How many of you truly believe, this is the beginning of the END? (Congress, March)
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I agree, and honestly the similarities between modern America and the Roman Empire are freightening. I guess I have hope that we aren't to that point yet.
I heard that President Obama recently purchased a fiddle and a box of matches. And apparently there was just some kid born in Bethlehem to a virgin mother.
This never works and it really won't work now because we have no one to borrow this money from. That means the only way to fund this spending package is to print worthless paper.
Do you understand how Japan's monetary policy work to counter their fiscal stimulus?
Adam Posner deputy director of the Peterson Institute for International Economics, writing in 1998;
The reality of Japanese fiscal policy in the 1990s is less mysterious
and, ultimately, more disappointing. The actual amount injected into the
economy by the Japanese government—through either public spending
or tax reductions—was 23 trillion yen, about a third of the total amount
announced. This limited quantity of total fiscal stimulus was disbursed
in insufficiently sized and inefficiently administered doses, with the exception of the 1995 stimulus package. That package did result in solid growth in 1996, demonstrating that fiscal policy does work when it is tried. As on earlier occasions in the 1990s, however, the positive response to fiscal stimulus was undercut by fiscal contraction in 1996 and 1997. On net, the Japanese fiscal stance in the 1990s was barely expansionary, and it is the net injection of stimulus into the economy that determines the minimum
result.2 In fact, the repeated reversals of fiscal direction and revelations
of gaps between announced and implemented policies make even this
near-zero net injection an overstatement.
Paul Krugman in an online discussion on December 15,
"the big message I take from Japan's experience is the folly of excessive caution. If you're half-hearted about taking on the slump -- if you wait to cut interest rates, nickel-and-dime your fiscal stimulus, penny-pinch on your bank bailouts -- then by the time you realize more is needed, deflation has set in, and it's really hard to get out of the trap. So you want to be really, really aggressive on policy early on."
The Economist "Lessons from a lost decade"
Japan's monetary and fiscal stimulus did help to lift the economy. After a recession in 1993-94, GDP was growing at an annual rate of around 2.5% by 1995. But deflation also emerged that year, pushing up real interest rates and increasing the real burden of debt. It was from here on that Japan made its biggest policy mistakes. In 1997 the government raised its consumption tax to try to slim its budget deficit. And with interest rates close to zero, the BoJ [Bank of Japan] insisted that there was nothing more it could do. Only much later did it start to print lots of money.
So when Rome fell, did all Romans and people who lived in Rome instantly evaporate into thin air?
Rome didn't fall instantly. It declined for a long time. Taxes got higher. Security was reduced, and the whole culture was becoming headonistic from way back. The appearence of how things were was different than the reality and Rome slipped away piece by piece.
For those who called it home the standard of living fell steadily until food became scarce and live dangerous.
The final act were the active invasions but Rome had been gone a long time before that.
2012 is not about the world ending but changing in a fundamental way. Unless we find a way to do more than prop up a bunch of ballons hoping they won't pop we and the global economy will be at the crux in the road along with everyone that depends on it.
I definitely feel our world is at some crossroads. 2012 has nothing to do with it. It's not the end...but it will be a new beginning. If we want the dreams and promise of America to continue, we all really need to step up to the plate.
Well said, but the problem is, what is America's dream?
I was brought up to believe in hard work, self reliance, acceptance of others, charity, and constantly striving to make life better (materially, spiritually and emotionally) for myself and my family. I thought that was the American dream.
Seems now, the dream of many is to blame others for their own failed actions, look to the government for handouts, worry simply about themselves and screw everyone else.
The dreams and promise of America used to be rooted in firm positive values. The current dreams and promise seem to be rooted in greed, laziness and selfishness.
As of today, I see us heading into probably the worst economic downturn in a century. And thats not the worst of it, we didn't have to worry about civil unrest and terrorism and war on top of it in the 30s. Obama may be forced to start a war just to save his skin if he wrecks things bad enough.
Well said, but the problem is, what is America's dream?
I was brought up to believe in hard work, self reliance, acceptance of others, charity, and constantly striving to make life better (materially, spiritually and emotionally) for myself and my family. I thought that was the American dream.
Seems now, the dream of many is to blame others for their own failed actions, look to the government for handouts, worry simply about themselves and screw everyone else.
The dreams and promise of America used to be rooted in firm positive values. The current dreams and promise seem to be rooted in greed, laziness and selfishness.
That has always been my vision as well and I and my family have done our best to live by that even as we watched most everyone else around us leverage every ounce of equity they had. I'll continue to hold on to my vision and rail against the other.
Seems now, the dream of many is to blame others for their own failed actions, look to the government for handouts, worry simply about themselves and screw everyone else.
While I will not disagree that American society as a whole is growing sub-par, this statement is still kindof rediculous.
People do not intentionally dream and aspire to do the above. The fact that the above items listed are so rampant in today's society is due to a myriad of different social causes - not due to a group of individuals who simply wake up and say, "I'm going to blame others, look for a handout, and look to damage anyone and everyone I can today". That is just naive.
While I will not disagree that American society as a whole is growing sub-par, this statement is still kindof rediculous.
People do not intentionally dream and aspire to do the above. The fact that the above items listed are so rampant in today's society is due to a myriad of different social causes - not due to a group of individuals who simply wake up and say, "I'm going to blame others, look for a handout, and look to damage anyone and everyone I can today". That is just naive.
Well I don't think my statement was ridiculous. I've see and heard first hand the "hand-out" mentality that is rampant in the US. Hard work is not honorable to many, handouts are.
While donating my time this past Thanksgiving at toys for tots program, I was educated first hand by a young mother of 7 about how to "milk" the US system. She had a smile on her face the whole time explaining some techniques to me. She has family that just came in from another country she said because the US is so "easy". I was shocked and saddened to say the least.
Can't say for sure if it's really the beginning of the end. But it's definitely the end of the beginning.
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