As we near the Iowa Straw Poll and another GOP debate after the somewhat disappointing announcements (for many) of the first 9 members of the Super Congress Committee by Reid (whose 3 nominees equal 83-yrs in Congress), McConnell, and Boehner.. Just waiting on Pelosi; Europe is burning as they ask us what our plan is; and people like Judge Andrew Napolitano, political commentator/author Mark Steyn and respected blogs like the American thinker are saying things like:
Steyn:
The government is losing well over $1 trillion annually. This is a classic ponzi scheme.
I think 1768, where the French government was using 60% of their annual revenue just to service their debt - and, he said, you know how that worked out.
The Emperor has no clothes…
That’s right, we’ve finally heard someone on television point out the nude emperor of U.S. Treasuries! Perhaps a few, maybe a dozen, of those clueless people who just want to “get the guy from their party elected” will start to realize (light breaking through clouds, cue music) that the Federal government IS LIVING WEEK TO WEEK - IT HAS NO CASH OTHER THAN WHAT IT RECEIVES. And it needs 50% more than it receives, so it borrows that. With no intention of EVER paying back the principal !!!!!!!
Video: America is over-invested in delusions!
Judge Napolitano:
…previously very ably described how we certainly need a return to free markets and an end to government meddling in markets.
American Thinker:
The urgency of reversing this index cannot be overstated; the United States is firmly on the path of becoming the most massive economic and financial failure in the history of mankind.
Thursday night might be the night for the GOP candidates participating in this straw poll and debate to make their mark or be counted out. And this crisis may be the mark for those still debating on their decision including Rick Perry, Sarah Palin, John Bolton and even some who keep saying they aren’t running like Chris Christy and Paul Ryan (who was not chosen by Boehner for a Super Congress seat) to throw their hat(s) in the ring?
Yesterday Bernanke caused the Wall Street to rally by announcing that ‘since the economy will be sluggish, under statement of the Century, for the next two years the Feds will (artificially) keep interest rates low. Well that worked well… not!! They were back down by 519.36 last I heard.
We are beginning to see a domino effect!
· Stocks sink as Europe fears return
Wednesday, August 10, 2011 11:11:26 AM · by AAABEST · 16 replies - Cnn Money ^ | August 10, 2011 | By Hibah Yousuf
NEW YORK (CNNMoney) -- U.S. stocks fell sharply in early trading Wednesday, following the previous session's huge rally, as fears about Europe's ongoing debt crisis resurfaced. The Dow Jones industrial average (INDU) dropped 325 points, or 2.9%. The index fell as much as 446 points, which exceeded the gain in Tuesday's massive advance. [SNIP] On Wednesday, shares of French bank Societe Generale, or SocGen, tumbled almost 20% on the Paris stock exchange amid speculation that France may be first to face a rating cut. [SNIP] The major indexes have been swinging between massive gains and losses during trading, and ending...
· Sarkozy gives ministers debt deadline
Wednesday, August 10, 2011 11:03:29 AM · by Oldeconomybuyer · 3 replies - Financial Times ^ | August 10, 2011 | By Peggy Hollinger in Paris
Nicolas Sarkozy, the French president, has given his finance and budget ministers one week to come up with new measures to cut France’s crippling debt burden as concerns mount over prospects for growth and the country’s ability to meet its deficit reduction targets. On Wednesday Mr Sarkozy summoned members of his government back from holiday for an emergency meeting on the current financial turmoil. In a statement after the two hour meeting in the Elysee Palace in Paris, Mr Sarkozy said France’s pledge to reduce the budget deficit from last year’s 7.1 per cent to 3 per cent by 2013...
· Run On Societie Generale Begins? Bank Down 17% On Rumors It Is On The Verge (Is France Next?)
Wednesday, August 10, 2011 11:31:20 AM · by SeekAndFind - Zero Hedge ^ | 08/10/2011 | Tyler Durden
Update: SOCGEN NOT IMMEDIATELY AVAILABLE FOR COMMENT: RTRS.Following earlier news that French CDS hit a record high on a rumor of an imminent French downgrade, the bloodbath in financials, first started in Italy, with 3 consecutive halts in Intesa causing endless headaches for Italin investors, the red tide has now shifted over to France, where SocGen, three years after fooling the Chairsatan that the world was ending and pushing him to cut rates by an unprecedented 0.75% on what was a trader error, now succeeded in getting the chairsatan to extend ZIRP for two years... And still that is...
· Goldman Sachs Goes Short The US Dollar On QE3
Wednesday, August 10, 2011 11:18:29 AM · by SeekAndFind · 1 replies - Zero Hedge ^ | 08/10/2011 | Tyler Durden
Yesterday Goldman finally made it clear that Bill Dudley's marching orders are given: QE3 or no soup for you. Well, it didn't take long for the order from top to hit Goldman's FX desk, which has just issued this logical note: "Going short the USD on additional Fed easing." Odd, no easing has yet been announced, and according to so many none will come. But Goldman said so. So it must be. From Thomas Stolper: We have long argued that structural imbalances in the US will lead to more Dollar weakness. There are two main transmission channels: First, the current...
· European financial crisis: Germany shows signs of slowdown (The Euro's savior might need saving)
Wednesday, August 10, 2011 11:07:13 AM · by SeekAndFind · 3 replies - Washington Post ^ | 08/10/2011 | Suzy Khimm
Germany’s robust economy is showing signs of a slowdown, raising fears that the linchpin holding together Europe’s fragile financial health could be weakening. On Tuesday, the country revealed that its exports in June rose by only 3.1 percent, compared with a 20.1 percent increase in May, marking the smallest increase in 16 months. A few days earlier, an index of German manufacturing activity dropped from 54.6 in June to 52 in July — the lowest level since October 2009, marking the third consecutive month of declines. “The fact that [the German economy is] showing signs of faltering and sources of...
· Sen. Paul pushes for vote of no confidence in Geithner
Wednesday, August 10, 2011 9:29:59 AM · by caroline2005nc · 5 replies - The Daily Caller ^ | August 10, 2012 | Matthew Boyle
Kentucky Republican Sen. Rand Paul announced early Wednesday morning that he plans to push the Senate to hold a vote of no confidence in Treasury Secretary Tim Geithner. Unlike in the United Kingdom’s Parliament, where a no confidence vote would remove him, a U.S. Senate vote of no confidence would be a symbolic measure that sends a signal to the president. “The stock market gave a vote of no confidence to Timothy Geithner yesterday and for the past 11 days,” Paul said in a statement. “Geithner has shown no acumen in predicting, diagnosing, or treating America’s economic woes. The time...
Video: Cong Ron Paul: “This is Probably A Bigger Problem Than the World has Ever Face Before
Rome is Burning… and our Emperor is going on vacation (Martha’s Vineyard) and asking for more stimulus money after our credit rating downgrade. His wife went on a previously unannounced vacation in Oregon instead of greeting the families and remains of fallen Seal Team 6, and Obama and his party are blaming the tea party (made up of Main Street Americans who probably prevented us from being downgraded to a BBB instead of just AA+) for their blunders and over-spending and too many of We the People are still buying it. The reality is that Obama has done his job well… The USA Is All But Destroyed
--> Time to take another look at the Beck’s Timeline for the fall of the dollar <-- We may be closer than we thought?!?
America is dying for leadership. If we don’t get it, the America we know will just die.
Ask Marion~ - h/t to Jean Stoner & Tolline Enger
Don’t forget to tune in to Fox News Channel on Thursday 8.11.11 at 9p ET as Bret Baier moderates the Iowa GOP debate.
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