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Vietnam ...The gold bugs say 'yes'.<BR/><BR/>I am not so sure. <BR/><BR/>Vietnam and the War on Poverty changed our trade balance-- again a trade deficit is really just the amount foreigners are willing to lend us to buy their goods. <BR/><BR/>But perhaps more significantly, there was a fundamental change in the way government appropriations were spent after Watergate- the effect was to eliminate what had unknowingly functioned as a line item veto since the founding of our republic.<BR/><BR/>Before Watergate "reforms" (i.e. limits on executive power) were enacted, the way federal spending worked was that Congress would pass an appropriations bill, but it was the actual cabinets that spent the money congress authorized.<BR/><BR/>Presidents since the beginning of the republic had been basically telling their cabinet secretaries that Congress might earmark 10 to a particular department, but the cabinet secretaries (appointed by the president and part of the executive branch) were only allowed to spend 8 of the 10 they were given.<BR/><BR/>This issue had never been fully decided by the courts and Congress had always resented this executive encroachment on what they felt the constitution had specified was their domain, but the precedent stuck and it was how spending worked for almost 200 years. The net effect is it acted as a 'functional' line item veto. <BR/><BR/>Gerald Ford, the only non-elected president to serve as our executive, was fundamentally a man of Congress and had always disagreed with this presidential encroachment. He (a Republican) signed a law stating that Cabinets were required to spend EVERYTHING Congress earmarked. <BR/><BR/>Federal spending started spiraling out of control the very next day and we have never been able to get the genie back in the bottle.Thaihttps://www.blogger.com/profile/00700253024420397221noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-33510678481057946842008-09-27T02:57:00.000+03:002008-09-27T02:57:00.000+03:00I find it interesting that GDP to debt started to ...I find it interesting that GDP to debt started to diverge in the early 1970s - anything to do with the US reneging on its obligations to exchange dollars for gold. Did gold act as a control on issuance of excessive dollars/debt?Bron Sucheckihttps://www.blogger.com/profile/00530576934994289879noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-4303878360550004272008-09-26T12:59:00.000+03:002008-09-26T12:59:00.000+03:00nikedao妮可鞋岛adidasnike运动鞋nikedao妮可鞋岛adidasnike运动鞋<B><A HREF="http://www.nikedao.com" REL="nofollow">nikedao</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">妮可鞋岛</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">adidas</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">nike</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">运动鞋</A></B><B><A HREF="http://www.nikedao.com" REL="nofollow">nikedao</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">妮可鞋岛</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">adidas</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">nike</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">运动鞋</A></B>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-37674741015082371292008-07-06T16:08:00.000+03:002008-07-06T16:08:00.000+03:00where is all the extra money created by this debt ...where is all the extra money created by this debt going?<BR/><BR/>--------<BR/><BR/>In black garbage bags in our dumps, polluting soil and water.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-50330731989376065682008-06-17T18:21:00.000+03:002008-06-17T18:21:00.000+03:00yep it's good to be americaneasy self credit impro...yep it's good to be american<BR/><BR/><A HREF="http://www.getcreditsavy.com" REL="nofollow">easy self credit improvement</A>Weight Loss Warriorhttps://www.blogger.com/profile/07171923681280519981noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-55928292441475939042008-06-15T05:21:00.000+03:002008-06-15T05:21:00.000+03:00I either missed Hell's fascination with foie gras,...I either missed Hell's fascination with foie gras, yoyomo, or I repressed it.Edwardohttps://www.blogger.com/profile/03613197383283896190noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-52054364237382089542008-06-13T15:38:00.000+03:002008-06-13T15:38:00.000+03:00Hell said... "they are finally asking for their po...Hell said... "they are finally asking for their pound of flesh"<BR/><BR/>Is this really true?Thaihttps://www.blogger.com/profile/00700253024420397221noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-56332046760069153372008-06-13T14:48:00.000+03:002008-06-13T14:48:00.000+03:00Hell,What happened to the CDS spread on the US Gov...Hell,<BR/><BR/>What happened to the CDS spread on the US Government as a result of doing all this treasury swapping?<BR/><BR/>And who do you think would take a punt?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-31464466114762857872008-06-13T08:17:00.000+03:002008-06-13T08:17:00.000+03:00Marcus,You're disregarding the price in lives the ...Marcus,<BR/>You're disregarding the price in lives the Iraqis are paying. Their struggle is no more sustainable than the occupation. It literally comes down to who runs out first; the US out of money or the Iragis out of corpses? Money is alot easier to replace.<BR/><BR/>Edwardo,<BR/>I share your sentiments about the cruelty towards the goose but have you noticed that Hel seems to have a certian fascination with foie gras? In addition to the forced over-feeding many breeders nail the feet of the geese to a board to prevent the geese from trying to get away at feeding time. I wish more people cared how animals are treated before and when they are killed.yoyomohttps://www.blogger.com/profile/06357340275250708990noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-64739278875857267212008-06-12T22:16:00.000+03:002008-06-12T22:16:00.000+03:00It seems a nearly certain that this system is goin...It seems a nearly certain that this system is going to collapse one day. It may be in fact collapsing already.Jameshttps://www.blogger.com/profile/12183085827525696523noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-69606627256046647852008-06-12T19:12:00.000+03:002008-06-12T19:12:00.000+03:00J, Let's look at the balance sheet of the "Great H...J, Let's look at the balance sheet of the "Great Hun".<BR/><BR/>175,000 troops in Iraq, at a cost of $300 billion/year +/-, and for what in return? $130/barrel oil?<BR/><BR/>Ever hear of the word "sustainability"? <BR/><BR/>The true Hun is efficient and cunning taking out million dollar hardware with hundred dollar bombs--guess who that would be?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-31434934744838129452008-06-12T18:39:00.000+03:002008-06-12T18:39:00.000+03:00... our creditors are already balking ...So what? ...... our creditors are already balking ...<BR/><BR/>So what? Maybe they will send us the policeman? I forgot, WE are the world's policeman. <BR/><BR/>Rome's problem was Atilla and his Hunnish hordes. But today no one is more Hunnish than ... guess who?Jhttps://www.blogger.com/profile/05676167615981895061noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-78198780742487422182008-06-12T18:06:00.000+03:002008-06-12T18:06:00.000+03:00I think I'm a bit more cynical than you Hell, at l...I think I'm a bit more cynical than you Hell, at least about our representatives in Congress.<BR/><BR/>I think they will replenish the Fed's balance sheet without limit.<BR/><BR/>What will be the end point then, a collapse in the bond markets?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-14796335879307716512008-06-12T17:57:00.000+03:002008-06-12T17:57:00.000+03:00Thank you.Thank you.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-50748797991865426952008-06-12T17:39:00.000+03:002008-06-12T17:39:00.000+03:00Deflation or Inflation?The Fed is trying very hard...Deflation or Inflation?<BR/><BR/>The Fed is trying very hard to prevent deflation induced by credit destruction. Look at all those programs it has for turning trash into Treasurys using its own balance sheet.<BR/><BR/>But in my opinion, its operations are one crisis away from failure. If there is another Bear in the closet then I think they won't be able to do anything much about it. And that's not necessarily a bad thing, either. We need to have debt destroyed.Hellasioushttps://www.blogger.com/profile/03564511281240682625noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-32988503328559580322008-06-12T17:27:00.000+03:002008-06-12T17:27:00.000+03:00Hell, First comes inflation then deflation?In your...Hell, <BR/>First comes inflation then deflation?<BR/><BR/>In your estimation are we now destroying more debt (deflation--through asset destruction, default...) or creating more debt (inflation)?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-42580740393766677382008-06-12T16:48:00.000+03:002008-06-12T16:48:00.000+03:00I'd just like to say that the picture of that poor...I'd just like to say that the picture of that poor goose being cruelly force fed really upset me.Edwardohttps://www.blogger.com/profile/03613197383283896190noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-69147069337162202152008-06-12T16:38:00.000+03:002008-06-12T16:38:00.000+03:00Thermodynamics is the science of the transformatio...Thermodynamics is the science of the transformation of energy into work, i.e. what we commonly term "activity".<BR/><BR/>GDP attempts to quantify this activity in dollar terms. But (fiat) dollars are infinitely expandable whereas energy and work aren't. <BR/><BR/>Thus, measuring activity (GDP) in dollars is akin to measuring length with a very stretchy tape measure..Hellasioushttps://www.blogger.com/profile/03564511281240682625noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-13800716666773937392008-06-12T16:13:00.000+03:002008-06-12T16:13:00.000+03:00Can you explain (or direct me to a link in which y...Can you explain (or direct me to a link in which you explain) how law of thermodynamics applies to GDP?<BR/><BR/>I am unclear and want to become clear on this<BR/><BR/>I appreciate your helpAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-60256441236878487412008-06-12T13:07:00.000+03:002008-06-12T13:07:00.000+03:00An interesting side effect of debasing the currenc...An interesting side effect of debasing the currency is that capital will look for a new home. It finds it in foreign currencies, real estate and various commodities. If your objective is to preserve wealth/savings the dollar might not be the optimal medium to store this wealth.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-35135342000772254512008-06-12T10:47:00.000+03:002008-06-12T10:47:00.000+03:00This is an honest question, what possible source o...This is an honest question, what possible source of revenue (other than printing or more borrowing) would allow the payment of $4T in interest plus $400B+ for energy imports? All this portends massive destruction of ficticious capital either through defaults (likely) or a stiff wealth tax (less so) negotiated globally to prevent evasion. If the earning potential of labor can't compete with financial liquidity for the essentials of life then only death can result either through violence or deprivation, most likely both.yoyomohttps://www.blogger.com/profile/06357340275250708990noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-4554528058559867422008-06-12T10:23:00.000+03:002008-06-12T10:23:00.000+03:00America's 5% of the global population consuming 25...America's 5% of the global population consuming 25% of the Earth's annual output of resources makes it indisputably the biggest empire in history. That may be hubris, but my pointing it out is definitely not.<BR/><BR/>A spade is a spade, even if we don't like agricultural implements.Hellasioushttps://www.blogger.com/profile/03564511281240682625noreply@blogger.com