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9 hours ago, Rockymtnhi said:

 

No, Bill Clinton Didn’t Balance the Budget

Stephen Moore is director of fiscal policy studies at the Cato Institute.

October 8, 1998

Let us establish one point definitively: Bill Clinton didn’t balance the budget. Yes, he was there when it happened. But the record shows that was about the extent of his contribution.

Many in the media have flubbed this story. The New York Times on October 1st said, “Clinton balances the budget.” Others have praised George Bush. Political analyst Bill Schneider declared on CNN that Bush is one of “the real heroes” for his willingness to raise taxes — and never mind read my lips. (Once upon a time, lying was something that was considered wrong in Washington, but under the last two presidents our standards have dropped.) In any case, crediting George Bush for the end of the deficit requires some nifty logical somersaults, since the deficit hit its Mount Everest peak of $290 billion in St. George’s last year in office.

And 1993 — the year of the giant Clinton tax hike — was not the turning point in the deficit wars, either. In fact, in 1995, two years after that tax hike, the budget baseline submitted by the president’s own Office of Management and Budget and the nonpartisan Congressional Budget Office predicted $200 billion deficits for as far as the eye could see. The figure shows the Clinton deficit baseline. What changed this bleak outlook?

Newt Gingrich and company — for all their faults — have received virtually no credit for balancing the budget. Yet today’s surplus is, in part, a byproduct of the GOP’s single-minded crusade to end 30 years of red ink. Arguably, Gingrich’s finest hour as Speaker came in March 1995 when he rallied the entire Republican House caucus behind the idea of eliminating the deficit within seven years.

 


We have a balanced budget today that is mostly a result of 1) an exceptionally strong economy that is creating gobs of new tax revenues and 2) a shrinking military budget. Social spending is still soaring and now costs more than $1 trillion.


Skeptics said it could not be done in seven years. The GOP did it in four.

Now let us contrast this with the Clinton fiscal record. Recall that it was the Clinton White House that fought Republicans every inch of the way in balancing the budget in 1995. When Republicans proposed their own balanced-budget plan, the White House waged a shameless Mediscare campaign to torpedo the plan — a campaign that the Washington Post slammed as “pure demagoguery.” It was Bill Clinton who, during the big budget fight in 1995, had to submit not one, not two, but five budgets until he begrudgingly matched the GOP’s balanced-budget plan. In fact, during the height of the budget wars in the summer of 1995, the Clinton administration admitted that “balancing the budget is not one of our top priorities.”

And lest we forget, it was Bill Clinton and his wife who tried to engineer a federal takeover of the health care system — a plan that would have sent the government’s finances into the stratosphere. Tom Delay was right: for Clinton to take credit for the balanced budget is like Chicago Cubs pitcher Steve Trachsel taking credit for delivering the pitch to Mark McGuire that he hit out of the park for his 62nd home run.

The figure shows that the actual cumulative budget deficit from 1994 to 1998 was almost $600 billion below the Clintonomics baseline. Part of the explanation for the balanced budget is that Republicans in Congress had the common sense to reject the most reckless features of Clintonomics. Just this year, Bill Clinton’s budget proposed more than $100 billion in new social spending — proposals that were mostly tossed overboard. It’s funny, but back in January the White House didn’t seem too concerned about saving the surplus for “shoring up Social Security.”

Now for the bad news for GOP partisans. The federal budget has not been balanced by any Republican spending reductions. Uncle Sam now spends $150 billion more than in 1995. Over the past 10 years, the defense budget, adjusted for inflation, has been cut $100 billion, but domestic spending has risen by $300 billion.

We have a balanced budget today that is mostly a result of 1) an exceptionally strong economy that is creating gobs of new tax revenues and 2) a shrinking military budget. Social spending is still soaring and now costs more than $1 trillion. Is this the kind of balanced budget that fiscal conservatives want? A budget with no deficit, but that funds the biggest government ever?

So the budget is balanced, but now comes the harder part: cutting the budget. Bill Clinton has laid down a marker in the political debate with his “save Social Security first,” gambit. That theme should be turned against him and his government expansionist agenda. Congress should respond: No new government programs until we have fixed Social Security. This means no IMF bailouts. No new day care subsidies. No extending Medicare coverage to 55-year-olds. (Honestly, if Clinton has his way, it won’t be long till teenagers are eligible for Medicare.)

The budget surpluses over the next five years could easily exceed $500 billion. Leaving all of that extra money lying around within the grasp of vote-buying politicians is an invitation to financial mischief. If Congress and the president use the surpluses to fund a new spending spree, we may find that surpluses are more a curse than a blessing.

Who Really Balanced the Budget
Federal Deficits (Billions $)
  Clinton Baseline* Actual
1994 $203 $203
1995 175 164
1996 205 107
1997 210 22
1998 210 +60
* Congressional Budget Office forecast, April 1995.

 This article is correct.... And I should probably use my wording more carefully.... The world financial system is built on a house of cards.... You have the wizard behind the  Curtain pulling the levers... The powers that be determine what happens in the financial world..... The value of currency is based on perception..... If you think a tomato is worth a dollar..... And are willing to pay a dollar for it......  That gives it a value of a dollar.... If you lose faith in the value of that paper dollar.... Well, the house of cards can fall down..... I really believe the whole system is rigged so that The powers that be have the flexibility to change things up as need be... But yes you are right Clinton didn't fix anything.... the puppet master's did.....JMO.......CL

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11 hours ago, coorslite21 said:

 This article is correct.... And I should probably use my wording more carefully.... The world financial system is built on a house of cards.... You have the wizard behind the  Curtain pulling the levers... The powers that be determine what happens in the financial world..... The value of currency is based on perception..... If you think a tomato is worth a dollar..... And are willing to pay a dollar for it......  That gives it a value of a dollar.... If you lose faith in the value of that paper dollar.... Well, the house of cards can fall down..... I really believe the whole system is rigged so that The powers that be have the flexibility to change things up as need be... But yes you are right Clinton didn't fix anything.... the puppet master's did.....JMO.......CL

Yes, agree with you completely. And as an aside if the Clinton's had gotten their way they would have busted the system much sooner than the '08 collapse with their schemes. But both parties are not to be trusted.  No one went to jail from the '08 fraudulent mortgage loan fiasco induced collapse and Bush, Obumer, Paulsen, Fed chair Bernake/Greenspan stole almost a Trillion of tax payers dollars to prop up the wall street elites and banks so they could keep their jobs, private jets, Hampton estates, yachts etc. And since then they have passed laws that will allow them to confiscate our bank  accounts(bail in) to help repair the damage coming from the next collapse as was done to the citizens of Cyprus in '12. However there won't be near enough money available to fix the next one. Just the derivatives alone will crush us.  Let's hope we don't see the next one in our lifetime because the illegal Fed will print so much money that we will look like Zimbabwe or Wiemar Germany in the past.  In Germany people burned wheel barrow loads of money in the winter to stay warm.  Anyway, not a fun topic. Protect yourself as best you can. 

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6 hours ago, Rockymtnhi said:

Yes, agree with you completely. And as an aside if the Clinton's had gotten their way they would have busted the system much sooner than the '08 collapse with their schemes. But both parties are not to be trusted.  No one went to jail from the '08 fraudulent mortgage loan fiasco induced collapse and Bush, Obumer, Paulsen, Fed chair Bernake/Greenspan stole almost a Trillion of tax payers dollars to prop up the wall street elites and banks so they could keep their jobs, private jets, Hampton estates, yachts etc. And since then they have passed laws that will allow them to confiscate our bank  accounts(bail in) to help repair the damage coming from the next collapse as was done to the citizens of Cyprus in '12. However there won't be near enough money available to fix the next one. Just the derivatives alone will crush us.  Let's hope we don't see the next one in our lifetime because the illegal Fed will print so much money that we will look like Zimbabwe or Wiemar Germany in the past.  In Germany people burned wheel barrow loads of money in the winter to stay warm.  Anyway, not a fun topic. Protect yourself as best you can. 

In the 60's one of the items on JFK's to do list was a revision of the federal reserve....after all.....it really doesn't put America's interests first every time.....Trump has a unique opportunity  to switch things up....https://www.cnbc.com/2018/07/20/trump-poised-to-take-control-of-the-federal-reserve.html

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On 7/7/2018 at 3:02 PM, Floridian said:

 

 

But that wasn’t the only source of dollars. Because the new Iraqi dinar was so popular, the central bank bought billions of United States dollars to keep it from appreciating too much. As a result, billions in cash accumulated in the vaults of the central bank. Later, with American help, the Iraqi central bank deposited these billions at the New York Federal Reserve Bank, where they could earn interest.

 

THIS statement is what I referred to? How would acquiring dollars and putting them in the NYFED keep the dinar from APPRECIATING ?  Back in 2003 the rate was about 3000:1 .by 2005 it went to 2000:1 SO obviously it didnt help!!!   So now if they RV the CBI willl have to give it all back and more!  THAT would not be a smart move. 

IN a fixed exchange environment the bank can reduce appreciation by simply printing more or moving value from the reserve account.

A very confusing statement when written by a banker.   

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11 minutes ago, rockfl9 said:

THIS statement is what I referred to? How would acquiring dollars and putting them in the NYFED keep the dinar from APPRECIATING ?  Back in 2003 the rate was about 3000:1 .by 2005 it went to 2000:1 SO obviously it didnt help!!!   So now if they RV the CBI willl have to give it all back and more!  THAT would not be a smart move. 

IN a fixed exchange environment the bank can reduce appreciation by simply printing more or moving value from the reserve account.

A very confusing statement when written by a banker.   

 

Not quite true. In 2003 rate was sporatic all over the map. 2005 the rate was 1456:1. Unfortunetly I know that to be true.

 

  pp

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  • 2 weeks later...
On 7/28/2018 at 3:43 PM, pokerplayer said:

 

Not quite true. In 2003 rate was sporatic all over the map. 2005 the rate was 1456:1. Unfortunetly I know that to be true.

 

  pp

On 7/7/2018 at 3:02 PM, Floridian said:

A while back it was reported that the the GOI needed 48T dinar a year just to cover salaries. Add to that pensions, subsidies and welfare the total bill is at least 60T.

We know that 90+% of the GOI income comes from OIL.  Currently looks like about $90B  which converts to a little over 100T dinar and they must borrow to cover a shortage in the budget.

SO IF they were to do a 10cent RV the revenue is reduced by 100X to only about 1T dinar!!!! They would be 59T dinar short !! HOW could they plan such a thing?  It is impossible. 

The simplistic answer would be to cut salaries and benefit prices by 100X, BUT that puts everything back to square one , there would be NO windfall purchasing power increase. Then why do it.  No matter what value of positive RV chosen the result is the same ... NO gain or a lot of trouble for the GOI.

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46 minutes ago, rockfl9 said:

A while back it was reported that the the GOI needed 48T dinar a year just to cover salaries. Add to that pensions, subsidies and welfare the total bill is at least 60T.

We know that 90+% of the GOI income comes from OIL.  Currently looks like about $90B  which converts to a little over 100T dinar and they must borrow to cover a shortage in the budget.

SO IF they were to do a 10cent RV the revenue is reduced by 100X to only about 1T dinar!!!! They would be 59T dinar short !! HOW could they plan such a thing?  It is impossible. 

The simplistic answer would be to cut salaries and benefit prices by 100X, BUT that puts everything back to square one , there would be NO windfall purchasing power increase. Then why do it.  No matter what value of positive RV chosen the result is the same ... NO gain or a lot of trouble for the GOI.

 

You you need to tell this to Adam Montana, because he thinks the RV will be 10cents too.  😁

 

 

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38 minutes ago, Floridian said:

 

You you need to tell this to Adam Montana, because he thinks the RV will be 10cents too.  😁

 

 

I know he said that a couple years ago , at least more reasonable than typical  GOOROOPOO at the time.

I dont know what the guess is today , but of course if he goes any lower it would kill the profitable RV for most.  It  would take 10 mil Iqd  to get a $1mil  and you cant do an OSI for less.

Oh , I forgot the taxes !

Simply do the math .  It would take a real miracle. 

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1 hour ago, rockfl9 said:

I know he said that a couple years ago , at least more reasonable than typical  GOOROOPOO at the time.

I dont know what the guess is today , but of course if he goes any lower it would kill the profitable RV for most.  It  would take 10 mil Iqd  to get a $1mil  and you cant do an OSI for less.

Oh , I forgot the taxes !

Simply do the math .  It would take a real miracle. 

 

The last time Adam said 10 cents was in June, 2 months ago.

 

Also, are you saying if you invested $1,000 and got back $100,000, that would “kill the profitable RV for most”, even if you had to pay taxes?  Listen to you!   😂

 

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20 hours ago, Floridian said:

 

The last time Adam said 10 cents was in June, 2 months ago.

 

Also, are you saying if you invested $1,000 and got back $100,000, that would “kill the profitable RV for most”, even if you had to pay taxes?  Listen to you!   😂

 

I would love to get $10,000 for my $100 investment! Even after taxes that's $6,000 net.  

Just won $500 on a $5 scratcher and thats tax free  

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On 8/9/2018 at 12:35 PM, rockfl9 said:

I

On 8/10/2018 at 10:56 AM, SocalDinar said:

I would love to get $10,000 for my $100 investment! Even after taxes that's $6,000 net.  

Just won $500 on a $5 scratcher and thats tax free  

Not so SOCAL!  Net Profits from gambling (lottos)  in ANY amount ARE TAXABLE as ordinary income.  In most cases you are on your honor to report them ,LOL. IF  incorporated as a professional ( e.g.  MRLUCKY LLC ) you can deduct losses.

 

Floridian..... In spite of the  "In it to win it " mentality that was here a short while back most would take money.   BUT the expectations were to be a millionaire.  A psychological setback and NO villa in belize , Yacht  or big OSI deal  .. Oh one more thing, better keep your day job.

Seriously even a one cent RV would put the GOI in a hole they couldn't afford. 

DV is not an investment service , a rate or date is only an opinion, what you choose to believe is your own.  

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2 hours ago, rockfl9 said:

 

Floridian..... In spite of the  "In it to win it " mentality that was here a short while back most would take money.   BUT the expectations were to be a millionaire.  A psychological setback and NO villa in belize , Yacht  or big OSI deal  .. Oh one more thing, better keep your day job.

Seriously even a one cent RV would put the GOI in a hole they couldn't afford. 

DV is not an investment service , a rate or date is only an opinion, what you choose to believe is your own.  

 

And likewise, what you choose to believe is YOUR OWN!

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14 hours ago, cranman said:

@rockfl9 I'm new to this  section.  If you are saying it will LOP why are you here? Do you own dinar? Just curious. Not being derogative or malicious.  Thank you.

Cranman,

RockPaperScissors is here to save us from ourselves...a modern day Jim Jones if u will.....He's become a self proclaimed prophet on all things foreign currency...who once ventured here to write a book...then make a movie...then moved up to saving family church members (why mention church?)...to what he is today....Dilly Dilly KING! 

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On 10/1/2018 at 8:27 PM, cranman said:

@rockfl9 I'm new to this  section.  If you are saying it will LOP why are you here? Do you own dinar? Just curious. Not being derogative or malicious.  Thank you.

 

On the advice of my finance instructor of many years ago I will never "invest " in currency. It is a losers game.  I am here because some mod thought i am a lopster .. But really I think the present CBI cant put that plan together. Shabibi  was going to and i think that is the reason he was booted.  So I think they will do nothing for a few more years. You will just have to wait and see

CAZ i havent given up on the book,movie/play  .. You must agree that NOTHING has happened in the last two years to be able to add anything to the story ..

Again I ask " Where will the money come from ?."  Everyone ignores that Q but it is the most important one.  Everyone just expects to go to a BANK. But where will the banks get it ?

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17 hours ago, rockfl9 said:

 

On the advice of my finance instructor of many years ago I will never "invest " in currency. It is a losers game.  I am here because some mod thought i am a lopster .. But really I think the present CBI cant put that plan together. Shabibi  was going to and i think that is the reason he was booted.  So I think they will do nothing for a few more years. You will just have to wait and see

CAZ i havent given up on the book,movie/play  .. You must agree that NOTHING has happened in the last two years to be able to add anything to the story ..

Again I ask " Where will the money come from ?."  Everyone ignores that Q but it is the most important one.  Everyone just expects to go to a BANK. But where will the banks get it ?

Rockfish,

You ask questions of folks...when the majority don't take you seriously. Your history shows 1) u ask to argue & belittle & 2) never answered OUR most basic question yourself. What SANE person would spend YEARS (not days or months) on a forum where you have ZERO skin in the game with NO real believable premise? Of the millions of forums you chose this one. Did you do like the character (gunman) in the movie  "The JERK" when he's chose his victim,he opened a phonebook.

 

You are right....nothing new has happened in years.....which makes u being here even the more questionable

 

 

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On 10/5/2018 at 8:03 AM, caz1104 said:

Rockfish,

You ask questions of folks...when the majority don't take you seriously. Your history shows 1) u ask to argue & belittle & 2) never answered OUR most basic question yourself. What SANE person would spend YEARS (not days or months) on a forum where you have ZERO skin in the game with NO real believable premise? Of the millions of forums you chose this one. Did you do like the character (gunman) in the movie  "The JERK" when he's chose his victim,he opened a phonebook.

 

You are right....nothing new has happened in years.....which makes u being here even the more questionable

 

 

Not to argue,  just a difference of opinion. You have yours.   IF  your basic question  Is why am I here I have answered it . I am here to expose people to the TRUTH.    Why would I need to have skin in the game as you say IF I am sure there will NOT be a revalue ( positive that is ) of the dinar,and just want people to know it.  A re denomination is possible in any currency with inflated numbers. So is a devaluation.   There are 50 Trillion physical dinar and 88 Trillion  in M2 , the cbi admits that .. The CBI MUST be able to back at least a major portion of that amount in real reserves.  They are barely able to do that at the current rate.

CAZ, I sense that you are really a smart fellow and Know all this . I think you have an ulterior motive to see that the RV myth goes ON and ON and ON.

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1 hour ago, rockfl9 said:

Not to argue,  just a difference of opinion. You have yours.   IF  your basic question  Is why am I here I have answered it . I am here to expose people to the TRUTH.    Why would I need to have skin in the game as you say IF I am sure there will NOT be a revalue ( positive that is ) of the dinar,and just want people to know it.  A re denomination is possible in any currency with inflated numbers. So is a devaluation.   There are 50 Trillion physical dinar and 88 Trillion  in M2 , the cbi admits that .. The CBI MUST be able to back at least a major portion of that amount in real reserves.  They are barely able to do that at the current rate.

CAZ, I sense that you are really a smart fellow and Know all this . I think you have an ulterior motive to see that the RV myth goes ON and ON and ON.

Yeah you caught me.......I'm writing a book. Oh wait that fake premise has already been taken

"expose people to the truth"????? why not expose the "truth" BEFORE folks buy. Don't ya think that would be far more noble?

Edited by caz1104
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Right now there are folks upstairs comparing M0 and the exchange rate of Japan Vs M0 and the exchange rate of Iraq (i..e not looking at M1 or foreign reserves) to convince themselves that the IQD is undervalued by 10x.  So while I don't know about "noble" or not, I'd say that  there are plenty of folks on this site that could use a healthy dose of the "truth".

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16 hours ago, EverCurious452 said:

Right now there are folks upstairs comparing M0 and the exchange rate of Japan Vs M0 and the exchange rate of Iraq (i..e not looking at M1 or foreign reserves) to convince themselves that the IQD is undervalued by 10x.  So while I don't know about "noble" or not, I'd say that  there are plenty of folks on this site that could use a healthy dose of the "truth".

And your the one to provide it....lol. Doorways are only so wide....self bloated headsize can make it difficult...I feel for ya

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On 10/7/2018 at 8:12 PM, EverCurious452 said:

Right now there are folks upstairs comparing M0 and the exchange rate of Japan Vs M0 and the exchange rate of Iraq (i..e not looking at M1 or foreign reserves) to convince themselves that the IQD is undervalued by 10x.  So while I don't know about "noble" or not, I'd say that  there are plenty of folks on this site that could use a healthy dose of the "truth".

Pacman csn't read charts correctly, the number is 61 THOUSAND-BILLIONS that is equal to 61 TRILLION. But that has noting to do with the  current or future value of the dinar.   Such exaggerations , maybe he is training for the presidency. 

CAZ, how would I get to them before they buy dinar?  Usually they get the " get rich overnite , if you buy right now"  line.  Then they wait 3-4 weeks to try to find out what happened !   

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On 8/9/2018 at 8:48 AM, Floridian said:

 

You you need to tell this to Adam Montana, because he thinks the RV will be 10cents too.  😁

 

 

I sure hope so!! 

But I'm not sure where they will come up with the 6-7 Trillion dollars to RV at 10 cents.  Iraqs proven Oil reserves are about 140 billion barrels.  So if they net $60 a barrel all the proven oil in the ground is worth 8.4 trillion dollars net.  It costs around $40+ a barrel to produce crude oil,   So if oil sells at $100 a barrel and they net $60 a barrel all the proven reserves are worth about  8.4 Trillion USD net.. Iraq currently produces approx  two billion barrels a year so they net $120 Billion USD per year  Their budget is approx $90 Billion USD a year.

So hopefully they can come up with other revenues like Gold and Uranium.

 

 

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44 minutes ago, SocalDinar said:

I sure hope so!! 

But I'm not sure where they will come up with the 6-7 Trillion dollars to RV at 10 cents.  Iraqs proven Oil reserves are about 140 billion barrels.  So if they net $60 a barrel all the proven oil in the ground is worth 8.4 trillion dollars net.  It costs around $40+ a barrel to produce crude oil,   So if oil sells at $100 a barrel and they net $60 a barrel all the proven reserves are worth about  8.4 Trillion USD net.. Iraq currently produces approx  two billion barrels a year so they net $120 Billion USD per year  Their budget is approx $90 Billion USD a year.

So hopefully they can come up with other revenues like Gold and Uranium.

 

 

 

 If this is so, that they need 6–7 trillion dollars to RV at .10, how is any RV possible at all, let alone  $1.00 or more, as most people are expecting ? 

 

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