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Will Bernanke Buy An Obama Victory?

June 20, 2012 by  

Will Bernanke Buy An Obama Victory?
PHOTOS.COM
The Federal Reserve may launch a third round of quantitative easing.

The economy could not be collapsing at a worse time for President Barack Obama. With the vote coming in less than five months, stock markets are being whipsawed, unemployment is rising and the credit meltdown in Europe could wreak havoc on the world’s economies. But Obama has a powerful ally in the Federal Reserve. The central bank is set to launch a third round of quantitative easing (QE3) to keep interest rates artificially low and perhaps rescue his Presidency.

Fed fixing will certainly bleed the value of the greenback over the long term, but it just might give the economy enough lift to give Obama a second term.

Quantitative easing is when the Federal Reserve steps in to buy U.S. Treasury debt at weekly auctions during periods when individual investors and foreign nations are no longer keen to take on more of Uncle Sam’s IOUs.

Quantitative easing was rare before the economic crisis of 2008. That was when the Fed decided it had to pull out all stops to reflate an economy that really needed the excesses squeezed out of it.

When I started writing about such things in 1981, the primary buyers of U.S. Treasuries were American individuals and corporations. By the late 1990s, countries, particularly China and Japan, started buying Treasury bills, notes and bonds.

In more recent years, individuals, companies and foreign powers were no longer so willing to buy Treasuries. Still, the Federal government had to finance its spending sprees.

The Fed has been bankrolling Obama. Since his Presidency began in January 2009, the Federal Reserve’s holdings of U.S. government debt have quintupled. The Fed’s official numbers show that Treasury holdings have risen 452 percent in the past 3.5 years.

When Obama moved into the Oval Office the Fed owned just over $300 billion in U.S. Treasury securities. The latest data indicate the Fed owns 5.5 times more in U.S. Treasury securities, or $1.668 trillion. With Federal Reserve Chairman Ben Bernanke mulling over a third round of Treasury purchases, the central bank may own $2 trillion in Federal debt by election time. That would be one hell of a summer kicker for the economy going into the November election, and it would boost Obama’s chances of winning.

Obama’s Legacy And The Law of Diminishing Returns

Total U.S. government debt has grown from $10.6 trillion when Obama took office to $15.8 trillion this month. That is an increase of $5.2 trillion in 41 months. That is more debt than the U.S. accumulated between 1977 and 2002. The biggest buyer, the Fed, has to date rescued Obama from being a worse President than Herbert Hoover.

Yet the Fed must understand the law of diminishing returns.  I learned it as an 18-year-old during in my first economics 201 lecture.

“Say you put in a tough day’s work,” said the professor.  “You get home and there in the fridge is a case of Coke. The first bottle is amazing because you are so thirsty. The second bottle is good, but not as good. The third bottle…”

It is no different for the Federal Reserve and its systematic program of bailing out the President through quantitative easing.

But would QE3 really be enough of an economic game changer to alter the current political dynamic? According to The Wall Street Journal, it cannot resurrect the economy:

The bulk of the accumulating evidence suggests that the Fed’s initiatives made financial conditions easier than they would otherwise be. …

But easing financial conditions isn’t an end in itself. “It [QE] had an effect on the Treasury market, but did it translate into output and employment?” asks Philadelphia Fed President Charles Plosser, a QE doubter.

Even some QE defenders see a problem, which is one reason unemployment remains so high. “The channels through which monetary policy stimulates the economy are weaker than normal right now,” New York Fed President William Dudley has said. Mortgage rates are way down, for instance, but it’s so hard for would-be home buyers or refinancers to get loans that the economic oomph is diluted. Interest rates are lower, but small-business owners find borrowing against home equity or credit cards tough. Similar issues plague the Bank of England.

Larry Summers, a Democrat, agrees about the ineffectiveness of the Fed’s Obama bailout policies and their lasting impact on the economy. According to Summers, President Bill Clinton’s treasury secretary, another round of quantitative easing may drive interest rates down temporarily but will not encourage borrowing by corporations or even individuals. If companies and people don’t borrow, jobs will not be created.

Agora Financial LLC’s Whiskey and Gunpowder was more direct in its assessment last week: “QE, … by Bernanke’s own admission, is a giant placebo: It is not true medication as it evidently does not address the economy’s fundamental ills, but a tool for nationwide mass hypnosis. It is a kind-of anti-depressant, a kind of monetary Prozac.”

In the end it means the Federal Reserve is buying more of Uncle Sam’s debt, which may rescue only one job: Obama’s.

Bernanke’s Bet

It is hard to know whether Bernanke and the regional presidents of the Fed will buy hundreds of billions of dollars’ worth of additional Treasury debt just to support Obama’s re-election or if they will do it out of fear that without this intervention America may fall off a cliff.

That conundrum brings me to my second memorable lesson in economics, one I learned from my late father. He said the power of the markets to deflate will always trump the power of governments and central banks to inflate. Given that tens of trillions of dollars were wiped out during the global stock market crash in 2008, I am convinced that he was correct.

The bottom line is that two things are happening simultaneously: The global depression that began four years ago is a sword still poised over all of our heads, and whatever fiddling the Fed does over the next few months will only delay the falling of that sword. In the end, all of the king’s horses and all of the king’s men will not put the dollar back together again.

Yours in good times and bad,

–John Myers
Editor, Myers’ Energy & Gold Report

John Myers

is editor of Myers’ Energy and Gold Report. The son of C.V. Myers, the original publisher of Oilweek Magazine, John has worked with two of the world’s largest investment publishers, Phillips and Agora. He was the original editor for Outstanding Investments and has more than 20 years experience as an investment writer. John is a graduate of the University of Calgary. He has worked for Prudential Securities in Spokane, Wash., as a registered investment advisor. His office location in Calgary, Alberta, is just minutes away from the headquarters of some of the biggest players in today’s energy markets. This gives him personal access to everyone from oil CEOs to roughnecks, where he learns secrets from oil insiders he passes on to his subscribers. Plus, during his years in Spokane he cultivated a network of relationships with mining insiders in Idaho, Oregon and Washington.

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  • GALT

    Yeah it must be a real pain sitting on all that gold…….wondering if anyone will sell you a loaf of bread for it. Still look on the bright side, think of all the more impending doom columns you can write and the prospect of 4 more years of “almost a Magic Negro” bashing you can do………and the WARS, don’t forget the WARS.

    • GALT

      Meanwhile on that taking the Constitution back thing,,,,,,,,,

      http://usa-the-republic.com/revenue/ucc%20connection.html

      • Vigilant

        GALT’s penchant for gratuitous insertion of subject matter over which he obsesses is entirely predictable. When the subject is economic systems, he talks about entropy and thermodynamics. When the subject is Federal Reserve quantitative easing, he talks about income tax, admiralty courts and common law.

        A word to GALT the Unwise: either get a prescription for psychotropic drugs, or stop abusing the ones you are on.

      • Steve E

        Vigilant, That’s what liberals do all the time. They all seem to do the run a round on a subject and think what they are saying is somehow, intelligent, and they think others will somehow grasp what they are saying. It’s really pretty sad.

      • PELICAN1001

        TO ALL CONGRESSMEN AND SENATORS

        WHEN YOU TOOK THE OATH OF OFFICE YOU SWORE THAT YOU WOULD UP HOLD THE CONSTITUTION AND DEFEND THE UNITED STATES. YOU HAVE NOT DONE YOU JOB

        I AM BEGINING TO THINK THAT NONE OF YOU HAVE A BACKBONE OR A SPINE.
        MOST OF YOU ARE SPINELESS FOLLOWERS WHO CANT THINK FOR THEMSELVES.

        WHY ARE YOU SELLING US DOWN THE RIVER. IT APPEARS TO ME THAT MOST OF YOU WOULD LIKE TO SEE ANOTHER NAZI GERMANY HERE IN THE US. WE WERE SUCH A GREAT COUNTRY UNTIL YOU PEOPLE TOOK STUPID PILLS AND ARE CARRYING US BACK IN TIME TO PRE WORLD WAR 2.

        WHY ARE ALL OF YOU ALLOWING OBAMA TO:

        ALL OF YOU CONGRESS MEN ALLOW OBAMA TO ILLEGALLY SIT IN OFFICE EVEN THOUGH HE IS NOT NOW OR NEVER WAS A US CITIZEN
        WHY DO YOU ALLOW OBAMA TO ABUSE THE EXECUTIVE ORDER (WHICH SHOULD ONLY BE USED FOR DIRE EMERGENCIES) NOT TO GET YOUR OWH WAY AND TURN THIS COUNTRY INTO A DICTATORSHIP AND ALL OF YOU CONGRESSMEN JUST SIT BACK AND ALLOW HIM TO DO WHATEVER HE PLEASES
        WHY ARENT YOU CONGRESSMEN FIGHTING MORE TO GET RID OF THE ABUSE OF ALL THESE ILLEGALS WHO ARE DRIVING THIS COUNTRY INTO FINANCIAL RUIN WITH THEIR DRAIN ON THE SYSTEM…..NO YOU JUST SIT BACK AND LET IT HAPPEN
        LETS GET RID OF THE DREAM ACT…..ANOTHER ITEM TO WHICH YOU JUST SIT BACK AND DO NOTHING
        WHY ARE YOU JUST STANDING BY AND ALLOWING VOTER FRAUD; DEAD PEOPLE VOTING; ILLEGALS VOTING; DOGS VOTING…..ONCE AGAIN YOU JUST SIT BACK AND DO NOTHING AND LET IT HAPPEN
        WHY…… WHEN 75% OF THE US CITIZENS DO NOT WANT OBAMACARE…..YOU JUST SIT BACK AND LET IT HAPPEN
        WHY ARENT YOU DOING ANY INVESTIGATION INTO THE WHITE HOUSE LEAKS……WHY IS THIS COUNTGRYS SAFETY PUT AT RISJ….AND YOU JUST SIT BACK AND DO NOTHING
        WHY ARENT YOU MAKING A GREATER EFFORT TO FORCE OBAMA TO GET SPENDING UNDER CONTROL…..NO YOU JUST SIT BACK AND LE OBAMA JUST PRINT UP SOME MORE MONEY….AND YOU AGAIN SIT BACK AND DO NOTHING
        WHY ARENT YOU FIGHTING THE UN AGENDA 21…..WHY ARE YOU SO WILLING TO LETS THE NUTS OF THE UN TAKE OVER THIS COUNTRY….YOU JUST SIT BACK AND DO NOTHING
        JUST IN CASE YOU DON’T KNOW IT…..WE HAVE THE FREEDOM OF SPEECH AND FREEDOM TO ASSEMBLE……WHY ARE YOU TRYING TO CURTAIL THE ACTIVITIES OF THE TEA PARTIES…..YET YOU ALLOWED THE OCCUPY WALLSTREETERS TO DEMONSTRAT E TO THE POING THAT PERSONAL SAFETY AND PROPERTY WAS AT RISK…..INTERFER WITH PEOPLE WHO WANTED TO GO TO WORK; SHOP; DRIVE OVER A BRIDGE; STOP TRAFFIC…..AND ONCE AGAIN YOU SAT BACK AND DID NOTHING

        LETS WAKE UP AND GET THIS COUNTRY BACK TO WHERE IT WAS BEFORE YOU ALLOWED IT TO BE DESTROYED
        WHEN YOU TOOK THE OATH OF OFFICE YOU SWORE THAT YOU WOULD UP HOLD THE CONSTITUTION AND DEFEND THE UNITED STATES. YOU HAVE NOT DONE YOU JOB

        IF YOU CANT DO YOUR JOBS YOU SHOULD GET OUT OF OFFICE AND LET SOMEONE WHO WILL FO THE JOB STEP UP TO THE PLATE.
        THE REPUBLICANS HAVE HAD THE EDGE IN THE HOUSE OF REPRESENTATIVES FOR ALMOST TWO YEARS AND YOU HAVE ACCOMPLISHED DIDDLY SQUAT YOU SHOULD ALL BE ASHAMED OF YOURSELVES. YOU HAVE NOT ACCOMPLISHED NOT OHNE THING OF IMPORTANTCE OR THAT WOULD MAKE A DEFFERENCE.

        IT APPEARS THAT ALL YOU ARE THERE FOR IS YOUR OWN EGOS. AND THAT IS NOT WHY YOU WERE SENT TO WASHINGTON.

        YOU WERE SENT THERE TO MAKE A DIFFERENCE

        PLEASE FEEL FREE TO COPY AND SEND TO YOUR CONGRESSMAN

      • GALT

        Still volunteering to pay those unconstitutional taxes, Vigilant…….showing up here on a daily basis to complain……when you can act…….but will make every excuse as to why you won’t?

        I don’t remember Noah being instructed to bring two of every imagined monetary commodity…….although considering the new money from money con, they may rewrite it?

        But let me help you with the proper label since you keep flailing away ………

        I am an ” i.e.P.L.F. ” while you are a ” w.i.A.L.F. ”

        In the “real universe” those are the only labels of consequence……..

      • Deerinwater

        Well Put Steve ! Ha ha ha! as Galt and I find one “end run” deserving most deserving another.

        and that is what this is,

        “The economy could not be collapsing at a worse time for President Barack Obama. With the vote coming in less than five months, stock markets are being whipsawed,”

        The GOP has shown everyone that was halfway paying attention over the last 3 years they are willing to Sacrifice any economic improvement for party gains. That has been their ACE in the Hole from the offset.

        They have engaged in dis-ingenuousness negotiations, they have set new records in the House for the filibuster. They have because the party of “No” and as Mich McConnell went on record in early 2009, It is the GOP’s number one priority to make 44 a single term President. As far as I can tell, Mich McConnell has been true to his word.

        The GOP will do whatever it takes defeat Obama in 2012. There will be no stone left upturned to slow the nations economy and especially in this election year of 2012. The GOP wants Americans to vote their pocket book and will do any and everything to make that happen.

        I have known this, ~ if you haven’t ~ I don’t know where you have been.

        To date, June 20th 2012, this is the softest Summer start up in my 43 years of being in business, while I know much is afoot today and there is a lot in the pipe moving our way. Everything has not been stalled, while much has, finding it inside the GOP’s power to do so.

        2013 will be a comeback year REGARDLESS who your President is and that is a nail a man can hang his hat on.

        This is end game play for the GOP as their fake and make their “end run” while they attempt to run out the clock.

        The question is, “Will it work?” They seem to believe that is will and been loyal to the strategy for 3 1/2 years.

      • Vigilant

        I repeat to GALTY: “When the subject is Federal Reserve quantitative easing, he talks about income tax, admiralty courts and common law.”

        He’s now delusional with “Still volunteering to pay those unconstitutional taxes, Vigilant…….showing up here on a daily basis to complain……when you can act…….but will make every excuse as to why you won’t?”

        Pray tell, ignoramus, what particular excuse or excuses are those to which you refer?

        Then he starts in code: “I am an ” i.e.P.L.F. ” while you are a ” w.i.A.L.F. ”

        Indeed, an “ignorant effete piece of liberal feces” and a “wise individual assailing liberal feces.”.

      • eddie47d

        Although both side play the end game the Republicans have finessed it and marketed it well. I will give Obama credit for attempting to correct the sour economy and I will give the Republicans little credit for their open attempt to sabotage the economy for political gain. This mostly make Congress the weasels and the contemptuous ones. That in itself doesn’t give Obama a free pass for he tries to be something for everyone and ends up pleasing no one.

      • GALT

        Because you’re still a volunteer……….lot less stress when you are not financing the tyranny that you claim is oppressing you…….

        So where are those common law and equity courts?

      • Karolyn

        Steve – What makes you think Galt is a liberal?

      • Steve E

        Because Galt is an idiot. All liberals are idiots.

      • Vigilant

        Karolyn says, “What makes you think Galt is a liberal?”

        Because he’s a global warming wacko. I haven’t met a Conservative yet who buys into the junk science promulgated by the environmentalist idiots.

      • GALT

        Short memory ( never, ever ) Vigilant……..in a world where actual science becomes “junk science” …….and “true conservatives” seem quite unconcerned about the Constitution, because, everything is “unconstitutional”……yet they “obey like the sheeple” they claim not to be and “await the call”………………………..

        Here AGAIN, is the actual science, refuting the 179 “stupidities” of the w.i.A.L.F.’s….hopefully, this does not contain all the “true conservative’s”, but then again, finding a “true conservative” is probably an irrelevant quest, given those who claim to be
        of that ilk………in this forum.

        http://www.skepticalscience.com/argument.php

      • TIME

        Dear Galt,

        How sad is it that the Veggie just can’t wrap his rather small mind around the “TRUTH.”

        It’s really a good feeling to not be part of this System that has made slaves of about 275 million Americans on the People Farm.
        I guess in the mind of the sheep its just better to complain rather than retract your helping hand to the “Criminal De Facto US Inc.”

        If you did it 30 years ago, man o man – thats just Wild.
        A quick question – as they did not teach anything I have learned over the last two years at Georgetown law back in the 70′s. How did you learn about what gave us our special Criminal crew in the City State?

        Peace and Love

      • http://gravatar.com/dawgbisquit1 Tom W.

        Excellent article John! KUDOS!!! What’d ya say libtard king?! LOL!!!

        “Go to now, ye rich men, weep and howl for your miseries that shall come upon you. Your riches are corrupted, and your garments are motheaten. Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days. Behold, the hire of the labourers who have reaped down your fields, which is of you kept back by fraud, crieth: and the cries of them which have reaped are entered into the ears of the Lord of sabaoth. Ye have lived in pleasure on the earth, and been wanton; ye have nourished your hearts, as in a day of slaughter. Ye have condemned and killed the just; and he doth not resist you. Be patient therefore, brethren, unto the coming of the Lord. Behold, the husbandman waiteth for the precious fruit of the earth, and hath long patience for it, until he receive the early and latter rain. Be ye also patient; stablish your hearts: for the coming of the Lord draweth nigh.” – James 5:1-8 (KJV)

        I pray that everybody is READY, because it IS comin’!!!

      • http://gravatar.com/dawgbisquit1 Tom W.

        That idiot don’t NEED no drugs Vig! LOL!!! He’s NAUTRALLY delutional, probably from years of being pounded on by his siblings! Could you imagine having to grow up listening to that banter?!! OMG, my older brother and me woulda hurt him bad! LOL!!! Can you say sock party?!! Him and Qu.. I mean Deer, Twittle Dee and Twittle Dumber! LOL!!!
        The same way that I know you’re an old crone there Broomhilda! It’s QUITE obvious! LOL!!!

      • Old Henry

        Pelican:

        The answer to most of your questions is simply:
        Follow the money. It’s amazing how wealthy they all become WHILE IN OFFICE.

        They also receive their marching orders soon after arriving in the gaseous bubble we call D.C.

        Remember Reagan was going to eliminate the Dept. of Education? 69 days after moving inot 1600 he is shot. He survived becasue Hinkley was a bad shot. The CIA should have given him some more training before the mission. They had “their boy” in place to take Reagan’s spot, but had to wait 8 years.

        Mysteriously Reagan somewhat changed course and ghe gudget grew and the facsist Dept. of Education is still sucking up hundreds of billions and still destroying our school system.

        All a coincidence? I think not.

      • GALT

        Time, I am not even sure that I even understand your question…….I am just a normal every day person……who listened to what I was taught as a childe, and noticed a problem here and there…….and when I tried to ask for “enlightenment” or understanding, I was told
        “because I said so”……and they were pretty much bigger than me…….

        I had a problem with that answer…….and the fact that they WERE bigger than me……

        That’s pretty much it…..label as you will….

      • http://gravatar.com/bychoosing Jay

        Nice work, Vigilant!

    • http://www.ifonlyphotos.com Alex Frazier

      That’s funny GALT. You remind me of the scoffers who were making fun of Noah.

      They didn’t think Noah was so funny when the flood came.

      • GALT

        pay attention ALEX…..there will be no deviation from todays distraction, opps I mean “topic”……or Vigilant will give you a piece of his mind…….which he clearly can not afford since it barely functions now…….about Noah, see above……more appropriate, tho
        would be Monty Python: “Bring our your dead. Bring out your dead.”

        “To conquer, first DIVIDE!”

      • Vigilant

        Yes, Alex, I’m going to give you a piece of my mind…right on!

        GALT’s sole reason for being (he’s a legend in his own mind) is to attack one and all for any perceived slight. His singleminded myopia is exceeded only by his priggish prattle on off-thread subjects (we are tired of hearing about thermodynamics and admiralty courts but that means naught to him).

        “To conquer, first DIVIDE!” he says. Be assured, he will never conquer those of us who have an IQ higher than his (and that accounts for 100% of the true conservatives who post here).

      • Deerinwater

        Right, ~ it’s a diversion as most political fodder is. That’s it intend, to befuddle and confuse and stir up opposition via resentment and hitting every hot button at their disposal to conceal the true intent.

      • Karolyn

        Vigilant – You really think Galt wants to “conquer” anybody? I think you are missing the point.

      • JeffH

        Karolyn, get a clue!

      • Vigilant

        Karolyn, GALT needs to conquer his dysfunctional mental processes before he posts again.

      • GALT

        Tsk, tsk……..I never concern myself with advice from the “functionally illiterate” ( never, ever ) Vigilant,,,,,,,,,,get your refund yet? There are quite a few books you need to read as soon as possible. You might want to do something with all those petards, too?

      • http://gravatar.com/dawgbisquit1 Tom W.

        Her, a clue?… Think about that one JeffH! LOL!!!

      • Vigilant

        GALT’s latest: “Tsk, tsk……..I never concern myself with advice from the “functionally illiterate” ( never, ever ) Vigilant,,,,,,,,,,get your refund yet? There are quite a few books you need to read as soon as possible. You might want to do something with all those petards, too? [sic]”

        This from the person who doesn’t know what “functionally illiterate” means. You might want to do something with all those elipses too.

      • JeffH

        Vigilant and Alex… :) You’ve got it right and it really wasn’t to difficult to figure it out when he first arrived around here. More like a polished version of “deer”. Riddle me this, riddle me that. Liberals emphasize feeling superior, not superior results. Liberalism is all about appearances, not outcomes. If only pigs could fly!

      • GALT

        Head’s will be handed on request….simple little math quiz below….. the great TIC, TAC, TOE I.Q. Test available to all of you…upon request.

        All those who accept the challenge should appear below in this thread…..I mean how hard can a zero sum game be?

        All those true conservatives feel free to sign up….entires close at 12 midnight PST

        Bob? Only six questions plus a bonus “marketing” question……

      • http://gravatar.com/bychoosing Jay

        And what meaning do you expect your delusionally self-important statements of unknowing, inexperienced opinion to have with us, Galt?

        What fantasy do you hold that you would believe that your tiny-fisted tantrums would have more weight than that of a leprous desert rat, spinning rabidly in a circle, waiting for the bite of the snake?

      • GALT

        For someone that’s having a problem with 1 + 1 the Tic Tac Toe IQ test is way beyond your intellect level…….

    • Warrior

      Correct, I think? Unfortunately I forgot which war is still raging…. war on women, war on illegals, war on drugs, war on teachers, firemen, police, etc., etc.?

      • Marc

        It would be the war against “WE THE PEOPLE”. The unFederal Reserve just uses the presidents and politicians to create chaos…takes your mind off the real problem…them.

      • Chester

        How about all the above, plus a manufactured “War on Drugs”, pushed hardest by the Republicans. It seems that it originally started as a way to justify the arrest of supposedly illegal Mexican workers for using Marijuana instead of going out and buying the local rotgut whiskey. Do a bit of digging on ALL these subjects before saying they don’t exist, as in many cases, not only do these “wars” exist, they are being fueled by the very party that stands to gain the most if they are successful, the Republicans.

      • http://gravatar.com/dawgbisquit1 Tom W.

        Point WELL MADE Marc! KUDOS!!!

      • Old Henry

        Speaking of the War on Drugs:

        http://www.brasschecktv.com/page/11068.html

    • Larry

      IF you were smart you would get some of that gold and maybe a little silver too! That green stuff being created digitally is going to be worth less or is it worthless?

      • Chester

        Larry, if things DO go south, that gold and silver won’t be worth much at all. You can’t eat it or plant it to grow something you can eat, so who is going to want it? The best you can do with the silver is use it to make bullets you might accidentally use to kill food for the table, Gold is really too soft to do even that, but could be used to make sling stones heavy enough to kill something. If you want to save something to keep you going, start with MRE’s, then add seed stock of all sorts, including wheat, oats, and corn. You aren’t going to run to the corner store to swap a few ounces of any metal for food when the corner store, if it still exists, will have no food to trade for. Also, better invest in a few hundred canning jars and a few thousand lids and seals. That is about the best way to save food you grow for use at a later time, unless you can dry or cure it.

      • http://yahoo.com John The Baptist

        Hay Larry, You know what presious metals I’m investing in? Lead and Brass, for the idiots who want “O’ back in office.

      • http://gravatar.com/dawgbisquit1 Tom W.

        Now that wasn’t very Christian like JTB, shame on you! LOL!!!

        “Then said he unto them, But now, he that hath a purse, let him take it, and likewise his scrip: and he that hath no sword, let him sell his garment, and buy one.” – Luke 22:36 (KJV)

      • Old Henry

        I have wondered for a long time now with the “Fed” being a private bank, owned by private, and foreign, “bankers” and their purchasing so much of the debt of Corp U.S.A., Inc. what happens when they decide to, ah, get their money back? Banksters being banksters and all.

        What a foreclousure it will be!

    • Mike in MI

      Folks -
      Lets just let Galt’s mindless babbling be carried on in some corner of this big room. He loves, but doesn’t deserve, the inordinate attention paid his fool’s prattling.
      His would b e one of those very few cases where I would advise medication…in rather large administrations.
      He’s got a “contentious spirit” which does everything it can to raise contentions and disputes, rancor and anger. Galt gets a perverse kind of satisfaction out of the attention he attracts from normal people.
      He WILL NOT< CAN NOT< CHANGE.

      So, don't scratch his itch.

      • GALT

        So Mike, where are those common law and equity courts and why are you volunteering to pay those unconstitutional, fees, fines, duties, imposts and taxes?

      • Vigilant

        LOL! I rest my case.

      • TIME

        Dear Mike,

        Please take note what Galt said let alone what I keep harping about is saddly the TRUTH.

        WE have not used the “Original Constitution” since 1860.
        You nor I nor any person in the 50 states are party to “the Bill of Rights, nor the Original Constitution.” The evidence is not hard to find.

        Think of it this way, if you get a flat tire will replacing the MOTOR fix the base problem?
        Divide and Conquer is in fact what we do daily

      • Vigilant

        Mike in MI,

        You are of course right. There are at least three posters here (probably paid shills) who have been given the task of studying maybe just one or two subject matter areas. They incessantly harp on these matters, inserting their screwball views into a discussion thread that has no bearing at all on what they assert.

        GALT is one, with the ever-boring “entropy” and “admiralty courts” ploys.

        TIME was assigned the “USA, incorporated” canard, largely based on the District of Columbia Organic Act which merely incorporated the District and nothing else. He has never been able to cite chapter and verse from that Act that supposedly replaced the Constitution because it doesn’t exist.

        Robert Smith’s obssessive hatred of Christians appears at every inopportune moment, whether relevant or not.

        And by the passion of their postings, it wouldn’t surprise me if they actually believe the drivel they spew. Either mental cases or paid shills, take your pick.

      • Vigilant

        Oh, and let’s not forget nc, whose “the stock market loves Democrats” has been statistically discredited so many times, yet he idiotically re-posts it at every opportunity. What a maroon…

      • Vigilant

        TIME blathers: “Please take note what Galt said let alone what I keep harping about is saddly [sic] the TRUTH.”

        HARP is the operative word, son. Incessant, mindless, false and irrelevant HARPING is what turns us all off. Seek help.

      • Old Henry

        TIME:

        I am glad you brought that up.

        Do you remember Bruce posting several minths ago a link to an article regarding our “new” Constitution that went into effect in 1860?

        If so, would you by chance have the link?

        I saved it on my “puter”, but it seems to have become like my basement, my attic, my garage attic, by barn. I CAN’T FIND A BLESSED THING!

        I never thought I would be a “digital pack-rat”. I guess that will simplify that part of my estate auction….

      • http://gravatar.com/bychoosing Jay

        Old Henry says: I saved it on my “puter”, but it seems to have become like my basement, my attic, my garage attic, by barn. I CAN’T FIND A BLESSED THING!

        Henry, i feel your pain, TOO FUNNY! Lol…

    • http://gravatar.com/dawgbisquit1 Tom W.

      ONE of the signs there my good king and queen libtard! LOL!!! Those POOR peasants!

      “And ye shall hear of wars and rumours of wars: see that ye be not troubled: for all these things must come to pass, but the end is not yet. For nation shall rise against nation, and kingdom against kingdom: and there shall be famines, and pestilences, and earthquakes, in divers places. All these are the beginning of sorrows.” – Matt. 24:6-8 (KJV)

    • Moester

      It’s no surprise. Bankers run things and decide who wins elections. The question is what has The President promised the bankers in return for doing this for him?

  • http://liberty Tony

    To Everybody:
    No one will need to “buy” an Obama victory. The incumbent will win again because of his competition or more like lack of. I know i sound like a broken tape recorder but the truth is the truth. Thanks!!

    • LM

      Tony, I think you’re wrong. America is getting sick and tired of the BULL$HIT. BTW, a broken tape recorder doesn’t say anything…a broken record on the other hand skips causing it to repeat over and over again.

      • Fredo

        LM…I agree with you. Tony is wrong. I predict Obeyme will lose in a landslide, because of the huge, sleeping conservative base that has been quiet and uninvolved for decades. They now feel the danger of losing their freedoms, and seeing the government involving themselves in every aspect of their lives. They may still be quiet, but believe me…the stuff I read in the blog-posts indicate they are coming out more and more, and they WILL vote Obeyme out in November….by a landslide. Obeyme is sick, and wants our country to become something is was never meant to be…..Socialist France. Watch France, because they will become what Obeyme wants us to become. 100% dependent on gov’t.

      • Old Henry

        LM:

        I doubt that Tony knows what a record is. LOL!

        Ya gotta be perty much oldern dirt. I remember 78s.

      • Old Henry

        Fredo:

        I don’t think we will have an election if it appears there is any possibility that Little Barry Soetoro is going to loose. The pieces of the puzzle have been going into place almost since 1-20-09.

      • independent thinker

        While I never actualy owned one I remember 16s along with 78s 45s and 33s.

    • Nadzieja Batki

      Is this all you are capable of saying, that O has to win. He just has to.
      What will you do if he doesn’t win?
      With all this frenzied activity that is going on by the Leftists it appears that the election may not go to them.The Leftists are completely insecure.

    • http://yahoo.com John The Baptist

      NO-BODY is buying “O” victory, because he will inact martial law and win hand over fist. That’s why he is not worryed abot winning. That way he gets what he wants from the begining. Watch and see if I’m not correct on this statement, come OCT.

      • Old Henry

        Unless Ron Paul is the nominee we will all loose.

        Soetoro the Kenyan and Romney the Mormon are bought and paid for by the banksters.

    • JeffH

      Tony no baloney, who claims to be a conservative, really could stand a heavy dose of reality. Can you say “executive priviledge” and “Fast & Furious” in one sentance? Obama trying to grant amnesty by executive order? White House leak scandal worse than Watergate.

      When you collate this recent act with the class-warfare rhetoric, the “punish our enemies” threats, the president’s and Eric Holder’s serial racialist statements, the huge borrowing, the national-security leaks, the takeover of health care, the push for redistributive taxes, and even the trivial appointments like a Van Jones, Anita Dunn, or Armendariz, you can fairly conclude that Obama most certainly did not like the way the United States operated for the last 30 or so years, and has tried his best, through hook or crook, to change America in ways that simply were not possible through legislative or even judicial action. Give the president credit. He has thrown down the gauntlet and essentially boasted: This is my vision of the way the new America should work — and if you don’t like it, try stopping me in November, if you dare.
      http://atlasshrugs2000.typepad.com/atlas_shrugs/2012/06/hanson-obama-is-turning-out-to-be-the-most-subversive-chief-executive-in-terms-of-eroding-us-law-sin.html

      Obama is turning out to be the most subversive chief executive in terms of eroding U.S. law….”

      Obama’s gaff’s continue to mount…Handy Reference Guide to Obama’s Gaffes and Goofs

      1.10,000 People (A Whole Town!) Died in Kansas ~ Oops, Overstated by 9,988
      2.Admits His Plan would Necessarily Cause Energy Prices to Skyrocket
      3.Air Raiding Villages a la Yankee Air Pirates: Destroys Whole Afghan Villages!
      4.All My Friends In Chicago Were Jewish, Most Knowledgable Prez Evah about Judaism ~ h/t almostacowboy @ NewsBusters
      5.Almost All of Our Allies “Punch Above Their Weight”!
      6.Another Senior Moment
      7.Armed Forces are “Fighting on MY Behalf”
      8.ATMs Cause Unemployment
      9.Automobile Expert ~ NOT! (h/t CC)
      10.Blames Hugo Chavez’s Election on (ta da) BUSH! Oops.
      11.Blows off the Salute To Heroes (MOH) Inaugural Ball
      12.Botched Toast ~ Babbles over “God Save The Queen”

      • http://yahoo.com John The Baptist

        What good is all of this talk if “WE THE PEOPLE” will just set on our hands and doooooo nothing. Do is an action verb. Not a wait and see verb. He needs to be put-out now.

      • JeffH

        John, you’re absolutley correct…Nov. 2012 Obama will get his walking papers.

    • Big Woody

      This presidential election will be just like the last one. The masses will turn out against one candidate reguardless of who it is. The other candidate will win because very few have anthing real against him. The “well he can’t do any worse” feeling. The backlash against Obama is as bad as the bad press that crucified Bush. As Truman said “The Buck Stops Here” The bad economy is sitting on Obama’s head and there is nothing he can do about it except blame others. We the people blame him. Without the glamour of a new face, like Obama was 4 years ago, he will have a hard time getting anybody to get out in large numbers like he did last time. Hope and Change did not work. If Obama does not stop doing his underhanded stuff (Dream Act, executive order, and executive privilege to protect Holder, he will piss off too many voters to keep his job n November.

  • LM

    AMEN Vigilant! GALT, you ans all of the other OBAMANATION loving idiots out there need to stop drinking the Kool-Aid and WAKE UP! He’s destroying our country and that’s been his plan from the start. You idiots put him in power and you’ll be the first ones crying when you can’t afford to buy the loaf of bread that you mentioned earlier, or worse…there isn’t any to be bought because producers go out of business because they can’t afford the transprtation to get it to the stores.

    IMPEACH OBAMA!!! He doesn’t respect our nation. He doesn’t know what we stand for, AND he doesn’t seem to be able to FOLLOW THE RULES that HE and every other president have SWORN TO UPHOLD.

    • http://yahoo.com John The Baptist

      Hay, LM. You can not “impeach” “O” because he is not American citizen. The only thing “WE THE PEOPLE” can do is to charge him with TREASON and do, by law what we do to treasonors.

  • http://www.motorcarsfinancial.com Brad

    GALT is most deffinantely out there in la la land. Word of the wise, don’t mix your psycotic drugs with vodka in your Kool Aid

  • Jim

    The fixer’s will ensure the complete US economic and financial destruction of us all. Some say the third times the charm, others say fool me once shame on you, fool me twice shame on me, and so what can possibly be gained by attempting to fool me three times. Obviously our government has been taken over by an aliens, ones which are chosen by the new government serfs created over the past several decades. The choices are divide the country, or take back the government (which is our Constitutional responsibility), but the serfs now outnumber the productive, look what we have done!

    • http://yahoo.com John The Baptist

      What do yuo do when you get a splinter in your finger? Yuo take it out.

  • David DeCourcey

    QE3 will be the death nell of the American economy, it will not help at all just slow the fall. I believe that Obama will lose because has been a terrible president and deserves to lose. Much as he deserved to win in 08′ because the republicans ran such a pathetic standard bearer. His hope and change has turned out to be the fast track to socialism which only works until other peoples money runs out. And debasing the currency is no way to get anyone to believe the fiat currency you are paying them back with will be worth any more than toilet paper when the time comes. I guess the true value of the dollar some day will in fact be pegged to the value of a sheet or two of toilet paper, it’s only practicle use.

    • GALT

      Damn and I though the death nell was the Jekell Island Conspiracy, oops, I mean the New Deal, oops, I mean John Maynard Keynes, oops I mean Tarp, oops I mean, The stimulus Bill, oops I mean the health care mandate, oops I mean automotive bailout, oops I mean QE1, oops I mean QE2, oops I mean QE3………

      “To conquer, first DIVIDE!”

      • Vigilant

        Simple mathematics and basic principles of finance are obviously NOT your forte.

      • GALT

        Really? care to test that…..

        1 + 1 = 2

        1 + 1 = 11

        1 + 1 = 10

        None of the above

        All of the the above

        Explain your answer………………….

        All you true conservatives feel free to just jump right in………

      • http://gravatar.com/bychoosing Jay

        How about something really challenging, Galt?

        What is the meaning of life?
        Is there a life after death?
        Why is the sky blue?
        What is beauty?

        What is truth?

        What is true love?
        What is commitment?
        Define a great relationship?

        Define a great life?
        Define success?

        All you deluded socialist-progressives feel free to just jump right in………

      • GALT

        HHHHHMMMM……..this seems like an inordinately long time, for a basic math 1+ 1=?
        quiz……..with multiple choice answers….

        Must be the “explain your answer” part that has the “true conservatives” boggled?

        Take your time……..

      • GALT

        How about something really challenging, Galt?

        Jay, that would make more sense, if you demonstrated, how “unchallenging” the questions posed by me were?

        What is the meaning of life?

        Being

        Is there a life after death?

        No

        Why is the sky blue?

        It’s not blue.

        What is beauty?

        Whatever you believe it to be.

        What is truth?

        1 does not equal 0

        What is true love?

        The willingness to risk what is most dear for someone else.

        What is commitment?

        Allegiance to the truth.

        Define a great relationship?

        Allegiance to the truth.

        Define a great life?

        One that is lived.

        Define success?

        Managing to live a life without causing harm to others.

        All you deluded socialist-progressives feel free to just jump right in………

        so, 1 + 1 = ?

      • http://gravatar.com/bychoosing Jay

        And there he was: reigning supreme at number two.

      • GALT

        HA HA HA HA HA HA……..I can’t believe you were stupid enough to post a response…….Jay?

      • http://gravatar.com/bychoosing Jay

        Don’t let your mind wander, Galt — it’s too little to be let out alone. Re-read my post …

      • GALT

        Why? are you pretending to have answered my questions? Because if you were, the explanation for your answer, does not seem to be there……..

      • GALT

        I’m sorry jay, I am not giving you credit for being extremely stupid…….there are five possible answers…….was the second answer your choice…..1 + 1 = 11

        and your explanation for this answer is?

      • http://gravatar.com/bychoosing Jay

        Are you always this stupid, Galt, or are you just making a special effort today? Perhaps my brand of humour is above your pay-grade?

      • GALT

        your choices are one of the five with an explanation…….I had no problem with your challenging questions……fairly simple for e.i.P.L.F…….

        That 1 + 1 = ? with an explanation is still a problem for you…..?

        You see Jay when you are dealing with idiots it is foolish to assume anything…..as you are aptly demonstrating……..

      • GALT

        Two hours and counting……any other ” true conservatives” want to help Jay out?

      • http://gravatar.com/bychoosing Jay

        Well, there is one thing that is clearly evident about you, Galt, in order to control and make a fool out of you, one need only prick your ego…

      • GALT

        Really? Coooollll when are you planning on doing this?

      • GALT

        Just so we are clear on the FACTS here, Jay……at 8.29 you responded to my questions
        by not answering them….but instead posing ten questions of your own……which I became aware of at 8.52 and answered at 9.12……..you have yet to demonstrate that after 3 hours, that you actually understand the two simple questions you were asked……

        Even Bush 43 would have beat that time……….

      • independent thinker

        “1 + 1 = 2

        1 + 1 = 11

        1 + 1 = 10

        None of the above

        All of the the above”

        And the answer is all of the above and a few more. Galt can explain why that is true since he knows all there is to know about everything there is that can be known.

        • RichE

          If sexually active 1 + 1 will = 1 in 9 months.

      • Skeptic Al

        GALT,
        Here is a scientific experiment to determine if these were all death nells. Take a parachute and cut one two-foot long slice in it for each of the death nells. Then jump from an airplane at 5000 feet. You will be absolutely correct 99.98% of the time. There will be no pain for the first 4,999 feet.

      • GALT

        Independent thinker, the explanation for your answer is the required second part to the question……. if you had a point with “and a few more”, you will need to make it as it is not part of the answers available.

        As to your irrelevant and gratuitous non-sequitor, there are many interesting questions for which I do not have the answer…….but they need not concern you, nor are they likely
        to be raised here……..after all, what possible productive result could be expected in doing so?

        In any case, without the explanation for your answer your grade is either incomplete or incorrect……..

        And for Vigilant ( of nothing,, ever ) Simple mathematics and basic principles of finance are obviously NOT the forte. ( of the true conservatives. )

        For Skeptic Al: so following your attempted analogy we can expect at some point one of these claimed death nells will actually be the real death nell? QE 4997 perhaps?

        Unfortunately, the study of “economics” has no connection to “reality”, so the specific system is irrelevant, and the one being claimed as the solution, is in fact the most responsible for the “problem”……….but this requires that one actually has a fundamental understanding of the “history” and it is clear that very few here have this understanding or are capable of considering the possibility that it is their very ignorance which allows this
        idiocy to continue. In short, you are being played……by those who are benefiting from the continuation of this “fraud” on every level…….and since it is quite clear that you have very little in common with any of these people who show up every day ( except sunday ) to jerk your chain…….the fact that you are unquestioning participants in your own victimization is particularly ironic………..but such is the way of things for the w.i. A.L.F.

        You may alter this lack of understanding at any time……..

        The Social Conquest of Earth
        Debt: The First 5000 Years.
        Power Inc.
        Extreme Money
        The Great Divergence
        Economic’s Unmasked

        Just as you resist the implications of the simple question Where are the common law and equity courts?, as it applies to The Constitution…….

        That there is NO NOBEL PRIZE for “economics” and therfore there are no Nobel Lauriets on this subject…….should also stimulate anyone intelligent into the mode of further
        inquiry……….after all, why would these supposed ‘prize winners” actually allow this
        misconception to continue……….

        This is similar to the question on the Constitution and the silence of Ron Paul and Judge Napolitano to address what is in fact the most direct way to restore what has been lost, and it is impossible for any Judge not to know this, so again we have a case of direct FRAUD……..which continues without missing a beat……..

        So I guess if is your belief that it is my fault for raising the questions, and this seems to be the general reaction, you might want to consider that any claim you have to being capable
        of intelligent reasoning……..lacks any evidence to support it……….

      • Bert Cundle Sr.

        To GALT : 1+1 = 1 Since they are the same, together they are still 1!

      • Bert Cundle Sr.

        To GALT: Is there a life after death? (A.) Is and always be unknown! (Coma is still not death!) No one has come back to report! Dreamers have Speculations, The other Questions refer to variables…

  • sabulaman

    If there had been no easing, no bailouts, no propping of the housing market, and banking idustry, the hard lessons would have been learned early on, and the free market would have started correcting itself. The housing prices would have been rising, the economy would have already been improving, and Obama would probably be getting reelected on his own.

    • Mike in MI

      Sabulaman -
      “O B A M A ”
      The ultimate representation of what you deserve to get by voting for people on the basis of personality and TV present ability. I have always wondered why they spent so much time marketing to women? I hope you girls with any brains will get out there and argue some sort of case for sanity instead of “looks” for a basis on which to vote for someone.

      • http://yahoo.com John The Baptist

        Mike, If you look back to 2008, the number of women that voted for “O” was a big number. So,saying that, this time it seem like the numbers will be larger. We need to be talking to the women to try to get their heads on straight and vote NO-MORE-OBOMA.

    • Chester

      Would have STARTED is right, but at what cost to the nation as a whole. When you have not twenty percent unemployment, which is a number I hear bandied about on here quite frequently, but more line NINETY percent unemployment, what is left to work with. All the major banks would have gone bust and FDIC would not have had enough money to cover all the insured accounts, let alone the ones that contained more than the two hundred fifty thousand that is currently covered. No manufacturing plants open and running, as no market for their products; no supermarkets, as no access to the stuff they normally sell, and no customers with money to pay for it. For those who say we should have let all the problems fix themselves, perhaps you need to take a good look at what we would have come to before ANY of those things could cure. Of course, if you are one of those who thinks this country would be better off with two thirds less population, you would be happy with those results, as there would have been mass starvation right here in what is supposed to be one of the richest countries in the world.

      • http://yahoo.com John The Baptist

        Well, Chester, When it gets to that time, that will be the trigger that will set-off time that “O” will inact Martial Law. When that happens you will need to be ready for WAR, because that is what is going to happen. Be ready to lock and load.

  • Paul Wells

    Buying votes with “candy” is the oldest ploy in the history of humanity, and Obummer plays that to a ‘T’ with joe the voter out there. It’s sad to say, but until the American sheeple wake up from their deep slumbers, and bother to look into what the Obamation has done, and is actively doing to this country, I fear we are in for a rude awakening, and it’s not far off. The lamestream media, as always, is complicit in the daily misinformation of the masses. If ever you wanted a text book example of how to waltz into the presidency, and waltz out with a monarchy, King Obownow would be a good one to study. Lord help us all if that idiot wins again!

    • http://yahoo.com John The Baptist

      Watch and see if “O” won’t pay-off all student loans for starter. If anyone that except that then they are traitors as well. DON’T give in to his fauls gimmics people. If you do you will pay double latter.

  • Steve E

    If QE3 happens, watch the price of precious metals go up again.

    • http://yahoo.com John The Baptist

      Hay Steve , I have already invested in precious metals. Lead & Brass. 3000rds/weapon (6 weapons) to start with.

  • dgllgh8

    I’m going to vote for Obama, not for Mitt Romney or any of his republican buddies…

    • Power To The People

      Go ahead…make my day….I’m going to cancel your vote!

    • Fran

      ME TOO!

  • Charlie Tall

    Magic negro? Black, white, or polka dotted, Obama is grossly incompetent, proof positive of the Peter Principle.

    I keep asking myself how I ever believed that a Chicago politician would make an honest, fair, nonpartisan, or intelligent president.

    I think maybe it was because Obama in 2008 was fresh and exciting, something no Republican candidate has been since Lincoln.

    • Ted

      Mr. Tall – I disagree with you. T. Roosevelt and R. Reagan were fresh and exciting. Grant and Eisenhower were very popular war heroes.But agree with you that the rest of the Republican candidates were soporific

    • http://yahoo.com John The Baptist

      “O” is 13% black, 34% white, and 53% arab, so that makes he 100% mixed nuts. Ha,Ha.

  • Rick

    Brad, like all democrats you would back Satan himself for President, a dance with the devil is just ballroom danceing any way you wish to put it. But, no matter what or how one wishes to do the fancy dance, it’s still a dance with the devil.

    Twisting the economy, or another round of OE#3 won’t fix the economy on a Global basis, and it is a Global economy whiether you want to admit it or not.

    You can rearrange the deck chairs on the Titanic, but it won’t keep the ship of State afloat for long. BTW it’s anti-psychotic medications, not psychotic medications, I’d lay off the LSD if I were you.

    • Skeptic Al

      Rick,
      You old timer, you are making me nostalgic. First, with Dance With the Devil. That is a classic song by Cozy Powell. Then you have to go and mention LSD, meaning Lysergic acid Diethylamide, I’m sure. Today, of course, it means Large Soft Drink.

  • Wayne C.

    For me this Election is bust for the GOP and they got their man a Cultist RINO North Eastern elitist rich dude Which I will not vote period for nor will I vote for the current occupant. I will vote but I am placing another name on the Calif. Ballot Some will say oh we cannot take another 4 yrs of the current President my reply to that is yes we can.We Americans are stronger people than some in news media will give us credit for. Ans since I put my faith in the Lord of Lords and King of Kings Jesus Christ I would say to others do like wise

    • done with the tyrants

      A bust for both parties! An election these days is like that box of chocolates as far as a desired result goes. It will depend on what the elites want as they own the voting machines and no matter what you cast your ballot for, the outcome has already been decided.
      This whole thing is rigged and so is our destiny. Hang on, this election will prove to be a rough ride for everyone and it is best to turn the TV off and look for some alternative media to turn to to get
      a better perspective of the truth. The Republic Broadcasting network
      will do for starters or newswithviews dot com.
      It really hurts to know that neither party gives a real care about the people or the constitution. More immigrants are welcome from more oppressed countries so they can appreciate the new socialistic state, they are used to it anyway and we the people/citizenry are expendible.

  • Doug

    The definition of an IDIOT is:
    A person who keeps doing the same thing expecting a different outcome!!!

  • Power To The People

    The fed has no ammo left. Any more attempts at stimulus are eye candy to prop up the market and give the illusion of prosperity.

    The piper must be paid for the economic mess we and most of the world are in today. The European Union is playing a game of pin the tail on the euro by passing around the same money and claiming it is a loan! Over here we are told the trillions we owe don’t matter….don’t matter? We can print our own money and its backed by the credit of the US government….yea right!

    Stock up on supplies, meds, ammo and yes money. We are all going to need it when the entire economic mess begins to finally unravel. This will happen no matter who is in the White House….only worse if Obummer gets another term.

    • http://yahoo.com John The Baptist

      When that time comes do you think that our paper money will be worth, even useing in the bathroom? Maybe to start a fire with to cook what ever food we can hunt for.

  • Tom Cook

    Vigilant, I must agree with you: Galt is an i. DIOT. I wonder what Favorite Market he works at.

    • Deerinwater

      No ~ Galt is your opposition , much like myself. We both find many of your arguments flawed with false and reckless reasoning. By now, it’s became clear where to wish to go but like your wars, you want someone else to pay the freight, not wishing to pay it yourself as you claim that you are being demanded of and put upon and stolen from while democrats pays these same taxes and fights these same wars.

      Then too, what you want would take time and you show no interest in attempting to understand the speed government moves and any change that would be felt at the ground level, showing the temperament and impatiences of a child.

      Basically, you are just unhappy and if we did exactly what you wanted done, you would still be unhappy. There is no win, no pleasing, there is no compromise which leaves us with opposition, some more worthy then others.

      You can call us any name you can think of but until some of you realize “name calling” will not change a thing and the practice is a reflection on you and not us, we’ll be at this forever, if not here somewhere else.

      We live in the most free, most envied, most prosperous nation in the world, ~sometimes taking inventory and being grateful for what you do have is time well spent.

  • Thinking About

    For those who do not believe Obama’s bailout of the auto industry did not work must not have heard the news in the last 36 months or choose to ignore the realities. Check with those who work in the auto industry, they are working and paying taxes and most of all they are not continuing on the social services.

    The decisions of the fed has been afforded to many presidents and would also be afforded to the libertian president should one be elected so don’t take offense to their decisions. Also by the way we have also received benefits of their decisions.

  • richard

    hmmmmm…while in other elections….you could bet on the outcome of an exeptionally spentthrift presidentcy with obviously ominous results….this election however has a wildly supportive group who are willing to forego his economic failings and vote for him simply because of his color….kinda difficult to expect the pigeons to go away while they are being fed…

    • Deerinwater

      You need to prove “his” economic failing first ~ and why people vote for who they vote for is a little more complex then skin tone, regardless of what you chose to believe.

      I can say I voter for Obama because I refuse to be guilt of installing anyone like Palin one heart beat away from the most powerful position held by a single person is the history of the world and not be lying to you.

      That you could or did make that vote,tells me, ~ there is and ocean of responsible differences that divide you and I.

      That “O” won in 2008 “in spite” of his color seems to allude you in much the same way sound judgement for a VP choice did.

  • Kay

    Wayne Allen Root predicts that Obama will lose. We will see how this turns out. I’m betting that Mr. Root is correct.

  • Jim in NY

    What is so wrong about the Bush-appointed Ben Bernanke doing what a central banker should do in challenging economic times?

  • http://knightspyder.wordpress.com cedarridgefarmsinc

    Isn’t the tax payer paying enough! Every child, women, man, right now owes 87,000.00usd right now, so if Bernanke whips up a little more green in his lab for Obama, how much more will we owe? It does not matter which one gets the office, they both think just alike, so what is the american people getting for all that money? Food lines, Unemplyment 26% maybe higher now, Higher gas at the pumps? I have said before, that the Liberty well in Pruduo Bay Alaska we are drilling 2 miles down then 8 miles at an angle that is 2 miles underground for more oil than the earth can use in a period of 400 years. The american people should be on the phone to there Congressman wanting to know why our gas is so high! It should be around 0,60 cents per gallon right now! RIGHT NOW!! Search it if you don’t believe me, it is not total top secret yet!

    • http://wildeyguns.com Wildey

      The cost of collecting taxes by government the IRS just about parallels the amount of money they collect. The main reason is the government can catalog every person with this system. What does it say in Revelations? They can control on whether you buy or sell.

      • RichE

        Break even? Hardly! Where’d you get your info Widley? For FY 2010 the IRS collections 2.345 trillion at a cost 13.2 billion that’s 176 Return-on-investment. http://www.irs.gov/newsroom/article/0,,id=235959,00.html

        Now are you an idiot liberal, stupid conservative, lazy rubber stamper, or GALT goon? This is the GALT Gong Show?

      • GALT

        With the small exception that I am NOT paying and couldn’t care less…….I agree…

        It’s somebodies GONG SHOW……..

      • Robert Rashbrooke

        The cost of the IRS is about 8 billion dollars per year. Currently they are collecting about 27 billion dollars per day, it used to be about 41 billion but that was before 2008.

  • http://www.facebook.com/profile.php?id=1473623846 George Thomas Horvat

    Can anyone tell me where the Fed gets all of these trillions of dollars that enables them to buy our debt? I know that they print fiat money out of thin air and then require us to pay them back plus interest, so it would appear that they are doing the same whenever they buy our debt, or are they both one and the same. Am I wrong? Would someone please unconfuse me?

    • http://wildeyguns.com Wildey

      The omega banker Rothschild made this statement on the floor of congress: “I care not who makes the laws so long as I control the money”. There is an excellent documentary on the Federal Reserve on Zietgeist.com. It answers all the questions. In short, bankers run everything, every move that governments make, and us to.
      :

    • http://wildeyguns.com Wildey

      From printing presses, where did you think? To be legitimate those paper dollars would have to backing. Gold and silver were used up as the commodity backing them. FRN’s, Federal Reserve “Notes” have pledges assigned to them that amount to all the wealth of America, public and private. Between just outright counterfeiting them and forcing Mid East oil producers to sell for nothing but dollars, there isn’t another source of dollars. What do you think we’re in the Mid East for? We put the arm on Mid East oil producers. When they get out of line, Iraq, libya and Iran are examples for them.

  • Dad

    Looking forward to Bernanke’s trial… just send Seal Team 6 after Obama when he bolts.

    • Big Woody

      What trial. I smell another “executive privilege ” coming soon.
      To quote a couple of other great Presidents: “I am not a crook, I have never been a crook” or ” I did not have sexual relarions with that woman” (Depending on what the definition of what is, is) Yet we still have faith in the POTUS?

  • C. Hill

    Good article, but it gives a misleading comparison between the sovereign debt racked up under the Obama Administration when compared to the accuumlation of sovereign debt racked up under two “conservative” Presidents like Bush 2 and Reagan on constant dollars basis ( one cannot compare accurately using the niminal dolllar method)Mssr. Obama still has a ways to go to catch these “fiscally conservative” icons!

    • Big Woody

      So you are saying that this good Obama debt will not cost my grandchildrn as much to pay back as the evil republican debt of the past. Thanks for clearing that up. I have been worried it might be a bigger burden than that. Sorry, If you owe a buck you have to pay a buck back. Plus interest.

      • C. Hill

        Sir:

        Not at all, but until we understand that it is this 2 Party Duopoly that will cost your grandchildren their patrimony. Notwithstanding the party label of occupant of the WHite House. The only things that changes is what they spend the fiat money on!

  • Rafael

    A woman in a hot air balloon realized she was lost. She lowered her altitude and spotted a man in a boat below. She shouted to him,

    “Excuse me, can you help me? I promised a friend I would meet him an hour ago, but I don’t know where I am.”

    The man consulted his portable GPS and replied, “You’re in a hot air balloon, approximately 30 feet above ground elevation of 2,346 feet above sea level. You are at 31 degrees, 14.97 minutes north latitude and 100 degrees, 49.09 minutes west longitude.
    She rolled her eyes and said, “You must be a Republican.

    “I am,” replied the man. “How did you know?”

    “Well,” answered the balloonist, “everything you told me is technically correct. But I have no idea what to do with your information, and I’m still lost. Frankly, you’ve not been much help to me.”

    The man smiled and responded, “You must be an Obama-Democrat.”

    “I am,” replied the balloonist. “How did you know?”

    “Well,” said the man, “you don’t know where you are — or where you are going. You’ve risen to where you are, due to a large quantity of hot air. You made a promise you have no idea how to keep, and you expect me to solve your problem. You’re in exactly the same position you were in before we met, but somehow, now it’s my fault.”

    • Deerinwater

      Ha Ha! ~ funny ! but I know few Republicans that articulate that well and would simple reply, “Yea! you are in a basket!” or have their prolific perpetuity to defer guilt and blame being second to none to anyone alive or dead.

      It’s 2050 and brain transplant has became elective surgery. You can forgo the education process and have any per-owned brain that you wish “installed”.

      A man came into the clinic looking for a new brain and a new profession. The clinic had their sales brochures displaying all the different brains to chose from and priced ranging by the pound, the average being $1000.00 per pound plus installation and tax.

      He notice that Republican politicians brains was much higher then the rest at $22,500.00 per pound and couldn’t help but ask why, are they really that much better? He was informed, No – not really, it just took a lot more Republicans to come up with a pound of brains.

      • RichE

        Geez! This thread is turning into the Gong Show.

  • http://wildeyguns.com Wildey

    The Federal Reserve is a fraud, pure and simple. Inorder for paper money to have value, it must have a commodity backing. The paper is merely a receipt for the commodity. In America we’ve used three, Gold and silver and once it was no longer possible to use them because the ratio of receipts to gold and silver was, in the case of gold, 1,500 dollar receipts for one ounce of gold. The government calls it inflation. I call it counterfeiting. Silver went the same way in 1972. Federal Reserve Notes (FRN’s) was the third. They were backed by everything in America, public and private, until there were more FRN’s than America is worth. That was trillions of dollars ago. Currently, all the paper FRN receipts printed are counterfeit. Sure Bernanke can print more counterfeit FRN’s to get Obama elected. As long as the American people don’t put two and two together the lie can continue.

    Right now the government is using Mid East “Black gold”, oil, for the backing to the dollar. If your an oil producer, you must sell it for dollars. If not, you will go the way of Iraq, Libya and Iran. Russia knows the scam and being the largest gas and oil producer it’s going to have to do something. Trouble is, Russia’s got lots of WMD’s and China right there with them. The BRICS doesn’t like it either. If you follow the news we’re moving to a head, and soon. America’s sins are being found out. As a Christian, I advise reading and believing John 3:16.

    • GALT

      Can I take your word for that?

      • Deerinwater

        I seriously doubt it.

  • ONTIME

    Like the fake amnesty act the Fraud In the WH intitiated a QE3 will be looked at as another scam by this administration to cause further problems down the road or by the unseen backdoor to harm this country even further. Some 70% of the nations Voters and tax payers are against amnesty, QE3 is abhored just as much after seeing the money that could have been used to jumpstart the private sector pissed away on payoffs, cronies and unions and most of the money is unaccounable and went out of the country. All that talk about shovel ready was just the BS weall expected from this criminal and the unions are now tax paid thuggs that work for the government and we paid for their benefits…why would we trust this fraud to do right by us this time?

    Scream your lungs out and threaten these taxpaid clowns on the left within a inch of their worthless lives if yoiu want to stop this scam from reocurring….

    • http://wildeyguns.com Wildey

      Money was in the form of gold and silver coins. When paper was introduced, it was merely for conveience. You could go to any bank and get gold or silver coins in place of paper. The treachery started when they printed paper that wasn’t backed with gold and silver. Eventually they had printed so many pieces of paper that, if there was a run on banks, there theft would be exposed. FDR took care of that by outlawing gold to the people.

  • Bonnie

    We need to follow Ron Paul’s advice and extinquish the Federal Reserve. Whether giving or taking, it cost the American people. The Federal government needs to be a sliver of what it presently is. Hopefully, we have learned a few lessons from this crises and one is not to let government be so big and powerful and allow them to take all are money and give it to the crooks. The Federal Reserve Banks took America Hostage years ago. We paid the randsom but have never been released.

  • Steven Archibald

    Only a flamin’ fidiot(like obama&friend’s)would believe the economy is just now “collapsing”.Wait,make that flamin’ dead brained fidiot.Gee,they must be getting the best drugs,..to wander around like they do.On anouther note,..heard ’round the world,..obaahma’s law degree was paid for,but not earned,..you see,someone(like deepthroat)let it slip that he rarely ever showed up for class,let alone take the “bar”exam.

    • http://wildeyguns.com Wildey

      It realy doesn’t matter when the economy started collapsing, the point is it has collapsed. The only reason the dollar is still being used is because DC has a gun to everyones head, domestic and foreign. We are living a huge lie, probably on a parallel with when FDR committed the biggest bank heist in history, that is, stole the people’s gold coins and gave them paper as a replacment. There is NO, I repeat NO commodity, gold, silver or Federal Reserve Notes on deposit to back the dollars. The government came up with a scheme. Force the Mid East to sell their oil, black gold, for dollars only. That scheme coupled with the Zionist paranoia of Iran is the problem in the world today. Sure other things are happening but they all are in some way related to troubles in the Mid East.

  • silvertree532aol.com

    im tired anti american politans worried about foreigns lets throw this guy out obama

  • silvertree532aol.com

    biggest scandel ever obama mexican drug dealers agent killed outregous

  • FEDUP!

    Did Flashy change it’s name to Galt? Just wondering :) Good Post Pelican. I agree!

    • Vigilant

      Flashy actually makes more sense than GALT, misguided as he is.

      • GALT

        Longing for the good old days?

      • http://gravatar.com/bychoosing Jay

        If you have anything else to do tonight, Galt, don’t neglect it!

  • Liztalk

    “artificially low” ? ::: low is low! To call lower interest rates “artificial” is artificial outrage.

    • RichE

      ‘artificial’ means price control.

  • Big Woody

    John, Your article is right on the money. The one thing you did not mention is the damage that low interest rates do. As an early baby boomer, I have my investments set so I can live off the interest. Low interest rates force me to either live off the principal, or reinvest in risky stocks. The stock market has shown this to be happening. After the crash of 2008, the market should not be this active, but there is no other place to put our cash that is going to pay our bills. Unless I plan on not living much past 70, my principal will be gone. My investments win gold and silver will be worthless when the system fails. Only after a farmer that has too many chickens and does not need me to cut his firewood or pick his crops will he be willing to take gold for those chickens. Gold has no value until somebody is willing to accept it. Can’t eat it, can’t wear it and can’t live in it.

  • http://www.westcoastladybugs.com RUSS SMITH

    Hi!, Patrons Of John Meyers Et Al:

    What’s sith Mitt’s Mormon policy as President: Store food to avoid starvation? Just because he has a title doesn’t mean he’s going to stop being a Morman is he & as a loyal member of his Brethern do we want to focus on such a shallow answer to OUR Nations’ problems as resorting to following Morman doctrines or lean on OUR US Constitution such as Article 1; section 10 which states we are to only have specie gold and silver coins to spend as our money?
    Please read: Fiat Money Inflation In France by Andrew Dixon White who is the co-founder of Cornell University which you can find @ The Von Mesis website as a more than 70 page treatise or purchase their paperback copies for around $10. Also, please go to the internet to look up economist John Exeter’s treatise regards his inverted pyramid whereby he demonstrates that all paper assets eventually attempt a flight into the gold apex @ the bottom of the pyramid.
    And please remember what Daniel Webster has attempted to teach us, when he stated decades ago: “Of all the contrivances designed for cheating the laboring classes of mankind, none has been more successful than that which deludes them with issues of irredeemable, fiat, I Owe You Nothing, paper money!” That’s that stuff the power of The State forces US to use now when buying groceries, gas, clothes & etc. or go without which is a way of forcing US to comply via duress with the formalities of THE STATE.

    RUSS SMITH, CALIFORNIA
    resmith@wcisp.com

  • michaeljbeglinjr

    Who really thinks devaluing our currency is a good thing? Obama needs to go, and take his Czars and the Fed with him.

  • Robert Rashbrooke

    I went to live/work in Zambia in 1971 for 8 years. Due to the racist policies of Kenneth Kaunda, the country went from having a foreign exchange surplus to bankruptcy. He refused help from South Africa because of their apartheid policy even though SA was offering cheap food and goods currently then unavailable in Zambia. You could not buy anything useful in the shops and even basic food necessities were frequently no available.

    I worked in Somalia for a year (1978/79) for the UN when Said Barre was president and again there were practically no shops open, you could only buy basic clothing requirements, no entertainment at all, life was pretty grim, the country was bankrupt.

    I am pretty sure very few people here actually understand what life would be like if our economy were to collapse, and I am certain in my own mind that the bailout and TARP were truly necessary. I think they were very poorly introduced and badly administered but that does not mean that they should never have occurred in the first place. We would be in a much worse situation today had they not been implemented.

    I feel sure that much of our present predicament is due to the uncontrolled operations of our financial and business industries, which has been evolving and morphing into its present incarnation over many decades and is not the responsibility of any one or two single presidents.

    Co incidently, I asked if anyone could provide ANY example of ANY work that would justify the pay rate of $5,000 per hour and I am still waiting

  • Larry

    “OMG” Obama Must Go

  • OldbutnotadumbI will be studing the Constitass 2012

    Its Kind Of funny how ‘off the Subject ‘people can get.!!! Instead of attacking each other(which doesn’ t amount to nohing,why don’t you write your congressman and bite him(or,Her) in the A##.And all this talk about something being un Constitutional ,makes me wonder how many of you on this web-site really knows what it actually says!I As for myself I began to feel a little guilty ,And so I went on line,and took a Constitution test,I passed with score of 77% (I Would say that would be about a D+,or C)In the eight grade ,in the early 50′s I passed with a B.Of course,there has been some new Amendments added since then.Not bad, for some one that hasn’t been in school for over fifty-plus years.This summer I will be studing the Constitution with my grandson who will be going to the eight grade this year,It will be a great honor for me,to show him what a great and blessed nation that we live in,and to show what greatmen it took to form,and write our Constitution!!!God bless you all,have a great Summer!!!

  • Pete Sagi

    QE3 will kick the problem down the road and make it worse, that’s all. Has anyone here ever had a cigarette habit? The more you smoke, the more you grow nicotine receptors in the brain, so the more you crave. Sooner or later you either drop dead from smoking or you face up to your week of misery quitting and then a few months of caughing, but eventually you feel better and gain your wind back.

    The fiat money system works like that as well, since each dollar is lent into existence at interest and acts as a nicotine receptor … only instead of demanding more smoke it demands more dollars to be lent into existence to pay interest. At some point, this will either kill what is left of the economy or we will have to go thru some pain kicking the fiat money habit and then there will be further pains as we recover, but eventually we will have our fiscal health back.

    Meanwhile … Galt is correct in bringing up the income tax, which was fastened to the wages of the American people during WWII to bleed off buying power as a way of contolling the effect of wartime inflation on the prices of real goods and services. What happened between 1913 and 1943 when ordinary wages became the subject of the income tax? The Social Security Act of 1935, which went into effect in 1937, the Public Salary Tax Act of 1939, the Buck Act of 1940, and the Victory Tax Act of 1942, which kicked in July of 1943. Income tax withholding was supposed to be a 2 year temporary wartime measure and it is still with us today. Liability for that tax is based upon participation in Social Security, which is, by law, always has been, still is, always will be, 100% voluntary. It is the private, corporate sector that does the dirty work for govt. by refusing hire to anyone without a socialist slavestate number, even tho no law prevents them from doing so.

    The potential dim mak pressure point strike is therefore to expose the connection between use of socialist slavestate numbers as taxpayer ID numbers and the income tax. A large enough breach in the line and/or many small breaches will cause that line to collapse and the socialist applecart will be overturned, including the fiat money system.

    Pete

    • GALT

      unfortunately it is not the socialist’s who are enslaving you……and it really doesn’t matter who you believe it to be…….only that it is ended……..

    • Robert Rashbrooke

      Does anyone remember 1955, when Britain and France invaded Egypt militarily to get back the Suez Canal that Nasser nationalised.

      Many years later, after the Yom Kippur War, the Egyptian government kicked out the Russians and attempted to modernise their country. Since they were effectively broke, they asked the IMF for a loan. The IMF response was that once they agreed to pay back the company who had owned the Suez Canal THEN they could see about a loan. This was in 1982/3.

      The association of this detail to our present one is that we owe all sorts of debts to all sorts of countries and institutions, which AT SOME TIME will have to be paid back. There is no free ride, not even for the world’s once mightiest, richest nation.

  • old hillbilly

    qe3 will create more inflation plus rip whatever people think they are saving. Zero fed interrest is designed to collapse the usa. A 5% – 10% inflation means a same negative ROI on all annuities. Bonds, t bill, currency are absolutely disasterous.

    Put some $ in good old us corps, & watch it either evaporate or swiftly disapper into their internal Chinese slave camps. There are no jobs & will be none for the bottom half -
    the US “globalists” simply moved our infrastructure to China… & the communists have in their playpen & we have none… still on GE, GM, whatever’s books, but gone from here

  • http://www.linkedin.com/in/GaryMallast Gary J. Mallast

    Since QE1 and QE2 did little to boost the real economy, what makes anyone thing QE3 would. Ludwig von Mises observed that it takes ever larger doses of inflation to create the next boom when the Federal Reserve or other Central Bank tries to use inflation to cure the recession caused by the last inflation. A quantitative easing big enough to have an effect to help Obama would set off hyperinflation. All QE1 and QE2 did was artificially boost stock prices. Right now people are more worried about getting/keeping a job and rising prices for the stuff they need than stock prices. People are seeing stagnant or dropping incomes and rapidly rising prices. Bread is now typically topping $2 a loaf while even nominal, let alone real, wages continue to drop..

  • http://www.facebook.com/reinhard.srajer Reinhard Srajer

    (Am new here.) Is anyone here familiar with Hans Hoppe’s solution for actual liberty in his book Democracy-The God That Failed?

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