Posted On: Tuesday - July 30th 2024 4:21PM MST
In Topics: Music Global Financial Stupidity Economics US Feral Government Southern rock
I told them so. If the tweeter's name were Sherlock, I might considering joining up today, just to be able to say.. well, you know the thing...
Maybe not, so, No shit, Sherlock!
Peak Stupidity saw this coming well before the start of this blog. If you want some proof, though, look at the series we posted 7 1/2 years ago, Primer on the state of Global Financial Stupidity: Part 1 - - Part 2 - - Part 3 - - Part 4 - - Part 5 - - Part 6 - - Part 7 and Part 8.
Then too, it doesn't take an accountant to do the quick arithmetic. Here we've been, perusing the pie charts near the back of the IRS 1040 instruction book yearly and predicting doom. It's the only fun part of doing taxes.
Speaking of the arithmetic, Mr. Silver there says 5% interest rates, but by "around" he must mean slightly lower average interest payments than that. 5% of this:
... comes to a little more, $1.75 Trillion yearly. Either way, now note that "30% of revenue collected". Yeah, well, as we can see above, the deficit, (I take it, for the fiscal year) is already at $2 Trillion. Before the Kung Flu spending spree, I remember it being closer to $1 Trillion yearly.
So, assuming the Feral Gov't wouldn't have found something very important to spend the money on (a BIG assumption indeed), the deficit would be 1/4 or 1/8 as big, if it weren't for the interest payments on that borrowed $35,000,000,000,000.. Then, because these $2 Trillion yearly deficits are increasing that debt ~5% yearly, interest payments go up that 5% even with rates constant.
This is what I and other fiscally responsible been saying for years. You don't get yourself in a bind like this. There's no way out... OK, there's one way out, letting hyperinflation bring all debts down to mere peanuts. People are not gonna like that, and it does not at all encourage fiscal responsibility.
Now, for some Allman Brothers, with One Way Out. This live version of an early '60s blues number - recorded in '71 at the Fillmore East in lower Manhattan, NY - comes from a great album from 1972 called Eat a Peach.
Lord, that may be your banker, I don't know ...
That's Gregg Allman singing, Dicky Betts on lead guitar, Duane Allman on bottlneck slide guitar, Berry Oakley on bass, and Jai Johanson and/or Butch Trucks on drums.
Oh, I just read that Dickey Betts passed away this April. That's another thing I told people "so" about: There will be R.I.P.s written about famous entertainers nearly every day - that baby boom thing.
Comments:
Moderator
Wednesday - July 31st 2024 3:00PM MST
PS: Global Warming fans, haha. Adam, I just happened to have been reading a couple of articles by one Robert Bryce on substack, and comments below by mostly erudite technical people, on wind turbines, especially the HUGE ones out in the salt water.
They've got 300 yard long blades. Notice "salt" water - yeah, it destroys stuff. A blade come off of one in a group off of Nantucket, and the people there aren't happy.
Anyway, that guy talks of technical aspects to some degree, but mostly the economics of these wind farms. I just don't know how most of them will ever pay for themselves. (That'd disregarding the whole "carbon-free" crap. People calculate how much energy is used in the production, mining of the Rare-Earth metals, etc. That looks really bad, economics aside.)
https://robertbryce.substack.com
They've got 300 yard long blades. Notice "salt" water - yeah, it destroys stuff. A blade come off of one in a group off of Nantucket, and the people there aren't happy.
Anyway, that guy talks of technical aspects to some degree, but mostly the economics of these wind farms. I just don't know how most of them will ever pay for themselves. (That'd disregarding the whole "carbon-free" crap. People calculate how much energy is used in the production, mining of the Rare-Earth metals, etc. That looks really bad, economics aside.)
https://robertbryce.substack.com
Moderator
Wednesday - July 31st 2024 2:53PM MST
PS: Great comment, O.S. If something is coming, well, it's not like we can do something... just pop some corn and listen to the Allmans, I guess.
Re: " But she did have a prominent role in trying to ensure that a record surge of global migration did not become worse."
Instead of a song, this time that put a famous Monty Python skit into my head. "How can it get any worse?!" I mean, I suppose they could run cruise liners down to all the invader choke points: One out of a port in Ecuador, one in Colombia, one in Port-au-Prince, one in Shenzhen, China, like that... (They probably haven't had time to get this going yet.)
Start at 01:33 for the part I refer to.
https://www.youtube.com/watch?v=FQ5YU_spBw0
Re: " But she did have a prominent role in trying to ensure that a record surge of global migration did not become worse."
Instead of a song, this time that put a famous Monty Python skit into my head. "How can it get any worse?!" I mean, I suppose they could run cruise liners down to all the invader choke points: One out of a port in Ecuador, one in Colombia, one in Port-au-Prince, one in Shenzhen, China, like that... (They probably haven't had time to get this going yet.)
Start at 01:33 for the part I refer to.
https://www.youtube.com/watch?v=FQ5YU_spBw0
Adam Smith
Wednesday - July 31st 2024 10:12AM MST
PS: Good afternoon, Gentlemen!
https://i.ibb.co/M1KFP3m/Global-Warming-Fans.jpg
For just $78 Trillion (with a T!) the criminals masquerading as "government" will change the weather and save us from the Climate Catastrophe!
Seems so reasonable. 🙃
Only one way out, eh?
https://i.ibb.co/18P14R3/Me-With-Time-Machine.jpg
Problem Solved! ☮️
https://i.ibb.co/M1KFP3m/Global-Warming-Fans.jpg
For just $78 Trillion (with a T!) the criminals masquerading as "government" will change the weather and save us from the Climate Catastrophe!
Seems so reasonable. 🙃
Only one way out, eh?
https://i.ibb.co/18P14R3/Me-With-Time-Machine.jpg
Problem Solved! ☮️
Old Soldier
Wednesday - July 31st 2024 10:10AM MST
PS
Today's article -
"The New York Times
As Republicans Attack Harris on Immigration, Here’s What Her Record Shows
Zolan Kanno-Youngs and Jazmine Ulloa
Wed, July 31, 2024 at 8:06 AM EDT
WASHINGTON — As they seek effective attack lines against Vice President Kamala Harris, Republicans are focusing on her role in the Biden administration’s border and immigration policies, seeking to blame her for the surge of migrants into the United States over the past several years. A review of her involvement in the issue shows a more nuanced record.
President Joe Biden did not assign her the job title of “border czar” or the responsibility of overseeing the enforcement policies at the U.S.-Mexico border, as the Trump campaign suggested Tuesday in its first ad against her. But she did have a prominent role in trying to ensure that a record surge of global migration did not become worse."
Then, the NYT proceeds to refute most everything they published 3 years ago, a Pravda sort of way of saying 'we didn't say that at all', but they did. It's funny watching them back peddle furiously. Liars always get caught in their lies. The NYT is working overtime on top of overtime to make kamala look like a genius, just like they've done for years with Joe. Got to get more popcorn, I'm running low already!
As I'm sitting here for a brief time listening to Jessica (so, so relaxing if I close my eyes with my headphones on and the volume turned UP), the thought occurs to me that the Democrats are slinging crap of all sorts to capture headlines and distract, distract, distract away from what Joe's doing daily in the basement, or retirement home, or wherever his body is parked today. When they reach this headline grabbing crescendo, they're intentionally hiding something MAJOR that's going on with Joe and Congress. We'll find out about it in a week or two, I'm sure.
Jessica's done, so I've got to go get more popcorn...
Today's article -
"The New York Times
As Republicans Attack Harris on Immigration, Here’s What Her Record Shows
Zolan Kanno-Youngs and Jazmine Ulloa
Wed, July 31, 2024 at 8:06 AM EDT
WASHINGTON — As they seek effective attack lines against Vice President Kamala Harris, Republicans are focusing on her role in the Biden administration’s border and immigration policies, seeking to blame her for the surge of migrants into the United States over the past several years. A review of her involvement in the issue shows a more nuanced record.
President Joe Biden did not assign her the job title of “border czar” or the responsibility of overseeing the enforcement policies at the U.S.-Mexico border, as the Trump campaign suggested Tuesday in its first ad against her. But she did have a prominent role in trying to ensure that a record surge of global migration did not become worse."
Then, the NYT proceeds to refute most everything they published 3 years ago, a Pravda sort of way of saying 'we didn't say that at all', but they did. It's funny watching them back peddle furiously. Liars always get caught in their lies. The NYT is working overtime on top of overtime to make kamala look like a genius, just like they've done for years with Joe. Got to get more popcorn, I'm running low already!
As I'm sitting here for a brief time listening to Jessica (so, so relaxing if I close my eyes with my headphones on and the volume turned UP), the thought occurs to me that the Democrats are slinging crap of all sorts to capture headlines and distract, distract, distract away from what Joe's doing daily in the basement, or retirement home, or wherever his body is parked today. When they reach this headline grabbing crescendo, they're intentionally hiding something MAJOR that's going on with Joe and Congress. We'll find out about it in a week or two, I'm sure.
Jessica's done, so I've got to go get more popcorn...
Moderator
Wednesday - July 31st 2024 9:33AM MST
PS: Now you've got 2 more songs in my head, Mr. Blanc. I remember from reading here what "Tuesday" is about, but it's "Tuesday's Gone" (Skynyrd) and "Someday Never Comes" (CCR) that come to mind.
Yes, I agree with you and O.S., that it's not just a practice of the left, this letting the debt run way up. (Maybe if you go back to the '50s - I'll look at this.)
Congress spends the money, but you can blame things on the general attitude and politics of the President too. As for Ronnie, I really think he had good intentions early on. Then, he made a deal with Congress to increase defense spending to end the Cold War, while decreasing domestic spending. Why would they honor that? The House was large-majority D for all those 8 years. Reagan was kinda naive about the US Congress.
Secondly, he had some advisor famously say "deficits don't matter". (I guess he didn't say "debt doesn't matter because that'd be too obviously wrong.) I believe Reagan let that sink in, and went with the flow after that.
In the last 25 years, have you even heard a Presidential candidate even mouth off about spending, much less attempt to do something. Trump was one of the worst. Blame it on the Kung Flu, I suppose.
Yes, I agree with you and O.S., that it's not just a practice of the left, this letting the debt run way up. (Maybe if you go back to the '50s - I'll look at this.)
Congress spends the money, but you can blame things on the general attitude and politics of the President too. As for Ronnie, I really think he had good intentions early on. Then, he made a deal with Congress to increase defense spending to end the Cold War, while decreasing domestic spending. Why would they honor that? The House was large-majority D for all those 8 years. Reagan was kinda naive about the US Congress.
Secondly, he had some advisor famously say "deficits don't matter". (I guess he didn't say "debt doesn't matter because that'd be too obviously wrong.) I believe Reagan let that sink in, and went with the flow after that.
In the last 25 years, have you even heard a Presidential candidate even mouth off about spending, much less attempt to do something. Trump was one of the worst. Blame it on the Kung Flu, I suppose.
Moderator
Wednesday - July 31st 2024 9:27AM MST
PS: Well, Mr. Blanc, it helps to be a writer in the age after typewriters. I got the song in my head after writing "no way out", then I realized the song was "one way out" and added the part about hyperinflation, which is true. Then, I went up top and changed the title. ;-} It had been "I told them so!", and before that I was gonna write "I told you so", but that'd be insulting to most of our reader who do know what's what.
Back in the typewriter days, you had to figure what was worth the effort and expense in White Out. WTH did they do before White Out, I ask you, personally?
Back in the typewriter days, you had to figure what was worth the effort and expense in White Out. WTH did they do before White Out, I ask you, personally?
Moderator
Wednesday - July 31st 2024 9:23AM MST
PS: Old Soldier, thank you for the correction(s). I just couldn't believe that this Yellen fool was talking about a number that is 3 or 4 times the US Gross National Product, that's all. I see the links, so yeah, I just figured you made a typo.
BTW, I'm glad the cfact and the hotair links have the number written out in the URL. Seeing that many zeros may clue a few people in, I dunno.
I see that she says "by '50". OK, that's 25 years, so only just over $3 Trillion yearly .... not so bad*... giving a deficit of $5 Trillion, so the debt, hence interest paid on it, will rise 2 1/2 times faster... I don't think we're gonna cool down that way, not me, anyway.
Oh, but we'll get the rest of the world to chip in, she's probably figuring (sorry, I didn't read any of your links yet). What about China? Once they finish building a dozen or a hundred new coal fired power plants each year, yeah, they can chip in.
What a hoax this whole thing is, maybe the biggest ever perpetrated in history - we'll see.
* Sarc, of course.
BTW, I'm glad the cfact and the hotair links have the number written out in the URL. Seeing that many zeros may clue a few people in, I dunno.
I see that she says "by '50". OK, that's 25 years, so only just over $3 Trillion yearly .... not so bad*... giving a deficit of $5 Trillion, so the debt, hence interest paid on it, will rise 2 1/2 times faster... I don't think we're gonna cool down that way, not me, anyway.
Oh, but we'll get the rest of the world to chip in, she's probably figuring (sorry, I didn't read any of your links yet). What about China? Once they finish building a dozen or a hundred new coal fired power plants each year, yeah, they can chip in.
What a hoax this whole thing is, maybe the biggest ever perpetrated in history - we'll see.
* Sarc, of course.
Old Soldier
Wednesday - July 31st 2024 9:17AM MST
PS
to: MBlanc46
Right you are, sir, the debt is just as much Republicans' fault as Democrats. Yea, yea, Republicans always get in front of cameras and fuss and fuss and fuss about the ridiculous spending, only to go along with it in the end. The Republicans NEVER TAKE A STAND, THEY JUST COMPLAIN AND COMPLAIN, meanwhile the Democrats come up with more and more and more stupid social programs to fund, and the Republicans kowtow to every single one of them. And, you're also right about it not ending well. Protect your own family, that's all you can do.
to: MBlanc46
Right you are, sir, the debt is just as much Republicans' fault as Democrats. Yea, yea, Republicans always get in front of cameras and fuss and fuss and fuss about the ridiculous spending, only to go along with it in the end. The Republicans NEVER TAKE A STAND, THEY JUST COMPLAIN AND COMPLAIN, meanwhile the Democrats come up with more and more and more stupid social programs to fund, and the Republicans kowtow to every single one of them. And, you're also right about it not ending well. Protect your own family, that's all you can do.
MBlanc46
Wednesday - July 31st 2024 8:14AM MST
PS Then, of course, there’s the national debt business. It will not end well. Because Tuesday always comes. Whether it’s going to be merely very painful or catastrophic remains to be soon. Totally Legit Joe has certainly done his part, and Cackles will doubtless outshine him. But it is not correct to blame it all on the Left. The debt spiral began with LBJ in the 1960s, but Nixon, Ford, Reagan, the Bushes, and Trump did their parts, as well. They all helped to turn the American economy, which was a wonder of the world, into a financial scam.
MBlanc46
Wednesday - July 31st 2024 8:02AM MST
PS A gold star for you, AE! Make that two gold stars! I see the title of the piece and think, “One Way Out”. And at the end of the piece, you’re there! With the world-historical Allman Brothers Band cover, of course. I still remember the first time that I heard that version, which is transcendentally good. What a loss to the world Duane Allman was. And now you say that Richard Betts is gone, too. We old ones are dropping fast. The ABB were covering the Sonny Boy Williamson II version (1961), with Robert Lockwood Jr and Luther Tucker on guitars, Otis Spann on piano, Willie Dixon on bass, and Fred Below on drums. It is Sonny Boy in his pomp and Chess brothers recording at its finest. However, the original is not the SBW version. Elmore James recorded it for Bobby Robinson in NYC earlier in 1961. It’s Elmore James, but forgettable.
Old Soldier
Wednesday - July 31st 2024 7:41AM MST
PS
With all due respect, sir, when I mentioned $78 TRILLION, it was based on various internet "news" sites (propaganda???) including:
https://www.msn.com/en-us/money/markets/treasury-secretary-yellen-calls-for-78-trillion-investment-in-global-low-carbon-transition-by-2050/ar-BB1qP81e
https://www.climatedepot.com/2024/07/29/bidens-treasury-sec-janet-yellen-calls-for-78-trillion-to-tackle-climate-change/
https://www.cfact.org/2024/07/31/janet-yellen-calls-for-78000000000000-to-tackle-climate-change/
https://thefinancialanalyst.net/2024/07/29/yellen-highlights-78-trillion-climate-agenda-raises-funding-concerns/
https://dailycaller.com/2024/07/27/janet-yellen-78-trillion-climate-change/
https://hotair.com/headlines/2024/07/28/its-just-money-janet-yellen-calls-for-78000000000000-to-tackle-climate-change-n3792372
I haven't seen the $78 BILLION that you mentioned. I spent several minutes looking for the $78 BILLION but couldn't find that information. Am I looking in the wrong place?
With all due respect, sir, when I mentioned $78 TRILLION, it was based on various internet "news" sites (propaganda???) including:
https://www.msn.com/en-us/money/markets/treasury-secretary-yellen-calls-for-78-trillion-investment-in-global-low-carbon-transition-by-2050/ar-BB1qP81e
https://www.climatedepot.com/2024/07/29/bidens-treasury-sec-janet-yellen-calls-for-78-trillion-to-tackle-climate-change/
https://www.cfact.org/2024/07/31/janet-yellen-calls-for-78000000000000-to-tackle-climate-change/
https://thefinancialanalyst.net/2024/07/29/yellen-highlights-78-trillion-climate-agenda-raises-funding-concerns/
https://dailycaller.com/2024/07/27/janet-yellen-78-trillion-climate-change/
https://hotair.com/headlines/2024/07/28/its-just-money-janet-yellen-calls-for-78000000000000-to-tackle-climate-change-n3792372
I haven't seen the $78 BILLION that you mentioned. I spent several minutes looking for the $78 BILLION but couldn't find that information. Am I looking in the wrong place?
Moderator
Wednesday - July 31st 2024 5:20AM MST
PS: Good morning, Old Soldier. I guess that would be only $78,000,000,000, as in Billion rather than Trillion, but then, who knows? Whatever it takes to keep that non-working mathematical model predicted rise of a couple of degree C, till the Ice Age, I mean, from happening. Hell, Quadrillions may not be enough!
There are a lot of true believers, but behind them are the ones who are in it for the power, but let’s not discount the money too.
Yeah, both of those are a couple of my favorites. However, “Blue Sky” from “Eat a Peach” is probably my very favorite. What a great dual guitar solo! Has there been anything like it, like, ever?
There are a lot of true believers, but behind them are the ones who are in it for the power, but let’s not discount the money too.
Yeah, both of those are a couple of my favorites. However, “Blue Sky” from “Eat a Peach” is probably my very favorite. What a great dual guitar solo! Has there been anything like it, like, ever?
Old Soldier
Tuesday - July 30th 2024 10:54PM MST
PS
It makes me sick what these leftist PUKES are doing to destroy the US. Now, Treasury Secretary Yellen is proposing $78,000,000,000,000 MORE to combat Global Warming. It's not possible to change the weather by paying higher taxes, though some fall for the con every time. Climate cultists hide reality to maintain their income stream. This incredible amount of debt will not end well for anyone who works for a living.
I miss Dickey Betts a lot...well, all of the Allman Brothers and their music. Music like Jessica and Ramblin' Man are simply not being written any more.
It makes me sick what these leftist PUKES are doing to destroy the US. Now, Treasury Secretary Yellen is proposing $78,000,000,000,000 MORE to combat Global Warming. It's not possible to change the weather by paying higher taxes, though some fall for the con every time. Climate cultists hide reality to maintain their income stream. This incredible amount of debt will not end well for anyone who works for a living.
I miss Dickey Betts a lot...well, all of the Allman Brothers and their music. Music like Jessica and Ramblin' Man are simply not being written any more.
It's be a coin (no pun intended) toss-up though, Adam, whether I would make some pre-FED cash first before I shot all those responsible for starting the FED. OTOH, I'd be tempted to make it look like a robbery, and without the FED having been formed, that money would still be worth something when I got back!
* I might just go to 1950 California though.