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post #121 of 2679

At least he wasn't having affairs with young male staffers...
post #122 of 2679
Quote:
Originally Posted by stevegmu View Post

At least he wasn't having affairs with young male staffers...

Or booking hunks on rentboy.com to "carry his luggage".

"I have SINNED!"

Your sins against your wife, and presumably your God, don't hold a candle to the sin of your hypocrisy.
post #123 of 2679
Quote:
Originally Posted by stevegmu View Post

At least he wasn't having affairs with young male staffers...

I detest these politicians that get involved in scandal or illicit relationships while in office but at least this Rep. Souder promptly admits the scandal, resigns, and doesn't try to make a spectacle of himself with his wife standing in front of microphone grasping for office... in terms of quality of departure from office Rep. Souder made a clean break - he sinned and paid the penalty by resigning - something perhaps Democrats could learn... cue Rep. Charles Rangel (D-New York)!
post #124 of 2679
Philandering Democrats don't spout all about "family values" at every turn.

Gay Democrats don't fight against gay rights.

Souder and the other hypocrites are the worst of the worst.
post #125 of 2679
Do Democrats spout about "earth values" at every turn while driving SUVs, living in multiple lavish homes, owning 100 ft long houseboats, and flying in private jets?

Gay Democrats DO fight against gay rights. They claim change will come and then sign on to Don't Ask, Don't Tell, DOMA and other similar bills. Much like how they support free trade and unions, they continually talk out of both sides of their mouth to keep all their interests fighting with each other while they collect the cash with their "good intentions" in the middle.

"During times of universal deceit, telling the truth becomes a revolutionary act." -George Orwell

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"During times of universal deceit, telling the truth becomes a revolutionary act." -George Orwell

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post #126 of 2679
Quote:
Originally Posted by trumptman View Post

Do Democrats spout about "earth values" at every turn while driving SUVs, living in multiple lavish homes, owning 100 ft long houseboats, and flying in private jets?

Gay Democrats DO fight against gay rights. They claim change will come and then sign on to Don't Ask, Don't Tell, DOMA and other similar bills. Much like how they support free trade and unions, they continually talk out of both sides of their mouth to keep all their interests fighting with each other while they collect the cash with their "good intentions" in the middle.

We're talking the lesser of evils here trumpy. You know that. With poiliticians that's always the way no matter what party. It's just that the Republicans seem to have cornered the market on scandals.
Without the need for difference or a need to always follow the herd breeds complacency, mediocrity, and a lack of imagination
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Without the need for difference or a need to always follow the herd breeds complacency, mediocrity, and a lack of imagination
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post #127 of 2679
Quote:
Originally Posted by jimmac View Post

We're talking the lesser of evils here trumpy.

According to you and your set of values.

The state is nothing more than a criminal gang writ large.

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The state is nothing more than a criminal gang writ large.

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post #128 of 2679
No as my media bias threads have shown, they cornered the market on reported scandals. Since the media doesn't care to harp on them and since they don't resign from them, Democrats feel innoculated against such scandals but there certainly aren't less of them.

We're talking about the same party that spent the whole second half of the 90' defending Clinton against his affairs.

We also know Jessie Jackson has had affairs. The current governor of New York, who isn't seeking reelection due to his poor performance had an affair. He just got to stay in office because unlike the prior governor of New York who also had an affair, he didn't get caught paying for the prostitute by withdrawing money across state lines thus federalizing the matter.

Oh wait... do we need more examples? I can provide them. I don't have the memory problem some do.

"During times of universal deceit, telling the truth becomes a revolutionary act." -George Orwell

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"During times of universal deceit, telling the truth becomes a revolutionary act." -George Orwell

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post #129 of 2679
Quote:
Originally Posted by tonton View Post

Philandering Democrats don't spout all about "family values" at every turn.

But Democrats have their own agenda items of hypocrisy!

=> Democrats preach alternative energy sources but fuel their Democrat campaigns with money from petroleum companies!

=> Democrats want banking regulations yet fuel their Democrat campaigns with money from big banks!

=> Democrats preach jobs yet heavily support unions that penalize companies and restrict new hiring!

So while you point to "family values" as a Republican item of hypocrisy, understand that Democrats too have their hypocrisy on display!

Quote:
Originally Posted by tonton View Post

Gay Democrats don't fight against gay rights.

The institution of DADT was under a Democrat president, namely William Jefferson Clinton. Moreover, Barney Frank's term has been a great disappointment to those in favor of gay rights in Massachusetts. So be careful when you make generic accusations.

Quote:
Originally Posted by tonton View Post

Souder and the other hypocrites are the worst of the worst.

He made a mistake and resigned for it. More than can be said for the great number of Democrats currently under Ethics Investigations in House and Senate.
post #130 of 2679
And interesting study in contrasts on the idea of dictatorship is found in Milton Friedman's response to such a question in this video. The specific response can be found around 24:00-25:00 minute range in the video.

Another would be Ludwig von Mises' response when asked what he would do if he was appointed or became dictator: Abdicate.

The state is nothing more than a criminal gang writ large.

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The state is nothing more than a criminal gang writ large.

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post #131 of 2679
Coming tomorrow => Thoughts?

Draw Muhammad Day (First Annual!)
http://www.youtube.com/watch?v=z7ok4njJXI8

News Article:

'Everybody Draw Mohammed' Day Unleashes Facebook Fracas
By Joshua Rhett Miller - FOXNews.com
http://www.foxnews.com/scitech/2010/...est=latestnews
What started out as a cartoonist's call to action against censorship -- an open invitation to submit caricatures of the Prophet Muhammad -- has led to death threats, a court order and a call for a boycott of Facebook.
post #132 of 2679
Quote:
Originally Posted by Camp David View Post

Coming tomorrow => Thoughts?

Draw Muhammad Day (First Annual!)
http://www.youtube.com/watch?v=z7ok4njJXI8

News Article:

'Everybody Draw Mohammed' Day Unleashes Facebook Fracas
By Joshua Rhett Miller - FOXNews.com
http://www.foxnews.com/scitech/2010/...est=latestnews
What started out as a cartoonist's call to action against censorship -- an open invitation to submit caricatures of the Prophet Muhammad -- has led to death threats, a court order and a call for a boycott of Facebook.

I'm surprised YouTube hasn't taken down the video yet.

Is there a pool going on the number of attacks, riots, murders that will result on the 1st, and probably last, Draw Muhammad Day? Will Obama ban it, or will he apologize?
post #133 of 2679
More fun stuff from the Obama administration: "The word voluntary is a little complicated."

BEGIN UPDATE

It turns out that while Sunstein did proffer such an idea as mandates for the cross-links referred to in the above audio clip in his book "Republic.com" he later...well I let PolitiFact explain it:

Quote:
In a later edition of the book released in 2007, Republic.com 2.0 , Sunstein tempers that position, advocating instead for the creation of public spaces on the Internet where people with differing viewpoints could share their ideas with one another.

But in a video interview on the Web site Bloggerheads.tv on Feb. 29, 2008, Sunstein actually goes a little bit farther than that, calling it a "bad idea" he should never have ventured.

At this point I'd call this a non issue (well other than the fact that Mr. Sunstein's call for the "creation of public spaces on the Internet where people with differing viewpoints could share their ideas with one another" seems a bit out of touch with the present day reality of the web.)

END UPDATE


More good stuff from Cass Sunstein...

The Obama I Know:

Quote:
Not so long ago, the phone rang in my office. It was Barack Obama. For more than a decade, Obama was my colleague at the University of Chicago Law School.

He is also a friend. But since his election to the Senate, he does not exactly call every day.

On this occasion, he had an important topic to discuss: the controversy over President George W. Bush's warrantless surveillance of international telephone calls between Americans and suspected terrorists. I had written a short essay suggesting that the surveillance might be lawful. Before taking a public position, Obama wanted to talk the problem through.

In the space of about 20 minutes, he and I investigated the legal details. He asked me to explore all sorts of issues: the President's power as commander-in-chief, the Constitution's protection against unreasonable searches and seizures, the Foreign Intelligence Surveillance Act, the Authorization for Use of Military Force and more.

Obama wanted to consider the best possible defence of what Bush had done. To every argument I made, he listened and offered a counter-argument. After the issue had been exhausted, Obama said that he thought the programme was illegal, but now had a better understanding of both sides. He thanked me for my time.

This was a pretty amazing conversation, not only because of Obama's mastery of the legal details, but also because many prominent Democratic leaders had already blasted the Bush initiative as blatantly illegal. He did not want to take a public position until he had listened to, and explored, what might be said on the other side.

I wonder if anyone notices anything interesting about Mr. Sunstein's account of this discussion.


Interesting guy:

Quote:
The interpretation of federal law should be made not by judges but by the beliefs and commitments of the U.S. president and those around him, according to Sunstein. "There is no reason to believe that in the face of statutory ambiguity, the meaning of federal law should be settled by the inclinations and predispositions of federal judges. The outcome should instead depend on the commitments and beliefs of the President and those who operate under him," argued Sunstein.

Quote:
In 2002, at the height of controversy over Bush's creation of military commissions without Congressional approval, Sunstein stepped forward to insist that "[u]nder existing law, President George W. Bush has the legal authority to use military commissions" and that "President Bush's choice stands on firm legal ground." Sunstein scorned as "ludicrous" the argument from Law Professor George Fletcher that the Supreme Court would find Bush's military commissions without any legal basis. Four years later—in its Hamdan ruling—the Supreme Court, with Justice Stevens in the majority, held that Bush lacked the legal authority to create military commissions without approval from Congress, i.e., the Court (and Stevens) found Bush lacked exactly the "legal authority" which Sunstein vehemently insisted he possessed.

Quote:
In his book Democracy and the Problem of Free Speech Sunstein says there is a need to reformulate First Amendment law. He thinks that the current formulation, based on Justice Holmes' conception of free speech as a marketplace “disserves the aspirations of those who wrote America’s founding document.” The purpose of this reformulation would be to “reinvigorate processes of democratic deliberation, by ensuring greater attention to public issues and greater diversity of views.” He is concerned by the present “situation in which like-minded people speak or listen mostly to one another,” and thinks that in “light of astonishing economic and technological changes, we must doubt whether, as interpreted, the constitutional guarantee of free speech is adequately serving democratic goals.” He proposes a “New Deal for speech [that] would draw on Justice Brandeis' insistence on the role of free speech in promoting political deliberation and citizenship.”

Quote:
In what sense is the money in our pockets and bank accounts fully ‘ours’? Did we earn it by our own autonomous efforts? Could we have inherited it without the assistance of probate courts? Do we save it without the support of bank regulators? Could we spend it if there were no public officials to coordinate the efforts and pool the resources of the community in which we live? Without taxes, there would be no liberty. Without taxes there would be no property. Without taxes, few of us would have any assets worth defending. [It is] a dim fiction that some people enjoy and exercise their rights without placing any burden whatsoever on the public… There is no liberty without dependency.

Quote:
In a recent book, Sunstein proposes that government recognition of marriage be discontinued. "Under our proposal, the word marriage would no longer appear in any laws, and marriage licenses would no longer be offered or recognized by any level of government," argues Sunstein. He continues, "the only legal status states would confer on couples would be a civil union, which would be a domestic partnership agreement between any two people." He goes on further, "Governments would not be asked to endorse any particular relationships by conferring on them the term marriage," and refers to state-recognized marriage as an "official license scheme."

I actually agree with him on that issue.

Definitely an interesting guy.

The state is nothing more than a criminal gang writ large.

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The state is nothing more than a criminal gang writ large.

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post #134 of 2679
Obama to Mandate Rules to Raise Fuel Standards:

Quote:
President Obama has decided to use his executive power to order tougher fuel efficiency standards for cars and trucks, accelerating the fight against climate change without waiting for Congress, administration officials said Thursday.

Mr. Obama plans to announce on Friday that he is ordering the creation of a new national policy that will result in less pollution from medium- and heavy-duty trucks for the first time and will further reduce exhaust from cars and light-duty trucks beyond the requirements he has already put in place.

The state is nothing more than a criminal gang writ large.

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The state is nothing more than a criminal gang writ large.

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post #135 of 2679
Quote:

Cool! That's one small step towards reducing oil dependence, which should be the ultimate goal.
post #136 of 2679
Quote:

Erm... welcome to the 21st century, America.

Cleaner air, less fuel used, efficiencies implemented. For the life of me I can't think what you're whining about.
post #137 of 2679
Quote:
Originally Posted by tonton View Post

Cool! That's one small step towards reducing oil dependence, which should be the ultimate goal.

Is that really the ultimate goal?


Quote:
Originally Posted by Mumbo Jumbp

Erm... welcome to the 21st century, America.

Cleaner air, less fuel used, efficiencies implemented. For the life of me I can't think what you're whining about.

Who said I was whining?

The state is nothing more than a criminal gang writ large.

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The state is nothing more than a criminal gang writ large.

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post #138 of 2679
Quote:

Forcing greater mileage standards during a recession will only cost jobs and make economy worse... we seem to have lots of oil in the Gulf so why are we raining fuel standards? Are people less important than the environment in his mind?
post #139 of 2679
Quote:
Originally Posted by Camp David View Post

Forcing greater mileage standards during a recession will only cost jobs and make economy worse... we seem to have lots of oil in the Gulf so why are we raining fuel standards? Are people less important than the environment in his mind?

Can you refer me to the people who pay you to post these things... I could use a job as well.
yes I want oil genocide.
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yes I want oil genocide.
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post #140 of 2679
Quote:
Originally Posted by Wormhole View Post

Can you refer me to the people who pay you to post these things... I could use a job as well.

Funny, I thought you were independently wealthy....
NoahJ
"It is unwise to be too sure of one's own wisdom. It is healthy to be reminded that the strongest might weaken and the wisest might err." - Mahatma Gandhi
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NoahJ
"It is unwise to be too sure of one's own wisdom. It is healthy to be reminded that the strongest might weaken and the wisest might err." - Mahatma Gandhi
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post #141 of 2679
Medium and large trucks are comparatively heavy fuel consumers and polluters. But the commercial sector is the one place where economical alternatives would be quickly embraced by corporate bean-counters.

I can certainly understand the government participating in university and corporate research programs or setting up a fund to explore alternative technologies to curb pollution. Even the Army has been working on related tech for a decade, given the need to move heavy armour around in battlefield situations.

However, the idea that the U.S. President can simply issue an executive order and will the problem away by committee is silly and dangerous nonsense.
The evil that we fight is but the shadow of the evil that we do.
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The evil that we fight is but the shadow of the evil that we do.
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post #142 of 2679
Quote:
Originally Posted by NoahJ View Post

Funny, I thought you were independently wealthy....

Only when it makes for a good trolling post.

Malo periculosam, libertatem quam quietam servitutem.

(I prefer the tumult of liberty to the quiet of servitude.)

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Malo periculosam, libertatem quam quietam servitutem.

(I prefer the tumult of liberty to the quiet of servitude.)

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post #143 of 2679
In other news...

I think this is pretty important. The Gaza strip is about to be invaded.

http://blogs.aljazeera.net/middle-ea...s-work-cut-out

Good for them. Israel should really be ashamed of themselves for what they are doing.
post #144 of 2679
Quote:
Originally Posted by tonton View Post

In other news...

I think this is pretty important. The Gaza strip is about to be invaded.

http://blogs.aljazeera.net/middle-ea...s-work-cut-out

Good for them. Israel should really be ashamed of themselves for what they are doing.

And with that biased blog-o-smear post the sun rose in the East again today as well...
NoahJ
"It is unwise to be too sure of one's own wisdom. It is healthy to be reminded that the strongest might weaken and the wisest might err." - Mahatma Gandhi
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NoahJ
"It is unwise to be too sure of one's own wisdom. It is healthy to be reminded that the strongest might weaken and the wisest might err." - Mahatma Gandhi
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post #145 of 2679
Thread Starter 
The current apartheid system in Israel may take some of it's inspiration from the founding fathers of South Africa, the Boer's, not unlike the founding fathers of another country I can think of. They have secretly engaged in a few naughty nuke deals together. How are they going to explain all of this at the UN? Iran will no doubt have a few strong words like "racist and hypocritical liars". Whilst Israel is far from the only country to prop up South Africa, secretly supplying them with nukes suggests a very special relationship.

"Secret South African documents reveal that Israel offered to sell nuclear warheads to the apartheid regime, providing the first official documentary evidence of the state's possession of nuclear weapons."
~ http://www.guardian.co.uk/world/2010...uclear-weapons
"I have been made victorious by terror~ Muhammad

"The future must not belong to those who slander the prophet of Islam," ~ Barack Obama

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"I have been made victorious by terror~ Muhammad

"The future must not belong to those who slander the prophet of Islam," ~ Barack Obama

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post #146 of 2679
More good news...Stealth IRS changes mean millions of new tax forms:

Quote:
The massive expansion of requirements for businesses to file 1099 tax forms that was hidden in the 2,409-page health reform bill took many by surprise when it came to light last month.


Quote:
The 1099 changes attached to the health care reform bill are another kettle of fish. These massively expand the requirements for filing the "1099-Misc" form, which companies use for recording payments to freelance workers and other individual service providers. Until now, payments to corporations have been exempt from 1099 rules, as have payments for the purchase of goods.

Starting in 2012, that changes. All business payments or purchases that exceed $600 in a calendar year will need to be accompanied by a 1099 filing. That means obtaining the taxpayer ID number of the individual or corporation you're making the payment to -- even if it's a giant retailer like Staples or Best Buy -- at the time of the transaction, or else facing IRS penalties.


Quote:
House and Senate staffers "essentially have a cupboard full of convenient revenue raisers that they can put into bills when they need it," notes Chris Edwards, director of tax policy studies for the libertarian Cato Institute. In the case of the 1099 changes, he says, "this was sitting around, the IRS wanted it and had testified in favor of it, and they needed a revenue raiser. This was just a convenient thing."


Quote:
But SMC's survey found that extending 1099s just to services purchased from corporations would push that number to at least 200 filings per year for a typical small business -- adding an estimated $6,000 to the cost of preparing the average tax return. And that's without even accounting for the requirement that 1099s be filed for purchases of goods, a provision that Henschke's group didn't see coming when it conducted its survey last year.

"These folks are doing their paperwork in the evenings and on the weekends already," he says. "This certainly adds to the burden substantially."

The state is nothing more than a criminal gang writ large.

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The state is nothing more than a criminal gang writ large.

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post #147 of 2679
Oh dear. Trouble in paradise: French workers protest pension reform plan

Quote:
Tens of thousands of workers took to the streets in cities across France Thursday to protest against government plans to raise the minimum retirement age of 60 as part of a reform of the costly pension system.

Quote:
"Only a show of force on the streets can defend the 60-year retirement age and the social achievements that (President) Nicolas Sarkozy is methodically attacking," Bernard Thibault, secretary general of the powerful CGT union, said.

Quote:
Like other countries in the euro zone, France is struggling to bring its swollen public deficit under control. It has announced a freeze on central government spending over the next three years but has ruled out tax increases.

Quote:
The transport chaos that often accompanies strikes in France was mostly absent Thursday, partly because the reform plan would not touch costly special pension schemes for transport workers, a powerful sector that brought an earlier conservative government to its knees in 1995 when it tried to reform them.

The state is nothing more than a criminal gang writ large.

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The state is nothing more than a criminal gang writ large.

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post #148 of 2679
U.S. wants to boost airline passenger bumping fee:

Quote:
Maximum compensation for bumping passengers off oversold flights would rise to $1,300 under a U.S. government proposal released on Wednesday.

Quote:
Current bumping fees range from $400 to $800, depending on whether an alternative flight is available and whether the trip is domestic or international service.

Quote:
Other aspects of the new rule, which would take effect later this year if finalized by regulators, would allow passengers to cancel ticket purchases within 24 hours of making them without paying a penalty.

I wonder what effects these rules will have on airfares. Any guesses?

The state is nothing more than a criminal gang writ large.

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The state is nothing more than a criminal gang writ large.

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post #149 of 2679
Quote:
Originally Posted by MJ1970 View Post

I wonder what effects these rules will have on airfares. Any guesses?

The same effects that the Obama Administration imposed on health care insurers: huge rate increases! Massive failure is what Obama is all about!
post #150 of 2679
Quote:
Originally Posted by tonton View Post

Philandering Democrats don't spout all about "family values" at every turn.

Gay Democrats don't fight against gay rights.

Souder and the other hypocrites are the worst of the worst.

No, that's right...they don't. You know what else they don't do? Resign. A Republican does something like this, and he's expected to resign in disgrace. But a Democrat? He fights on! He vows to "fight" and gets to lie to "protect his family." He has an affair with a 21 year old intern (who ends up getting murdered), and he goes on TV and says that he's "not been a perfect man." He gets sympathy for confronting his "inner demons" and suddenly becomes religious.

And that's just if he had an affair. How about if he uses racist language? No problem...his voting record excuses that. Heck, sometimes (as in the case of Joe Biden) the mere fact that he has a "D" next to his name excuses that. Make a joke about Indians owning 7-11's? No problem! You're a Democrat, sir! But if you're an "R"--you can't say something nice about an old man at his birthday party without being labeled racist yourself.

So yeah...things are a little different.
I can only please one person per day.  Today is not your day.  Tomorrow doesn't look good either.  
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I can only please one person per day.  Today is not your day.  Tomorrow doesn't look good either.  
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post #151 of 2679
Quote:
Originally Posted by SDW2001 View Post

No, that's right...they don't. You know what else they don't do? Resign. A Republican does something like this, and he's expected to resign in disgrace. But a Democrat? He fights on! He vows to "fight" and gets to lie to "protect his family." He has an affair with a 21 year old intern (who ends up getting murdered), and he goes on TV and says that he's "not been a perfect man." He gets sympathy for confronting his "inner demons" and suddenly becomes religious.

And that's just if he had an affair. How about if he uses racist language? No problem...his voting record excuses that. Heck, sometimes (as in the case of Joe Biden) the mere fact that he has a "D" next to his name excuses that. Make a joke about Indians owning 7-11's? No problem! You're a Democrat, sir! But if you're an "R"--you can't say something nice about an old man at his birthday party without being labeled racist yourself.

So yeah...things are a little different.

Rehab. Liberals go to rehab, and all is forgiven and forgotten.
post #152 of 2679
The evil that we fight is but the shadow of the evil that we do.
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The evil that we fight is but the shadow of the evil that we do.
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post #153 of 2679
Quote:
Originally Posted by Frank777 View Post

The most awesome political ad ever.

It was a good campaign ad but I think Dale Peterson lost the primary election... Nonetheless I would rather have him in the White House than the moron that is there now...
post #154 of 2679
Quote:
Originally Posted by stevegmu View Post

Rehab. Liberals go to rehab, and all is forgiven and forgotten.

Republican presidents write books and retire and all is forgotten / forgiven.
Without the need for difference or a need to always follow the herd breeds complacency, mediocrity, and a lack of imagination
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Without the need for difference or a need to always follow the herd breeds complacency, mediocrity, and a lack of imagination
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post #155 of 2679
Quote:
Originally Posted by jimmac View Post

Republican presidents write books and retire and all is forgotten / forgiven.

Really? Seems the status quo for brain dead liberals is to continually blame President Bush.
post #156 of 2679
Quote:
Originally Posted by Camp David View Post

It was a good campaign ad but I think Dale Peterson lost the primary election... Nonetheless I would rather have him in the White House than the moron that is there now...

Even S. Palin is looking good compared to this clown. Obama should just go into hiding like J. Biden.
post #157 of 2679
Quote:
Originally Posted by stevegmu View Post

Really? Seems the status quo for brain dead liberals is to continually blame President Bush.

Actually the one that came most to mind was Nixon.

Let me guess before your time so it doesn't count?
Without the need for difference or a need to always follow the herd breeds complacency, mediocrity, and a lack of imagination
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Without the need for difference or a need to always follow the herd breeds complacency, mediocrity, and a lack of imagination
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post #158 of 2679
Quote:
Originally Posted by SDW2001 View Post

No, that's right...they don't. You know what else they don't do? Resign. A Republican does something like this, and he's expected to resign in disgrace. But a Democrat? He fights on! He vows to "fight" and gets to lie to "protect his family." He has an affair with a 21 year old intern (who ends up getting murdered), and he goes on TV and says that he's "not been a perfect man." He gets sympathy for confronting his "inner demons" and suddenly becomes religious.

And that's just if he had an affair.

So yeah...things are a little different.




David Vitter.

Eliot Spitzer.
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post #159 of 2679
This is possibly quite bad.

A Primer: Sovereign Debt Defaults = Social Unrest + Much Higher Gold Prices:

Quote:
The magnitude of current private and government debt, coupled with massive unfunded contingent liabilities for promises of future services to their citizens, will prove to be impossible for many nations to fund. Massive inflation in the money supply will become the preferred vehicle to deflect the default monster and will result in vastly devalued currencies and price inflation as a prelude to default. Such action will be a desperate attempt to buy time to stave off the inevitable and will result in social unrest caused by persons whose comfortable lifestyle and elevated standard of living is about to disintegrate before their very eyes.

Quote:
According to the Maastricht Treaty which sets the terms of compliance for the sixteen member nations of the Euro currency club, annual deficits are limited to 3% of GDP. Of the 27 European Union member states, according to the IMF and the Global Financial Stability Report of April 2010, only 5 countries (Luxembourg, Finland, Denmark, Sweden and Bulgaria) are below that ceiling. Even worse, of the 22 that do not comply, 14 have a ratio that is more than twice the established and agreed upon limit. Indeed, the EU-27 as a whole, posts a huge 6.9% budget deficit-to-GDP ratio which is expected to increase in 2010 to 7.5% matching Japan's at 7.5% but paling in comparison with the U.S.'s deficit-to-GDP of 9.2%! For the record, Canada's stands at 3.0% and Sweden's is only 0.8%!

Quote:
According to the Bank for International Settlements the number-one offender globally in 2011 is projected to be Japan at 204% gross debt as a % of GDP followed by Greece and Italy at 130%; the U.S. at 100%; France at 99%; Portugal at 97%; the U.K. at 94%; Ireland at 93%; Germany at 85%; the Netherlands at 82% and Spain at 74%. Interestingly, the U.S. level of 100% is actually greater than all but one of the much ballyhooed countries of Portugal, Ireland, Greece and Spain (the PIGS). On average the EU had a gross debt to GDP ratio of only 72.6% in 2009 (albeit up from only 61.5% in 2008) but this is expected to reach 83.7% in 2011 (88.2% in the euro area) as compared to 41% for Asia, only 35% for Latin America and just 29% for central Europe.

Economists Reinhart and Rogoff recently published comprehensive new research covering several hundred years of economic history which determined that countries that reached debt levels of 90% of their GDP, rapidly descended into the flames of default hell. Specifically they found that when government debt-to-GDP rise above 90%, it lowers the future potential GDP of that country by more than 1% and locks in a slow-growth, high-unemployment economy. The authors point to history that shows that public debt tends to soar after a financial crisis, rising by an average of 86% in real terms. Defaults by sovereign entities often follow. That being the case, it certainly raises a very red flag as to what we can expect the future to hold for the U.S. and the U.K. let alone Japan, Italy, Ireland and Portugal

Quote:
What are the Common Characteristics of Debt Default Candidates?

Many countries are advanced first world economies with high standards of living. Most share political traditions and values whereby the welfare state ensures high living standards and guarantees protection and security against most of life's challenges. Such cradle to grave security requires ever higher levels of savings and investments which result in wealth generation and serve as a growing tax base sufficient to deliver on promises of current and future benefits, especially with the universal demographic of rapidly aging populations.

The state is nothing more than a criminal gang writ large.

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The state is nothing more than a criminal gang writ large.

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post #160 of 2679
It is increasingly looking like all of the so-called "stimulus" policies of the Obama administration (and end of the Bush administration) have done nothing more than simpyl kick the can down the road (no one could have predicted that ):

U.S. States Plan More Spending Restraint Amid Curtailed Revenue:

Quote:
Governors may struggle to raise spending in fiscal 2011, which begins July 1 for 46 states, as they close deficits without the aid of federal stimulus money that runs out this year, the report by the National Governors Association and National Association of State Budget Officers said.

States will have dealt with $296.6 billion of budget deficits from fiscal 2009 to 2012, covered in part by $135 billion of federal money received under stimulus legislation, according to the groups. Governors still face $127.4 billion of deficits for the rest of fiscal 2010, 2011 and 2012.

The federal government has helped states avoid even more significant cuts to state services and/or proposed tax increases, said the report, which the Washington-based associations publish twice a year based on a survey. The loss of these funds combined with the anticipated slow recovery of state revenues is expected to result in the continuation of difficult state fiscal conditions.

The state is nothing more than a criminal gang writ large.

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The state is nothing more than a criminal gang writ large.

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