Posts Tagged ‘NCAA’

NCAA: It’s Not Our Job To Help Students Learn, It’s Our Job To Pervert Them Into Homosexuals

April 3, 2015

Okay, let’s try to understand what is NOT the NCAA’s job:

NCAA: It’s not our job to ensure educational quality
By Sara Ganim, CNN
Updated 12:54 PM ET, Thu April 2, 2015

(CNN)After years of making the case that the education of athletes is paramount, the NCAA now says it has no legal responsibility to make sure education is actually delivered.

On its website, the NCAA prominently states, “It’s our commitment — and our responsibility — to give young people opportunities to learn, play and succeed.” And later, it says that “in the collegiate model of sports, the young men and women competing on the field or court are students first, athletes second.”

But the NCAA is taking a very different position in response to a lawsuit filed by former University of North Carolina athletes. The lawsuit claimed the students didn’t get an education because they were caught up in the largest known academic fraud scandal in NCAA history.

In its response, the NCAA says it has no legal responsibility “to ensure the academic integrity of the courses offered to student-athletes at its member institutions.”

Even with pages of online information about academic standards, and even though the NCAA has established a system of academic eligibility and accountability that it boasts of regularly, NCAA attorneys wrote in this court filing that “the NCAA did not assume a duty to ensure the quality of the education of student-athletes,” and “the NCAA does not have ‘direct, day-to-day, operational control’ ” over member institutions like UNC.

“It’s nonsense. It’s double talk,” said Gerald Gurney, a former athletic-academic director who is now president of The Drake Group for academic integrity in collegiate sport.

And let’s understand the spirit of perversion that is near and dear to their hearts:

Indiana law gets pressure from sports world
Shad Powers, The Desert Sun 5:48 p.m. PDT April 1, 2015

The eyes of the sports world will be focused on Indianapolis this weekend when the NCAA basketball Final Four kicks off Saturday.

The ire of the sports world has already been focused on Indiana, as many sports governing bodies have expressed displeasure with the state’s new Religious Freedom Restoration Act.

The law, which as currently written would allow businesses to refuse to serve gay customers in the name of religious beliefs beginning July 1, has come under scrutiny from corporations, celebrities and those in the general public who favor inclusiveness.

The sports world has certainly joined the discussion. […]

NCAA president Mark Emmert had perhaps the strongest response in an interview with ESPN’s Andy Katz: “(After the tournament) we, the NCAA, we’ve got to sit down and say if this environment remains the way it is, what does that mean for us going forward? We hold lots and lots of events. We’re going to have our national convention here, our offices are here. We have to say, ‘What are we going to do if this law goes into effect in July? What’s our relationship with the state of Indiana going to be?’   […]

It’s not that the National Collegiate Athletic Association doesn’t want to teach their kids; surely they do.  They just don’t give a damn if they learn to read or write or do arithmetic as long as they learn to be good homosexual perverts who help bring the full wrath of God down upon the world according to Romans chapter 1:18-31 so they can have their precious Antichrist lead the world into the ultimate depth of liberal big-government tyranny and hell on earth.

American culture has become so wicked and so toxic and so evil that it is unreal.  This is a nation that STILL hypocritically and deceitfully and self-righteously prints and stamps “In God We Trust” on our money when we trust ANYTHING and EVERYTHING more than we trust God.  This is a nation that has repeatedly prayed to God for deliverance in time of war, beginning with our Revolution, continuing with the Civil War, and culminating in FDR’s prayer for national deliverance on D-Day when our young men hit the beaches.

Now young men are being indoctrinated to sodomize one another and stick their middle fingers up at God while they give and receive perversion.  And America has never won a war since and never WILL win another war because this is a perverted nation that has abandoned the LORD that they once uniquely consecrated themselves to serve.

I hear fools lecture me on television that their Jesus would proudly honor homosexuality and serve pizza at a gay wedding because their Jesus is a depraved pervert who wallows in wickedness.  But Jesus told us in His Word that “Do not think that I have come to abolish the Law or the Prophets; I have not come to abolish them but to fulfill them” (Matthew 5:17).  And Jesus said “For truly I tell you, until heaven and earth disappear, not the smallest letter, not the least stroke of a pen, will by any means disappear from the Law until everything is accomplished.”

And you wicked fools, who refuse to understand that the Law that Jesus came to fulfill specifically and repeatedly condemned the sin of homosexuality.  Just as the New Testament that Jesus commissioned through His Apostles specifically and repeatedly condemned homosexuality.  And told us of the wicked people who would try to tell you all this was false that “professing themselves to be wise, they became FOOLS” (Romans 1:22).

We’re being told that if a Christian wedding photographer, a Christian baker, a Christian caterer, etc. are asked to perform a service for a perverted marriage that their ancient and honorable religion specifically and repeatedly condemns, that they have no religious freedom to do anything other than bend over and declare that their faith and their religion is wicked and that depraved culture rather than God declare right from wrong.  We’re now told that we have no right to conscience other than the conscience of Barack Hussein Obama who lied and deceived America when he told us straight up that I believe marriage is between a man and a woman. I am not in favor of gay marriage as the Bible declared when in reality he was a sodomy-worshiping pervert who LIED to America planned all along to betray America.

Now we’re told that Obama is our Lord and our God and what Obama says is right and even though the man is a documented liar without shame, without honor, without integrity and without virtue that if he now suddenly miraculously believes in perverted marriage we ALL Must believe it or be punished by depraved people who are every BIT as intolerant as the Islamic State fanatics that Obama has given birth to and done nothing to stop as they murder Christians.

And so Obama and Democrats can’t wait to do a deal to appease Iran into hopefully putting off their obvious goal to build a nuclear bomb until Obama leaves office even though that nation is the most rabidly intolerant nation on the face of the planet – including with gays.  Liberals and Democrats cheered the vile Iranian President Mahmoud Ahmadinejad and proudly invited him to a liberal university where he said, “In Iran, we don’t have homosexuals like in your country. We don’t have that in our country. In Iran, we do not have this phenomenon. I don’t know who’s told you we have it.”  And to the extent they DON’T have it, it is only because they murder homosexuals as fast as they can find them.”

But that’s FINE with liberals and Democrats.  It’s only if you’re a Christian that your beliefs are too outrageous to respect.

The same toxic, vile, bent-on-leading-America-into-hell liberals banned Ayaan Hirsi Ali from speaking because she described the truth about the Islam that tortured and mutilated her.  And just so you can know that Obama and top Democrats are completely in line with these toxic, vile, bent-on-leading-America-into-hell liberals , realize that they just made the Imam who condemned Hirsi Ali to death is now their chief Muslim for the Federal Bureau of Prisons so he can lead our young convicts to be just as full of hell as they are.

That is because we live in the last days and we live in the times that the Bible called “the mystery of lawlessness” (2 Thessalonians 2:7), where what was utterly evil and wicked just a few short years ago is now righteous and good and the people who believe in righteousness are viewed as evil and the people who believe wickedness are now viewed as good.  And evil is ascendant and triumphant and there is nothing to stop its rise and its metastasizing.

Jesus exposed the modern Democrat Party and modern progressive, secular humanist liberalism that is fine with radical Islam and fine with negotiating with Muslim terrorists but hates Christians and seeks to destroy them at every turn.  He said, “If the world hates you, keep in mind that it hated Me first” (John 15:18).

Realize that NONE of these self-righteous Democrats and liberals and secular humanists who profess their moral outrage over Indiana even as they cheer Obama’s negotiating with the rabidly intolerant devil of Iran give one flying DAMN about homosexuals or women or anyone else.  They are using you as the wicked tools you are to enact their demonic agenda that will lead you to your eternal doom.  And don’t think that you’re not bringing that doom on your own head if you’re not out decrying the wickedness that is all around you and calling for a liberal progressive world that rabidly hates Jesus to turn to Him before it’s too late.

Obama is every bit as dishonest and every bit as much a liar with his so-called “historic” nuclear deal with Iran as he was about gay marriage or his deceit-based ObamaCare.  The Iranians are openly declaring his characterizations to be meaningless lies:

LAUSANNE, Switzerland — Just hours after the announcement of what the United States characterized as a historic agreement with Iran over its nuclear program, the country’s leading negotiator lashed out at the Obama administration for lying about the details of a tentative framework.

Iranian Foreign Minister Javad Zarif accused the Obama administration of misleading the American people and Congress in a fact sheet it released following the culmination of negotiations with the Islamic Republic.

Where is Iran’s signature on Obama’s “fact sheet”??? Iran signed NOTHING and they’re pointing out that Obama is lying just as he’s lied over and over and over again.  Let me just state something that ought to be obvious: If you can’t reach an agreement in principle such that both parties can sign their names to it, you do NOT have an agreement in principle.  You don’t have a “deal”; what you have is the most dishonest and cancerous president in the history of the most ancient democracy in the world leading the world into Armageddon and literally congratulating himself for it.  That’s what you have.

But you go on, fool, and trust your homosexuality and your wicked and perverted leaders as they lead you to destruction according to Jeremiah 6:14:

They offer superficial treatments for my people’s mortal wound. They give assurances of peace when there is no peace.

At this point, I have no interest in watching the NCAA tournament I used to love watching.  I’ll just go with Obama’s Final Four picks of Islamic State, Russia, Iran and China and let them vie for who replaces America as Obama leads this country that once followed God to ruin and to hell.  And I can’t really root for any of those teams any more than I can root for an organization that jumps on the Politically Correct bandwagon to declare God dead and the homosexual perversion that God condemned very much alive.

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Will The ACLU And Liberals Come After Louisville For The Crime Of Praying When Kevin Ware Lay On The Court With His Shattered Leg?

April 4, 2013

Many of you saw the crime being committed on national television.

The crime happened during the NCAA basketball tournament game between Louisville and Duke.  A player named Kevin Ware, Jr. sustained a gruesome compound fracture of his tibia.  The bone was sticking six inches out of his leg.

That’s when the crime occurred:

The past 24 hours, Ware said, were mostly a blur. When he suffered the injury in the first half of the Duke game, planting awkwardly on his right leg as it snapped like a toothpick, he thought he had just sprained his ankle.

Then he saw the look of horror in Cardinals coach Rick Pitino’s eyes. Then he looked at his leg and saw the chunk of bone that had punctured his skin. Then he immediately went into shock. Ware Sr., watching from New York, said he thought he was going to have a heart attack in his home.

Ware Jr. remembered Louisville forward Luke Hancock coming over and comforting him. He remembered Hancock saying a prayer, a powerful moment in a suddenly silent arena.

“And that made me just go into Kevin mode,” Ware said. “I just told Luke, ‘I’m good. Just win this game.’ I just kept repeating that. I got louder and louder and Russ was there and I’m pulling their jerseys, trying to get in their face like, ‘Ya’ll got to win this game.’ When they took me off the court, I heard so many cheers, and I’m like ‘When I’m out of surgery, there’s gonna be some good news.”

How could that villain Luke Hancock do such an evil thing.  He prayed!  At a college activity!  Surely state funds were involved somehow!

If you didn’t already think Luke Hancock was evil enough for praying, this ought to cinch it for you: he’s white.  And therefore a bigoted, intolerant racist by definition.

Who shall right this incredible evil?

Who will save America from God and the religious intolerance of people who see suffering and pray for those in need?  Who will stop these white people from intolerantly inflicting their religion on others?

In God damn America, a country in which public schools are literally criminalizing the word “Easter,” that is where we are clearly heading.  And one morning we’ll wake up and be there.

But not yet.  We still have a little more time before the Antichrist comes.

I congratulate Kevin Ware for his testimony of how powerfully a teammate’s prayer affected him and encouraged him.  And I congratulate Luke Hancock for being a man of prayer at a moment when prayer was desperately needed.

God bless those who bless the Lord when the forces of fascist intolerance are going stronger and stronger and stronger in their rabid determination to criminalize Christianity.

There’s The Media Propaganda Of Obama As Leader; Then There’s The Actual Facts

March 21, 2011

It’s 3 AM.  The White House phone is ringing with news of a developing crisis.  But Obama is sound asleep after a busy day filled with first a round of golf and then laboring over his NCAA bracket picks (which turned out to be as gutless as he is).  And, of course, if you try to call back later, Obama will be long-gone on his Brazil vacation that even Brazilians clearly don’t want him to take.

Mind you, Hillary Clinton is a liberal, and therefore quite a a fool herself.  And she clearly hasn’t made every right step herself in dealing with the building disaster in the Middle East.  But she was clearly correct in her campaign assessment that Obama would be a weak and ineffective leader; and she’s clearly correct that Obama is an utter disgrace as a president now.

OH, HILL NO
Obama’s indecision on Libya has pushed Clinton over the edgeh
By Joshua Hersh Thursday, March 17, 2011
Fed up with a president “who can’t make his mind up” as Libyan rebels are on the brink of defeat, Secretary of State Hillary Clinton is looking to the exits.

At the tail end of her mission to bolster the Libyan opposition, which has suffered days of losses to Col. Moammar Gadhafi’s forces, Clinton announced that she’s done with Obama after
2012 — even if he wins again.

“Obviously, she’s not happy with dealing with a president who can’t decide if today is Tuesday or Wednesday, who can’t make his mind up,” a Clinton insider told The Daily. “She’s exhausted, tired.”

He went on, “If you take a look at what’s on her plate as compared with what’s on the plates of previous Secretary of States — there’s more going on now at this particular moment, and it’s like playing sports with a bunch of amateurs. And she doesn’t have any power. She’s trying to do what she can to keep things from imploding.”

Clinton is said to be especially peeved with the president’s waffling over how to encourage the kinds of Arab uprisings that have recently toppled regimes in Egypt and Tunisia, and in particular his refusal to back a no-fly zone over Libya.

In the past week, former President Bill Clinton and Hillary Clinton’s former top adviser Anne-Marie Slaughter lashed out at Obama for the same reason.

The tension has even spilled over into her dealings with European diplomats, with whom she met early this week.

When French president Nicolas Sarkozy urged her to press the White House to take more aggressive action in Libya, Clinton repeatedly replied only, “There are difficulties,” according to Foreign Policy magazine.

“Frankly we are just completely puzzled,” one of the diplomats told Foreign Policy magazine. “We are wondering if this is a priority for the United States.”

Or as the insider described Obama’s foreign policy shop: “It’s amateur night.”

Clinton revealed her desire to leave yesterday in an interview with CNN’s Wolf Blitzer, responding four times to his questions about whether she would accept a post during a potential second Obama administration with a single word: “No.”

Philippe Reines, an adviser and spokesman for Clinton, downplayed the significance of the interview, saying, “He asked, she answered.  Really that simple. [It] wasn’t a declaration.”

But her blunt string of four “no’s” followed a period of intense frustration for the secretary, according to the insider, who told The Daily that Clinton has grown weary of fighting an uphill battle in the administration.

Defense Secretary Robert Gates came out against a no-fly zone almost two weeks ago, while Clinton grew closer to the Libyan opposition.

Last week, excommunicated members of Libya’s embassy to the United States set up shop in an office inside the State Department.

Obama himself made light of her strong feelings for supporting the opposition in a speech last week at the Gridiron Club Dinner, an annual gathering  that traditionally features a stand-up comedy act by the president.

“I’ve dispatched Hillary to the Middle East to talk about how these countries can transition to new leaders — though, I’ve got to be honest, she’s gotten a little passionate about the subject,” Obama said to laughter from the audience.

“These past few weeks it’s been tough falling asleep with Hillary out there on Pennsylvania Avenue shouting, throwing rocks at the window.”

And to some, the firing last week of State Department spokesman P.J. Crowley over disparaging remarks he made about the Pentagon detention policies had the appearance of a power move by the Defense Department more than anything else.

While the stakes in Libya could not be higher, the insider said that something far more domestic was on Clinton’s mind after she leaves the State Department: “She wants to be a grandmother more than anything.”

— With Anthony DeCeglie

I can’t believe I’m saying this: but I’m with Hillary Clinton.  And it is truly despicable that Obama would actually make light of a powder-keg about to explode in the heart of the Arab world.  Only a true fool would do that.  Even as that same fool further undermines and trivializes his own Secretary of State.

Mind you, this isn’t some “rightwinger” assessment, is it?  It’s Hillary Freaking Clinton, the Obama administration’s own Secretary of State.  The Republicans and Democrats, right and left both agree that the Obama presidency is an abject disaster who seems almost allergic to making essential decisions in a timely manner:

Senate Democrats were less pointed in their comments, but expressed similar concerns about the Obama administrations handling of the crisis. At one point, Sen. Robert Menendez, D-N.J. lamented all that the international community said but didnt do about the Qaddafi regimes military assault, and wondered aloud whether the presidents national security team was ever serious about trying to shape the outcome of the Libyan conflict.

I read the statements [from administration officials] and I almost get a sense it’s like a Texas two-step, Menendez said. I’m still not sure what we are supporting. It seems to me that it is a dangerous proposition to urge people to seek democracy and revolt and then basically not to help them. And so, you know, I am concerned as I listen to your answers, including what happens if Qaddafi prevailsI think we’re going to miss an opportunity to promote democracy with a small ‘d’ throughout the region, and to be seen on the side of those who have aspirations of that.

And it wasn’t just Hillary Clinton who warned us that Obama would be a failure.  His own Vice President also warned us that Obama simply wasn’t up to the job:

Sen. Joe Biden (D-DE) Reaffirmed That Obama Was Not Ready To Be Commander In Chief. ABC‘s George Stephanopoulos: “You were asked is he ready. You said ‘I think he can be ready, but right now I don’t believe he is. The presidency is not something that lends itself to on-the-job training.’” Sen. Biden: “I think that I stand by the statement.” (ABC’s “This Week,” 8/19/07)

Sen. Biden: “Having talking points on foreign policy doesn’t get you there.” (“Biden Lashes Out At Obama,” ABC News’ “Political Radar” Blog, blogs.abcnews.com, 8/2/07)

Democrats are between a rock and a hard place in the sense that they can’t point out overly-loudly what a disaster Obama is, because the obvious result of their abandonment of Obama would be a conservative (and probably very conservative) president in 2012 to go with a Republican-controlled House and a Republican-controlled Senate.  Which means that while Obama goes from one “dangerous proposition” to another, they have to be bobbing-head dolls.

And Hillary – probably with Bill’s advice – is getting the hell out of Dodge before this total disaster and disgrace of a White House drags her down to hell with it.  Because this community agitator is very clearly is not up to this job, and we are one genuine crisis away from a total disaster.

Then there’s Obama’s schedule compared and contrasted to his poor underlings’.

For what it’s worth, it isn’t as though Libya is the first time Obama has failed in foreign policy.  Just off the top of my head, I can add articles I’ve written detailing Obama’s total failure in Egypt, in Iraq, in Afghanistan (not to mention all three combined), In Iran (and see here), in Russia and in North Korea.

I remember several years ago watching a fascination PBS program on presidential leadership.  The documentary’s poster-boy for pathetic presidential leadership was Jimmy Carter.  Obviously the man was intelligent, but the experts on leadership said “intelligence” does not a leader make.  Jimmy Carter was particularly faulted for not empowering his subordinates with enough power to do their jobs; he micromanaged and undermined through a tiny cadre of close advisors.  And as a result the nation drifted like a ship without a rudder.  That is clearly what is being described by Hillary Clinton now.

Obama clearly has an “inner circle” problem.  Even DEMOCRATS acknowledge it.

The PBS program did not make mention of the fact that Jimmy Carter was (and clearly still is) a fool with a totally bogus worldview.  A false worldview makes it impossible to act intelligently because, no matter how intelligent one is, one cannot possibly comprehend reality.  And I would submit that Both Carter and Obama have tragically and truly flawed views of the world.  Both of these men view the world through a set of theories that are simply totally false.  And from their poor foundations, all of their intelligence goes into the fruitless process of endlessly rationalizing and justifying their erroneous worldview.

One thing stands out in my mind as a symbol of disconnectedness: Obama flying off in the opposite direction of the planet for a routine (vacation) trip as he starts a war.  Via Sadhillnews:

Is it anything but a stupid thing to do to initiate a war and then do a photo shoot playing soccor?

If Obama doesn’t think this business is serious enough to bother to stick around, I don’t know why anybody else should.

Obama Tries To Fit Japan Crisis, Two Wars And Shocking Oil Prices In Between Golfing And NCAA Brackets

March 15, 2011

Obama is at a -22 approval, according to a just-breaking story:

Obama Approval Index: -22 Strongly Approve 20% Strongly Disapprove 42% Total Approval 43%

Here’s Obama’s trend for the past 8 days:

-10
-15
-16
-16
-15
-18
-20
-22

Does he deserve even that much credit?

Japan suffered a quake that has been upgraded to a 9.0 on the scale.  It is the fourth largest earthquake ever recorded in human history.  That quake resulted in a tsunami that did terrible damage.  And as a result of all that damage Japan is watching in horror as one nuclear power plant after another melts down.

Yet “no drama” Obama just doesn’t seem to care.  He didn’t even bother to mention Japan or it’s earthquake or its tsunami or its nuclear meltdown in his address the day after the disaster.  And just to demonstrate that he truly truly, truly didn’t give a damn, he played 18 holes of golf.

See the photos of Obama’s golf outing from Sadhill.

Then there’s the unfortunate fact that this disaster has coincided with the far more important NCAA basketball tournament.  A president has to choose his priorities, and clearly the basketball brackets won out.  It takes a lot of research and study to go out there and pick the winning teams.  And President Obama is clearly prepared to put in the time to make sure his picks are good ones.

Oh, yes, there’s one another thing that is keeping Obama busy: Democrat fundraisers at luxury hotels.  Obama had his second this week and his fourth such event this month.

American servicemen are facing radiation exposure.  Obama is facing ESPN sports reporters.  And which situation is more toxic?

Earlier, Obama’s excuse for failing to talk about Libya even as the protestors were being killed from far above by Gaddafi’s jets was becasue he had a “scheduling conflict.”  Now you know what his “conflicts” were.

It’s not just Japan or Libya, of course.  It’s not just the fact that radiation leaks have made over a hundred thousand people prisoners in their own homes.  It’s not the fact that Japan’s market has lost more than 16% of its value in just two days.  And it’s not just the terrible impact that a devasted Japan (which is the 2nd largest purchaser of U.S. debt) will have on America.  It’s not just the shocking increases in the price of oil and gasoline.  It’s not the collapse of one government after another across the Arab world.  It’s not that Bahrain is declaring a state of emergency after the protests and rioting has overtaken that kingdom.  It’s not that Obama made it American policy that Gaddafi fall, and then did nothing to make that happen as Gaddafi’s forces begin to rout the unsupported rebels who are screaming for George Bush and for a no-fly zone.

It’s the fact that the world is burning, and we have a pathetic weakling appeasing president who cannot lead because he was never more than a community agitator.

From Bad To Worse: Japan Was On Path To Debt Default BEFORE Earthquake, Tsunami And Meltdown. America Next.

March 15, 2011

Meltdown.  That’s a good word for Japan these days.

And I’m not talking about the nuclear reactors, either.  I’m talking about what had been one of the most powerful economic engines on the planet.

Look at the facts in late 2010 BEFORE the earthquake, tsunami and nuclear reactor.  They didn’t look pretty then; they’ve become nightmarish since:

Japan Will Default as Economy Unravels, Bass Says
October 13, 2010, 4:19 PM EDT
By Nikolaj Gammeltoft and Susanne Walker
 
Oct. 13 (Bloomberg) — Japan will be forced to default on its debt, Greece’s economy is “done” and Iceland is worse off than Greece, said J. Kyle Bass, the head of Dallas-based Hayman Advisors LP who made $500 million in 2007 on the U.S. subprime collapse.

Nations around the world will be unable to repay their debt and financial austerity in a country such as Ireland is “too late,” Bass said today at the Value Investing Congress in New York.

Japan’s economy may unravel in the next two to three years, and its interest payments will exceed revenue, he said. “Japan can’t fund itself internally,” Bass said.

The country’s year-over-year gross domestic product was 2.4 percent as of June 30. It has the world’s largest public debt, approaching 200 percent of its GDP amid a 5.1 percent jobless rate. Consumer price fell by one percent in September and has been negative each month since May 2009, as deflation has taken hold.

Pricing on Japanese interest-rate swaps is the best he’s ever seen, Bass said. Investors could make 50 to 100 times their capital betting on them, he said, calling them a lottery ticket on Japan’s economy.

Japanese bonds have returned 3.3 percent this year, according to Merrill Lynch Indexes, compared with a return of 0.872 percent in 2009.

Crisis

Bank Of Japan’s Governor Masaaki Shirakawa refused to expand monthly purchases of government bonds this year even as deflation persisted. The bank on Oct. 5 instead created a 5 trillion yen ($60 billion) fund to buy bonds and other assets, and pledged to keep its benchmark interest rate at “virtually zero” until the end of deflation is in sight. Deflation has been entrenched in the economy since 1998. The GDP deflator, a gauge of prices across the economy, has fallen 14 percent since 1997, according to data compiled by Bloomberg.

A financial crisis in 1997-98 precipitated by bad loans on Japanese lenders’ balance sheets stemming from burst land and stock-price bubbles of the early 1990s set off Japan’s deflation. Property prices have slumped for 17 of the past 19 years, and stocks remain 76 percent off of their 1989 peak, according to the Nikkei 225 Stock Average.

Japan’s currency traded at 81.79 per dollar, compared with 81.72. It touched 81.39 on Oct. 11, the strongest level since April 1995.

Bass began buying securities with shorter durations last year as he predicted central bank and government actions globally to rescue the financial system will result in “outright currency debasement.”

He began buying shorter-term debt and precious metals then, anticipating hyperinflation will lead to higher interest rates. Bass also said in May that Europe’s debt crisis will not be solved by the $1 trillion loan package the International Monetary Fund and the European Union agreed on earlier that month.

–Editors: Nick Baker, Dave Liedtka

And that was all BEFORE Japan went from the frying pan into the nuclear fire.

What’s being said now?

Quake shattered Japan poses global debt worry
GARETH COSTA, The West Australian
March 15, 2011, 6:11 am

Concerns have emerged in global credit markets over how heavily-indebted Japan will be able to pay for its biggest economic reconstruction effort since World War II.

The Bank of Japan’s promise yesterday of a ¥15 trillion ($182 billion) cash injection into its banking system managed to soothe global equities, but not debt markets as Japanese government credit default swap rates used to insure against debt default soared 13 points to 92.

Although not yet at critical levels, analysts said yesterday’s sharp spike in the CDS rates highlighted debt market concerns about Japan’s funding pressures within a cash-strapped global economy.

“When you have a market the size of Japan down this much, it’s going to affect everybody,” Stephen Halmarick, head of investment markets research at Colonial First State Global Asset Management, said.

“A tragedy of this proportion is going to take up a lot of economic resources.

“It’s going to have quite a negative impact on growth.”

Credit markets were already concerned that Japanese government debt had ballooned to $US12.2 trillion, or 200 per cent of GDP.

Insurance experts estimate the repair bill carried by foreign reinsurers will be capped at $US34 billion, with the rest borne by Japanese insurers, the Government and uninsured homeowners.

Japan has so far managed to function under its debt because it has predominantly been funded by domestic investors and because it runs a steady trade surplus.

However, analysts caution that short-term liquidity constraints could prompt strong yen repatriation flows out of foreign markets as occurred after the Kobe earthquake.

Early estimates suggest the cost of the Sendai earthquake will easily exceed the $US100 billion Kobe earthquake in 1995.

Japan’s increased funding pressures are also occurring in a global economy far more cash-constrained than in 1995, and unless export earnings begin flowing soon, escalating funding costs could push the country’s financing costs over the tipping point.

Japan has been one of the biggest buyers of US Treasury debt and in January pledged to also buy up to one-fifth of bonds from the European Financial Stability Fund that was created to bail out Greece and Ireland, all of which will become secondary to Japanese funding needs for the next few months.

The country is also one of the world’s biggest holders of gold bullion.

Any decision to cash in on bullion’s record price and offload much of its sovereign holding would likely depress the gold price.

Japan’s Nikkei equities index slumped 6.2 per cent, its worse daily performance in two years.

[…]

What impact will it have on the global markets if the 3rd largest economy in the world defaults?  What effect will it have on the ability of the world’s largest debtor – that’s YOU, America – to continue to get credit as WE begin to look more and more like a default-likely credit risk???

Japan was the second largest purchaser of American debt, and was so far ahead of #3 (Japan buys 3 1/4 times more of our debt than Britain), that it’s not even funny.  The U.S. needs a sucker, I mean an investor, to continue to artificially prop-up our insane lifestyle.  Who’s going to do that now?

What you’re going to see is either the Fed dramatically hasten the rate at which it devalues the dollar, which in turn will hasten the inevitable result of America becoming a banana republic, or a giant spike in interest rates as other U.S. debt buyers demand more reward for their risks.

A third alternative is that Japan could begin to sell off its US debt to raise money to rebuild.  While that seems like the obvious course, it turns out in this crazy world it isn’t; were Japan to sell it’s U.S. debt, the result would surely kill the U.S. dollar, but it would also dramatically strengthen the yen and hurt Japan’s export market just when they need it most.

My point is it’s a lose-lose.  And the U.S. loses right along with Japan.

Yet “no drama” Obama didn’t care.  He didn’t even bother to mention Japan or it’s earthquake or its tsunami or its nuclear meltdown in his address the day after the disaster.  And just to demonstrate that he truly truly, truly didn’t give a damn, he played 18 holes of golf.

See the photos of Obama’s golf outing from Sadhill.

Then there’s the unfortunate fact that this disaster has coincided with the far more important NCAA basketball tournament.  A president has to choose his priorities, and clearly the basketball won out.

Note #1: this is hardly new behavior from the man who promised “hope and change.”

Note #2: the mainstream media excoriated Bush for golfing a tiny fraction as often as Obama.  One example is the liberal Washington Post headline from August 5, 2002, “Before Golf, Bush Decries Latest Deaths in Mideast.”  I wonder what the Post’s headline would be about Obama if they had even a shred of fairness in their coverage?

We’re in trouble.  And our leader is a fool.  And we have a media that is hell-bent (literally) on ignoring or explaining away this fool’s actions and responses.

One of the things I came to believe as I realized that Obama would actually quite possibly get elected president was that our economy was dead meat.  I entirely got out of the U.S. stock market entirely and won’t return until Obama and the Democrats are out of power.  The reason is that I believed – and STILL believe – that when our economy collapses, it will happen very suddenly, like a house of cards falling down.  And it might not start in America; rather, an event in another country will set off a spiral that will envelope us and expose us for what we truly are.

And just where truly are we?

News from globeandmail.com
The scary real U.S. government debt
Wednesday, October 27, 2010

NEIL REYNOLDS

Ottawa — reynolds.globe@gmail.com

Boston University economist Laurence Kotlikoff says U.S. government debt is not $13.5-trillion (U.S.), which is 60 per cent of current gross domestic product, as global investors and American taxpayers think, but rather 14-fold higher: $200-trillion – 840 per cent of current GDP. “Let’s get real,” Prof. Kotlikoff says. “The U.S. is bankrupt.”

Writing in the September issue of Finance and Development, a journal of the International Monetary Fund, Prof. Kotlikoff says the IMF itself has quietly confirmed that the U.S. is in terrible fiscal trouble – far worse than the Washington-based lender of last resort has previously acknowledged. “The U.S. fiscal gap is huge,” the IMF asserted in a June report. “Closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 14 per cent of U.S. GDP.”

This sum is equal to all current U.S. federal taxes combined. The consequences of the IMF’s fiscal fix, a doubling of federal taxes in perpetuity, would be appalling – and possibly worse than appalling.

Our actual debt is not the fourteen trillion dollars that would be scary enough; it is $200 TRILLION.

That isn’t some rightwing thinktank saying that; it’s the IMF.

Japan had a literal meltdown.  It is about to have a financial meltdown.

And America will not be far behind.

As you look at the current fiscal situation, with Democrats not just fighting to keep the status quo of reckless and morally and mentally insane spending that will necessarily bankrupt America – and with Democrats literally sitting back waiting to demonize Republicans as “mean-spirited” the moment they try to do what is absolutely necessary to get our skyrocketing spending under control – realize that the United States is necessarily going to explode and collapse just like those reactors in Japan.

Democrats murdered America.  It was Democrats who were responsible for nearly ALL of those $200 trillion in debt that will destroy us (it is a simple fact that the Social Security, Medicare and Medicaid that constitute virtually all of our actual debt were all Democrat programs).  And it is Democrats who will literally fight to America’s death to prevent the nation from doing what is necessary to fix our situation before it is too late.

Social Security is now paying out more than it takes in.  Workers under forty are rightly quite confident that the system will collapse before they get a chance to collect.  Republicans want to fix the system before it collapses in order to save it.  But Democrats lie about the Republicans efforts (which would kick in slowly and not affect current retirees at all).  And Democrats race us faster, ever faster toward the collapse and nightmare that surely awaits America.

We’re a dead nation walking.  We just don’t realize it yet.

That’s the hope and change you voted for, America.  I hope you enjoy your starving in the soon-coming banana republic your false-messiah president created for you.