Thursday - July 14, 2011

Hellena Handbasket

Saturday Update: Glad to see that the market did not panic, and just continued to slowly climb. Gold closed Friday afternoon at $1594.50, a solid 1/3 increase in just one year. Of course, one year ago at $1150 gold was still nearly 4 times higher than it was post-Y2k.

Your money is worthless. Today, it’s worth even less.

Prepare for the USA to get a credit rating downgrade. It’s coming. And now, today, in anticipation of that,

We are well and truly screwed.

Gold rallied to a record after Moody’s Investors Service placed the U.S. credit rating on review for a downgrade, U.S. debt-ceiling talks stalled and Europe’s sovereign crisis persisted, boosting haven demand.

Immediate-delivery bullion climbed as much as 0.5 percent to an all-time high of $1,589.80 an ounce, and was at $1,582.75 at 4:03 p.m. in Singapore. Federal Reserve Chairman Ben S. Bernanke’s comments that additional stimulus may be needed also drove the metal’s ninth day of gains, the best run since April.

The U.S., rated Aaa since 1917, was put on review for the first time since 1995, on concern the debt threshold will not be raised in time to prevent a missed payment of interest or principal, Moody’s said. President Barack Obama walked out of a meeting with legislative leaders on raising the U.S. debt ceiling, according to House Majority Leader Eric Cantor.

“Gold will benefit from the turmoil,” said Guo Hongjun, head of research at Haitong Futures Co., China’s largest futures broker by capital. “Another round of quantitative easing will hit the dollar hard, drive up prices of commodities including gold, increase inflationary pressures and slow the recovery.”

The contract for August delivery in New York also gained to a record, rallying as much as 0.3 percent to $1,590.80 an ounce. Cash silver jumped as much as 1.8 percent to $38.855 an ounce, the highest intraday price since May 11.

Fed Chairman Bernanke said the central bank is prepared to provide additional stimulus to bolster the U.S. economy, and warned a failure by Congress to raise the $14.3 trillion debt limit would send “shock waves” through the financial system.

I’m wondering if the country wouldn’t be better off Bernanke-free. This guy seems to get it all wrong, every time. My bet is gold goes even higher tomorrow, and closes close to $1700 Friday.

Yeah, and as we go forward - what is it now, 813 days without a federal budget??? - the clown posse in DC is arguing about raising the debt limit even more. Odingus is threatening that if the ceiling isn’t raised and more money is borrowed, then he’ll stop paying Social Security. But “don’t call my bluff on this” he is demanding of Congress. Huh?

Meanwhile, the John Wayne Bobbit Squad (our dickless Republicans in DC) are calling for a constitutional amendment to balance the budget ... as their 30 pieces of silver for allow the debt ceiling to be raised yet again. Morons. You should have put that one in in 2003, and then shown how your own party could restrict themselves to that level of spending, even during wartime. Now you look like a bunch of turbopussies.

Congressional Republicans are rallying behind a long-shot bid for a constitutional amendment requiring a balanced budget. But they’re divided over conservatives’ efforts to demand its passage as their price for backing any increase in the government’s borrowing limit.

Right in the middle of their brawl with President Barack Obama over extending the debt ceiling and hacking trillions from projected deficits, GOP leaders are forcing House and Senate debates next week over similar amendments requiring the budget to be balanced, starting no sooner than five years from now.

And even this threat is empty handed bullshit. Do it NOW assmunch, not 5 years down the road.

It’s all just smoke and mirrors anyway. The Repussylickans have already planned out their cave-in strategery, with the bottom line long term result being Mitt Romney as their 2012 candidate. Where upon he will take a monumental ass-whuppin. It’s all part of the plan, because the Right side of the aisle is just as elitist and just as Socialist as the Left side.

Fire the whole lot of them, take a big boxful of darts and throw them at all 50 State’s phone books. Whatever names get hit get to be Reps and Senators. Assuming that a) those hit aren’t felons or under the age of 35, b) they can prove that they are actually citizens, and c) they at least graduated high school. They couldn’t do any worse. Oh, and they serve one term, the government locks up their assets right now, guarantees their regular job on return, pays them $100,000 cash per year, no taxes, and if they take (or any relative takes) gifts or money from anyone or any PAC, they get shot. On the spot.

Posted by Drew458     on 07/14/2011 at 03:44 PM   
Filed Under: • Commies • Economics • Government •  
• Comments (4) • Trackbacks(0)  Permalink •  

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