Treasury bills carry lower interest rates than longer-term Treasury notes and bonds, but the longer term notes and bonds are exposed to a greater risk of losing their value to inflation. To the degree that the $1.7 trillion in short-term U.S. Treasury bills extant as of March must be converted into longer-term U.S. Treasury securities, the U.S. government will be forced to pay a higher annual interest rate on the national debt.Read the whole thing
As of the close of business on Thursday, the total U.S. debt was $14.34 trillion, according to the Daily Treasury Statement. Of that, approximately $9.74 trillion was debt held by the public and approximately $4.61 trillion was “intragovernmental” debt.
"Any Muslim who has Syphilis must not be cured by Salvarsan discovered by a Jew, Dr. Ehrlich. He should not even try to find out whether he has Syphilis, because the Wasserman Test is the discovery of a Jew.Can we get them to boycott Christian products as well?
If a Muslim suspects that he has Gonorrhea, he must not seek diagnosis, because he will be using the method of a Jew named Neissner.
"A Muslim who has heart disease must not use Digitalis, a discovery by a Jew, Ludwig Traube.
Should he suffer with a toothache, he must not use Novocaine, a discovery of the Jews, Widal and Weil.
If a Muslim has Diabetes, he must not use Insulin, the result of research by Minkowsky, a Jew. If one has a headache, he must shun Pyramidon and Antypyrin, due to the Jews, Spiro and Ellege.
Muslims with convulsions must put up with them because it was a Jew, Oscar Leibreich, who proposed the use of Chloral Hydrate.
Arabs must do likewise with their psychic ailments because Freud, father of psychoanalysis, was a Jew.
Should a Muslim child get Diphtheria, he must refrain from the "Schick" reaction which was invented by the Jew, Bella Schick.
"Muslims should be ready to die in great numbers and must not permit treatment of ear and brain damage, work of Nobel Prize winner, Robert Baram.
They should continue to die or remain crippled by Infantile Paralysis because the discoverer of the anti-polio vaccine is a Jew, Jonas Salk.
"Muslims must refuse to use Streptomycin and continue to die of Tuberculosis because a Jew, Zalman Waxman, invented the wonder drug against this killing disease.
Muslim doctors must discard all discoveries and improvements by dermatologist Judas Sehn Benedict, or the lung specialist, Frawnkel, and of many other world renowned Jewish scientists and medical experts.
"In short, good and loyal Muslims properly and fittingly should remain afflicted with Syphilis, Gonorrhea, Heart Disease, Headaches, Typhus, Diabetes, Mental Disorders, Polio, Convulsions and Tuberculosis and be proud to obey the Islamic boycott."
I just finished watching this a few minutes ago and had to say thank you. After days of IV therapy in my doctor's office for a very bad chest infection, today I also saw the result of an MRI on my lumbar and they've requested one for my neck. It's arthritis and aging and I was thinking how the future would be if it means ever-increasing pain (and I don't look forward to a life of painkillers which I do not ever like to take) not to mention how the heck will anyone (especially Seniors) get treated for anything after Obamacare kicks in completely and permanently in 2014?
So seeing this really knocked me out (and your last story, Elizabeth, is something I pray that I will experience too).
I "coincidentally" started reading Pastor Don Piper's "90 Minutes In Heaven" which I find amazing and very inspirational--I'm almost finished.
I don't quite know how to reconcile the Catholic theology with other Christian churches--I noted the mention of these differences in your video--and yet I feel there is value and comfort in all the stories I've heard so far and I don't want to focus on the differences and lose the inspiration!
Many thanks (and congrats on a good interview),
--Linda
U.S. Defense Secretary Robert Gates announced that Hezbollah has more missiles than most countries. Hezbollah has been restocking its arsenal of weapons and is believed to have obtained chemical and biological warheads.Read more
The fact that Hezbollah manages to stockpile weapons in direct sight of the UNIFIL (United Nations Interim Force in Lebanon) forces that are responsible for restricting the terrorist group’s ability to gather weapons is extremely troubling, and could have far reaching effects on future conflicts in the region.
NOW, THEREFORE, I, BARACK OBAMA, President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim June 2011 as Lesbian, Gay, Bisexual, and Transgender Pride Month. I call upon the people of the United States to eliminate prejudice everywhere it exists, and to celebrate the great diversity of the American people.
Obama’s own web site, Fight The Smears, which states – at this moment in time –“When Barack Obama Jr. was born on Aug. 4,1961, in Honolulu, Kenya was a British colony, still part of the United Kingdom’s dwindling empire. As a Kenyan native, Barack Obama Sr. was a British subject whose citizenship status was governed by The British Nationality Act of 1948. That same act governed the status of Obama Sr.‘s children.”“Governed”…he was governed by the UK at birth… his choice of words… one is governed by that which one owes allegiance to, in his case, the Monarchy of the UK, and this was a matter of both UK and US law. Furthermore, this argument has also been thoroughly discussed and debunked at this blog on multiple occasions…read the following
The State Department Has “Always” Recognized And Abided By Foreign Laws Concerning US Citizens Born With Dual Nationality.
The Jay Treaty Strongly Indicates That Obama Is Not Eligible To Be President.
Furthermore, read the following historical discussions on the issue from main stream media sources:
New York Tribune 1896: Those born of non-citizen parents may not be eligible for POTUS.
The Boston Globe: “native born” does not equal “natural born” for Presidential eligibility.
The culture of death permeates the Left. I learned this at a young age.
In the spring of 1969 when I was a kid in high school I had a chance to meet a famous Leftist up close. It was Jerry Rubin of the Chicago 7, freshly famous from his disruption of the Democrat Party National Convention the previous summer. He was talking to a group of h.s. students, about a dozen of us. (I was curious about this nationally famous person.) He explained a new society where we could all share everything and get along in peace. I asked him straight on, what do we need to do to create this new thing? He answered me point blank, one on one, “Go home! Kill your parents! Burn down their house! Destroy theirs [sic] cars and all their money! After you’ve all done that, we can begin again. We can build a better world.”
Luckily for me I had a very wise and patient father who helped unscrew me.
Jerry Rubin had laid out the template for me in simplest terms. Control those who are born yesterday. Kill everybody else.
For three years we’ve been told that Obama’s short form COLB has a raised seal…now they want us to believe that five high resolution photographs are all just amazing illusions that defy the properties of light and ask us not to believe our own eyes.Clinging to Hopeandchange
If you carefully run through these posts and the accompanying comments, I think you'll see that every argument raised by the "Defend CRA at all costs" crowd has been refuted.Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending
UPDATE: Contrary to the Obama narrative, however, it is not free-market capitalism at the root of the current mortgage industry crisis, but rather the very socialism Obama hawks. The historical record makes this fact unmistakably clear.But it ain't over yet folks, it's gonna be a bumpy ride:
Mark Mobius, executive chairman of Templeton Asset Management’s emerging markets group, said another financial crisis is inevitable because the causes of the previous one haven’t been resolved...Stansberry Research, as usual, goes much deeper. Here are some brief excerpts:
On June 30, the Federal Reserve has pledged to cease buying U.S. Treasury bonds. This is the second time since the financial crisis it has intervened in the Treasury market in a major way. The program of buying new Treasury issues has been dubbed "quantitative easing II" (QE2).We Can't Borrow Forever...and We Can't Stop
We'd wager not one in 1,000 Americans has any idea (or at least any real understanding) of what has been going on in the market for U.S. Treasury bonds since the financial crisis. For the last nine months, the Fed has been printing up new dollars and buying huge amounts of newly issued debt from the U.S. Treasury – $600 billion of bonds. And these purchases followed a $1.75 trillion program of quantitative easing that ran from March 2009 to March 2010.
It is no exaggeration to say that a printing press has kept our economy going for the last two years. But what will happen when the printing stops?
President Obama's economic mandarins now forecast the fiscal year 2011 deficit will come in at $1.6 trillion.A Hard Reality
To put this figure in perspective for you, when Ronald Reagan took office, the entire national debt totaled less than $1 trillion. Even as late as 2002, the national debt was only $6 trillion. Obama's administration will almost surely borrow more than $6 trillion in only his first term. In four years, Obama will double our entire national debt from its pre-financial crisis levels.
This has never happened in peacetime.
Rather than face these unpleasant facts and consider where they are leading us, most people continue to think, "It can't happen here, this is America."Two Secrets About U.S. Finances You Won't Read Anywhere Else
Meanwhile, our country has been depending on a printing press to make our economic system work. When is the last time that happened in America? (Hint: the Civil War.)
How many other things most people didn't think would ever happen in America have happened recently? What about the collapse of our investment banks, the bankruptcy of General Motors, the liquidation of Fannie Mae and Freddie Mac, the failure of AIG, hundreds of banks being seized, millions of homes in foreclosure, real unemployment rates close to 20%. We could go on.
As we frequently point out to our critics, the question isn't when this crisis will begin – it started in 2008. The question is, when will it end and how bad will it get before it does?
Most people misunderstand two things about the U.S. financial situation...The Dynamics of a Bond Market Collapse
First, the U.S. government's official debt burden might not yet have reached the "red line" of imminent default. But our entire economy's enormous debt burden makes it nearly certain we will default on our federal debt and many of our private debts, too.
The U.S. is the world's largest debtor. As a whole, Americans owe a total of nearly $56 trillion dollars (almost 400% of GDP). That's federal, state, municipal, corporate, and private (mortgages and student loans) debts. The debt service on our total obligation is $3.6 trillion a year. It's hard to put that number into context because it's so large. Think about it this way – It's roughly the same amount of money as the federal government's entire budget.
To the extent our debts fueled past consumption (homes, cars, credit cards, health care, etc.), they are unlikely to spur future economic growth. That's not to mention a considerable portion of these payments belongs to foreign investors, folks who are typically more interested in building their next factory in Bangladesh than in Bangor.
When you combine this "debt tax" – aka interest – with the size of our actual tax burden (about $4.4 trillion when you combine federal taxes with state and local taxes), you can see pretty clearly why our economy is struggling.
We're spending half our annual GDP on taxes and interest.
Imagine if you had to spend half of your family's income on taxes and interest. How would you rate your credit risk? What's the likelihood of default in that scenario?
More important, given our current federal deficits and the looming entitlement crisis we face (total unfunded future liabilities in excess of $100 trillion)... How is it possible to expect Americans will be able to afford to pay more taxes? What would happen to our budget if interest rates rise because of inflation, which seems inevitable?
We don't think many Americans – even sophisticated investors – have considered these numbers. Our foreign creditors will realize they have no chance of being repaid in sound money. Americans simply cannot afford debt service, never mind principal repayment. There are signs they already recognize this...
By the end of 2012, our national debt will likely exceed $17 trillion. Let's assume our average interest increases to 4.4% – half the rate we believe investors will eventually demand. That works out to an annual interest expense of almost $750 billion. That's more than we spend on defense or Social Security. Interest expenses would leave the government spending almost 25¢ of every dollar on interest payments.Gambling on Short-Term Financing
Does that sound wise or reasonable to you? Given these expenses, some of our creditors would become reluctant to "roll" our debt into the future by offering new loans. This could cause a serious problem for the U.S. Treasury. This is how the dollar dies.
Portugal's government recently suffered a debt default. The country required a bailout by the European Central Bank (ECB) because it had too much short-term debt coming due and not enough lenders were willing to extend these loans at affordable rates. Lots of economists criticized Portugal's borrowing strategy because much of its debts were short-term.Keep in mind that these brief excerpts have a much broader context in the newsletter, and many more details, but I think they will give you an idea of what is coming.
Apparently, these folks haven't bothered looking at the U.S. Treasury's debt maturity curve. We have. The numbers are so shocking, we expect most of our subscribers simply won't believe us. You can read all of the numbers for yourself, if you'd like. Bureau of the Public Debt includes all the numbers in its Financial Audit (which you can read on its website.
Feel free to read all 35 pages... Or focus on just this piece of data. It's all you really need to know: 61% of all the marketable Treasury debt held by the public will mature within four years. Thus, over the next four years, the U.S. Treasury must either repay or refinance more than $1 trillion in existing debt each year – not to mention additional deficit spending of at least $1.5 trillion. For us to avoid a default, the U.S. Treasury may have to borrow or refinance as much as $10 trillion in the next four years.
That would double the amount of U.S. Treasury bonds currently trading in the world's markets.
Think about that for a minute. Then, consider the decades-low yields in the Treasury market today, which would surely rise to accommodate this enormous increase in supply.
Now, try to arrive at any sort of scenario that ends well for today's U.S. Treasury bond market investors. We can't...
"I love the man that can smile in trouble, that can gather strength from distress, and grow brave by reflection. 'Tis the business of little minds to shrink; but he whose heart is firm, and whose conscience approves his conduct, will pursue his principles unto death." --Thomas PaineLiberty
"As we turn the calendar's pages to yet another Memorial Day, I feel compelled to issue a ... challenge, one I offer not as a clergyman but as an American. Simply, let's not lose focus about what this most solemn of national holidays should really be about. Too often Americans view the Memorial Day holiday as a pleasant three-day weekend kicking off the summer, perhaps with the year's first trip to the beach or the lake. We are inclined to think of the Fourth of July as the highlight of the season, with parades and fireworks to renew our nation's dedication to the principles of liberty. But it's worth remembering that we are able to celebrate Independence Day only because of the sacrifices made by the men and women whose lives were cut short to advance those principles. Memorial Day is for honoring their supreme sacrifice. But what does that mean? It is not enough simply to bow our heads and note that more than a million men and women have given their lives so that we may be free. That reduces their sacrifice to mere statistics. The challenge for the living is to keep in mind what each of those individual sacrifices represented. Each soldier, sailor, airman, or marine who died in battle left behind loved ones who mourned their deeply personal loss. They were fathers and sons, mothers and daughters, childhood friends, relatives, neighbors, and members of the community. In giving their lives, they left unfulfilled dreams and ambitions to add to their loved ones' sorrows. That's a million instances of tremendous personal anguish. ... Nothing underscores the importance of liberty as much as the price paid for it. How else to explain the paradox that the price for freedom was so often paid for by those who willingly gave up their own? That sacrifice testifies to the extraordinary power of the ideal of freedom." --author and pastor Rev. Richard G. LeeThank You
"Alone, we stand as the shining beacon of liberty and freedom to the world. The freedoms we enjoy today have not come without a price and are too often taken for granted. Because of the brave men and women -- who, from the very start of our nation's existence, have worn the uniform of all branches of the military so we can live in freedom without fear -- we have the freedom to worship as we choose; vote as we choose; travel from one end of this great country to the other; and the opportunity to succeed or fail in pursuing our own individual versions of the American dream. Every American, especially our children, needs to understand and embrace the sacrifices of our soldiers, sailors, airmen, guardsmen, and marines -- and most importantly, what their families have endured, all to help preserve the promise of the American dream. At a military cemetery, there is no differentiation of politics, rank, color, or gender -- just men and women who had the honor to wear the uniform of the United States of America. For it is at this final resting place that one of our Founding Fathers' principles, 'All Men Are Created Equal,' truly comes to life. ... To those of every generation who made that commitment, the commitment to duty, honor, and country, we say: Thank you!" --author Tom RuckIn Honor of Fallen Patriots
"I have only two men out of my company and 20 out of some other company. We need support, but it is almost suicide to try to get it here as we are swept by machine gun fire and a constant barrage is on us. I have no one on my left and only a few on my right. I will hold." --1st. Lt. Clifton B. Cates, Navy Cross, 2 Distinguished Service Crosses, (later Commandant), USMC, July 19, 1918 commanding 96 Company, 6th Marines, near the French town of Soissons
"Casualties: many, Percentage of dead: not known, Combat efficiency: we are winning." --Colonel David M. Shoup, USMC, MOH, (later Commandant) Tarawa, Nov. 21, 1943
"We fight not for glory, nor for riches, nor for honour, but only and alone for Freedom, which no good man lays down but with his life." --Declaration of Arbroath, Scotland, 1320
"War is an ugly thing, but not the ugliest of things; the decayed and degraded state of moral and patriotic feeling which thinks nothing worth a war, is worse. A man who has nothing which he cares more about than he does about his personal safety is a miserable creature who has no chance at being free, unless made and kept so by the exertions of better men than himself." --British philosopher John Stuart Mill
"Our debt to the heroic men and valiant women in the service of our country can never be repaid. They have earned our undying gratitude; American will never forget their sacrifice." --President Harry S. Truman
"They fought together as brothers-in-arms, they died together, and now they sleep side by side. To them we have a solemn obligation." --Admiral Chester NimitzThe American Soldier
"[W]hat sort of soldiers are those you are to lead? Are they reliable? Are they brave? Are they capable of victory? Their story is known to all of you. It is the story of the American man-at-arms. My estimate of him was formed on the battlefield many, many years ago, and has never changed. I regarded him then as I regard him now -- as one of the world's noblest figures, not only as one of the finest military characters, but also as one of the most stainless. His name and fame are the birthright of every American citizen. In his youth and strength, his love and loyalty, he gave all that mortality can give. ... [W]hen I think of his patience under adversity, of his courage under fire, and of his modesty in victory, I am filled with an emotion of admiration I cannot put into words. He belongs to history as furnishing one of the greatest examples of successful patriotism. He belongs to posterity as the instructor of future generations in the principles of liberty and freedom. He belongs to the present, to us, by his virtues and by his achievements. In twenty campaigns, on a hundred battlefields, around a thousand campfires, I have witnessed that enduring fortitude, that patriotic self-abnegation, and that invincible determination which have carved his statue in the hearts of his people. From one end of the world to the other he has drained deep the chalice of courage. I do not know the dignity of their birth, but I do know the glory of their death. They died unquestioning, uncomplaining, with faith in their hearts, and on their lips the hope that we would go on to victory. Always for them: Duty, Honor, County; always their blood and sweat and tears, as we sought the way and the light and the truth." --General Douglas MacArthurThe Gipper
"Here, in this place where the West held together, let us make a vow to our dead. Let us show them by our actions that we understand what they died for. Let our actions say to them the words for which [General] Matthew Ridgway listened: 'I will not fail thee nor forsake thee.' Strengthened by their courage and heartened by their valor and borne by their memory, let us continue to stand for the ideals for which they lived and died." --President Ronald Reagan, 40th anniversary of D-Day, Pointe du Hoc, Normandy, France, June 6, 1984The Last Word
"Lord, guard and guide the men who fly
And those who on the ocean ply;
Be with our troops upon the land,
And all who for their country stand:
Be with these guardians day and night
And may their trust be in Thy might." --Author Unknown, 1955
As the stunning and overwhelming response to Prime Minister Netanyahu in Congress showed, Israel matters in American politics like almost no other country on earth. Well beyond the American Jewish and the Protestant fundamentalist communities, the people and the story of Israel stir some of the deepest and most mysterious reaches of the American soul. The idea of Jewish and Israeli exceptionalism is profoundly tied to the idea of American exceptionalism. The belief that God favors and protects Israel is connected to the idea that God favors and protects America.The Dreamer Goes Down For The Count
It means more. The existence of Israel means that the God of the Bible is still watching out for the well-being of the human race. For many American Christians who are nothing like fundamentalists, the restoration of the Jews to the Holy Land and their creation of a successful, democratic state after two thousand years of oppression and exile is a clear sign that the religion of the Bible can be trusted.
Being pro-Israel matters in American mass politics because the public mind believes at a deep level that to be pro-Israel is to be pro-America and pro-faith. Substantial numbers of voters believe that politicians who don’t ‘get’ Israel also don’t ‘get’ America and don’t ‘get’ God. Obama’s political isolation on this issue, and the haste with which liberal Democrats like Nancy Pelosi left the embattled President to take the heat alone, testify to the pervasive sense in American politics that Israel is an American value. Said the Minority Leader to the Prime Minister: “I think it’s clear that both sides of the Capitol believe you advance the cause of peace.”
As so often in the past, but catastrophically this time, he found the “sour spot”: the position that angers everyone and pleases none.The Dreamer Goes Down For The Count
Agenda 21 is the United Nations' initiative to control the world's resources under the pretext of environmental protection. Employing counterfeit science, it declares that a planetary catastrophe
resulting from human activity is well underway and that it can only be arrested by the surrender of material comforts, reduced energy consumption and a transfer of wealth. Agenda 21 has proliferated countless unelected bodies worldwide that dictate so-called environmental policy to governments, locally, nationally and internationally. With patient, incremental steps, often advancing beneath the radar of public awareness, Agenda 21 is the gradual implementation of global government, often referred to by its advocates as "The New World Order." It seeks to dissolve the nation state, eliminate private property, and curtail individual freedom. Ultimately it envisions absolute control over every aspect of our lives.
Alias Barack Obama: a lie is born: The greatest identity fraud in history Paperback – July 10, 2012
