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Source link: http://blog.mises.org/9718/how-to-destroy-everything/

How to Destroy Everything

March 31, 2009 by

Bloomberg: “The U.S. government and the Federal Reserve have spent, lent or guaranteed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.”

{ 33 comments }

J. D. Spam March 31, 2009 at 10:43 am

Thank goodness we are getting all of the government we can not afford!

Gideon Gono March 31, 2009 at 11:02 am

Pikers.

Mike March 31, 2009 at 11:15 am

Holy Schnike!

twv March 31, 2009 at 11:23 am

“To stem the longest recession . . .” well, that was a predicted long recession, right? We’ve had far worse in the past, in the ’70s, in 1982. It was a PREDICTED long recession.

And government actions are going to fulfill the prophecy, making it dwarf the Great Depression.

Of course, paying for it all will make the situation much worse: http://townhall.com/columnists/PaulJacob/2009/03/29/the_crisis_hits_in_waves

bryan March 31, 2009 at 11:56 am

that is a lot of bling

Bill March 31, 2009 at 12:00 pm

Yes, bling is good.

ehmoran March 31, 2009 at 12:31 pm

Well, the had crap they needed to BUY……

Bruce Koerber March 31, 2009 at 12:42 pm

But this is the empiricists’ great glory to report such things! The spending, lending, or guaranteeing boosts the GDP which makes the whole thing possible ad infinitum – when you look at the numbers!, when you play the numbers game!, and when you see people as data!

Apart from the numbers who among the empiricists cares about counterfeiting, theft, and deceit? Squeeze that out your numbers! This is the empiricists’ version of neutrality!

Artisan March 31, 2009 at 1:14 pm

financial cancer

Borislav March 31, 2009 at 1:25 pm

History Book, year 2562:

In the year 2009 a country called United States of America stood at the edge of an abyss. And then they took a big step ahead…

HSK March 31, 2009 at 1:27 pm

With that much paper being printed does the Secret Service even care about private counterfeiting anymore? I looks like the Government needs all the help it can get in getting paper out on the street.

Deefburger March 31, 2009 at 1:49 pm

You know, if you have to bail out that much, maybe, just maybe, the ship is sunk already….

These guys at the Fed and DC and Krugman et. al. all seem to be playing a “Never-ending” game of monopoly with a laser printer for a bank. It’s starting to not be fun anymore guys! Here, take my token and leave me out of the next round OK? Poker Anyone?

Joe March 31, 2009 at 1:53 pm

Now we hear that everyone is going to get a tax credit to! I can just see every Tom, Dick, and Harry in the United States running around giggling like a bunch of 5 year olds with all of the free money the Government is throwing out. The sad thruth is, the joke will be on all of us soon enough as history has shown time and time again how this ends.

Joe March 31, 2009 at 1:58 pm

I just have two questions. I wonder what nation in history destroyed its currency the quickest and will the Obama Administration and the Fed beat that record?

Jardinero1 March 31, 2009 at 2:01 pm

Can anyone say, Iceland2: The Sequel

Joe March 31, 2009 at 2:04 pm

With all of the money printing the Government and Fed are doing there is at least one occupation that will be in demand. A street sweeper to clean up all of that worthless paper just like the guy in this picture!

http://en.wikipedia.org/wiki/File:Inflaci%C3%B3_utan_1946.jpg

Steve Hogan March 31, 2009 at 2:10 pm

Evidently Bernanke is getting advice from his counterpart in Zimbabwe. How about this hair-raising inflation calculator:

http://www.cato.org/zimbabwe

I didn’t even know that the word “sextillion” even existed. I learn something every day.

Joe March 31, 2009 at 2:23 pm

The Obama Administration and the Fed should aim big! I mean, since they are having so much fun printing all of that money and debasing the currency they might as well go all out. Think big! Sink the currency in world record time! I’m sure Krugman would be all to happy with his Keynesian ideals if Obama stated to the nation that they were going to inject 1Nongentillion (10 to the 2703 power) to stem the recession. Hey, at least Obama and the Fed would end up in the Guiness book of world records.

ehmoran March 31, 2009 at 3:56 pm

We’ve got more PROBLEMS than a GOLD STANDARD!

I understand that the International Monetary Fund (IMF) soon will oversee and regulate activities of the U.S. Treasury, SEC, and Federal Reserve.

The World’s Money Changers will be FULLY backed by all Governments with this action.

GOOD JOB to all those that VOTED for:
“CHAINS WE CAN BELIEVE IN”.

They’ve stuck their feet in it now, and since they’ve included the rest of us in it, truly we’re all in this together, and THANKS.

Unbelievable MESS were in now…….

aaron March 31, 2009 at 4:34 pm

Buy gold.

ehmoran March 31, 2009 at 4:37 pm

aaron,

With all your gold, what will you do if or when the Fed’s reinstate the Gold Confiscation Act of 1933?

BEWARE……….

ehmoran March 31, 2009 at 5:02 pm

How to Properly Invest your MONEY (a must see):

http://www.southparkstudios.com/clips/222624

Sonic Ninja Kitty March 31, 2009 at 7:24 pm

Spending money sure is easy and fun! Keep that kool-aid flowing!

Les March 31, 2009 at 8:24 pm

I hear the IMF is changing its name to Inflationary Monetary Fund.

Ostralion March 31, 2009 at 8:29 pm

Is it true that GM is going to be split up into two companies, one called ‘General’, the other ‘Motors’?
See, this is how socialism makes us ALL rich! We’ll soon be like Zimbabwe, where everyone’s a billionaire! And you don’t want to be labelled ANTI-social, do you? That’s a mental disease!

Samuel G March 31, 2009 at 10:46 pm

Eventually the number will be up on the numbers.

Trillion is the new million.

If Bernanke drove his car like he creates money he’d only be allowed to drive on the Autobahn.

When is he going to be fired?

I Skate The Government April 1, 2009 at 12:08 pm

How to Destroy Everything ?

Let the government control Everything, that should do the trick !

Jaycephus April 1, 2009 at 8:28 pm

“The president and Treasury Secretary Geithner have said they will do what it takes,” Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein said after the meeting. “If it is enough, that will be great. If it is not enough, they will have to do more.”

“Everything the Fed, the FDIC and the Treasury do doesn’t always work out right but back in October we came within an eyelash of having a truly horrible collapse of our financial system, said Johnson, a former Fed senior economist. “They used their creativity to help the worst-case scenario from unfolding and I’m awfully glad they did it.”

Would a full year’s GDP be worse than a “truly horrible collapse of our financial system”? $42,000 in obligations for me, my wife, and my son, and every other citizen of the US? (So far…)

Really, what IS the cost-benefit analysis of this situation?

Why does $12Bn of this go to a German bank with over $2Tn in assets? Were they going to fail? Why should ANY money go to a German bank that took a risk and lost?

ehmoran April 1, 2009 at 8:33 pm

Jaycephus,

I not sure if you realize, you can’t keep paying your minimum Credit Card payment on a maxed Card and expect to pay the principle. That’s what the Govt is doing to you.

They’ll strap 40-years of private-enterprise individual income before their done.

The further we go down this road, the worse it will get. I promise you……

Debt does nothing but subvert and oppress the people.

veronica April 3, 2009 at 1:20 am

Gary Kah’s book, Enrout to Global Occupation details what has been decided behind closed doors by the powers that be (which excludes you and me) for decades. He shows, with documentation, how through either global warming, or an economic collapse the New World Order will be ushered in. I strongly suggest you get it and read it. We must reject this evil if we want to remain free.

\

ehmoran April 3, 2009 at 9:15 pm

veronica,

I have scientifically disputed Anthropogenic GW, but I and other scientist believe the momentum is too strong to stop.

Thanks, I get the book……..

Thomas Jefferson April 4, 2009 at 7:23 pm

709. BANKS, Fictitious Capital. – The banks themselves were doing business on capitals, three-fourths of which were fictitious; and to extend their profit they furnished fictitious capital to every man, who having nothing and disliking the labors of the plow, chose rather to call himself a merchant, to set up a house of $5,000 a year expense, to dash into every species of mercantile gambling, and if that ended as gambling generally does, a fraudulent bankruptcy was an ultimate resource of retirement and competence. This fictitious capital, probably of one hundred millions of dollars, is now to be lost, and to fall on somebody; it must take on those who have property to meet it, and probably on the less cautious part, who, not aware of the impending catastrophe have suffered themselves to contract, or to be in debt, and must now sacrifice their property of a value many times the amount of their debt. We have been truly sowing the wind, and are now reaping the whirlwind. If the present crisis should end in the annihilation of these pennyless and ephemeral interlopers only, and reduce our commerce to the measure of our own wants and surplus productions, it will be a benefit in the end. But how to effect this, and give time to real capital, and the holders of real property, to back out of their entanglements by degrees requires more knowledge of political economy than we posses. I believe it might be done, but I despair of its being done. The eyes of our citizens are not sufficiently open to the true cause of our distress. They ascribe them to everything but their true cause, the banking system; a system, which, if it could do good in any form, is yet so certain of leading to abuse, as to be utterly incompatible with the public safety and prosperity. At present, all is confusion, uncertainty and panic. – TO RICHARD RUSH. FORD ED., X. 133. (M., June 1819.)

john dash January 1, 2011 at 4:03 am

Hi,I have added this blog to my google reader. Nice article.

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