Gog and Magog

[BigElCat]

Originally Posted by Oerets

One of a staples of capitalism is "other people's money". The wealthy routinely as standard operating practice use other people's money to finance their endeavors. So is true the staple allowed when it comes to the paying of taxes on the profits afforded from the benefits and opportunities this country enables. Due largely to the ability to buy favors and influences from elected officials through donations to campaigns. To the awarding positions after leaving office.

Have you read General Smedley Butler's book, 'War Is A Racket'?

He later spoiled a plot for a Military Coup is the USA.

Truman also warned us about the revolving door of the MIC.

One hundred years later;

https://www.yahoo.com/news/oshkosh-l...203323344.html

It's Gog and Magog.

[Oerets]

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[Dondilion]

Secretary of Defence: The last two required waivers.

[nailer]

Originally Posted by Dondilion

The bankruptcy of 2008 was not declared and so it is still with us.

There were plenty of declared bankruptcies back then, but the dollar still stands all mighty. It's global trade's benchmark currency. The question for us is: How long can you borrow your own money?

Another 15 years would make me happy.

[nailer]

Originally Posted by Dondilion

According to capitalists' rules the bad actors should have been allowed to fail...that is officially declared bankrupted.
Instead they were bailed out and what followed was massive printing of funny money.

Quantitative Easing as it was called kept credit rates well low. However the banksters and their friends who were close to the printing benefited alot and quickly transformed easy money into real assets. This contributed to the increasing disparity between rich and working class.

There are no capitalist rules, although Capitalism does indeed "rule". As such "they" make the rules. Markets reacted and here we are a quarter century later dealing with a new set of crises impacting our economy.

[Dondilion]

Originally Posted by nailer

There are no capitalist rules, although Capitalism does indeed "rule". As such "they" make the rules. Markets reacted and here we are a quarter century later dealing with a new set of crises impacting our economy.

At some point there has to be a default...the ballooning debt
demands it. There was an unofficial one in 1971...the smart beurocrats around Nixon saved the day. Nixon took the dollar off the gold standard after the massive spending of the previous administration put the dollar in peril.
He made a genius deal with the Saudis which in effect forced others to use dollars, facilitated printing and lack of discipline. In other words made it easy for the US to live beyond its means.

Now even the Saudis are questioning the arrangement.

[nailer]

Originally Posted by Dondilion

At some point there has to be a default...the ballooning debt
demands it. There was an unofficial one in 1971...the smart beurocrats around Nixon saved the day. Nixon took the dollar off the gold standard after the massive spending of the previous administration put the dollar in peril.
He made a genius deal with the Saudis which in effect forced others to use dollars, facilitated printing and lack of discipline. In other words made it easy for the US to live beyond its means.

Now even the Saudis are questioning the arrangement.

At some point maybe, but will the Fed default on all outstanding loans or just those in foreign hands. As long as we keep going on like we have the last half century I and many others will be fine as things now stand.

The dollar was not in peril when Nixon stepped away from the Bretton Woods system (https://en.wikipedia.org/wiki/Bretton_Woods_system). Remember reading an article that pointed out he did it to avoid a potential mild Bretton Wood recession which may have jeopardized his reelection chances.

Fuck the Saudis and the camels they road in on,

[Dondilion]

Originally Posted by nailer

At some point maybe, but will the Fed default on all outstanding loans or just those in foreign hands. As long as we keep going on like we have the last half century I and many others will be fine as things now stand.

The dollar was not in peril when Nixon stepped away from the Bretton Woods system (https://en.wikipedia.org/wiki/Bretton_Woods_system). Remember reading an article that pointed out he did it to avoid a potential mild Bretton Wood recession which may have jeopardized his reelection chances.

Fuck the Saudis and the camels they road in on,

Notice in the Bretton Woods System 1 Troy ounce of gold backed $35. However that system looked to becoming untenable after the massive spending which occurred in the Lyndon B. Johnson era...there were too many dollars out there.

The dollar became a Fiat Currency. To overcome much of the negatives of such a currency Nixon got the Saudis to only accept the dollar for oil payment. This is the genesis of the dollar being a reserve currency.

[Rajoo]

Best way to fuuk the Saudis and others is to devalue the US Dollar. This will reduce imports, increase exports etc. Devalue by say 20%, wait for the economy to stabilize and then we can go back to deficit borrowing. Sort of like Chapter 11, 20% of our debts goes out the window. I think this is why our creditors loan us money now to make interest payments, they are protecting their principal.

[BigElCat]

Originally Posted by Oerets

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Ike it was. My bad.