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1. If the USD is no longer the reserve currency which currency will replace it considering the Euro zone has bigger structural problems, the British Empire isn't coming back and the Chinese currency is on a peg?
2. How can there be a big war, that anyone could hope to survive, when all the major powers have nuclear weapons?
Why don't you just ask yourself how a god could put a life on a planet, tell them to "be fruitful and multiply" and forget to tell them the planet can only sustain a certain amount of people.
i marked , 'yes in the years to come', because economies are cyclical and i anticipate we will have another economic collapse eventually. i guess it depends on what you call a "collapse".
All the trillions of stimulus spent, QE1, QE2, the recently discovered 14 trillion the fed's pumped in, Obama continuing to spend deficit at over 4 billion a day, all the programs to attempt to stop foreclosures and home values from plummeting, people continuously becoming jobless and starting unemployment at a click of a half million people per week and has been for over two years ... All this and the economy is still tanking. Now the stimulus is gone, the QE 1 and 2 has ended, Obama's credit card is being pulled ... and the economy is still sliding into the abyss.
If there is no debt deal by Friday, the markets will start 'collapsing' and Monday may be late September 2008 all over again. I was considering purchasing some stock today but I am not going to because I am afraid on how much I will lose in 3-5 days.
We are witnessing the 'worst case scenario' of our political system in action right now. Divided government is good, but only when it is divided by branch. When there are divisions within a branch, the situation turns more precarious (with some exception for the Supreme Court, though we have witnessed many 5-4 decisions, just the stakes are not as high as our current situation).
If the government fails to act by Friday, this will be the biggest failure of the US government - ever. I mean that with all sincerity, and the world will take notice and quickly back away. Our influence in the economy and world politics has already been taken down a couple of notches post-2008 and this will shove us further down the ladder. In ways, leaders of nations like China are hoping for no debt deal, because it increases their power at the negotiating table and hastens the move away from the dollar as the reserve currency.
With so much fear about our debt and the failure to pass a bill, what are your thoughts on where we are heading?
The sooner the USA defaults on both the funded and unfunded debt the better. Foreign countries will refuse to lend the federal goverment any money forcing the goverment to make do with money collected with taxes and not a penny more.
The people will also realize that social security, medicare and medicaid is nothing but a huge "barry madoff" ponzie scheme and force the federal goverment to not collect the taxes associated with that ponzie scheme.
1. If the USD is no longer the reserve currency which currency will replace it considering the Euro zone has bigger structural problems, the British Empire isn't coming back and the Chinese currency is on a peg?
2. How can there be a big war, that anyone could hope to survive, when all the major powers have nuclear weapons?
Let me start off by saying I am no expert nor am I a economist, so anything I write is a matter of opinion from myself and others. There are a couple of scenarios who knows which one will become reality. One has the world breaking up into regions with each one having their own reserve currency.
Look at the EU, what is it like 18 countries using the same currency. I am sure you have heard of the N A union where Canada,U S and Mexico will be joined together in a union and those countries will have their currency. In other words there won't be one reserve currency that has to be used to buy oil but each region will have it priced in their regions currency.
Then you have China and others that wants SDR's that are issued by the IMF as the reserve currency.
Quote:
Special Drawing Rights (SDRs) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF). Not a currency, SDRs instead represent a claim to currency held by IMF member countries for which they may be exchanged.[1] As they can only be exchanged for Euros, Japanese yen, UK pounds, or US dollars,[imf 1] SDRs may actually represent a potential claim on IMF member countries' nongold foreign exchange reserve assets, which are usually held in those currencies. While they may appear to have a far more important part to play, or, perhaps, an important future role, being the unit of account for the IMF has long been the main function of the SDR.[Williamson 1]
On the second part who knows how a big war will play out. A few nukes could be dropped or it could be bombs away. No matter what I do not think it would be the end for mankind.
As our standard of living declines it will feel like a collapse because most of us have never experienced this. We've had our recessions and such but have bounced back.
I do think this one is different with a more permanent after effect due to the offshoring of higher paying jobs. We have turned into a consumer nation full of service type jobs as the basis of our economy.
As our standard of living declines it will feel like a collapse because most of us have never experienced this. We've had our recessions and such but have bounced back.
I do think this one is different with a more permanent after effect due to the offshoring of higher paying jobs. We have turned into a consumer nation full of service type jobs as the basis of our economy.
I sense our collapse will take time and at some point it will be very painful. I'm just not sure how long it will take. A few years, five years, eight years, I just don't know.
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