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    From: We’ve Arrived At The End Of The Road
  • Tue, Jul 23, 2019 - 7:55pm

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    alan2102

    alan2102

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    Joined: Jul 31 2013

    Posts: 50

    Chris Martenson:
    “a mathematically competent grade-schooler could easily work out that one cannot run larger and larger deficits forever.”

    That would be the inevitable conclusion, if we are limited to looking at just one side of the ledger — deficits, and debts. The other side is assets, productive capacity (physical economy), productivity, and so forth. There are things on the debit side of the ledger, and things on the credit side. If you look at just the one side, then you end up with a  skewed view.
    If you spend all your money on crack and hookers, for example, then you will get one outcome; if you invest that same money in productive capacity or well-managed companies, then you will get a different outcome. Those things are true regardless of whether you borrowed the money (“deficit spending”) or not. It matters what you spend your money on.  You could run larger and larger deficits for a very  long time, maybe forever,  provided: 1) you have the real assets, including productive capacity and physical economic basis going forward (infrastructure and the like) to service your debts, and 2) you are a sovereign issuer of currency, and the currency has international credibility.
    Deficits and debts are aggregate figures which obscure as well as illuminate, without this all-important qualitative consideration. In just the same way, GDP obscures as well as illuminates, being aggregate economic activity regardless of whether that economic activity actually did anyone any good.
    Funny, but I’ve tried to explain this, repeatedly, to the people over at Automatic Earth, but to no avail. They just can’t seem to understand the idea that good can exist as well as bad, quality investment as well as wasted money, credit as well as debit.

    Jturbo68:
    “I been wondering about the Imminent nature of our expected correction/collapse as well. ’08 was a wake up call to the issues for me. Ten years later I would never have imagined that we could be chugging along…. And now I wonder if it might not be another 10-20 years of grinding it out.”

    Or 30-40 years, and maybe no fireworks even then; i.e. a slow-motion type of thing. The monetary masters of the universe have become very skilled at keeping everything chugging along. The problem with the idea that things might continue to chugg for 30-40 years with no fireworks even then is that it does not work well for selling newsletter subscriptions in the collapse space.
    Expressing this view does not deny the possibility, however modest, that things could implode spectacularly starting next month. I’m just saying let’s maintain perspective. The doomers have been predicting catastrophic dollar and stock market and economic meltdowns for many decades, now. I have a little book, titled The Death of the Dollar, which convincingly describes the coming chaos. The book is dated 1966. Dozens of other such titles exist, published over the decades.

    ejhr:
    “As you must know the money comes all from thin air.”

    Yes, thank you. We all need to study MMT and really wrap our heads around it. This is a difficult process, I’ve learned. It takes months of reading and thought. And it is important to do, not because the MMT people are correct about everything (they aren’t) or because MMT is a magic solution to problems (it isn’t), but because the theory actually does have critical explanatory value; it actually does describe how the money system works at this time. It is also a vital counterpoint to the reactionary forces of austerity and deficit-hawkery — the policies of which inevitably hurt the people least able to afford them.

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  • From: We’ve Arrived At The End Of The Road
  • Tue, Jul 23, 2019 - 9:20am

    #

    Michael_Rudmin

    Status Gold Member (Offline)

    Joined: Jun 25 2014

    Posts: 848

    1+

    How do you survive the meltdown of 400 reactors?

    The question might easily be asked, “How did the dinosaurs (birds) survive the Cape Charles asteroid?  How did the squid and octopus survive the hyper-acidification of the oceans at the Permian Extinction?”

    The answer is, not very well, but well enough.  The adults died young — many of the dinosaurs got silicosis, and died from all the particulate silica in the air — the overbuilt bones attest to that.  The young got old enough to mate before dying — but not old enough to develop their full adult features.  Thus, adult features became open to change.  Young-dino features like downy feathers remained.  The squid and octopus no longer needed a shell, except for the beak.

    Likely, if 400 reactors melt down, we will — on average — die young.  But not necessarily young enough that we can’t have children, and even pass on knowledge.

    The old ways will pass away.  New ways that work will carry on.  It’s the way of life at crisis points.

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  • From: Martin Armstrong: Dow 35,000 By 2021?
  • Tue, Jul 23, 2019 - 8:06am

    #

    sand_puppy

    Status Platinum Member (Offline)

    Joined: Apr 13 2011

    Posts: 1879

    7+

    The Elite in Prison Jumpsuits

    Continuing with DaveF’s theme of “unequal under the law,”  Charles Hugh Smith yesterday offers a very incisive comment on how bad it is.

    Our Ruling Elites Have No Idea How Much We Want to See Them All in Prison Jumpsuits

    Divide-and-Conquer has been the absurdly easy strategy of the Ruling Elites to fragment and disempower the citizenry. It’s child’s play for the Ruling Elites to ceaselessly promote a baker’s dozen of divisive issues via the corporate media, and then watch the resulting conflicts split the citizenry into fragmented camps which subdivide further with every new toxic injection.

    Prayer in schools, kneeling during the national anthem, burning the flag, “send them back”, abortion, cartoons about the Prophet, painting over a George Washington mural, etc. etc.  Hot button topics that the elite could care less about.  But:  these issues set the conservatives and liberals at each other’s throats.

    As thc0655 says they are playing the game “Lets you and him fight.”

    Or as Catherine Austin Fitts says:  “While we fight, they take the money.”

    The one issue that could unite the fragmented citizenry is moral revulsion: As the Epstein case promises to reveal, there is literally no limit on the excesses and exploitations of the privileged few in America, no limit on what our Ruling Elites can do with absolute impunity. … It is painfully obvious that there are two sets of laws in America: bankers can rip off billions and never serve time, and members of the Protected Class who sexually exploit children get a wrist-slap, if that…..   There’s always a way to lawyer-up and plea-bargain for a wrist-slap, a way to bend another “patriot” (barf), a way to offer a bribe cloaked as a plum position in a philanthro-capitalist NGO (non-governmental organization), and so on.

    Here’s the sad reality: everybody in the Ruling Elites looked the other way: all the self-described “patriots” in the Intelligence services, all the technocrats in the Departments of Justice, State, etc., the Pentagon, and on and on. Everybody with any power knows the whole class of Ruling Elites is completely corrupt….

    Charles captures my fury also.

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  • From: We’ve Arrived At The End Of The Road
  • Tue, Jul 23, 2019 - 7:36am

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    newsbuoy

    Status Bronze Member (Offline)

    Joined: Dec 10 2013

    Posts: 96

    One Question Must Be Answered Before Investing In Collapse Survival

    How will you survive the melt-down of 400 nuclear reactors? What do you anticipate will be the consequence and what can you do to be resilient in the face of atmospheric radioactivity?

    Otherwise, relax and learn to love the world and use the resources here for living a beautiful lifestyle NOW! (and I’m most grateful to the team for that) PTSD is not a lifestyle (don’t ask how I know).

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  • From: We’ve Arrived At The End Of The Road
  • Mon, Jul 22, 2019 - 6:46pm

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    ejhr

    ejhr

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    Joined: Jun 27 2014

    Posts: 34

    Misunderstandings bedevilling economics

    There are a couple of misunderstandings in your thoughts. Not in any particular order; 1]the National debt, at $22 T  is required by Congress to match the budget deficit. The debt does not provide spending money to repay the debt, It is a fake, a construct aimed at our ignorance for two reasons. First; the bond auction is filled by investors, including o s countries e.g., China and Japan. They are investing because if their money just sits in reserve accounts at the Fed they don’t earn anything. This way they do, 2.35%. Their money is safe, both because guaranteed by the US government and importantly because the government has no need of the money. The second point is  the debt doesn’t exist. It was already paid off by the deficit spend. That operation paid off the bills from government appropriations by Congress. As you must know the money comes all from thin air. It gets its worth when used to pay the budget expenditure debts.   which becomes the money supply. So to think the national debt needs to exist is not due to it paying debts, It really is just a form of corporate welfare. At maturity the investors get it all back plus any outstanding interest.

    2]The deficit is the vehicle that funds the government. That is another misunderstanding. The USA is monetary sovereign so it has no need to save or borrow its own dollars. [think Monopoly].It’s PAYG. Taxes cannot pay for [federal !] spending. a] because the money must come first, obviously!,  and b], because the federal budget cannot have spending on both sides of the ledger. The deficit creates money, the tax destroys it. (once you pay your tax bill .[like a bank loan when paid off], it disappears back to thin air so to speak)

    The debts created by the Congress are paid off every day. The government is only in debt in the 30 day interval between the creditor presenting the invoice and the time the bank settles it.

    The fact we live today in a credit funded economy is a result in the aftermath of our peaking as a productive economy coinciding with the Moon Shot, now 50 years ago. The Central banks are not a cause of the trouble we are in today.  They are trying to manage it, but the Government’s workings actually function successfully. It’s the politicians who wallow in economic ignorance and stuff it up with barren arguments. We are not holding them to a high standard so we are at fault also.

    John Doyle

     

     

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  • From: Daily Digest 7/22 – Singapore Woes Ring Trade Alarm Bells, 80 Million To Retire ‘Within The Decade’
  • Mon, Jul 22, 2019 - 3:10pm

    #

    sand_puppy

    Status Platinum Member (Offline)

    Joined: Apr 13 2011

    Posts: 1879

    3+

    JHK: Mueller, Meddling and the Routing of the Russia-Gate Narrative

    JHK takes apart the up coming testimony of  Mueller.  And it ain’t pretty.

    Though Mr. Mueller’s final report asserted that the Russian government interfered in “a sweeping and systemic fashion” to influence the 2016 election, the 450-page great tome contains zero evidence to support that claim.

    Mueller’s  conclusion was held up by two tent poles:

    1)  A Russian oligarch purchased facebook ads, and,

    2)  Russia hacked the DNC servers.

    The case is now blowing up in Robert Mueller’s face.

    1)   In early 2018, Mr. Mueller sold a DC grand jury on producing indictments against a Russian outfit called the Internet Research Agency and its parent company Concord Management, owned by Russian oligarch Yevgeny Prigozhin for the so-called election meddling. The indictment was celebrated as a huge coup at the time by the likes of CNN and The New York Times, styled as a silver bullet in the heart of the Trump presidency. But the indicted parties were all in Russia, and could not be extradited, and there was zero expectation that any actual trial would ever take place — leaving Mueller & Co. off-the-hook for proving their allegations.

    To the great surprise of Mr. Mueller and his “team,” Mr. Prigozhin hired some American lawyers to defend his company in courtSmooth move. It automatically triggered the discovery process, by which the accused is entitled to see the evidence that prosecutors hold. It turned out that Mr. Mueller’s team had no evidence that the Russian government was involved with the Facebook pranks. This annoyed Judge Friedrich, who ordered Mr. Mueller and his lawyers to desist making public statements about Concord and IRA’s alleged “sweeping and systemic” collusion with Russia, and threatened legal sanctions if they did.

    —-

    2)  But the other tentpole of the two-year-plus inquisition has also collapsed: the allegation that Russian intel hacked the DNC servers. It’s now a matter of public record that the DNC servers were never examined by federal officials. They were purportedly scrutinized by a DNC contractor called CrowdStrike, co-founded by Russian Dimitri Alperovitch, an adversary of Vladimir Putin, active in US-based anti-Putin lobbying and PR. CrowdStrike’s “draft” report on their review of the server was laughably incomplete, and the Mueller team’s lawyers took no steps to validate it.

    It would be interesting to hear Robert Mueller’s explanation for how come US computer forensic experts were never dispatched to take possession of the DNC servers. Surely a ranking member on either House committee would have to ask him that….

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  • From: Daily Digest 7/22 – Singapore Woes Ring Trade Alarm Bells, 80 Million To Retire ‘Within The Decade’
  • Mon, Jul 22, 2019 - 10:04am

    #

    Chris Martenson

    Status Platinum Member (Offline)

    Joined: Jun 07 2007

    Posts: 4548

    2+

    Bitcoin And Price Manipulation

    When I see charts like that of BTC today, I can only see a “”market”” fully under the control of lightening-fast algos.

    If you blinked, you might have missed the “new” price that suddenly developed across and entire globe of interested parties. Millions of eyeballs and hundreds of thousands of interested parties who all magically decided that BTC deserved a new lower price over a 3 minute window, but were perfectly content with the prices both before and after.

    Is that the story here?

    Seem “free and fair” to anyone?

    This sort of price manipulation is now epidemic across most “”markets”” and remain reason #1 why I am perfectly happy not to play in them, preferring instead to sit in my hard assets (garden, gold, house, silver, etc) while we await whatever comes next.

    I’m just not fast enough to trade against these computers, something I learned the hard way back in 2008.

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  • From: Martin Armstrong: Dow 35,000 By 2021?
  • Mon, Jul 22, 2019 - 8:57am

    Reply to #

    davefairtex

    Status Diamond Member (Offline)

    Joined: Sep 03 2008

    Posts: 3132

    6+

    unequal before the law

    So you get a negative first post about the interviewee and PP rallies to his defense, including calling into question wikipedia, links to a vid on Israel disinformation, and arguments that two wrongs make a right: it’s all good there are felons everywhere!

    No one and I mean no one deals with any of the actual behaviour of Armstrong, the charges – multiple charges over a long period of financial advisor malfeisance. This isn’t stuff planted by Gerry in Oz. Really ? Someone registered at PP 3 months in advance just so they could post a quick negative on an interviewee? Dave, your CT slip is showing.

    Those whom the power structure doesn’t like, gets hosed.  That’s just how things work.  Anyone with a functioning memory, and the ability to add small single-digit numbers will quickly figure this out for themselves.

    Armstrong got tossed in prison for 7 years on just “contempt of court” – I think he got the longest contempt citation of anyone in history.  Pretty clearly “the system” had a hard-on for making his life unpleasant.  This, while other financial criminals at the mainstream banks just get fined.  The injustice is really striking to anyone who is even slightly observant.

    Was it accidental?  I don’t think so.  To me, this lends Armstrong extra credibility.  If The System wanted to hose him this badly, then by definition he’s got something interesting to say.

    The government is doing the same thing to Bradley/Chelsea Manning – in jail on “contempt” charges – because s/he refuses to testify against Assange – someone else who has really interesting things to say.  Just another case of The State hosing someone they don’t like.  Flynn, Page: tossed in jail on “lying to the FBI” charges (they are “felons” now – they can’t run the register at McDonalds, but that slot running the ECB is still open), while Clinton’s staff all got immunity deals.  If you’re a corrupt tool, you and your staff get a pass.  If you are a fly in the State’s ointment, you and anyone associated with you gets a ton of bricks dropped on your head

    As for my Conspiracy Theory “slip” – you must not have read my other posts.  I love exploring conspiracy theories, such as:  Operation Northwoods.  Babies in Incubators.  Bomber Gap.  Missile Gap.  WMD in Iraq.  And of course the latest one: Crossfire Hurricane.

    Thanks for providing more reinforcement that Armstrong actually has something important to say.

    http://www.gata.org/node/4892

    [I do think he’s not up on “energy” nor “climate” – but to paraphrase Chris and other posters here, we can always choose to focus on the donut rather than on the hole]

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  • From: Martin Armstrong: Dow 35,000 By 2021?
  • Mon, Jul 22, 2019 - 7:36am

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    Chris Martenson

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    Posts: 4548

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    Re: Why now?

    I think it is because a Muslim Congresswoman tweeted some things or said some things that were anti-Israel or even anti-Semitic altogether. Trump is doing this to put more pressure on “the squad.”

    Maybe.  But the optics are not good.

    Meanwhile, the US’s electrical infrastructure proved not up to the task of keeping people cool this past heatwave.

    ConEd let down 80,000 customers in the NYC region, and Madison Wisc looked like an absolute war zone at one point when two separate substations blew up.

    Maybe it’s time to stop waging endless wars in the Middle East and spend some time and money rebuilding an obviously decaying US empire?

    That’s a big part of what ‘the squad’ is talking about and Trump’s efforts to marginalize them as Anti-Semitic are quite off-putting to me.

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  • From: Martin Armstrong: Dow 35,000 By 2021?
  • Mon, Jul 22, 2019 - 7:07am

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    pyranablade

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    Posts: 204

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    Why now?

    I think it is because a Muslim Congresswoman tweeted some things or said some things that were anti-Israel or even anti-Semitic altogether. Trump is doing this to put more pressure on “the squad.”

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