The Bipartisan Debt Deal Fact Sheet: A "Victory" For The Republicans, The Democrats And, Of Course, The White House
Hot off the presses, here is the White House's very own "debt deal" fact sheet, which is apparently a "win for the economy and budget discipline." Which is great since we already know it is a win for the GOP and the Democrats. In other words, the only thing better than a Win-Win, is a Win-Win-Win... in which the only loser, of course, is America. We caution readers on high blood pressure medication, on blood thinners, those on dialysis, and those prone to incontinence or murderous acts of rage to please skip this post.Complete Transcript Of Obama's Not So Grand Compromise
My fellow Americans...Here we go again. IB raises Silver margins.
Volatility? WTF. Its been basing at $33-35 for 2 months. What volatility. IB just lost my account, I suggest an immediate withdrawal of all of your funds from Interactive Brokers immediately. This is uncalled for. Now I am mad.
My Dear Friends,
Here is the latest in Political Hollywood.
You can be sure there will be a deal to avoid default. You can be equally sure it will not cure the debt problem.
Regards,
Jim
Leaders Reach Deal to Raise Debt Ceiling
By CARL HULSE and JENNIFER STEINHAUER
Published: July 31, 2011
WASHINGTON – Congressional leaders of both parties and President Obama said they have agreed to a framework for a fiscal deal that they will present to their caucuses Monday morning, moving Congress closer to taking up a measure that could pass both the House and Senate with bipartisan support and be signed by President Obama, averting a fiscal calamity.
The two Senate leaders, Harry Reid of Nevada and Mitch McConnell on Kentucky, announced the agreement on the Senate floor and President Obama a few moments later. He indicated he would support it, although it was not his preferred approach.
“It will allow us to avoid default,” he said.
All afternoon, after Senate Republicans, as expected, blocked progress on a Democratic plan, Senate Democrats and House Republicans had worked feverishly with White House officials Sunday to iron out the final components of a deal to avoid imminent default, negotiating the design of a mechanism that, after an initial round of spending cuts and debt relief this year, would help force the hand of Congress when the time comes for a second round next year.
The agreement would raise the debt ceiling by $900 billion, enough to last into early next year, with spending cuts of $917 locked in for the first ten years, and an additional $1.5 trillion in cuts to be worked out on a bipartisan basis as the price for another increase in the debt ceiling next year.
More…
Important Debt Ceiling Update
President Obama just announced late this evening that a deal has been reached to cut government spending and raise the debt ceiling in order to avoid a debt default. If the deal is approved on Monday, it will raise the debt ceiling by between $2.1 and $2.4 trillion in three installments: $400 billion immediately, $500 billion this fall subject to a disapproval vote by Congress, and $1.2 to $1.5 trillion more after a special committee agrees on a matching amount of spending cuts that will be in addition to $900 billion in spending cuts proposed in the bill. With no tax increases included in this plan, all of this additional debt will eventually be monetized and paid for through monetary inflation.
President Obama just announced late this evening that a deal has been reached to cut government spending and raise the debt ceiling in order to avoid a debt default. If the deal is approved on Monday, it will raise the debt ceiling by between $2.1 and $2.4 trillion in three installments: $400 billion immediately, $500 billion this fall subject to a disapproval vote by Congress, and $1.2 to $1.5 trillion more after a special committee agrees on a matching amount of spending cuts that will be in addition to $900 billion in spending cuts proposed in the bill. With no tax increases included in this plan, all of this additional debt will eventually be monetized and paid for through monetary inflation.
Although the deal is supposed to cut as
much as $2.4 trillion in spending over the next decade, Obama said that
none of the spending cuts will occur anytime soon so that not to derail
the phony economic recovery. That's right, none of the cuts will come
until early 2013 and by then we will need to once again raise the debt
ceiling to north of $20 trillion. If our elected representatives were
serious about cutting spending, they would have the bulk of the spending
cuts now and not in the future when many of them will be out of office.
This deal is a complete and total sham,
and will do nothing to prevent hyperinflation. In no way will these
spending cuts be mandated and nothing will force future Congresses to
abide by them. Even with these cuts, government spending is going to
increase every single year for the next decade. As price inflation
spirals out of control in the years ahead causing the purchasing power
of the dollar to plummet, all government employees will demand higher
salaries and it will cost more to run all parts of the government.
Future Congresses will raise spending and make the spending cuts
proposed in this deal meaningless.
NIA believes that all of the events that took place in Washington
this weekend were scripted in advance. It is likely that both parties
knew from the beginning what deal they would ultimately agree to, but
came out with these other proposed bills in order to satisfy tea party
supporters and make them think that their efforts are making a
difference. The reality is, although the tea party movement helped
Republicans take over the House of Representatives so that Democrats
didn't have free rein in Washington, most of the new Republicans elected
to Congress haven't followed through with their promises and have
failed to make any kind of a positive difference.
Everybody in Washington assumes that
interest rates will remain at artificially low levels for the rest of
this decade. The interest rate that the U.S. paid on its total
marketable debt in the month of June was only 2.38%. Exactly one decade
earlier, in June of 2001, we paid 6.162% interest on our total
marketable debt or 159% higher than current average interest rates. On
August 15th we owe our next interest payment of approximately $30
billion. Imagine if that payment rises 159% higher to $77.7 billion or
$932.4 billion annualized. Later this decade, interest rates will not
only rise back to normal levels like we had in 2001, but will likely
rise to artificially high levels to balance out the damage being created
today from artificially low interest rates.
If this bill is approved by Congress
and the President on Monday, it will avoid a short-term honest debt
default but just about guarantee a default by inflation later this
decade. There is about a 1 in 1,000 chance that future Congresses will
stick with the spending cuts in this bill, but even if they do, rising
interest payments will not only wipe out the $2.4 trillion in spending
cuts, but they will add trillions more to future deficits and the
national debt. A new Gallup
Poll shows that 53% of Americans oppose raising the debt ceiling
compared to only 37% who favor an increase. We pray that millions of
Americans march to Washington tomorrow in protest of this bill and that
millions more call, email, and fax their elected representatives in the
morning demanding that they vote no.
It is important to spread the word
about NIA to as many people as possible, as quickly as possible, if you
want America to survive hyperinflation. Please tell everybody you know
to become members of NIA for free immediately at: http://inflation.us
In the first three installments of this series I documented how U.S. economic terrorism had been unleashed on Euro-zone debt-markets,
driving up their interest rates – and thus their deficits –
exponentially. I then explained how the bankers and bond parasites had
exploited this increased indebtedness to attach legal claims against the national gold-hoards which these Euro-zone economies purportedly possess. Lastly, I pointed out how the “loss guarantees” being imposed on these debts (starting with Greece) represented nothing less than perpetual debt-slavery.
In
this final installment I will discuss the last “nail in the coffin” for
individual Euro states, and their populations. The ultimate goal of
these ruling Oligarchs is nothing less than the full, economic
integration of Europe. Not only would this bind every European
citizen to the debts of all the individual Euro states, but once full
economic integration had been achieved then Europe’s wealth could be
plundered as a single entity – much more efficient than their current
nation-by-nation looting.
Naturally, this is not something which would be “welcomed” or even tolerated
by most Europeans. First of all, national identities remain strong
within these countries, and there is no desire for any greater degree of
integration. Secondly, the economic atrocities inflicted upon us by
Western bankers over the past three years have greatly exacerbated the
regional economic disparities within Europe. Simply, the Northern
“have’s” are adamantly opposed to what they see as the “subsidization”
of the Southern “have not’s”.
Conversely,
the banker-terrorists and bond Oligarchs are equally determined to
impose a single, economic entity on all of the peoples of Europe. This
became utterly imperative in the minds of these economic fascists in
order to eliminate “the Iceland option”.
Knowledgeable
readers will be aware that Iceland was initially a very eager “pawn”
for the Western multinational banksters at the beginning of this
millennium. However, after the Crash of ’08 exposed these banksters as
the international crime syndicate we now know them to be, Iceland
severed its ties with these thugs-in-suits – renouncing the fraudulent
debts which the banksters sought to impose on the people of Iceland
through loss guarantees.
At
that point, the new mantra of these Oligarchs became “no more
Icelands”. In part, this has been achieved by tightening their economic
choke-hold on individual Euro zone economies – thus gaining added
leverage on their weak, incompetent, and traitorous governments. The
Oligarchs realized that they had been arrogant and sloppy in their
handling of Iceland – never dreaming that the government of that tiny
nation would be courageous enough to “call their bluff” and simply walk
away from all of that fraudulent debt. They now seek to permanently
eliminate the economic sovereignty of Euro states, ensuring that no
other European nation can escape from the fascist debt-slavery these
Oligarchs seek to impose.
The
obvious question is: how can this be achieved? With most Europeans
firmly opposed to any greater integration, and increasingly suspicious
of the motives and actions of their own governments, it is highly
unlikely that any of the current governments in Europe have the
“political capital” to muscle-through such a plan.
As
with most of the machinations of these villains, it is a multi-stage
strategy. The first stage is nearing completion: taking several
Euro-zone economies as close as possible to the brink of total economic
collapse – without triggering outright bankruptcy/debt-default.
The banksters realized that this had been part of their mistake with
Iceland. At the time that they sought to impose their massive “loss
guarantees” on Iceland (which would allow them to permanently blood-suck that economy), Iceland’s underlying economy was still reasonably prosperous/stable. Thus it was able to absorb the economic “shock” of walking away from the banksters’ debts – and the “penalty” of being shut out of international debt markets.
With
Greece’s economy now in total ruin and Ireland, Portugal and likely
Spain soon to follow, the banksters want to make these economies so
ridiculously over-leveraged with debt, and debt-dependent that “walking
away” would result in maximum economic devastation. At this point,
there’s no reason to believe that they will fail to do to the other
three “PIGS” what they have now accomplished with Greece.
Read more: Economic Rape of Europe Nearly Complete, Part IV
Top 8 Cities by GDP: China vs. The U.S.
07/31/2011 - 23:03
Weimar hyperinflation "When Money Dies" PDF file
And watch this "Must See video"
Economic Armageddon and You...Prepare for the Worst...
Jim Sinclair’s CommentaryHere is the entire story. I would suggest spreading the truth to offset the lies.
Below are the key clips from this morning's Meet The Press which is devoted exclusively to proponents of the status quoTM,
whose entire argument boils down to the syllogistic: "cut spending
yes... but not today...never today" In fact, it is best to make any cuts
the next administration's problem. So assuming Obama gets reelected,
and there is another debt ceiling hike, which there will have to be, it
means about $7 trillion on top of the currently debated $3 trillion,
whoever inherits this mess from Obama (who in turn inherited his mess
from Bush, who in turn inherited his mess from Clinton, and so on),
will have $24 trillion debt to deal with on day 1, with about $16-17
trillion of GDP. And that person will have to cut
spending? What idiot would want that job? Anyway, we fully expect the
paid government workers from the rating agencies to shortly upgrade the
US to AAA+ on renewed growth prospects courtesy of 140% debt to GDP in 5
years...and that excludes the $7 trillion in off balance sheet GSE
debt.
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
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