44 votes

Video: Laurence Kotlikoff: 'US Hides Real Debt, In Worse Shape Than Greece'

Very good video.

http://youtu.be/XVtl5SmbINI

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20 years ago

I read The Law.....it was the first thing I downloaded from the Net, of course then it was called the "information superhighway". AL Gore had just invented it.

Of course he is right on some things

The dollar will go into hyperinflation or the economy into total collapse or both. The debt will be defaulted on by the US. Society will bankrupt and ownership of of most property will convert to Leviathan Government.

What else could one expect with a plundering monetary system and a socialist taxation redistribution system? Not to mention perpetual war.

If you have not read The Law by Bastiat then you really don't know the root of the problem.

Mike Benoit

As If Things Couldn't Be Worse

...Here's some more fuel for the fire.

The "Exchange Stabilization Fund"..talk about infinity!

http://www.youtube.com/playlist?list=PLtgXgpa2i2WNvXuXqVVUZ-...

Part 5 is more in tune with today as far as relevance...the preceding parts 1-4 give you the history and background of this nightmare.

This is why we must have wars and conflict...and bankrupt nations.

Check it out.

"Beyond the blackened skyline, beyond the smoky rain, dreams never turned to ashes up until.........
...Everything CHANGED !!

WOW Fightapathy you are one scary dude

The professor got it exactly right and you don't have a clue......but the scary part is the people in the back seat that think you know what you are talking about......how in the world did you climb over the seat!

THAT'S RIGHT! Be afraid...! Hey, WHO voted up yer comment?

THAT'S RIGHT! Be afraid...! Hey, WHO voted up yer comment? Wait'll I find out what Kotlikoffist did zat! And I do have a Clue, Senor Goldpants: I got the board game and I watch Scooby Doo. I got clues up the shving-shving!

I also make an effort to denigrate academics whenever I can, especially hyperbole-wielding attention-seekers. On another forum, I've practically sparked WWIII after satiring Professor Norton Mezvinsky's latest appearance at the "A New Paradigm to Save Mankind" conference. [That I concurrred with his conclusions is aside from the fun -- I mean, point.]

Academia has slid into the toilet bowl of exclusivists, elitists, and tenured dictators who add nothing to the general knowledge but do somehow score abnormally high salaries and pensions for doing so.

Any time I call out these so-called intellectuals for the side-show barkers they are, people get their pantaloons in a bunch and come out of the woodwork to defend the shallowness of their worshipful professors.

And that's when the funny stuff begins!

"Cowards & idiots can come along for the ride but they gotta sit in the back seat!"

Thanks

Shared on Twitter.

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sometimes LL can suck & sometimes LL rocks!
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Love won! Deliverance from Tyranny is on the way! Col. 2:13-15

I challenge Laurence Kotlikoff to a duel -- with heavy artillery

This guy's another econo-quack looking for attention. In fact, I challenge Laurence Kotlikoff to a duel -- with heavy artillery ... loaded with baguettes! Kotlikoff is so wrong on so many points, where to begin?

We have government agencies overseeing mortgages. They're called Fannie Mae and Freddie Mac and they were ordered by the higher-ups to take all the crap in the world in order to make a fantasyland where: EVERYONE could buy a home and property values were ALWAYS rising. Nobody seemed to think this was an impossibility at the time... And nobody saw federal interference in the mortgage market as a problem.

Worse than this is this guy's assertions that we're worse off than Greece. That's nonsense. Greece is tiny-tiny tiny. We're freakin huge. We're the biggest economy in the world with the reserve currency of the world and have the biggest military complex in the world to back it up.

We've got a gun to the world's back, and that's why we have the biggest debt in world history and people are still happy to loan us money. Greece can't do that, and neither can anyone else!

(We can't do it forever, either. But the nay-sayers and dooms-dayers are not taking into account the power and prestige of our military complex as well as the general petro-dollar situation when predicting America's demise.)

Next, his figure of $222,0000,000,000,000 in total liabilities is utter nonsense. Out of whose fanny did he pull those numbers? Is he calculating liabilities for the next 100 years in 2016 or 2020 post-QE3 dollars, which will be worth significantly less than now?

Nobody can accurately calculate what liabilities will be worth next year much less a total aggregate for the next century!

It is ridiculous for even our own Austrian school economists to throw about the $50 Trillion or popular $72 Trillion figures. As Ron Paul says, only this year's budget matters; they have hard enough time agreeing what to spend this year, and in fact we've had no budget for three years because of this.

What will future revenues look like? Future growth? Future inflation? Future adjustments? These eggheaded econo-quacks have no idea. And they're discrediting themselves by claiming to know.

"Cowards & idiots can come along for the ride but they gotta sit in the back seat!"

One thing you point out I agree with.

We have the Big Gun.

It is being paid off with borrowed money printed out of thin air as well.

you make good points dude

Especially about the petro dollar paradigm and how its enforced by our gigantic, high tech military. That is so true but it seems like you're stoked about this arrangement lol? I for one am not ok with being the new evil empire, bombing brown people into submission and installing puppet governments to ensure they only trade their oil in dollars. Sure its keeping our fiat currency afloat but its just wrong...but thats me

"I am Troll fighter, number one"

-Ernest

http://www.youtube.com/watch?v=LxWb-ViejPg

On the contrary, the arrangement is downright evil

I am not "stoked about it." On the contrary, the arrangement is downright evil. But it is the primary reason why we are not like Greece, and are not suffering from the consequences of truly reckless monetarist policy -- yet.

"Cowards & idiots can come along for the ride but they gotta sit in the back seat!"

I see nothing wrong with his observations

I do take issue with some of his proposed solutions though, ie more govt solutions for govt created problems...

and we're on QE4 BTW

My keyboard doesn't have an infinity symbol

My keyboard doesn't have an infinity symbol, which is the kind of QE Bennie Boy's inflicting upon us. Now let's see Kotlikoff take THAT into account. Bennie's got to ramp up monthly QE by 50% to make up for the deficit, inclreasing money supply by $120 billion, thus inevitably causing inflation. This will make that total liability Kotlikoff was wheezing over become quite managable, indeed. That's one problem solved for the politicians. Next problem: dealing with tens of millions of pensioners and public employees who will demand raises to make up for the inflation.

"Cowards & idiots can come along for the ride but they gotta sit in the back seat!"

"Massive Ponzi Scheme"

Ponzi schemes are fraudulent and illegal, except when run by government and/or banks.

I must add this

I dont agree with this guy that we need some government agency overseeing mortgages...but it is important to look at our debt numbers using a view closer to this guy's. I am sure I have read it, or been told at some point...but it really struck me when he mentions that the obligations to Social Security are not even counted in the debt numbers. We are so screwed.

I'd rather have a bottle in front o' me than a frontal lobotomy
www.tattoosbypaul.com
www.bijoustudio-atx.com

You're right

We have all kinds of government agency overseeing that allowed sub-prime mortgages, derivatives, swaps, credit default swaps, rating agencies that stamped these worthless pieces of paper AAA, the LIBOR scandal, bid rigging in the bond market...

The government did such a great job, let's give them more money to hire more people to overlook the dollar devaluation, the dollar crisis, the student loan crisis...

I

I would double your up vote if I could