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When the people fear their government, there is tyranny.
When the government fears the people, there is liberty.

-- Thomas Jefferson

During times of universal deceit, telling the truth
becomes a revolutionary act.
 -- George Orwell

First they ignore you, then they ridicule you, then they
fight you, then you win.
 -- Mahatma Gandhi


Want to solve an impasse? Are you exasperated? Bring a cow in the house. Why not raising a debt limit will be the best thing that ever happened to this country?

Posted on | October 3, 2013 | 16 Comments

 

Comments

16 Responses to “Want to solve an impasse? Are you exasperated? Bring a cow in the house. Why not raising a debt limit will be the best thing that ever happened to this country?”

  1. John
    October 3rd, 2013 @ 8:48 pm

    The Debt Limit, The 14th Amendment, And The GOP‏

    Posted 2013-10-03 07:39
    by Karl Denninger
    in Politics

    For a Constitutional Scholar (Obama) he must have been asleep in class….
    The 14th Amendment (in part) reads:

    Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
    Section 5. The Congress shall have power to enforce, by appropriate legislation, the provisions of this article.

    Ok.
    First, what is a debt? A debt is evidenced by some instrument. In this case the instrument is a Treasury Bill, Note or Bond. Whether the old-fashioned style with coupons around the edge or whether newfangled and electronic, the debt of the United States must be evidenced by a formally-issued instrument.
    No other item is a “debt.” A political promise is not a debt. Even a law that has been passed is not a debt. A law passed that has funds appropriated but which do not exist does not create a debt.
    Only an actual issued Treasury Instrument is a debt.
    Congress is given the power, explicitly to enforce all the provisions of this article (Amendment 14.)
    So Congress has done so. In doing so Congress has passed legislation that limits the ability of the Treasury to issue debt to a specific maximum amount. Congress could also limit the composition (e.g. terms and types) of debt if it so decided, but it has not — that has been left to the discretion of Treasury.
    The Executive has no authority to exceed that which Congress enabled, irrespective of what it may otherwise think.
    However, The Executive is bound by The Constitution (and its Amendments) as is Congress.
    Therefore, Treasury must pay the debts before all other bills, under The Constitution, as only the debts of the nation have preference as shown in The Constitution!
    In fact there is no other place in The Constitution where preference is expressed for any particular appropriation. Further, Congress is well within its powers to authorize spending without a companion or attached revenue bill to raise the funds necessary (via taxes, imposts and excises.) There are plenty of examples where such an act might make sense (e.g. anticipated tax revenue that would exceed that originally expected, an accumulated Treasury surplus, etc.) but even if there are no funds Treasury is still constrained by the debt limit unless Congress exempts it from same.
    Treasury Secretary Lew has recently threatened that he will not prioritize payments of Treasury instruments and interest should there be no increase in the debt ceiling.
    This act, were he to do so, would be a black-letter impeachable offense committed by both him and Obama as the chief of the Executive branch.
    Further, Treasury’s “extraordinary measures”, including the raiding of federal worker retiree funds in TSP accounts would be, if committed in a private context considered embezzlement. Those funds held “in trust” for someone are not yours to use (temporarily or otherwise!)
    I have wondered for quite some time why Obama, Reid and Pelosi have been screaming so loudly about not prioritizing and “causing” a default. After all, it’s not a default if you cannot pay for every program that was appropriated. You’re just not keeping your political promises, which may***** off voters but isn’t a default. A default is exactly one thing — the non-payment of coupon or principal when it comes due.
    Now I understand the reason — the 14th Amendment doesn’t empower The President to raise the debt ceiling on his own.
    No, the 14th Amendment requires him to pay the interest and principal on Treasury Notes, Bills and Bonds before anything else should there be insufficient funds to cover it all.
    John Boehner, it’s time you and the rest of the Republicans shove this fact right up Obama, Pelosi’s and Reid’s ass, making clear that (1) you will not raise the debt ceiling and (2) you will impeach that rat bastard if he fails to cover interest and principal as is required by The Constitution.

  2. SticksNstones
    October 3rd, 2013 @ 10:11 pm
  3. Scott
    October 3rd, 2013 @ 11:51 pm

    Obamacare hotline number: 1800-318-2596

    Among the caveats in this interesting observation is that the number 1 on most phone keypads has no letters associated with it, so in essence one seeking help with Obamacare is dialing 1-800-F1U-CKYO.

    Intentional ? I think so

  4. Karl
    October 4th, 2013 @ 6:56 am

    Excellent! Don’t raise the debt ceiling; simply eliminate non-constitutional spending!

    The budget battle is all about a petulant president whose prize program the people do not want, but who insists it be imposed upon them!

    http://cnsnews.com/commentary/patrick-j-buchanan/all-about-petulant-president

    The unrestrained, unsustainable deficit spending is all part of the diabolical Cloward-Piven strategy to destroy our constitutional republic by grinding it down!

  5. bud
    October 4th, 2013 @ 8:27 am
  6. Westy
    October 4th, 2013 @ 10:04 am

    The woman that was shot by the DC police the other day thought that she was being electronically monitored by Obama. Do you think it could be true?

  7. bud
    October 4th, 2013 @ 10:27 am
  8. Man 'O War
    October 4th, 2013 @ 10:48 am

    Yeah, John did a good job of explaining the real world to the treasonous-tribe!

    Obama is so dense, that he doesn’t know when he’s boxed in!!

  9. Steven Feinstein
    October 4th, 2013 @ 2:07 pm

    Finally!

    Birther sets himself on fire on national mall.

  10. JAK
    October 4th, 2013 @ 2:18 pm

    There needs to be differentiation between the debt of USA TREASURY notes and debt by Federal Reserve notes/dollars. The Fed dollars are controlled by international bankers such as the Rothchilds. This whole quagmire of whose notes or dollars started with Pres. Wilson on through Pres. Roosevelt to all Presidents. I have noted many times that I believe Pres. Kennedy was assassinated because he dared to have printed actual USA Treasury bills in the amount of over 200 million USA dollars. The international powers could not let such happen because otherwise the USA would have It’s currency and funding tied to a gold standard instead of a European banking piece of paper which was to be the financing of any and all things the Euro bankers put into play.

  11. dr_taitz@yahoo.com
    October 4th, 2013 @ 2:40 pm

    why do you think he is a birther, maybe he is an obot, who just realized that the Obamacare is not really affordable, maybe he got a sticker shock, seeing $5,000 deductible and $3,600 yearly premium

  12. Steven Feinstein
    October 4th, 2013 @ 4:00 pm

    Do you even understand that no one has to have Obamacare? People are free to buy any and all private healthcare and insurance they want. Private healthcare is not illegal.

    If you don’t like Obamacare don’t use it.

  13. dr_taitz@yahoo.com
    October 4th, 2013 @ 4:18 pm

    because of Obamacare, insurance premiums and deductibles sky rocketed, hundreds of thousands of people had their hours cut from 40 to 29 hours in order not to pay obamacare. Many plans that people had until now, are being cancelled because they are not obamacare compliant.
    Obamacare reduced the number of jobs, it is extremely expensive for many and is not affordable and it will cost 2 trillion dollars within 10 year to the federal government, the money that we do not have, particularly after Obama’s 7 trillion dollars of additional debt in 4 years.
    Obama is destroying the economy of this nation. Can you get it through your thick Obot head? probably not and I am wasting my time even responding to an obot

  14. Authenticator
    October 4th, 2013 @ 5:27 pm

    Again, from the ObamaTimeline, Part 2, October:

    Obama claims ObamaCare will help the “50 million people” in the nation who are without health insurance. (Throughout the push to pass ObamaCare, the administration claimed there were 30 million uninsured.) He states, “It is unconscionable that in one of the most advanced nations in the world, there are nearly 50 million people who lack health insurance and millions more who have burdensome co-payments and deductibles.” (In addition to the claim of 50 million being absurd, the statement is also a lie: the health insurance sold on the ObamaCare exchanges will also have co-payments and deductibles. In fact, for many Americans they will be higher and more burdensome than what applied with the insurance they may have had prior to ObamaCare. ObamaCare’s “bronze plan,” for example, has a $5,000 deductible and massive out-of-pocket limits.)

    Obama provides the telephone “hotline” at which callers can get ObamaCare information in “150 languages.” (Some might argue that a nation is headed toward its downfall when its government has to fund services and translators for 150 languages.) [49061]

  15. john bails
    October 5th, 2013 @ 7:30 am

    I watched a video about the CAFR according to the guy in the video we have trillions of dollars in funds no one knows about. Maybe that’s why they won’t audit the fed. How much for 1/3 of federal land? Gold deposits? Anything add up to 200 trillion maybe, or more? What if you had the ability to collect taxes, skim money into different funds and collect a small to massive compounding interest just sitting there like a blind trust? How do these slimy politicians making $175,000 retire millionaires? What funds do they get 9000% return on… offshore treats? So you think we are still in debt? Or they just lie to us more about raising limits and taxes for this and that.

  16. Man 'O War
    October 5th, 2013 @ 9:13 am

    Hey, (Fun)stein: do you really care about right and wrong? Your attack comments on birthers and your smart-alec remark towards what Orly posted does get a little tiresome to read.

    You should be happy that Dr Orly even takes the time to include you in this blog! There are times, I’m betting, that you need to pop a pill and relax and stop pretending to post anything concerning realty here!

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