Categorized | Opinion

Wiggling Our Toes Over the Fiscal Cliff

 

Buckle Up, It’s Gonna Be a Bumpy Ride

(VIRAL VIDEO)
 

Skippy Massey
Humboldt Sentinel

 

The term “fiscal cliff” was first coined by Ben Bernanke in early 2012.

It refers to the roughly $718 billion that many believe will be
withdrawn in some way, shape or form from the economy in 2013 in
the form of tax increases and federal spending cuts.

If nothing is done and all the scheduled tax increases and spending cuts go into effect on January 1, the Congressional Budget Office estimates that the economy will contract slightly in 2013.  Other estimates show a much deeper recession is likely—and we’ll be plunging headlong over that Fiscal Cliff.

Investors in the stock market are also holding increasing concerns and jitteriness over the European sovereign debt, the effects of quantitative easing, and the overall rigged manipulation of the once ‘free’ markets.

Then there’s our gargantuan deficit and debts, the bailouts, two wars that are unpaid for, and whether or not China wants its money back.

There’s also debate over whether our economy is having an ‘inflation vacation’ or a ‘deflation gestation’ that will be let loose at some point after the willy-nilly printing of our diluted dollars comes to a head.
Some naysayers have gone so far as referring to the dollar as ‘scrip’ because the
greenback isn’t tied to anything of solid value except full faith and credit. We just
print more. That’s the faith and credit part.

The dollar is, quite simply, getting battered as the standard world reserve currency.

A minority few believe some of the global markets will have to implode– leading to a ‘resetting’ of currencies and debt throughout the globe.

And those excessive bonuses paid to investment firms (think Goldman Sachs, Citibank, Bank of America, and a host of others) whose failed and unregulated policies– and people– infiltrate both the Federal Reserve and the Treasury and collapsed the economy in 2008, do nothing to ease worries that the savvy and rich get richer
while the poor and unsophisticated get… well, you know how the punchline goes.

Economists’ guesses and half baked theories abound all over the map.  Either way you cut the pie or paint the picture, it’s not looking pretty.  Doom, gloom, boom and bust.  So, what’s in your wallet?

Not to worry.  Is belt tightening in order?  Nah.  We’ll do what we’ve always done:  kick the can down the road.

Leave a Reply

HumSentinel on Twitter

RSS Progressive Review

  • What realy happens during an NFL game
     VOX […]
  • South Miami wants South Florida to be its own state
    USA Today -  A group of Southern Florida politicians are tired of being left out to sea when it comes to addressing climate change concerns for the southern part of the state. Their solution? Create a state of their own.According to a report from the Sun-Sentinel, a proposal by the Mayor of South Miami and South Miami City Commission calls for the legal sepa […]
  • Word: A cop on domestic violence
    Bangor ME Police Dept Facebook page - After many arrests, while walking a [domestic violence] suspect to the car, I would say 80 percent of them, usually men, will yell back and say something like, "honey, baby, look what you did" or "you're not serious, are you going to let them take me to jail"? Another gem is when they holler back […]
  • Obamacare: the good, the bad, the unpredictable & the dangerously unknown
    From 50 years of our overstocked archives  Sam Smith, 2012 -  If you're having a hard time figuring out what the real status of Obamacare is, don't feel badly What you are seeing in the current news coverage and debate is another reflection of of the dysfunctional state of our leadership class, a dysfunction driven in no small part by the fact that […]
  • Report: CIA Agents Impersonated Senate Staffers To Spy On Senate Computers
    Yahoo - New details about CIA spying on the U.S. Senate suggest agents impersonated Senate Intelligence Committee staffers to access computers used to compile a report about the agency’s post-9/11 torture and imprisonment techniques. Citing “sources familiar with the CIA inspector general report,” which remains classified, one Senate source told the Huffingt […]
  • Real economics: New home sales hit 6 year high
    New home sales increased just 0.2 percent in September, and a big increase for August was revised considerably downward. Despite the slow growth, September marked the highest level for new home sales in six years. […]
  • Entropy update: baseball
    NY Times- On Tuesday night, the first game of the 2014 World Series drew just 12.2 million viewers to Fox, making it the lowest-rated Game 1 on record. Game 2 on Wednesday night fared somewhat better, with 12.9 million people tuning in.For most of the last century, the start of baseball’s World Series — with its red, white and blue bunting and occasional cer […]
  • Real economics: no retirement funds for middle class
    Time - The average middle class American has only $20,000 in retirement savings, according to a new survey that shows large swathes of the public are aware of those shortfalls and feeling anxious about their golden years.Wells Fargo surveyed more than 1,000 middle class Americans about the state of their savings plans. Roughly two-thirds of respondents said […]
  • A speech CSPAN didn't like
     From 50 years of our overstocked archivesSam Smith[C-SPAN broadcast in 1999 the first rally in opposition to the Bosnian war with one exception: your editor's speech. C-SPAN even left in the part where a singer announced, "I'm the warm-up act for Sam Smith" but the speech itself was cut. Here's the speech.]I am a native of this plac […]
  • Pocket paradigms
    Even the best politics are a pretty poor substitute for life and the worst politics compound their felony by forcing us to leave the front stoop to do something about them. Our quarrel with the abuse of power should be not only be that it is cruel and stupid but that it takes so much time way from other things -- like loving and being loved, and music, and a […]
  • Is there love off line?
    Baltimore Sun - Towson University professor Andrew Reiner is concerned that the desire to be "liked" online has bled into the real-life interactions of some of his students. He wants to change that.Reiner, a lecturer in English in Towson's Honors College, says students sometimes pretend to send text messages when they are alone out of fear tha […]
  • Word; Journalism
    You cannot hope to bribe or twist/Thank God the British journalist/ But seeing what the man will do/ Unbribed, there is no occasion to -- Humbert Wolfe A journalist is a man who has missed his calling -- Bismarck Drunkards, deadbeats and bummers -- Harvard president Charles Eliot's description of reporters in rejecting Joseph Pulitzer's offer to en […]
  • Being tasered may affect ability to exercise legal rights
    Mad in America - After they have been hit by a taser, most people experience a significant diminishing in their memory and cognitive functions for up to an hour, according to an unpublished study discussed in Live Science. The researchers said that the impacts were serious enough to raise into doubt whether people who’ve been tasered will understand their le […]
  • Good Stuff: Ranked choice voting
    Fair Vote:Since adoption of ranked choice voting, Oakland winners earn more votes: Of the 18 Oakland offices elected by RCV in 2010 and 2012, the winner had more votes than the winner of the previous non-RCV election in 16 of them. This is a common pattern in RCV elections that avoid electing winners in low-turnout June primaries or December runoffs.Fewer vo […]
  • Recovered history: The real Clinton story
    Things the media forgets to tell you about the Clintons and the state that made them.1976 Bill Clinton is elected attorney general of Arkansas. Two Indonesian billionaires come to Arkansas. Mochtar Riady and Liem Sioe Liong are close to Suharto. Riady is looking for an American bank to buy. Finds Jackson Stephens with whom he forms Stephens Finance. Stephens […]