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grandcountyuncensored.com August 2011, Volume 1, Number 6 || FreePulling us out of the mainstream

U.S.AA+

TIME TO GIVE UP?Our Ship of State Is Leaderless... What's Next?

Opinion and commentary by Karl Denninger, author of his new book: Leverage How Cheap Money Will Destroy the World

The Grand County Uncensored logo and grandcountyuncensored.com are trademarks of Uncensored Media, LLC. All content copyright 2011, Uncensored Media, LLC.

One has to wonder after Tuesday's Fed statement and the screaming harpy

nonsense out of the Democratic party.

First, let's talk a bit more about that Fed Statement. The Federal Reserve

stated that their base case is now for zero to negative economic growth for the

next two years. This is the only justification for zero interest rates ergo, you just

heard their forecast through their actions.

Next, you're seeing the impact of fiscal consolidation in Greece. We had better

learn from this because it's coming here. Their 'fiscal consolidation' is leading

(temporarily) to lower revenue (taxes), exactly as one would expect. Why?

Because when you make the necessary reforms you crimp profits. This hits

taxes, since taxes are assessed on earnings (either personal or corporate).

Therefore when you make the necessary changes to a bloated government

that's deficit spending, tax receipts always decline in the short term. Greece's

deficit widened as a consequence, and will for some time. So will ours, if andwhen we take our necessary fiscal medicine.

Third, we better learn from Great Britain. Rioting has gone on now for four

nights. Why? Price increases on necessary commodities coupled with the loss

of legitimacy of government. The latter is extremely dangerous and it's very

realincluding here. A new Rasmussen poll says that just 17 percent of likely

US voters believe the federal government has the consent of the governed.

This is down from 24 percent in Maythe lowest level measured yet. I don't

know what you can possibly say that's positive about that.

Further, only eight percent of Americans believe that their Congressman (or

woman) listens to the voters as opposed to 'party leaders.' And only six

percent rate Congress' job performance as 'good' or 'excellent.' These are

numbers associated with monarchies or governments about to be beset by

actual revolutionnot functional representative republics.

Folks the fact is that we, collectively, blew it. Our representatives and other

members of government listened to the 'Captains of Wall Street' instead of their

constituents and mathematics. Instead of forcing those who did imprudent

thingsboth borrowers and lendersto eat their own cooking and blow up, we

bailed them out. We then went even further in that we did not force them to

change their bad behavior. In fact, we not only ratified that bad behavior we

enhanced it by formally permitting 'mark to fantasy' as a business practice on

bank balance sheets.

This is a convenient fantasy but that's all it is: A fantasy.

Eventually the cash flow always wins, because you can't spend anything other

than cash. This presents a huge problem because the lack of real cash flow

forces people to start kiting checks and otherwise scrounging in the couch

cushions for pennies, along with pledging worthless assets for yet more lent

money. Since the private economy has no real borrowing capacity left, this

ultimately winds up back on the sovereign balance sheet which would be ok if

there was tax revenue to support it. But of course there's not because, as

unemployment goes up, tax receipts go down.

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The markets are back to insane volatility, this time downwards. Since the close

Tuesday, we've seen a 30 point range in the S&P 500a nearly 3% move. On

Wednesday morning, the Dow futures were down 200 after being up about 60early the previous evening. Why?

The BS over in Europe hasn't been fixed and can't be without recognizing the

frauds and resolving them. Unicredit and SocGen are again front and center.

Despite The Fed's proclamation, no government in the western worldnot

ours, not in Europehas forced their banks to come clean and clear out their

trash.

I hope you enjoy the markets over the coming weeks and months. You've

already had your 401k and IRA trashed in the last two weeks and now we're at

it again. If you bought back into the huge ramp in the last hour of Tuesday,

much of those gains are now gone, and we're headed for the toilet, again, this

morning. Rumors will dominate and huge moves are now commonplace. Thisis unlikely to be overnot today not next week not next monthuntil the

government stupidity ends.

Who knows where this ends, or if it ends before the people force it to end

through either general strikes and destroying the government's ability to collect

taxes or even through destructive acts.

All I do know is that there are times when one should step back and be

prepared to fend for themselves rather than 'believe,' and this is one of those

times. We need leadership in Washington, D.C. who will look at the

fundamental mathematics and force those facts front and center into the

debate refusing to bend. They should demand that all who come with any sort

of solution or policy recommendation square them against the fundamental

mathematical fact that debt cannot grow faster than productive output on a

sustained basis.

More than 30 years of hard mathematical fact show us that all economic

policies of those last 30 years, irrespective of party, have in fact devolved into

an utter mathematical impossibility when one considers the longer run future.

This organized fraud upon the public by both political parties and their minions

must end right now.

We are in the end stages of this Ponzi scheme and are teetering on the edge

of full on collapse. If immediate action is not taken to stop the accumulation of

yet more debt and piling up of more leverage upon that which cannot be paid,

we will go down the toilet.

It may be too late even now, but this much is clear: The path we are on leads

to CERTAINdisaster.

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THE EFFECTS OF A DOWNGRADEOpinion and Commentary by reggie.paulk@gmail.com

Contact the editor: reggie.paulk@gmail.com(303)552 7963

During Tuesday's meeting of the Board of County

Commissioners, the subject of the ratings downgrade of U.S.

government debt came up.

Grand County routinely purchases treasuries and other securities

with surplus funds in order to earn a return on those monies. After

consulting with a number of people, it was determined that at

least two of three ratings agencies must rate debt as AAA forthem to be legally purchased by the county. Any existing

securities held by the county are not at risk, regardless of rating.

You'd think this would be the end of it, but of course, it's not.

After the S&P downgrade of sovereign U.S. debt on Friday of last

week, it began downgrading other types of debt tied to federal

funds on Monday morning. Thousands of municipalities, school

districts, public housing and transportation projects are affected.

The effect of these downgrades is that, over time, interest rates

and therefore debt service payments, will begin to climb for

already cash strapped public entities. With many already on the

verge of bankrupcty, this downgrade could easily push them intothe brink. When the other ratings agencies finally follow suit, and

rating downgrades begin to cascade, public entities nationwide

will be at even greater risk of default.

As it stands now, the stock market seems to be the biggest victim

of the downgrade, but here's something to ponder over the

coming months: with thousands of counties and other entities

holding trillions of dollars worth of U.S. treasuries, what happens

when they go to the market to purchase AAA rated bonds and

they don't purchase U.S. debt?

GRANBY TRIES, FAILS GUN BAN

Definition: Twitter is an online social networking and

microblogging service that enables its users to send and

read text based posts of up to 140 characters, informally

known as "tweets." (Wikipedia)

Many people don't know the news value of twitter. I personally

follow over 80 sources so I can keep up to date on literally the

latest breaking news. If it's happening anywhere in the world, it's

happening on twitter first. Whenever I make a new post to the

Grand County Uncensored blog, it automatically generates a

tweet.

follow our us on twitter: @gcuncensored

Here are a few 'tweets' you may have missed:

RT @Drudge_Report: BANK STOCKS PLUNGE...

http://drudge.tw/pbZk6q_tweeted

8 hours ago

RT @weaselzippers: Shocker: Joe Wilson Was Right When He Said "You Lie"

HHS Says Obamacare Funded H http://weaselzippers.us/?p=87672_tweeted

9 hours ago

RT @businessinsider: Market Chaos Could Cause Serious Problems For

States And Cities by @grace_lightning http://read.bi/q22Fvv_tweeted

13 hours ago

SECOND AMENDMENT TO THE CONSTITUTION OF THE

UNITED STATES: A well regulated Militia being necessary to the

security of a free State, the right of the people to keep and bear

Arms shall not be infringed.

infringe/Verb

Act so as to limit or undermine (something) encroach on

(From Google Dictionary)

I was so bummed I missed the Granby Town Council meeting on

Tuesday evening, because the subject was about limiting the

possession of firearms in public buildings and places.

I put a call into town manager Wally Baird to ask how the meeting

progressed. He stated that many board members were not comfortable

with placing any limits on gun possession. But, in the end, they

unanimously voted to restrict open carry guns (ie: holstered) at the

town hall. Why only open carry?

Colorado is a shall issue state. This means, after passing an extensive

background check, a person must be issued a concealed carry permit

by their county sheriff. Colorado law allows a permit holder to carry

their weapon on their person just about anywhere except for public

schools, facilities with electronic screening devices and facilities with

security personnel who screen with handheld devices. (Source:

rmgo.org)

The gentleman who dropped his firearm on the floor may have alarmed

the members sitting on the town council, but at no time was their safety

at risk. The Granby Town Council vote demonstrates their naivety and

complete ignorance of the Constitution.

Laws meant to restrict behavior only work on law abiding citizens. The

act of drawing a gun or holding a knife, in a threatening manner, is a

crime. Discharging a firearm with the intent to do harm is a crime.

Discharging a firearm in a manner that is unsafe is a crime. Restricting

the simple act of carrying a firearm is plain stupid when there are

myriad felonies that may be committed through any number of acts

using a weapon. >continued

In the United States, the fact there's even a debate over whether

or not people should or shouldn't be allowed to carry guns is

hilarious. The Supreme Court has held the primacy of the First

Amendment on an almost religious basis yet the Second

Amendment seems to be open to debate. Even the idea of a

permit to carry a concealed firearm, when put in context of the

Second Amendment, is a major infringement of the RIGHT to bear

arms, no matter the blather you hear from our courts,

representatives or law enforcement to the contrary.

People who don't want to own or carry firearms are more thanwelcome to exercise that choice. People who are afraid of

firearms are more than welcome to be fearful. The line is drawn

on people who, for whatever reasonhowever seemingly

justifiablewant to limit our right to bear arms. There's no

provision given in the Constitution to infringe on that rightin fact

it's expressly forbidden!

Gun control advocates try to use studies and data to prove guns

are dangerous. The fact is these people, ragardless of their

studies, should be outcasts in a society founded on the principle

of bearing arms as a right. The First Amendment protects their

right to share their drivel, and I would be a hypocrite if I wanted to

silence them by limiting that right. On the contrary, I speak outagainst them using the same birthright.

Granby's Town Council unanimously passed an ordinance in

direct violation of the Constitution. What, if any, benefit have they

derived in doing so? For that, they've proven their ignorance and

lack of respect for the law. What makes them any different from a

citizen who chooses to ignore the law for their own personal gain?

This space represents a missed opportunity to share your

message. Grand County Uncensored is gaining popularity

around the county for bringing something that's been lacking

in 'news': truth.

Thank you to those who've already given to the 'Uncensored'

effort. Your contributions are timely and appreciated!

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