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Oh my God! What will happen to our grandchildren!
Dan,That's a question for Santelli at CNBC ;)I think this should hold us over for about another 10-11 months of NFA creation/satisfying USD savings desires that seem to be running at about 110B/mo....Resp,
why bother even keeping track?
I've been contemplating a definition of economic ignorance-- Anyone who thinks the current U.S. national debt is a problem is economically ignorant. Also, anyone who thinks the U.S. budget deficit is currently too high is economically ignorant.Make sense?
Yes. And it is also necessary to say what they are ignorant of of. MMT says this.
Santelli will say that's how much more in hock we are.
Dan, they will not have your standard of living. How in God's name do you not know history? When they are starving in the gutter, you can tell them grandpa was oh so wrong. They will love you for it.
Among other things, Empires die from currency debasement. That none of you get it, is quite amazing, as you have thousands of years as your guide. Santelli is an Italian name, and as such Rick might know a thing or two about Empires and dust bins.
Matt, the the new ceiling will not last until election day. They will be IOUing the Hell out of Public Pension Funds just to limp to the election. 10 or 11 months my arse. We just spent $900 Billion in 5 months, and there are plenty of signs that all is not quite well.They used a 0.4% inflation rate to get that 2.8% 4th quarter GDP. Had they used the BLS figure, it would of been much worse and reality.
The BDI printed 680 this morning, but you MMT, Monetary Madness Theory, boys thinking the govt. can just print forever with no effect to our Empire is one hysterical forecast. Cicero is spinning in his grave because of our stupidity and arrogance in the face of reality. It's fitting that an Italian that none of you believe should deliver the same news as Cicero to the Senate of his day. Who says God doesn't use humor.
Anon, you should be an adviser to the bond vigilantes. I guess they are clueless about this. BTW, ask Bill Gross what what to him when he planned a strategy on these lines. Oh wait, better not ask him unless you are looking for a punch in the face. I hear he has a bad temper about losses.Everything in the relative changing dimension begins, runes through it time cycle and disappears. Citing the rise and fall of previous empires tell us nothing about where the US is today. At least Jim Rogers walked his talk and moved to 'Pore, for what it's worth.
anon1,The 900B technically goes back to when the debt ceiling was first hit in late May 2011.So for June 11 thru end Jan 12 they went thru the 900B.Thats 8 months 900B or about the 110B/month.... things got disrupted when the debt ceiling was hit 3 times during these 8 months so the NFA flows were lumpy...You may be right tho it may come up short of the election... depending on savings desires of the non-govt over the next 9 months we'll keep an eye on it...Resp,
Anon2,I beg to differ, it looks to me that the Romans knew exactly how to run a state currency to provision their govt and achieve their public purposes:http://mikenormaneconomics.blogspot.com/2011/04/who-did-roman-government-get-this-money.htmlNo way else to explain it logically....resp,
Matt, wrong! Here are the facts!In August, Congress and the administration agreed to raise the borrowing limit by $2.1 trillion in three steps. The deal was reached hours before a potential default on the nation's debt. Congress agreed to raise the debt limit by $400 billion in August and by another $500 billion in September.
Matt, they did great until they debased their currency to a big fat goose egg, and then not so much with plenty of bread and circus while Rome crumbled. I don't needs Mike's thoughts, as many volumes have been written regarding what went wrong with their Empire. One thing in common with all failed Empires is the destruction of the purchasing power of the Empire's citizens. Hell, it ain't magic boys!
Anon,By August they were already at the ceiling since end of May.So when they came to agreement, they had already been operating for 2 months without net paying anyone in the non-govt sector who was provisioning the govt sector for that time....T1 is end of May 11, T2 is end of Jan 12, T2-T1= 8 months.Delta NFA from T1 to T2 = 900B.900/8 = 110 (approx)You dig?Resp,
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