An open letter to our youth


By mell   Follow   Wed, 2 Jan 2013, 8:30pm   661 views   17 comments
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http://market-ticker.org/akcs-www?post=215569

Last night Congress engaged in its latest version of fraud upon the public.  Congress lied to America with flowery speeches about how our government has an obligation to come to the aid of those people in need, how unemployment must be extended and how the rich should "pay their fair share."  Our President then got on television in the middle of the night and pontificated about how we had once again been saved from economic calamity but that he would not "debate" whether Congress would pay the bills that it had already contracted for, referring to the debt ceiling which,...

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  1. mell


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    1   8:33pm Wed 2 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    "What President Obama is doing right now to avoid that is literally stealing the money in federal government employee retirement funds and replacing those funds with an IOU. It is exactly identical to your parents going into your piggy bank and taking all the money, replacing it with an IOU for the cash with which they then go to the bar and spend on hookers and booze, hoping you don't notice that the money is gone and that they can replace it before you decide you'd like to use it on something else like a movie, a dress, an iTunes card or some shoes."

  2. Call it Crazy


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    2   8:39pm Wed 2 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike (1)  

    He is spot on with this post. Unfortunately, over 85% of the youth that need to read that don't have the concentration skills to make it through the post. Plus, critical thinking skills are seriously lacking in that group.

    If fact, all adults need to understand his point, but many won't read and comprehend the seriousness of it.

  3. BoomAndBustCycle


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    3   10:50pm Wed 2 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    This is silly... The dollar will be worthless before the next generation ever has to actually pay the bill.

    We will have a new currency... and whatever the tab is.. it will be written off.

    I'm not saying this will be a pleasant experience for our society.. but focusing on the amount of debt US citizens owe is missing the point.

    We are already at the point of no return. The debt isn't getting paid off. We will have a hard reset and new currency before our debt is paid.

  4. New Renter


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    4   10:56pm Wed 2 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    So right now the 18 year old has a problem. Do nothing and in 30 years it'll be the bank's problem...

  5. Kevin


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    5   11:44pm Wed 2 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    "What he was now insisting on was that the little girl crawling on his floor, his grand daughter, be literally enslaved "

    Somebody doesn't know what the word "literal" means.

    There's an overall misunderstanding of government vs. personal finances in this rant. Governments most certainly do not need to deal with debt that way that ordinary people do (and even ordinary people always have the option of bankruptcy). The idea that my children, grandchildren, or great grandchildren will need to "repay" some arbitrarily large amount of money is just plain wrong.

    If we balanced the budget tomorrow, and assuming zero economic growth, we would only need to devalue the dollar by 50% in order to completely eliminate the debt. In practice, it wouldn't even need to be that much. We've devalued the dollar by more than 50% in the last 30 years. That's an annualized rate of less than 3% -- roughly the rate we're inflating at RIGHT NOW.

    Things are a bit more complicated due to interest on the debt and whatnot, but the fact remains that anyone claiming that there's some moment where everybody is going to have to shell out some huge amount of money is just plain wrong.

    The debt is a big, scary number, but it's irrelevant! It's the deficit that matters. Deficits need to get in order at some point, or else you never will reduce the effective value of the debt, and interest charges will pile up and harm GDP. At no point does the actual amount of the debt, or of the deficit actually matter, because these are national economics, not corporate or personal economics, and they're COMPLETELY DIFFERENT IN EVERY WAY from balancing your checkbook.

  6. drudometkin


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    6   3:22am Thu 3 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    The kids aren't going to actually have to pay that money back -- YOU are through inflation/misery/economic collapse. A major currency crisis is coming soon - the fourth turning.

  7. APOCALYPSEFUCKisShostikovitch


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    7   4:21am Thu 3 Jan 2013   Share   Quote   Permalink   Like (3)   Dislike  

    All kids need to learn these days to succeed tomorrow is how to kill a starving cannibal neonazi with a pitch fork, gut, dress and dry the meat and how to plant yams.

  8. finehoe


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    8   6:28am Thu 3 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike  

    Kevin says

    Somebody doesn't know what the word "literal" means.

    Denninger is a wingnut crank. He bans comments on his site by anyone who dares disagree with him, so all you have left is a group of people jerking each other off.

  9. CaptainShuddup


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    9   6:42am Thu 3 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)  

    "This is our reality, for you this is a travesty and a breech of Democracy. But for us, it's our reality. This is all we've known our whole life, as long as we were old enough to notice what was said on the news. We grew up with Bush twice, and now Obama. This will be our "In the Old days" someday."

    A young person actually told that.

  10. mell


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    10   8:05am Thu 3 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    LOL @ 'it doesn't matter'. You guys crack me up. Why raise taxes then? Why pay politicians to 'fix' it? Let's just remove all and any burden and steamroll into default! Also, maybe we have to pay for it if the default or massive inflation comes sooner than later, but if you think the world for future generations will be better because of a hard reset you are delusional. At least say you give a fuck about the kids and be honest - after all they are all brats ;) But saying it doesn't matter and 'it's different' for the government' is deluding the masses and yourselves with hopium.

  11. edvard2


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    11   8:53am Thu 3 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    PS: The GOP isn't appealing to today's youth.

  12. errc


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    12   9:03am Thu 3 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    Kill your parents, save yourself

  13. Kevin


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    13   9:21am Thu 3 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    mell says

    LOL @ 'it doesn't matter'. You guys crack me up. Why raise taxes then? Why pay politicians to 'fix' it? Let's just remove all and any burden and steamroll into default! Also, maybe we have to pay for it if the default or massive inflation comes sooner than later, but if you think the world for future generations will be better because of a hard reset you are delusional. At least say you give a fuck about the kids and be honest - after all they are all brats ;) But saying it doesn't matter and 'it's different' for the government' is deluding the masses and yourselves with hopium.

    DEFAULTING would be bad. 3% annual inflation for 30 years? That would only be exactly what we experienced for the last 80 or so. OH NOES!

    It's all black and white with you people, isn't it? There's never a sane, reasonable solution that results in things being just fine? It's either an immediate panic, fuck everything we have to save this sinking ship right fucking now, or HAHA YOU'RE ALL GOING TO DIE outcome. I'm tired of it.

  14. Peter P


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    14   9:40am Thu 3 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike   Protected  

    edvard2 says

    PS: The GOP isn't appealing to today's youth.

    I don't know why. Socially, I am more liberal than today's youth. Yet I think the GOP is a lesser evil.

    Perhaps the youth are all commies.

  15. marcus


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    15   10:00am Thu 3 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    mell says

    It is exactly identical to your parents going into your piggy bank and taking all the money, replacing it with an IOU for the cash with which they then go to the bar and spend on hookers and booze,

    And the hookers and booze in this analogy would be....?

    The letter writer, like Mish in a recent blog post doesn'tseem to understand this isn't over.

    The sequester is still there if they don't make significant cuts in coming weeks. Why the big drama as if this deal was anything more than taking care of the easy tax ( and withholding part) of the negotiations first.

    All of this drama...is what we need to stop.

    That's why Obama recently asked if we could maybe proceed with a little less brinksmanship and a little less drama.

  16. mell


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    16   10:51am Thu 3 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    Kevin says

    DEFAULTING would be bad. 3% annual inflation for 30 years? That would only be exactly what we experienced for the last 80 or so. OH NOES!

    It's all black and white with you people, isn't it? There's never a sane, reasonable solution that results in things being just fine? It's either an immediate panic, fuck everything we have to save this sinking ship right fucking now, or HAHA YOU'RE ALL GOING TO DIE outcome. I'm tired of it.

    That's not what I said. I agree that there are ways out but none of them will be a cakewalk. I don't think the end is nigh, but I don't see anybody doing any steps towards reducing the debt. And I am tired of the excuses for why no steps are being taken. That's all.

  17. mell


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    17   10:53am Thu 3 Jan 2013   Share   Quote   Permalink   Like   Dislike  

    marcus says

    All of this drama...is what we need to stop.

    That's why Obama recently asked if we could maybe proceed with a little less brinksmanship and a little less drama.

    Sure, maybe they'll pull together. Let's see where the deficit is in a couple of months - or by the end of the year - and see if anything has changed.

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