Financial Crisis

[MJP]

Of huge significance to Thailand. Story in yesterday's financial Times

Majority in China expect war with Japan

China and Japan are heading towards military conflict, according to a majority of Chinese surveyed on ties between the Asian powers in a Sino-Japanese poll.

The Genron/China Daily survey found that 53 per cent of Chinese respondents – and 29 per cent of the Japanese polled – expect their nations to go to war. The poll was released ahead of the second anniversary of Japan’s move to nationalise some of the contested Senkaku Islands in the East China Sea.

http://www.ft.com/intl/cms/s/eed84e92-38ca-11e4-a53b-00144feabdc0,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Feed84e92-38ca-11e4-a53b-00144feabdc0.html%3Fsiteedition%3Dintl&siteedition=intl&_i_referer=http%3A%2F%2Fglobaleconomicanalysis.blogspot.com%2F#axzz3CqKOhLIc

World's on a wonky path right now, all over the place. Throw in a couple of black swans and we're right back where we started from.

Edited September 11, 2014 by MJP

[midas]

At 3.30 minutes Janet Tavakoli speaks about derivatives. In 1990 the entire global size of the derivatives market was $7 trillion. Today, the entire size of just the over-the-counter interest-rate swap derivatives market alone is $560 trillion and they trade $7 trillion per day!

[Naam]

At 3.30 minutes Janet Tavakoli speaks about derivatives. In 1990 the entire global size of the derivatives market was $7 trillion. Today, the entire size of just the over-the-counter interest-rate swap derivatives market alone is $560 trillion and they trade $7 trillion per day!

that must be the reason why the som tam lady i pass twice a week on my way to the foot massage looks so scared. unfortunately my Thai is not good enough to explain to her that she should not worry. that also applies to my English because i have explained umpteenth times in this thread that the majority of derivatives are a part of the economy like breakfast, lunch and supper, a fact which is beyond comprehension of some people who must be spending a fortune laundering their underwear.

Edited September 12, 2014 by Naam

[midas]

At 3.30 minutes Janet Tavakoli speaks about derivatives. In 1990 the entire global size of the derivatives market was $7 trillion. Today, the entire size of just the over-the-counter interest-rate swap derivatives market alone is $560 trillion and they trade $7 trillion per day!

that must be the reason why the som tam lady i pass twice a week on my way to the foot massage looks so scared. unfortunately my Thai is not good enough to explain to her that she should not worry. that also applies to my English because i have explained umpteenth times in this thread that the majority of derivatives are a part of the economy like breakfast, lunch and supper, a fact which is beyond comprehension of some people who must be spending a fortune laundering their underwear.

“i have explained umpteenth times in this thread that the majority of derivatives are a part of the economy “

complete rubbish!

you haven't explained anything of the sort?

All you have said repeatedly is people shouldn’t worry .

Although it completely escapes me how you can even make these sweeping remarks when the market is totally unregulated ( which itself is cause enough for concern ). So no one other than the participants have even the remotest clue as to the full extent of the risks.

But even more startling is the huge number of articles by people actually working in the industry (including Janet Tavakoli) who have repeatedly expressed their concern and yet you seem to imply with a single sweeping statement they are all wrong and you are the only one that is right. But perhaps one day you will explain yourself.

Why Derivatives May Be the Biggest Risk for the Global Economy

The very fact that reliable figures are hard to come by is itself part of the problem. The $638 trillion currently reported by the BIS is only a floor. Estimates for the total capital employed in derivatives trading is somewhere between $10 and $20 trillion, roughly comparable to the capitalization of the NYSE. That means that each actual dollar in the derivatives market is supporting between $35 and $70 of nominal value. Losses of only a few percent of face value therefore would be enough to wipe out even the best-capitalized derivatives traders.

http://business.time.com/2013/03/27/why-derivatives-may-be-the-biggest-risk-for-the-global-economy/

Edited September 12, 2014 by midas

[watcharacters]

Euro too

what about cowrie shells?

The price of cowrie shells in euro will rocket; while bht should maintain cowrie shell buying parity with today.

Note; Gold may well increase it's cowrie shell purchasing power.

.

Outstanding!

[metisdead]

A post in violation of fair use policy has been removed. If you can't link to it, don't post it.

14) You will not post any copyrighted material except as fair use laws apply (as in the case of news articles). Please only post a link, the headline and the first three sentences.

[mccw]

Pain

[mccw]

Ok

Kup

I remember

[cheeryble]

World Bank warns of global jobs crisis

The world is facing a global jobs crisis that is hurting the chances of reigniting economic growth and there is no magic bullet to solve the problem, the World Bank warned on Tuesday.The World Bank said an extra 600 million jobs needed to be created worldwide by 2030 just to cope with the expanding population.

....and I can't find a damn cleaner

Sent from my iPad using ThaiVisa app

[cheeryble]

Given all the dire warnings I quote from the transcript of my favourite news analysis, GPS with Fareed Zakaria, Sept 7th:

"The nonpartisan Congressional Budget Office recently released its semi-annual outlook of the U.S. economy over the next decade. The CBO's headline is that things are going better than expected. We are firmly in an economic recovery with substantially lower federal deficits, lower interest rates and I would add little danger of inflation.

The CBO says that the federal deficit, the gap between revenues and spending, is projected to be $506 billion in 2014. That's just 2.9 percent of GDP, slightly lower than the average shortfall over the last four decades. Keep in mind that in 2009 the federal deficit was 9.8 percent of GDP. The current number is much better than most believed was possible just a few years ago THOUGH STILL AGONIZED OVER DAILY BY MIDAS AND MCCW.

Nobel Prize winning economist Paul Krugman argues that the debt and budget crisis were imaginary and have fizzled. He says the new CBO projections are further proof that the debt apocalypse has been called off.

Given the aging population, the U.S. debt-to-GDP ratio will increase after the next decade, Krugman says, but he notes that health care costs, which play by far the largest role in doomsday budget scenarios, have slowed dramatically. In 2019 the CBO projects that the federal government will spend $95 billion less on Medicare than it had anticipated spending on the program just four years ago. The "New York Times'" Upshot blog points out that $95 billion is more

than the government will spend that year on welfare, unemployment insurance, and Amtrak combined. "

In fairness it says with the baby boom entitlement program's need adjusting to avoid problems in coming decades.....and offers viable solutions.....and I have my own solution which is to line up (not so carefully) chosen medicos and pharmaceutical thieves and shoot them.

Check out Krugman in the NYT if you've made it this far:

http://stateofthemarkets.com/report/30370/

Sent from my iPad using ThaiVisa app

Edited September 17, 2014 by cheeryble

[Naam]

The CBO says that the federal deficit, the gap between revenues and spending, is projected to be $506 billion in 2014. That's just 2.9 percent of GDP, slightly lower than the average shortfall over the last four decades. Keep in mind that in 2009 the federal deficit was 9.8 percent of GDP. The current number is much better than most believed was possible just a few years ago THOUGH STILL AGONIZED OVER DAILY BY MIDAS AND MCCW.

Midas and MCCW are just doing their jobs. who, besides them, is left to remind us that there was no financial crisis for the last 5½ years?

[midas]

Given all the dire warnings I quote from the transcript of my favourite news analysis, GPS with Fareed Zakaria, Sept 7th:

"The nonpartisan Congressional Budget Office recently released its semi-annual outlook of the U.S. economy over the next decade. The CBO's headline is that things are going better than expected. We are firmly in an economic recovery with substantially lower federal deficits, lower interest rates and I would add little danger of inflation.

The CBO says that the federal deficit, the gap between revenues and spending, is projected to be $506 billion in 2014. That's just 2.9 percent of GDP, slightly lower than the average shortfall over the last four decades. Keep in mind that in 2009 the federal deficit was 9.8 percent of GDP. The current number is much better than most believed was possible just a few years ago THOUGH STILL AGONIZED OVER DAILY BY MIDAS AND MCCW.

Nobel Prize winning economist Paul Krugman argues that the debt and budget crisis were imaginary and have fizzled. He says the new CBO projections are further proof that the debt apocalypse has been called off.

Given the aging population, the U.S. debt-to-GDP ratio will increase after the next decade, Krugman says, but he notes that health care costs, which play by far the largest role in doomsday budget scenarios, have slowed dramatically. In 2019 the CBO projects that the federal government will spend $95 billion less on Medicare than it had anticipated spending on the program just four years ago. The "New York Times'" Upshot blog points out that $95 billion is more

than the government will spend that year on welfare, unemployment insurance, and Amtrak combined. "

In fairness it says with the baby boom entitlement program's need adjusting to avoid problems in coming decades.....and offers viable solutions.....and I have my own solution which is to line up (not so carefully) chosen medicos and pharmaceutical thieves and shoot them.

Check out Krugman in the NYT if you've made it this far:

http://stateofthemarkets.com/report/30370/

Sent from my iPad using ThaiVisa app

“ THOUGH STILL AGONIZED OVER DAILY BY MIDAS AND MCCW.”

Actually its not so much an agony anymore but rather a curiosity and even bewilderment as to what motivates people to go to such lengths as to lie and distort facts just to make things appear “ normal “

As to your article about Paul Krugman..............

The idea that the Obama administration has the budget deficit under control is a complete and total lie. According to the U.S. Treasury, the federal government has officially run a deficit of 589 billion dollars for the first 11 months of fiscal year 2014. But this number is just for public consumption and it relies on accounting tricks which massively understate how much debt is actually being accumulated. If you want to know what the real budget deficit is, all you have to do is go to a U.S. Treasury website which calculates the U.S. national debt to the penny. On September 30th, 2013 the U.S. national debt was sitting at $16,738,183,526,697.32. As I write this, the U.S. national debt is sitting at $17,742,108,970,073.37. That means that the U.S. national debt has actually grown by more than a trillion dollars in less than 12 months. We continue to wildly run up debt as if there is no tomorrow, and by doing so we are destroying the future of this nation.

http://theeconomiccollapseblog.com/archives/the-u-s-national-debt-has-grown-by-more-than-a-trillion-dollars-in-the-last-12-months

[midas]

The CBO says that the federal deficit, the gap between revenues and spending, is projected to be $506 billion in 2014. That's just 2.9 percent of GDP, slightly lower than the average shortfall over the last four decades. Keep in mind that in 2009 the federal deficit was 9.8 percent of GDP. The current number is much better than most believed was possible just a few years ago THOUGH STILL AGONIZED OVER DAILY BY MIDAS AND MCCW.

Midas and MCCW are just doing their jobs. who, besides them, is left to remind us that there was no financial crisis for the last 5½ years?

the swiss village of Hagenbuch has been forced to raise taxes by 5% because an african single mother of seven costs the local authority £40,000 a month

£24,000 for looking after four of her children at the local orphanage

£13,000 social worker expenses

£1.700 general living expenses allowance

£1,300 housing costs and entertainment bills

included in these costs are paying for her cooking and cleaning bills, and free entry to the zoo

Mayor Therese Schlaepfer told daily Swiss newspaper Blick:

"'I don't know where to turn. I think we have no other choice but to raise taxes"

She added that local

residents were justifiably outraged by the spiraling costs of caring for

the family, who require a team of social workers to spend six hours a

day, six days a week on them alone.

http://www.liveleak.com/view?i=7e7_1410896646

[mccw]

A micro village picture of a huge national sized waves spilling across UK, France, Sweden, Itally, etc.

[lannarebirth]

The CBO says that the federal deficit, the gap between revenues and spending, is projected to be $506 billion in 2014. That's just 2.9 percent of GDP, slightly lower than the average shortfall over the last four decades. Keep in mind that in 2009 the federal deficit was 9.8 percent of GDP. The current number is much better than most believed was possible just a few years ago THOUGH STILL AGONIZED OVER DAILY BY MIDAS AND MCCW.

Midas and MCCW are just doing their jobs. who, besides them, is left to remind us that there was no financial crisis for the last 5½ years?

the swiss village of Hagenbuch has been forced to raise taxes by 5% because an african single mother of seven costs the local authority £40,000 a month

£24,000 for looking after four of her children at the local orphanage

£13,000 social worker expenses

£1.700 general living expenses allowance

£1,300 housing costs and entertainment bills

included in these costs are paying for her cooking and cleaning bills, and free entry to the zoo

Mayor Therese Schlaepfer told daily Swiss newspaper Blick:

"'I don't know where to turn. I think we have no other choice but to raise taxes"

She added that local

residents were justifiably outraged by the spiraling costs of caring for

the family, who require a team of social workers to spend six hours a

day, six days a week on them alone.

http://www.liveleak.com/view?i=7e7_1410896646

It's enough to give the local Swiss/German tax exile a warm fuzzy feeling inside.

Edited September 18, 2014 by lannarebirth

[midas]

Midas and MCCW are just doing their jobs. who, besides them, is left to remind us that there was no financial crisis for the last 5½ years?

the swiss village of Hagenbuch has been forced to raise taxes by 5% because an african single mother of seven costs the local authority £40,000 a month

£24,000 for looking after four of her children at the local orphanage

£13,000 social worker expenses

£1.700 general living expenses allowance

£1,300 housing costs and entertainment bills

included in these costs are paying for her cooking and cleaning bills, and free entry to the zoo

Mayor Therese Schlaepfer told daily Swiss newspaper Blick:

"'I don't know where to turn. I think we have no other choice but to raise taxes"

She added that local

residents were justifiably outraged by the spiraling costs of caring for

the family, who require a team of social workers to spend six hours a

day, six days a week on them alone.

http://www.liveleak.com/view?i=7e7_1410896646

It's enough to give the local Swiss/German tax exile a warm fuzzy feeling inside.

“ It's enough to give the local Swiss/German tax exile a warm fuzzy feeling inside “

And Americans who can manage to dodge taxes too i would imagine ………………….

One out of every three Americans now receives some sort of government welfare, according to the US Census Bureau. The number of full-time workers in the United States was 103.09 million, meaning that more Americans now receive benefits than work full time.

Statistics Tell The Story

Some frightening and eye-opening welfare and poverty statistics from the US Census Bureau have been compiled by a website called Statistics Brain. These disturbing statistics include:

• 46.7 million Americans now receive food stamps.
• There are now 39 states where welfare pays more than an $8-an-hour job.
• There are six states where welfare pays more than a $12-an-hour job.
• In eight states, welfare recipients receive more than the average salary of a US teacher.
• 26.9 percent of those receiving food stamps have been on the program for more than two years.
• 19.6 percent of the people receiving food stamps have been on the program for more than five years.

http://wealthydebates.com/staggering-13-americans-welfare/

[Naam]

46.7 million Americans now receive food stamps.

this surely beats the number of people receiving food stamps in Bangla Desh, Somalia and Zimbabwe and provides hard evidence that a global financial and economic crisis exists.

[mccw]

Clearly the evil USA must expand food stamps program world wide.

All that money on weapons could feed the poor right?

Problem is even when they are fed the poor are still not happy- as can be seen with the moaning scrounges all across EU and the West; some of them even want to Jihad upon us because we are not same as them- even though they happy like Hamza to live off our money. 55 amazing world. When down is up and up is down

46.7 million Americans now receive food stamps.

this surely beats the number of people receiving food stamps in Bangla Desh, Somalia and Zimbabwe and provides hard evidence that a global financial and economic crisis exists.

[midas]

46.7 million Americans now receive food stamps.

this surely beats the number of people receiving food stamps in Bangla Desh, Somalia and Zimbabwe and provides hard evidence that a global financial and economic crisis exists.

Not difficult for most to see the implications of 47 million people whose job skills have withered away over 5 1/2 years and will soon forget how to work even if they still have the will to do so. This contributes to a very combustible and dangerous society as we see on our TV screens whenever there is some event or disaster in USA.

And anyone with the most elementary knowledge of economics will understand the unsustainability of a situation where the number of Americans receiving food assistance has surpassed the number of full-time private sector workers.

[midas]

............ In fact, the US government has so much money to give away it even sent benefit cards to people who didn't need them or didn't even request them

The center also found that an “aggressive” marketing campaign by Comerica and the Treasury Department resulted in a million Americans being sent “Direct Express” benefit cards—used to distribute Social Security and disability payments—to people who didn’t need or request them. This resulted in a financial gain for the bank, given that card fees are much higher than direct deposit into an account, which many of the card recipients already had.

http://www.allgov.com/news/where-is-the-money-going/treasury-dept-ignores-fraud-charges-and-awards-comerica-5-more-years-of-providing-benefit-cards-to-elderly-and-disabled-140917?news=854278

[Naam]

46.7 million Americans now receive food stamps.

this surely beats the number of people receiving food stamps in Bangla Desh, Somalia and Zimbabwe and provides hard evidence that a global financial and economic crisis exists.

Not difficult for most to see the implications of 47 million people whose job skills have withered away over 5 1/2 years and will soon forget how to work even if they still have the will to do so. This contributes to a very combustible and dangerous society as we see on our TV screens whenever there is some event or disaster in USA.

And anyone with the most elementary knowledge of economics will understand the unsustainability of a situation where the number of Americans receiving food assistance has surpassed the number of full-time private sector workers.

any signs of Americans crossing the Rio Grande into Mexico where they will be called camisetas mojadas?

[midas]

sad

Edited September 24, 2014 by midas

[fletchsmile]

Given all the dire warnings I quote from the transcript of my favourite news analysis, GPS with Fareed Zakaria, Sept 7th:

"The nonpartisan Congressional Budget Office recently released its semi-annual outlook of the U.S. economy over the next decade. The CBO's headline is that things are going better than expected. We are firmly in an economic recovery with substantially lower federal deficits, lower interest rates and I would add little danger of inflation.

The CBO says that the federal deficit, the gap between revenues and spending, is projected to be $506 billion in 2014. That's just 2.9 percent of GDP, slightly lower than the average shortfall over the last four decades. Keep in mind that in 2009 the federal deficit was 9.8 percent of GDP. The current number is much better than most believed was possible just a few years ago THOUGH STILL AGONIZED OVER DAILY BY MIDAS AND MCCW.

Nobel Prize winning economist Paul Krugman argues that the debt and budget crisis were imaginary and have fizzled. He says the new CBO projections are further proof that the debt apocalypse has been called off.

Given the aging population, the U.S. debt-to-GDP ratio will increase after the next decade, Krugman says, but he notes that health care costs, which play by far the largest role in doomsday budget scenarios, have slowed dramatically. In 2019 the CBO projects that the federal government will spend $95 billion less on Medicare than it had anticipated spending on the program just four years ago. The "New York Times'" Upshot blog points out that $95 billion is more

than the government will spend that year on welfare, unemployment insurance, and Amtrak combined. "

In fairness it says with the baby boom entitlement program's need adjusting to avoid problems in coming decades.....and offers viable solutions.....and I have my own solution which is to line up (not so carefully) chosen medicos and pharmaceutical thieves and shoot them.

Check out Krugman in the NYT if you've made it this far:

http://stateofthemarkets.com/report/30370/

Sent from my iPad using ThaiVisa app

“ THOUGH STILL AGONIZED OVER DAILY BY MIDAS AND MCCW.”

Actually its not so much an agony anymore but rather a curiosity and even bewilderment as to what motivates people to go to such lengths as to lie and distort facts just to make things appear “ normal “

As to your article about Paul Krugman..............

The idea that the Obama administration has the budget deficit under control is a complete and total lie. According to the U.S. Treasury, the federal government has officially run a deficit of 589 billion dollars for the first 11 months of fiscal year 2014. But this number is just for public consumption and it relies on accounting tricks which massively understate how much debt is actually being accumulated. If you want to know what the real budget deficit is, all you have to do is go to a U.S. Treasury website which calculates the U.S. national debt to the penny. On September 30th, 2013 the U.S. national debt was sitting at $16,738,183,526,697.32. As I write this, the U.S. national debt is sitting at $17,742,108,970,073.37. That means that the U.S. national debt has actually grown by more than a trillion dollars in less than 12 months. We continue to wildly run up debt as if there is no tomorrow, and by doing so we are destroying the future of this nation.

http://theeconomiccollapseblog.com/archives/the-u-s-national-debt-has-grown-by-more-than-a-trillion-dollars-in-the-last-12-months

Those are big numbers on debt and liabilities.... and a big part of the picture of course

The accountant in me sort of wonders what the asset side of the balance sheet looks like

Any chance of that part of the picture too?

Cheers

Fletch

[cheeryble]

Yes, could you explain the accounting tricks please?

(Preferably not a direct cut and paste from Goldbugs.com)

Edited September 25, 2014 by cheeryble

[midas]

Given all the dire warnings I quote from the transcript of my favourite news analysis, GPS with Fareed Zakaria, Sept 7th:

"The nonpartisan Congressional Budget Office recently released its semi-annual outlook of the U.S. economy over the next decade. The CBO's headline is that things are going better than expected. We are firmly in an economic recovery with substantially lower federal deficits, lower interest rates and I would add little danger of inflation.

The CBO says that the federal deficit, the gap between revenues and spending, is projected to be $506 billion in 2014. That's just 2.9 percent of GDP, slightly lower than the average shortfall over the last four decades. Keep in mind that in 2009 the federal deficit was 9.8 percent of GDP. The current number is much better than most believed was possible just a few years ago THOUGH STILL AGONIZED OVER DAILY BY MIDAS AND MCCW.

Nobel Prize winning economist Paul Krugman argues that the debt and budget crisis were imaginary and have fizzled. He says the new CBO projections are further proof that the debt apocalypse has been called off.

Given the aging population, the U.S. debt-to-GDP ratio will increase after the next decade, Krugman says, but he notes that health care costs, which play by far the largest role in doomsday budget scenarios, have slowed dramatically. In 2019 the CBO projects that the federal government will spend $95 billion less on Medicare than it had anticipated spending on the program just four years ago. The "New York Times'" Upshot blog points out that $95 billion is more

than the government will spend that year on welfare, unemployment insurance, and Amtrak combined. "

In fairness it says with the baby boom entitlement program's need adjusting to avoid problems in coming decades.....and offers viable solutions.....and I have my own solution which is to line up (not so carefully) chosen medicos and pharmaceutical thieves and shoot them.

Check out Krugman in the NYT if you've made it this far:

http://stateofthemarkets.com/report/30370/

Sent from my iPad using ThaiVisa app

“ THOUGH STILL AGONIZED OVER DAILY BY MIDAS AND MCCW.”

Actually its not so much an agony anymore but rather a curiosity and even bewilderment as to what motivates people to go to such lengths as to lie and distort facts just to make things appear “ normal “

As to your article about Paul Krugman..............

The idea that the Obama administration has the budget deficit under control is a complete and total lie. According to the U.S. Treasury, the federal government has officially run a deficit of 589 billion dollars for the first 11 months of fiscal year 2014. But this number is just for public consumption and it relies on accounting tricks which massively understate how much debt is actually being accumulated. If you want to know what the real budget deficit is, all you have to do is go to a U.S. Treasury website which calculates the U.S. national debt to the penny. On September 30th, 2013 the U.S. national debt was sitting at $16,738,183,526,697.32. As I write this, the U.S. national debt is sitting at $17,742,108,970,073.37. That means that the U.S. national debt has actually grown by more than a trillion dollars in less than 12 months. We continue to wildly run up debt as if there is no tomorrow, and by doing so we are destroying the future of this nation.

http://theeconomiccollapseblog.com/archives/the-u-s-national-debt-has-grown-by-more-than-a-trillion-dollars-in-the-last-12-months

Those are big numbers on debt and liabilities.... and a big part of the picture of course

The accountant in me sort of wonders what the asset side of the balance sheet looks like

Any chance of that part of the picture too?

Cheers

Fletch

Yes it's explained in this video, and to get to the nitty-gritty fast forward to 13.56 minutes

Why the US is deeply insolvent

http://www.peakprosperity.com/blog/87491/assets-liabilities-crash-course-chapter-14

[midas]

Yes, could you explain the accounting tricks please?

(Preferably not a direct cut and paste from Goldbugs.com)

probably the same ones used in Enron and Lehman Bros

[fletchsmile]

Given all the dire warnings I quote from the transcript of my favourite news analysis, GPS with Fareed Zakaria, Sept 7th:

"The nonpartisan Congressional Budget Office recently released its semi-annual outlook of the U.S. economy over the next decade. The CBO's headline is that things are going better than expected. We are firmly in an economic recovery with substantially lower federal deficits, lower interest rates and I would add little danger of inflation.

The CBO says that the federal deficit, the gap between revenues and spending, is projected to be $506 billion in 2014. That's just 2.9 percent of GDP, slightly lower than the average shortfall over the last four decades. Keep in mind that in 2009 the federal deficit was 9.8 percent of GDP. The current number is much better than most believed was possible just a few years ago THOUGH STILL AGONIZED OVER DAILY BY MIDAS AND MCCW.

Nobel Prize winning economist Paul Krugman argues that the debt and budget crisis were imaginary and have fizzled. He says the new CBO projections are further proof that the debt apocalypse has been called off.

Given the aging population, the U.S. debt-to-GDP ratio will increase after the next decade, Krugman says, but he notes that health care costs, which play by far the largest role in doomsday budget scenarios, have slowed dramatically. In 2019 the CBO projects that the federal government will spend $95 billion less on Medicare than it had anticipated spending on the program just four years ago. The "New York Times'" Upshot blog points out that $95 billion is more

than the government will spend that year on welfare, unemployment insurance, and Amtrak combined. "

In fairness it says with the baby boom entitlement program's need adjusting to avoid problems in coming decades.....and offers viable solutions.....and I have my own solution which is to line up (not so carefully) chosen medicos and pharmaceutical thieves and shoot them.

Check out Krugman in the NYT if you've made it this far:

http://stateofthemarkets.com/report/30370/

Sent from my iPad using ThaiVisa app

“ THOUGH STILL AGONIZED OVER DAILY BY MIDAS AND MCCW.”

Actually its not so much an agony anymore but rather a curiosity and even bewilderment as to what motivates people to go to such lengths as to lie and distort facts just to make things appear “ normal “

As to your article about Paul Krugman..............

The idea that the Obama administration has the budget deficit under control is a complete and total lie. According to the U.S. Treasury, the federal government has officially run a deficit of 589 billion dollars for the first 11 months of fiscal year 2014. But this number is just for public consumption and it relies on accounting tricks which massively understate how much debt is actually being accumulated. If you want to know what the real budget deficit is, all you have to do is go to a U.S. Treasury website which calculates the U.S. national debt to the penny. On September 30th, 2013 the U.S. national debt was sitting at $16,738,183,526,697.32. As I write this, the U.S. national debt is sitting at $17,742,108,970,073.37. That means that the U.S. national debt has actually grown by more than a trillion dollars in less than 12 months. We continue to wildly run up debt as if there is no tomorrow, and by doing so we are destroying the future of this nation.

http://theeconomiccollapseblog.com/archives/the-u-s-national-debt-has-grown-by-more-than-a-trillion-dollars-in-the-last-12-months

Those are big numbers on debt and liabilities.... and a big part of the picture of course

The accountant in me sort of wonders what the asset side of the balance sheet looks like

Any chance of that part of the picture too?

Cheers

Fletch

Yes it's explained in this video, and to get to the nitty-gritty fast forward to 13.56 minutes

Why the US is deeply insolvent

http://www.peakprosperity.com/blog/87491/assets-liabilities-crash-course-chapter-14

Think I'll skip the video. There's some paint drying and I wouldn't like to miss it

Was just trying to highlight that these sort of blogs often only give half the picture at best. Either because they dont understand the other half or its inconvenient to their sensationalised stories

Ball park 600bio deficit. 1000bio increase in debts/liabilities. The bulk of the balance of 400bio is probably in assets. So its misleading to make the 1000 bio or 1 trio increase in debt statement without also stating the increase in assets.

Where are those assets? Have a guess what the govt has been buying

....

It s a bit like me telling people my personal household debt rose from under THB 100k to THB 10mio in 2007/8. A hundred fold increase!!! Sounds shocking.

....

Then not telling people we bought a condo took out a mortgage and so had an asset worth 10mio too to balance the 10mio liability

Main difference tho between me and the US govt is I spend less than I earn and my assets outweigh my liabilities

There s a good point about the US budgets and deficits. They are in a mess. Unfortunately puts educated people off reading or watching further when there s some obvious points missing

Cheers

Fletch

Edited September 26, 2014 by fletchsmile

[midas]

“ THOUGH STILL AGONIZED OVER DAILY BY MIDAS AND MCCW.”

Actually its not so much an agony anymore but rather a curiosity and even bewilderment as to what motivates people to go to such lengths as to lie and distort facts just to make things appear “ normal “

As to your article about Paul Krugman..............

http://theeconomiccollapseblog.com/archives/the-u-s-national-debt-has-grown-by-more-than-a-trillion-dollars-in-the-last-12-months

Those are big numbers on debt and liabilities.... and a big part of the picture of course

The accountant in me sort of wonders what the asset side of the balance sheet looks like

Any chance of that part of the picture too?

Cheers

Fletch

Yes it's explained in this video, and to get to the nitty-gritty fast forward to 13.56 minutes

Why the US is deeply insolvent

http://www.peakprosperity.com/blog/87491/assets-liabilities-crash-course-chapter-14

Think I'll skip the video. There's some paint drying and I wouldn't like to miss it

Was just trying to highlight that these sort of blogs often only give half the picture at best. Either because they dont understand the other half or its inconvenient to their sensationalised stories

Ball park 600bio deficit. 1000bio increase in debts/liabilities. The bulk of the balance of 400bio is probably in assets. So its misleading to make the 1000 bio or 1 trio increase in debt statement without also stating the increase in assets.

Where are those assets? Have a guess what the govt has been buying

....

It s a bit like me telling people my personal household debt rose from under THB 100k to THB 10mio in 2007/8. A hundred fold increase!!! Sounds shocking.

....

Then not telling people we bought a condo took out a mortgage and so had an asset worth 10mio too to balance the 10mio liability

Main difference tho between me and the US govt is I spend less than I earn and my assets outweigh my liabilities

There s a good point about the US budgets and deficits. They are in a mess. Unfortunately puts educated people off reading or watching further when there s some obvious points missing

Cheers

Fletch

Just writing that response probably caused you to miss quite a bit of your paint drying.

this was the situation two years ago

USA Inc.’s balance sheet: Assets $2.7 trillion, Liabilities $18.8 trillion

[Naam]

Think I'll skip the video. There's some paint drying and I wouldn't like to miss it

best of the day!

[midas]

Revealed - the Troika threats to bankrupt Ireland

Honohan: ECB officials agreed to threaten Ireland with bankruptcy if the government tried to burn bondholders

Dr Honohan's revelations will add more fuel to claims that Ireland was "bullied" into the bailout.

They are also likely to lead to growing demands here for former ECB president Jean-Claude Trichet, who played a central role in the Irish bailout and the handling of the Eurozone crisis, to appear before the banking inquiry over the coming months

http://www.independent.ie/irish-news/politics/revealed-the-troika-threats-to-bankrupt-ireland-30621197.html

Edited September 29, 2014 by midas