Comments on: UPDATE II: A Correction’s Coming (‘Default By Inflation’)

By: irongalt

irongalt — Sat, 30 Jul 2011 00:03:49 +0000

Good article Ilana (as usual).

Here’s a novel idea for the statists: “bail out” the credit agencies, then they can cow ’em into bumping up the country’s credit rating. Hell, make ’em bump down the credit score of the other countries’ credit rating too…we could become the credit capital of the world……..Only by becoming insane can one think like them.

If the American government was a business, wonder how Dun & Bradstreet would rate it.

Oh…off topic: “Patriot Update” had a picture of Ron Paul’s office, on his desk is a sign that says “Don’t steal…the government hates competition”…too good.

By: Myron Pauli

Myron Pauli — Fri, 29 Jul 2011 13:51:15 +0000

“It’s the elderly, stupid” – yes, apparently the Federal Government pays $26,000 for everyone over 65:

http://www.jewishworldreview.com/0711/samuelson.php3

By: David Smith

David Smith — Fri, 29 Jul 2011 13:43:45 +0000

Once again, we can go through what’s to come the hard and painful way OR we can go through it the really hard and really painful way; there are no other choices! Until we and our leaders grow up and face the fact that the irresponsible, truly voo-doo economics of the past 100 years, the total disregard of the Constitution (e.g. the Fed, Social Security, meddling overseas, The Great Society, the zillion and one unaccountable, unelected bureaucracies, adherence to case law rather than original intent, etc., etc., etc.), we are indeed inescapably doomed. Thinking we’re immune from moral law in all of this is shear madness, and we’re about to have a “play date” with reality. All of this noise in Washington is the sound of so many thieves and parasites squabbling over a dwindling carcass.

By: Myron Pauli

Myron Pauli — Fri, 29 Jul 2011 13:22:07 +0000

Of course Ron Paul is right on the laws of economics. I prefer to pump the breaks, slow down the out-of-control car, and try to turn it around to just blowing up the vehicle on August 2nd or whatever. The media and population are statist and deliberately putting a wrench in the engine, even if done in the name of “small government”, would backfire.

Sadly, things are so out of whack that we may merely be choosing between a slow catastrophe, a delayed catastrophe, or an immediate catastrophe.

By: Howard R Gray

Howard R Gray — Fri, 29 Jul 2011 08:29:34 +0000

The turkeys need to know the difference between insolvency and bankruptcy though either way thanksgiving is a given with or without silver service!

The US is insolvent and heading to bankruptcy, that is a truism, the problem with a corporation like the government is that it has special privileges such as creating currency out of nothing and others such as reliance on ersatz slavery in the form of tax. The interesting question is how do you collect tax when the money has suffered a Zimbabwe meltdown?

Rather than using Weimar cigarettes as a means of exchange why not adopt something like Bitcoin?

[Bitcoin.com is one example]

Preparing hard private currencies and other means of exchange prior to a meltdown might have a very interesting effect on the outcome of hyperinflation. What happens when a failing currency has to compete with an alternative that is back by real value? Do legal tender laws work in hyperinflation? I guess we will find out sometime soon.

By: Fred

Fred — Fri, 29 Jul 2011 02:59:42 +0000

PS: Ilana you are always on target. Stay the course.

By: Fred

Fred — Fri, 29 Jul 2011 02:53:50 +0000

I have gotten to a point where I can no longer discuss this debt thing or anything else without a string of expletives, so I will just pray, ” May worms eat every politician that lies or has lied to his constituents.” OK Lord the ball is in your court.

By: CompassionateFascist

CompassionateFascist — Fri, 29 Jul 2011 02:31:48 +0000

Besides re-election, what Zero, Reid and Pelosi are working on here is splitting the Repubs into a RINO party and a Tea Party. On this one, I’m rooting for Zero. Time for the useless Republicrats to slink away.

[“Zero”: it always makes me laugh. It’s great.]

By: Contemplationist

Contemplationist — Fri, 29 Jul 2011 01:30:31 +0000

Myron

Combine all your cuts with Department of Energy, Commerce, serious cuts to the EPA, destruction of the FDA. Add repeal of the mortgage-interest tax deduction and the employer-provided health insurance tax deduction and you’re most of the way there, though this doesn’t take care of the longer term which is entirely dominated by Medicare.

By: Bill Meyer

Bill Meyer — Thu, 28 Jul 2011 23:50:30 +0000

And to top it all off, government school has trained “Boobus Americanus” to believe in fairytale-financing of the social security trust fund.

A few weeks ago I interviewed a liberal (modern definition) shill for the preservation of social security benefits. When I pointed out that the 2.7 trillion dollar “trust fund” was an accounting fiction, she insisted it will be paid since it’s backed by the “full faith and credit of the United States”.

She didn’t have much to say when I asked what current income stream of wealth would actually pay these obligations. (Or at least pay them in a currency with actual purchasing value.)

It will certainly be an interesting ride.