Category Archives: Debt

UPDATE III: Floating on $7,770,000,000,000 Worth of Paper

Debt, Economy, Fascism, Federal Reserve Bank

$7.77 Trillion: That’s the amount of money the central bank, chaired by Ben S. Bernanke, “parceled out” during “the bailout to America’s “Big Six,” ostensibly, to rescue the financial system. This according to “Fed documents obtained under the Freedom of Information Act” by “Bloomberg LP, the parent of Bloomberg News.”

Inflating America’s fascistic banking system has cost “more than half the value of everything produced in the U.S. that year.” It “lasted from August 2007 through April 2010.” Officially.

Starting in August 2007, when confidence in banks began to wane, [the Fed] created a variety of ways to bolster the financial system with cash or easily traded securities. By the end of 2008, the central bank had established or expanded 11 lending facilities catering to banks, securities firms and corporations that couldn’t get short-term loans from their usual sources.

America’s economy is floating on fiat. (Did I get the number of zeroes right?)

UPDATE I (Nov. 29): Myron, about those who confine their analysis to the Obama years: Some posters on this site, no less (who have yet to read, much less review, The Cannibal), have contributed to the smart alec Mark Steyn’s best-seller status, even trying to promote Steyn’s Obama-centric, limited analysis on BAB.

Unlike our Steyn-supporting readers, one of the man’s reviewers is on to him. Writes
Marsha Dahleeng:

“At first I appreciated Mr. Steyn’s humor. I enjoyed the clever jabs and the way he mocked the left/progressives. After awhile I grew weary of that – I began to skimread past the seemingly endless smart-alecky points and search for text where the author got down to the meat of the subject. Sadly, there was precious little meat, and what little there was, was disappointingly thin.”

“Disappointingly thin,” but predictably so.

UPDATE II: Exactly right, Robert Glisson: this state of affairs has a starting point: government.

UPDATE III: (Nov. 30): George, you credit Steyn with coming out of the Republican closet with some half-decent insights, after some of us libertarains have been doing this, to the detriment of our careers, for a decade at least before warmonger Steyn awoke. To compare a man who goes with the flow to the great Hebrew prophet Jeremiah does injustice to a truly great prophet. Jeremiah spoke truth to power and to the rabble at his own peril. Jeremiah was forced to sleep in the fields, away from home, for fear of the wrath of the people and the powers that be.

Super Politburo: Teflon Politics at its Best

Debt, Democrats, Economy, Politics, Republicans

The more pertinent point to make about the Super Committee, and its failure today to come up with “$1.2 trillion in deficit-reduction measures,” is not that it is unelected. Unelected and unaccountable is the hallmark of the shakers and movers of our Managerial State.

A soviet-style, souped-up politburo is making decisions that are generally entrusted to the people’s representatives. That’s the mundane and obvious complaint that has been lodged against the Super Committee.

But who in his right mind still believes that elected representatives in this democracy of ours carry out the will of the majority and protect the minority? (A point belabored in “Into the cannibal’s Pot” is that democracy gives “the People’s representatives carte blanche to do exactly as they please.”)

The people’s business in the welfare-warfare managerial state is relegated to unaccountable, usually faceless bureaucrats, ensconced in enormous bureaucracies. Nothing unusual about that. We’re lucky to know the identity of the “twelve members of Congress, six from the House of Representatives and six from the Senate,” who’re officiating.

Of course this committee was destined to fail. There is no climbing out from under a government debt of $15 trillion when the pols and the people don’t want to downsize their taxpayer-sustained life styles. (Let’s see some leadership from our men and women in uniform; join the civilian workforce.)

The point about the Super Committee is that it has only ever been about Teflon politics: make sure nothing clings to the culprits, members of both Houses and the president. Its achievement—also its aim—is that it puts distance between the debt, on the one hand, and the Congress and the president on the other.

Land of Moussaka, Moochers and Looters

Debt, Democracy, Economy, EU, Europe, Foreign Policy

As commentators on MSNBC first pointed out, the leaders of Greece, the cradle of democracy, have sundered direct democracy in their country—a referendum on whether the country ought to leave the eurozone.

For its own good and for the good of the northern European nations funding the ongoing Bacchanalia in the south, Greece should be expelled from the eurozone. (After which the whole EU edifice should be allowed to crumble.)

A world perfected by global central planners is one in which wealth consumers live at the expense of wealth creators; where the rich are coerced into paying for the poor, the North for the South.

If they had a moral and intellectual compass—and were permitted to chart their destinies—the people of Greece would opt to leave the eurozone and the wider European Union (EU). Under that scenario, “loser countries” would be better able to serve as cheap labor and resume exporting goods to their neighbors. Work for a living, if you remember that old-fashioned concept.

It so happens that Greece has become “The Land of Moussaka, Moochers and Looters.” If the polls are correct, the “Greek public has strongly resisted the austerity measures,” yet at the same time, “70% of them want to remain within the eurozone.”

If these polls reflect public opinion, then a referendum would have seen the Greeks decide to continue on the path they are on.

Zero, His Magic Number

Barack Obama, Debt, Economy, EU, Europe, Labor, Political Economy

Under Barack Obama, the misery index has risen dramatically.

“Food stamp rolls have risen 8.1% in the past year,” reports the WSJ. “[I]n August, the number of recipients hit 45.8 million.” That’s an astounding figure.

Whatever BHO claims to the contrary, the debt is only increasing: $203 Billion in the month of October. The national debt is approaching 15 trillion dollars.

Officially, close to 14 million Americans are unemployed. However, the liars at Labor (U.S. Bureau of Labor Statistics) ought to use the U-6, which includes the unemployed and people who would like to work, but who have not looked for a job recently, as well as those involuntarily working part-time. The latter is closer to 25 million. It’s all very sad.

For his part, BHO has gone tripping in Europe. Evidently, “we have the standing to lecture them.” Or perhaps the president has traveled to the Continent, ostensibly to convince Europeans to continue on the road to ruin Obama has set the US upon? Who knows? Except that his contribution to a debate about debt will be … zero, his magic number.