Total Meltdown of the US economy (bankrupcy, credit card, debt, buy)

[EarthMother1951]

America's economy risks the mother of all meltdowns (broken link)

And this..........

More People Tap 401(k) Accounts for Cash (broken link)

This country is in serious trouble. Many are too wrapped up in the upcoming 08 elections and they think putting an Obama or MCCain is going to fix the problem....

It all boils down to:
-- Washington spending like drunken sailors and corruptness in Washington.
--CREDIT CARDS--the biggest travesty in American history...the "gotta have it now" syndrome..materialism--who cares about debt--I can just delare bankrupcy...and start all over again....
--Decline in morals and work ethics--(no one wants to work anymore)-its cheaper to get slaves(illegals) to do the work for you so you can get that Corvette,10,000sq.ft mansion,yacht etc. youve always wanted and the best part is,you dont have to work to get it......
-- Social programs--- America is becoming the Wellfair state of the world...

What did I leave out?????????

[saganista]

Originally Posted by EarthMother1951

What did I leave out?????????

Common sense?

[01Snake]

Originally Posted by saganista

Common sense?

Yep. No list needed.

[goodbyehollywood]

Make that "lack of common sense."

Thinking any one person has a silver bullet to fix this is a good case in point.

[lchoro]

You left out the warfare state which is a variant on the social welfare state.

[shibainu]

Originally Posted by EarthMother1951

America's economy risks the mother of all meltdowns (broken link)

And this..........

More People Tap 401(k) Accounts for Cash (broken link)

This country is in serious trouble. Many are too wrapped up in the upcoming 08 elections and they think putting an Obama or MCCain is going to fix the problem....

It all boils down to:
-- Washington spending like drunken sailors and corruptness in Washington.
--CREDIT CARDS--the biggest travesty in American history...the "gotta have it now" syndrome..materialism--who cares about debt--I can just delare bankrupcy...and start all over again....
--Decline in morals and work ethics--(no one wants to work anymore)-its cheaper to get slaves(illegals) to do the work for you so you can get that Corvette,10,000sq.ft mansion,yacht etc. youve always wanted and the best part is,you dont have to work to get it......
-- Social programs--- America is becoming the Wellfair state of the world...

What did I leave out?????????

America is in decline and to use consumers to help make the place better only solves the problem in the near term. I would say that it sad that I am in my late 20"s and I will probably never see a America that once was. The reason why is that all you have to do is look back to about 1974 to present and compare that to 1920's to 1950's and you see that a similar cycle is occurring. There is a slight difference since the 1920's to 50's that we currently use a lot of debt to improve our economy verses the 1920 to 1950's we used income and savings. We mostly bailed our selves out by American paper and did not rely on a lot of foreigners to solve are debt problems. The only problem I see is that we do not have a baby boom happening. Most people do not realize that to keep a economy alive like ours you need the population to grow. The U.S. population is not growing if you take out people migrating to America. So imagine when the baby boomers die off who will be left to pay the debt. Our current condition if we continue we will be a completely broke nation in 10 to 20 years if we do not change. Americans will be faced with extremely high taxes to offset the cost of healthcare and social security. So in my opinion is that we are in a Decline in America which other great civilizations experienced. I think the ride is almost over. Empire America is soon to be in the History books with Rome as a great civilization that rose very quickly and then fell. If you do not believe me than ask your self: why is a supposed Communist state controlling America and not the American people. I thought American despised Communist.


Good books to read on the topic:
Empire of Debt: The Rise of an Epic Financial Crisis
Amazon.com: Empire of Debt: The Rise of an Epic Financial Crisis: Books: William Bonner,Addison Wiggin
The Coming Generational Storm: What You Need to Know about America's Economic Future
Amazon.com: The Coming Generational Storm: What You Need to Know about America's Economic Future: Books: Laurence J. Kotlikoff,Scott Burns

Good websites about economy :
Safe Haven | Preservation of Capital |
Financial Sense - Uncommon News and Views for the Wise Investor

[Humanoid]

Empire America is soon to be in the History books with Rome as a great civilization that rose very quickly and then fell.

Soon? Rome took centuries to fall. And in reality although the government or Rome is gone, the culture and ideas of Rome are living today in America, Europe etc. If America falls one day, the ideas that founded the country will live as well.

why is a supposed Communist state controlling America

Are you referring to China? In what sense is China communist? And really China isn't controlling America and America isn't controlling China, they both depend on each other.

[HappyTexan]

Originally Posted by Humanoid

Soon? Rome took centuries to fall. And in reality although the government or Rome is gone, the culture and ideas of Rome are living today in America, Europe etc. If America falls one day, the ideas that founded the country will live as well.


Are you referring to China? In what sense is China communist? And really China isn't controlling America and America isn't controlling China, they both depend on each other.

China has us by the coat tails. All they have to do is cash in their Treasuries and we are toast. We need China more than they need us..they can turn around and market to other countries.

[shibainu]

Originally Posted by Humanoid

Soon? Rome took centuries to fall. And in reality although the government or Rome is gone, the culture and ideas of Rome are living today in America, Europe etc. If America falls one day, the ideas that founded the country will live as well.


Are you referring to China? In what sense is China communist? And really China isn't controlling America and America isn't controlling China, they both depend on each other.

Rome is one example. Rome empire was 27bc to 476 ad or 503 years.America is 231 years old. Great Britain(about 450 years) is still around but it is no longer a strong as it used to be. Remember the saying The Sun Never Set on the British Empire .Yes I was talking about China. China and U.S. do not depend on each other. US depend on China. Every country buys China products not just the US. America only makes up 7% of China's GDP. America currency is being manipulated for the last two years by china. China has helped Americans buy there Homes and pay for there war. China has about 1 trillion Us dollars in the bank and they are going to sell it off. You asked: In what sense is China Communist. Are you living under a rock? America has characterized china as communist for years. I think I am talking to some one that does not have a clue what they are talking about.
China is still communist but they are slightly changing there policies. To me personally I do not care what they believe. I find it funny how America will not do things with Cuba, USSR (Russia) and North Korea but they will with china.


People's Republic of China (since 1949); Communist Party of China
Communist state - Wikipedia, the free encyclopedia


How did America win the cold war with out a shot fired? China will be the largest super power and they will beat America with out firing a shot. They will do this by destroying the American Financial institutions and they did this all by using American Greed.

[Humanoid]

Rome empire was 27bc to 476

They unified empire lasted until 476, but the empire divided and the eastern empire lasted until the 1400's. In reality Rome did not fall...it transformed.

All they have to do is cash in their Treasuries and we are toast.

Doing this will hurt them just as much as it will hurt us. China cannot dump all their dollar holdings all at once, as soon as they start to dump their holdings then the dollar will drop dramatically. If the dollar drop the value of their holdings drops with it.

China is still communist but they are slightly changing there policies.

Is this a joke? Slightly? There is really very little that is communist in China, it is communist in name only. It really doesn't matter what American has characterized China as, what matters is what China actually is. I haven't meant a single person from China that considers China a communist country, its a socialism republic. Of course they still have a "Communist party" but its just a name.
Anyhow, Deng Xiaoping was rather brilliant and he changed China dramatically, to call the changes he started "slight" is mind boggling.

I find it funny how America will not do things with Cuba, USSR (Russia) and North Korea but they will with china.

Not really. We have all sorts of trade with Russia now, in fact I ship things to Russia all the time. The US does not do business with Cuba because the current Cuban government nationalized assets that were owned by American business, that is they stole billions of dollars worth of assets. North Korea...err goes without saying.

China will be the largest super power and they will beat America with out firing a shot.

Yes yes...big bad China. I get a kick out of the "China is going to be a super power and America is going to fall" views. The economy in the US has problems, there is no doubt about that. But, China's economy is also having problems, one of those problems is how much dollar holdings they have! As I said above, they just can't dump them. Although China's exports were an asset they are becoming a problem. They are only able to export so much because the Chinese are living well below their means, this includes personal purchases but also things like environmental protections. Their export economy is costing them their environment. Regardless, the US is not the country that should be worried about China....I think there are two near by islands that should be much more concerned.