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  • There is the wicked witch yellen crying uncle again. plz sent your dollars to care for our failing govt once again.All they can do is cause hardship. This Govt will soon be replaced. Oh they will have a costume on that LOOKS like Mitch or Yellen but things will be different. Happy Haunting

    Time to land a decent bug out bag

    Yellen: US on track to default on national debt in October

    Treasury Secretary Janet Yellen on Wednesday warned congressional leaders that the U.S. is on track to default on the national debt in October if the White House and Congress are unable to raise the deb

    Last edited by BroMikey; 09-16-2021, 01:43 PM.


    • I'm giving up on updating this thread.
      Dissolution of empire is what is going on.
      Millennia ago, man created society to better organize his social and commercial endeavors.
      He also created a small offshoot, the State to manage legal affairs.
      The State is only concerned with perpetuating itself.
      Since the State is a parasite with taxing authority, it never dies out until the general economy dies out.
      This usually happens because of revolution or war.
      The State is also at risk if the general economy "dies"

      When the State takes on a life of it's own, it is always looking for some justification for it's existence.
      The State & society are 2 distinctly different entities.
      The State would have you believe that it is inseparable from society.
      The State would have you believe that it is absolutely necessary to the general affairs of mankind.
      To justify it's continuing existence, the State says that it will protect you.
      There is a criminal around every corner.
      There is a terrorist hiding behind every rock and tree.

      The State has one main weapon; FEAR.
      It instills you with fear of what the criminals & terrorists are planning to do to you.
      The State instills you with fear of what IT will do to you if you don't comply.
      Parkinson's Law states that the State bureaucracy will grow by 6% a year regardless of work load.
      Naturally, State funding must grow by an equal amount.
      As the State slowly squeezes the life out of the productive economy, it must raise taxes.
      Each dollar of increased tax decreases the producing economy by $3.
      When additional taxing is too counterproductive, the State resorts to printing additional money to support itself.

      This degrades the wider economy because the resulting price inflation reduces ALL economic activity.
      The State must then resort to draconian confiscation laws to try to continue to support itself.
      The tax increases will continue.
      The currency inflation will continue.
      The confiscations will continue.
      Out of (State) necessity, the economic surveillance will continue.
      The war on terror has morphed into a war on Americans.

      This is late-stage empire collapse.


      • In the minds of the people this govt is dead to them as the DEEP STATE FED only cares for the DEEP STATE States who pass the money around to one another right over the heads of those promised to help. A new govt is forming now.


        • In the meantime
          Polls Show That The American People Are Extremely Angry... And They Are About To Get Even Angrier

          The plan to separate and round up the non-conformists (terrorists)

          The Illusion Of Getting Rich While Producing Nothing
          Of all the mass delusions running rampant in the culture, none is more spectacularly delusional than the conviction that we can all get fabulously rich from speculation while producing nothing. The key characteristic of speculation is that it produces nothing: it doesn't generate any new goods or services, boost productivity or increase the functionality of real-world essentials.

          Technical managerialism


          • Lend a helping hand to the millions of homeless


            • “Do you guys think I’m bluffing?” he responded when pressed further on the issue. “Everybody pretty much understands whose responsibility it is … [Democrats are] in charge of this government. They’ve been trying to demonstrate that all year long in party line votes to jam us. They will raise the debt ceiling.”



              • Rabobank: We Live In A World Without Consequences Where Everyone Is Corrupt
                ... if 40 years of neoliberalism has rotted everything away, how exactly is liberal democracy not to fail, as some fear?

                The Inelastic Market Hypothesis: Exposing The Fallacy Of Fun-Durr-Mentals
                One implication is there is very little information content in stock prices other than a reflection of flows...

                The Fed Is Bailing Out The Wealthy As Everyone Else Pays The Price
                The Federal reserve says that inequality is a problem. At the same, the Fed also pretends to have nothing to do with it...

                Pentagon Paid Defense Contractors At Least $4.4 Trillion Since 9/11
                Of the over $14 trillion spent by the Pentagon since the invasion of Afghanistan, one-third to one-half went to private military contractors.

                Chevron CEO Warns "New Dynamics" To Boost Energy Prices Amid Global Supply Crunch
                By "new dynamics", he means the loss of value of the dollar.

                Excellent article
                "Clearly, what everyone calls inflation, rising prices or more accurately currency debasement, will lead to higher interest rates,"
                NOBODY can survive higher interest rates
                I explain why GDP is simply the total of accumulating currency and credit which is wrongly taken reflect economic progress – there being no such thing as economic growth. Once that point is grasped, the significance of this basic error becomes clear, and the fiat currency paradigm is revealed for what it is: a funny-money game that will go horribly wrong.
                That is until their funny-money games implode, inevitably triggered by sharply rising interest rates.

                Keep the printing presses running at full speed.

                And currency debasement leads, as surely as night follows day, to higher interest rates. And higher interest rates lead to falling asset values.


                • Comment

                  • As the West slips further and further into Marxism, it has been well recognized that it would all collapse from financial abuse.
                    The abandonment of the gold standard removed all controls on currency creation.
                    Globalization meant that all financial systems were tied together. Liquidity produced in China would flow all over the world.
                    This is also true of other factors besides liquidity.
                    This Is How Contagion From Evergrande's Default Will Spread To The Rest Of The World

                    Evergrande moment – Doug Noland, Credit Bubble Bulletin
                    “Chinese issuers face their largest-ever wave of dollar bond maturities this year at $118bn, according to Refinitiv. But even that is dwarfed by the Rmb7.8tn ($1.2tn) of onshore debt maturing in 2021."
                    China desperately needs dollars. China is at war with America. It isn't a kinetic war because China is outclassed.
                    9/19 Evergrande moment of truth arrives with bond payment deadlines – Yahoo

                    China is a command-economy. They always fail, usually from mis-allocation of resources.
                    The Chinese just gamble TOO much and, are too corrupt.
                    China desperately needs dollars just when America talks about tapering liquidity.

                    It remains to be seen if a crash in China will set off a worldwide collapse.
                    China is selling its strategic oil reserves to bail out its sinking economy

                    China’s World Bank Ranking Scam has 2 big messages for the world

                    Jinping readies party cadre for upcoming “challenges and hardships”

                    Modi and Putin are leaving no stone unturned in embarrassing Jinping at world stage


                    • People who were promised help keeping their homes and cars have been abandoned in Kansas since Jan 2021 in this report still waiting in June 2021 and now it is Sept, still waiting with many cries of homeless dates. Complicit media covering it all up with one liners such as "the economy is booming" while the little guy gets run over.

                      No federal oversight and the deep states do what they want with the billions.


                      Last edited by BroMikey; 09-20-2021, 09:27 AM.


                      • Financial System Is Failing -Banks to Seize Your Money in Coming Financial Crisis


                        • ALL fiat currencies collapse because the issuer passes currency out to himself and his cronies.
                          Issuing currency to people who provide no goods or services corrupts the system with price inflation.
                          Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some."
                          "There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose.”
                          Human Nature never changes. Greed never goes away,, especially in those parasites that produce nothing.
                          As more and more of the economy was taken over by money renters, they needed a plan,,, a rationale to justify and sanctify their depredations.
                          This grand plan was named neo-liberal economics.
                          One central focus, Neo-Lib economics does NOT consider private debt to be important.
                          BUT, our money is debt money. How can private debt be ignored?
                          Here are 2 posts that explain the problem very well.

                          How does the economy really work?
                          Neoliberals were always going to be in trouble with neoclassical economics.
                          They don’t know what real wealth creation is, and associate it with things like making money, rising asset prices and trade.
                          They don’t know how the monetary or banking systems actually work.
                          They don’t look at private debt.
                          It’s a recipe for disaster.

                          Global policymakers never really stood a chance with neoclassical economics.
                          Neoclassical economics is the economics of the Roaring Twenties, the Wall Street Crash and the Great Depression.
                          Policymakers achieve growth by using the economic growth model of the “Roaring Twenties” oblivious to where this is leading.
                          We had the financial crisis in 2008 and were left facing a Great Depression.
                          China embarked on its economic suicide mission after 2008.
                          Chinese policymakers had no idea what they were actually doing, which is pretty much par for the course.

                          At 25.30 mins you can see the super imposed private debt-to-GDP ratios.
                          No one realises the problems that are building up in the economy as they use an economics that doesn’t look at debt, neoclassical economics.
                          As you head towards the financial crisis, the economy booms due to the money creation of unproductive bank lending, as it did in the 1920s in the US.
                          The financial crisis appears to come out of a clear blue sky when you use an economics that doesn’t consider debt, like neoclassical economics, as it did in 1929.
                          1929 – US
                          1991 – Japan
                          2008 – US, UK and Euro-zone
                          The PBoC saw the Chinese Minsky Moment coming and you can too by looking at the chart above.
                          The Chinese were lucky; it was very late in the day.
                          The Chinese had done the same thing as everyone else, but worked out what the problem was before the financial crisis.

                          The Chinese are still on the edge of the precipice, and might fall in like everyone else.

                          Oh well.
                          You aren’t the first, and you won’t be the last.
                          Global policymakers have been rendered completely clueless with neoclassical economics.

                          You can learn from the mistakes of those that went on economic suicide missions before you.

                          You’ve had the financial crisis and are now facing a Great Depression.
                          What do you do now?

                          There are two analyses of the Great Depression available:
                          1. The one the Japanese used after 1991
                          2. The one that the US, UK and Euro-zone used after 2008.
                          The Japanese one is the correct one.

                          Japan studied the Great Depression to avoid this fate.
                          Richard Koo used to be a central banker at the Federal Reserve Bank of New York, and he looked at both sides of the bank’s balance sheets around the Great Depression.
                          He does use neoclassical economics, but has more knowledge of the monetary system because he used to work in a central bank.

                          Richard Koo shows the US money supply / banking system (8.30 – 13 mins):
                          1) 1929 before the crash - June 1929
                          2) The Great Depression before the New Deal - June 1933
                          3) During the New Deal - June 1936

                          The money supply ≈ public debt + private debt
                          The “private debt” component was going down with banks going bust and deleveraging from a debt fuelled boom causing debt deflation (a shrinking money supply).
                          It was the public borrowing and spending of the New Deal that helped the economy recover.
                          The money supply ≈ public debt + private debt
                          The New Deal restored the money supply by increasing the “public debt” component of the money supply.
                          Once the New Deal was working, they reduced Government borrowing and plunged the nation back into recession again.
                          The enormous public spending and borrowing of WW2, eventually sorted things out.

                          It’s all about maintaining the money supply to avoid debt deflation.
                          The money supply ≈ public debt + private debt
                          If the private debt term is going down, you want the public debt term to go up to compensate.

                          Japan used fiscal policy to maintain the money supply as they deleveraged. This was the lesson of the New Deal.
                          They paid down private debt and used Government borrowing and spending to maintain the money supply as they deleveraged to avoid debt deflation.

                          The West studied the Great Depression to avoid this fate.
                          The West’s approach after the financial crisis is based on Christina Romer’s flawed analysis of the Great Depression, which Richard Koo covers in the first 15 minutes.
                          Neoliberals don’t understand the monetary system.
                          She didn’t have the necessary knowledge to understand what had really happened, and thought monetary policy had got things going again after 1929.
                          This is why we have been using monetary policy, rather than fiscal policy since 2008.

                          The money supply ≈ public debt + private debt
                          We didn’t realise private debt was the problem, and so we tried to cure a private debt problem with more private debt.
                          It has maintained the money supply, and kept things going, but there is no way out this way as we haven’t tackled the real problem.

                          Adair Turner has looked at the Japanese solution and made some improvements.
                          The money supply ≈ public debt + private debt
                          As they have deleveraged, the “private debt” component of the money supply went down.
                          They have maintained the money supply with the “public debt” component, and this is why Japanese government borrowing has ballooned.
                          As they deleveraged, a private debt problem became a public debt problem.
                          If they hadn’t maintained the money supply they would have had a Great Depression type event, where debt deflation takes hold and the money supply starts to shrink.

                          Adair Turner has built on Japan’s experience to come up with a better solution.
                          Government created money.
                          You can maintain the money supply without creating a public debt problem.

                          The original article




                            Key to Debt Ceiling Extension: Make the Markets Worried

                            September 20, 2021

                            Key to Debt Ceiling Extension: Make the Markets Nervous
                            September 20, 2021
                            BOTH SIDES ARE BITTERLY DUG IN on extending the debt ceiling — so dug in that a catalyst will be required to break the logjam. Unfortunately, that catalyst probably will be very nervous markets, which will demand a deal later this fall.

                            TREASURY SECRETARY JANET YELLEN DID HER PART, attempting to scare the markets, writing in a Wall Street Journal op-ed this weekend that failure to act will lead to “widespread economic catastrophe.”

                            YELLEN WARNED this could lead to “millions of Americans strapped for cash,” with Social Security payments jeopardized, troops unpaid and the child tax credit suspended.

                            FOR THE MARKETS, SHE SAID, there could be a spike of interest rates, a steep drop in stock prices and an inability to make payments on car loans and credit card bills.

                            THE STRATEGY THUS APPEARS to be a scare campaign, pressuring Mitch McConnell and Republicans to cooperate on a debt ceiling hike, blaming them if the markets get nervous. Democrats need ten GOP votes in the Senate to break a filibuster and raise the debt ceiling; presently they have none.

                            THE TIMETABLE: Democrats probably won’t have a massive social spending bill ready for a vote by next Monday, as promised by House Speaker Nancy Pelosi. Perhaps more importantly, they will need to quickly pass a continuing resolution (CR), keeping the government open when the new fiscal year starts on Oct. 1.

                            A DEBT CEILING HIKE could be included in the CR, which also would contain hurricane relief. If the Republicans reject this package, there could be a federal government shutdown in less than two weeks.

                            THIS IS ALL ABOUT WHO GETS BLAMED for massive new spending. Republicans don’t want their fingerprints on raising the debt ceiling, even though they spent freely during the Trump years. Yet they want to stop Biden’s massive spending bills. Democrats want to blame the GOP for a shutdown or even a federal default.

                            THE POSTURING WILL CONTINUE for several more weeks — plenty of time for the financial markets and the public to tire of the Washington dysfunction on the debt ceiling, conflicting signals on tax hikes, threats from Joe Manchin, gloomy news from China, illegal immigration, Fed asset tapering, etc.

                            BOTTOM LINE: At some point the debt ceiling will get raised — after this crisis deepens. It always gets raised. But when the U.S. Treasury Secretary scares Americans about an “economic catastrophe” and warns that Social Security checks could be jeopardized, that threatens a significant crisis of confidence. A message to the Democrats: be careful what you wish for.

                            Last edited by BroMikey; 09-20-2021, 07:33 PM.


                            • Food price inflation i starting to really take off.

                              Catherine Austin Fitts - Covid Is A Financial Coup That Had NOTHING To Do With Health 'We Are NOT Slaves!' Thousands Rise Up
                              This is a cross-post. It is very important to understand this.they have stolen much of the pension money. NOT, they must kill off a lot of people who were expecting a pension.

                              What Is Congress Doing To Retirement Accounts? (How About Looting Them)

                              Dow Plummets 614 Points as Fear of China Evergrand Contagion Takes Hold

                              The Fed Has Liquidated Its Entire Corporate Bond Portfolio
                              The Evergrande collapse has the potential to take down most of the banking system.

                              9/20 Why most Evergrande analysis is dead in the water – TRA
                              9/20 Beginning to look like a messy cascade – Bill Blain
                              9/20 China property fear spreads beyond Evergrande, roiling markets – Yahoo
                              9/20 Chinese property developer halts trading after plunging 87% – Yahoo

                              Goldman Issues A Dire Warning On China's Property Sector
                              "In the third and most bearish scenario, land sales and housing starts fall 30% and property sales, house prices and completions drop 10% from 2021 to 2022."

                              Futures Slide, Europe Tumbles As Evergrande Contagion Shockwave Goes Global

                              "Evergrande is just the tip of the iceberg. That affects the banks as well... It has a chain effect."

                              No recovery until 2045? – Jim Rickards
                              In a collapse, ALL debts are paid off / liquidated.
                              They are paid off by either the lender or the borrower.

                              Hong Kong Stocks Crash, Futures Slide As Markets Finally Freak Out About Evergrande Default Contagion
                              Hong Kong has loaned all their money to China.

                              Quinn: It's A 'Fourth Turning', What Did You Expect?
                     is both fascinating and disturbing to observe the level of madness engulfing our world...

                              US Equity Indices Crash Below Key Technicals

                              Well that escalated quickly...

                              The Ultimate Contagion: China Sovereign Risk Is Starting To Blow Out

                              "Something historic will happen this week..."

                              MON SEP 20, AT 7:15 AM

                              And Another: Shanghai-Based Property Developer Crashes 87% In Minutes Before It Is Halted


                              • Mitch McConnell referred to the $3.5 trillion social spending bill as a Democratic attempt towards 'permanent socialism'

                                Democrats to combine debt limit, government funding in defiance of Republicans

                                The White House says no to minting a $1 trillion coin to sidestep McConnell and ease debt ceiling standoff in Congress

                                Mitch McConnell says the GOP will vote for the US to default on its debt
                                Armstrong did say that U.S. GOV would eventually default on it's debt.

                                'Godzilla': Top GOP tax writer says Biden spending package 'most dangerous' he has seen

                                Evergrande isn’t the only reason the stock market is headed for its worst day in 2 months. Here are 7 other reasons.

                                The government is setting hard-hit Americans up for disaster by forcing them to pay back unemployment benefits

                                Here is a general outline of what to expect.