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Monday, November 24, 2008

Filibuster: Time for another transfusion

20081123

From the artist:

The ginormous American banking conglomerate Citigroup became the latest failing corporation to receive a massive financial bailout from US taxpayers this week, as Treasury Secretary Henry Paulson approved a plan to inject $20 billion into the struggling firm.

This comes in addition to the billions Paulson has already used to bailout the giant insurance group AIG and nationalize mortgage firms Freddie Mae and Freddie Mac, and comes in anticipation of a huge bailout of the “big three” American automakers. And I’m sure there’s more where that came from.

Now I realize the American treasury is incomprehensibly enormous, but isn’t there some finite limit on how much money the government can spend on all these bailouts? Politicians of both parties have yet to give a good answer on what existing government programs are going to have to be cut in the aftermath of all this.

Credit: J.J. McCullough

Posted by P.M. Jaworski on November 24, 2008 in Western Standard | Permalink

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Comments

"Now I realize the American treasury is incomprehensibly enormous, but isn’t there some finite limit on how much money the government can spend on all these bailouts?"

Did this guy just come in on the noon train?

There is no treasury! That vanished when we went off the gold standard about forty some years ago.

Gold valued currency was replaced with high speed printing presses rolling out the billions of fiat currency 24-7.

That is why the American dollar of today buys what three cents bought 75 years ago.

Like anything else, the more of it you have the less valuable it is.

America is devaluing it's currency and that is very bad. Pretty soon even burger flippers will be millionaires, but they will still not have enough to pay for a decent apartment.

Buy gold or REAL estate while you can ... dollars are becoming monopoly money that won't even buy Baltic Ave.

Sheesh!

Posted by: John V | 2008-11-24 5:43:46 PM


Mind if I wait a couple of months John V? Where I live prices have dropped 10% in a matter of several months. I'll jump in next spring as long as business doesn't stay in the tank too long.

Posted by: dp | 2008-11-24 5:56:02 PM


While I agree with you, John, the cartoon is still brilliant. Whether the money is printed or borrowed, the taxpayer will eventually feel the enervating effect shown in the cartoon.

Well done, JJ.

Posted by: Matthew Johnston | 2008-11-24 6:25:29 PM


This insane situation of bail outs with imaginary money will go on until people actually wake up and pay attention, which they won't, or the whole monetary system collapses, which it will.

Posted by: JC | 2008-11-24 7:01:15 PM


.....and comes in anticipation of a huge bailout of the “big three” American automakers.
Posted by P.M. Jaworski on November 24, 2008

More sense from Buchanan.

http://buchanan.org/blog/2008/11/pjb-who-killed-detroit/

Posted by: The Stig | 2008-11-24 7:58:07 PM


John V you obviously do know the terms "printing money" and "inlation". If you combine that with the use of the fractional reserve banking system you have a huge dose of disaster.

Posted by: DML | 2008-11-24 11:14:57 PM



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