"
So, if I'm hearing what you are trying to say - anyone who disagrees with YOU is a troll?
No? Sure sounded that way. And no again, I'm not denigrating you. Just pointing to a log in your eye perhaps.
As an aside, I would maybe suggest that proper punctuation usage and a glancing familiarity with correct grammatical rules CAN be your friends, but I don't mean anything especially personal by it...
Priceless tweet from Liz, I create no societal value, Warren: "Chair Powell just announced another extreme interest rate hike while forecasting higher unemployment. I’ve been warning that Chair Powell’s Fed would throw millions of Americans out of work — and I fear he’s already on the path to doing so."
Where was brave Pocahontas when the Jacobins were throwing millions of Americans out of their jobs because they refused the clot shot :-)
The expression "Inflate or die" which we hear all the time from Bonner Private Research needs some clarification. Bonner says above that if inflation gets worse it will "destroy the economy", but if interest rates rise to control the inflation the "economy will die." Inflate or die? A puzzling mantra.
It will be interesting to read what Bill and his three colleagues have to say tomorrow and the remainder of this week after the Fed announcements this afternoon. The Fed made some projections about 2023, 2024, etc., that surprised me. I wonder if Bonner Private Research thinks the Fed governors will actually stick to their guns or fold during 2023? Sounds like they will hang tough in 2022.
Nothing to worry about if you are 30 years out before retirement age. Flat line it for 20 years if you want Mr. Federal man, no epi please! 😂
This recent interest rate hike measure was observed back in early 2008, when the federal funding/interest was tree top green.
Does history repeat itself, or as some like to say, “rhymes”. 😂 C’mon, it cannot be that easy to predict the next market move, can it?
Let’s see, “early 2008”, similar levels of interest/funding uptick. Ummm...HAHAHAHA! Tiiimber!
Great song, great songwriter (who is also a great guitarist), and great group. The music of the 60s, 70s, and 80s was a 'golden age" in my opinion. Today's music seems poor in comparison. What happened? Or maybe its just me becoming old and hard of hearing!
Hey PG - completely apropos and one of my favorites too. We're showing our age over here. :)
This one is a bit more modern and from a totally different genre, but has been coming to mind of late and is also TOTALLY apropos:
The Roof is On Fire - Artist: Bloodhound Gang
The roof, the roof, the roof is on fire,
The roof, the roof, the roof is on fire,
The roof, the roof, the roof is on fire,
We don't need no water let the motherf*cker burn,
Burn motherf*cker burn.
Hello my name is Jimmy Pop and I'm a dumb white guy,
I'm not old or new but middle school fifth grade like junior high,
I don't know mofo if y'all peeps be buggin' give props to my ho cause she all fly,
But I can take the heat cause I'm the other white meat known as 'Kid Funky Fried',
Yeah I'm hung like planet Pluto hard to see with the naked eye,
But if I crashed into Uranus I would stick it where the sun don't shine,
Cause I'm kind of like Han Solo always stroking my own wookie,
I'm the root of all that's evil yeah but you can call me cookie,
The roof, the roof, the roof is on fire,
The roof, the roof, the roof is on fire,
The roof, the roof, the roof is on fire,
We don't need no water let the motherf*cker burn,
Burn motherf*cker burn.
Yo yo this hard-core ghetto gangster image takes a lot of practice,
I'm not black like Barry White no I am white like Frank Black is,
So if man is five and the devil is six than that must make me seven,
This honkey's gone to heaven,
But if I go to hell then I hope I burn well,
I'll spend my days with J.F.K., Marvin Gaye, Martha Raye, and Lawrence Welk,
And Kurt Cobain, Kojak, Mark Twain and Jimi Hendrix's poltergeist,
And Webster yeah Emmanuel Lewis cause he's the anti-Christ,
The roof, the roof, the roof is on fire,
The roof, the roof, the roof is on fire,
The roof, the roof, the roof is on fire,
We don't need no water let the motherf*cker burn,
Burn motherf*cker burn.
Everybody here we go,
Ohh Ohh,
C'mon party people,
Ohh Ohh,
Throw your hands in the air,
Ohh Ohh,
C'mon party people,
Ohh Ohh,
Wave 'em like you don't care,
Ohh Ohh,
C'mon party people,
Ohh Ohh,
Everbody say ho,
Ohh Ohh,
C'mon party people,
Ohh Ohh,
Everybody here we go.
http://www.songlyrics.com/bloodhound-gang/the-roof-is-on-fire-lyrics/
"Yeah I'm hung like planet Pluto hard to see with the naked eye." Yet another unintended consequence from the Clot Shot :-)
Yes my brothers, We have been here before!
People moving out, people moving in
Why? Because of the colour of their skin
Run, run, run
But you sure can't hide
An eye for an eye, a tooth for a tooth
Vote for me and I'll set you free
Rap on, brother
Rap on
Well, the only person talking 'bout love thy brothers is the preacher
And it seems nobody's interested in learning but the teacher
Segregation, determination, demonstration, integration
Aggravation, humiliation, obligation to our nation
Ball of confusion, oh
That's what the world is today
Ooh, hey, hey
Sale of crack is at an all-time high
Young folks walkin' 'round with their heads in the sky
The cities aflame in the summer time
And oh, and the beat goes on
Evolution, revolution, gun control, sound of soul
Shooting rockets to the moon, kids growing up too soon
Politicians say more taxes will solve everything
And the band played on
So, around and around and around we go
Where the world's headed nobody knows
Oh, Great Googamooga
Can't you hear me talking to you?
Just a ball of confusion
That's what the world is today
Ooh, hey, hey
Fear in the air, tension everywhere
Unemployment rising fast, The Temp's new record's a gas
And the only safe place to live
Is on the Indian reservation, yeah
And the band played on
Eve of destruction, tax deduction, city inspectors, bill collectors
Mod clothes in demand, population out of hand
Suicide, too many bills, hippies moving to the hills
People all over the world shouting "End the war", yeah
And the band played on
Great Googamooga
Can't you hear me talking to you?
Just a ball of confusion
That's what the world is today
Ooh, hey, hey
Let me hear you, let me hear you, let me hear you say
Ball of confusion (oh, let me hear you, let me hear you, let me hear you say)
That's what the world is today
Ooh, hey, hey
Let me hear you, let me hear you, let me hear you say
Ball of confusion, yeah
That's what the world is today
Ooh, hey, hey
Let me hear you, let me hear you, let me hear you say
Ball of confusion, yeah
Love that quote. If we're lucky the worst case will not happen. If we're not, maybe we'll survive like Britain.
You came back with a vengeance! 😂