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evenues imagine you re a family in debt so much in debt as a matter of fact that you re falling behind on the verge of missing payments would you as one of the two responsible for managing your financial affairs get more credit our indebted couple might think to get an additional job unless one of the two wanted the other to stay home and raise the kids or homeschool them with only one spouse available to work most people would reduce spending but surely neither spouse would ignore the possibility of bringing in additional income from whatever source possible to pay off the debts is the budget deal floating past the senate going to cut spending anytime soon the answer is probably not yesterday i saw an interview by larry kudlow of senator john cornyn r texas who confirmed that the initial savings were 7 billion for the first budget year we re told to expect much more through the new supercommittee which is to submit its recommendations this fall well 7 billion to come out next year but we re told to expect over two trillion in cuts over the decade 7 billion all this fiscal brinkmanship was over that tiny a sum heck we re spending 2 billion a week in iraq and afghanistan from the beginning the debt tax cut deal hardly much of a name i guess but the pr is trailing the event explaining the lack of polish has been smoke and mirrors we were told to expect real cuts weren t the republicans adamant about stopping washington s wasteful ways that was the central tenet of the tea party unfortunately whatever real virtue they offered has been compromised replaced with a shell game the tea party can t be successful in washington once it earns its spot at the table then it has its legacy to protect its mis representation of the virtue of shrinking government paradoxically if it were to succeed in that mission it d lose its mantra its raison d etre the tea party needs the big bad government as its emmanuel goldstein to parade around during hate hour just as osama bin laden was the boogeyman for not one but two preceding presidents til his usefulness elapsed so crass is our political system and apparently naive our public that saying that you are one thing is different from doing what you believe bush was a master of this rovian style approach obama is a fast student of this style of masquerading the public the public dumb discounted or distracted eat up all this drama or they ignore things whatever happens happens baah if the people aren t willing to get informed and participate nothing will change there s enough ignorance about issues of great import like the impending collapse of our monetary system i think it was nicholas biddle said if the american people only understood the rank injustice of our money and banking system there would be a revolution before morning many good quotes can be found on this topic but here s one from jefferson this is the tendency of all human governments a departure from principle in one instance becomes a precedent for a second that second for a third and so on til the bulk of society is reduced to mere automatons of misery to have no sensibilities left but for sinning and suffering and the forehorse of this frightful team is public debt taxation follows that and in its train wretchedness and oppression jefferson tells us our nation is headed towards dystopia under these circumstances no sensibilities left but for sinning and suffering jefferson just assumes taxation will follow some episode of public debt presumably through self dealing corruption and hubris another meme to follow is jefferson s use of the word tendency towards an political sequence of events that have far reaching socioeconomic implications tendency as i readit seems to be firmer an interpretation than the word tendency might provide in a more current reading of the word in the quote jefferson talks about a sequence of departures which i believe refers to progressive abandonment of jeffersonian ideals of liberty and good administration going to war without just cause for example might be seen as a departure from the established balance of power established in the constitution jefferson would definitely see obama s use of predator drones as a departure as would be the continued imprisonment without trial of the gitmo detainees the idea of our nation facing a string of departure s from principle is like negative momentum building up bad karma we might call it today like jefferson we know the eventual outcome monster strikes killing in order the expendables first then comic relief up to the main protagonist s but we don t know when it will start or end in the same way the feeble non resolution of our fiscal crisis is a departure despite the barking of the dogs we keep borrowing and the passage of the most recent bill will do nothing to stop the trend the debt is already there and will continue to build combined with all the other departures we achieve greater and greater momentum away from the proper exercise of government the initial transgression which could probably be traced to ronald reagan s time was borrowing too much or when we didn t really need it now if the keynesians are right we should retire debt during times of economic expansion and borrow only out of necessity we can t have our cake and eat it too the only way out of a predicament of too much debt is to stop spending yes but an equal measure of taxation will be needed fraud by another name we should have discovered during this process that social security is broke otherwise why else would social security be vulnerable to cuts if the assets in the social security trust fund were truly liquid then they could be sold to meet fiscal obligations quite separately from whatever was going on with the budget subjecting social security the vagaries and political whims of future funding battles has to be considered a victory for the right for years they ve been saying how social security was going broke thanks to this budget cutting deal the republicans can now put social security on the cutting block through the rest of the decade i think the progressives have aided them in this task first robert reich has every reason for people to believe that social security is solvent as it was in his role as treasury secretary during the clinton administration that the social security trust fund was raided its assets stripped to help balance the budget and even run a surplus as reich is so fond of saying over the years since the theft liberals have repeatedly explained that social security is solvent and that republicans simply assail its solvency in order to dismantle the third rail of american politics if reich and clinton hadn t raided the fund then liberal prognostications of solvency would be well founded and their expose of republican motives justified instead social security now has a vast pile of ious not marketable treasuries mind you that it can t sell so now it must stand in a long line of creditors owed money by the federal government and depend on the whims of congress to get back what was taken from it way out the more depressing and confusing our budget problems appear the more expedient it becomes to simply print money now in defense of the federal reserve whatever our government spends must be listed as borrowing thus the total debt listed at some 14 trillion although the future liabilities are far greater does grow when the fed buys government bonds they now own more treasuries than anyone else surpassing the holdings of china and japan when the fed loans vast sums to fiscal entities through its various discount windows and lending programs those amounts aren t included in our nation s debt now as banks borrow from the fed they beef up its balance sheet our treasury meanwhile sells debt to the fed to fund government operations the fed is of course benefitting from free money which it creates digitally and in return tax receipts are fed directly to the federal reserve to pay for all the interest on the people s debt held by the fed this loop explains why the federal reserve and irs were created at the same time without any real revenue taxes coming in congress could spend to infinity and there d be no consequences because it need not pay any interest at all so through interest rates the federal reserve assigns a value to money to make it worth something without the interest function our money would be much more vulnerable to inflation and with congress in sole authority of the issuance of our money chances are they d issue a lot this could be good in a severe recession like that which we face today the nazis actually issued their own money this helped speed the german out of the depression rather than let bankers many of whom were jewish control their money supply they made interest free loans available to middle class germans the act of simply removing any interest obligation does wonders for stimulating the economy well i m afraid our congress isn t run sufficiently well to take over the issuance of our money the congress as it turns out votes every year to re authorize the federal reserve s control over our money it s a flawed system but it does restrict spending by making government pay an interest rate as interest rates rise so too does the proportion of spending that must be devoted to the payment of interest right now interest rates are very low and the interest burden is something like 7 of our budget clarification i have been caught correcting myself on the actual amount that our government pays in interest every year originally i had it pegged at around 250bn then i gathered it to be around 400bn if the average interest rate on outstanding debt is 3 or so our 14 trillion translates into more than 400bn a year in the course of my research on this matter i see that the amount varies between how much is public debt or debt held by the public investors foreign creditors banks etc us government debt held by agencies of the government and social security isn t counted as public debt therefore the interest on publicly held debt was under 200 billion in 2010 add in debt held by governmental entities with social security holding perhaps 2 trillion in ious and you have another 60 billion plus of non public debt still far less than 400 bn as interest rates rise it s likely that fedgov will find creative accounting ways to avoid paying the vast sum of interest it owes particularly to inter governmental agencies i apologize for the inability to get the numbers correct but perhaps i can blame the way government collects its statistics and they re reported in the media for some of my problems tracking interest payments which are really one of the few ways government is held accountable for what it spends finding a way out of our predicament could involve the creation of state level banking an idea that has north dakota as an example but as long as the congress and its puppet masters in banking control our monetary policy we will be at their mercy our money will necessarily devalue and those who continue to hold it will see it buy less and less this fundamental truth explains why gold is setting records not to give advice but you could go the way of the gold bugs and win simply by virtue of the inescapability of our fiat money system coupled with the inevitability of imperial decline i doubt many of my readers will want to be locked into an asset class that pays no dividends nor does investing in gold silver stimulate our general economy so some portion of everyone s portfolio can t be in gold plus gold is quite volatile and the current depression could leave commodity price lower than they otherwise might be until recently the money supply has actually been shrinking despite qe2 see ellen brown s article from may qe3 is likely on the way made more likely by virtue of slower growth in government spending g yet it remains to be seen if a push expansionary monetary policy can stimulate judging from the results of qe2 like any commodity the more of it there is the less of it is worth so it is with the dollar that s why gold is nearly 1650 oz today additional sources here s a translation of an article from the french paper le figaro it considers the republican methods blackmail the idea is that by pushing the nation to the brink of default republicans can exert control over the legislative process obama can only demur to the right and tack towards their position namely that medicaid and medicare need to be cut obama has a track record of moving to the right if he wasn t there to begin with and just posing as a progressive during his campaign reviewing his positions before and after his election there s a trend towards appeasing the right as he did with the afghanistan surge as well as keeping gitmo open and unresolved and now by caving on entitlements while we may be spending far too much on medical care and there s definite room for improvement i think it s the right that s won the budget debate the passage of the budget in the house garnered more support from republicans than democrats going into the negotiations i know that progressives were upset by the prospect of keeping taxes as low as they are on the rich while putting benefits for the middle and lower classes in jeopardy but it would seem as if obama has taken the left for granted i m predicting this will be a big mistake in 2012 daily bail great graphic summary of revenues and expenses fiscally sound antiwar perspective center on budget and policy priorities little dated but summarizes the situation with the now failed boehner about a week ago previous defaults on us debts have occurred see this article from blacklistednews com lots of charts and data points here labels debt politics stimulus posted by jbpeebles 2 58 pm 0 comments about me name jbpeebles location indiana united states i survived a web retail venture and entered the field of blogging after working as a teacher in japan visits to hiroshima nagasaki and cambodia left me forever changed committed to peace and convinced of the inadequacy of war far more than economics globalization symbolizes a process of universal human achievement which overcomes differences in race culture and nationality i m a progressive who believes in small but effective government i m a media skeptic view my complete profile previous posts treasure your parents then gold it s the pills siestas for italy and uniforms for america the world is changing not for the better our l investing for the post boomer era wars empire and the politics of perception living in the techno bubble of denial the roads not taken doppleganger economy future a product of past karma links oped news my articles comments smirkingchimp my articles commondreams my comments original photographs september 15th 2007 answer rally first page second page original videos i m planning on transferring my videos of 9 15 07 march to youtube archives january 2005 august 2006 september 2006 october 2006 november 2006 dece...