Many of the attackers are still in D.C. They were aided and abetted by certain members of the police, military and Republican party. And Wednesday’s terror attack was just a dry run for what they are planning next. Michael Moore shares his latest, urgent thoughts on the terror attack that occurred this week and the one we must prepare for.
|January 11, 2021|
Bahia Beach, Puerto RicoNearly 186 years ago to the day, on January 8, 1835, US President Andrew Jackson accomplished what no other American president has done before, or since: he paid off the national debt.
Jackson was a staunch fiscal conservative. He despised banks, and, according to his biographer, he considered central banking “black magic”, and the national debt a “moral failing”.
So he paid it all off– roughly $5 million.
That was the first and only time that the US national debt was zero. By the end of 1835, the debt had increased to a trivial $33,733. Within three years it was 100x that amount at $3.3 million. And by 1847 it had increased another 10x to $33 million.
The trajectory continued; the national debt crossed $1 billion for the first time during the Civil War. Then $10 billion for the first time during World War I. Then $100 billion for the first time during World War II.
It crossed $1 trillion for the first time during the peak of the Cold War in the early 1980s.
And it crossed $10 trillion for the first time in 2008 after years of war in Iraq and Afghanistan, followed by the Global Financial Crisis.
The national debt is now nearly $28 trillion– 40% larger than the entire US economy. And the debt will most certainly hit $30 trillion over the next several months.
Last year alone the debt grew by $4.5 trillion due to all the Covid stimulus.
This matters. Because, sooner or later, that debt is going to mature and will need to be repaid.
Now, traditionally, whenever government bonds mature, many investors simply reinvest their proceeds into a brand new bond.
In this way, the government doesn’t actually have to pay anyone back; they just keep refinancing and kicking the can down the road farther out into the future.And the Treasury Department is praying that bondholders will continue this practice forever.
Unfortunately that’s probably not going to happen.
For starters, foreign governments like China and Japan (which are among of the biggest owners of US government debt) have already started reducing their holdings.
Back in February, just prior to Covid gripping the world, foreigners owned $7.23 trillion worth of US government bonds– approximately 30% of the total national debt.
By October (which is the most recent data available from the Treasury Department), the total amount had fallen slightly to $7.07 trillion. But as a percentage, foreigner ownership had dropped to about 25% of the total national debt.
This isn’t a earth-shattering decline. But it shows a clear unwillingness from foreign governments to buy more US government debt; and also that some of them would like to be repaid when their existing bonds mature.
Just look at China. After years of rising tensions, China has gradually reduced its holdings of US debt, from a peak of $1.32 trillion in November 2013, to $1.07 trillion in October 2020.
And it’s unlikely that China will suddenly have a fit of generosity and choose to extend their US Treasury holdings.
Aside from foreign governments, another major holder of US government debt is the Social Security program; in other words– US citizens.
Social Security built up enormous cash reserves over the years in its various trust funds, and those trust funds are 100% invested in US government bonds.
Traditionally, Social Security always buys new bonds whenever its existing bonds mature. So they keep refinancing the debt for the US government.
But now Social Security has a huge problem: the trust funds are rapidly running out of money. Prior to Covid, the Treasury Secretary estimated that Social Security’s trust funds would be fully depleted by 2034.
But Covid has ravaged Social Security’s finances.
Unemployment surged, countless businesses closed, and payroll taxes were suspended. In other words, there was no money being paid into the trust funds.
At the same time, Social Security payments increased; even more people have retired and started collecting benefits. So while Social Security inflows went to zero, the outflows jumped.
And some analysts (like the Bipartisan Policy Center) now estimate that the program’s trust funds could be fully depleted as early as 2029 because of the adverse Covid impact.
So, needless to say, Social Security will need to be paid back when its Treasury bonds mature in the coming years.
As it turns out (according to Bloomberg) $8 TRILLION worth of government debt in the US will mature THIS YEAR alone.
Plus, the Congressional Budget Office expects another $2+ trillion deficit this year due to more Covid stimulus.
So that’s potentially $10+ trillion worth of government debt that will need to be placed this year. That’s $300,000 per second.
The only way they’ll realistically accomplish this is if the Federal Reserve ‘prints’ trillions of dollars of new money.
The Fed did this last year; in January 2020, the Fed owned $2.3 trillion worth of US government debt. Today they own $4.7 trillion, plus trillions more in other bonds, for a total balance sheet of $7 trillion.
This is the ‘black magic’ of central banking; the Fed conjured money out of thin air and expanded the money supply by roughly 25% last year. Then they used that money to buy US government bonds.
They’ll have to do it again this year and create trillions of dollars more.
It is rather interesting that Janet Yellen is the incoming Secretary of the Treasury; she used to be Fed chair, and during her tenure she oversaw unprecedented money printing programs.
So there will likely be plenty of cooperation between the Fed and Treasury to print absurd quantities of money this year.
Certainly there will be some bondholders who extend their securities. But most likely the Fed will need to print another $3+ trillion, pushing its balance sheet beyond the $10 trillion mark.
And if they really go down this destructive path– $30 trillion national debt, a $10 trillion Fed balance sheet– then 2021 may be the year that the world finally loses confidence in the US dollar.
To your freedom…………………..
By the Automatic Earth
January 11, 2021 “Information Clearing House” – – “Source“ – You would think that if there’s one group of people who’d recognize a coup if they saw one, it would be the American people. Because their intelligence services have been involved in almost all coups in the world for many decades; let’s say since WWII, to keep it simple.
Just in the most recent past, they staged and conducted coups in Libya, Ukraine, Syria, Venezuela and many other places (think Bolivia). Libya was the only real “successful” one, thanks to Gaddafi being sodomized with a bayonet, leading to Hillary’s giddy We Came, We Saw, He Died, the by far ugliest face of the US by a mile. That and the open-air slave markets that resulted from sodomizing to death the man who led Africa’s wealthiest country and gave his people benefits that Americans can only dream of.
And now Hillary’s crew are about to be handed the reins again. Or as Michael Tracey put it”: The new corporate authoritarian liberal-left monoculture is going to be absolutely ruthless – and in 12 days it is merging with the state. This [is] only the beginning. Duck for cover.
The screwed-up coups in Ukraine, Syria, Venezuela etc. would appear to signal that the CIA is not very adept (anymore?!) at organizing coups, or maybe they just chronically overestimate their skills at it. Whichever way it may be, they have done more damage to America and its standing in the world than Donald Trump could ever have dreamt of doing.
So you would think Americans would recognize a coup, but instead they’re the last group of people on the planet who would. Because their media doesn’t present them as coups. They’re labeled as spreading democracy, freedom etc., as standing up against the bad guys, and liberating innocent people -even if many of them die in the process. People dying is a feature of these coups, not a bug. People get shot, bombed, disappeared, in a word: killed. No Advertising – No Government Grants – No Algorithm – This Is Independent MediaGet Our Free NewsletterYou can’t buy your way onto these pages
Anyway, it’s way more and better than ironic that all these very deadly CIA-led operations are not labeled coups, but then the clowns and actors spectacle that took place in Washington DC this week, is. Which is possible only because they never told people what a coup actually is. Only then can you make them believe that some wanker in a furry viking helmet outfit is trying to overthrow the government. At the initiative of the democratically elected president, no less.
Are these people extremists and terrorists or are they clowns and actors? I would lean towards the latter option. A coup requires a plan, a playbook, most often elites who think they have a shot at taking over a country, which in turn requires support from at least part of an army. The best these folks could think of was sitting in Pelosi’s office and take selfies.
That doesn’t make the march on the Capitol a good thing, far from it, but there are a lot of people out there who don’t like the way the president they elected in 2016 has been treated by the MSM, his political opponents, and US intelligence. And after the theater that has been Russiagate, the Mueller debacle and the Zelensky call-based impeachment, maybe that shouldn’t be too surprising.
The main problem for Trump lately would appear to have been his legal representation. I’ve said all along: let the dice roll where they may, there are many questions surrounding the election and they have the right to go looking for answers to these questions.
But if you look at what the status is today of what the likes of Rudy Giuliani, Jenna Ellis, Sidney Powell and Lin Wood have come up with, you think they might as well have been working for the other side. Still, we’ve at least seen the dice roll, and they came up they way they did. The process was allowed to proceed, and this is the outcome. This has misled Trump as well as his followers. They thought there was something substantial -and tanglible- there, because that’s what they were told all along.
This doesn’t mean the US should continue using voting machines, however. There are many countries that hold elections, and there are very few that either use those machines and/or see their elections contested. There’s a reason for that combination. These things can be manipulated, and they will be if they’re used. Get rid of them or this chapter will be repeated endlessly.
Then again, it all plays out well for anyone but Trump. And perhaps a few GOP’ers who stood by him. You could say, Trump entered the swamp and drowned in it, it swallowed him whole. Which is not to say that he’s such a perfect character, hell no, but he was the one and only chance to get rid of the power cabal that is DC. Which is a much bigger danger than he could ever be.
Where career politicians like Pelosi, Schumer, McConnell and Joe Biden can reside for decades, and be handed ever more handsome amounts of money by the lobbyists who write their laws, which benefit the corporations they work for. Trump was the chance to do at least something about this. They ate him alive.
Now the story is that Trump is/was the main danger, and that he was attempting a coup against his own government. To finish off the job, after being hunted down by the MSM for 4+ years, social media, for whom unceremoniously dumping Trump, after he was their main attraction for years -at least for clickbait-, was just a business decision dressed in some vague set of moral principles, are now simply deleting him.
And people cheer that. They don’t understand that from now on, as US president you serve at the behest, grace and kindness of the CIA, New York Times and WaPo, but even more that of @jack and Zuckerberg, and not that of the American people. As the noise about an attempted coup allows Team Biden to slip in Sally Yates, Susan Rice and Victoria Nuland and their whole gang of neocon warmongers.
The entire media focus on Trump served to hide what those people were doing behind the scenes all along. And now it’s time to duck for cover. They’re going to try and impeach him again, and then prosecute him, and erase everything he’s done, cheered on by the same media who never told you what a coup actually is. Because they are a big club, and he’s not in it, and neither are you.
And if you think you can vent an opinion on social media in the future that doesn’t coincide with that of the big club, perhaps you haven’t been paying attention.
By Finian Cunningham
January 11, 2021 “Information Clearing House” – Many commentators are dismissing the extraordinary events at the US Capitol as something much less serious than an attempted coup. Some have even joked about it as if it were a carnival of crazies high on Trumpism.
Five people died on January 6 when thousands of Trump supporters forced their way into the seat of US government. That’s hardly a picnic gone awry.
And let’s be clear, the seizure of the Congressional buildings came right after President Trump fired up an angry crowd to march down Pennsylvania Avenue in order to “save American democracy”… because “you can’t win by being weak”.
Perhaps many among the crowd swarming the Capitol had no malign ambitions against lawmakers inside who were at that time certifying the election of President-elect Joe Biden. However, there is no doubt it was Trump and his most ardent supporters’ intention to overturn the electoral process. Overthrowing the political process is getting close to a definition of coup.
It is also clear that among the invading throngs were members of Neo-fascist militia who were armed and carrying zip ties. That suggests there were plans to kidnap people within the Congressional building and forcibly detain them.No Advertising – No Government Grants – No Algorithm – This Is Independent MediaGet Our Free NewsletterYou can’t buy your way onto these pages
Carrying nooses and shouting, “Hang Mike Pence, Hang Mike Pence,” is also something that puts a more sinister twist on the events. Only hours before Trump and his cronies called for marching on the Capitol, the president had fingered Vice President Pence as “weak” and a traitor after it emerged he would not do Trump’s bidding in sabotaging the Congressional certification of votes for Biden.
Similar vitriol was expressed by the crowd towards Democrat leaders Nancy Pelosi and Chuck Schumer. If the mob had been able to apprehend any of those politicians, the events would likely have ended up with a lot more blood on hands.
After several hours of besieging the Congress, Trump reluctantly told his supporters to go home peacefully. The National Guard had arrived and escorted the protesters from the building in a strange atmosphere of calm; strange considering the extraordinary breach of public order that had just occurred.
There is a suspicion of some level of collusion with the state security agencies and the Trump mob. There had been no threat warning issued by the FBI before the event. The seat of government on a momentous day was oddly under-protected even though there were ample notices across social media of a major rally by Neo-fascist militia groups. There are also reports of Pentagon chiefs standing down the National Guard prior to January 6. The slow response to take back control of the Capitol is further disturbing.
And don’t think that’s the end of the affair. The same far-right militia involved in seizing the Capitol are subsequently warning through their media networks that they will return on January 20, the day Joe Biden is inaugurated – this time heavily armed.
Groups like Bugaloo Bois and Proud Boys are calling that date “Round 2”.
Finian Cunningham has written extensively on international affairs, with articles published in several languages. He is a Master’s graduate in Agricultural Chemistry and worked as a scientific editor for the Royal Society of Chemistry, Cambridge, England, before pursuing a career in newspaper journalism. He is also a musician and songwriter. For nearly 20 years, he worked as an editor and writer in major news media organisations, including The Mirror, Irish Times and Independent. — “Source“ –