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Uncle Wally
27-01-2015, 21:12
http://www.infowars.com/russia-in-the-cross-hairs/


Washington’s attack on Russia has moved beyond the boundary of the absurd into the realm of insanity.

The New Chief of the US Broadcasting Board of Governors, Andrew Lack, has declared the Russian news service, RT, which broadcasts in multiple languages, to be a terrorist organization equivalent to Boko Haram and the Islamic State, and Standard and Poor’s just downgraded Russia’s credit rating to junk status.

Today RT International interviewed me about these insane developments.


In prior days when America was still a sane country, Lack’s charge would have led to him being laughed out of office. He would have had to resign and disappear from public life. Today in the make-believe world that Western propaganda has created, Lack’s statement is taken seriously. Yet another terrorist threat has been identified–RT. (Although both Boko Haram and the Islamic State employ terror, strictly speaking they are political organizations seeking to rule, not terror organizations, but this distinction would be over Lack’s head. Yes, I know. There is a good joke that could be made here about what Lack lacks. Appropriately named and all that.)

Nevertheless, whatever Lack might lack, I doubt he believes his nonsensical statement that RT is a terrorist organization. So what is his game?

The answer is that the Western presstitute media by becoming Ministries of Propaganda for Washington, have created large markets for RT, Press TV, and Al Jazeera. As more and more of the peoples of the world turn to these more honest news sources, Washington’s ability to fabricate self-serving explanations has declined.

RT in particular has a large Western audience. The contrast between RT’s truthful reporting and the lies spewed by US media is undermining Washington’s control of the explanation. This is no longer acceptable.

Lark has sent a message to RT. The message is: pull in your horns; stop reporting differently from our line; stop contesting the facts as Washington states them and the presstitutes report them; get on board or else.

In other words, the “free speech” that Washington and its EU, Canadian, and Australian puppet states tout means: free speech for Washington’s propaganda and lies, but not for any truth. Truth is terrorism, because truth is the major threat to Washington.

Washington would prefer to avoid the embarrassment of actually shutting down RT as its UK vassal did to Press TV. Washington simply wants to shut up RT. Lark’s message to RT is: self-censure.

In my opinion, RT already understates in its coverage and reporting as does Al Jazeera. Both news organizations understand that they cannot be too forthright, at least not too often or on too many occasions.

I have often wondered why the Russian government allows 20 percent of the Russian media to function as Washington’s fifth column inside Russia. I suspect the reason is that by tolerating Washington’s blatant propaganda inside Russia, the Russian government hopes that some factual news can be reported in the US via RT and other Russian news organizations.

These hopes, like other Russian hopes about the West, are likely to be disappointed in the end. If RT is closed down or assimilated into the Western presstitute media, nothing will be said about it, but if the Russian government closes down Washington’s agents, blatant liars all, in the Russian media, we will hear forever about the evil Russians suppressing “free speech.” Remember, the only allowable “free speech” is Washington’s propaganda.

Only time will tell whether RT decides to be closed down for telling the truth or whether it adds its voice to Washington’s propaganda.

The other item in the interview was the downgrading of Russian credit to junk status.

Standard and Poor’s downgrade is, without any doubt, a political act. It proves what we already know, and that is that the American rating firms are corrupt political operations. Remember the Investment Grade rating the American rating agencies gave to obvious subprime junk? These rating agencies are paid by Wall Street, and like Wall Street they serve the US government.

A look at the facts serves to establish the political nature of the ruling. Don’t expect the corrupt US financial press to look at the facts. But right now, we will look at the facts.

Indeed, we will put the facts in context with the US debt situation.

According to the debt clocks available online, the Russian national debt as a percentage of Russian GDP is 11 percent. The American national debt as a percentage of US GDP is 105 percent, about ten times higher. My coauthors, Dave Kranzler, John Williams, and I have shown that when measured correctly, the US debt as a percent of GDP is much higher than the official figure.

The Russian national debt per capita is $1,645. The US national debt per capita is
$56,952.

The size of Russia’s national debt is $235 billion, less than one quarter of a trillion. The size of the US national debt is $18 trillion, 76.6 times larger than the Russian debt.

Putting this in perspective: according to the debt clocks, US GDP is $17.3 trillion and Russian GDP is $2.1 trillion. So, US GDP is 8 times greater than Russian GDP, but US national debt is 76.6 times greater than Russia’s debt.

Putting this in perspective: according to the debt clocks, US GDP is $17.3 trillion and Russian GDP is $2.1 trillion. So, US GDP is 8 times greater than Russian GDP, but US national debt is 76.6 times greater than Russia’s debt.

Clearly, it is the US credit rating that should have been downgraded to junk status. But this cannot happen. Any US credit rating agency that told the truth would be closed and prosecuted. It wouldn’t matter what the absurd charges are. The rating agencies would be guilty of being anti-american, terrorist organizations like RT, etc. and so on, and they know it. Never expect any truth from any Wall Street denizen. They lie for a living.

According to this site: http://people.howstuffworks.com/5-united-states-debt-holders.htm#page=4 the US owes Russia as of January 2013 $162.9 billion. As the Russian national debt is $235 billion, 69 percent of the Russian national debt is covered by US debt obligations to Russia.

If this is a Russian Crisis, I am Alexander the Great.

As Russia has enough US dollar holdings to redeem its entire national debt and have a couple hundred billion dollars left, what is Russia’s problem?

One of Russia’s problems is its central bank. For the most part, Russian economists are the same neoliberal incompetents that exist in the Western world. The Russian economists are enamored of their contacts with the “superior” West and with the prestige that they image these contacts give them. As long as the Russian economists agree with the Western ones, they get invited to conferences abroad. These Russian economists are de facto American agents whether they realize it or not.

Currently, the Russian central bank is squandering the large Russian holdings of foreign reserves in support of the Western attack on the ruble. This is a fools’ game that no central bank should play. The Russian central bank should remember, or learn if it does not know, Soros’ attack on the Bank of England.

Russian foreign reserves should be used to retire the outstanding national debt, thus making Russia the only country in the world without a national debt. The remaining dollars should be dumped in coordinated actions with China to destroy the dollar, the power basis of American Imperialism.

Alternatively, the Russian government should announce that its reply to the economic warfare being conducted against Russia by the government in Washington and Wall Street rating agencies is default on its loans to Western creditors. Russia has nothing to lose as Russia is already cut off from Western credit by US sanctions. Russian default would cause consternation and crisis in the European banking system, which is exactly what Russia wants in order to break up Europe’s support of US sanctions.

In my opinion, the neoliberal economists who control Russian economic policy are a much greater threat to the sovereignty of Russia than economic sanctions and US missile bases. To survive Washington, Russia desperately needs people who are not romantic about the West.

To dramatize the situation, if President Putin will grant me Russian citizenship and allow me to appoint Michael Hudson and Nomi Prins as my deputies, I will take over the operation of the Russian central bank and put the West out of operation.

But that would require Russia taking risks associated with victory. The Atlanticist Integrationists inside the Russian government want victory for the West, not for Russia. A country imbued with treason inside the government itself has reduced chance against Washington, a determined player.

Another fifth column operating against Russia from within are the US and German funded NGOs. These American agents masquerade as “human rights organizations,” as “women’s rights organizations,” as “democracy organizations,” and whatever other cant titles that serve in a politically correct age and are unchallengeable.

Yet another threat to Russia comes from the percentage of the Russian youth who lust for the depraved culture of the West. Sexual license, pornography, drugs, self-absorption. These are the West’s cultural offerings. And, of course, killing Muslims.

If Russians want to kill people for the fun of it and to solidify US hegemony over themselves and the world, they should support “Atlanticist integration” and turn their backs on Russian nationalism. Why be Russian if you can be American serfs?

What better result for the American neoconservatives than to have Russia support Washington’s hegemony over the world? That is what the neoliberal Russian economists and the “European Integrationists” support. These Russians are willing to be American serfs in order to be part of the West and to be paid well for their treason.

As I was interviewed about these developments by RT, the news anchor kept trying to confront Washington’s charges with the facts. It is astonishing that the Russian journalists do not understand that facts have nothing to do with it. The Russian journalists, those independent of American bribes, think that facts matter in the disputes about Russian actions. They think that the assaults on civilians by the American supported Ukrainian Nazis is a fact. But, of course no such fact exists in the Western media. In the Western media the Russians, and only the Russians, are responsible for violence in Ukraine.

Washington’s story line is that it is the evil Putin’s intent on restoring the Soviet Empire that is the cause of the conflict. This media line in the West has no relationship to any facts.

Washington’s story line is that it is the evil Putin’s intent on restoring the Soviet Empire that is the cause of the conflict. This media line in the West has no relationship to any facts.

In my opinion, Russia is in grave danger. Russians are relying on facts, and Washington is relying on propaganda. For Washington, facts are not relevant. Russian voices are small compared to Western voices.

The lack of a Russian voice is due to Russia itself. Russia accepted living in a world controlled by US financial, legal, and telecommunication services. Living in this wold means that the only voice is Washington’s.

Why Russia agreed to this strategic disadvantage is a mystery. But as a result of this strategic mistake, Russia is at a disadvantage.

Considering the inroads that Washington has into the Russian government itself, the economically powerful oligarchs and state employees with Western connections, as well as into the Russian media and Russian youth, with the hundreds of American and German financed NGOs that can put Russians into the streets to protest any defense of Russia, Russia’s future as a sovereign country is in doubt.

The American neoconservatives are relentless. Their Russian opponent is weakened by the success inside Russia of Western cold war propaganda that portrays the US as the savior and future of mankind.

The darkness from Sauron America continues to spread over the world.

Paul Craig Roberts was Assistant Secretary of the Treasury for Economic Policy and associate editor of the Wall Street Journal. He was columnist for Business Week, Scripps Howard News Service, and Creators Syndicate. He has had many university appointments. His internet columns have attracted a worldwide following. His latest book, The Failure of Laissez Faire Capitalism and Economic Dissolution of the West is now available.

Uncle Wally
27-01-2015, 21:14
Sorry RL but I hope you can take some truth.

Russian Lad
27-01-2015, 21:19
Sorry RL but I hope you can take some truth.
__________________

This Russia is a victim line, blah-blah-blah, it is lame and facts are against it. I analize only facts. The CB is bad? Maybe. Make it good. But don't first accept a game and then begin shredding it in the middle of playing. Offer your own game. Peacefully. I am not seeing this, I am seeing blind revanchism belonging to the previous millenium.
China is doing much better in this respect.
You are not seeing what I see because you are blinded by the hate to the US. You are not in a position to be an objective observer. The US has many flaws and I don't like a lot there, I would want to correct many things. But not with these methods. They will backfire. They are neither noble, nor effective, long-term.

Uncle Wally
27-01-2015, 21:33
This Russia is a victim line, blah-blah-blah, it is lame and facts are against it. I analize only facts. The CB is bad? Maybe. Make it good. But don't first accept a game and then begin shredding it in the middle of playing. Offer your own game. Peacefully. I am not seeing this, I am seeing blind revanchism belonging to the previous millenium.
China is doing much better in this respect.
You are not seeing what I see because you are blinded by the hate to the US. You are not in a position to be an objective observer. The US has many flaws and I don't like a lot there, I would want to correct many things. But not with these methods. They will backfire. They are neither noble, nor effective, long-term.



Read it again. You don't have "fact" all you have is lies. You are so much against Russia that you cannot see the truth any more. Russia should do just as the good Dr ordered. Pay off all state debt, dump all dollars. Then no more problems.

Russian Lad
27-01-2015, 21:36
I am not against Russia as a country at all.


Pay off all state debt, dump all dollars. Then no more problems.

Read a few books on economics, then we can talk. I don't mind dumping the dollars, but it would be nice to know the alternatives and the ways of implementation. Economics and finances, especially on the global scale - it is a very complicated subject.
Even with dollars, they have had many years when oil was 100+ dollars per barrel, Russia could be a prospering country now, with its own robust and diversified industry, cutting-edge science and a prospering agricultural sector. Instead of messing with Ukraine, they could be building the South Stream now (instead of risking losing a big chunk of the European market), without any sanctions in place. So, it is not _only_ about the US and the dollar, like you think. It is about the vector of movement with the dollars, as it is now. It is going nowhere nice.

Uncle Wally
27-01-2015, 21:47
I am not against Russia as a country at all.



Read a few books on economics, then we can talk. I don't mind dumping the dollars, but it would be nice to know the alternatives and the ways of implementation. Economics and finances, especially on the global scale - it is a very complicated subject.

I am glad to hear you say that you are not against Russia!

And this guy knows economics very well. We are fed lies by bankers and wall street, a bunch of mumbo jumbo to make us think it's all a little to complicated for us. It's not.

Uncle Wally
28-01-2015, 07:05
No snappy answers Carl. Where is Armored with his pearls of economic wisdom? AstarD no spiteful hate fill comments? Alan65? Maybe Agent Smith?

America is a beggar dressed in a three piece suit that you paid for. Don't be fooled.

Armoured
28-01-2015, 08:19
To dramatize the situation, if President Putin will grant me Russian citizenship and allow me to appoint Michael Hudson and Nomi Prins as my deputies, I will take over the operation of the Russian central bank and put the West out of operation.

If the US could somehow find a way to get this loon appointed ot a position of importance in Russia, it would be brilliant - far more effective than any sanctions the West could come up with.

Wally, finding someone on the internet who agrees with you is not difficult. Find someone who makes sense.

or if you're bored, google "Paul Craig Roberts world's worst economist."

Such is the company you keep.

Agent Smith
28-01-2015, 08:53
Maybe Agent Smith?

i cannot comment. I stopped reading after RT was called an honest news source.

Judge
28-01-2015, 09:18
If the US could somehow find a way to get this loon appointed ot a position of importance in Russia, it would be brilliant - far more effective than any sanctions the West could come up with.

Wally, finding someone on the internet who agrees with you is not difficult. Find someone who makes sense.

or if you're bored, google "Paul Craig Roberts world's worst economist."

Such is the company you keep.

First time I have heard of this guy,but it seems he wasn't always a "loon" ( he probably isn't one now).....nothing comes up under "worst " but he is a well known economists, worked with
Reagan, from wiki ,co-founder of " Reaganomics " ,I don't know,but some say they were good times for America........
Roberts kept company of people in high places....

From early 1981 to January 1982, Roberts served as Assistant Secretary of the Treasury for Economic Policy. President Ronald Reagan and Treasury Secretary Donald Regan credited him with a major role in the Economic Recovery Tax Act of 1981, and he was awarded the Treasury Department's Meritorious Service Award for "outstanding contributions to the formulation of United States economic policy."[3]
More from wiki, the French thought highly Roberts. .


In 1987 the French government recognized him as "the artisan of a renewal in economic science and policy after half a century of state interventionism"; it inducted him into the Legion of Honoron March 20, 1987. The French Minister of Economics and Finance, Edouard Balladur, came to the US from France to present the medal to Roberts. President Reagan sent OMB Director Jim Miller to the ceremony with a letter of congratulation.[3]



Anyways, I was bored, reading about this guy killed some time...

Uncle Wally
28-01-2015, 13:10
i cannot comment. I stopped reading after RT was called an honest news source.



You are really bad. Your mind is just closed down and can not think for itself any more.

Uncle Wally
28-01-2015, 13:16
If the US could somehow find a way to get this loon appointed ot a position of importance in Russia, it would be brilliant - far more effective than any sanctions the West could come up with.

Wally, finding someone on the internet who agrees with you is not difficult. Find someone who makes sense.

or if you're bored, google "Paul Craig Roberts world's worst economist."

Such is the company you keep.



Loon huh? Is that what anyone who dare speak the truth is?

He work for Business Week and as an editor for the Wall Street Journal......


But of course you know better. And what have you done in your life? I'm guessing not half as much as he did so you call him a "loon" but can't find a good argument against what he said so you go to name calling.

Uncle Wally
28-01-2015, 13:20
First time I have heard of this guy,but it seems he wasn't always a "loon" ( he probably isn't one now).....nothing comes up under "worst " but he is a well known economists, worked with
Reagan, from wiki ,co-founder of " Reaganomics " ,I don't know,but some say they were good times for America........
Roberts kept company of people in high places....

From early 1981 to January 1982, Roberts served as Assistant Secretary of the Treasury for Economic Policy. President Ronald Reagan and Treasury Secretary Donald Regan credited him with a major role in the Economic Recovery Tax Act of 1981, and he was awarded the Treasury Department's Meritorious Service Award for "outstanding contributions to the formulation of United States economic policy."[3]
More from wiki, the French thought highly Roberts. .


In 1987 the French government recognized him as "the artisan of a renewal in economic science and policy after half a century of state interventionism"; it inducted him into the Legion of Honoron March 20, 1987. The French Minister of Economics and Finance, Edouard Balladur, came to the US from France to present the medal to Roberts. President Reagan sent OMB Director Jim Miller to the ceremony with a letter of congratulation.[3]



Anyways, I was bored, reading about this guy killed some time...



This guy has been speaking out for sometime now. It would be hard to believe that certain people want to try to discredit him. Good luck with that.

Uncle Wally
28-01-2015, 13:33
Anybody else want to try and explain why a country with so little debt gets a junk bond rating while a country massively in debt and can only add more to survive doesn't?

Armoured
28-01-2015, 13:46
Anybody else want to try and explain why a country with so little debt gets a junk bond rating while a country massively in debt and can only add more to survive doesn't?

Sure. And should make it easily clear to anyone why this guy doesn't know what he's talking about.

US: virtually all US debt, domestic and external, is denominated in US dollars. Which the government can print at any time. Also, government is paying a tiny amount on debt, and is running a surplus. While there are structural issues with any economy, US economy is not dependent on any single industry or commodity, and becomes instantly more competitive any time the dollar goes down in value. US government is fairly effective at collecting taxes and can raise taxes when needed to get extra revenue. (Or conversely cut spending if truly needed). Few state-owned enterprises for which government is responsible as % of GDP.

So: it is technically impossible (unless it chooses deliberately to do so) for US government to default on debt, it can afford the debt it has, and has few issues raising funds in future.

Russia: significant debt in foreign currency. Rates are high. Domestic market not large enough to absorb. Enormous contingent liabilities (state-owned enterprises, banks). Massively dependent on commodities. Massively dependent on imported food. Track record of poor tax collection (except on commodities). Has the distinction of being one of only sovereign states _in history_ to default on debt in own currency. Currently fighting a proxy war and subject to international sanctions.

The main point - the bit that US debt is in own currency, Russia's foreign debt in foreign currency - is so simple and obvious that it is basically proof on its own that Roberts is a loon.

Uncle Wally
28-01-2015, 16:37
Sure. And should make it easily clear to anyone why this guy doesn't know what he's talking about.

US: virtually all US debt, domestic and external, is denominated in US dollars. Which the government can print at any time. Also, government is paying a tiny amount on debt, and is running a surplus. While there are structural issues with any economy, US economy is not dependent on any single industry or commodity, and becomes instantly more competitive any time the dollar goes down in value. US government is fairly effective at collecting taxes and can raise taxes when needed to get extra revenue. (Or conversely cut spending if truly needed). Few state-owned enterprises for which government is responsible as % of GDP.

So: it is technically impossible (unless it chooses deliberately to do so) for US government to default on debt, it can afford the debt it has, and has few issues raising funds in future.

Russia: significant debt in foreign currency. Rates are high. Domestic market not large enough to absorb. Enormous contingent liabilities (state-owned enterprises, banks). Massively dependent on commodities. Massively dependent on imported food. Track record of poor tax collection (except on commodities). Has the distinction of being one of only sovereign states _in history_ to default on debt in own currency. Currently fighting a proxy war and subject to international sanctions.

The main point - the bit that US debt is in own currency, Russia's foreign debt in foreign currency - is so simple and obvious that it is basically proof on its re that Roberts is a loon.

You don't know what you're talking about. The US is dependent on others to loan it money. Right now it uses threats to get what it needs. The main export of the US is death.

The US government did have the right to print dollars but they foolishly gave up that right to the FED. So any more printing of money only increases debt. Which in turn increases taxes but hey the US has new suckers born every minute right.

Because of the high debt and over printing of dollars no other countries will buy US debt. What are bonds prices at now? China stopped long ago, maybe Japan can help, nope no buyers there they have their own problem.


All you have shown here is you have no understanding of economics.

AstarD
28-01-2015, 16:41
All you have shown here is you have no understanding of economics.Shucks, Arm. Maybe it's time to start drumming nights and give up the day job.

Uncle Wally
28-01-2015, 16:46
Shucks, Arm. Maybe it's time to start drumming nights and give up the day job.



No I'm sure he would suck at that too Frau Smuggness.

Armoured
28-01-2015, 17:11
The US government did have the right to print dollars but they foolishly gave up that right to the FED. So any more printing of money only increases debt.

Sure. And the Fed can buy all that debt. And if it makes profits, it remits almost all of it to the government. So no issue whatsoever.


What are bonds prices at now?

US debt prices? At historic highs, meaning interest rates at historic lows. So when the foreigners stopped buying (if what you claim is true), it had ... no effect. Or at least, not the effect you are claiming.


All you have shown here is you have no understanding of economics.

Okay. What are those predictions you made again? Collapse of US dollar when?

bydand
28-01-2015, 17:13
US: virtually all US debt, domestic and external, is denominated in US dollars. Which the government can print at any time.

So if the US printed 16 trillion, or whatever it is now, to pay off their debt, the ruble might go back to 30 per dollar?

Armoured
28-01-2015, 17:28
So if the US printed 16 trillion, or whatever it is now, to pay off their debt, the ruble might go back to 30 per dollar?

I have no idea. A lot of unknowns in there. It might cause some inflation but in current environment, maybe not much.

Anyway, would be no need to do that. A lot of US debt is owed to e.g. US govt pension plans, social security, etc, who have no choice but to hold US govt debt.

If they had to have fed buy all foreign debt (i.e. 'China'), no big deal. Dollar might blip downward, US exports would explode.

Armoured
28-01-2015, 18:29
First time I have heard of this guy,but it seems he wasn't always a "loon" ( he probably isn't one now).....nothing comes up under "worst " but he is a well known economists, worked with
Reagan, from wiki ,co-founder of " Reaganomics " ,I don't know,but some say they were good times for America........

I was mistaken in my quote - the paper (of his own) that he references was referred to as the Stupidest Article Ever Published.

http://econbrowser.com/archives/2014/09/the-stupidest-paragraph-in-perhaps-the-stupidest-article-ever-written

The economic error in this article is profoundly, deeply stupid.

I won't comment on his public service - there are lots of other total loons that at one point made a bit of sense.

But Bruce Bartlett ( https://twitter.com/BruceBartlett ) is the real deal. He was Jack Kemp's chief of staff. And Kemp _was_ the man behind that tax deal.

Bartlett now has basically been kicked out of the GOP - well, as he puts it, "Lifelong conservative who now hates the GOP for pandering to morons, racists, religious kooks and ignoramuses."

Clearly he and other real economists think Roberts is a kook and ignoramus.

But anyway: like I said, a real economist should be able to see through the debt 'quandary' Roberts blathers on about in a second.

If anyone can find a Roberts piece published in a reputable economic journal in the last ten years, or even a citation of Roberts, I'd be flabbergasted.

Anyway, quoting Roberts as 'truth' is hysterical.

Uncle Wally
28-01-2015, 18:37
I have no idea. A lot of unknowns in there. It might cause some inflation but in current environment, maybe not much.

Anyway, would be no need to do that. A lot of US debt is owed to e.g. US govt pension plans, social security, etc, who have no choice but to hold US govt debt.

If they had to have fed buy all foreign debt (i.e. 'China'), no big deal. Dollar might blip downward, US exports would explode.


Might "blip" huh. The way you explain it America is in deep doo doo.

Uncle Wally
28-01-2015, 18:45
I was mistaken in my quote - the paper (of his own) that he references was referred to as the Stupidest Article Ever Published.

http://econbrowser.com/archives/2014/09/the-stupidest-paragraph-in-perhaps-the-stupidest-article-ever-written

The economic error in this article is profoundly, deeply stupid.

I won't comment on his public service - there are lots of other total loons that at one point made a bit of sense.

But Bruce Bartlett ( https://twitter.com/BruceBartlett ) is the real deal. He was Jack Kemp's chief of staff. And Kemp _was_ the man behind that tax deal.




Bartlett now has basically been kicked out of the GOP - well, as he puts it, "Lifelong conservative who now hates the GOP for pandering to morons, racists, religious kooks and ignoramuses."

Clearly he and other real economists think Roberts is a kook and ignoramus.

But anyway: like I said, a real economist should be able to see through the debt 'quandary' Roberts blathers on about in a second.

If anyone can find a Roberts piece published in a reputable economic journal in the last ten years, or even a citation of Roberts, I'd be flabbergasted.

Anyway, quoting Roberts as 'truth' is hysterical.



Dr Roberts has been demonize for telling the truth like anybody else who does. By "reputable" I take it you mean any who are owned by the same people who run this scam.

ezik
28-01-2015, 21:22
So, Uncle Wally, if I read your first post, it seems YOU were interviewed? Please post a link.

Uncle Wally
28-01-2015, 22:16
So, Uncle Wally, if I read your first post, it seems YOU were interviewed? Please post a link.



No not lately. I might be on TV soon channel 1 but that's just a silly show "Let's get married.

quincy
29-01-2015, 00:42
No snappy answers Carl. Where is Armored with his pearls of economic wisdom? AstarD no spiteful hate fill comments? Alan65? Maybe Agent Smith?

America is a beggar dressed in a three piece suit that you paid for. Don't be fooled.

America's survival depended on printing cash worth several trillion dollars, the biggest QE in history. Now we have QE in the Eurozone to keep stock prices artificially high. What next?

quincy
29-01-2015, 02:08
China stopped long ago, maybe Japan can help, nope no buyers there they have their own problem.


.

China appears to be slowly reducing the quantity of US Treasury Bonds it holds. China, Japan, the Sunni dictatorships in the Gulf and Russia appear to be the main holders of US Bonds

Agent Smith
29-01-2015, 08:50
You are really bad. Your mind is just closed down and can not think for itself any more.

you do not even know my views and i am really bad and cant think? because i know someone who had a son who died at sandy hook? i have a closed mind because i refuse to read an article where RT that was openly created as a propaganda tool is called honest?

i do not think you are bad. i think you are very sad lonely and distrubed.

Armoured
29-01-2015, 10:35
Might "blip" huh. The way you explain it America is in deep doo doo.

I think you are having trouble reading text. I was pretty clear I don't see it as an issue.

The dangerous parts of it are not US-related. Let's say the US 'pays back' China (which from a US perspective is no big deal, it's exchanging US interest-bearing treasuries for zero-interest US 'electronic cash'. Would take the fed about 30 seconds to do this transaction.) And let's say China has decided it will 'spend' those US dollars. Ballpark $4 trillion.

But reserves are very, very hard to send in this way if you have a lot of them.

It has to exchange those dollars for something. Yuan? Creates domestic inflation OR pushes yuan up. Rubles? Don't make me laugh. Euros? The Europeans will scream, would push Euro up too far. Yen? Same problem. Real property in the US? US stocks? Great for US. Maybe they could use it to buy Kuwait or Siberia or something.

More importantly, it would effectively destroy the core part of the Chinese monetary regime - keeping the yuan down to push exports and keep chinese unemployment low.

So basically everyone in the world would be having issues _except_ for the US. They'd be exporting like crazy while everyone else fought over who takes the hit.

US would probably not like it though - too destabilizing for the rest of the world. Fine domestically, massively disruptive for the rest of the world.

So China is basically stuck trying to run down their US reserves slowly, which is fine for the US.

[Anyone wants background, look up Michael Pettis' blog and articles on reserves.]

quincy
29-01-2015, 10:44
It has to exchange those dollars for something. Yuan? Creates domestic inflation OR pushes yuan up.

according to published data it is lowering its US Bond holdings slowly, to manage that transition

Armoured
29-01-2015, 10:58
according to published data it is lowering its US Bond holdings slowly, to manage that transition

Yes. And with no appreciable negative impact on USD or US economy.

Uncle Wally
29-01-2015, 11:06
Yes. And with no appreciable negative impact on USD or US economy.



That's because they're doing it slowly. What's the prices of bonds these days? How's the stock market doing? How's the price gold?

Armoured
29-01-2015, 11:15
That's because they're doing it slowly. What's the prices of bonds these days? How's the stock market doing? How's the price gold?

Use The Google, young jedi.

Anyway, already provided many times: US govt bonds - historic highs. Stock market: close to historic highs.

Gold? Who cares? But long-term returns from gold have been/are pretty bad. You keep predicting gold doing something or other, and it keeps not happening.

Uncle Wally
29-01-2015, 11:23
Use The Google, young jedi.

Anyway, already provided many times: US govt bonds - historic highs. Stock market: close to historic highs.

Gold? Who cares? But long-term returns from gold have been/are pretty bad. You keep predicting gold doing something or other, and it keeps not happening.


Gold is up against all currency's except the dollar 1300 or close to that. Russia is now buying more gold than before and it selling very well in Asian markets. The stock markets are down 17,191 or something we could see 16 by next week bonds still very low and the FED will soon announce QE4.

Armoured
29-01-2015, 11:33
Gold is up against all currency's except the dollar 1300 or close to that. Russia is now buying more gold than before and it selling very well in Asian markets. The stock markets are down 17,191 or something we could see 16 by next week bonds still very low and the FED will soon announce QE4.

I don't worry much about short-term movements.

Dow up >7000 in five years (70%), ~1000 in one year (16%), gold flat over one year, up ~14% in five years.

US govt one-year debt paying an enormous 0.15%. Basically US govt is borrowing money for free.

Uncle Wally
29-01-2015, 11:59
I don't worry much about short-term movements.

Dow up >7000 in five years (70%), ~1000 in one year (16%), gold flat over one year, up ~14% in five years.

US govt one-year debt paying an enormous 0.15%. Basically US govt is borrowing money for free.



They never had to borrow it that's the scam.

Gold maybe up only a little now in dollars but it's doing much better in euros.

Armoured
29-01-2015, 12:07
Gold maybe up only a little now in dollars but it's doing much better in euros.

Doing absolutely _fabulous_ in rubles, too.

Armoured
29-01-2015, 14:37
Another source on what US debt to China means:

The budget deficit actually does not mean that we have to borrow from countries like China. We have to borrow from countries like China because we run a trade deficit. This in turn is the result of an over-valued dollar. The over-valuation of the dollar is the result of countries like China buying up large amounts of U.S. assets, including U.S. government debt. (This is how they "manipulate" their currency.)

If countries like China stopped buying U.S. debt and other dollar denominated assets then the value of the dollar would fall and we would move towards balanced trade. This would increase employment and also, by the way, reduce our budget deficit.

http://www.cepr.net/index.php/blogs/beat-the-press/more-debt-fetishism-at-the-washington-post?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+beat_the_press+%28Beat+the+Press%29

So, debt to China not an issue.

And he expresses well: US govt doesn't owe money to China because US government is borrowing from China. China is buying US dollars and government debt because China wants to run a massive trade surplus.

Uncle Wally
29-01-2015, 15:07
Another source on what US debt to China means:


http://www.cepr.net/index.php/blogs/beat-the-press/more-debt-fetishism-at-the-washington-post?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+beat_the_press+%28Beat+the+Press%29

So, debt to China not an issue.

And he expresses well: US govt doesn't owe money to China because US government is borrowing from China. China is buying US dollars and government debt because China wants to run a massive trade surplus.




It couldn't be that everything is made in China and America has been at war for the last 14 years. Oh no!

But the huge debt is and issue with Americans that's why they want to cut food stamps, healthcare and other government programs. If bonds go back up just the interest will be trillions. You forget sequestering?

Armoured
29-01-2015, 15:32
It couldn't be that everything is made in China and America has been at war for the last 14 years. Oh no!

US imports as % of GDP: 17%.
China: 24%.
Russia: 22%.

No big issue there.

http://data.worldbank.org/indicator/NE.IMP.GNFS.ZS/countries


But the huge debt is and issue with Americans that's why they want to cut food stamps, healthcare and other government programs. If bonds go back up just the interest will be trillions. You forget sequestering?

That's a fight between GOP and Democrats about cutting or raising taxes. Since US taxes as % of GDP are relatively low, they have room to do either.

As for interest rates going up, the usual types have been predicting this for years, and it keeps not happening. Like your gold predictions.

Basically the only reason US interest rates would go up is if the economy improves a lot - which would also increase government revenues.

Once again, there's no there there.

AstarD
29-01-2015, 15:34
WillyWally, you should stick to your night job.

Uncle Wally
29-01-2015, 16:12
U
US imports as % of GDP: 17%.
China: 24%.
Russia: 22%.

No big issue there.

http://data.worldbank.org/indicator/NE.IMP.GNFS.ZS/countries



That's a fight between GOP and Democrats about cutting or raising taxes. Since US taxes as % of GDP are relatively low, they have room to do either.

As for interest rates going up, the usual types have been predicting this for years, and it keeps not happening. Like your gold predictions.

Basically the only reason US interest rates would go up is if the economy improves a lot - which would also increase government revenues.

Once again, there's no there there.



My gold prediction was off by a month but it did go to $1300.

FatAndy
29-01-2015, 16:16
Wally, yellow card... keep borders... be kind to ladies...

Uncle Wally
29-01-2015, 20:59
Wally, yellow card... keep borders... be kind to ladies...



A lady wouldn't talk or act like that, it's a troll.

Carl
29-01-2015, 22:14
Wally, yellow card... keep borders... be kind to ladies...

How many yellow cards does he get?

Nobbynumbnuts
29-01-2015, 22:36
How many yellow cards does he get?

Admins will be cutting up Daz boxes soon to relieve the shortage! ;)

Uncle Wally
29-01-2015, 22:44
How many yellow cards does he get?



Yellow card have a time limit once the time is up your good to go.

Go for it dude!