The title speaks for itself – Listen to the “Great One”s address …
The title speaks for itself – Listen to the “Great One”s address …
China Sold Second-Largest Amount Ever Of US Treasurys In December: And Guess Who Comes To The Rescue
” While we will have more to say about the disastrous December TIC data shortly, which was released early today, and which showed a dramatic plunge in foreign purchases of US securities in December – the month when the S&P soared to all time highs and when everyone was panicking about the 3% barrier in the 10 Year being breached and resulting in a selloff in Tsy paper – one thing stands out. The chart
below(above) shows holdings of Chinese Treasuries (pending revision of course, as the Treasury department is quite fond of adjusting this data series with annual regularity): in a nutshell, Chinese Treasury holdings plunged by the most in two years, after China offloaded some $48 billion in paper, bringing its total to only $1268.9 billion, down from $1316.7 billion, and back to a level last seen in March 2013! “
Not exactly confidence inspiring Barack , especially when you consider that the Japanese shed billions in US treasuries in December as well . Read more at Zero Hedge .
” Thanks to Congress, the U.S. now doesn’t have a debt limit for the next year. Let two Heritage experts put this into perspective.
“ President Obama, after less than five years in office, has already increased the debt limit by more than any other president in U.S. history, including President George W. Bush over eight years in office,” report Romina Boccia and Michael Sargent, authors of the newly updated Federal Budget in Pictures.”
Read more at Heritage.org ,view these charts and embed them on your site :
Our “leadership” has surely made a hash of things . As they say a picture is worth a thousand words , or in this case , $17.3 Trillion and climbing …
” Here are a few facts to bear in mind when we’re all regaled about Obama’s ‘historic’ presidency at his State of the Union address:
- The Number Of Americans That Have Joined The Food Stamp Program SinceObama Took Office: 19.4 Million.
- The Number Of People Unemployed At The End Of Obama’s Fifth Year AsPresident: 10.4 Million.
- The Number Of People Working Part-Time That Would Like To Work Full-Time: 7.8 Million.
- The Number Of People That Have Entered Poverty Since 2008: 6.7 Million.
- Americans Who Received Cancellation Notices For Their Health PlansDue To ObamaCare After Obama Promised They Could Keep Their Plans In His 2010 State Of The Union Address: 5 Million.
- The Number Of Americans Struggling With Long-Term Unemployment Of 27 Weeks Or Over: 3.9 Million.
- The Increase In Americans Struggling With Long-Term Unemployment Since Obama Became President: 1.2 Million.
- Construction Jobs (aka “Shovel-Ready Jobs”) Lost Since Obama Took Office: 721,000.
- Manufacturing Jobs Lost Since Obama Took Office: 528,000.”
Click Image To Go To Interactive Graphic And See How Much Your State Is In The Red
” State governments are piling up debt almost as fast as the federal government, with a total of $5.1 trillion now on their books.
Calculated on a per capita basis, the $5.1 trillion represents an obligation of $16,178 for every state resident in the country, according to State Budget Solutions’ fourth annual State Debt Report.
State Budget Solutions is a 501(c)(3) educational foundation that focuses on state spending and budget issues.
The $5.1 trillion has accumulated despite various forms of balanced-budget requirements and spending limitations on the books in most states.”
” Viewed in terms of total debt, big states dominate the top 10, with California being in the worst shape at $778 billion. Most of the Golden State’s total is accounted for by public pension liabilities at $584 billion.
Given the prominence of unfunded public employee pension liabilities in state debt, the role of unions representing government workers is an important factor.
Nearly 36 percent of all government employees in America are members of unions, according to the Bureau of Labor Statistics, but the situation varies greatly from one state to another.
According to federal Current Population Survey data compiled by unionstats.com, 59 percent of all state and local public employees are members of unions in California.
But New York, which ranks second on total debt, has a far higher portion of its public employees in unions, at 71 percent.”
” As 2014 begins, President Barack Obama’s approval rating is at its lowest point in his five-year tenure. Imagine where it would be if the establishment press treated him the way it did George W. Bush.
The president’s media apparatchiks are propping up what remains of the president’s popularity with five myths.
1. The economy has become strong, and is getting stronger.
Media reports have been calling recent job gains “robust.” Hardly. 2013′s estimated job growth of almost 2.4 million is still only 60 percent of what was achieved annually on a population-adjusted basis for a full six years during the 1980s. (See chart below.)
It’s bad enough that payroll employment is still 1.3 million below its January 2008 peak. It’s worse that employment in the Household Survey is 2 million shy of where it was in that same month. If we’re lucky and this plodding progress continues, it will have taken almost seven years for that more comprehensive measure of employment to return to where it was before the recession began — and several more years, if ever, before a recovery in employment catches up to eligible adult population growth.”
” As part of our countdown to the new year, here are Heritage’s top five must-see charts of 2013.”
Each American’s Share of Publicly Held Debt
” As Washington lawmakers continue to spend more and pile on debt, each American’s share of public debt has risen to $36,000—about six times more than in 1970—and is set to rise astronomically in coming years. Without reform, the government will have borrowed $135,547 in public debt for each American, or almost three times the current median income, by 2036. This chart shows that serious consequences lie ahead if the government continues on its current path of reckless spending with no reform in sight.”
” Nine Senate Republicans crossed over to vote with all Senate Democrats to support the budget deal that House Budget Committee chairman Rep. Paul Ryan (R-WI) cut with Senate Budget Committee chairwoman Sen. Patty Murray (D-WA).
The deal passed Wednesday by a final vote of 64-36. The nine Senate Republicans who crossed over are as follows: “
John McCain (R-AZ)
241 Russell Senate Office Building Washington DC 20510 (202) 224-2235 Contact: www.mccain.Senate.gov/public/index.cfm/contact-form
Orrin Hatch (R-UT)
104 Hart Senate Office Building Washington DC 20510 (202) 224-5251 Contact: www.hatch.Senate.gov/public/index.cfm/contact?p=Email-Orrin
Saxby Chambliss (R-GA)
416 Russell Senate Office Building Washington DC 20510 (202) 224-3521 Contact: www.chambliss.Senate.gov/public/index.cfm?p=Email
Johnny Isakson (R-GA)
131 Russell Senate Office Building Washington DC 20510 (202) 224-3643 Contact: www.isakson.Senate.gov/public/index.cfm/email-me
Susan Collins (R-ME)
413 Dirksen Senate Office Building Washington DC 20510 (202) 224-2523 Contact: www.collins.Senate.gov/public/index.cfm/email
Lisa Murkowski (R-AK)
709 Hart Senate Office Building Washington DC 20510 (202) 224-6665 Contact: www.murkowski.Senate.gov/public/index.cfm?p=Contact
Ron Johnson (R-WI)
328 Hart Senate Office Building Washington DC 20510 (202) 224-5323 Contact: www.ronjohnson.Senate.gov/public/index.cfm/contact
John Hoeven (R-ND)
338 Russell Senate Office Building Washington DC 20510 (202) 224-2551 Contact: www.hoeven.Senate.gov/public/index.cfm/email-the-senator
Rob Portman (R-OH)
448 Russell Senate Office Building Washington DC 20510 (202) 224-3353 Contact: www.portman.Senate.gov/public/index.cfm/contact?p=contact…
” Ryan used a series of misleading styles of accounting and talking points to promote the bill, especially when it came to veterans’ pensions. He claimed the bill overall reduced the deficit by $23 billion. In reality, the bill increases the deficit by at least $15.5 billion. “
” While today’s municipal bankruptcy news focuses on Detroit, where a judge has just ruled the city can proceed with its bankruptcy filing, tonight a small California city holds a council meeting to try to avoid the same fate.
Desert Hot Springs isn’t on the national radar, but its situation is hardly unique. With only 27,000 residents and only 55 full-time city employees, Desert Hot Springs lacks the financial heft that allows larger cities – think Los Angeles – to put off their day of reckoning.”
” The average full-time employee working for the city of Desert Hot Springs earned direct pay plus employer paid benefits during 2011 of $144,329. The average public safety employee working for Desert Hot Springs earned direct pay plus employer paid benefits during 2011 of $164,621.
Public sector union spokespersons often complain that “politicians are trying to balance the budget on the backs of working people.” Set aside for a moment the fact that “working people” means “unionized government employees” who, in the case of Desert Hot Springs, are making more per year than the average home costs in that city. Can Desert Hot Springs balance their budget if their “councilmen also eye pay, benefits,” and could actually do anything about it?”
Uploaded on Jul 24, 2007
” Hilarious motivational speaker and Chicago clean comedian Tim Clue talks Debt – as heard on Sirius and XM Satellite Radio! He’s opened for Steven Wright and Jerry Seinfeld and is a highly sought-after corporate speaker and entertainer.
Want to book Tim for your next event? Find out how below:
” I’ve always avoided reporting on the Federal Reserve. I know it’s more important than much of the stuff I cover, but it’s so boring. How can I succeed on TV reporting on the Fed? Fed chairs even work at being dull.
Alan Greenspan said he tried to be obscure because he didn’t want to spook markets. He called his obfuscation “Fedspeak.” It’s a far cry from the clarity of his language — and principles — when he was young and a disciple of libertarian Ayn Rand.
Outgoing Fed Chairman Ben Bernanke and his likely successor, Janet Yellen, are almost as boring.
But we should watch what they do. The Fed can destroy your savings and your future. The current crew of Fed bureaucrats has raised the Fed’s balance sheet to a stunning 4 trillion dollars.
As Sen. Rand Paul‘s father, retired congressman Ron Paul, put it, “No secret cabal of government officials should have the authority to create money out of thin air.” “
” According to a recent Fox News poll, 73 percent of Americans are dissatisfied with the direction of the country, up 20 points from 2012. Americans sense that there’s a lot going wrong in our nation, but most don’t have a clue about the true nature of our problem. If they had a clue, most would have little stomach for what would be necessary to arrest our national decline. Let’s look at it.
Between two-thirds and three-quarters of federal spending, in contravention of the U.S. Constitution, can be described as Congress taking the earnings or property of one American to give to another, to whom it does not belong. You say, “Williams, what do you mean?” Congress has no resources of its very own. Moreover, there’s no Santa Claus or tooth fairy who gives it resources. The fact that Congress has no resources of its very own forces us to recognize that the only way Congress can give one American one dollar is to first — through intimidation, threats and coercion — confiscate that dollar from some other American through the tax code.”
Our first graph demonstrates how the gross federal debt has ballooned from approximately 57% of the GDP in 1960 to nearly 107% in 2013 . Can you say Greece anyone ?
” If any American did privately what Congress does publicly, he’d be condemned as an ordinary thief. Taking what belongs to one American to give to another is theft, and the receiver is a recipient of stolen property. Most Americans would suffer considerable anguish and cognitive dissonance seeing themselves as recipients of stolen property, so congressional theft has to be euphemized and given a respectable name. That respectable name is “entitlement.” Merriam-Webster defines entitlement as “the condition of having a right to have, do, or get something.” For example, I am entitled to walk into the house that I own. I am entitled to drive the car that I own. The challenging question is whether I am also entitled to what you or some other American owns.”
This graph shows overall growth in government spending from 1962 to 2010. As the reader can see federal spending has increased nearly five-fold in the past half century while tax revenues have actually declined as a percentage of GDP over the same period . See graph below .
” Let’s look at a few of these entitlements.”
The graph above shows the explosive grow of entitlement spending over the past 50 years.
” More than 40 percent of federal spending is for entitlements for the elderly in the forms of Social Security, Medicare, Medicaid, housing and other assistance programs. The Office of Management and Budget calculates that total entitlement spending comes to about 62 percent of federal spending. “
As the article and above graphs show we are in debt up to our eye-balls and beyond , and even though the facts are there for all to see , Americans in general seem to be willfully blind to the impending collapse and it is less the certain that the public will develop the will to meet this issue head-on and resolve to do what is necessary to save our Republic .
” Can you imagine what the American people would do to a presidential candidate who’d declare, as James Madison did in a 1794 speech to the House of Representatives, “Charity is no part of the legislative duty of the government”? “
” A word of caution for kids heading off to college this year: Your degree may be worth less and cost more than you think. Your job prospects will likely be grim, whether or not you get that sheepskin. Oh, and you’re on the hook for trillions in federal debt racked up by your parents and grandparents.
Washington has willfully ignored the looming crisis of entitlement spending, knowingly consigning young Americans to a future of crushing debt, persistent underemployment, and burdensome regulation. Politicians on both sides of the aisle share the blame.
This summer, Congress made a big bipartisan show of cutting student loan rates to 3.4 percent from an already artificially low 6.8 percent. But even that seemingly helpful gesture will wind up hurting the Americans it claims to help. Federal student aid, whether in the form of grants or loans, is the main factor behind the runaway cost of higher education. Subsidies raise prices, leading to higher subsidies, which raise prices even more. This higher education bubble, like the housing bubble before it, will eventually pop. Meanwhile, large numbers of students will graduate with more debt than they would have in an unsubsidized market.
And when those new, debt-laden graduates head out into the labor market with their overpriced diplomas, they may not be able to find a job. According to data provided to me by my Mercatus Center colleague, former Bureau of Labor Statistics (BLS) commissioner Keith Hall, fewer than half of Americans today between the ages of 18 and 25 are employed. For those in that cohort actively on the job market, the unemployment rate is 16 percent, versus 6 percent for job-seekers aged 25 and above.
This jobs crisis will have long-term consequences for young Americans. A forthcoming paper in the American Economic Journal: Applied Economics on Canadian college graduates by the economists Philip Oreopoulos, Till Von Wachter, and Andrew Heisz shows that in economies like ours, during normal times, the average person sees 70 percent of career wage growth in the first 10 years on the job. That is terrible news for people who are unemployed or underemployed at the start of their careers. The study also shows that those unlucky enough to graduate during a recession will suffer a 9 percent pay hit from the start of their careers-and it will likely take them a decade to climb out of that hole.
Weak economies always hit younger people hard, but this weak recovery is taking a particularly heavy toll, despite the massive government intervention in the form of stimulus and job programs. In fact, much of the uncertainty that gets in the way of employers hiring new full-time workers can be traced to government policies.“
Illustration by RJ Matson
” By promising that under no circumstances will there ever be another government shutdown, what McConnell has done is telegraph to Harry Reid that he will absolutely, under no circumstances, walk away from the table without a deal. You don’t see Reid doing that. He doesn’t care if the government shuts down, and he is certainly not going to give in to McConnell’s demands to see that it won’t.
By the way, notice how Schieffer cleverly affirms McConnell’s surrender instinct by treating him as Mr. Reasonable while wondering aloud how he will ever deal with that insane Ted Cruz or those horrible Tea Party people who are “going nuts” and threatening to primary him. This is classic. It’s how the media helped turn John McCain into mush. They pet him on the head when he’s a good little Republican who goes along with “the way things are done in this town,” and they make it clear that if he ever steps out of line like that icky Ted Cruz, he will lose their favor.
So there you have it. Democrats already know Republicans will not stand up to them again on budgetary matters, because Republicans are too afraid of the shutdown Democrats will gladly permit if that’s what it takes to get their way. There will be no spending sanity. There will be no changes to the tax code (unless it’s to raise rates, of course). There will be nothing done about ObamaCare. There will be nothing done about entitlements. Democrats refuse, and Republicans are afraid to fight.”
Mitch McConnell should be ashamed of himself . If this is all that the Republican party can offer in the way of leadership there is no reason for anyone with any concern with the financial future of this country to think that there is any difference at all between the parties . We live in a one-party country and that’s a fact .
” Stan Druckenmiller makes an unlikely class warrior. He’s a member of the 1%—make that the 0.001%—one of the most successful money managers of all time, and 60 years old to boot. But lately he has been touring college campuses promoting a message of income redistribution you don’t hear out of Washington. It’s how federal entitlements like Medicare and Social Security are letting Mr. Druckenmiller’s generation rip off all those dotingBarack Obama voters in Generation X, Y and Z.
“I have been shocked at the reception. I had planned to only visit Bowdoin, ” his alma mater in Maine, he says. But he has since been invited to multiple campuses, and even the kids at Stanford and Berkeley have welcomed his theme of generational theft. Harlem Children’s Zone President Geoffrey Canada and former Federal Reserve Governor Kevin Warsh have joined him at stops along the tour.
But he adds that “I did not think it would be nutty to tie entitlements to the debt ceiling because there’s a massive long-term problem. And this president, despite what he says, has shown time and time again that he needs a gun at his head to negotiate in good faith. All this talk about, ‘I won’t negotiate with a gun at my head.’ OK, you’ve been president for five years.”
His voice rising now, Mr. Druckenmiller pounds his fist on the conference table. “Show me, President Obama, when the period was when you initiated budget discussions without a gun at your head.”
Which brings him back to his thieving generation. For three decades until 2010, Mr. Druckenmiller ran the hedge fund he founded, Duquesne Capital. Now retired from managing other people’s money, he looks after his own assets, which Forbes magazine recently estimated at $2.9 billion. And he wonders why in five years the massively indebted U.S. government will begin sending him a Social Security check for $3,500 each month. Because he earned it? “
” You are about to learn one of the biggest secrets in the history of the world… it’s a secret that has huge effects for everyone who lives on this planet. Most people can feel deep down that something isn’t quite right with the world economy, but few know what it is.”
” The D.C. press corps was giddy last night, declaring that the fiscal crisis had ended. Senators praised “honorable friends” from “great states,” congress members gave standing O’s to their stalwart leaders, and the president saluted bipartisanship while ridiculing Republicans, bloggers, activists and pretty much anyone else who dared oppose him.
To help visualize how up the creek we find ourselves, I created an infographic.”
” Irrational situations provoke irrational responses. Ted Cruz may not have mapped out a winning strategy to end Obamacare, but he energized millions of Howard Beales yelling, “I’m mad as hell and I’m not going to take it anymore.” “
” Fox News’ Brit Hume has about one of the fairest assessments of the tea party out there. Hume explains why the tea party is going to extraordinary lengths to attempt to roll back government, and why that makes the tea party different from establishment Republicans.
Hume argued that tea party supporters are using an unconventional approach because the GOP has “utterly failed” to restrain the growth of government:
“Veteran political observers on both the left and right are still trying to figure out what the House Tea Party caucus and its Senate pied piper Ted Cruz were thinking when they insisted on using the threat of a government shutdown to defund ObamaCare. “
” The U.S. debt, which has jumped 55 percent under President Obama, is now so high that if working Americans had to pay their full share, the bill would be over $123,000, according to a new Harvard University Institute of Politics study of the nation’s empty bank accounts.
– If converted into pennies and stacked, would be a column that would reach to the moon and back more than 3,350 times “