I’m done being nice.
If you didn’t figure it out this morning you deserve a middle finger in response to any sort of crap email you send me on the subject of what you do when you’re too far in debt.
LONDON—Investors fled from Spanish government debt on Monday, an immediate rejection of the country’s planned bank bailout by the constituency it most desperately needs to impress: the buyers of its own government bonds.
The market rout puts Spain and the euro zone in a dire position. The bailout plan—in which Spain agreed to accept up to €100 billion ($125 billion) to recapitalize banks—was hatched to alleviate the concern that Spain itself could be dragged down by the declining fortunes of its lenders.
There is no solution — here or anywhere else — to excessive and bad debt found by taking on more debt. That is exactly identical to opening a new credit card when your current one hits its limit and comes back declined!
I’m simply not going to put up with people claiming that we must “borrow more” or “spend more” as a means of solving this. I don’t give a damn which political party or what persuasion you come from in this regard — all will get one-line middle-finger image in response, and if you run that crap on my forum you’ll do it exactly once, so make your departure memorable.
I’m tired of Lyin’ Ryan, Mittens who both bans guns and has claimed he won’t cut the budget his first year, Obama who can’t get his lips off Blankfein’s and Dimon’s schnozz and folks like Pelosi, Stiglitz and Krugman, all of whom claim that the way to evade a “debt deflation” is to print and spend more money, or Bernanke who claims that “in the intermediate term” we must fix our deficits but “for now we can’t tamper with the recovery.” And I’m tired of people like Gary Johnson who claims he’s submit a 43% cut federal budget but doesn’t appear to understand what this means in economic terms nor does he address it, nor will he address the places he can mitigate the instantaneous damage that would appear through things like putting a stop to the immoral and outrageous monopolist practices in the medical industry — practices that can only happen with the explicit enforcement capacity of government force.
The Party of Principle eh? How about just another head on the same damned snake?
All of these assclowns have had four years to prove their thesis and it has been resoundingly disproved by the factual record of what has actually happened.
Hiding the truth does not change it. Lying does not change facts. Claiming that crap assets are good does not make them change in character and payment prospects. All claims of expected compound growth on an indefinite forward basis are pyramid schemes and unlawful for this reason, yet they’re still being made right here, right now, today. And claims that “deflation” is “bad” when it is the correction of an intentional and fraudulent credit inflation that you allowed to take place over the space of 30 years, which should have resulted in the banksters and pension fund managers involved drawing 20-to-life prison terms decades ago for running intentional and knowing ponzi schemes are outright lies.
Yeah, sure, there will be more “can kicking.” I’m sure of it. But I’m also sure it won’t work, because it can’t. I said back in 2007 that he only solution to this problem was to ring-fence the government (not take the bad debts onto the government), cram down all the bondholders and stockholders and protect the depositors, force the derivatives to be covered with capital for every dollar of underwater position without exception and let what comes from that happen. What would have (and still will, if we do it) come from that would be that a lot of so-called “rich” people would be rendered instantly bankrupt and the people they robbed with their knowingly-false promises would then sue them and pick their carcasses clean.
Yes, it would have sucked. Yes, it will suck (worse) now, because we’ve done stupid things in the four interim years. But it is no less necessary today than it was in 2007 — in fact it’s more necessary as we’re now $5 trillion poorer in terms of federal debt and in terms of total systemic debt we have more now ($54.642 trillion) than we did at the end of 2007 ($50.898 trillion) – 7.4% more!
Yes, GDP is “up” 8.5% in the same time. But that means the so-called “de-levering” is a damned lie, as the spread has only narrowed by 1.1% in that same four years!
There has been no de-levering of any substance at all. After a small decrease in total systemic debt in 2008 it has begun climbing again, and there is no evidence of any sort that any policy steps are being taken to put a stop to it, nor to force those who fraudulently issued these credits to eat their own cooking. Instead, everything possible has been done both here in the US and internationally to force the common man to eat it. In the United States alone this has resulted in a raw theft of over $3,000 per year for every man, woman and child in the country over the last four years — that’s $12,000 for every person from an infant to an old widow on Social Security that has been stolen over the last four years and given to the banksters so they do not have to recognize their insolvency and go out of business — or be prosecuted and rot in a federal prison, which is what they deserve.
The people responsible for this scam over the last four years — each and every single one of them — deserve to be held to account. Every single pension manager, every single Treasury official, every single House and Senate member along with nearly all of their staffers and both recent Presidents should be rotting in a Federal Prison right now on federal fraud charges.
Every one of them, along with all their so-called “advisors” who failed to get out in front of this, who failed to speak, who failed to stand up in front of a camera and speak to the truth.
All of them.
And yet instead of showing up in DC in a real “ten million person march”, refusing to leave until handcuffs are deployed on the assclowns in the Capitol, you’re going to go play “nobody committed and crimes” and go push the button in a few months for more fraud, more abuse, more lies, more scams, just so long as you get your food stamps, your social security and your Medicare.
But you’re not going to get any of it because this entire crap-pile is going to come down around your ears.
And you, I, and every one of the politicians deserve it, because we have all failed to act, to demand accountability, to insist that the incessant and outrageous ripoffs stop and the people responsible be prosecuted for what they have done.