Senate Democrats have issued a new “savings” plan that would nominally pare the projected deficit by over $1 trillion simply by assuming that the costs of the wars in Iraq and Afghanistan will eventually go away by virtue of those wars ending.
This has spawned a myriad of criticism, including a leaked Goldman Sachs memo warning that the nation faces a credit downgrade if it tries to use this sort of on-paper gimmick instead of actual cuts in spending.
And indeed, while politicians may be comfortable with the notion that the wars will end at some point in the next decade, it isn’t clear at all that this will be the case. Officials are already talking up continuing in Afghanistan long beyond 2014, while the war in Iraq seems set to be extended for “years to come.”
The memo noted that this war savings was only a problem “without a credible follow-on process,” which is to say an actual effort to end those wars. Given strong Democratic opposition to other efforts to end wars (including the ongoing war in Libya), it seems hard to believe officials are looking at doing anything credible about the seemingly endless conflicts.
"We shall have wars until the Empire dies of late stage onset bankruptcy."…
Senator ReidMcCainKerryLiebermanGrahamMcConnellDustbinTwitchybutt et al..
“Senate Democrats have issued a new “savings” plan that would nominally pare the projected deficit by over $1 trillion simply by assuming that the costs of the wars in Iraq and Afghanistan will eventually go away by virtue of those wars ending“.
If the average people could do the same by “Assuming” that credit companies would go away if they were bankrupted.., “assuming” that US government wouldn’t have bailed them out.., then people wouldn’t have to pay CC companies or banks who stole their wealth and started the recession to begin with.
The interesting part of this story is that it comes from Goldman Sachs the one that runs the Democratic party as one of its entities, here the “actual costs” is the actual costs of wars paid by taxpayers yet for government to collect that tax by people having jobs where they pay taxes, now that there are millions of jobless’ people which in reality means that working people are those who pays for the wars not the corporations nor the billionaires and Goldman Sachs is one of them, so government having problems getting paid to pay for wars by knowing that big corporations wont pay taxes or they get paid in form of tax incentives’ or credits’ and etc.
The most interesting part of this story is that Goldman Sachs actually defending US governments being at wars by saying that: “US Faces Credit ‘Downgrade’ if it Counts Eventual End of War as ‘Deficit Reduction’ Claiming Wars Will End Sooner or Later Not a Real Savings”., so the corporations as Goldman Sachs and others needs new wars and therefore defending Obama war in Libya where Goldman Sachs has a huge amount of Libyan money withheld or been lost by the companies bad investments.., yet they got their share of a bad investments in form of commissions in millions.
Which by “virtue” make us understand that US must continue its wars because the wars “well end sooner or later and there is no “real savings” in wars but there are plenty of corporate profits to be made and therefore wars are good not a bad thing and no savings are made.., so continue USA be at wars up to next 100 years make more people homeless.., but as long as it pays Goldman Sachs Chase bank and others.., then wars are good. Here and once again it needs to be said that: US economy is based on capitalism and US governing system is based on corporation agendas, militarism is what these companies want to have and keep.., therefore they are defending it.., is their source of income by having government (People) to pay for it, stealing other nations wealth is when they have opened the doors to that nations wealth.., again, 53 billion dollars of Libya peoples money is located in EU, US and China.., some of that is already not counted for.., 17 billion dollars of Iraqis people money been lost by US government.., this is their agenda and sealed by the democratic government.., a government that is not for the people but rather works for them.
War and now debt without end.
America will never pay back the money to these countries and in the past they never did. Think of Iran and even saudis can,t take back their money from america in trillions.
us and britian live off stolen wealth from other countries-china and idnia and russia will learn hard way for their crime in having foreing reserve in useless dollar which american prints freely and britian prtints her pound aswell like a bankrupt countries that these two anglosaxons are,
In fact Britain is running a protection racket in the world through the help of american army-(because Britain is a third rate country with fourth rate army so it cannot do it on its own).
What Britain does is let the other countries be made instable (Kuwait, Iraq, Saudi Arabia, Afghanistan etc) then let the british stooge be installed there-those people who have no following in own country and with strict instruction to those stooges that they will bring the money to britan,-that is how London has enriched itself in last 15 years after fall of soviet union. Billions of soviet money have flown illegally to London and the british court -kangaroo court if ever there was any -have not let the money go citing “it will harm england’s balance of payment”?
That is why british media gets incensed if the traitors like soviet spies are not left safe in Britain -because then the whole business of protection money racket and money that Britain gets is in jeopardy. That is what explains influx of foreign money to London and how London has overtaken new York in stock market. Forget about service industry -british are the most ill mannered race what service can they provide except protection racket on back of american arms? Britain is looting even usa. Through it is usa which has worked hard (through illegal invasions ) to make other countries unstable so that Britain can get money from protection of stooge elites of those countries..
the modus operandi of Britain is to make country and regions unstable and install british stooge with explicit instruction to bring the money -looted ones -to Britain from where it is not going to go anywhere else.
Some oligarch jews were the stooge of British in Russia and they brought so many ill gotten money to uk. So did the Kuwaitis-who brought 4 billions of pounds within a week of first Iraq war problem in august 1990 -so has continued the massive loot of the rest of the world by the English race through this money protection racket . it is money protection racket in the sense that those elite’s money is protected only when it is made to be lodged in British London banks.
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This is how the british and Americans now conduct their battle for "hearts and minds" – by making local satraps so widely and deeply despised that they are totally dependent on their Washington overlords for their sheer physical survival. The real "benchmark" the Iraqis have to display to the Americans' satisfaction is an infinite capacity for obedience.”
“In the aftermath of President Abraham Lincoln's defeat of the London-backed slave-holders' Confederate insurrection, the London-linked New York faction of U.S. finance unleashed a predatory looting of the physical assets of the territory formerly ruled by the defeated Confederacy. That operation, which was described then as "carpet bagging," is a term that pointed to the style of the personal baggage, in which the travelling, locust-like predators carried their personal effects.”
Goldman-Sachs complaining about on-paper gimmickry? No sense of irony here.
The bigger gimmick is downgrading the credit rating if the deficit isn't cut. This is a phony crisis. The US had a larger debt-to-GDP ratio at the end of WWII. The real crisis is an economy stalled by a collapse of aggregate demand. Interest rates are extremely low. That means the debt is not a drag on the economy and there is nothing more that monetary policy can do. A growing economy would do more to erase the deficit than the proposed cuts in spending, so now is the time to engage in deficit spending to kick-start the economy.
Apparently the crooks at Goldman Sachs who are largely responsible for crashing the economy want to see the recession drag on longer than the war in Afghanistan.
I suggest a healthy dose of fire for Goldman Sachs executives. Start from the top man and work our way downwards.
An enema would be more appropriate at first. Cleanse Goldmun-Sucks of the shits. THEN a good ole bonfire.
Ron Paul, has stated that a DEFAULT at the time may be a good thing. Too mind blowing? its happened three times before and its not the end of the world. Don't let me put words in his mouth.
This isn't the best, but this is quickest I found: http://www.bloomberg.com/news/2011-07-22/default-…
The country will survive. If your over 55 and worried about retirement savings. It is better for the nation to take its medicine then to let the cancer of debt keep going on. Many politicians get elected on baloney.
Interesting that the crooks in the financial institutions haven't become raving neocons yet and say that either the wars have no effect on the economy or the paper gimmickry is sufficient to save the economy. What a surprise.
Wow Goldman $achs was bailed out by the gov't but gives no love in return.
As if military spending isn't a very significant part of government expenditure, and, so far, less productive than giving welfare to a meth addict.
us and british are already bankrupt but are cheating the rest of the world by looting other cvountries-libya.irak, chinas wealth.
look at this scumbags cooks article-he msut have some british connection as only englishmen can speak with spo miuch lies and deception with straight face-his thesis is that rpinging money is not debt but aan asset for usa-! http://www.atimes.com/atimes/Global_Economy/MG27D…
"In other words, Bernanke's somethings are tax credits, and therefore a form of equity, not debt: they are for all the world equivalent to a $1.00 redeemable preference share issued by US Incorporated. When the Fed creates these tax credits on behalf of the Fed it creates an asset – not a liability – that it holds in reserve as custodian for the recipient banks as a "deposit".
The Fed owes nothing to anyone as a result: the creation of these dollars creates credit not debt – the Fed cancels them against payment of taxes, and transfers them between clearing bank accounts upon instruction. " from
Chris Cook is a former director of the International Petroleum Exchange. He is now a strategic market consultant, entrepreneur and commentator.
British or Republican?
The absurdity of this stunt is that nobody knows when the wars will end (if ever) and even more absurd, places Qaddafi in the position of being able to crash the US Government's credit rating by simply staying where he is for another few months!
Goldman Sachs? THE Goldman Sachs that caused the economy to crash in the first place and which was bailed out with our tax dollars? THAT Goldman Sachs? Heavens, what a circus the US has become!
If that is repeated again and again it'll become a reality, when you look back at far bigger lies the public embraced in the past.
"The memo noted that this war savings" here is the trick when "war saving" becomes an acceptable languistic term to be used in a debate. .
Each country in the world have a fund called warchest. A fund put aside specifically for a war, not warS. since USA has been at wars since the first gulf war and looking for more with Iran, one wonder how deep is the hole and how can they save money in a deep empty abyss.