President Obama’s forthcoming budget request will seek tens of billions of dollars in fresh spending for domestic priorities while abandoning a compromise proposal to tame the national debt in part by trimming Social Security benefits.
With 2015 budget request, Obama will call for an end to era of austerity – The Washington Post
Disrupting the Borg is expensive and time consuming!
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Reblogged this on wwlee4411 and commented:
SURPRISE! Who would have guessed? What does he intend to accomplish by doing this?
Don’t you know?
Take from the poor and middle classes and give to the ultra rich. That is always the outcome of a collapsing usury based fiat currency collapse. You might almost suspect it was planned that way…..
Only in WaPo Land would Obama increasing the national debt by 105% in only five years be called a period of “austerity”
Because journalist are numerically challenged.
The first black president will never be impeached and that is one of the reasons he was chosen to push this lawless agenda on us. He is accomplishing what he was told to do i.e. bankrupt America so as to redistribute wealth world wide. We are the only country in the world not buying gold. When the $hit hits the fan we will be broke and the other countries will have our wealth which we sold to them at rock bottom prices. He told us he would bankrupt the coal companies and he is. The black middle class is toast and what’s left of the white middle class debt slaves. “Fairness” reigns throughout the land.
Great post, Margaret. Our Fezident is a tool of the UN, as is John Kerry. While the hard-working American middle class is systematically plundered, we won’t hold our collective breath for them to share their ill-gotten wealth to make the world a better place, now will we?
Just as long as you understand that they they are going to die for this….that’s all.
Debts will be paid in full. With blood interest.
– N
I agree. Although I suspect he will not be impeached because he is becoming an ebarrassment to his handlers to the point he has outlived his usefullness. My bet is an OTT assasination by Al Quaeda with lots of collateral. The perfect false flag cover for martial law and the bankster cabal to milk the last assets from the USA before the financial reset.
“We are the only country in the world not buying gold.”
Probably a good idea. Gold has gone down from its high of $1900/ounce in September 2011 to $1180 in mid-December 2013; now up just over $1300.
Central banks in the besieged EU countries are buying gold because it is not considered an expense on their balance sheets: it’s an asset. They really don’t care how much it costs, they are buying as insurance against their Euro woes.
We don’t have the same problems as the Euro countries. They can go belly-up; they gave up their sovereign currencies for the Euro. We can’t (unless idiot congressmen with a ‘John Cook’-style understanding of the currency vote to do so). We create our own currency. We are sovereign. We can’t default, and we can’t go broke.
“END OF AUSTERITY” ?!!!!
What planet do these journalists live on anyway?
Wish I had a job where I could make such colossal mistakes without being fired.
Or does the writer think printing tens of billions of dollars every month to keep the government running is a belt tightening exercise?
The federal government doesn’t need to tighten its belt. It creates the currency, fercrissake.
Only state and local govts, firms, and households have to tighten their belts. (They can’t create their own currency.)
What better way to express Obama’s financial vision for America than by song?
http://www.bing.com/videos/search?q=nigga+rich&qs=n&form=QBVR&pq=nigga+rich&sc=1-10&sp=-1&sk=#view=detail&mid=6D90A39A65FFC42AF05C6D90A39A65FFC42AF05C
Here’s the song.
http://www.youtube.com/watch?v=DEX3lXN2yUo
Reagan tripled the national debt. Huge deficits under both Bushes. I am not excusing Obama, just stating that when Republicans have their chance to control debt they have also done a lousy job. The country has been living off a huge credit card during the last 30 years. Both parties are run by big money interests. They are both corrupt and rotten to the core. Politicians only think about how to stay in power and never think about the future.
Read Lous McFaddens speech to Congress to truly understand how we have been betrayed by BOTH parties. Remarks in Congress, 1934
What is interesting is Daniel Webster’s speech in Congress during the debate over the reauthorization of the Second National Bank of the U.S. in 1832.
And then a very similar speech by Nelson W. Aldrich, United States Senator (R) about HIS BILL, the so called Aldrich Plan, that was reworked and renamed the Federal Reserve Act and handed to the Democrats to get it passed.
You can just see the bankers and moneyed elite toasting each other and smiling widely upon hearing that speech by Aldrich the Betrayer.
In other words they KNEW exactly what they were doing when they passed that bill and with the exception of less than ten Congress Critters NOT ONE of the traitorous lot in Washington DC has made any attempt to toss the darn Act on the dung heap of history where it belongs in the last hundred years.
Aldrich daughter, Abby Greene Aldrich, married John D. Rockefeller, Jr. in 1901, and Aldrich was known as a Rockefeller man in the Senate. Aldrich had a son Winthrop who chaired the Chase National Bank (1930-1953) and his son was Nelson Aldrich Rockefeller, the governor of New York (1959-1973) and vice-president (1974-1977) under Gerald Ford.
Louis McFadden on the other hand was shot twice and then poisoned.
Gail, I draw your attention to another historical (and far more informative and useful) document submitted to Congress in January 1939 by Richard L Owen, Former Chairman, Committee on Banking and Currency, United States Senate. Owen was explaining to Congress how and why the pre-1934 gold standard hurt US economy & prosperity. He was also promoting the Patman and Binderup bills to have Treasury purchase all stock in the Federal Reserve banks. I doubt anyone read it because it didn’t come out of the Government Printing Office until a few months later, and that was about four months before WWII started.
“National Economy and the Banking System of the United States — An Exposition
of the Principles of Modern Monetary Science in Their Relation to the National
Economy and the Banking System of the United States”
76th Congress, 1st Session, Senate Document 23, Sent to Government Printing Office, January 24, 1939
http://tinyurl.com/MMTcirca1939
The site is archive.org. Download the PDF. Check out Chapter 2, pgs. 98 and 99, Chapter 17, and he has a zinging section on how gold buggers rape America.
Owen explains the Vreeland-Aldrich bill this way. It was not the pet project of one rich guy: “For many years the people of the United States have been actively seeking a solution for the establishment of a dollar that shall have a stable purchasing power.
The panic of 1907 was followed by the Vreeland-Aldrich bill (passed in 1908) authorizing asset money based on sound bank assets. This act established the National Monetary Commission which studied the questions involved for 4 years, brought in a report of 32 volumes describing the banking systems of other commercial nations, and submitting a library on the subject matter of 2,500 volumes.” It was upon that basis that the Federal Reserve Act came into being.
When Roosevelt took the domestic United States off the gold standard in 1934, he restored the power of the US government to create its own currency (11% cash notes, the rest US Treasury Securities) and when the Federal Reserve Act was amended in 1947, all profits from the Federal Reserve must be 100% returned to the US Treasury every year.
(P.S. Owen gets some things wrong. He repeats the ‘money began as barter’ fiction that first surfaced in the 1890s as the truth.)
Well “Duh” the only reason the rinos aren’t trying to impeach the president is they are delusional and think they might get into power and they want to do everything the democraps have, more big government.
“Obama will call for an end to era of austerity”?
There has been no ‘austerity’ at all yet under the Obama Regime. There has just been a continuous big-spend, much of it on tawdry and valueless projects and big-government. The response to CAGW has been costly and counter-productive. What is he talking about?
If I only got to choose one example of a post, w/comments, to explain why I love this site, it would be THIS one!
It costs big money to part out a country such that it can never recover.
Pimp-in-chief’s got the dough….got enough bling in his HAT FO THAT!
A few month reader, first time commenter. During the past year I’ve turned over to the dark side and became a CAGW skeptic, much to the annoyance of my mostly liberal-progressive friends. Anyways, I’m commenting because economics, government budget deficits, and the national debt are some things I know a lot more about than climate science.
Much like political elite are fearmongering and talking nonsense about climate change, the same fearmongering and nonsense occurs on the national debt. But on this issue, both political parties are guilty.
The U.S. National Debt should actually be called something like U.S. Dollar World Savings. Said more plainly, the national debt is not a DEBT we OWE, rather it’s SAVINGS we OWN. Sound crazy?
Check out the following video. If you have any questions I’d be happy to elaborate and explain it all in more detail.
http://www.youtube.com/watch?v=pCrn4lfwQLc
Thank you, SDB! I could not agree with you more about the National Debt, also known as Debt Held by the Public (Money Held by the Public), or the national savings. That great big bad (not) number, $17 trillion-plus, is a record of all the currency created by the US government since 1791 minus the amount of currency destroyed (taxes). So where is the $17 trillion? In pension funds and savings accounts.
Welcome to the dark side.. hopefully your friends will stay your friends . Interesting video. Few people understand how modern money is created or it’s relationship with debt. I like this explanation though there are better.
Deficits matter, as does government debt. Because they make the 99% poorer.
http://youtu.be/hx16a72j__8
Andy Oz,
This guy is factually wrong in several important points, and doesn’t make the distinction between interest-free real money (the high-powered money the government creates) and credit money (bank money subject to interest and collateral and time). Two entirely different animals.
First, the US government changed from the fiat ‘let it be so’ of gold backing the currency to the full faith and credit of the US government backing the currency in 1934. (We remained on the gold standard internationally until 1971) Ditto Canada and Britain before 1950. Gold as a fiat was first introduced in the temples of Greece in 700 BC. The system and use of debits and credits, however, is 5500 years old, 2800 years before the Greek temple thought up the idea of issuing gold tokens. Governments thrived and things were built in those 2800 years without gold having anything more than a decorative value.
Nixon took us off the gold standard because the French were cashing in every US$35 they could get their mitts on for an ounce of US gold. Nixon and Herb Stein said screw you, and we can do it because we’re the world’s reserve currency. The immense power that it COULD have meant (and does mean, yet unrealized) to the American people was lost because journalists didn’t report on it. They were concerned with Nixon’s reelection, Watergate, the Yom Kippur War, and Nixon’s abdication in the three years that followed August 1971.
The dead giveaway in this video is the reference to fractional reserve banking. That disappeared with the gold standard. No bank that uses a sovereign non-convertible currency with a floating exchange rate uses fractional reserve banking. Doesn’t exist. The loan creates the deposit. Let me repeat that: the act of creating the loan creates the deposit. No bank in the modern era uses fractional reserve banking. In fact, there are laws protecting that that doesn’t happen.
I’m getting the evil eye here, so I have to sign off. But this video does not explain it properly.
Reblogged this on The Firewall.
Steve Goddard,
This website appears to be devoted to exposing the truth. Why did you censor (delete) my comment? It was 100% related to the content of this post.
I apologize. It’s still awaiting moderation. Is something wrong or offensive about it?
WordPress auto moderates comments with Too many links, if you put in 3 or more.
Steve has done a wonderful job of showing how our government has lied and changed data to fit the meme of climate change. How can we not assume that they lie and change the data about our economy to get us to accept ever increasing debt? Just as realists are looking out their windows and understanding that the world is not warming we also know that creating “more” money by printing is theft. People understand this and want to be able to “store” their wealth which is really their hard work, in a commodity that a government can not devalue. If anyone thinks their pension plans and savings are safe, well good luck with that.
Cyprus, coming to a bank near you!
margaret berger,
Creating new money is not necessarily theft. There are potential positives and negatives to an increasing money supply as well as a steady money supply. Yes, in the long run creating new money does have an inflationary bias to it, and that does erode the real value of savings. But the issue is far more complex (and interesting) than it might appear.
Can I recommend a reading on money?
http://cas.umkc.edu/economics/people/facultyPages/wray/courses/Econ%20601/readings/Bell%20The%20Role%20of%20the%20State%20and%20the%20Hierarchy%20of%20Money.pdf