Debt Clock......Frozen????

[Kimura]

The debt clock measures REAL wealth drestroyed by central planners. Economic liberty IS a civil liberty. Without the ability to peacefully exchange with others and store wealth to do so, you would be wearing a pelt moomoo and running around the forest eating berries, buddy.

No, it doesn't. It's designed for propaganda purposes. If this wasn't the case, we'd have a corresponding asset clock for the public. It's a basic principle of accounting that for every single financial asset out there we must have an offsetting and equal financial liability. Those federal liabilities represented in the debt clock are assets of the non-government.

This coming from a guy that thinks there's a natural rate of interest under a fiat monetary system.

 

[G.T.]

About 10% is owed to China. About 55% is owed domestically to individuals, the fed, state and local gov't, retirement and mutual funds.

 

[TakeAStepBack]

No, it doesn't. It's designed for propaganda purposes. If this wasn't the case, we'd have a corresponding asset clock for the public. It's a basic principle of accounting that for every single financial asset out there we must have an offsetting and equal financial liability. Those federal liabilities represented in the debt clock are assets of the non-government.

This coming from a guy that thinks there's a natural rate of interest under a fiat monetary system.

You have me mistaken, fella. Unless you want to pull the quotte where I said such a thing.

 

[Kimura]

About 10% is owed to China. About 55% is owed domestically to individuals, the fed, state and local gov't, retirement and mutual funds.

Even if 80% was held by China, it wouldn't matter at the end of the day. The percentages are inconsequential. They simply desire to net save in US financial assets. Treasuries are similar to a savings account. Rolling over Treasury payments for the government is as easy as you or I shifting funds between savings (Treasuries) and checking (reserve) accounts. It's impossible for this to cause any financial strain. It's basically just changing the composition of assets held between the government and non-government sector.

 

[Kimura]

This coming from a guy that thinks there's a natural rate of interest under a fiat monetary system.

You have me mistaken, fella. Unless you want to pull the quotte where I said such a thing.

http://www.usmessageboard.com/economy/303738-discussion-of-the-austrian-school-2.html#post7560736

http://www.usmessageboard.com/economy/303738-discussion-of-the-austrian-school-2.html#post7561433

 

[oldfart]

In the coming months, the Treasury will employ its full
arsenal of extraordinary measures to stay under the current
debt limit. If a new debt limit is not agreed upon,
CBO expects those measures to run out sometime in
October or November of this year.
If the debt limit is not increased before extraordinary
measures are exhausted, the Treasury will not be
authorized to issue additional debt that increases the
amount outstanding. (It will be able to issue additional
debt only in amounts equal to maturing debt.) That
restriction would severely strain the Treasury’s ability to
manage its cash and could lead to delays of payments for
government activities and possibly a default on the government’s
debt obligations.11 Which of the government’s
various financial obligations would be paid and which
would not would be determined by the Administration.

Bring on the default!!!

You are correct that the "extraordinary measures" buy a little time, but will at a pretty firm future date (October or November) be totally exhausted. This is pretty much intentional as it sets up a February 2014 or so "triple witching hour" involving the debt limit, budget, and sequester. The House's solution is a bill passed today that instructs the president what order to pay bills in. It puts paying China for maturing debt ahead of paying the US military. Where ae the neo-cons when you need them?

 

[Kimura]

In the coming months, the Treasury will employ its full
arsenal of extraordinary measures to stay under the current
debt limit. If a new debt limit is not agreed upon,
CBO expects those measures to run out sometime in
October or November of this year.
If the debt limit is not increased before extraordinary
measures are exhausted, the Treasury will not be
authorized to issue additional debt that increases the
amount outstanding. (It will be able to issue additional
debt only in amounts equal to maturing debt.) That
restriction would severely strain the Treasury’s ability to
manage its cash and could lead to delays of payments for
government activities and possibly a default on the government’s
debt obligations.11 Which of the government’s
various financial obligations would be paid and which
would not would be determined by the Administration.

Bring on the default!!!

You are correct that the "extraordinary measures" buy a little time, but will at a pretty firm future date (October or November) be totally exhausted. This is pretty much intentional as it sets up a February 2014 or so "triple witching hour" involving the debt limit, budget, and sequester. The House's solution is a bill passed today that instructs the president what order to pay bills in. It puts paying China for maturing debt ahead of paying the US military. Where ae the neo-cons when you need them?

This is whole thing is insane, right? I don't think its politically tenable - or even legal - to voluntary default. It's technically the only way the US government could default. I'm fully convinced guys like Paul Ryan are completely insane and unhinged.

 

[TakeAStepBack]

This coming from a guy that thinks there's a natural rate of interest under a fiat monetary system.

You have me mistaken, fella. Unless you want to pull the quotte where I said such a thing.

http://www.usmessageboard.com/economy/303738-discussion-of-the-austrian-school-2.html#post7560736

http://www.usmessageboard.com/economy/303738-discussion-of-the-austrian-school-2.html#post7561433

Do austrian scholars advocate a fiat monetary system>? No they don't. Talk about cherry picking. That's third rate dullardry. You must be friends or a student of Krugman.

 

[Kimura]

You have me mistaken, fella. Unless you want to pull the quotte where I said such a thing.

http://www.usmessageboard.com/economy/303738-discussion-of-the-austrian-school-2.html#post7560736

http://www.usmessageboard.com/economy/303738-discussion-of-the-austrian-school-2.html#post7561433

Do austrian scholars advocate a fiat monetary system>? No they don't. Talk about cherry picking. That's third rate dullardry. You must be friends or a student of Krugman.

No, but they're such ideologues that they insist that a fiat monetary system operates under the same constraints as a gold standard.

 

[dilloduck]

Bring on the default!!!

You are correct that the "extraordinary measures" buy a little time, but will at a pretty firm future date (October or November) be totally exhausted. This is pretty much intentional as it sets up a February 2014 or so "triple witching hour" involving the debt limit, budget, and sequester. The House's solution is a bill passed today that instructs the president what order to pay bills in. It puts paying China for maturing debt ahead of paying the US military. Where ae the neo-cons when you need them?

This is whole thing is insane, right? I don't think its politically tenable - or even legal - to voluntary default. It's technically the only way the US government could default. I'm fully convinced guys like Paul Ryan are completely insane and unhinged.

Since when does legality have anything to do with what this administration does ? Bring on the default and stop kicking the same can down the road. The unicorn people need a taste of what is really happening.

 

[TakeAStepBack]

http://www.usmessageboard.com/economy/303738-discussion-of-the-austrian-school-2.html#post7560736

http://www.usmessageboard.com/economy/303738-discussion-of-the-austrian-school-2.html#post7561433

Do austrian scholars advocate a fiat monetary system>? No they don't. Talk about cherry picking. That's third rate dullardry. You must be friends or a student of Krugman.

No, but they're such ideologues that they insist that a fiat monetary system operates under the same constraints as a gold standard.

No, they do not. Just what type of dumbfuckery are you trying to pass off here, fella?

 

[Kimura]

Do austrian scholars advocate a fiat monetary system>? No they don't. Talk about cherry picking. That's third rate dullardry. You must be friends or a student of Krugman.

No, but they're such ideologues that they insist that a fiat monetary system operates under the same constraints as a gold standard.

No, they do not. Just what type of dumbfuckery are you trying to pass off here, fella?

You have your version, we have the truth. Your responses are erudite and insightful as usual.

 

[TakeAStepBack]

What you have is bullshit. You can't prove your assertions and I'm not proving a negative. Dipshit.

 

[Kimura]

What you have is bullshit. You can't prove your assertions and I'm not proving a negative. Dipshit.

So says the guy that posts nitwit excerpts from Mises.org.....

I don't have to prove anything. When you start arguing about basic accounting identities, I really have a hard time taking you serious.

Do you have any original thoughts of your own? Just curious...

 

[jon_berzerk]

Too busy arguing for their respective party of choice to notice.

Theoretically we have a group of people in Washington who were elected to represent the minority. Where are are they ? Why are they letting Obama get away with everything without even a complaint ? Where are the Republicans ? Do they really think they will get support from me in the next election with a poor performance like this ?

They don't need your support. Americans are so divided and caught up in Democrat vs. Republican to DREAM of voting for the other party to make any change.
Every American should have been dumbfounded by the last election. RECORD disapproval ratings, record poor opinions on the federal government - YET - we re-elected nearly every single politician across the entire country. No change.
Until America wakes up and realizes that our government (BOTH SIDES) is the problem and not just the other party - we will continue out path of destruction.

brother right on

 

[bigrebnc1775]

What a shame we don't have a clock monitoring the erosion of our civil liberties.

At least that would be measuring something REAL.

yet obama separates himself from that doesn't he? It's not his fault is it? He's trying to stop it isn't he?

 

[TakeAStepBack]

What you have is bullshit. You can't prove your assertions and I'm not proving a negative. Dipshit.

So says the guy that posts nitwit excerpts from Mises.org.....

I don't have to prove anything. When you start arguing about basic accounting identities, I really have a hard time taking you serious.

Do you have any original thoughts of your own? Just curious...

So what you're saying is you can not prove your assertions. Yeah, that's what I said earlier.

 

[Quantum Windbag]

Why isn't anyone stopping this ?

Didn't you read the story, they did stop it.

By magic.

 

[TakeAStepBack]

Basic accounting principle magic.

 

[oldfart]

This is whole thing is insane, right? I don't think its politically tenable - or even legal - to voluntary default. It's technically the only way the US government could default. I'm fully convinced guys like Paul Ryan are completely insane and unhinged.

Despite protestations of Geithner, I think Section 4 of the Fourteenth Amendment could come into play.