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There is a BIG difference between real and fake when it comes to sovereign debt. Nearly all of us were brought up with an untruth. I don't call it a lie, because those telling the untruth, our parents, our ninth grade civics teacher, our politicians and our Presidents did not realize what...

Albeit for the wrong reason! Credit rating agencies' understanding of U.S. government financing is stuck in incorrect thinking of the past. (S&P downgraded U.S. bonds in 2011 and both Moody's and Fitch warned, all for the wrong reasons.) The U.S. has no real debt and cannot go bankrupt...

Ever since the the collapse of the upper brackets in the progressive income tax under the Reagan Admin., the carried interest loophole, and the Court's ruling in favor of Rove et al's 'Citizens United' gambit, etc., your description of the country as a business conglomerate is moving inexorably...

If there were no deficit spending there would be no money in the economy. All net, new money appearing in the private sector economy is due to deficit spending by government. Bank loans create temporary new money, but they net zero new money. The largest component of the "Money Supply" is this...

Buffett is correct, but his remark is tongue in cheek. Although it might be a good idea to introduce reasonable term limits for Congress, it's an extremely bad idea to limit deficits in any one year to 3% of GDP. Setting a target for the aggregate increase in the total deficit over twenty...

You're entitled to an explanation. I've been wrestling with the "simple terms" part however. Instead of writing "QE doesn't cause Inflation". I should have written, "QE is not a sufficient condition to cause inflation." Which leaves a bigger crack in the door to interpretation. In general, QE...

Oh my Gosh! Your right! How could I have forgotten that!

You've not been paying attention, "he stole it". Pretty good for a "senile" old man wouldn't you say.

This is most likely an overstatement. What about women's pussies!

Is this like a scheme to stabilize the price of pet rocks?

Agreed. It is important to know what was going through his mind.

Thanks for taking time to post this. Sadly, this guy is truly nuts.

I'm sure Jerome checks in with Ron Paul often for advice.;) On a more serious note the amount of ignorance re money and the gold standard here on ET is fast approaching encyclopedic levels.

The first two sentences in your post seem correct. Most of what follows those sentences, however, does not. QE does not cause inflation. It is used when demand for money is too low. QE increases bank reserves putting downward pressure on the wholesale price of money either via the old way of...

Modern countries will never return to a gold standard for their currencies. It's an impossibility because the price of gold can no longer be controlled other than by the market. The gold standard regime established at Breton Woods failed after a few years for exactly the reason Keynes said it...

there is no shortage of gullible idiots in this world. People who are vaccinated die every day. Just like people who are not.

Le Sayonara.

Of course, contrary to what some of our less informed colleagues believe, the Fed does not "give" money away. Private sector institutions can do that. Government agencies can't. It's where Fed profits end up that you should look into.

The Fed follows regular accounting practices. It doesn't give away its services. However you are ignoring where Fed profits end up.

My nomination for nonsense post of the year.