This site documents the way local governments use a sleight of hand to turn assets into liabilities.
"HISTORY: It has been reported that trillions of collective dollars not shown in government Budget reports are shown through Government CAFR reports and they are virtually never openly discussed by the syndicated NEWS media, both the Democratic and Republican Party members, the House, Senate, and organized public education, and as in such over the last 50 years the domestic and international investment assets of US Federal and Local Governments as a whole have taken over the Stock, Derivative, Insurance, and Debt Markets. The collective private sector's assets and investments as of 2000 are now insignificant in comparison with what US Government now owns by and through investment."
"With, and being that the CAFR is "the" accounting document for every local government, and with it being effectively "BLACKED OUT" for open mention over the last 60 years, and that this fact of intentional omission of coverage is the biggest financial conspiracy that has ever taken effect in the United States"
"What Government, both political parties, organized education, and the syndicated News media have presented to the public over that 60 year time period were Budget Reports. A Budget report is strictly planned expenditures for the year from a grouping of specific government service agencies. A budget may also note some statistical, statutory, and demographic data for reference. Most Government budget reports show where "tax" revenue will be used. The CAFR on the other hand is not a projection of one year's expenditures from a select grouping of agencies, but a complete cumulative record of assets, investments, and gross income from all agencies and all sources benefiting or held by that local government body."
"A CAFR is the counter part to the Annual Financial Report (AFR) that publicly traded corporations are required to produce each year and give to every share-holder as a requirement of Securities Exchange Commission (SEC) law. In many cases, a CAFR may show two to three times more income over what is shown in the corresponding Budget Report."
I figured the US will just inflate the economy until the debt is manageable again. Essentially, folks and institutions holding US securities will pay down the debt.
The debt will definitely be inflated away to a degree, but it's not clear it matters at the point at which Bitcoin takes over as the reserve currency. The dollar and all other fiat currencies will become meaningless to the point that old world debt instruments are simply dumped and dumped again. Governments may undergo so much reorganization that none of it may matter. The world will simply be happier for the U.S. to stop funding the world's terrorist organizations and IP confinement that keeps the world far poorer than it would otherwise become.
Preface. I’ve extracted about half of Korowicz’s paper, left out the references, math, charts, and tables, so you might want to read the original document yourself. This is a great explanation – one of the best – of the intertwined spheres of complexity (financial system, supply chains, oil production, electric grid, and so on) and how incredibly fragile this has made civilization, because if one breaks, it crashes the other systems. Then Korowicz describes the feedback loops. For example, if oil prices rise, food prices and the cost of everything else rise since there isn’t anything in society that doesn’t depend on oil, social unrest rises, high oil prices drive businesses bankrupt, the financial system fails, belief in the monetary system and government fails, and so on. Oil prices then drop, exploration and drilling stop and projects are canceled and new ones not started, because the price of oil is so low it’s not economic to do so. When oil shortages begin, the price shoots up, and crashes the financial system again. This is why Gail Tverberg, in her blog ourfiniteworld.com, writes that low oil prices, not may be the sign that peak oil has arrived.
Clearly at some point on this ever ratcheting downwards spiral trucks start being unable to pump diesel fuel in some regions or nations, and supply chains start to break.
Above all, Korowicz explains why there is likely to be a very fast crash when one of these important hubs fails. Fossil-fueled civilization is not going to fade away over centuries like some of the civilizations ages ago (though it turns out the Mayans, the western Roman empire, and civilization in 1177 B.C., among others, fell rather rapidly, so I don’t know why so many people believe it takes centuries. Perhaps it’s because historians can find events that happen centuries before the collapse helping to trigger it."
That debt can be described as a tumescent bulge. The question is, when does it explode?
And what will that explosion look like?
Not sure that bitcoin is an answer to the fundamental problem implicit in a for-profit economy: you cannot have profit without wage labour, and you cannot have wage labour without a class of people expropriated, both in absolute and relative terms, form the means of their social reproduction. AS someone put it a century or two ago: "The capitalist system presupposes the complete separation of the labourers from all property in the means by which they can realize their labour. As soon as capitalist production is once on its own legs, it not only maintains this separation, but reproduces it on a continually extending scale. The process, therefore, that clears the way for the capitalist system, can be none other than the process which takes away from the labourer the possession of his means of production; a process that transforms, on the one hand, the social means of subsistence and of production into capital, on the other, the immediate producers into wage labourers." I think that old man was right on this particular point. Bitcoin remains money that can circulate as claims on 'capital,' and you can not have 'capital' without a class of wage slaves. Or maybe not?
Thanks for bringing all this up to date.. it's all totally relevant. Remember when Hillary Clinton and Barack O'bummer sold the uranium to Russia that was actually located in the Grand Canyon. Remember when Nevada or some other state with vast tracks of Federal land wanted it back in order to graze cattle. Think of Montana with a ton and a half of buried minerals in what is the largest wilderness area in the U.S--the Bob Marshal wilderness. I've thought about them trading all that in for our debt more than once--those skunks who probably aren't even U.S. citizens but something else or globalists. So.. this is so bad. And Silicon Valley is weird. I would say 'start with weird and go to alarm--like SF just gave the nod to pay reparations to the ancestors of black slaves. But,.. but if your ancestors fought for the Union side does that mean you don't have to pay? It's enough to send the bulk of SF residents driving as fast as they can to the Nevada state line, and don't look back.
"Comprehensive annual financial report"
This site documents the way local governments use a sleight of hand to turn assets into liabilities.
"HISTORY: It has been reported that trillions of collective dollars not shown in government Budget reports are shown through Government CAFR reports and they are virtually never openly discussed by the syndicated NEWS media, both the Democratic and Republican Party members, the House, Senate, and organized public education, and as in such over the last 50 years the domestic and international investment assets of US Federal and Local Governments as a whole have taken over the Stock, Derivative, Insurance, and Debt Markets. The collective private sector's assets and investments as of 2000 are now insignificant in comparison with what US Government now owns by and through investment."
"With, and being that the CAFR is "the" accounting document for every local government, and with it being effectively "BLACKED OUT" for open mention over the last 60 years, and that this fact of intentional omission of coverage is the biggest financial conspiracy that has ever taken effect in the United States"
"What Government, both political parties, organized education, and the syndicated News media have presented to the public over that 60 year time period were Budget Reports. A Budget report is strictly planned expenditures for the year from a grouping of specific government service agencies. A budget may also note some statistical, statutory, and demographic data for reference. Most Government budget reports show where "tax" revenue will be used. The CAFR on the other hand is not a projection of one year's expenditures from a select grouping of agencies, but a complete cumulative record of assets, investments, and gross income from all agencies and all sources benefiting or held by that local government body."
"A CAFR is the counter part to the Annual Financial Report (AFR) that publicly traded corporations are required to produce each year and give to every share-holder as a requirement of Securities Exchange Commission (SEC) law. In many cases, a CAFR may show two to three times more income over what is shown in the corresponding Budget Report."
http://cafr1.com/
http://cafr1.com/SilenceisGolden.html
http://cafr1.com/listings/Listings.html
Qualifies as 'weird', right?
I figured the US will just inflate the economy until the debt is manageable again. Essentially, folks and institutions holding US securities will pay down the debt.
The debt will definitely be inflated away to a degree, but it's not clear it matters at the point at which Bitcoin takes over as the reserve currency. The dollar and all other fiat currencies will become meaningless to the point that old world debt instruments are simply dumped and dumped again. Governments may undergo so much reorganization that none of it may matter. The world will simply be happier for the U.S. to stop funding the world's terrorist organizations and IP confinement that keeps the world far poorer than it would otherwise become.
Underneath the financial is the real world run on energy.
https://energyskeptic.com/2018/david-korowicz-a-study-of-global-system-collapse/
"Korowicz: A study of global system collapse
Posted on July 1, 2018 by energyskeptic
Preface. I’ve extracted about half of Korowicz’s paper, left out the references, math, charts, and tables, so you might want to read the original document yourself. This is a great explanation – one of the best – of the intertwined spheres of complexity (financial system, supply chains, oil production, electric grid, and so on) and how incredibly fragile this has made civilization, because if one breaks, it crashes the other systems. Then Korowicz describes the feedback loops. For example, if oil prices rise, food prices and the cost of everything else rise since there isn’t anything in society that doesn’t depend on oil, social unrest rises, high oil prices drive businesses bankrupt, the financial system fails, belief in the monetary system and government fails, and so on. Oil prices then drop, exploration and drilling stop and projects are canceled and new ones not started, because the price of oil is so low it’s not economic to do so. When oil shortages begin, the price shoots up, and crashes the financial system again. This is why Gail Tverberg, in her blog ourfiniteworld.com, writes that low oil prices, not may be the sign that peak oil has arrived.
Clearly at some point on this ever ratcheting downwards spiral trucks start being unable to pump diesel fuel in some regions or nations, and supply chains start to break.
Above all, Korowicz explains why there is likely to be a very fast crash when one of these important hubs fails. Fossil-fueled civilization is not going to fade away over centuries like some of the civilizations ages ago (though it turns out the Mayans, the western Roman empire, and civilization in 1177 B.C., among others, fell rather rapidly, so I don’t know why so many people believe it takes centuries. Perhaps it’s because historians can find events that happen centuries before the collapse helping to trigger it."
The key to moderating the money-energy relationship is to make energy the money. Bitcoin fixes this.
That debt can be described as a tumescent bulge. The question is, when does it explode?
And what will that explosion look like?
Not sure that bitcoin is an answer to the fundamental problem implicit in a for-profit economy: you cannot have profit without wage labour, and you cannot have wage labour without a class of people expropriated, both in absolute and relative terms, form the means of their social reproduction. AS someone put it a century or two ago: "The capitalist system presupposes the complete separation of the labourers from all property in the means by which they can realize their labour. As soon as capitalist production is once on its own legs, it not only maintains this separation, but reproduces it on a continually extending scale. The process, therefore, that clears the way for the capitalist system, can be none other than the process which takes away from the labourer the possession of his means of production; a process that transforms, on the one hand, the social means of subsistence and of production into capital, on the other, the immediate producers into wage labourers." I think that old man was right on this particular point. Bitcoin remains money that can circulate as claims on 'capital,' and you can not have 'capital' without a class of wage slaves. Or maybe not?
There is responsible fiscal behaviour, and there is Ponzi Scheme.
Ponzi Scheme is what there is.
Thanks for bringing all this up to date.. it's all totally relevant. Remember when Hillary Clinton and Barack O'bummer sold the uranium to Russia that was actually located in the Grand Canyon. Remember when Nevada or some other state with vast tracks of Federal land wanted it back in order to graze cattle. Think of Montana with a ton and a half of buried minerals in what is the largest wilderness area in the U.S--the Bob Marshal wilderness. I've thought about them trading all that in for our debt more than once--those skunks who probably aren't even U.S. citizens but something else or globalists. So.. this is so bad. And Silicon Valley is weird. I would say 'start with weird and go to alarm--like SF just gave the nod to pay reparations to the ancestors of black slaves. But,.. but if your ancestors fought for the Union side does that mean you don't have to pay? It's enough to send the bulk of SF residents driving as fast as they can to the Nevada state line, and don't look back.
So, there it is.