Wait, think about that prior point: buying your own debt. Wouldn't it be great if you could run up a big credit card bill then call up the credit card company and say, "Tell you what, why don't I just buy my bill from you?" Now if you're printing money in your basement, you just send them newly printed cash. If they accept it, then things roll merrily along. This is roughly what the US government is doing now.
The Fed said in March it will buy $300 billion of its own debt. In other words, print money to buy money it has already spent. Want more? The Fed is also buying $1.25 trillion of mortgage-backed securities and $200 billion in debt from bankrupt Fannie Mae and Freddie Mac. What this is worth is anybody's guess, but what's a few hundred billion between friends? Oh, and the Fed must also sell $2 trillion in new debt to cover Obama's porkulus bill, falling tax revenues from newly jobless Americans and "various and sundry bailouts." This slow burn of rising interest rates could quickly turn into full-blown fire, scorching the economy and Obama. Speaking of roaring conflagrations, let's move on to what could be this summer's major flash point.
With Iranian presidential elections out of the way by mid-June, the window of opportunity for Israel to clock the Persian nation will officially open. Widely reported accounts in the international press have Iranian centrifuges producing enough material for a nuclear bomb by December. Since the Jewish state has never been known to shortchange its own security, we can expect a strike some time this summer. Israel could wait, but the intelligence estimates are just that, estimates. The centrifuges could be running ahead of schedule or North Korea may give Iran material or expertise to speed up the process. Defense Secretary Gates warned North Korea two days ago not to give away anything nuclear, though the U.S. has virtually no leverage over North Korea now that they're a nuclear state. On this score, Israel knows once the Ayatollah has the bomb, any strike besides a nuclear one would be a waste. A conventional first strike to prevent an Iranian nuclear first strike becomes a necessity now. Cancel those beach plans, POTUS, this could be 1914 all over again.
Article comments
1 - Ruvy
I was once a Brooklyn Dodgers fan, Dock. And they were not as bad as you make them out to have been. I mean every summer we could listen to them on the radio in the afternoons and evenings hearing them as we walked down Bedford Avenue and S. 8th St. in Williamsburg. It was great - till they moved to LA. What a bummer!
I enjoyed reading your piece. I think you over-rate the Israeli regime and their willingness to defy Obama and actually make sure we stay alive. I enjoyed reading what you wrote, but don't expect the so-called "leaders" here to have enough balls to do what is really needed. They are more likely to follow their usual pattern of kissing American ass.
Also you forgot the "back-to-school" activities for the Blessed of Hussein, which will most likely involve dealing with the swine flu as it makes a nasty comeback in October.
Just a thought for you, Dock, since you linked to an apostate Jew, Nostradamus. The two Jewish holidays that deal with Divine Redemption are Sukkot (beginning in October) and PessaH (in April of next year). The intermediate period is the flu season.
Have a great summer!
2 - Mr. Dock Ellis
Of course, you're right Ruvy. The Dodgers had some fantastic players and did win the World Series in Brooklyn. They were labled "bums" in an affectionate sort of way. The comparison would be the Cubs today, but that doesn't quite fit.
I would be very surprised if Bibi did nothing. Iran has famously declared it will "wipe Israel off the map." I believe they are sincere in their desire. I believe today the Middle East is one event from blowing wide open, like 1914. Perhaps, Barack Obama will be the modern day Franz Ferdinand. Going to the Middle East now is like sticking your head in the lions mouth-lots of risk for little gain.
I just hope we all make it to flu season. And I thought always thought Nostradamus was forced to convert. Perhaps I was wrong.
3 - Ruvy
Dock,
I might be wrong about Nostradamus - either he or his parents might have felt forced to convert to Christianity. Like you, I'm not sure; but I do know that if you shake his family tree, a whole pack of Jews come falling out of it....
But in the entertainment biz (and this all is really entertainment), you should never fuck up a good segue....
Gotta run,
Ruvy