Keeping It Free: November 2018

Stanley Druckenmiller on the Alleged $32T Debt

Stanley Druckenmiller on the Alleged $32T Debt -- "This is what really annoys me, how no one talks about it... Do you know that the $32 trillion [in government debt] assumes the federal government will never make another Social Security or Medicare payment? [These huge obligations are not included as ‘liabilities’ in the national debt.] Only government accounting could think that the government is never going to make another payment, not one. Not to me... not to you guys when you get older. If you actually accounted for those (big) government programs…credible estimates put the value of that debt [total federal liabilities] at $200 trillion."

Former Sun Microsystems' Scott McNealy on a Stock Price of 10X Sales

"At 10 times revenues, to give you a 10-year payback, I have to pay you 100% of revenues for 10 straight years in dividends. That assumes I have zero cost of goods sold, which is very hard for a computer company. That assumes zero expenses, which is really hard with 39,000 employees. That assumes I pay no taxes which is very hard. And that assumes you pay no taxes on your dividends which is kind of illegal. And that assumes with zero R&D for the next 10 years, I can maintain the current revenue run rate. Now, having done that, would any of you like to buy my stock at $64? Do you realize how ridiculous those basic assumptions are? You don’t need any transparency. You don’t need any footnotes. What were you thinking?"

JFK, 1962

THE PRESIDENT. If the United States refused to cash in dollars for gold, then everyone would go to the gold standard and the United States, which is the reserve currency of the whole free world – we would all be dependent upon the available supply of gold, which is quite limited.
Obviously, it isn’t enough to finance the great movements of trade today and it would be the most backward step that the United States has taken since the end of the Second World War. We have substantially improved our position this quarter, the second quarter over the first quarter. Our loss is down to almost a third of what it was in the first quarter. Our loss, based on the first and second quarter of this year, is about half of what it was last year, and about a third of what it was the year before. We hope that we can bring our balance of payments into balance by the end of next year.
We are not going to devalue. There is no possible use in the United States devaluing. Every other currency in a sense is tied to the dollar; if we devalued, all other currencies would devalue and so that those who speculate against the dollar are going to lose. The United States will not devalue its dollar. And the fact of the matter is the United States can balance its balance of payments any day it wants if it wishes to withdraw its support of our defense expenditures overseas and our foreign aid.

Portions of the Testimony of Navy's Saundra Spencer Before the Assassination Records Review Board

GUNN: Ms. Spencer, did you have any work after November 22, 1963 that was related to the death of President Kennedy? SPENCER: Yes. We were requested to develop 4” by 5” color negatives and make prints of an autopsy that was — we were told it was shot at Bethesda after the President’s body was brought back from Dallas. ... GUNN: Is there any doubt in your mind that the pictures you saw in November 1963 also were photographs of President Kennedy? SPENCER: No, that was President Kennedy, but between those photographs [that you showed me today] and the ones that we did, there had to be some massive cosmetic things done to the President’s body. -- https://www.fff.org/explore-freedom/article/jfk-autopsy-cover-dramatic-testimony-saundra-spencer/

Peter Schiff 5-12-23 On Banking's Disarray

"We socialized the banking industry. That is the source of the problem. And we’ve also socialized interest rates because the Federal Reserve is like a Polit Bureau. They just pick an interest rate rather than allowing the market to discover the appropriate rate. And when the Fed sets interest rates too low and prints a lot of money in order to make that possible, it unleashes massive inflation, creates tremendous economic imbalances that result in financial crises and depressions when the bubbles burst. That’s where we are right now.”

On Warren G. Harding's Handling of 1920 Depression -- National Review

"With Harding’s tax and spending cuts and relatively non‐interventionist economic policy, GNP rebounded to $74.1 billion in 1922. The number of unemployed fell to 2.8 million— a reported 6.7 percent of the labor force— in 1922. So, just a year and a half after Harding became president, the Roaring Twenties were underway. The unemployment rate continued to decline, reaching an extraordinary low of 1.8 percent in 1926. Since then, the unemployment rate has been lower only once in wartime (1944), and never in peacetime."

Robert Shiller - Naturally Occurring Ponzi Schemes

Speculative feedback loops that are in effect naturally occurring Ponzi schemes do arise from time to time without the contrivance of a fraudulent manager. Even if there is no manipulator fabricating false stories and deliberately deceiving investors in the aggregate stock market, tales about the market are everywhere….. The path of a naturally occurring Ponzi scheme – if we may call speculative bubbles that – will be more irregular and less dramatic since there is no direct manipulation but the path may sometimes resemble that of a Ponzi scheme when it is supported by naturally occurring stories.

-- Robert Shiller

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