by roccman » Wed 21 Nov 2007, 14:23:34
$this->bbcode_second_pass_quote('', '[')snip]
And if you think that this subprime, inflationary, recessionary mess
is bad for us ordinary weenies out here in the real world, imagine the effect on tax revenues for all the spendthrift governments out there as a result of all those sales that didn't take place, and all those fees that were not paid, and all those fortunes that were not made, and thus all those taxes that were not collected.
And the thing that makes it all worse, so Very, Very Much, Much Worse (VVMMW) is that not only were grubby fortunes not being made nor taxes being paid, but these are losses, and all these losses will be netted against whatever pitiful little gains people managed to make! If any! And deducted against ordinary income if not!
And for years and years to come, the government will receive less tax revenue, as all of today's losses will be netted out against future gains or income until they are completely deducted by taxpayers!
For the American federal government, this is the Ultimate Triple
Whammy (UTW); not only are taxes not being collected now or future profits be taxed, but it comes at the same time as the rising social burden of taking care of the victims of inflation means a "need" for higher government spending!
And at a time when the federal government alone is already
deficit-spending US$500 billion a year, and the states are selling
bonds for a few hundred billions of spending-dollars a year!
[snip]
Using a rate of inflation calculated the old-fashioned way, as by John Williams at his shadowstats. com site, instead of the lying, distorted way that Greenspan and Boskin created to do it, Mr Conrad has confirmed with his own calculations that real, in-your-face, pay-me-now, price-rising inflation is actually running at or above 10%.
[snip]
Twilight Zone Buying Power
And to think we are past peak...
Have a nice dieoff!
"There must be a bogeyman; there always is, and it cannot be something as esoteric as "resource depletion." You can't go to war with that." Emersonbiggins