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An open letter to our youth

By mell   2013 Jan 2, 12:30pm   1,301 views   16 comments   watch (1)   quote      

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,...

Comments 1-16 of 16     Last »

1   mell   63/63 = 100% civil   2013 Jan 2, 12:33pm  ↑ like (1)   ↓ dislike   quote    

"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   BoomAndBustCycle   19/19 = 100% civil   2013 Jan 2, 2:50pm  ↑ like (1)   ↓ dislike   quote    

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.

3   New Renter     2013 Jan 2, 2:56pm  ↑ like   ↓ dislike   quote    

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

4   Kevin     2013 Jan 2, 3:44pm  ↑ like (1)   ↓ dislike   quote    

"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.

5   drudometkin     2013 Jan 2, 7:22pm  ↑ like (1)   ↓ dislike   quote    

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.

6   APOCALYPSEFUCKisShostikovitch     2013 Jan 2, 8:21pm  ↑ like (3)   ↓ dislike   quote    

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.

7   finehoe     2013 Jan 2, 10:28pm  ↑ like (1)   ↓ dislike   quote    

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.

8   Tenpoundbass   995/997 = 99% civil   2013 Jan 2, 10:42pm  ↑ like   ↓ dislike (1)   quote    

"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.

9   mell   63/63 = 100% civil   2013 Jan 3, 12:05am  ↑ like   ↓ dislike   quote    

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.

10   edvard2     2013 Jan 3, 12:53am  ↑ like   ↓ dislike   quote    

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

11   errc   468/475 = 98% civil   2013 Jan 3, 1:03am  ↑ like   ↓ dislike   quote    

Kill your parents, save yourself

12   Kevin     2013 Jan 3, 1:21am  ↑ like   ↓ dislike   quote    

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.

13   Peter P   78/78 = 100% civil   2013 Jan 3, 1:40am  ↑ like (1)   ↓ dislike   quote    

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.

14   marcus   688/692 = 99% civil   2013 Jan 3, 2:00am  ↑ like   ↓ dislike   quote    

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.

15   mell   63/63 = 100% civil   2013 Jan 3, 2:51am  ↑ like   ↓ dislike   quote    

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.

16   mell   63/63 = 100% civil   2013 Jan 3, 2:53am  ↑ like   ↓ dislike   quote    

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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