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overtheedge
Member since May 2012
680 commentaries - 6 followers

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Again with the Bullshit “U.S. Debt Ceiling”

- James West - Midas Letter

"Like “how come nobody from the major banks is facing criminal charges for plunging the U.S. into the deepest recession since 1929?” or “why is that originators of futures contracts in commodities such as gold, silver and oil can do so ad infinitum without any reflection of real world supply and/or demand for such commodities?”."

#1 You don't charge people for committing lawful acts. I won't argue that there were unlawful acts. Government legalized the whole mess long ago and continually tweaks it to keep it working for government. Just look at the fines that have been levied. Even I could stay in business if I could make $5B and only pay $190M in fines.
#2 Demand for gold, silver and oil continues. Supplies may become a bit constrained due to difficulty in extraction, government regulations and/or current valuation.

The debt ceiling is bullshit of course. But it keeps the ignorant masses looking at the sitcoms rather than studying the news. And it makes everyone despise the other political party even more, ergo political party loyalty is enhanced.

What the public should be talking about and acting on is "Why haven't we eliminated the Fed? Why do we send the same fools back to Congress? Why do we continue to listen to fools? Why haven't we eliminated the XVIth and XVIIth Amendments and taken back our hard-earned money as well as the Senate?"
Taxing labor is about the stupidest thing imaginable. This is effectively the same as removing the bumper off the car and giving it away after the car hauls your lazy ass to work. Never begrudge the workman their honest wage. Don't feed the animals as it habituates them to handouts. If you don't work, neither should you eat.
The Senate was intended to be controlled by the States and not dumb-ass couch potatoes who turned it over to lobbyists because of their own laziness to get involved in politics. Think about having to decentralize lobbying. They would have to lobby every State legislature to lawfully get to the individual Senators.

But you seem to think jailing people for lawful actions and new contracts on the futures market are far more important. Bullshit indeed.

Commented 4066 days ago

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Beginning of the headline :I think its generally in poor taste to resort to swearing in any site that aspires toward some literary standard. But I honestly can’t think of a better word in the English language that adequately describes the perennial politicking of the U.S. debt ceiling, and its attendant implication that the government will grind to a halt because it can’t pay its bills. What an absolute load of horse muffins! First of all, a “debt” implies that lenders will be repaid at some point. Anyone with a historica... Read More

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