White House Sees $9 Trillion in Deficits Over Decade

[bill]

Re: White House Sees $9 Trillion in Deficits Over Decade

When I first started reading this it reminded me of someone else who asked the same question...

The Queen asks why no one saw the credit crunch coming
By Andrew Pierce
Published: 4:40PM GMT 05 Nov 2008

During a briefing by academics at the London School of Economics on the turmoil on the international markets the Queen asked: "Why did nobody notice it?"...

...Prof Garicano said: "She was asking me if these things were so large how come everyone missed it."...

Clearly Her Majesty was not amused...and, months later, in reply to her question received a nice letter filled with mealy-mouth words signed by a group of prominent toffs in the UK with an explanation that sounds much like the one Krugman starts with above...:p

Economists Apologize To Queen Over Failure To Foresee Recession

(RTTNews) - Some eminent British economists have apologized to Queen Elizabeth II, in writing, for failing to predict the timing, extent and severity of the financial crisis that has hit the country and the world, blaming it on “a failure of the collective imagination of many bright people,” reports say...

I see she will be visiting you soon.
http://www.monstersandcritics.com/pe...o-visit-Canada

Oct 6, 2009,
Britain's Prince Charles and the Duchess of Cornwall are going to Canada.
The couple will spend 11 days in the country next month, visiting 12 cities on a trip

which takes place shortly before Charles' mother, Queen Elizabeth - the Canadian head of state - visits with her husband Prince Philip as part of an effort by Britain to renew and strengthen its ties with Canada.

Should be interesting
http://www.nationalpost.com/news/story.html?id=2097763

October 13, 2009

News of Canada's "head of state" uproar has reached Buckingham Palace, where a spokesman for Queen Elizabeth responded cautiously to a question on Tuesday about the role Her Majesty plays in this country's political system.
"I know this comes on the back of what might have been said recently in the press, and obviously we're not getting involved in anything that was said," said palace press officer Nick Loughran. He then added, a bit hesitantly: "In terms of her official title, I presume the Queen is head of state in Canada."
Seemingly puzzled about being asked at all, the spokesman made clear that Buckingham Palace is anxious to steer clear of the right royal fracas between Prime Minister Stephen Harper and Gov. Gen. Michaelle Jean over who is this country's head of state.
Ms. Jean's description of herself as "Canada's head of state" during an Oct. 5 speech in Paris provoked objections from monarchists and constitutional experts last week and prompted an extraordinary reminder from the Prime Minister's Office to Rideau Hall that "Queen Elizabeth II is Queen of Canada and head of state."
Rideau Hall officials have acknowledged the Queen's role as head of state, but have also insisted that "as the representative of the Crown in Canada, the Governor General carries out the duties of head of state, and therefore is de facto head of state."
Yet various unqualified references to Ms. Jean as "Canada's head of state" on the Governor General's website, in a tourist brochure at the viceregal estate in Ottawa, and on the main information panel at the Rideau Hall visitor centre -- titled "Head of State-Chef d'Etat" -- have monarchy advocates continuing to call for official corrections.
Mr. Harper's chief spokesman, Dimitri Soudas, has also indicated that the references are likely to confuse Canadians and should be changed.
"All Canadians know that Queen Elizabeth II is the head of state and Queen of Canada," the PMO press secretary said on Friday. "When we communicate to Canadians, it's important that we communicate to them what they already know."
On Tuesday, the Globe and Mail editorialized that Ms. Jean "was wrong to describe herself as the head of state of Canada" and insisted that "she cannot amend the Constitution of Canada, let alone depose Queen Elizabeth."
It added: "There is no legal or constitutional twilight zone here that would support the Latin phrase ‘de facto.' On the contrary, the Governor General is the lawful agent of the Queen in Canada."
Ms. Jean's chief spokeswoman, Marthe Blouin, declined to comment on Tuesday.
The Buckingham Palace official directed further inquiries about the Queen's role in Canada to her website -- www.royal.gov.uk -- which includes several pages detailing the monarch's relationship with this country.
And while nowhere is the Queen's role as "head of state" explicitly mentioned, the documents make clear that the Queen should be viewed as the chief ceremonial figurehead and that the Governor General is "the Queen's representative in Canada" -- a phrasing that the Monarchist League of Canada, several political science scholars and the Prime Minister's Office have all argued is the correct way to describe Ms. Jean's position.
"The Queen personifies the state and is the personal symbol of allegiance, unity and authority for all Canadians," the royal website states. "Any change to the position of the Queen or her representatives in Canada now requires the unanimous consent of the Senate, the House of Commons and the assemblies of all the provinces."
The website also notes that "the Queen is represented in Canada on a day-to-day basis by a Governor General. He or she is appointed by the Queen on the advice of the ministers of Canada and is completely independent of the British government."
And while she "maintains direct contact with the Governor General," the Queen "delegates executive power to the Governor General in virtually every respect."
Finally, the website explains that the Queen "has a unique relationship with Canada, entirely separate from her role as Queen of the United Kingdom or any of her other realms."

[thisguy]

Re: White House Sees $9 Trillion in Deficits Over Decade

If its only $9T we'll be lucky. Heck we could do $3T just in the next 24 months.

[GRG55]

Re: White House Sees $9 Trillion in Deficits Over Decade

I see she will be visiting you soon.
http://www.monstersandcritics.com/pe...o-visit-Canada


Should be interesting
http://www.nationalpost.com/news/story.html?id=2097763

• Elizabeth II is Canada's Head of State. Period.
• Governor General Michaëlle Jean is in a difficult position because her adopted home in Canada is Quebec and the Queen of England, and her representative in Canada, the Governor General, are treated by the separatists as symbols of the "oppression" of French Canadians.
• There was lots of unfortunate and unnecessary controversy created by both sides [monarchists and separatists] on her appointment, including demands for her to reveal how she and her husband voted in the last Quebec referendum on partitioning Canada, and controversy about her French citizenship, which she had to renounce days before being becoming GG.
• Canadians, in general, are rather ambivalent towards the Queen...a good number probably don't know she is our Head of State, or even what the means...I tell my British-born mother-in-law [who still can't accept that the sun has set on that Empire] that "Canada will never be a free nation until we get the Queen off our money"

[bill]

Re: White House Sees $9 Trillion in Deficits Over Decade

• we get the Queen off our money"

Seems to me she may need some $$$$$.

[BigBagel]

Re: White House Sees $9 Trillion in Deficits Over Decade

If its only $9T we'll be lucky. Heck we could do $3T just in the next 24 months.

..................and we won't be lucky.

[Fiat Currency]

Re: White House Sees $9 Trillion in Deficits Over Decade

..I tell my British-born mother-in-law [who still can't accept that the sun has set on that Empire] that "Canada will never be a free nation until we get the Queen off our money"

Amen. Frankly I wish we'd get everybody's faces off our money and stick with wildlife, scenery etc.

[GRG55]

Re: White House Sees $9 Trillion in Deficits Over Decade

Amen. Frankly I wish we'd get everybody's faces off our money and stick with wildlife, scenery etc.

Or we could copy the EU and print money with pictures of things that don't actually exist...that way apparently nobody can claim to be offended...;)

[GRG55]

Re: White House Sees $9 Trillion in Deficits Over Decade

click click BANG... RIP USD. Everything else priced in USD continues to go up?

http://www.bloomberg.com/apps/news?p...d=aSqYW9R78pQM

"The U.S. government’s long-term budget outlook is darker than expected, with projected deficits over the next 10 years totaling $2 trillion more than had been forecast, according to an Obama administration official.

A White House budget review set for release Aug. 25 will show cumulative deficits over the next decade amounting to $9 trillion, up from $7.1 trillion that the administration predicted in May, the official said on condition of anonymity because the figures haven’t been made public.

The administration revised the estimate after taking into account more up-to-date information about how the economy performed late last year, which affected its assumptions about the future, the official said.

The nonpartisan Congressional Budget Office has estimated deficits between 2010 and 2019 will total $9.14 trillion."

No wonder President Obama wants to rebuild a relationship with Iran...you never know who you're going to need to bail you out next...even if it's accidental...:rolleyes:

This was the talk around the table last night at dinner here in the Gulf. Apparently the Iranian government has been trying to arrange with other countries in the region to open new Iranian state-owned banks in order to "park" hard currency reserves outside the country and evade the sanctions. This money was apparently destined as the initial capital for such a bank to be based in Lebanon, and the Turks caught the Iranians trying to smuggle it overland across their territory last year, and confiscated it. jtabeb, let that be a warning to you about trying to smuggle your massive cache of the yellow metal across international boundaries [like out of Texas into Oklahoma, for example]

Iranians urge IMF to investigate Turkey's £11bn 'windfall'

Robert Tait in Istanbul
guardian.co.uk, Thursday 17 September 2009 19.51 BST

It sounds more like the plot of a Hollywood thriller than a matter to be investigated by a global financial institution: a tale of improbably vast amounts of money and gold smuggled across international borders by a cast of shady characters.

But the International Monetary Fund has been asked to look into the mysterious appearance of more than £11bn in the Turkish treasury, amid allegations that the money was illegally spirited out of Iran.

Three Iranian opposition politicians – including a former foreign minister, Ebrahim Yazdi – have written to the IMF's managing director, Dominique Strauss-Kahn, saying the money belongs to Iran and should be returned.

The money is credited with stabilising Turkey's economy.

But its origins have come under scrutiny after an Iranian businessman, Esmael Safarian-Nasab, claimed he had exported $7.5bn (£4.5bn) in cash and gold bullion worth $11.5bn into Turkey via Germany as part of a joint venture with a Turkish business partner.

Safarian-Nasab's Turkish lawyer, Senol Ozel, said the money and gold were seized by customs officials last October and transferred to government coffers. Some Turkish media outlets claim it had been smuggled across Turkey's border with Iran in trucks.

Turkish media have pointed out that the sums matched an $18.5bn windfall announced late last year by Recep Tayyip Erdogan, Turkey's prime minister.

Economists say it saved the country from seeking a new IMF loan.

Erdogan appeared to attribute the cash to divine intervention. "Turkey's God is great, he injected $18.5bn into the Turkish economy in these hard economic times," he announced.

Officials, including the central bank governor, Dormuz Yilmaz, have dismissed reports that the money was Iranian and the intelligence ministry threatened to prosecute "false" reports.

Some Turkish economists said the money was a dividend from a government amnesty that enabled investors with overseas assets to bring them back without penalty. Ozel has since issued a public apology, saying he was hoodwinked.

Yazdi and his fellow correspondents, Ahmad Sadr Haj-Javadi, a leading member of Iran's Freedom movement, and Ezatollah Sahabi, general secretary of National Religious party wrote to the IMF after Erdogan failed to answer an earlier letter.

"Although the identity of the person who claims to be the owner of this money is mentioned in the attached documents, the real owner is the Iranian nation," they wrote.

Yazdi said he expected Strauss-Kahn to launch an investigation. "The gentleman who claims that money belongs to him says it comes from Iran," Yazdi told the Guardian. "I don't know this man or who he is, but it all seems very strange."