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  1. #101
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    Quote Originally Posted by Mycroft View Post
    Something I've noticed that people are suspiciously silent about: it is, presently, within China's power to completely destabilize the American economy. In the Nixon era, we bribed them with our stockpile of corn. Here's hoping they were not astute.
    I was meaning to make a post about this later in the week. Supposedly China's been in a fit with us over a number of issues, the most serious of which is them threatening not to buy our 30 year treasury bonds (buying our debt). In response, the Fed announced they're going to start buying them. ... In case that doesn't sink in: The Fed who issues our debt is going to BUY our debt instead of China. I'm not claiming to be an economics genius (or overly savvy), but that sounds quite incestuous. It'd almost be like me buying MY own debt. I highly doubt that'll work for long...

  2. #102
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    Risen,

    When you are the only legal counterfeitor, you can buy anything. The Federal Reserve does not issue debt, the U.S. Treasury does. But the Federal Reserve can buy that debt with money fresh off the printing presses. In other words, if people will not lend to the U.S. Treasury voluntarily, the Federal Reserve can make them lend by creating inflation. (And since there is no realistic prospect of the U.S. Government paying off its debts in real terms, it is not really a loan at all).

    I am no expert, but that is how I understand the situation. The question is, how many people who recently bought U.S. Government debt, have done so only because they expect the Federal Reserve to buy it at whatever price is necessary?
    A criticism that can be brought against everything ought not to be brought against anything.

  3. #103
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    Quote Originally Posted by reason View Post
    Risen,

    When you are the only legal counterfeitor, you can buy anything. The Federal Reserve does not issue debt, the U.S. Treasury does. But the Federal Reserve can buy that debt with money fresh off the printing presses. In other words, if people will not lend to the U.S. Treasury voluntarily, the Federal Reserve can make them lend by creating inflation. (And since there is no realistic prospect of the U.S. Government paying off its debts in real terms, it is not really a loan at all).

    I am no expert, but that is how I understand the situation. The question is, how many people who recently bought U.S. Government debt, have done so only because they expect the Federal Reserve to buy it at whatever price is necessary?

    I think the real question is when is the rest of the world finally going to say "enough is enough" and actually drop the USD as the reserve currency, thereby chucking our economy in a pile full of shit. Even if that doesn't happen our Nation's credit rating will definitely be taking a drop.

  4. #104
    Alexander the Terrible yenom's Avatar
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    I don't even understand the recession.

    The total money supply of the economy does not decrease in a recession .
    Meaning some people are really just spending less,a nd the bottom of the pytramind making less money. yet some poeple are still wealthy.
    The fear of poverty turns people into slaves of money.

    "In this Caesar there are many Mariuses"~Sulla

    Conquer your inner demons first before you conquer the world.

  5. #105
    The elder Holmes Mycroft's Avatar
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    Default Obama's executive pay caps

    Let's ensure that the firms in the most dire need of skilled leadership pay so little for the position that skilled leaders will avoid the post!

    Meanwhile: full-grown adults still being payed tens of millions of dollars a year to throw and/or chase balls around.
    Dost thou love Life? Then do not squander Time; for that's the Stuff Life is made of.

    -- Benjamin Franklin, Poor Richard's Almanack, June 1746 --

  6. #106
    Senior Member Eileen's Avatar
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    Quote Originally Posted by Mycroft View Post
    Meanwhile: full-grown adults still being payed tens of millions of dollars a year to throw and/or chase balls around.
    God. Seriously. Did you guys hear about that citi-group/Mets thing? Fuuuuck that.
    INFJ

    "I can never be what I ought to be until you are what you ought to be. You can never be what you ought to be until I am what I ought to be. This is the interrelated structure of reality." -Martin Luther King, Jr.

  7. #107
    The elder Holmes Mycroft's Avatar
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    Quote Originally Posted by Eileen View Post
    God. Seriously. Did you guys hear about that citi-group/Mets thing? Fuuuuck that.
    No, actually. What happened?
    Dost thou love Life? Then do not squander Time; for that's the Stuff Life is made of.

    -- Benjamin Franklin, Poor Richard's Almanack, June 1746 --

  8. #108
    Habitual Fi LineStepper JocktheMotie's Avatar
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    Quote Originally Posted by Mycroft View Post
    No, actually. What happened?
    Citi-bank has a $400 million/20 year naming rights deal with the New York Mets baseball team, so their new baseball field is called "Citi Field." There has been some pressure for the bank to reneg on the deal because they've received government bailout money, but Citi has said they aren't doing it. Though if the president says they have to, the Mets will most likely terminate the deal.

    Unfortunately, the Mets need all the money they can get, because the owners of the team were one of the clients screwed over in the Ponzi Scheme.



  9. #109
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    Quote Originally Posted by Mycroft View Post
    Let's ensure that the firms in the most dire need of skilled leadership pay so little for the position that skilled leaders will avoid the post!

    Meanwhile: full-grown adults still being payed tens of millions of dollars a year to throw and/or chase balls around.
    I was awe struck by the audacity of the government to sit up there and start demanding that companies have spending caps. It's no different than a bank who lends you money telling you what you can and can't do, and telling you you can't have too much wealth. Then Geitner had the balls to stand in front of the public and complain about the "shame" of these companies when he himself was dodging hundreds of thousands in taxes along with all these other cabinet members! It's just fuking ridiculous. It enrages me to no end. It's the most hypocritical bull shit I've heard yet (I know that's not true, because the government has said much worse before) from these politicians. Obama "I don't want the public to feel like there's a separate set of rules for those with prestige.", so you start going after the companies!? What about the Washington!? What about all you fools who sit up there earning millions and giving yourselves raises "taking care of the tax payers' business" while the economy is sinking and further drowning because of your performance? Shouldn't YOUR pay be capped!?

    This asinine disconnect between the politicians and the public is just otherworldly, and I've had quite enough of it. Just WTF.

  10. #110
    Senior Member Eileen's Avatar
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    Politicians should make less money, probably, but seriously - the bailout is and was and will continue to be a totally bad idea, probably, but if we're bailing out banks, the first thing they do should NOT be to give out executive bonuses. JUNK that! That's my money! Fix the problem... which is not that banking executives don't get enough dollas.
    INFJ

    "I can never be what I ought to be until you are what you ought to be. You can never be what you ought to be until I am what I ought to be. This is the interrelated structure of reality." -Martin Luther King, Jr.

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