Author Topic: The Biden Economic Miracle  (Read 955 times)

Offline james03

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The Biden Economic Miracle
« on: January 14, 2021, 11:10:24 AM »
Quote from: ZeroHedge
US equities futures and global markets shrugged off President Donald Trumpís second impeachment and focused instead on a report on that Joe Biden will unveil a new U.S. $2 trillion stimulus program later in the day, far bigger than even the most "optimistic" expectations.

Didn't I call it at $2 Trillion?  Couple this with the lifting of lockdowns in California and New York (The Biden Covid Plan), and we will have a nice artificial boom to ride.

The $2 Trillion will be used to bail out California, Illinois, New York, and New Jersey pensions, and student loan payoff.  The downside is that prices will go higher in 2021, because the $2 Trillion will be paid for by Fed printing.  Note we'll also get more fascist regulation of industry, taxing US companies, free trade, and "Green" BS, so long term we will have stagflation.  But we should get a nice 6 month to a year ride from The Biden Economic Miracle, so stack your shekels and prepare.
"But he that doth not believe, is already judged: because he believeth not in the name of the only begotten Son of God (Jn 3:18)."

"All sorrow leads to the foot of the Cross.  Weep for your sins."

"Although He should kill me, I will trust in Him"
 
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Offline james03

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Re: The Biden Economic Miracle
« Reply #1 on: January 14, 2021, 12:29:36 PM »
https://usdebtclock.org/

The Biden Economic Plan will take us over $30 TRILLION in Federal usury debt. 

How long until it detonates?  Unknown.  But it will detonate as a massive default, or massive inflation from money printing.
"But he that doth not believe, is already judged: because he believeth not in the name of the only begotten Son of God (Jn 3:18)."

"All sorrow leads to the foot of the Cross.  Weep for your sins."

"Although He should kill me, I will trust in Him"
 

Offline Tennessean

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Re: The Biden Economic Miracle
« Reply #2 on: January 14, 2021, 01:32:24 PM »
Quote
ďThe Federal Reserve has used all of its standard monetary policy tools. But the American economy is not getting better. Whatever the Fed is doing, it is not working.ď

The reason why is perhaps best explained by the Fed itself: ďThe Fed canít control inflation or influence output and employment.Ē

The reality is that not enough people have enough money. Why is this? Where does our money come from? Why isnít it coming?

The Fed doesnít create money we use in our bank accounts. The banks do. Most of this money is created when banks make loans. This is why the Fed canít control inflation or influence output and employment.

Output and employment depend on demand. Demand depends on how much money people have, or can borrow. Because banks create this money, they control demand. If banks arenít lending or borrowers arenít borrowing, new money isnít being created to replace the money removed when bank loans are paid, so the money supply shrinks.

Ö

Here is how we fix it. We have to reclaim our Constitutional power to issue money into the economy, unburdened by debt. Last Congress I introduced legislation to do just that, and I am reintroducing it next week. Here is what the legislation does:

1. It ends the Fedís unaccountability by putting it under Treasury.

2. It ends fractional reserve banking, ending banksí ability to control demand in our economy.

3. It empowers our nation to issue money directly into the economy to create jobs to rebuild our crumbling infrastructure, unhindered by debt and interest payments Ė creating millions of new, good paying jobs. It gets the money to where it is needed the most. It gets the economy going and keeps it going.

It avoids debt and deficitsÖ
https://archive.is/Vkrm8

Quote
Germany's 1923 Hyperinflation: A "Private" Affair

Stephen Zarlenga

Discussions of the dangers of inflation inevitably end up at the worstever case known - the German hyperinflation of 1923. Accompanied by
economists' moralizing warnings of the dire results of governments' printing
paper money, the German hyperinflation is used as a horror story by those
who advocate a plutocratic control over money. However (as in other
cases), when the monetary facts are actually examined, the argument falls
apart as it becomes clear that the bankers themselves and speculators
were the primary cause of the German hyperinflation, which was not
stopped until the government took decisive action against them.
http://www.alpheus.org/wp-content/uploads/2018/05/Zarlenga-1999-Germanys-Hyper-Inflation.pdf

« Last Edit: January 14, 2021, 01:36:34 PM by Tennessean »
 
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Offline drummerboy

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Re: The Biden Economic Miracle
« Reply #3 on: January 14, 2021, 01:36:25 PM »
Use the stimulus checks to buy precious metals!
The bee is small among flying things, but her fruit hath the chiefest sweetness - Ecclesiasticus 3:11

"Our help is in the name of the Lord"
 
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Offline james03

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Re: The Biden Economic Miracle
« Reply #4 on: January 14, 2021, 02:49:19 PM »
Quote
The Fed doesnít create money we use in our bank accounts. The banks do.

I understand what Paul was saying, and I support nuking the Fed, but this statement is imprecise.  Yes, money supply increases when a bank makes a loan.  But the money for that comes from Fed Funds.  And if interest rates rise, the Fed will create more dollars to supply more Fed funds.

So the first cause is bank lending, but the efficient cause is Fed buying Treasuries.
"But he that doth not believe, is already judged: because he believeth not in the name of the only begotten Son of God (Jn 3:18)."

"All sorrow leads to the foot of the Cross.  Weep for your sins."

"Although He should kill me, I will trust in Him"
 

Offline james03

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Re: The Biden Economic Miracle
« Reply #5 on: January 14, 2021, 02:56:47 PM »
Quote
Output and employment depend on demand. Demand depends on how much money people have, or can borrow. Because banks create this money, they control demand. If banks arenít lending or borrowers arenít borrowing, new money isnít being created to replace the money removed when bank loans are paid, so the money supply shrinks.

Can you confirm that Ron Paul said this?  This is bogus, or at best, superficial.

Demand depends on how much value people are creating, which allows them to trade value for value.  The Iron Law of Economics: In order to consume, you must first produce.

So print up as much paper as you want.  If you have free trade shutting down factories, high taxes, and fascist regulators, production drops.  So you're printed money will just be used to purchase chinese junk imports.  The chinese will turn around and buy productive assets and choice real estate in the U.S., further making it impossible for normal people to acquire capital.  Printing money is not the answer.  A government issued currency at a fixed growth of 1% is PART of the answer, though I prefer gold.
"But he that doth not believe, is already judged: because he believeth not in the name of the only begotten Son of God (Jn 3:18)."

"All sorrow leads to the foot of the Cross.  Weep for your sins."

"Although He should kill me, I will trust in Him"
 

Offline Miriam_M

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Re: The Biden Economic Miracle
« Reply #6 on: January 14, 2021, 03:04:19 PM »
I'm probably more worried about paying "Reparations" for something I didn't do, including thoughts I didn't think.
 

Offline james03

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Re: The Biden Economic Miracle
« Reply #7 on: January 14, 2021, 03:28:32 PM »
Need to fund things like this.  Note "revenues" ($176MM)  and "total expenses" ($158MM).  The Clintons paid out 10% to charity and the rest.... disappeared into "expenses".  Now this is how you launder money.  How much do you think went to offshore expenses.  I'd also like to find out how much of the "charity" want offshore.



edit:  wrong column.  $190MM in revenue and $24MM in charitable contributions paid out.
« Last Edit: January 14, 2021, 03:31:11 PM by james03 »
"But he that doth not believe, is already judged: because he believeth not in the name of the only begotten Son of God (Jn 3:18)."

"All sorrow leads to the foot of the Cross.  Weep for your sins."

"Although He should kill me, I will trust in Him"
 

Offline King Wenceslas

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Re: The Biden Economic Miracle
« Reply #8 on: January 14, 2021, 03:38:39 PM »
Some say that the end of the dollar occurs when the US Debt reaches 200% of GDP. As of now (including the $2 trillion added as soon as the Demoncrats take power) the debt to GDP ratio is:

Ratio = (28 + 2)/21.3 = 1.4

Now assuming that you get a growth rate of 2% in GDP, an annual deficit of $4 trillion (includes Green Deal costs which actually could be higher) the time when you reach the magical 200% is in 5 years:

Ratio = (28 + 2 + 5*4)/(21.3*1.02**5) = 2.1

At which time the dollar drops in value by 30 to 50% in about 3 months on the international market and the dollar effectively looses its reserve status. So my estimate when this actually occurs is between 2024 to 2026 taking into account uncertainties.
« Last Edit: January 14, 2021, 03:57:06 PM by King Wenceslas »
 

Offline MaximGun

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Re: The Biden Economic Miracle
« Reply #9 on: January 14, 2021, 03:48:16 PM »
Does it matter whether the USA defaults for $30 Trillion, $50 Trillion or $100 Trillion?

At some point the thing blows up in some unknown way and some unknown event happens, war, famine, dog and cats living together.

We are eating roadkill.  What does it matter how many Trillions the USA is in debt?

If there is a CME event or nuclear war with China or other chastisement would having a balanced budget help the survivors in the USA?

I am struggling to see with what many Catholics think might be coming why the debt is the big problem.  The USA simply don't pay it back the whole world is reset and the Americans who survive start saving a gold backed money and international debt finance and reserve banking are banned.
 

Offline King Wenceslas

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Re: The Biden Economic Miracle
« Reply #10 on: January 14, 2021, 04:00:59 PM »
Does it matter whether the USA defaults for $30 Trillion, $50 Trillion or $100 Trillion?

At some point the thing blows up in some unknown way and some unknown event happens, war, famine, dog and cats living together.

We are eating roadkill.  What does it matter how many Trillions the USA is in debt?

If there is a CME event or nuclear war with China or other chastisement would having a balanced budget help the survivors in the USA?

I am struggling to see with what many Catholics think might be coming why the debt is the big problem.  The USA simply don't pay it back the whole world is reset and the Americans who survive start saving a gold backed money and international debt finance and reserve banking are banned.

Not true. The game is played until the dollar craters on the international market. Then it looses its reserve status. The prices of everything rocket up and misery is visited on the American people. This brings chaos into every facet of American society.

2025 remember that date.
 

Offline MaximGun

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Re: The Biden Economic Miracle
« Reply #11 on: January 14, 2021, 04:16:28 PM »
That won't happen in a vacuum.

When misery is on the American people it will be on many other countries.

We could have a nuclear war.
We could have a deadly virus killing 50% of the world.
Yellowstone could explode.
3 days of darkness could happen.

Misery (as you describe it) has been the default state of many people for much of history.

Why does it matter if the defaulted debt is 30, 50 or 100 trillion dollars?  It does not get paid back anyway.
 

Offline james03

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Re: The Biden Economic Miracle
« Reply #12 on: January 14, 2021, 07:48:17 PM »
Because when it blows, pensions go to zero and Social Security stops. I saw it in Ven.  A man with a middle-class pension was left with around 3 months rent. Basically his principle was reduced from 300,000 to 700 in about a year. Since the US runs on usury and not productive debt there is no way to fix this in a good way. With the dems they'll go Detroit.
"But he that doth not believe, is already judged: because he believeth not in the name of the only begotten Son of God (Jn 3:18)."

"All sorrow leads to the foot of the Cross.  Weep for your sins."

"Although He should kill me, I will trust in Him"
 

Offline james03

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Re: The Biden Economic Miracle
« Reply #13 on: January 14, 2021, 07:53:36 PM »
The US has $500 billion in gold reserves. That won't cover 3 months of socialist security and Medicare, assuming all of the gold went to retirees and none to everyone else.
"But he that doth not believe, is already judged: because he believeth not in the name of the only begotten Son of God (Jn 3:18)."

"All sorrow leads to the foot of the Cross.  Weep for your sins."

"Although He should kill me, I will trust in Him"
 

Offline james03

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Re: The Biden Economic Miracle
« Reply #14 on: January 14, 2021, 08:06:05 PM »
Another view. Suppose you paid out the gold to retirees over 20 years or 25 billion a year. That's a 99% cut. That is how broke the US is.
"But he that doth not believe, is already judged: because he believeth not in the name of the only begotten Son of God (Jn 3:18)."

"All sorrow leads to the foot of the Cross.  Weep for your sins."

"Although He should kill me, I will trust in Him"