Dow futures up 200, LOL.

Obama Says Debt Deal Reached, America To Avoid Default, Or "Hank Gave Us A 3 Page Term Sheet; Boehner Gives Us A 7 Slide Powerpoint"

In a much anticipated statement, Obama just announced that he has struck a deal with Boehner on the debt and the deficit, which will allow the US to avoid default. And also, as Reuters adds, Obama said that spending cuts included in deal to raise the debt ceiling will not happen so quickly that they will drag on the fragile U.S. economy. In other words, there will be no cuts for the immediate future. But there will be a single $2.8 trillion debt ceiling raise just as Obama desired. And of course, there will be no tax hikes. Just as Zero Hedge predicted all along. 

China's Answer To Inflation: SkyNet - Foxconn Plans To Replace Workers With Millions Of Robots

SkyNet has taken over the market, it now appears poised to make labor and wages redundant (and while we hardly welcome our new robotic overlords, we doubt anyone would shed a tear if the House and Senate replaced its 535 corpulent windbags with a bunch of Johnny 5s engaged in binary colloquies). The world's biggest non-debt based slave-driver, Taiwanese technology giant Foxconn, also known as the place where all of your iPhones, Pads, etc, are made, has just announced that it will deal with rising wages by doing what US-based quants have figured out years ago: outsource it all to robots. About a million of them. The irony is that the last time we looked at Foxconn, we asked: "what happens when this million realizes it can only buy half a McRib sandwich with the money it makes, courtesy of the primary US export to China, and demands a pay raise. What happens to Apple margins then?" We now have our answer. Per Xinhua: "Taiwanese technology giant Foxconn will replace some of its workers with 1 million robots in three years to cut rising labor expenses and improve efficiency, said Terry Gou, founder and chairman of the company, late Friday. The robots will be used to do simple and routine work such as spraying, welding and assembling which are now mainly conducted by workers, said Gou at a workers' dance party Friday night." As a reminder, with over 1 million workers, Foxconn has enough people on its payroll that if mobilized would be the 5th largest army in the world, and just after WalMart in total number of employees, albeit instead of spread out around the world, are all concentrated in one small space.

Dow futures up 200, LOL.

I write this Sunday night 9 pm EST. THe Dow futures are up a lot. It seems like the duche sacs have given the 'world' a chance. Right.

Question: If the DEBT is the problem, how does adding $2.3 trillion more DEBT, solve the problem, and balance the budget, as OWEbama just told the world live? Please, all the non conspiracy people out there come on out of your hiding and tell us tin foil hat wearing idiots how this is humanly possible.

Get ready for the last pullback in the metals before the September/October godsend, I would encourage a $36 silver price before the week is done, free up some fiat and get ready to buy some Phyzz-last call ALL ABOARD?

I will be trading all day tomorrow as its a holiday here, and will be active on the posts.

Enjoy the CNN shit show.
SGS

Here is Schiff on some Debt ceiling clarification.






The Fiat Crack Addict is Convulsing and Headed Straight for The DTs

Posted by : Cognitive Dissonance

Post date: 07/31/2011 - 18:59

Consider those power and money hungry people who want more and more. It is not the quantity that matters because the rush from the control and power is no longer fully realized or experienced since... 

 

 

 

 

 

Debt Deal Or Not, Weak Economy Likely to Suffer




Stocks Sink as Debt Limit Stalemate Continues




Applications for Unemployment Aid Drop Below 400,000




Here's What Happens if Agencies Downgrade US Debt:  It's Bad
 

Here's a great Quote...

"We are now in the final stages of what economist Ludwig von Mises termed the “crack-up boom,” with the Fed (and other central banks abroad) printing money frantically to try to stave off the inevitable collapse and hyperinflation. We have been warning about this outcome for several years now, and it is indicative of how dire circumstances have become that the likes of Forbes magazine — not a purveyor of Austrian economics by a long shot — is now frankly acknowledging it." - Charles Scaliger, The New American, July 26, 2011.



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