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The World Is Now $217,000,000,000,000 In Debt And The Global Elite Like It That Way

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The borrower is the servant of the lender, and through the mechanism of government debt virtually the entire planet has become the servants of the global money changers.  Politicians love to borrow money, but over time government debt slowly but surely impoverishes a nation.  As the elite get governments around the globe in increasing amounts of debt, those governments must raise taxes in order to keep servicing those debts.  In the end, it is all about taking money from us and transferring it into government pockets, and then taking money from government pockets and transferring it into the hands of the elite.  It is a game that has been going on for generations, and it is time for humanity to say that enough is enough.

According to the Institute of International Finance, global debt has now reached a new all-time record high of 217 trillion dollars

Global debt levels have surged to a record $217 trillion in the first quarter of the year. This is 327 percent of the world’s annual economic output (GDP), reports the Institute of International Finance (IIF).

The surging debt was driven by emerging economies, which have increased borrowing by $3 trillion to $56 trillion. This amounts to 218 percent of their combined economic output, five percentage points greater year on year.

Never before in human history has our world been so saturated with debt.

And what all of this debt does is that it funnels wealth to the very top of the global wealth pyramid.  In other words, it makes global wealth inequality far worse because this system is designed to make the rich even richer and the poor even poorer.

Every year the gap between the wealthy and the poor grows, and it has gotten to the point that eight men have as much wealth as the poorest 3.6 billion people on this planet combined

Eight men own the same wealth as the 3.6 billion people who make up the poorest half of humanity, according to a new report published by Oxfam today to mark the annual meeting of political and business leaders in Davos.

This didn’t happen by accident.  Sadly, most people don’t even understand that this is literally what our system was designed to do.

Today, more than 99 percent of the population of the planet lives in a country that has a central bank.  And debt-based central banking is designed to get national governments trapped in endless debt spirals from which they can never possibly escape.

For example, just consider the Federal Reserve.  During the four decades before the Federal Reserve was created, our country enjoyed the best period of economic growth in U.S. history.  But since the Fed was established in 1913, the value of the U.S. dollar has fallen by approximately 98 percent and the size of our national debt has gotten more than 5000 times larger.

It isn’t an accident that we are 20 trillion dollars in debt.  The truth is that the debt-based Federal Reserve is doing exactly what it was originally designed to do.  And no matter what politicians will tell you, we will never have a permanent solution to our debt problem until we get rid of the Federal Reserve.

In 2017, interest on the national debt will be nearly half a trillion dollars.

That means that close to 500 billion of our tax dollars will go out the door before our government spends a single penny on the military, on roads, on health care or on anything else.

And we continue to pile up debt at a rate of more than 100 million dollars an hour.  According to the Congressional Budget Office, the federal government will add more than a trillion dollars to the national debt once again in 2018…

Unless current laws are changed, federal individual income tax collections will increase by 9.5 percent in fiscal 2018, which begins on Oct. 1, according to data released today by the Congressional Budget Office.

At the same time, however, the federal debt will increase by more than $1 trillion.

We shouldn’t be doing this, but we just can’t seem to stop.

Let me try to put this into perspective.  If you could somehow borrow a million dollars today and obligate your children to pay it off for you, would you do it?

Maybe if you really hate your children you would, but most loving parents would never do such a thing.

But that is precisely what we are doing on a national level.

Thomas Jefferson was strongly against government debt because he believed that it was a way for one generation to steal from another generation.  And he actually wished that he could have added another amendment to the U.S. Constitution which would have banned government borrowing…

“I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing.”

And the really big secret that none of us are supposed to know is that governments don’t actually have to borrow money.

But if we start saying that too loudly the people that are making trillions of dollars from the current system are going to get very, very upset with us.

Today, we are living in the terminal phase of the biggest debt bubble in the history of the planet.  Every debt bubble eventually ends tragically, and this one will too.

Bill Gross recently noted that “our highly levered financial system is like a truckload of nitro glycerin on a bumpy road”.  One wrong move and the whole thing could blow sky high.

When everything comes crashing down and a great crisis happens, we are going to have a choice.

We could try to rebuild the fundamentally flawed old system, or we could scrap it and start over with something much better.

My hope is that we will finally learn our lesson and discard the debt-based central banking model for good.

The reason why I am writing about this so much ahead of time is so that people will actually understand why the coming crisis is happening as it unfolds.

If we can get everyone to understand how we are being systematically robbed and cheated, perhaps people will finally get mad enough to do something about it.

 
  • TOUJOURS DEMAIN

    Mlke, you write about debt.

    I think we should start at home before trying to change the world.

    I have had $0 of debt of any kind at all for over 13 years. How are you doing?

    • aldownunder

      I am also totally debt free and remember the day well it was awesome.Paying cash for what you need and want also saves more money because you can negotiate a better deal with no third party involved.

      Now I’m of for a nice roast turduckin dinner with plenty of vegies

      • TOUJOURS DEMAIN

        MMMM I like turkey.

        I get off work at 11:00 Central. Please keep a plate warm for me.

        Congrats on the debt free thing. 😉

        • aldownunder

          Cheers mate

          • TOUJOURS DEMAIN

            Same to you.

      • SoCalBeachDude

        Paying for transactions with a DIVIDEND CREDIT CARD results in 1% to 5% cash back and is by far the best way to make any purchases.

        • TOUJOURS DEMAIN

          I would assume that is what he meant. That’s what I do. Everything on the card and the card paid off every month.

          • SoCalBeachDude

            Yep, that is precisely what I do also.

      • TheRunningMan

        Debt free…the best way to be! I paid off my last debt, a mortgage, in 2006. Many have said I was stupid to do so, but I have enjoyed the freedom. I do take advantage of banks using my 2-5% cash back plastic, paying balance in full monthly. Also lets me download all of my charges so I can see where I might be getting stupid with spending. Congrats to all who have stayed the course!

  • SoCalBeachDude
  • SoCalBeachDude

    CREDIT CRISIS: The BIS and the global debt bubble

    The Bank for International Settlements (BIS) is to be applauded for its candor about the serious debt related vulnerabilities in today’s global economy. At a time when a great sense of complacency pervades both global markets and policy making circles, the BIS has had the courage to suggest in its recently released Annual Report that the emperor might have no clothes.

    It has done so by pointing to the large increase in global debt levels and the large reductions in global interest rate risk premiums that have been spawned by years of ultra-unorthodox monetary policies by the world’s major central banks. It has also done so by flagging the existence of a series of asset price bubbles and poor bank practices in a number of important countries.

    The BIS’s principal concern is that global debt to GDP levels today are some 40 percent higher than they were on the eve of the 2008-2009 global market meltdown. Equally troubling to the BIS is that debt levels have increased by even larger amounts in a number of systemically important countries. It notes that since 2008 overall debt-to-GDP levels are up by 190 percent in China, by 70 percent in Canada and France, and by 50 percent in Japan. The BIS is also warning that credit-to-GDP gaps have reached levels signaling elevated risks in a number of important emerging market economies.

    The BIS does us a service by pointing out the basic choice with which the world’s central banks are now confronted. They can either get serious now about normalizing interest rates from their artificially low levels, even though this is likely to cause some immediate painful disruption in the global financial markets; or, alternately, they can delay the normalization process at the risk of creating an even greater debt bubble down the road. That course of action would lead to even greater market disruption when that bubble eventually bursts as it will inevitably in the end do.

    http://www.aei.org/publication/the-bis-and-the-global-debt-bubble/

  • SoCalBeachDude

    Very little of the total $67+ trillion outstanding debt in the US has anything to do with the Federal Reserve or regulated banking system in the US which only has about $14 trillion of funds for all of the 6,000 member banks.

    Much of that DEBT outstanding has to do with MONEY BORROWED IN THE BOND MARKETS THROUGH THE ISSUANCE OF SECURITIES which has nothing whatsoever to do with the Federal Reserve and is totally outside the scope of regulation of the Federal Reserve and is regulated by the SEC (Securities and Exchange Commission).

    Within the $14 trillion regulated banking system the outstanding loans to customer deposits ratio is a record low 67%.

    There is around $25 trillion sloshing around in the SHADOW BANKING SYSTEM which is nearly 6 times as much as the balance sheet of the Federal Reserve and double the amount of the US M2 money supply.

    The breakdown of the $67 or so trillion of DEBT outstanding is approximately as follows by big picture category:

    30% Federal Government Debt
    20% Total Consumer Debt
    23% Total Corporate Debt
    27% Other debt including Municipalities

    The federal government debt is presently around $20 trillion, Total consumer debt is around $12 trillion which includes about $1 trillion in consumer unsecured credit, $1 trillion in vehicle loans, $1.4 trillion in student loans, and about $8.64 trillion in real estate loans secured by mortgages.

    The total corporate debt is around $14 trillion with a large percentage of that outstanding on corporate bonds which now have average interest rates of around 8.83%. The balance is a mix of all other types of debt outstanding with the largest portion of that $16 trillion being municipal bonds issued by state and local authorities and agencies.

  • Guest

    Refuse to be a debt slave! Work toward becoming debt free. It’s not easy, but it can be done. I am 41 years old, and I am completely debt free. And I have such peace of mind! I am financially independent. I have a job and my own home.

    You have to live below your means. You have to spend less than you make every month. Don’t buy material things on credit. Only buy things that you can pay cash for. (Credit cards are fine, but pay the bill in full every month.) Buy used cars. Don’t eat in restaurants. Start a garden! Don’t take on a big mortgage.

    • TOUJOURS DEMAIN

      It’s a good feeling!

      Congratulations.

    • Guest

      We can take control of our personal finances, but unfortunately there’s not much we can do to stop our national debt from growing. As stated in the article, the only way to solve this nation’s debt problem is to abolish the Federal Reserve. That’s a very noble goal, but I think it’s unlikely to happen.

      • SoCalBeachDude

        Absolutely false. The Federal Reserve only owns less than 14% of the total $20 trillion in US Treasuries outstanding for a total of around $2.5 trillion and is now in the process of reducing those holdings by about 50% between now and the end of 2018 down to only around $1.2 trillion.

        The Federal Reserve did NOT RUN UP A SINGLE PENNY OF THE FEDERAL GOVERNMENT DEBT but rather 100% of it was run up by CONGRESS AND THE WHITE HOUSE who appropriate and sign the spending bills into law and it is THEIR PROFLIGACY WHICH HAS CAUSED 100% OF THE GOVERNMENT DEBT WHICH IS OWNED BY ITS CITIZENS WHICH THEY REPRESENT.

        Only a small portion (14%) of the US government debt is owned to the Federal Reserve amounting to about 14% and about to go to around 7% is owed to the Federal Reserve and THAT IS INTEREST FREE TO THE US TREASURY as the Federal Reserve rebates more than 94% of its annual profits to the US Treasury and has done so for its entire 103+ years of existence.

        The largest portion of the US government debt is OWED TO THE US GOVERNMENT ITSELF and specifically its various agencies with the largest owners being the Medicare and Social Security Trust funds to the tune of around $6 trillion.

        There are MILLIONS OF OWNERS OF THE US GOVERNMENT DEBT OF $20 TRILLION WHO HOLD THAT DEBT AS ASSETS and attempting to wipe out that debt by not repaying its owners would result in the DESTRUCTION OF $20 TRILLION OF ASSETS INCLUDING THE ENTIRE MEDICARE AND SOCIAL SECURITY TRUST FUNDS. Not to mention banks, insurance companies, pension funds, money market funds, foreign holdings, and a vast array of other holders including millions of individuals in the USA and abroad.

        Any such action would render the credit of the USA TOTALLY DESTROYED and make it unable to borrow at all in the credit markets as it would have defaulted on its debt and created the BIGGEST DEFAULT CATASTROPHE EVER SEEN IN THE HISTORY OF THE WORLD.

        • Zlatko Milanovic

          Well said ‘dude.

          • SoCalBeachDude

            Thank you.

          • GSOB

            Fiat currency

          • SoCalBeachDude

            So what? That is your bizarre definition of ELECTRONIC CURRENCIES which are what run the world today. We no longer live in a crude and stupid and backwards system of barter. MOVE ON. Get a clue. Seriously.

          • GSOB

            …..”So what?”….
            Unbelievable, just unbelievable. All fiat currencies collapse, along with the central bank and government that printed them by borrowing them into existence.

            The big one is coming.

          • SoCalBeachDude

            What utterly bogus and stupid nonsense.

            The US dollar will be the US and global currency for the foreseeable future and there is no other currency that could ever even remotely challenge the supremacy of the US dollar.

          • GSOB

            Yep… that’s their plan kick the can… down the road….

            F I A T

            it WILL crash…. and, there’s no easy way out. The truth will hurt. Prepare…..

          • SoCalBeachDude

            What utterly clueless nonsense, dude.

          • beard681

            The IMF is working on changing that as we speak.

          • SoCalBeachDude

            Laughably false.

          • SoCalBeachDude

            Laughably false. The IMF has no power to change anything regarding currencies.

          • SoCalBeachDude

            The more the prices of assets including stock and commodities crash the high the value of the US dollar goes axiomatically in purchasing power!

          • beard681

            The issue is that fiat currencies are based on trust. Lack of trust is why ZImbabwe and Venezula have had inflation that runs hundreds of percent per year.

            It can’t last forever, especially as the debt based American Imperium pursues empire abroad and socialist welfare at home, all on the top of a shrinking base of physical and human productive capital.

          • SoCalBeachDude

            No. The value of currencies are based on the current and future assets and labor and productivity of the citizens of the government issuing the currency.

          • SoCalBeachDude

            What utter nonsense. The global population is substantially increasing and now has more than 7.5 billion people.

          • Daddyotis

            Laughably false

        • Rick

          Why should we let a private bank of any kind print up money, or pound it out digitally out of thin air and then charge the people interest on it, and run up tax rates when the “Federal Government” can do it without orgs like the “Federal Reserve”? You minimize that only 14% of our debt is held by the Fed, yet why should they have any at all? At one time 100% of what was produced by the Fed was created, again, out of thin air with nothing of true value backing it, then “sold” to the US Government as an asset to be put on their books. Then maybe over time, or quickly, those debts may be sold off to others, but it’s really a pass thru laundering scheme of the elite when you boil it all down. Wake up,kids!

          • Stuey

            Exactly!

          • SoCalBeachDude

            I have gone through this all before and your comment is so clueless and out to lunch and dead wrong that I would suggest you attempt to learn about and comprehend what the Federal Reserve is and does at:

            http://www.FederalReserve.gov

            I would also suggest that you learn about the US Treasuries (bills, bonds, notes, and TIPS) markets at:

            http://www.TreasuryDirect.gov

        • bc

          Dude, if you are so smart then why ain’t you rich ? and then you wouldn’t have to copy & paste your BS comments for a few pennies each !!

          • Stuey

            He is rich, according to him. He has lived his life off of Trust Funds, that is funds with an “S” as he corrected me with once. He lives in a million dollar mansion in Beverly Hills, so all this he says.

          • bc

            I really don’t believe much of the garbage he puts out…not even sure it’s a he. LOL

          • SoCalBeachDude

            Then you are as low IQ and dumb as a rock as Mika and Psycho Joe!

          • SoCalBeachDude

            Huh?

        • Stuey

          Oh my freaking god, in your own post above you ADMIT to what i said previously concerning the Social Security Trust Fund which you just told me i was wrong about last week. Here is the quote from your above post “The largest portion of the US government debt is OWED TO THE US
          GOVERNMENT ITSELF and specifically its various agencies with the largest
          owners being the Medicare and Social Security Trust funds to the tune
          of around $6 trillion.” So the SS Trust fund holds US Govt debt in it? You said it was all cash in the SS Trust fund. You said i was a liar when i quoted from the SS website that the cash was taken from the SS Trust Fund everyday and replaced with special issue securities. But now you admit the SS Trust actually does have bonds in it. You do so much double talk on here you can’t keep up with what you said previously. Once again, YOU are BUSTED!!

          • Stuey

            And the other quote from you above “attempting to wipe out that debt by not repaying its owners would result
            in the DESTRUCTION OF $20 TRILLION OF ASSETS INCLUDING THE ENTIRE
            MEDICARE AND SOCIAL SECURITY TRUST FUNDS.” ——–Why the hell is this, if the SS Trust Fund only has cash in it????????

          • SoCalBeachDude

            Huh? The cash receipts in the Medicare and Social Security Trust funds are used to PURCHASE US TREASURIES which is precisely what is REQUIRED BY LAW. They are not “just IOUs” but rather a special class of US TREASURIES which are CASH EQUIVALENTS which are part of the $20 trillion outstanding in US Treasuries. I would suggest you learn about the US Treasuries markets at :

            http://www.TreasuryDirect.gov

          • Stuey

            WOW……….so you now admit it is true. You just said last week it wasn’t true, it was only cash in the SS Trust Fund. Dude, you really need to get off the drugs, your brain if fried. Now everyone sees where my nick name for you comes from. You have totally lost it. Well at least you finally admit i was right all along. Thanks!

          • SoCalBeachDude

            I said EXACTLY THE SAME THING I STATED ABOVE LAST WEEK, but you totally failed to comprehend what I stated. IT is your brain (if you have one at all) that is totally fried to the max.

          • Stuey

            Nope, you said i was wrong when i posted the link from the SS website that proved the money was taken out of the SS Trust Fund every day and replaced with “special securities”. But whatever, you now admit i was right, that is all that matters. Anyone who wants to can go back and read the previous post on the topic.

          • SoCalBeachDude

            Absolutely false and bogus assertions.

          • Stuey

            Absolutely TRUE and FACTUAL.

          • Daddyotis

            Bogusly untrue. Please seek mental health screening

          • SoCalBeachDude

            Thank you describing the condition that both you and Stuey are facing.

          • beard681

            The FED balance sheet, in excess of government accounts (social security, pensions,etc.) is almost 5 trillion dollars. This includes Treasures as well as MBS (aka toxic debt back in 2008). The issue with the FED is that it enables government borrowing because of the implicit guarantee that it will print money (i.e. write an IOU to itself) to cover the debt.

          • SoCalBeachDude

            The Federal Reserve balance sheet which is independently audited annual is totally SEPARATE AND DISTINCT from the US Treasury (government) balance sheet which is non-existent.

            Social Security and Medicare and the like have NOTHING WHATSOEVER to do with the balance sheet of the Federal Reserve. There is no guarantee of any sort that the Federal Reserve will “print” any money. The Federal Reserve NEVER “GIVES” ANY MONEY TO ANYONE.

            The Federal Reserve balance sheet is only around $4.4 trillion and they are in the process of SHRINKING THAT by around 50% between now and the end of 2018.

            The Federal Reserve only owns about $2.5 trillion of the outstanding $20 trillion in federal debt and the biggest holding of US Treasuries (federal debt) is the US government itself through its various agencies with the largest of those being the Social Security and Medicare Trust Funds with around $5.5 trillion in US Treasuries.

          • SoCalBeachDude

            Your clueless stupidity is just beyond totally and absolutely mind boggling and your LACK OF COMPREHENSION as to exactly what I stated earlier just shows how you can’t even read and comprehend clearly stated facts in the English language.

          • Stuey

            Is that all you got dude?? Come on, is that really the best you got man?? You can’t dispute it. You have been caught in your own web of lies. You are so full of BS and now everyone can see. Drugheaddude just said last week in the comments section of another article on here that it was all cash in the SS Trust Fund. I posted a link from the SS website itself, which proved this wasn’t true. Then he states the info. i have from the IRS is wrong. I responded i never said anything about the IRS website, so then he goes back and changes his post to say SS website and then claims i can’t comprehend what i read, never admitting he changed his original post. Everyone be aware of this guy, he is FULL of IT.

          • SoCalBeachDude

            Flagged for harassment. Learn to read.

          • Stuey

            Yeah, flag something when you are caught in your lies. Go ahead, run to the police and your mommy. I caught you, called you out, then you admit i was right all along right below here in another comment, then act like you never said what you previously said. If harassment is proving you wrong then i am guilty.

          • SoCalBeachDude

            Once again, flagged for harassment.

          • Stuey

            Yeah, kept flagging them. You harass more people on here than anyone and everyone on here knows it. Find on here where i ever called someone a name besides you. Because i give back to you what you give to others. You constantly insult others on here, that is why so many want you banned for life.

          • GSOB

            Stuey goes kablooey.

          • Stuey

            Yes, maybe so, mainly because i was TOTALLY shocked to see him make a post concerning the Social Security Trust Fund saying the exact same thing i said in the last week or so at which time he insulted me and said how ignorant i was to make such a statement even though i stated the information was freely available on the Social Security website. On numerous occasions he insulted me over this topic and basically called me an idiot. Now he turns around and agrees with me and says he never stated otherwise. I realize he is full of double talk and will never respond to a question with a direct answer, but to stoop this low is amazing, even by his lowly standards. Then he can’t handle it when he is caught and runs to disqus crying like a big baby when he insults and attacks more than anyone on here.

          • SoCalBeachDude

            Once again you prove you are incapable of understanding words and clear sentences which use those words and you are lost in a sea of mindless ad hominem nonsense rather than comprehending the issue. Pathetic. Just pathetic.

          • Timothy

            I don’t want him banned. It’s hilarious watching the back and forth attacks. It was even better when Spatial Memory and him used to go back and forth. LOL.

          • SnodtBlossom

            No, he doesn’t

          • Stuey

            So says socaldrugheaddude from his other account. You gotta make up another account huh dude to support yourself through.

          • SoCalBeachDude

            Once again and absurdly false assertion from you, dude. Pitiful. Just pitiful.

          • SnodtBlossom

            dudette.. I am in Fla, no Cali

          • CASTIEL

            And you slhould be banned………..get help, you idiot.

          • SnodtBlossom

            Você é um saco de sujeira portugese

          • CASTIEL

            First learn to writte portuguese……..and second this is a american blog…..if you have some patriotism left on you……at least insult me in your language…….its because of people like you, that this world is in this situation……I would be glad to be in a fire squad and shoot you like the rabbid dog you are!!!!!! and let you drown in your own f#cking blood……. miserable wh#re……….

          • Mark

            Snodtblossom…..You are one ugly Fema-Nazi Libtard. What a loser.

          • SoCalBeachDude

            Absolutely false. I never stated that the assets of the Medicare and Social Security Trust funds were held in cash at all. Your failure to read and comprehend is the issue with your confusion.

            The payroll tax revenues come into the US Treasury in the form of cash tax receipts and then are invested in the PURCHASE US TREASURIES as is required by LAW PASSED BY CONGRESS and the vast majority of the $5. trillion in those funds is held in the form of US Treasuries which are assets to the Medicare and Social Security Trust Funds and liabilities to the federal government and its citizens.

          • Stuey

            You are BUSTED. Like the spider caught in it’s own web. You know what you said previously, i know what you said on here previously and anyone who cares to go read it can, unless you decide to delete all your post or change them like you did the last one when you brought up the IRS website when it was never mentioned, then go back and change it to Social Security website then claim i can’t read, never admitting that you changed your post.

          • SoCalBeachDude

            False and utterly ignorant statements once gain for you which is nothing other than totally bogus harassment.

          • Stuey

            So harassment is proving you are wrong, then you change and agree with me and say that was your position all along. So now us agreeing is harassment? You going to flag this one too dude? Just because someone proves you wrong. YOU call more people names on here than anyone, you insult people with your smart remark comments saying such things as above that they are ignorant, utterly nonsense, laughably false and all the other insulting phrases you like to use. Then you go crying to the to disqus flagging other people saying they are harassing YOU. You have a lot of nerve to do such a thing after the way you attack so many on here. There has already been numerous polls and petitions on here for you to be banned. But yet, you are allowed to continue with your nonsense all the while crying about harassment like a big baby.

          • Daddyotis

            Get a clue, dude. You’ve been proven wrong. Just be a man and admit it.

          • SoCalBeachDude

            I am proven 100% correct as to what I stated and have reviewed again here.

          • Daddyotis

            False and utterly ignorant statements once gain for you which is nothing other than totally bogus harassment.

          • Daddyotis

            Laughably false. You have been caught with your hand in the cookie jar

          • SoCalBeachDude

            Laughably false. What I stated originally stands as 100% correct. Stuey has a severe problem with words and comprehension.

          • Daddyotis

            Inaccurate. Your diatribe paints you as sophomoric and green re knowledge of the federal reserve. You are indeed busted

          • JC Teecher

            Like I said Stuey, it is never ending with him/she/it. Usually druggies start having a lot of serious losses of memory and delusional thoughts after a few years of continual use…..and then one day, they just wake up dead.

            Pot heads just get stupider and stupider, with more and more memory loss.
            Eventually they just become like little children again, with autistic similarities.
            If given enough time, they fade into slobbering fools with geriatric problems X 10.

            Thank God I got over partaking of childish pleasures and put away childish things like smoking grass. I did partake of the wild wood weed up till the late 80’s. It took about ten years for all the associated memory problems and lung issues to clear out.

          • SoCalBeachDude

            Obviously, those self-admitted “associated memory problems” NEVER CLEARED UP, dude, as is quite evident from your comments here.

          • Daddyotis

            Clearly not true

          • SnodtBlossom

            “slobbering fools with geriatric problems”
            Pot calling kettle black

          • Daddyotis

            Pot calling the kettle…

            …wait for it…

            MADAME PRESIDENT HILLARY CLINTON

            BWAHAHAHAHAHAHA!!!

        • Daddyotis

          Undeniably inaccurate.

      • JC Teecher

        It will never happen until “they” do it to bring in the NWO gov and it’s 10 world leaders. The Fed Res is certain as death and taxes at this point.
        As certain as Insurance requirements for vehicles on the road.
        As certain as property taxes on Real Estate.
        As certain as sales taxes in all but five states, and one of those, Alaska, has a small use tax in some cities.
        As certain as any mortgage on a home or brick and mortar business, requirement for Fire Insurance.
        As certain as prescription drug use by the majority of the adult population.

    • ikkichia

      job? good luck that to you. your job won’t be safe for any much longer when the financial crisis strikes…

      • Guest

        You don’t know that for sure. Not everyone lost their job during the last crisis.

        • ikkichia

          oh? you can’t be too sure when the crisis is another next? you never know what when it happens to your job in the financial strike.

      • RJSharp

        but, he has no debt and no mortgage. my guess is that he also might have a small chunk of change in savings… better off then most households. i am in a similar situation but can’t say the same as far as mortgage free. having no debt is an amazing feeling.

    • joe

      Amen

    • Isaac Nussbaum

      My wife and I can tell a story very similar to Guest’s and I can say from personal experience that Guest has given good advice.
      We chose to live Guest’s way because of the Biblical admonition to “owe no man anything” but whatever your motivation, I promise you that you will not regret living by Guest’s formula.

      • Guest

        Thanks for the kind words. I am a Christian. But I was very frugal before I became a Christian. I must have inherited that trait from my mother.

    • GoinSheep

      what’s it like living in a cardboard box?

      • Guest

        You’re silly. I have a nice home.

    • Liberty First

      So much truth in your post.

    • GoinSheep

      what’s it like sleeping in a cardboard box?

    • TheLulzWarrior

      Atlas Shrugged and the Turner Diaries are slowly coming true…

      • SoCalBeachDude

        Brock Turner?

  • aldownunder

    Good article M very true
    But I must wonder is this site rated by how many comments it receives on it’s articles,knowing full well that a certain SCBD will smash the comment section twice as much than usual when the subject is anything to do with the FED

  • Bob

    Grandparents taught us to stay out of debt. If you do not have the money for something, then you don’t need it. An excellent philosophy to live by..

    • Jeri Brace

      that’s how I live. never had credit & thankful I never did. if I need something bad enough I save for it & keep the interest in my pocket instead of the Bank.

      • SoCalBeachDude

        You should always maintain credit and the best number of credit cards according to CreditKarma is around 13 or so which should all be paid in full each month and you should maintain overall credit utilization at below 2% for the best credit rating. If you do not have credit, then you would have a VERY BAD TO NO credit rating score.

        • TOUJOURS DEMAIN

          I find 2 credit cards sufficient. 13 seems unnecessary for me.

          • SoCalBeachDude

            Your credit score will improve on Equifax and Transunion if you have many more credit cards. Have you checked it recently? The best – and free – placed to check it is on CreditKarma.com.

  • SoCalBeachDude

    Central bankers tell the world borrowing costs are headed higher

    https://www.bloomberg.com/news/articles/2017-06-28/central-bankers-tell-the-world-borrowing-costs-are-headed-higher

    Global borrowing hits record as central banks prepare to tighten credit

    http://www.reuters.com/article/us-emerging-debt-iif-idUSKBN19J1Z9

    End of easy money? Surging euro, bond yields say yes

    http://www.reuters.com/article/us-global-markets-idUSKBN19K031

  • aldownunder

    ‘A government with the policy to rob Peter to pay Paul can be assured of the support of Paul.’

    George Bernard Shaw

    • SoCalBeachDude

      Another meaningless little quotette.

      • Guest

        And another trivial, condescending reply from the beach bum.

        • guest #2

          oh wait, you mean we should read all of his postings?

          • Evan Elliott

            Yes, according to him, his postings and his opinions are the only ones that matter.

          • SoCalBeachDude

            Do you have anything of substance to say?

          • Timothy

            End The Federal Reserve!

          • SoCalBeachDude

            The Federal Reserve has done a superb jobs as the central bank of the USA over the past 103 years and will continue to do the same over the coming 100 years.

          • Timothy

            Bankrupting the USA is doing a superb job?? SHEESH you’re obviously insane.

          • SoCalBeachDude

            The gross fiscal irresponsibility has nothing to do with the Federal Reserve at all, and that is entirely the fault of the CONGRESS and its representatives who have run up the tab on the federal government debt from $1 trillion in 1981 to now around $20 trillion. So don’t attempt to in any way blame the Federal Reserve for any of that nonsense which is what is bankrupting the USA.

          • GSOB

            A century of enslavement.

          • SoCalBeachDude

            You don’t even know what that word means.

          • Daddyotis

            You’re laughably mistaken

          • SoCalBeachDude

            What I stated is 100% accurate and correct.

          • Daddyotis

            Absolutely false. The Federal Reserve only owns less than 14% of the total $20 trillion in US Treasuries outstanding for a total of around $2.5 trillion and is now in the process of reducing those holdings by about 50% between now and the end of 2018 down to only around $1.2 trillion.

          • beard681

            Actually the FED was hamstung by the Brenton Woods agreement that specified that GOLD was the true international currency. Nixon reneged on that in 1971 and I would say that was the beginning of the “great divergence” of constant trade deficits, wealth concentration, low growth, boom/bust cycles and ballooning federal (and personal) debt.

            There is a certain amount of personal bias in all of these arguments. Many are wary of debt in general worrying that like the pied piper it represents a threat.. Others see debt as an opportunity, and many, especially on the left see debt as a way for the government to “manufacture” if not wealth, at least some form of redistribution of wealth by merely printing money.

          • SoCalBeachDude

            Absolutely false, and the Federal Reserve was not even involved in the Bretton Woods Agreement (not “Brenton”) which was discarded back in 1971 and related to FIXING VALUES OF CURRENCIES against each other. Since them, most – but not all – currencies have traded on the FOREX which is now a $5.3 trillion a day hot bed of currency trading. The Federal Reserve has NO INTEREST WHATSOEVER in junk like gold and never owned hardly any of that little niche fungible volatile commodity which has no financial relevance whatsoever.

  • SoCalBeachDude

    As to Tommy Boy, that financial profligate debtor sure didn’t practice what he preached.

    Speaking of maxed out on credit, that sure was the case with Thomas Jefferson.

    Thomas Jefferson was one of the most fiscally profligate DEBTORS in the US at the time of his death and he died owing $107,000 which was a MASSIVE DEBT at the time when his entire Monticello plantation was worth only $4,500 and that he stiffed creditors to the tune of more than $100,000.

    “Because Jefferson died more than $107,000 in debt, his daughter Martha Jefferson Randolph and her son and financial manager, Thomas Jefferson Randolph, found it necessary first to sell nearly all of the contents of Monticello and then to sell the plantation itself. In 1827, the furniture, animals, farm equipment, and slaves were offered at an executor’s sale. In 1831, James T. Barclay, a local apothecary, purchased the home and 552 acres for $4,500, less the value of his own home.”

    http://www.monticello.org/site/house-and-gardens/monticello-house-faq

    Deadbeat Tommy was nothing but a bankrupt debt binger and financial fraud and certainly a TOTAL HYPOCRITE to be making any comments on money or finances.

  • SoCalBeachDude
  • SoCalBeachDude
    • aldownunder

      You just posted all this shiiite on yesterdays article within the last hour
      GIVE IT A BREAK DUDE

      • JC Teecher

        check your email alerts from ECB.

        • aldownunder

          ??? I don’t get any

      • Evan Elliott

        He gets mad when people post links…….does the same. Has unlimited time all day to fill up the comments as if people came to this site for his opinion. Calls out other peoples comments like everything he says is the gospel. I’d almost stop coming to this site just so I didn’t have to see him act like a CNN anchor. Barf.

    • Guest

      You already posted this same exact comment. Stop abusing the privilege of commenting on this site!

      • SoCalBeachDude

        No, this is the first time it posted on this article.

  • SoCalBeachDude

    The US government is presently running a $1+ trillion a year DEFICIT and in Fiscal 2016 ran a $1.4+ trillion deficit as determined by subtracting the federal debt at the beginning of the year from the federal debt at the end of the year.

    Cutting any federal taxes at all just makes that MASSIVE DEFICIT HOLE MUCH WORSE.

    All federal spending should simply be cut 33% straight across the board with no exceptions at all IMMEDIATELY.

  • SoCalBeachDude
  • Jeri Brace

    Illinois being 15 billion behind their payments they are bankrupt! Personally I think Illinois is just the beginning of American States going bankrupt.
    They can’t print their own money so quantitative easing isn’t an option for them. Slowly America is becoming just like Venezuela.

    • SoCalBeachDude

      No. Illinois is INSOLVENT. No state can go bankrupt which is the technical term used when a borrower is eligible for relief under the Federal Bankruptcy code, but states are NEVER ALLOWED to file for bankruptcy so there will be no “relief” whatsoever from what is owed to creditors.

      As to QE (Quantitative Easing) none of that done by the Federal Reserve was ever spent on any expenditures at all but simply used for ASSET TRANSFERS all of which took place entirely inside the Federal Reserve which is where the entire $3.65 trillion in QE funds is and has always been with not a penny of it going to pay any bills.

      The issues in Illinois are very easy to solve by simply 1) cutting state spending, and 2) increasing state taxes. Their bonds are being rated as soon as the day after tomorrow as JUNK and the interest rates they will have to pay to borrow any money will skyrocket – just as is the case with all deadbeat debtors a- and they will find it very difficult and expensive to continue to borrow any money but can easily handle the issue with options 1 and 2 which are crystal clear and easy to understand.

      • PocoPete

        Definitions of “bankrupt”:

        1. Law. a person who upon his or her own petition or that of his or her creditors is adjudged insolvent by a court and whose property is administered for and divided among his or her creditors under a bankruptcy law.

        2. any insolvent debtor; a person unable to satisfy any just claims made upon him or her.

        3. a person who is lacking in a particular thing or quality:

        Clearly, Jeri was using definition 2 of “bankrupt”.
        See dictionary (dot) com
        .

        • SoCalBeachDude

          That is a VERY POOR DEFINITION and not in compliance with the US BANKRUPTCY CODE AT ALL and neither the INSOLVENT State of Illinois nor the INSOLVENT Territory of Puerto Rico are in any way eligible for any protection / relief at all under the FEDERAL BANKRUPTCY CODE so what on earth difference does your dictionary.com definition make at all relative to those 2 disgustingly INSOLVENT DEADBEAT DEBTORS?

          • PocoPete

            Many words in the English language have multiple definitions. If Jeri was speaking as a lawyer it might be a poor legal definition of “bankrupt”. However, it is clear that Jeri was not giving legal advice so definition 2 is most appropriate.

          • SoCalBeachDude

            So what? In the USA, the term bankruptcy has a LEGAL DEFINITION and that is all that matters, dude. Helllooo?

          • PocoPete

            So plenty.

          • SoCalBeachDude

            Absolutely zero, legally, dude.

            No STATE, TERRITORY, or the FEDERAL GOVERNMENT ITSELF may ever file for bankruptcy in the USA, and if you “think” that should be changed, then I would suggest you contact your Congressperson and make your case with him or her or it.

          • PocoPete

            The legal definition was not being used here.

          • SoCalBeachDude

            The ignorance you personify is literally beyond mind boggling. All that matters is the LEGAL DEFINITION and nothing else matters at all regarding BANKRUPTCY.

            Call their INSOLVENCY whatever you want, but it is their responsibility in Illinois to deal with those issues, and not up to the federal government or anyone else to pay the slightest bit of attention to their utter profligate stupidity other than to be sure they are CUT OFF FROM ANY FURTHER BORROWING AT LL OR THEIR INTEREST RATES RAISED TO SUCH AN EXTENT THAT THEY ARE UNABLE TO CAUSE ANY FURTHER ISSUES FOR CREDITORS AT ALL.

          • PocoPete

            The legal definition was not being used here so it does not matter at all.

          • SoCalBeachDude

            Get a clude, dude.

          • PocoPete

            Trying to deliberately use the wrong definition of a word is not appropriate here.

          • SoCalBeachDude

            It is way past time for the State of Illinois to substantially increase its state income and other taxes on all residents so that it can start repaying its outstanding bills and for Illinois to seriously and dramatically cut state spending there and there is NO OTHER SOLUTION WHATSOEVER to the problems that they have created for themselves financially as a state. I would suggest you start dealing with FINANCIAL REALITY rather than semantics.

          • PocoPete

            Illinois is bankrupt.

          • SoCalBeachDude

            Not under FEDERAL BANKRUPTCY LAW. They are MERELY INSOLVENT. And that is THEIR PROBLEM and they deserve no sympathy whatsoever from anyone.

          • PocoPete

            The legal definition of “bankrupt” was not being used here.

          • GSOB

            He splits hairs to come off authoritative, and to flatter himself as being the repository of wise governing.

          • SoCalBeachDude

            I use words precisely and correctly, but you and your buddy LocoPetie do not.

          • GSOB

            What do you know of sympathy?

          • SoCalBeachDude

            Deadbeat debtors do not deserve sympathy.

          • beard681

            Good luck with that. They creditors will get bailed out just like all the other bubble finance parasites. The tax payers (aka “little people”) may get shafted via some sort of federal oversight program.

          • SoCalBeachDude

            By whom? You are totally delusional.

            FEDERAL COURT TO ILLINOIS: SHUT UP AND PAY UP…

            Judge: Cash-strapped state must pay more toward medical bills

            A federal judge on Friday ordered Illinois to start paying $293 million in state money toward Medicaid bills every month and an additional $1 billion over the course of the next year, worsening a cash-flow problem caused by two years of budget-free spending by state government.

            U.S. District Judge Joan Lefkow’s ruling came after lawyers representing Medicaid patients and attorneys for the state were unable to agree on a plan to deal with bills and pay down a $3 billion backlog owed to health care providers.

            The ruling requires the state to start promptly paying all new Medicaid bills, which is estimated at about $586 million per month, and to pay down $2 billion of its bill backlog in payments spread out over the course of the coming fiscal year. The federal government pays half of those costs, so the bottom line for the state will be $293 million per month and $1 billion in backlogged bill payments over the next year.

            Now, Mendoza said Friday’s ruling would cause her to likely have to cut payments to the state’s pension funds, state payroll or payments to local governments. Payments to bond holders won’t be interrupted, she said.

            “As if the governor and legislators needed any more reason to compromise and settle on a comprehensive budget plan immediately, Friday’s ruling by the U.S. District Court takes the state’s finances from horrific to catastrophic,” Mendoza said in a statement. “A comprehensive budget plan must be passed immediately.”

            In court arguments Wednesday, patients’ attorney David Chizewer likened the situation to a misbehaving child provoking a frustrated parent.

            http://www.chicagotribune.com/news/local/politics/ct-illinois-budget-medicaid-decision-met-20170630-story.html

          • SoCalBeachDude

            Absolutely false. What will happen is that STATE TAXES WILL BE INCREASED massively in Illinois which is what just happened with a $5 billion a year tax increase and that needs to be increased much more along with some actual spending cuts put into place.

          • IronBelly

            If Illinois raises taxes high enough to pay off its debts and bill it will cause people and businesses to move out of the state. This will mean that Illinois will have to raise taxes even higher since there are fewer people and businesses left to provide the funds. This can only go on so long before it just becomes impractical and the whole thing collapses and becomes an unworkable solutions.

          • Zlatko Milanovic

            Plenty of money in Illinois. Pay your taxes, pay your bills. Why is this so contentious?

          • GSOB

            Runaway spending, taxation without representation….
            collide,
            .
            .
            fiat currency collapses as confidence in it
            .
            .
            .
            .
            .
            .
            .
            .
            shrinks

          • Zlatko Milanovic

            You have representation. Spending has already occurred, the bills have to be paid. However, voting in the next election for candidates who pledge to reduce spending is your right as an American, and your only legal recourse. Or you could move somewhere else. Rule of law, and all that.

          • JC Teecher

            “the bills have to be paid”

            No they don’t, and there are, on average, 2192 filings for Bankruptcy each and every day of the year, or 66.666 thousand cases each month. Coincidence on the 666 numbers, as that number was almost double in 2010.

            Just think about that for a minute, There is something very wrong with a society that has nearly all it’s debt written off, in such huge numbers every day.

            some of the filings are valid, and some are using the system like D Trump has said he did.

            There is a millionaire businessman in our city, that does this every 7 years or so, and not once has he and his wife stopped driving around in expensive new cars, nor had to sell off any of their million dollar estate.
            On that estate is a horse ranch with a huge building with a riding arena where his daughter used to have events for her riding exhibitions and such. I have been there many times when I was attending a college Farrier class back in the 90’s.

            Granted there are several classes of bankruptcy, but most of those, about 60 to 70 % are for personal bankruptcy, which wipes out billions of debt each year from citizens.

            The American way for a lot of folks, to work the system. this is partly why Lending Institutions charge so much interest on their debt, Credit Card/unsecured debt; as a huge percentage of it is continually written off as bad debt and the Taxpayers have to eat it in the form of more $$ borrowed against our National Debt.

            Just hold on, wait and see if Illinois, and more specifically Chicago does not file bankruptcy or worse, get a bail in off the pensioners backs.

          • SoCalBeachDude

            The Federal Bankrutptcy Code does not apply to the federal government, or states, or to student loans.

            Moreover, the Federal Bankruptcy Code has been significantly tightened in 1978 and in 2005 making it much more difficult to file for any form of bankruptcy and to prevent borrowers from committing fraud against lenders. There are now fewer than 800,000 bankruptcy filings in the USA each year out of the 324,000,000 people in the US which is only are only around 0.02% of the population that files for bankruptcy which is less than 2/10th of 1% of Americans who engage in such bad and reprehensible behavior each year.

            Credit card borrowers are charged very high interest rates of 12% to 32% or so on credit card debt which covers the losses to lenders on that UNSECURED DEBT and those losses have nothing whatsoever to do with any federal debt as you erroneously and absurdly claim.

            Once again, NO STATE MAY EVER FILE FOR BANKRUPTCY under the Federal Bankruptcy Code so Illinois is precluded from ever filing for any bankruptcy.

          • SoCalBeachDude

            What utter stupidity. The REPRESENTATIVE OF THE PEOPLE OF ILLINOIS are the ones who voted to spend that money OBLIGATING THE CITIZENS IN ILLINOIS TO REPAY THAT MONEY. If they didn’t want to repay funds borrowed on debt then they had no business ever borrowing those funds in the first place.

          • GSOB

            Representation….
            As far getting into office….
            What you have is the rich upper class lording over the middle & lower class.
            Not unlike Uncle Sam, the state governments borrow to stay afloat.
            lol

          • SoCalBeachDude

            Little obnoxious people need to learn to behave themselves and act with manners or they will find themselves suffering very adverse consequences if they attempt to commit any criminal acts in pursuit of their bizarre notions against other much more deserving people.

          • GSOB

            I am a thorn in your side. Yes.. Now do your homework.

            This is your 4th assignment young man…

            https://www.youtube.com/watch?v=EdSq5H7awi8&index=4&list=RDQMJXa9p_JOb3c

          • SoCalBeachDude

            I’ve told you many times now that video is as bogus as a $3 Euro. So why does a bogus inane fake propaganda video hold any interest for you at all?

          • beard681

            LOL Too late now….

            BTW decades ago my mother lost $30K when WUPS went under. Nobody bailed her out.

          • SoCalBeachDude

            No, and so what?

          • SoCalBeachDude

            What is a WUPS and why should I care?

          • SoCalBeachDude

            Indeed. It is very difficult to believe the mess the morons in Illinois have created as there is no excuse for that at all.

          • beard681

            Because the political system ran up more bills than the state is willing to pay. Voters will decide how much they are willing to pay. Just like loans to faltering businesses creditors will need to take a haircut.

          • SoCalBeachDude

            The State of Illinois has NO CHOICE AT ALL BUT TO PAY ITS BILLS. In the absence doing so it will be CUT OFF FROM ANY FURTHER BORROWING AT ALL and will have to severely curtail its spending. The choice is up to Illinois and the delusional fools in office there who are now getting a very rude awakening back to FISCAL REALITY.

          • Zlatko Milanovic

            No. Illinois Supreme Court says the state will pay the already accrued obligations.

          • GSOB

            Give them a printer.

          • SoCalBeachDude

            Illinois has the power to tax its citizens, and the Federal Reserve NEVER monetizes any of the federal government debt at all, and the federal government must also get its revenue by taxing the citizens of the USA.

          • GSOB

            I disagree on the monetizing.

            A central bank is the only bank that can ‘legally’
            do that

          • SoCalBeachDude

            No, central banks are not permitted to monetize government spending and the Federal Reserve NEVER does that at all.

          • GSOB

            US debt monetization in terms that the Fed is intentionally helping the government finance expenditures,…. as a private corporation such that it is, and not part of the Federal government

          • SoCalBeachDude

            Absolutely false. The Federal Reserve owns only about $2.5 trillion of the US government debt in the form of US Treasuries and more than $1.8 trillion of those were EXISTING US TREASURIES purchased from member banks where the proceeds went those member banks with not a single penny going to the federal government so there was NO MONETIZATION OF US DEBT AT ALL as a result of the QE process. Get a clue.

            Are you not aware that the Federal Reserve REBATES MORE THAN 94% OF ITS ANNUAL PROFITS TO THE US TREASURY which makes the ownership of the US Treasuries it owns TOTALLY INTEREST FREE TO THE US GOVERNMENT? How many times does that have to be stated before you start comprehending that fact?

          • SoCalBeachDude

            Illinois obviously needs to 1) CUT SPENDING, and 2) RAISE TAXES and needs to do so in a somewhat balanced manner. Their failure to do so means by by tomorrow 07/01/2017 when their next fiscal year starts, their bonds will be DOWNGRADED TO JUNK and they will not be able to borrow without huge additional costs in the municipal bond markets and they will be cut off from any further credit by many creditors and will have NO CHOICE AT ALL BUT TO MASSIVELY CUT STATE GOVERNMENT SPENDING which they should have been doing all along for the past 10 years.

          • beard681

            Politically impossible.

          • SoCalBeachDude

            Nope, and that is BEING DONE RIGHT NOW in Illinois and in many “red” states.

            WAY PAST TIME FOR MAJOR TAX HIKES IN THE USA…

            Republican-dominated states RAISING taxes…

            https://www.nytimes.com/2017/07/02/us/politics/republican-tax-cuts.html

          • SoCalBeachDude

            Anything and everything is politically possible. Now they have RAISED STATE TAXES BY $5 BILLION A YEAR in Illinois and the Governor’s veto has been overridden and now Illinois needs to move on to raising state taxes even further by at least another $5 billion a year while cutting state spending.

          • beard681

            What if they refuse to pay creditors? After years in federal court somebody may force them to pay. Then what if they don’t? WHat if they direct state police to prevent federal marshals from arresting the governor? Send in federal troops to arrest politicians?

            What will happen is what happened with TARP. The FED will print money so that bond holders can be paid. The question is how many times will that trick work?

          • SoCalBeachDude

            Huh? A federal District Court has already ORDERED ILLINOIS TO PAY KEY BILLS and they have NO CHOICE BUT TO DO EXACTLY THAT.

            As to TARP, that had nothing whatsoever to do with the Federal Reserve and it was EXCLUSIVELY A US TREASURY PROGRAM using US government funds. TARP was a program of VERY HIGH INTEREST RATE LOANS which were forced on all financial entities in the USA and which ultimately had NO NET COST AT ALL other than the around $10 billion lost on the GM Chapter 11 debacle.

            As to the Federal Reserve is NEVER ONCE “printed and gave money” to anyone and never does such nonsense.

          • SoCalBeachDude

            If Illinois “refused to pay creditors” then they will be IN DEFAULT ON BONDS and their credit ratings will drop to JUNK and they will have to PAY VASTLY HIGH INTEREST RATES TO REFINANCE THEIR BORROWINGS – assuming that they will be able to borrow at all.

          • GSOB

            US currency is not real money.
            Good bye!!!!!!!!!!!!!!!!!!

          • SoCalBeachDude

            The US DOLLAR is the pure expression of REAL MONEY and is the most widely used and most important REAL MONEY CURRENCY IN THE WORLD and used in more than 83% of all global transactions.

          • GSOB

            Define money:
            Define currency:
            We are waiting….

          • SoCalBeachDude

            Money and currency are what are used and accepted in the purchase of all goods and services in any economy and they are also a store of value and what is used to purchase other assets. In the US that money and currency is EXCLUSIVELY THE US DOLLAR.

          • GSOB

            Wrong answer…

            Foundational to even to begin to understand the difference b/t currency & money is what is taught in this video. Please watch it.

            https://www.youtube.com/watch?v=DyV0OfU3-FU&list=RDQMJXa9p_JOb3c&index=2

            That is your third homework assignment, and I apologize, I should have made it
            your first assignment.

            After you have finished watching it, you are free to take the rest of the weekend off, away from here.

            Thank You

          • SoCalBeachDude

            Try to tell that to the clerk at your local grocery store the next time you try to pay in anything OTHER THAN US DOLLARS!

          • SoCalBeachDude

            Try to pay your bills in the US in anything else and you will be told that US DOLLARS ARE THE ONLY MONEY ACCEPTED TO PAY YOUR BILLS.

          • GSOB

            In all truthfulness deceived one, it is a fiat currency that the entire system is tethered.
            Thanks for helping to establish that.

      • GSOB

        The state in bondage to the fed…. wonderful

        • SoCalBeachDude

          The Federal Reserve has nothing whatsoever to do with any State if that’s what you mean by “the fed.”

          • GSOB

            Ever hear of the Federal Income Tax? And who it is that controls interest rates on a fiat currency? And the minimum wage…?

          • SoCalBeachDude

            The Federal Reserve has nothing whatsoever to do with the federal income tax which is levied and administered entirely by the IRS which is a division of the US Treasury which is the US government.

            All interest rates that matter in the US economy are set in the US TREASURIES MARKETS which are the largest bond markets in the world and in which more than $7 trillion new US Treasuries are issued each year and in which more than $12.8 trillion of Treasuries change hands. All interest rates in the US economy – including the only 3 interest rates set by the Federal Reserve are KEYED OFF THE YIELDS (INTEREST RATES) established by the US Treasuries markets. The only 3 interest rates set by the Federal Reserve have nothing to do with the US economy and it doesn’t matter a hoot what they are.

            The only three interest rates that Federal Reserve raised on June 14, 2007 are:

            1) Federal Discount Rate (the rate at which banks borrow directly from the Federal Reserve for overnight liquidity purposes on a fully collateralized basis).

            2) Federal Funds Rate (the interbank borrowing rate at which banks borrow from each other strictly for liquidity purposes for very short terms (typically overnight) on a fully collateralized basis.

            3) IOER [Interest On Excess Reserves] (the rate paid by the Federal Reserve to member banks on their more than $2.5 trillion in funds in their excess reserves accounts inside the Federal Reserve).

            Not that it matters the slightest bit of a hoot, however, as the FDR and FFR are practically NEVER USED THESE DAYS given the fact that member banks are overflowing with vast excess reserves and have NO NEED WHATSOEVER to borrow from each other or from the Federal Reserve for overnight liquidity purposes.

            The Federal Reserve targets for these rates are around 3% by the end of next year in December 2018 and the Federal Discount Rate is always set at 0.5% higher than the Federal Funds Rate.

            The IOER matters very much to the member banks who will earn more than $80 million more a year now on their more than $2.5 trillion in funds in their excess reserves accounts inside the Federal Reserve.

    • JC Teecher

      Personally, I think Illinois is going broke because it is another planned fleecing of America.
      Remember the “too big to fail” banks and automobile companies?

      Chicago, and Cook County is one of the most corrupt areas in the world. Why did Rom Emanuel suddenly stop working with the Odrama administration and become the Mayor of Chicago where crime, and drugs are center stage? Where corruption and liberal ideology is the ruling class. Where there are hundreds of billionaires, and thousands of millionaires. To the tune of over 280, 200 in 2015

      That’s right, over a quarter million millionaires, mostly right in Chicago/Cook County, and even more that live in the metropolis of that area next door in Gary Indiana.

      Illinois is the 5th largest state in USA, and is ranked fifth in the nation with millionaires and billionaires.
      According to some latest reports, many of those have relocated to Florida over the past couple years.

      I see a really good situation for Illinois getting a huge “bail-In”, or “bail-Out”, when the next demoncrat potus gets appointed. can’t let those wealthy elite suffer any losses.

      • SoCalBeachDude

        Laughably false and utterly clueless assertions.

  • JC Teecher

    Can you imagine the size of that first Domino and the sound it will make when it crashes down into the others, for the collapse of collapses?

    • TheRunningMan

      I can imagine the sounds coming from my unprepared neighbors who live solely for today.

      • JC Teecher

        I know you are right about that. My neighbors, which are anywhere from 1/2 mile out and further because of my isolated mtn. bug out location, are a mixed bag of well to do, and down right poor and barely educated. There are several Dr’s and lawyers within a couple miles of the mtn, cabin, and they are not the kind of people that show compassion for the poor and elderly.

        Just this week, i stopped by to see an elderly woman that I got to know briefly back in the 80’s as I had been seeing her along the roadway just standing and sometimes picking up trash along her roadside property line.
        I assumed she had a living companion since her Husband died about a decade ago, but never stopped to ask as her house is a ways back in the woods.

        The old woman, mid 80’s, is alone. and has been, as her children all live in other states. She is a pitiful sight, and was so glad to see me and remember me from the past, Her mind is slipping somewhat, but she does remember enough to carry on with casual conversation.
        I see signs of malnutrition, and despair and loneliness, of which hurts me inside. Even her part time lawn mowing man, (elderly) only comes about once every two weeks, mows and leaves. he has ignored a dead tree that is precariously close to falling on her house, across the bedroom area where she sleeps. A big 16″ at the based dead maple. I will follow up to see if she gets help with taking it down.

        My point is this, if an EMP hits, and the grid goes down, where would this old woman be in regards to help with food and safety?
        She doesn’t even know who her closest neighbors are as they have completely ignored her all these years. She relies on well water, as there are no springs close by, and if the grid goes down, she has no source for clean potable water. she most likely has no more than a few days worth of food, as her extended family member that lives in town, 7 miles away, takes her to the Dr, and grocery store, and the woman’s kids, reimburse them for them time and expense. Sad.

        • Carl

          ” A big 16″ at the based dead maple. I will follow up to see if she gets help with taking it down.”

          You should pray about it and ask jesus to remove the tree. I hear if you have enough faith you can get that done. Let’s put it to the test.

          As for her poverty stricken state I can only assume that she is either 1. an unsaved degenerate like myself 2. did something to really tick off the man upstairs or 3. is just not praying the correct way.

          • TOUJOURS DEMAIN

            Is there a possibility it could be all three?

          • JC Teecher

            I don’t know, because i don’t know her well enough to ask about her faith or lack thereof. I do care about her spirituality, and prayed for her in all respects, but for now I just want her to be physically comfortable and not so lonely.

            I will follow up, and if need be, I will get some help and cut that tree down myself, even though it is high risk for twisting and coming back down on her house. I don’t want to be held liable.

            I think her children are just using her money and give just enough to their extended family for her medical and seemingly limited nutritional needs.
            She really is a sweet old lady, and I would hope she would try to go to a retirement home, at least for the winter months.

      • GSOB

        You can run but you can’t hide.

    • SoCalBeachDude

      All that will happen is yields (interest rates) will rise.

  • George W Hill Jr

    Might be a little bit low -IMHO … We the ole USA all in are at least $200 T…so just how bad is it … take a look at some real numbers at shadow stats …and hold on to your balls.

    • SoCalBeachDude

      False. The total debt outstanding in the US including the $20 trillion in US government debt stands at a little over $67 trillion as I have detailed extensively below. Something does not become debt unless money is borrowed to pay for it and then owed to a lender.

      • beard681

        This does not include financial instruments (repos, derivatives, stocks held on margin, short sales, etc.) nor does it include the TRILLIONs of unsecured pension and social insurance liabilities. Now you may say these liabilities don’t count because they don’t HAVE to be paid, but if you cut peoples pensions, welfare or social security payments it has the same economic effect as deleveraging – people spend less because they have less.

        • SoCalBeachDude

          Obviously NOT, as those things you state are NOT DEBT AT ALL.

        • SoCalBeachDude

          Those things are NOT DEBT and are entirely separate issues. Yes, of course, people will have to spend less if they have less money, but belt tightening is a VERY GOOD THING in our extremely profligate and wasteful economy.

  • SoCalBeachDude

    CONGRESS LEAVES DC FOR SUMMER RECESS

    HANGS UP “GONE FISHIN'” SIGN

  • SoCalBeachDude
    • CASTIEL

      Get a real job…….pathetic idiot!!! I bet you still depends of your mother……..

  • SoCalBeachDude

    China has GROSSLY ABUSED THE PROCESS OF MONEY CREATION over the past 10 years and has increased its money supply by more than $30 trillion from less than $3 trillion to more than $34 trillion with the value of its currency, the renminbi (RMB / yuan) NEARLY ENTIRELY PEGGED TO THE VALUE OF THE US DOLLAR with very minimal float which is CHEATING TO THE MAX in the global currency markets.

    Now, that game is all coming CRASHING DOWN FOR THE EGREGIOUS MONEY PRINTERS INSIDE CHINA who have turned their currency into worthless monopoly money and created a sea of debt as far as the eye can see.

  • SoCalBeachDude

    The percentage of the current federal budget of around $4 trillion that goes to pay the interest on the federal debt of around $19.2 trillion is only 6%, and 94% of the federal budget in Fiscal 2015 was spent on other things with the largest portion going to social welfare and medical expenses which constitute about 60% of the federal budget as you can plainly see from the actual numbers.

    A summary of the fiscal 2015 US federal government expenditures totaling nearly $4 trillion is as follows:

    WELFARE & MEDICAL (63%)
    33% Social Security, Unemployment, Labor
    27% Medicare & Health
    ..3% Housing & Community

    MILITARY (20%)
    16% Military
    ..4% Veterans Benefits

    INTEREST ON DEBT (6%)
    ..6% Interest on Debt

    FOOD & TRANSPORTATION (6%)
    ..3% Food & Agriculture
    ..3% Transportation

    EDUCATION & SCIENCE (3%)
    ..2% Education
    ..1% Science

    ENERGY, ENVIRONMENT, & INTERNATIONAL (2%)
    ..1% International Affair
    ..1% Energy & Environment

    OTHER EXPENSES (1%)
    ..1% Government Expenses (general)

    The complete breakdown of Fiscal 2015 expenditures is extensively detailed including actual numbers as well as pie-charts with various percentage breakdowns as to discretionary and non-discretionary expenditures at:

    https://www.nationalpriorities.org/budget-basics/federal-budget-101/spending/

    Prior to the Reagan years starting in 1981, it had taken more than 200 years for the US government to accumulate a national debt of $1 trillion, but during the spendthrift profligate Reagan years the national debt exploded upwards by 280% to reach more than $2.8 trillion by the time Reagan left office in January 1989.

    The biggest current issue is that federal tax revenues are only around $3 trillion while federal government spending is around $4 trillion leaving a shortfall which MUST BE BORROWED through the issuance of US Treasures of more than $1 trillion per year.

    • GSOB

      Fiat currency… backed by arrogant confidence,….

      • SoCalBeachDude

        The only currencies that matter in today’s world are MAJOR ELECTRONIC CURRENCIES and that is the way it has been for a very long time. If you don’t comprehend that, then you are totally lost in an era of irrelevant buggy whips.

  • PocoPete

    The reason some commenters are able to post links immediately without moderation may be because they have been designated “Trusted Users” by the site owner.

    See the disqus help page at:

    help (dot) disqus (dot) com/customer/portal/articles/466242-using-the-blacklist-and-whitelist

    “Adding users to your Trusted Users list will ensure that their comments are posted immediately though it won’t prevent their comments from being marked as spam. This is used for trusted commenters, such as community regulars or website staff who aren’t listed as moderators.”

    • aldownunder

      Another piece of excellent investigation by you
      Well done

      • JC Teecher

        Hi mate, when you get a chance go back where we corresponded last night and check. thanks.

    • SnodtBlossom

      Untrusted and Proud of it 🙂

      • SoCalBeachDude

        !!!

      • TOUJOURS DEMAIN

        Untrusted, blocked, deleted, awaiting moderation, you have been banned…….. all part of speaking out thoughts.

        For every action there is an equal and opposite reaction!

    • JC Teecher

      “website staff”????

      maybe that explains why ScBdud has carte blanch status for all the stuff he posts and all his nasty comments and lies to almost all posters, except those that support him.
      He even gets on “their” nerves, if he has no one else to condemn and criticize at the moment.
      Let me ask this question. If you knew that the site owner, a self proclaimed Christian, was promoting and coddling the likes of ScbDud, a known Christian hater, and proponent pf abortion and gay marriage; would you want someone that accepts this persons crap, just because they are getting mileage from it…..as a sitting law maker for your state/fed gov? Isn’t that like a double standard, and what some would call a fake christian?
      I don’t know his true heart but I am not seeing what I would want as a representative in my country’s leadership roles. Someone that will accept something that is akin to evil (ScBd), for personal gains/mileage, yet on the other hand, or speaking engagement, will say that he /she is all about the salvation of souls for the Kingdom. You can’t have it both ways.

      I may push the envelope sometimes but then again I’m not out here in the public spotlight making a living off others acceptance of me. Some people are members of the church of “whatever is working for “me” now, club”

      I don’t know or really care, but it is my job to call out injustices and fakes where I see them. I may not be what some call a christian, but I don’t try to hide who I am or what I stand for. Some condemn me for my language and openness, and that is OK, but for someone to try to hide their true self, and then claim to be a champion for “we the people”, and Christians, then they deserve much scrutiny, do they not?

      • Carl

        Get over yourself teecher. Your obvious jealousy of the blog owners success and your lack of getting a cult following like he has must vex you to no end on a daily basis.

        • JC Teecher

          You are so wrong on so many areas oh obi wan kenobi of the abyss.

          “jealous”? I would not trade what I have been given via the Holy Spirit, and my Creator, and Saviour, for One million cash and all of mikey’s little puritanical liberalist empire in Idaho, plus the near cultist community that exists there. They are a fairly huge group and expanding all the time. why do you think “you know who” wants to become a leader and gain back all the federal lands within the state.
          one answer. A nirvana on earth, through expansion of their little cultist christian organization in the “gem state” where the motto is; “let it be perpetual”. It ain’t.

          I know the practices and false doctrines of the main church they all attend. some good and some very very wrong, and against the bible’s teachings.

          I don’t want a following, but God has prepared me to offer an alternative to True Christians for Truth teachings that align with His Holy Word.
          You are not invited because all you are and ever will be (from what I have seen) is an accuser of the brethren just like your ole lucifer god.

          Nite nite little dummy obi.

          • SoCalBeachDude

            You are as clueless as they come.

          • Daddyotis

            What utterly bogus and stupid nonsense.

          • SoCalBeachDude

            Yes, your comment is just that. Pitiful.

          • Daddyotis

            False and utterly ignorant statements once gain for you which is nothing other than totally bogus harassment.

          • SoCalBeachDude

            Huh? Get help for your head, dude.

      • SoCalBeachDude

        What utterly bogus and vile disgusting nonsense.

      • aldownunder

        Very direct and seemingly true statement
        I am surprised it has stayed up this long
        Go JC upholder of truth and justice
        I will not waste my time reading the derogatory replies that you will undoubtably receive below but there is nothing wrong with pointing out obvious biases and predjudices

    • TOUJOURS DEMAIN

      If your research is correct, then it would appear that Mlke trusts SoCalBeachDude enough to let him post links. If that is true then people’s disapproval of his freedom to do so should be directed at the moderator and not at him.

      Actually many of his links I find informative.

    • Stuey

      Very interesting, great info. Poco Pete! If socaldrugheaddude does have this special privilege it is amazing it has been granted to him on here. The author is a very religious Christian based on his writings, yet drugheaddude is openly anti-Christian and has even wrote that the new testament is a bunch of fantasy stories. Drugheaddude also loves the Federal Reserve and constantly promotes them and gives information that is opposite of what the author of this blog writes about the Fed.

    • HeyAHuman

      It’s simple. Cali dude is Mike’s liberal butt-buddy.

  • SoCalBeachDude

    The so-called “global elite” are so HORRIFIED that they are pushing the BIS – which is the central bank of central banks – to start clamping down on this disastrous mess to start significantly tightening credit globally by raising rates and tightening credit standards. It is in NOBODY’S best interests to have this kind of absurd debt spiral and the sooner it is majorly curtailed the better it is for everyone.

  • Hyakkidouran

    I wish God destroys our species already. We are not worthy of the gift of life.

    • GoinSheep

      I hope he starts w/you.

      • Hyakkidouran

        He is.
        Well, with all the other people who are slowly dying right now, of course.

        • MathCapitalist289

          We are all dying; every time the cells in our bodies regenerate that is one cycle lost, entropy increases, provided no life extension inventions are created. Therefore, with the exception of those technologies, the human body is slowly deteriorating after the growing phase ceases.

          • JC Teecher

            Dust to dust, and ash to ashes.

          • GSOB

            That’s encouraging….
            You probably mix tomatoes slices in with the fruit salad too,… I bet.

          • SoCalBeachDude

            Tomatoes (and avocados) are FRUITS.

          • Hyakkidouran

            I am dying in a more literal sense. You probably assumed this was an act and I can’t blame you considering the Internet… But it wasn’t.

            Every day I have to take medicine to contain a condition that could kill me. All to prolong the suffering without really solving anything. It’s not some metaphorical thing about aging and decay.

            But truth is, even if my life sucks and I’m sick, I don’t consider it a valid reason for my despair about our whole species.
            I am aware I am an exception. A “bad apple” some might say. Life is probably better for others.
            The real reason I hate mankind is when I see articles like this, which basically show that we never learn from our mistakes and are fundamentally worse than apes. The few things that do not suck in life are hanging by a thread, and we have giant scissors ready to cut it.

            We are just rotten to the core, glorifying sinners as examples and destroying the just and the weak in silence. It is our very way of life nowadays in unfettered capitalism.

            Wish for my death all you want, I don’t care. Even if I go to Hell, at least Hell is honest about what it is : “abandon all hope” is written on the door.
            At least it says it as it is… unlike this completely hypocritical world.

          • JC Teecher

            It is really sad that someone has not helped you with the simplicity of God’s Grace that will heal your heart and soul, and give you eternal love and peace.

            When you learn how to accept Jesus with the right mindset, with humbleness, and sincere repentance, then you will no longer fear death as I don’t fear it; I long for it, as I know what being in a spirit body with an eternal cleansed soul feels like. God took me there briefly, and it was glorious.

            He can take you there too.

          • TOUJOURS DEMAIN

            At least you have a positive outlook.

        • SoCalBeachDude

          Everyone is always destined to die. Is that concept somehow new or foreign to you?

          • GSOB

            And… tell me wise one, why is it that you will die, like me, one day?

          • SoCalBeachDude

            All mammals and other life forms die due to biological reasons and that is the way it has always been and will always be.

    • GSOB

      Man was made in His image… so then,…
      a gift does not depend on one’s worthiness,
      does it?

  • travis690

    The United States should, repeal the 14th Amendment to the Constitution, followed immediately by repudiating the national debt.

    The first thing this would do is to punish those who were stupid enough to lend to the United States.

    The second thing it would do is make sure that the United States cannot borrow again to fund its government. The government would be forced to live within its means, and there would be a major realignment on what should be paid for through the government’s powers of taxation.

    • JC Teecher

      Should-a, would-a, could-a. Ain’t happening, as establishment elite wealthy have things going the way they want them, and they have the establishment politicians and the shadow gov and deep state, all together as bed fellows, backing their actions and ideologies.

      Nothing will change until the King of Kings arrives to change it. but first, the great impostor will come on the stage and appeal to everyone that does not have the seal of truth implanted in their minds and hearts.
      Things seem bad right now, but they will escalate, to the point that people will accept satan as the messiah as he comes in with a peace and prosperity message of hope and love, for everyone, and especially liberals.
      It will be the biggest revival of masses since the Allahabad Kumbh Mela religious gathering in 2013 which was an estimated 120 million. It will be a sacred pilgrimage that will boggle the mind, and as the bible says….”the whole world will whor after him”.

      • Carl

        You are an idiot Teecher. Stop spewing your lies.

        • JC Teecher

          I decided to crank open the little jack-n-the box, w/ your name on it, and see what insane ramblings you have today.

          Voila’, sos.
          If I am an idiot, that you makes you an even bigger idiot for following/trolling/reading me.
          Ha ha, back in your box.

        • SoCalBeachDude

          Indeed, Carl, that above blathering delusional nonsense was so laughably that I just rolled on by chortling. It is hard to believe that there are people out there so lost in total delusions as GSOB and JCT.

      • travis690

        Wow! I’ll make sure I’m watching this on my big-screen. (Sarcasm)

        I agree: Things will get worse before they get better. If I live that long, I want to make sure I’m watching this from afar, rather than on my front lawn.

      • GSOB

        It is not a requirement for the King Of Kings to physically return in order to judge from the throne of heaven.

        In fact, most of the restoration… making all things new,… transpires ‘before’ His physical return, by His reign NOW as the “Spirit’ and through His body, the Church,…. in an on going work in progress to this very day,…..

        the Gospel of God,

        Prayer is the avenue of engagement with the Faithful One. Faithful is He who calls you, who also will do it.

        • JC Teecher

          What you fail to realize is that the 1000 years is for teaching truths to those that were found “not guilty” of lack of salvation, because of the nonsense that is being taught today. In other words they are not being held to full accountability “yet”.

          so they will be taught during this time, and as a servant, after having been shown my duties for the Millennium, I will be helping with that teaching.
          Many will be converted and tested when satan is released for a short season near the end and just before the Great White Throne Judgment seat comes down from Heaven where the One and Only God will sentence and hand out judgments and rewards.

          What will you be doing during that 1000 years gsob, more scripture posting and making false claims that Revelation has already been completed?
          I doubt that as you may be one that does not make that first resurrection, the day Christ arrives, and has to be taught truths of which you have missed because you follow some man and not the doctrines and prophetic Words written in red.

          • GSOB

            The kingdom of heaven on earth is the incarnation of divinity with humanity. It is already present and I’m in it because Christ is in me and I in Him, I live by faith and not by site.
            The redeemed have been purchased already. I have been purchased by the blood of the Lamb, already.
            The Spirit joins the predestined elect to Christ and they are then quickened to learn to walk with Him and they are one with God forever in this way,. John 14:20
            Christ has already defeated Satan, over-throwing Satan’s power.
            All power and authority already has been given to Christ,….
            Christ already reigns and this will stay the course, increasing to His physical return, .
            Thy Kingdom come on earth as it (already is in heaven.
            The Person and work of Jesus has bound Satan and binds his activity by the proclamation of His victory as the God-Man over Satan, sin and the world.
            Believers are called to teach and preach Jesus to enter into the Kingdom by faith and repentance. This kingdom’s origin is not of this world as it is in this world now, swallowing up death in Adam.

          • JC Teecher

            I see…one of the “once saved always saved believers.” Well, ole buddy, my bible says you will be determined when the Books of Life are opened at the Lord’s Day when all are changed into spirit, “after” tribulation, and then separated into Goats and sheep, right and left, so how can you be pre-destined to say you have been resurrected to eternal life when your life here is not complete, and you have not yet been validated “worthy”, nor gone through the tribulation, in order to see which Messiah you follow.

            You have a screwed up doctrine that you live by and it isn’t the doctrine taught by Jesus Christ.
            Good luck convincing Christ that you “had good intentions”, but refused his written Word.

          • GSOB

            I feel nothing but angst from you on this topic,… You have still,.. much to work through and relearn..

            Your are in a spiral of anxiety because who’s salvific ‘works’ you find rest in has not been settled in your heart, deep enough yet..so you are still in a loop of doubt and fear.

            Perfect love cast out this fear and I encourage you to spend more time with Him in prayer and work out what He Himself works in.

            I’ll keep lifting you up so that His peace my find you. Satan has not a chance then…. as we labor to enter into His rest.

          • JC Teecher

            You are the same accuser and mocker that you were from the first time Istarte posting biblical truths here. In some way you are worse than the heathen Carl, as you twist scripture to fit your narrative.

            Many people have called you out on it and have seen through your smokescreen of self-promoting doctrines, that come short of the true teachings of Christ.

            I had you blocked, and I will do the same again as I have heard you loud and clear as you sometime back called me a false prophet.
            You set yourself up for some rough times ahead by those words. Yu and sister soldier double teamed me about the same time. Why? Because you two can’t handle truth, and when it comes close to you, you lash out with all you have to work with, and that is your forked tongues.

            I do this not because I enjoy it, but because I have been called to do it. You do it for self gratification and self-edification, because neither one of you two big feeling Christians can get it through spiritual blessings.

            Back in your lock box g-sob.

          • GSOB

            Thank You.

      • SoCalBeachDude

        The KING OF KINGS is the US DOLLAR.

        • Timothy

          Not for long. And stop yelling in bold font.

          • SoCalBeachDude

            The US dollar will continue to the currency of the USA and the most used and most important currency in the world for the foreseeable future. There is no currency that could ever even begin to slightly challenge the US dollar.

          • Timothy

            That’s so LAUGHABLY FALSE its mind boggling.

          • SoCalBeachDude

            What I stated is 100% accurate and correct, and that is simply how it is and will continue to be for the foreseeable future.

    • SoCalBeachDude

      What utter stupidity. The federal debt is OWNED AS ASSETS BY THE US GOVERNMENT AND BY MILLIONS OF ENTITIES IN THE US AND AROUND THE WORLD and what you are suggesting would DESTROY $20 TRILLION OF ASSETS including totally wiping out around $6 trillion in the Medicare and Social Security Trust Funds. You obviously have zero comprehension as what the US Treasuries markets are all about and I would suggest that you learn about the US Treasuries markets at:

      http://www.TreasuryDirect.gov

      • travis690

        There are no Social Security or Medicare Trust Funds; they are only baskets of IOU’s. The “funds” are in deficit, and it is projected that Medicare will be fully paid out and unable to replenish itself in 2023, while Social Security will pass the point of no return in 2034. Assuming the actuaries don’t revise the numbers to earlier dates.

        The only reason foreign governments buy United States Treasuries is because of the guarantee they will not be defaulted upon. It is that demand, along with the petrodollar arrangement, that creates a reason for any foreign nation to hold dollars. If OPEC decides to accept other currencies for oil, the petrodollar market collapses, and so does the value of the dollar as a world benchmark currency.

        All I am suggesting is that this will become an untenable situation, and that we force the end of it sooner rather than later. If something’s going to fall, do we allow for a controlled fall, or force a disastrous collapse?

        I say, give it a push.

        • SoCalBeachDude

          There most certainly are Medicare and Social Security Trust Funds and they hold (own) about $5.5 trillion of the outstanding $20 trillion in US Treasuries as required by law passed by Congress.

          Each year the US Treasury issues more than $7 trillion in US Treasuries which are sold through auctions held by the 20 or so primary dealers of US Treasuries. About $6 trillion of those proceeds are used to repay in full the owners of matured US Treasuries with about $1 trillion in net new US Treasury borrowing each year.

          The reason that yields (interest rates) on US Treasuries are so low is because the DEMAND FOR US TREASURIES IS NOW QT RECORD HIGH LEVELS and the highest bids in prices win at auctions and prices of US Treasuries are INVERSE TO YIELDS. There are about 3 bids for every US Treasury sold which is why the yield on 10 year US Treasuries is around 2.20%.

          US Treasuries are owned by MILLIONS OF DIVERSE PEOPLE AND ENTITIES in the US and globally.

          There is no such thing at all as the “petrodollar” as oil accounts for less than 7% of the annual global use of the US dollar which is used in around 83% of all global transactions for all sorts of goods and services around the world

          The US made no such deal as you assert at all with Saudi Arabia which is just one of the world’s many oil producers. The 3 largest oil producers are the US, Saudi Arabia, and Russia and Russia doesn’t even price oil in dollars nor does Iran. Saudi Arabia has never owned much in the way of US Treasuries at any time. In fact, Saudi Arabia holds (owns) practically NONE OF THE OUTSTANDING $20 TRILLION in US Treasuries.

          Treasury Says Saudis Hold $117B of US Debt…

          http://www.bloomberg.com/news/articles/2016-05-16/u-s-discloses-saudi-arabia-s-treasuries-holdings-for-first-time

          The more commodities prices collapse the higher the value of the US dollar will rise axiomatically. Oil has plummeted from $114 per barrel in June 2014 and is now about 60% lower in June 2017 at around $45 per barrel which represents a 120% increase in the purchasing value of the dollar against oil.

          I would suggest you learn about the US Treasuries (bills, bonds, notes, and TIPS) markets at:

          http://www.TreasuryDirect.gov

          • GSOB

            fiat…..

          • SoCalBeachDude

            FRN US DOLLARS ARE THE ONLY ACCEPTED CURRENCY IN THE USA.

  • LIZ THE SHIZ

    but wait, what about all the derivative contracts for another 3-4 quadrillion , this planet is bankrupt and the jokes on us

    • PocoPete

      Yes, it is bankrupt.

      • SoCalBeachDude

        Laughably false.

    • SoCalBeachDude

      Nope. Global assets now exceed $700 trillion while total global debt is only around $217 trillion which is a very low debt to asset ratio of only about 31%.

  • Leif Erickson

    Debt and drinking. The curse of the poor. And some rich people I know.

    • TOUJOURS DEMAIN

      A self inflicted curse.

  • Stuey

    The most important sentence of the article imo is “And the really big secret that none of us are supposed to know is that governments don’t actually have to borrow money.” I know what the author is eluding to, but it would make a great article if he would go into more detail about this topic. Especially considering a poster on here(we all know i am referring to) says this is not true and governments can not print their own currency.

    • SoCalBeachDude

      The US federal government cannot and does not “print” any money at all except the few US dollars printed on contract by the US Treasury Bureau of Engraving for the Federal Reserve and the printed supply of US dollars included in the $3 trillion M1 figure is only $1.3 trillion.

      • Stuey

        Of course, everyone knew you would come on here and put your 2 cents worth in. Of course, that is about what your opinion is worth too, 2 cents. We have all heard it before how the Federal Reserve act overrides the US Constitution and the Federal Reserve is the only entity that can print US dollars, which aren’t even US dollars but Federal Reserve Notes, notes by definition are instruments of debt. The US Constitution, the supreme law of the land states that the US government is to make US currency. Before the Federal Reserve came about, various banks won charters which gave them the right to print currency, which never should have been done either. Andrew Jackson got rid of the national bank in his time. No other entity besides the US govt. should be allowed to print US currency. Hopefully, one day, the US govt. will once again regain control over their own currency. But right now the central banks own the world and would rather put the entire world into a great great depression before giving up their power, which is what will have to happen first before we get the yolk off from around our necks.

        • SoCalBeachDude

          Your ignorance and stupidity in the face of the facts is just beyond mind boggling. Go learn about the Federal Reserve including the full Federal Reserve Act at:

          http://www.FederalReserve.gov

          Federal Reserve Notes are US DOLLARS and are the most important and widely used currency in the world.

          • Stuey

            Oh yeah, same old blather you have posted on here a million times before. The Federal Reserve is so great, etc etc etc. You never address the issue directly with what the US Constitution states or the founding fathers intended. Oh yeah, that’s right, the founding fathers were just a bunch of hooligans, racist white men slave owners, which you have said before. You would prefer to still be under the rule of the UK and the great Queen. Then we would be using British Pounds and your favorite entity the Federal Reserve wouldn’t exist. Oh god, what would you do then? Have you even thought your position through? Oh well, i guess the Bank of England would have to do for you.

          • SoCalBeachDude

            The Federal Reserve Act is in complete compliance with the US Constitution and I would suggest that you read and attempt to understand it at:

            FEDERAL RESERVE ACT

            https://www.federalreserve.gov/aboutthefed/fract.htm

          • Stuey

            Yeah, only because the coward politicians who were still around over the Christmas holidays decided to vote in the Federal Reserve act to over ride the US Constitution. And the political system is so corrupt they won’t take another vote to repel it.

          • SoCalBeachDude

            Laughably false.

          • Stuey

            Nope, what is said is very true. When was the Federal Reserve bill voted on? How many in Congress was there for the vote? And today, how many congressman are willing to bring it up for a vote now? Has it ever went in front of the Supreme Court to see if it is constitutional? Of course, the entire system is so corrupt the politicians will probably still vote to continue it today since they are all owned by the central banks of the world. And who can trust the Supreme Court, heck they said Obamacare was constitutional afterall. Everything is full of corruption now it stinks to high heaven.

          • SoCalBeachDude

            What difference does any of that utter nonsense make? The Federal Reserve Act was enacted nearly 104 years ago and all of that is merely ancient history of no relevance or interest at all.

            FEDERAL RESERVE ACT

            https://www.federalreserve.gov/aboutthefed/fract.htm

          • Stuey

            HAHA……..yeah, what difference does my questions make, right? Oh, you don’t want to answer them, so now they are irrelevant and old history.

          • SoCalBeachDude

            Your pathetic attempt to rehash old history is laughably. Over the past 104 years the Federal Reserve has acted with impeccable accuracy and intelligence in their limited capacity and done a superb job as a central bank which is one of the most conservative and best central banks of all 193 central banks in the world.

            As to the US federal government it has acted with extraordinary recklessness, financial profligacy, and extreme stupidity which is precisely why it now has outstanding debt of $20 trillion (with $19 trillion of that created since 1981) which is growing at at amount in excess of $1 trillion a year.

          • Stuey

            That’s the same thing you said above just few minutes ago. Dude, what are you going to do, keep repeating yourself? Maybe your goal is to dilute the comments section with the BS post so maybe people won’t see the ones where i BUSTED you on previously.

          • SoCalBeachDude

            Once again, you appear to be totally incapable of comprehending very clear, price, and accurate information.

          • GSOB

            Why can’t you connect the dots?
            You try to influence everyone away from what is obvious, yet you fail to recognize what influenced the act.
            Psalm 50:18
            Romans 1:32

          • SoCalBeachDude

            There are no “dots” to connect except for the strange ones orbiting around and banging into each other inside your head.

          • GSOB

            Most widely FIAT currency used in the world.. Come on… be honest!

          • SoCalBeachDude

            The US dollar is the ONLY CURRENCY AND MONEY ACCEPTED IN THE USA and is the most used and accepted currency and money throughout the world. If you try to pay in anything else in the USA you’ll be laughed at and told “SHOW ME YOUR US DOLLARS.”

          • TOUJOURS DEMAIN

            I believe that in some instances sex in place of the US dollar may be an acceptable form of payment.

          • SoCalBeachDude

            As we learned in Economics 1 class, the most popular form of money and currency in prisoner of war camps in WWII was cigarettes and chocolate!

          • JC Teecher

            Always has been. Trade a trick for food will be something on a scale that the world hasn’t witnessed since the famines in the Bible days.

            Speaking of sex; the Patriarch of the
            _ewish peoples had a weakness with those gals of ill repute. He went astray at sheep sheering time, down at the pens with the Canaanite girls. One of those really had his number as she had three boys with him. One was wicked, and another did against the orders of _udah, so the Lord slew them.
            One son was married to a woman of the Adullamite tribe, which was of the Israelites, named Tamar.

            God was against marrying into the mixed race tribes of the Canaanites, especially by Patriarchs such as _udah of the King line that Christ would be born through.

            After _udahs wife died, and knowing how weak ole _udah was, in his lusts for the flesh of strange women ; we can see that God worked a little covert action when he put it into her, Tamar’s, mind to dress up as the harlot, and ole _udah fell for the woman covered with a head scarf, and dressed as a harlot. As Tamar was directed she got his king’s signet and staff, for collateral as _udah had no way to pay her at the time of the sex act by the roadside.
            She was supposed to be stayed as a lady in waiting for _udah’s son, by the Canaanite woman, but God was not allowing that to happen. When the word got back to _udah that Tamar had stepped out and gotten preggers, _udah was wroth and ordered her to brought up and burnt to death.

            But she still had the signet, as he had not followed up right away to pay her for sex, and she had disappeared and held the items of identification, which eventually saved her life, and proved she was carrying ole _udah’s child.
            Amazing story.

            Sex in the bible was not as big of a deal as prudish Christians try to make it out to be today.
            In fact; most pastors and Churches will not acknowledge that the bible is very plain to the fact that Eve had sex with the Tree of the Knowledge of Good and Evil/Satan, and Cain was the result.

            They call it the “serpent seed heresy”.
            Nothing heresy or false about Cain being the first murderer and of his father, the devil. The bible is full of documentation about this very event in the Garden, and the results of that first act of disobedience by woman. Man tries to out think God, and changes things to his ways of thinking, so as to be all warm and fuzzy feeling with the church preachings.

            Ironically; yesterday we got behind a young woman in an older model car covered in feminist/pro women stickers all over her vehicle rear.
            One of those stickers read…”Eve was Framed”. lol.

  • DJohn1

    The current system of debt is designed so that no one in the poorer segment can ever get debt free.
    I am 74. I am on Social Security and Medicare is my primary. I have a cheap secondary that pays little. Under Obama it went from a 600 dollar deductable to a 6,000 dollar deductable.
    Because I own two houses medicaid will never get involved until I am broke.
    This is a poor way to do business. Congress gets it all free.
    There is truly no relationship between how hard you work and the wages you bring in. The Congress is a prime example of this.
    For sitting in a few meetings they get paid a lot of benefits and money.
    In the late 70s or early 80s a man authored a book on professionalism called “The Screwing of the Average Man”. Nothing has changed since he wrote how the aristocrats steal from all of us.
    Recently a sickness put me in the hospital for 3 weeks and then 3 more weeks in a nursing home in rehab. It isn’t really over yet.
    By the time the medical profession “cures” me, anything not excluded by law will be gone.
    No other country I know of does this to its average citizens.
    Yes, that multi-trillion debt will explode soon.
    It will be interesting to see how the elite handle it so they do not go broke.
    I believe the banks will steal our savings. Hope I am wrong.
    Most likely they will bankrupt the dollar and start a universal currency which leads to starving anyone that does not go along with their Global laws. Believe that is predicted in the Bible.
    Then they will use a chip system so anyone not using it starves and those with a chip will have to worship the head of the system.
    And that is when all Hell is likely to break loose.
    Too many times people are given little or no choice in this world if they expect to live. Unless I am mistaken, that is cheating.
    What God does about it is anyone’s guess.
    Personally I choose to be Christian. So if I die then I am in Christ’s hands.But so many will choose life over death.
    We are seeing it happening before our eyes.

    • JC Teecher

      So, so true DJohn1.

      That is precisely why we prep and stock up on foods.
      Regardless of the timing of the Beast System you speak of. What if a rogue gov or jihaist group shuts down the grid, it’s game over for millions in the US of A.

      But if the Lord allows, and we are able to make it without total chaos and martial law before antichrst/satan comes to power, and requires the mark to buy or sell, we true patriots,Christians, and preppers will be fine. Why?
      Because; we have learned biblical truths, and are not looking to have to hide away and eat roots for three years and six months as the biblicaly illiterate want us to believe, and we are not flying away on some magic carpet ride in a pre-trib rapture escape. We are preparing for the five month period that Satan’s time has been “shortened” to, with enough supplies that we need not even come out looking for handouts from the beast or his system.
      We can survive, standing on our heads, for five short months. No problem. Just pray we don’t get sick enough to need major care, then they got you by the gonads.

      • SoCalBeachDude

        What he stated was so TOTALLY FALSE as to be beyond bogus and laughable.

    • SoCalBeachDude

      Absolutely false and very stupid assertions. The total household assets in the US now exceed $95 trillion which is a record high and more than one-third of households have their homes paid for free and clear of any debt.

      If you are indeed 74, then ObamaScare has NO APPLICABILITY AT ALL TO YOU as you would be on MEDICARE which begins at age 65 and the rules and coverages of Medicare Parts A, B, C, and D have not changed hardly at all as a result of ObamaScare.

  • JC Teecher

    Thank God and your lucky stars that you are not heading south on the 405 Freeway towards Costa Mesa Cali right now, because it is a parking lot and will be for sometime to come.

    A small plane made a crash landing on the freeway about an hour ago and the thing is soaked in foam, all across the highway and no traffic is being allowed through on the s bound lanes.

    I have been on that busy, busy road a few times, and I know why it is called the busiest freeway in the nation.
    Sucks to live in Cali, don’t it scbd. Oh wait, I forgot he never goes out away from his keyboard and basement, except for more cheap doughnuts and speed.
    What a pathetic life to live in solitude and despair.

    • Carl

      You do realize that now people can text and access the internet, etc via the cell phone, ipad or what have u? I like to think that right now SoCal on the beach somewhere chillin, grillin something tasty in honor of 4th of July weekend and enjoying the good weather and the good life in sunny California.

      • SoCalBeachDude

        Yep, and it is a lovely weekend here in SoCal with absolutely perfect weather and lots of folks out at the beach today, Carl!.

    • SoCalBeachDude

      That was a minor little accident caused by the failure of an engine in a small Cessna plane shortly after take off from John Wayne Airport in Costa Mesa and happened early this morning, Friday, June 30th, and there were no fatalities and only minor injuries. The plane crashed short of the airport runway. All arrivals to John Wayne Airport were closed temporarily but have since reopened, airport officials said. Departures were not affected.

      http://www.latimes.com/local/lanow/la-me-405-plane-video-20170630-story.html

      Your making of bogus and absurd “speed” assertions is beyond absurd and your comment has been flagged.

  • Julia Whatley

    all wrong with talk about money.. aim for a money free society! Then we wouldn’t have wars, crime, slaves, greed, corruption, poverty! AND MOST OF ALL CLIMATE CHANGE!

    • SoCalBeachDude

      What utter nonsense. There is no “climate change” and that sort of nonsense is nothing but a BOGUS HOAX. The average global temperatures today are WITHIN ONE HALF OF ONE DEGREE of what they were 100 years ago and 100% of the variation is due to SUN ACTIVITY.

  • pulltheweeds

    ” Give me toilet paper , or give me death ”
    Soon to be the motto of the federal reserve.

    • SoCalBeachDude

      Obviously false. The US dollar is the best and most important currency in the world and the US money supply is MINISCULE relative to the reach and use of the US dollar with less than $14 trillion of US dollars even in existence in the official regulated banking system.

  • Julia Whatley

    Money isn’t wealth ya all brain washed.. Clean water un polluted soil, healthy people and community. UBUTU. The Free World Charter.

    • SoCalBeachDude

      The world is DROWNING in vastly supplies of water and there is no such thing as “unpolluted soil” as all soil is made up of chemicals, and people will always be unhealthy and 100% of everyone born will always die.

    • JC Teecher

      What the f is that stupid looking outfit you be wearing?

      • Julia Whatley

        why? Not talking about that are we?

  • tacoma

    The U.S. is marred in epic debt, all kinds of debt and obligations. But many ‘experts’ have written columns refuting this. They explain away the debt in all kinds of technical arcane terms, all kinds of presumption and assumption, blow sunshine up the ass.

    I explain the debt by pointing out one irrefutable fact: Donald Trump is president. Even the most naive will agree such a person will not be sovereign head of state, CEO of administration, commander of all forces, if the U.S. is in fine financial and economic shape.

    It is reported that Trump will impose stiff tariff on all kinds of imports, sure to start a big trade war. Cancel all trade agreements. Yes, the U.S. will start a global trade war thanks to Trump. But why will he do it – that this is his policy has been in the open for years. He is doing it because the U.S. is in deep financial SH*T. Drown it its own mud. Trump have seen the real books and it’s far worst then all the public lies. There is not enough money to finance the huge federal government. Not enough to fix many things in the country. The debt machine has become the like the military machine.

    A country with a supposed GDP of $19 trillion, annual federal budget of $5 trillion, does not have enough money. And dare not raise tax to get some more money. Resorting to starting yet another war, a trade war this time. Along with all the other military wars.

    Truly an out of control warring state.

    • SoCalBeachDude

      A President of the USA does not have any unilateral capability to impose tariffs on any other country nor to cancel trade agreements which have been ratified by Congress. As to the US government budget, it is spending about $4 trillion (not $5 trillion) a year while only taking in about $3 trillion a year in revenues.

      That imbalance could be instantly fixed by simply cutting all expenditures across the board by around 33% or tax revenues could be increased by around 33% at the federal level. If a compromise were reached between the two then taxes could increased by about 16% and spending cuts could be limited to about 16% to achieve a totally balanced federal budget.

      • tacoma

        ‘Instantly fixed’. How come you are not sitting in the White House big round table telling all the big shots your wonderful solution?

        • SoCalBeachDude

          The people in the White House are already well aware that those are the ONLY SOLUTIONS AT ALL to solving the federal debt crisis. They know perfectly well that no country can “grow” its way out of debt and attempts to do that just result in vastly larger debt which is precisely how the federal debt jumped up from $1 trillion in 1981 to $20 trillion now in 2017.

        • JC Teecher

          lol, that is what everyone is wondering.
          How come the great basement dwelling obi wan has not been summoned to the round table yet?

          Because it is useful for one purpose to them, and that is doing what he has been doing to help them/tptb, form stronger SMP’s (social media profiles) on posters of prepping and semi christian/patriot sites.
          Why? To be used against “we the people” when the beast system is fully implemented.
          Scbd is a deep state pawn; whether he knows it or not, we can’t prove. But; we can prove he has issues, because he lies all the time and changes his position, and then makes accusations against those that call him out on it, even when they present truth with written facts as Stuey has done today.
          Reaping all the evil he has sown.

          • SoCalBeachDude

            What incredibly stupid, false, delusional, and totally out in lunar orbit BS nonsense. Everything I state is always 100% true, accurate, and correct.

    • SoCalBeachDude

      The total outstanding debt in the USA is around $67 trillion which I have detailed fully in comments below and the federal government debt of $20 trillion is less than one-third of the total amount of outstanding debt across all sectors of the economy in the USA.

      • tacoma

        A trillion here, a trillion there. Soon all the fake trillions will become real. Or is it the other way around. I am sure you know the answer.

  • SoCalBeachDude

    The total global outstanding debt of around $217 trillion is right around 330% of the amount of global GDP.

  • SoCalBeachDude

    Huh? That Island in Florida is Jekyll Island which is a very lovely area of Florida.

    http://www.jekyllisland.com

  • Liberty First

    Red pill, blue pill? Get out of the Matrix and see this truth. It awaits the enlightened.

  • A writer tried to explain the same thing in 1889 by publishing “The Great Red Dragon: Foreign Money Power In The United States.” Their “goal was to own the earth in fee-simple.” You have summarized it well for today’s world. Let’s hope more people pay attention, and quit feeding the dragon.

    • SoCalBeachDude

      1889? Really? 128 years ago?

      • There isn’t anything new under the sun.

        • SoCalBeachDude

          Actually there is a whole lot new every day!

  • SoCalBeachDude

    FRUSTRATED DEMS PLOT TO REMOVE TRUMP…ON “MENTAL” GROUNDS!!!

    http://www.dailymail.co.uk/news/article-4655964/Democrats-lay-foundation-remove-Trump-mental-grounds.html

    Speaking of “mental grounds” for REMOVAL from Office…

    Auntie’s Off Her Meds Again… Democrat Leader Maxine Waters Wants President Trump Impeached AND Exiled

    When impeachment is not enough – Democrat leader Auntie Maxine wants Trump impeached because he posts mean tweets!

    http://www.thegatewaypundit.com/2017/06/begins-democrat-leader-maxine-waters-wants-president-trump-impeached-exiled/

    CONFUSION: Maxine Waters says ‘700 BILLION’ [of the 324 million Americans] will lose coverage with health reform…

    http://www.theamericanmirror.com/confusion-maxine-waters-says-700-billion-will-lose-coverage-ocare-reform/

    WHAT’S WRONG WITH NANCY PELOUSY?

    Pelosi appears dazed… stops speaking, stares at audience…

    http://www.theamericanmirror.com/video-nancy-pelosi-suffers-multiple-brain-freezes-nyc-appearance/

  • SoCalBeachDude

    Trump tells Senate Republicans to kill Obamacare now and replace it later

    U.S. President Donald Trump urged Republican U.S. senators on Friday to repeal Obamacare immediately if they cannot agree on a new health care plan to take its place.

    http://www.dailymail.co.uk/news/article-4654106/Trump-Senate-Republicans-kill-Obamacare-replace-later.html

  • SoCalBeachDude
  • SoCalBeachDude

    Absolutely false and utterly bogus assertions. JFK had no such thing done at all and the only thing he was even involved with regarding Executive Order 11110 was the ELIMINATION OF SILVER CERTIFICATES. Red Seal US Bank Notes had been around to a very small extent within the US currency all the way back to 1862 and were finally discontinued completely in 1971 and were never in any broad circulation at all.

    The Story of Red Seal, United States Bank Notes

    http://coinsite.com/the-story-of-red-seal-united-states-bank-notes/

  • SoCalBeachDude

    Each and every year the Federal Reserve rebates more than 94% of its profits to the US Treasury just as it has done for every year of its 103+ year existence. The member banks are all US banks and receive a 6% annual dividend and there are around 6,000 member banks in the United States.

    Who owns the Federal Reserve?

    The Federal Reserve System is not “owned” by anyone. Although parts of the Federal Reserve System share some characteristics with private-sector entities, the Federal Reserve was established to serve the public interest.

    The Federal Reserve derives its authority from the Congress, which created the System in 1913 with the enactment of the Federal Reserve Act. This central banking “system” has three important features: (1) a central governing board–the Federal Reserve Board of Governors; (2) a decentralized operating structure of 12 Federal Reserve Banks; and (3) a blend of public and private characteristics.

    The Board of Governors in Washington, D.C., is an agency of the federal government. The Board–appointed by the President and confirmed by the Senate–provides general guidance for the Federal Reserve System and oversees the 12 Reserve Banks. The Board reports to and is directly accountable to the Congress but, unlike many other public agencies, it is not funded by congressional appropriations. In addition, though the Congress sets the goals for monetary policy, decisions of the Board–and the Fed’s monetary policy-setting body, the Federal Open Market Committe–about how to reach those goals do not require approval by the President or anyone else in the executive or legislative branches of government.

    Some observers mistakenly consider the Federal Reserve to be a private entity because the Reserve Banks are organized similarly to private corporations. For instance, each of the 12 Reserve Banks operates within its own particular geographic area, or District, of the United States, and each is separately incorporated and has its own board of directors. Commercial banks that are members of the Federal Reserve System hold stock in their District’s Reserve Bank. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System.

    https://www.federalreserve.gov/faqs/about_14986.htm

  • JC Teecher

    Sadly, the masses are all subjects of mass media, and it ain’t Faux News.
    Sadly, the majority, including 50% of self proclaimed Christians have a liberal ideology wrapped around a false hood that God has changed His mind, and He now somehow accepts abortion and gay marriage, just because the majority accepts it.

    WRONG!

    the liberals, even the repubs and Christians are guilty of supporting the leftist media mantra of taking God out of Schools and Gov, and therefore replacing Him with a Man driven doctrine of prosperity and worship of political correctness.
    It has backfired already, and the sheeple have been too busy worshiping their idols to even notice.

    Anyone that thinks they can “educate the masses via a bigger platform” is delusional and just working people up for a heartbreak. the heartbreak that ‘the masses” will never change anything from hereon out until God has returned and set things straight.

    Try as they may, they are just chasing their tails, and living like Don Quixote. Dreaming the impossible Dream.
    But, some people only need a dream to be content, even if it is not achievable. Some people want people to catch hold of the lie, that things can be changed, and ride that money train right up till the rapture. lol.

    • SoCalBeachDude

      Societal norms and tolerances change, but some people so filled with stale notions and hate seem incapable of adapting to the times of enlightenment.

    • Rick

      JC, by your comments I see you are not Christian, so you won’t understand this, and probably won’t know the story. But back in the days of oppression in Egypt, God did perform miracles, a did deliver His people. He can do the same today as well. Nothing is too big for God! Oh, by the way, how did a God fearing Christian nation ever get to the point we are at now? Did something change? Was there a larger platform / agenda in play? Of course there was.

      • JC Teecher

        Thank you for showing your true high and mighty, self promoting, judgeship mentality.

        We like seeing the true inner person so the records will show what ole Rick is really like. Every idle, and idol, word, is recorded in Heaven in your Book of Life.

        These are the days of tallying up of peoples real intentions and such. For the days of wrath do come soon and all sins not repented of will be held in the records for use of judgment when the One and Only Judge for the Kingdom comes back.

        Remember the wheat and the chaff, and the sheep and the goats?

        You have a very big chip on that shoulder over something or someone, as I just gave and opinion and did not call you any names or try to pass judgment.

        If you can’t handle truth, then a setting such as this may not be your best way to spend your extra time. If you cannot handle disagreement and differing opinions, then maybe you need to spend more time learning TKU, via the written word.

        Judging me as a lost soul doesn’t really attract other Christians, like myself, as you seem to be on some holier than thou pedestal, of which we care not for.

        Go somewhere quiet, pray, and think about your words of hate and resentment.
        I hate no one except those that mock and condemn my Heavenly Father, and my Saviour.
        If you think you are pushing my buttons, to make me hate you; you are dead wrong.
        Have a good trip.

  • GSOB

    Proverbs 22:7

  • Daffy Duck

    It is not the debt that is killing us it is the insatiable greed of the International Banker’s. For their greed the International Banker’s manipulate the Politician’s and the Judge’s so we, the people, are constantly in wars and legal conflicts which drain our resources and kill our young men. Greed, the greed of the international bankers, the greed of the politicians and judges, disease working on disease, until there is no hope of a remedy except the patient dies. Death, in this case, the case of Government debt, is the destruction of the peoples Constitution and Bill of Rights, reducing all the people below a certain level of wealth to slavery, their children to hopeless nothingness. Replacing human worker’s with machines only tightens the noose around our necks, without employment, unable to service the debt, the International Banker can now play with humanity like it is a toy all his own. Reducing human populations through war and strife, disease, and lack of water and food, making people into nonthinking, beggars, as they watch their, the peoples children, waste away, the peoples lives, an endless misery. Owning the military, the police, the courts and the political, because only they, the rich, can pay a wage for services rendered, these aspects of society, the police, the judges, the military and the political, are indoctrinated to think we, the people, are their enemy, conflict and misery like in Communist countries in the past is sure to follow. One citizen against the other, the worst kind of living there can be for always there is fear and foreboding, misery and strife, a never ending circle jerk played with knives. All the while the people have to wonder what are the rich elite doing, what are they thinking, are they laughing at us as we daily struggle, just to survive. While they, the rich, going about in airplanes and limousines, from one party to another, their smiling faces always in front of us, in the news, on the television, in the movies. Until, the point of no return, afterwhich like in France, and other places over the course of history the people drag them, the rich, out of their mansions and string them up. This relieves one misery while creating another, we, the people, we need the rich, the educated, the glamorous and the even the greedy. We, the people, need their leadership, something to aspire to be, so, for a long time after, we must endure another struggle. The struggle of setting up another class of rich, hoping this time they, the rich, don’t go overboard and we, the people, gain back our prosperity. What is transpiring today between the rich and the poor, between the leadership and the followers, is as old as is humanity old. The struggle today is the same struggle humanity was engaged in tens of thousands of years ago. We might as well face it: the vast most of us alive today will, probably, die, fighting the rich and their army. The communist transition in China, quite different from the transition in Russia, the Chinese transition the one preferred by the rich, in that they, the rich, retain their prestige and most of their wealth. Whereas, the transition of the white Russians, quite different, a lot of the former big shots, wealthy and controllers, shot down. This communist, Chinese style, turnover, is what the King and his rich minions are seeking today, I think. After, a massive population reduction, of course. One thing we can be sure of, this, is not going to end nicely. Hug your children while you can, dream while you can, soon, I am afraid, reality is going to get real mean. Cherish the water, for, I think, this is where we will be made to heel, turning off the electricity automatically turns off the water, and, water is the staff of life. Such suffering we will be forced to endure when the rich do, shut off the water. Such hate, as we cannot even imagine today, is coming our way, shortly, I am afraid. Be ready.

  • ooonoe

    I wonder how the banks have all that money to lend out. Where does it come from? I guess it grows on their trees, no wait, they have a golden goose farm, that explains it.

    • SoCalBeachDude

      Banks are not the ones who have loaned out most all of that $217 trillion. Most of it has been borrowed through the issuance of SECURITIES (BONDS) which are sold in the bond markets in the US and elsewhere.

      The total M2 money supply consisting of cash plus checking and savings accounts in US banks is only around $13.5 trillion.

      https://fred.stlouisfed.org/series/M2/

      Yet, there is more than $67 trillion of debt outstanding in the USA alone. Much of those funds come from the SHADOW BANKING SYSTEM which is more than double the size of the regulated US M2 money supply. The shadow banking system consists of insurance companies, pension funds, hedge funds, mutual funds, money market funds, ETFs, and are a variety of other sources that operate totally outside the scope of the regulated official banking system in the USA.

  • SoCalBeachDude
  • SoCalBeachDude
  • SoCalBeachDude

    New Jerseyans feeling the impact of state government shutdown as Chris Christie battles to resolve the deadlock on the $34.7 billion budget

    Residents of New Jersey felt the impact of the state government shutdown on Saturday as Gov Chris Christie returned to work over the weekend to try and resolve the deadlock on the $34.7BN budget.

    http://www.dailymail.co.uk/news/article-4656576/Christie-Legislature-facing-murky-path-shutdown.html

  • SoCalBeachDude

    CALIFORNIA PASSES 2017-2018 BALANCED BUDGET…

    Gov. Brown Approves $183 Billion California State Budget

    Gov. Jerry Brown on Tuesday signed into law a $183.2-billion budget, a spending plan with significant boosts for public schools and a variety of programs to help California’s most needy residents.

    While the blueprint depends on a series of other related bills that haven’t reached his desk, Brown’s action largely ratifies the plan approved by the Legislature and ensures the state will have a budget in place for the new fiscal year that begins Saturday.

    “This budget provides money to repair our roads and bridges, pay down debt, invest in schools, fund the earned income tax credit and provide Medi-Cal health care for millions of Californians,” Brown said in a written statement released by his office.

    http://ktla.com/2017/06/27/gov-brown-approves-183-billion-california-state-budget/

    California Budget – State of California

    http://www.ebudget.ca.gov/

  • SoCalBeachDude

    As credit dries up, China’s small firms face shrinking profits, bankruptcies

    http://www.reuters.com/article/us-china-economy-smes-idUSKBN19K36P

  • SoCalBeachDude

    BREAKING: STATE BEACHES CLOSED IN NEW JERSEY…

    Going to a New Jersey State Park or Beach? Not This Holiday Weekend

    https://www.nytimes.com/2017/07/01/us/new-jersey-state-government-shutdowns.html

  • SoCalBeachDude

    As to the value of the US dollar over the past 100 years…

    No, the dollar did NOT really lose 95% of its value since 1913

    Let us take at the period from 1913-2006, where we have complete data. So what do they mean, when they say the dollar lost 95.1% of its value in those 93 years? Essentially, an average good/service that cost $1 in 2006, used to be priced at 4.9 cents in 1913. In other words, the average price level of goods/services increased by 1930% since 1913.

    True, but guess what, average earned income increased by 6560% during the same time period. Average earned income rose from $740 per year in 1913 to $49,300 per year in 2006. Adjusting for inflation, $740 per year in 1913 is $15,000 year in 2006 dollars. Average incomes, not only kept pace, but beat price inflation by 230%.

    So does it make any sense all to say the dollar lost value? In reality, the REAL purchasing power of the average American, has increased by 230% in the past century. Sure, prices were cheap in 1913, but $740 per year doesn’t buy you a whole lot, not anymore than 15,000 per year today.

    http://realfactbias.blogspot.com/2012/02/no-dollar-did-not-really-lose-95-of-its.html

  • SoCalBeachDude

    Nearly all of the $20 trillion in US government federal debt has been run up during the past 36 years since 1981. It had taken more then 200 years for the federal debt to reach the $1 trillion mark, and many folks voted to elect Ronald Reagan in 1981 to tackle the huge gargantuan $1 trillion federal debt. However, by 1982 that debt began to grow explosively and by 1989 when Ronald Reagan left office after 8 years the federal government debt stood at $2.8 trillion – nearly tripling during those 8 Reagan years.

    Debt has grown massively across all segments of the US economy in the 1980s – not just the government. Tax cuts were put in place in 1986 when Donald Regen was Secretary of the US Treasury that resulted in even further massive expansion of the federal government deficits and debt. During the 20 year period from 1989 until the time that George W. Bush left the Office of the President in 2009 the federal debt exploded upwards to more than $10 trillion which was 10 times the $1 trillion it was when Ronald Reagan took office as President in 1981.

    Then, the federal debt totally reeled out of control during the 8 Obama years from 2009 to 2017 when it soared from $10 trillion to $20 trillion, increasing at an average amount of around $1.25 trillion a year for each of the 8 Obama years. Nothing has changed in that increase of federal debt since Donald Trump took office in January 2018 and the core issue is that federal government spending is at around $4 trillion a year while federal government revenues are only around $3 trillion a year, leaving a federal government expenditure shortfall of around $1 trillion a year.

    The only solutions are 1) cut federal government spending by around $1 trillion a year, 2) increase federal tax revenues by around $1 trillion a year, or 3) use a blend of cutting federal spending and increasing federal tax revenues to move towards actually balancing the federal budget.

  • SoCalBeachDude

    Interest paid by the federal government of the US on its $20 trillion federal government debt in the first 8 months of Fiscal 2017 is $285,202,076,841.72, and the full year interest paid on the US government debt for Fiscal 2016 was $432,649,652,901.12.

    https://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm

  • SoCalBeachDude

    Thomas Jefferson may not have believed in endless out of control federal government debt, but he certainly wholly embraced the principle of wild profligate debt spending in his own personal life and left behind a legacy of the one the largest and most profligate debtors in the USA at the time of his death almost exactly 191 years ago on July 4, 1826.

    “Because Jefferson died more than $107,000 in debt, his daughter Martha Jefferson Randolph and her son and financial manager, Thomas Jefferson Randolph, found it necessary first to sell nearly all of the contents of Monticello and then to sell the plantation itself. In 1827, the furniture, animals, farm equipment, and slaves were offered at an executor’s sale. In 1831, James T. Barclay, a local apothecary, purchased the home and 552 acres for $4,500, less the value of his own home.”

    http://www.monticello.org/site/house-and-gardens/monticello-house-faq

    When he died, Tommy Boy was the biggest known individual insolvent deadbeat debtor in the United States. Tommy should have been paying proper attention to his finances and paying his creditors for what he owed them rather than preaching about debt to others and he was an INCREDIBLE HYPOCRITE when it came to borrowing and spending other people’s money for his own personal expenditures.

    • Zenithon

      Calling him Tommy weakens your point. Did you ever stop and think that his own experience with debt is what helped him come to his conclusions about government debt? Nobody is perfect and for certain Jefferson and for that matter the rest of our founding fathers all had plenty of personal issues that we can all stand back now and nitpick. That doesn’t take away from their actions and words that helped create this country and pave the way for freeing so much of humanity from the clutches of dictators around the world. A battle which apparently will never end, but would never have started without them.

      • SoCalBeachDude

        What I stopped to think about what was a FINANCIAL FRAUD TOMMY WAS and he wan an APPALLING HYPOCRITE preaching against debt when he was the biggest deadbeat debtor in the USA defrauding his creditors.

  • SoCalBeachDude

    What some folks seem to want to replace the very conservative Federal Reserve of the US which has kept the supply of US dollars as measured by M2 right around $13.5 trillion is that it be abolished and turned over to the grossly profligate US Treasury for the purpose of the US Treasury printing an incredible and endless FLOOD OF US DOLLARS to be dumped into the US economy and used to pay for the $20 trillion federal debt increasing at an amount in excess of $1 trillion every year due to reckless deficit federal government spending.

    It is very much possible – as clearly stated right in the Federal Reserve Act – to AMEND OR REPEAL the Federal Reserve.

    The specific section relating to that is the final Section 31 of the Federal Reserve Act which states:

    Section 31. Reservation of right to amend

    The right to amend, alter, or repeal this Act is hereby expressly reserved.

    The primary purpose of the Federal Reserve System is to handle interbank clearance of all banking transactions in the USA through its 12 Regional Banks each of which has a bank President. Those functions would have to be entirely replaced if the FRACT (Federal Reserve Act) were to be repealed.

    Moreover, there would be huge additional costs to the US Treasury to take over those functions and others from the Federal Reserve. Currently, the Federal Reserve rebates more than 94% of it annual profits to the US Treasury. That now results in nearly $100 billion being paid by the Federal Reserve to the US Treasury as a result of its balance sheet having been expanded over the past 10 years from around $800 billion to now around $4.4 trillion.

    The Federal Reserve balance sheet consists primarily of 1) US Treasuries of around $2.5 trillion, and MBS (Mortgage Back Securities) Instruments of around $1.8 trillion.

    The Federal Reserve is now in the process of reducing its balance sheet by around 50% between now and the end of 2018 down to around $2.2 trillion.

    The Federal Reserve does not set any interest rates that matter in the US economy and only sets 3 interest rates:

    1) Federal Discount Rate (the rate at which banks borrow directly from the Federal Reserve for overnight liquidity purposes on a fully collateralized basis).

    2) Federal Funds Rate (the interbank borrowing rate at which banks borrow from each other strictly for liquidity purposes for very short terms (typically overnight) on a fully collateralized basis.

    3) IOER [Interest On Excess Reserves] (the rate paid by the Federal Reserve to member banks on their more than $2.5 trillion in funds in their excess reserves accounts inside the Federal Reserve).

    Not that it matters the slightest bit of a hoot, however, as the FDR and FFR are practically NEVER USED THESE DAYS given the fact that member banks are overflowing with vast excess reserves and have NO NEED WHATSOEVER to borrow from each other or from the Federal Reserve for overnight liquidity purposes.

    The Federal Reserve’s 3 interest rates that they do set have nothing whatsoever to do with the interest paid on savings accounts at US banks. Regulation Q which was a part of the now abolished Glass-Steagall Act set a MAXIMUM INTEREST RATE PAID TO SAVERS of 5.50% at banks but never set a minimum interest rate on savings accounts.

    All interest rates that do matter to the US economy are keyed off the yields (interest rates) on US Treasuries set in the $13 trillion a year US Treasuries markets which are now extremely and abnormally low due to FREE MARKETS bidding up the prices of US Treasuries, and prices on US Treasuries are INVERSE TO YIELDS as they are sold on a discounted basis. The reason that prices are so low is that there are around 3 bids to purchase every 1 available US Treasury and – like in all auctions – the highest bid wins which means the lower the yields (interest rates) as prices rise.

    All US Treasuries (government debt) are OWNED AS ASSETS BY THEIR HOLDERS and are a principal part of the US financial system as assets.

    Any attempt to eliminate US Treasuries (government debt) as assets in the US financial system would result in massive disruptions of assets and credit in the US economy. Around $7 trillion in new US Treasuries are issued each year by the US Treasury with proceeds from around $6 trillion of those new US Treasuries going to pay off in full the US Treasuries that mature each year and about $1 trillion going to new additional US federal government debt.

    For a more comprehensive review of the US Treasuries markets, see:

    http://www.TreasuryDirect.gov

  • SoCalBeachDude

    FEDERAL COURT TO ILLINOIS: SHUT UP AND PAY UP…

    Judge: Cash-strapped state must pay more toward medical bills

    A federal judge on Friday ordered Illinois to start paying $293 million in state money toward Medicaid bills every month and an additional $1 billion over the course of the next year, worsening a cash-flow problem caused by two years of budget-free spending by state government.

    U.S. District Judge Joan Lefkow’s ruling came after lawyers representing Medicaid patients and attorneys for the state were unable to agree on a plan to deal with bills and pay down a $3 billion backlog owed to health care providers.

    The ruling requires the state to start promptly paying all new Medicaid bills, which is estimated at about $586 million per month, and to pay down $2 billion of its bill backlog in payments spread out over the course of the coming fiscal year. The federal government pays half of those costs, so the bottom line for the state will be $293 million per month and $1 billion in backlogged bill payments over the next year.

    Now, Mendoza said Friday’s ruling would cause her to likely have to cut payments to the state’s pension funds, state payroll or payments to local governments. Payments to bond holders won’t be interrupted, she said.

    “As if the governor and legislators needed any more reason to compromise and settle on a comprehensive budget plan immediately, Friday’s ruling by the U.S. District Court takes the state’s finances from horrific to catastrophic,” Mendoza said in a statement. “A comprehensive budget plan must be passed immediately.”

    In court arguments Wednesday, patients’ attorney David Chizewer likened the situation to a misbehaving child provoking a frustrated parent.

    http://www.chicagotribune.com/news/local/politics/ct-illinois-budget-medicaid-decision-met-20170630-story.html

  • JC Teecher

    In June, the governmentattic.org released a copy of FEMA report about what effects America could expect from a major solar flare were to hit the grid. Depending on the extent, most areas of the US of A could be without electricity and telecommunications for a period lasting 4 to 10 years.

    Have a Happy Fourth of July weekend, as it could be your last, happy/party time.

    I think I’ll go have another ear of grilled sweet corn, smothered in butter, (not margarine).

    • mtntrek3

      Hey there JCT, how are you? Hopefully well. …… You know, at the end of the day… living will kill a person. Lol. Sweet corn w/butter, trout w/lemon and pepper along w/butter…. doesn’t get any better. : ) Take care, God Bless. Chris.

      • JC Teecher

        Good morning, Chris. Hope you are well.
        I’m doing good for an old man half worn out.
        Mentally and spiritually, I’m in the best shape i have ever been. Physically? well some say I look 50 instead of nearly 61, but it’s what is inside that is shot. Going to fix part of that as I just bought a bicycle, and starting to ride. Cardio exercise is good, as long as the back will hold up.

        Hope your spirits are good. Keep looking up my brother.

        • mtntrek3

          Cycling is one of my passions. Up until about four years ago…… I was riding anywhere from 6 to as much as 24 miles at a time, hence my screen name mtntrek (mountain trek cycle). We , the three of us (me, my wife and son) have enjoyed cycling the past several years. I still get on the bike and ride a mile or two at times (no hills of course, and slowly in low gears)…. as I find riding a bike easier than walking with my worn out knees and hip problems. Looking to go ahead with my knee replacements in the near future. Hip joints , hoping their not going the same way, but…….. . I still exercise my upper body with push-ups, sit-ups and free weights (40 lb. dumb-bells) for arm exercises. Trying. : ) . Hey, take care JCT. Best wishes and hang on to Christ. Slfn.

          • JC Teecher

            Thks, bro.

            I know about those knee and hip problems, too. I rode bicycles from age 6 to 14, and then my cousin from another county came to visit at Grandpa’s farm that summer I was 13. He brought his little Harley Davidson 50, which was basically a piece of junk, but would run when you pushed it off (kick starter broken inside housing).

            I traded him an old piece of junk go-kart, and I was hooked on dirt bikes for about 15 years. I did not ride that 50 for long, as the trans case was cracked, and could not be fixed, so it leaked out oil as fast as it burned gas, but it would run enough to get me to my first real job in the summer, at a big Orchard about three miles through the trails and five by the road, I made a whopping 2 bucks per hour, which was way better than the $1.00 per week, from grandpa. During that summer working, I saved, and then at apple picking time in the Fall, I made about $20.00 bucks each evening picking apples until dark-thirty, and was able to buy my first real motorcycle, a Suzuki 250 TS, street and trail, used but like new. My Dad was able to get a bank loan for me as not a cosigner, but as a documented payee of the loan, by the bank Manager. That was in 1970, and I rode many many different bikes, but mostly motocross bikes, until my last one which was a 1982 IT 465, which I rode like a wildman until 1985.

            All those screaming rides and races through the mountains, jars, jumps, and wheelies, led to some nasty crashes, and a hell of a lot of wear and tear on the body….15 years worth.

          • JC Teecher

            Since we are talking about debt here; a job and good credit at the bank was something that was a virtue and a necessity for young boys and girls in my situation with poor parents.
            I did not know we were poor until I got much older and realized that Dad, and Mom, with her own separate lives after the divorce, had become debt slaves to the banks.
            Their problems were those of many of the early babyboomers that grew up dirt poor.
            They got some real income, and through debt, and those nasty charge accounts (pre- credit cards) at the department stores, could show the world they had “arrived”, with nice shiny newer vehicles, and the latest church going clothes. Occasionally they went out for dinner and dancing, or a movie show, and were looking good, and somewhat well to do. However: underneath all that glitter, was a mountain of debt that almost crushed their separate families.
            Myself: I never bit off more than I could chew; well; except for that second loan at the Music Equipment store where i got a new set of drums on credit, and then a year later the band broke up, and since I worked part time 2nd shift, and went to school everyday, on my dime, they got returned. I promised myself I would never default on another loan, and I haven’t.

            After that episode, and my next car loan, I began accumulating bank loan payment booklets, and by the time I was 40, had a stack of dozens of paid off loans, and way too much perfect credit.
            I had a stack of Gold and Silver Credit cards, that was my line of credit for my businesses during the 80’s and early 90’s.

            At one point in 1990, I had almost all paid off, and sat down in my office and totaled up nearly $50, 000 worth of “available cash” credit, on all those cards. I thought, I could borrow the money through cash advances, and buy a brand new fully loaded, top of the line Corvette. I was single and running like a playboy, with ladies by the score, and an occasional whor. Sad.

            Then it happened, as I had a great job as Groundskeeper at the Hospital, and loved it, especially the single nurses.
            The hospital had been mismanaged and my sure thing job, went away, and I had to rebuild my landscape and lawncare business from three years earlier which was now just two commercial accounts that I had kept going because of sure money, and easy side work.

            That $50,000 of available cash got used for a dumptruck, new mowers and other equipment. Bad mistake, and it nearly killed me trying to pay off all that debt. After two years I had not even made a dent in the principal, so something had to give. Either put up my real property for a consolidation loan, or sell of a thriving business of which I loved and hated.

            The temptation of easy credit can become a pitfall, and what used to be manageable payments can become an unbearable burden.

            Not everyone is born with a “leg up” in life, by their good fortunes of their parents and grandparents; but with good work ethics and a good credit score, a person can utilize credit in a manageable way to move beyond the bondage of poverty.

          • mtntrek3

            You mention the Suzuki TS 250, I had a TS 185 in the late 70’s/early 80’s. Good little bike. Had a lot of fun on it…. rode it to work at times in the summer months in my high school days. A friend of mine had a DR 400 in those days. That bike really had a lot of torque. Of course these dirt bikes today …. man they’re hard to hang onto. I rode a neighbor’s Husqvarna (490 I think ) a few years ago……. scary fast : ).

    • SoCalBeachDude

      Sun activity is GOING DORMANT and there is no danger whatsoever of any solar flares in the immediate future.

    • SoCalBeachDude

      Corn is on sale for 16.67 cents per ear ($1 for 6 ears) here in California at Sprouts.com this week!

  • No bank in Canada has lent a consumer 1 single $.
    Banks are simply not in the business of loaning money.
    What banks are in the business of is, “extending credit”.
    Banks do not extend their own credit nor do they extend their depositors or shareholders credit.
    That is not authorized in the Bank Act.
    Banks are chartered by the federal government to allow the nominal borrower to extend their own credit using bank facility’s.
    Got that?

    • SoCalBeachDude

      Laughably false. Banks LEND OUT CUSTOMER DEPOSITS which is precisely the business they are in.

      • Pat Cusack

        Not so, SoCalBeachDude. Your over-confidence seeks to hide the shallowness of your research.

        A bank CANNOT lend customer’s deposits.

        A bank “loan” of $1,000 results in an increase of $1,000 in bank ASSETS and a corresponding increase of $1,000 in bank LIABILITIES. No ASSET leaves the bank!

        Since no ASSET leaves the bank, there is NO LOAN, thus NO DEBT; only a GOOD-FAITH PROMISE TO PAY. In the absence of an asset-transfer to the customer, there is no legal basis for any mortgage or for charging of interest.

        Check out the results of the experiment conducted by Prof. Richard Werner, of Southampton University, with the cooperation of a German bank (Raiffeisenbank Wildenberg e.G.) in 2013, and his forensic accounting analysis of their balance sheet. http://dx.doi.org/10.1016/j.irfa.2014.10.013
        http://dx.doi.org/10.1016/j.irfa.2015.08.014
        http://dx.doi.org/10.1016/j.irfa.2014.07.015

    • Pat Cusack

      Same situation in Australia, Jack. I use different terminology to describe the same facts, thus:

      Banks pretend to “lend” credit-entries in their liability accounts. That is fraudulent accounting. Such credit-entries are owned by the bank’s customer, as creditor, ab initio. The bank is debtor on those accounts.

      The bank is actually monetizing the “borrower’s” promissory note.

  • mtntrek3

    Two horns of the same cow. The left/right set to go at it. Damn this side, and the other. Moderation…… well, the numbers say too late. Draconian cuts or astronomical tax increases are looming…. either way we’re in deep no. 2. The outrage that is and is increasing in various ways, is but another of the ways the elite will conquer we the people of our various nations. They want us out in the streets fighting one another so that martial law can be implemented…. but hopefully not before we off one another seriously. I may lean left politically, but I see that we need to work together for the common good of our country. Sadly, I believe it won’t happen now….. we’re too far gone. Radicalism tends to rule now, from the left and right. Looking forward to the time in which Christ rules. He is the Way. Take care all.

    • SoCalBeachDude

      Nope. But state governments certainly do need to start taking FINANCIAL RESPONSIBILITY and paying their bills as due and required and no spending money beyond their means – just as has been obvious ALL ALONG for the past 40+ years.

      • mtntrek3

        Moderation should have been considered long ago sadly. Now…….. it’s either hike taxes through the roof or slash the H out of everything. Either way…… it’s a foregone conclusion.

        • SoCalBeachDude

          Yep! But that has been BLATANTLY OBVIOUS TO ALL the whole time.

          Happy 4th of July to you!

          • mtntrek3

            I’m not sure that it has been obvious to all the whole time…….. but happy Independence day to you also. Take care.

          • SoCalBeachDude

            It has been BLATANTLY OBVIOUS to all for the entire past 40+ year period.

          • mtntrek3

            I agree with the past 40+ years part. Seems as though we started on the downhill slide w/Nixon and his taking us off the gold standard/ sidling up with China.

          • SoCalBeachDude

            Nixon and the US did not go off the so-called gold standard in 1971 but rather that was discarded entirely in 1933 domestically as the end of a very brief 60 year failed experiment from 1873 until 1933 at which time any ownership of gold bullion in the USA was made illegal.

            The only final vestige of the so-called gold standard left in 1971 was INTERNATIONAL exchangeability which was totally discarded in 1971 and was irrelevant. AS to China, they are the most profligate PRINTERS OF MONEY IN THE WORLD and have printed more than $30 trillion of money over the past 10 years expanding their money supply from less than $3 trillion to more than $34 trillion and their economy and currency, the renminbi (RMB / yuan) is now collapsing as a direct result of that monetary stupidity.

          • mtntrek3

            Printing money is not how to get out of an economic deficit….. it only worsens it. Raw goods and materials need to be combined /assembled to create a more valuable item to be sold. Then an economy can prosper ….. along with the workers creating the end product afforded a livable wage.

          • SoCalBeachDude

            Yes, in theory, but in actual fact American workers add NO VALUE WHATSOEVER to most products which is why they are being eliminated from the labor chain at an ever increasing pace.

          • mtntrek3

            Ummm, well…. I have to disagree. Good day SBD.

    • SnodtBlossom

      there is no god

      • mtntrek3

        Hey Sunny, how are you? Without God…. we wouldn’t be. Just saying.

      • mtntrek3

        What would make you happy Sunny?

      • mtntrek3

        While there IS a God…… I have to side with you on one thing. I personally dislike Donald. He’s not fit for the office of President imho. We need sanity regardless of the party he/she represents. …….

  • SoCalBeachDude

    More nonsense from the imbeciles at ZeroBrains. Sad.

    • PocoPete

      ZeroHedge has many informative articles. ZeroBrains is a different web site entirely.

      • SoCalBeachDude

        It is “different” in that ZeroCredibility is the VERY EPITOME OF FAKE NEWS where they take one kernel of actual news and spin it in every article in to a pile of absurd and inane and FAKE AND BOGUS nonsense.

        • PocoPete

          But ZeroHedge frequently has an article that is an identical copy of the latest article at TheEconomicCollapseBlog. Since you say they “spin it in every article” you must be saying that your own favorite blog site is FAKE and BOGUS nonsense.

          • SoCalBeachDude

            I wouldn’t know. I don’t go there on purpose but when I have clicked on a headline elsewhere and ended up there on an article what I’ve seen is always an extensive quote from another article and then endless INANE BOGUS SPIN before I clicked the back button to get out of there.

    • PocoPete

      Please post a comment to the comments section of ZeroHedge to prove that you have not been banned. Thanks.

      • SoCalBeachDude

        I wouldn’t anywhere near that anarchistic FAKE NEWS CESSPOOL OF DETRITUS.

        • PocoPete

          Are you sure you have not been banned at ZeroHedge?

          • SoCalBeachDude

            Huh? I never go to that CESSPOOL and my understanding is that you have to sign up as a member to comment there. Is that not the way it works at that pile of detritus?

          • PocoPete

            But you used to go there in the past did you not?

          • SoCalBeachDude

            Nope.

          • Jim

            If he’s lying I’m sure you’ll find out and tell us. You’re a good investigator.

          • aldownunder

            Yes Pete I think your onto something

          • SoCalBeachDude

            Why does your Disqus use name show as PocoPete when you actual user ID on Disqus is NormanBob with a lifetime total of only 430 comments?

  • SoCalBeachDude

    So what? That is just a TRANSITORY BLIP and what is being measured is the DXY which is weighted 57% for the Euro which has surged. The US dollar will very rapidly be well above 100 on the DXY and headed for 120 and perhaps as high as 164 which is the high it reached in 1985.

  • Guest

    If all these countries owe all this money,to who is this money owed. If all the countries are in debt, who owes who?

    • SoCalBeachDude

      Typically BONDHOLDERS in the securities markets.

  • SoCalBeachDude

    When – not if – asset prices fall that is AXIOMATICALLY HIGHLY DEFLATIONARY AGAINST THE PURCHASING POWER OF THE US DOLLAR as far fewer dollars will buy the very same plummeting assets as they fall.

  • SoCalBeachDude

    DOUG NOLAND: The Road to Normalization

    While headlines somewhat paraphrased Yellen’s actual comment, “We Will not see Another Crisis in Our Lifetime” is reminiscent of Irving Fisher’s “permanent plateau” just weeks before the great crash of 1929. While on the subject, I never bought into the popular comparison between 2008 and 1929 – and the related notion of 2008 as “the 100-year flood”. The 2008/09 crisis was for the most part a private debt crisis associated with the bursting of a Bubble in mortgage Credit – not dissimilar to previous serial global crises, only larger and somewhat more systemic. It was not, however, a deeply systemic debt crisis akin to the aftermath of 1929, which was characterized by a crisis of confidence in the banking system, the markets and finance more generally, along with a loss of faith in government policy and institutions. But after a decade of unprecedented expansion of government debt and central bank Credit, the stage has now been set for a more systemic 1929-like financial dislocation.

    As such, it’s ironic that the Fed has branded the banking system cured and so well capitalized that bankers can now boost dividends, buybacks and, presumably, risk-taking. As conventional central bank thinking goes, a well-capitalized banking system provides a powerful buffer for thwarting the winds of financial crisis. Chair Yellen, apparently, surveys current bank capital levels and extrapolates to systemic stability. Yet the next crisis lurks not with the banks but within the securities and derivatives markets: too much leverage and too much “money” employed in trend-following trading strategies. Too much hedging, speculating and leveraging in derivatives. Market misperceptions and distortions on an epic scale.

    Compared to 2008, the leveraged speculating community and the ETF complex are significantly larger and potentially perilous. The derivatives markets are these days acutely more vulnerable to liquidity issues and dislocation. Never have global markets been so dominated by trend-following strategies. It’s a serious issue that asset market performance – stocks, bond, corporate Credit, EM, real estate, etc. – have all become so tightly correlated. There are huge vulnerabilities associated with various markets having become so highly synchronized on a global basis. And in the grand scheme of grossly inflated global securities, asset and derivatives markets, the scope of available bank capital is trivial.

    http://creditbubblebulletin.blogspot.com/2017/07/weekly-commentary-one-gargantuan-trade.html

  • SoCalBeachDude
  • SoCalBeachDude

    WAY PAST TIME FOR MAJOR TAX HIKES IN THE USA…

    Republican-dominated states RAISING taxes…

    https://www.nytimes.com/2017/07/02/us/politics/republican-tax-cuts.html

  • SoCalBeachDude

    Janet OK AFTER BRIEF SCARE IN LONDON…

    Fed’s Yellen briefly hospitalized during London visit

    http://www.marketwatch.com/story/feds-yellen-briefly-hospitalized-during-london-visit-2017-07-03

  • SoCalBeachDude

    That dude is nothing but a totally delusional NUT JOB.

  • SoCalBeachDude

    Brandon Smith is an DELUSIONAL FOOL and an UTTER IMBECILE when it comes to matters related to the Federal Reserve. What a clueless dumb dolt.

    I would suggest you learn about the Federal Reserve and what it is and what it is not at:

    http://www.FederalReserve.gov

  • SoCalBeachDude

    The Federal Reserve rebates 94% of its annual profits each year to the US Treasury and is the best and most conservative central bank in the world and will remain the central bank of the US for the foreseeable future just as it has been for the past 103+ years.

    I would suggest you lean about the Federal Reserve at:

    http://wwww.FederalReserve.gov

  • Guest

    I am not in debt. But I’m a slave. I am stuck in my job, ‘cos I need
    to pay my bills and my rent and I need to eat. Plus my family needs to
    eat. I earn $88,000 a year and almost one third of it goes to the tax.
    I don’t pay a cent for entertainment, my budget for pleasure is Zero,
    and I get my clothing from hard rubbish. I don’t eat out, I don’t
    travel for pleasure, all my money goes to bare necessities. And I still
    do not have any savings !!!!! I’m a white collar slave.

    • SoCalBeachDude

      Whose fault is any of that BUT YOUR OWN?

  • MaxRockatansky33

    And it will go to 400 trillions of billions. Debt is the Base of civilization. Debt is creating jobs and business around the World. We are living in the best prosperity times in the History. Education. Jobs. Manufacturing. Medicine. Technology progress. So why do you complain? Go back to a bible times? When people die from a common flu? Question- do you want to change XXI century A.D with XXI B.C? I don’t think so. All of you lazy comfy living in a bubble of prosperity wanna go to a time of a cave-man?

    • SoCalBeachDude

      Laughably false.

      • MaxRockatansky33

        Confirmed.

  • May 29, 2017 How Debt-Asset Bubbles Implode: The Supernova Model of Financial Collapse

    Gravity eventually overpowers financial fakery. As I noted yesterday in Will the Crazy Global Debt Bubble Ever End?, I’ve used the Supernova analogy for years, but didn’t properly explain why it illuminates the dynamics of financial bubbles imploding.

    http://wallstreetexaminer.com/2017/05/debt-asset-bubbles-implode-supernova-model-financial-collapse/

  • Mar 20, 2017 US Debt of $20 Trillion Visualized in Stacks of Physical Cash

    Showing stacks of physical cash in following sequence: $100, $10,000, $1 Million, $2 Billion, $1 Trillion, $20 Trillion.

    https://youtu.be/XqUwr-Nkq9g

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