Why I am a Ronald Reagan Republican...OT
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Fear not. Just 6-1/2 more years of Trump's pro-American agenda, then you can have another shot at electing a traitor.
bull, look at these graphs from FRED. The top one is gross private sector savings, gross private domestic investment (money available in private sector to do new things with). The bottom is gross public sector savings (what the government spends or saves). What do you see? In particular, look around the years when the government ran a surplus, 1998-2001, and then in the Great Recession in 2009.
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Trump has added almost 3 trillion to the deficit in less than 2 years in office, primarily due to his poorly timed and terribly constructed tax cut.
So, Trump is responsible for this bloated, over-sized government? Not surprised; not while there is Trump to blame.
You can change the dialogue all you want. Clearly the size of government and the current national debt did not start when Trump took office. His tax cuts are merely a symptom of much larger issues as they relate to his presidency. Trump to an oath of office to protect and defend the constitution of the United States. He has not kept that promise. Instead, he has mounted a concerted challenge to the separation of powers, to the rule of law, and to the civil liberties enshrined in our founding documents. He has set himself against the American idea, the principle that all of us of every race, gender, and creed, are created equal. The oath of office is a president's promise to subordinate his private desires to the public interest, to serve the nation as a whole rather than any faction within it. Trump shows no evidence that he understands these obligations. Instead of divesting himself of his financial interests he uses his presidential platform to promote them.He demands loyalty from public officials over their duty to the public. He trashes the rule of law by ordering DOJ criminal probes on his critics and political enemies. He tramples all over the liberties guaranteed by the Constitution....banned entry into the U.S. based on religion; attacked the press as "enemies of the people; falsely accused the electoral system as subject to massive fraud. These actions are all an attack on the very foundation of America's constitutional democracy. The man is a fraud, a charlatan, a pathological liar. He is Harold Hill and he has sold his followers a truck load of musical instruments they cannot play.
Right........and he is also a Russian secret agent
They said on the news today the US total National debt is our highest in history.
If the average family lived their life with more and more debt like our government does eventually they would be facing bankruptcy.
There is no fiscal responsibility in our government.
When was there ever fiscal responsibility in our government ? And yet we keep electing these sociopaths again and again.
I had to read this about three times. I kept thinking you were referring to Obama and had mistakenly typed Trump.
No matter what it is, the more you create the less it's worth. There's actually more
dollars circulating outside the US than inside. OPEC oil is sold in US$'s. It's just
a matter of time before these exporters decide that those $'s ain't worth what the
US polittician says they are. When this happens, and it will, then the wheels will
come off the cart. It's called a depression and it's happened every 80 years or so
for several 100 years.
dollars circulating outside the US than inside. OPEC oil is sold in US$'s. It's just
a matter of time before these exporters decide that those $'s ain't worth what the
US polittician says they are. When this happens, and it will, then the wheels will
come off the cart. It's called a depression and it's happened every 80 years or so
for several 100 years.
Yeah, no. That's not how it works. At all.
If there were $1 trillion dollars in the US private sector in the hypothetical year of 2000, and no new US dollars were ever created by the federal government, how could we ever have $5 trillion US dollars in the US private sector in the hypothetical year 2018? Do people pay each other in dollars they create at home?
$1 trillion in the private sector can ever become $5 trillion in the private sector if the government never spends the additional $4 trillion to put it there. The only way new wealth in US dollars is created is when the federal government creates new dollars. There is zero, nada, zilch other way it happens.
You are completely wrong about the future of oil vacating the US dollar. I suspect you know very little about this topic. There has been several weak attempts to benchmark and trade oil in a different currency. This was mostly led by Venezuela and Iran at the grassroots level. Tell me what currency oil will trade in if not the dollar. The euro, sterling, ruble, dinar, dirham? Open purchase? OPEC has shot down all discussions of benchmarking in another currency because as markets go the US economy is as stable as it gets. You will never see oil traded in anything but the dollar.
The US Government creates more dollars everytime they issue Government bonds
Everytime they issue Government bonds it is more debt for the US like the Government is using credit cards paying a huge interest.
The larger the debt grows and grows the values of the US dollar will start dropping
for all of us especially if the rating agencies Standard and Poor and Moodys lower
the rating which lowers the values of the bonds and the US dollars.
HIGH DEBT HURTS ALL OF US.
Medic US Dollars are created every time the Govt issues new Bonds (also creating new US Debt) which is usually weekly.
They use these new dollars to pay US Government bills
Sadly these new dollars become more Govt. debt like using credit cards the Govt. has to pay interest on.
No, it isn't. Not even close.
No, it doesn't. Too much deficit spending causes inflation because the infusion of excess public sector dollars into the private sector causes the availability of private sector dollars to outpace the production.
No and no.
Look at the graphs, bull. You are regurgitating stuff that is not based in any fact.
Medic Where did the US Government get the money to accumulate 21.97 Trillion
in debt (Money they still owe) Plus interest?
There are only very few years like 2 or 3 they had a Surplus in the last 70 years
in debt (Money they still owe) Plus interest?
There are only very few years like 2 or 3 they had a Surplus in the last 70 years
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Who is injecting money into the private sector and how and where?.
The Govt has never given me even a penny ever.
I have great respect for you medic but I have no understanding of your theory of Govt Debt. Our Congress & Presidents create the debt by huge bigtime overspending money that is much larger than our surpluses. I don't see how the private sector is involved in Govt debt.
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They created the $21.97 trillion because they issue the US dollar. The interest isn't required. It's done to make buying US Treasuries (new dollars) attractive.
bull, the federal government doesn't drive down to the local BOK branch to get a loan. They don't go to the Bank of China to get a loan. They create new money by issuing a Treasury that non-government entities buy. When it matures, the Treasury buys it back with an interest payment that made the Treasury an attractive thing to buy in the first place. There is no line of credit for the currency issuer. New money isn't created unless the currency issuer creates it. It's that simple.
The federal government debt is mostly owned by the US private sector because the US private sector is the largest purchaser of US Treasuries. Foreign governments also buy US Treasuries because they are very safe investments and they increase their supplies of the US dollar.
bull, it's very similar to taking a private company public. You own bullmarket Inc and want to raise some cash to expand. You sell shares of the current and future income streams of bullmarket Inc to the public for $10. People buy the shares from you to invest in your future income streams. The federal government is doing the exact same thing with Treasuries.
Odumbass ran up more debt than ALL the previous Presidents COMBINED. Period.
Do your homework.
A large part of that stemmed from wars that Bush started.
I agree with most of what you say. But the US must pay interest. It is required for the US Government to pay interest Say an individual buys a 3% treasury maturing in 5 years. The US Government is obligated to pay the buyer of the Bond 3% interest every year for 5 years. In 5 years when the Bond matures, The US is obligated to pay the Bond Holder
the cost of his bond plus all of the interest remaining after 5 years
If they don't, the Government would default on the bond which is very bad for the US Government and it could affect the US Credit rating for not paying the interest they owe the Bond holder.plus the Bonds Principal
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That's definitely true. My point is that the government can issue the bonds without any interest payment. As per your example, 5 year bond, 0% interest. That's not a very marketable bond though.
Think about it this way. The US private sector had about $98 trillion in wealth in October 2018. If the government really needed to get serious about paying the debt, they could tax to retrieve that entire $98 trillion from the private sector. $22 trillion would pay out all of the issued Treasuries and the federal government would have about $76 trillion in the bank. The private sector would have $0 and we'd all have nothing. The only way the government could put money back into the private sector would be to deficit spend. Money does not enter the US private sector without the government spending more than they take out via taxes.
I'm really not trying to BS you my man. I got tired of hearing both parties screech at each other for deficit spending and the debt only to spend the exact same way when they're in power. I decided to educate myself on macroeconomics and was shocked by what I learned. They're all full of crap.
The real issue is how wasteful our government is with their spending. Money spent in waste, like on poorly performing contracts and grants for meaningless purposes, could have been better spent to create more jobs for more people. A great example is the huge stimulus package the government spent on during the Great Recession. Some of it was well spent, such as the US Energy Loan Guarantee program and the tax cuts. Some of it was poorly spent, like the Cash for Clunkers program. That $3 billion could have been better spent on small businesses to create actual jobs and increased wages.
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Medic, you can talk rubish all you want but basic 203 econonomics I took in
college taught me the more there is the less it's worth. That doesn't change
if it's a gov. instead of a person. All of your rhetoric is foolishness.
college taught me the more there is the less it's worth. That doesn't change
if it's a gov. instead of a person. All of your rhetoric is foolishness.
ou are completely wrong about the future of oil vacating the US dollar. I suspect you know very little about this topic. There has been several weak attempts to benchmark and trade oil in a different currency. This was mostly led by Venezuela and Iran at the grassroots level. Tell me what currency oil will trade in if not the dollar. The euro, sterling, ruble, dinar, dirham? Open purchase? OPEC has shot down all discussions of benchmarking in another currency because as markets go the US economy is as stable as it gets. You will never see oil traded in anything but the dollar.
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Have you heard the name Khashoggi, he's the guy the crown prince of
Saudi Arabia had assasinated. Some US Congressman wants him held
accountable, it ain't gonna get happen, but this could strain relations
enough for the Saudis to leave OPEC. They were one of the 5 founding
members of OPEC. They are also the 1st member to ratify the US$ as
the currency of trade for OPEC oil. With the exception of Kuwait and Iraq.
the rest of the middle east membership has little to gain by maintaining
the $ as the currency of trade. That's especially true if it has bloated value,
which it currently is. Thinking the dollar can't be kicked out the door by
OPEC is little more than political propaganda.
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Have you heard the name Khashoggi, he's the guy the crown prince of
Saudi Arabia had assasinated. Some US Congressman wants him held
accountable, it ain't gonna get happen, but this could strain relations
enough for the Saudis to leave OPEC. They were one of the 5 founding
members of OPEC. They are also the 1st member to ratify the US$ as
the currency of trade for OPEC oil. With the exception of Kuwait and Iraq.
the rest of the middle east membership has little to gain by maintaining
the $ as the currency of trade. That's especially true if it has bloated value,
which it currently is. Thinking the dollar can't be kicked out the door by
OPEC is little more than political propaganda.
In the 1st qtr. of fiscal year 2019 the deficit was $318.9 billion, up 41.8% over the same period last year. Why would any admin. sign a tax cut into law during a positive economic period. It goes completely against all economic logic. The sugar high is over and the debt has exploded. Now, I'm not a deficit hawk. The Gov. is different than the private sector but what's going on now is economic stupidity on steroids. And early IRS returns are indicating that the middle class, where the cut should have been targeted, is getting screwed.
The best way to measure the debt is by % of increase. The top 5 as they relate to the $22 trillion in debt: FDR/ 1048%; Wilson/ 727%; Reagan/ 186%; W/ 101%; Obama/ 74%. Obama got off to a bad start because of the stimulus package necessitated by the financial crisis. Many on this board want to vilify Obama but history will rank his presidency well and compared to Trump, Obama is Lincolnesque.
Lol. That might be true for things like Dodge Vipers and Mona Lisa paintings, but that's not how money works. Do you know how many trillions of US dollars there are in the world? If what you're saying was remotely true, our currency would have crashed years ago. It sounds like you have no idea what you're talking about.
Where are you getting your hyperbole? You speak much but say little. I've heard of Khashoggi. The one you speak of was a journalist and had nothing to do with the oil trade. I spent 6 years in Saudi Arabia when Adnan Khashoggi was an "acting" minister brokering deals for the Al-Saud family. The recently dismissed Min of Petro, Ali Al-Naimi was VP Ops for Aramco and was my "go to" guy for our major pipeline projects. I spent 32 years (1980 to 2012) working outside the USA in the oil business. Most of that in the Middle East. I was a consultant to Gazprom in Moscow/St. Petersburg and spent considerable time in Far East Russia when Exxon Mobil could not gain traction in Sakhalin Island. I am currently President/CEO and majority shareholder in a company operating in Nigeria & East Africa. You've heard of Nigeria? Where the highest grade of marketable oil is produced. You've heard of Bonny Light? You've heard of Rilwanu Lukman? He was a personal friend and was president of OPEC when the currency issue was last tabled. FYI: Saudi Arabia will never leave OPEC. I have had direct conversations with men that actually had a part in this subject. Tell us where you are getting your information? Are you one of those people that think, "if it's in a text book it must be true"?
That's going to leave a mark.
Jeremiah, Scottdale doesn't just have the words, he has the knowledge and money reflective of his very successful career he's had in the oil biz. He would never say it himself, but you should see his Corvette collection and his lovely home in Scottsdale. Things that make you go holy ****.
I spewed my coffee when I read this. And this "Thinking the dollar can't be kicked out the door by OPEC is little more than political propaganda." There are only three Gulf Arab members of OPEC. Saudi Arabia, Kuwait and UAE. The national currency of these three countries is pegged directly to the US dollar. Do you know what that means? There is never a trade risk concerning currency fluctuations with these countries. Where the USA gos these countries go. Where crude oil prices go these countries go. These countries have debated whether to peg against the pound or euro and have rejected the change on many occasions. Why would Saudi Arabia completely destabilize their economy by vacating the US dollar as the crude oil trade currency? So their currency is based on dollar and their single largest export product is based on another currency? Are you starting to see how utterly uneducated your comments are? In the same context everything Nigeria (and most other oil producing countries) does is in US dollars and a floating Nigerian Naira rate based central bank daily rates against the dollar. The next time I see Mohammed Barkindo in Abuja I will ask him about the future of crude oil currency. Until then my comments are based on my knowledge and not OPEC direct.
All i've seen of you apologists is horse piss. Nobody, and that includes
governments can continuously spend more than they take in. They all go
broke doing it. Scottsdale ain't got a clue as to how these countries will
react to the US$ going downhill. To think that OPEC is glued to the $ is
nonsense. And yes the US Congress wanting to extradite the Saudi Crown
Prince could change everything.
This country is currently in a trade war with China. The Chinese dumped
1 &1/2 trillion of their 2&1/2 trillion of the current 21 trillion $ US loan money.
If this trade war escelates do you think they would continue to buy oil from
any of those OPEC countries using US$. It's obvious to me they could broker
a deal with Iran or any of the other 1/2 dozen OPEC countries that don't have
a strong relationship with the US.
To think that US status as the major world reserve currency is still on a
secure footing is preposterous. And when this happens, and it will, then all
of those foreign US$ will eventually come back home.
This is a quote for all of you Reaganites, "Every country that has abandoned
the Gold Standard has failed miserably". That's probably one of the few things
that me and that man would agree on.
governments can continuously spend more than they take in. They all go
broke doing it. Scottsdale ain't got a clue as to how these countries will
react to the US$ going downhill. To think that OPEC is glued to the $ is
nonsense. And yes the US Congress wanting to extradite the Saudi Crown
Prince could change everything.
This country is currently in a trade war with China. The Chinese dumped
1 &1/2 trillion of their 2&1/2 trillion of the current 21 trillion $ US loan money.
If this trade war escelates do you think they would continue to buy oil from
any of those OPEC countries using US$. It's obvious to me they could broker
a deal with Iran or any of the other 1/2 dozen OPEC countries that don't have
a strong relationship with the US.
To think that US status as the major world reserve currency is still on a
secure footing is preposterous. And when this happens, and it will, then all
of those foreign US$ will eventually come back home.
This is a quote for all of you Reaganites, "Every country that has abandoned
the Gold Standard has failed miserably". That's probably one of the few things
that me and that man would agree on.
Uhhhhhh...
I'm not sure how you got here, but it had to be one hell of a trip. And by here, I mean whatever planet you're living on that isn't based in reality.
I thought you were misinformed. You are uninformed. You have very little understanding of what you are talking about and you do an excellent job of making it apparent. Tell us how Congress can extradite a Saudi citizen (crown prince at that) for the killing of a Saudi citizen (not a US citizen) outside a US jurisdiction, the Saudi embassy/consulate in Turkey? And tell us what currency big oil will go to once the dollar is dropped? Do you think the world is unfamiliar with a weak or strong dollar? Or a weak or strong US economy? I'm interested, enlighten us.
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Medic, There are US Govt. Treasury bills that are zero coupon. These bonds are sold at a discount and they mature in a year or less. For example a five thousand dollar bond
costs the bond holder $4850 and he gets the full five thousand dollars on maturity in a year.
These zero coupon Govt. Bonds. do pay interest to the bondholder in the form of the discount they pay for the bonds.
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I know that, but thanks for the info. Always great to talk to you even if we're butting heads!