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Old 10-15-2009, 07:28 PM
 
Location: Raleigh, NC
20,054 posts, read 18,216,280 times
Reputation: 3826

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Quote:
Originally Posted by HappyTexan View Post
Look to Zimbabwae and Iceland for what happens when a currency gets devalued.

Bottom line...don't be caught with any debt as you will pay dearly after the rebasement.
But saganista (aka Dick Cheney) tells us that deficits don't matter
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Old 10-15-2009, 07:41 PM
 
Location: Great State of Texas
86,052 posts, read 84,141,708 times
Reputation: 27718
Quote:
Originally Posted by summers73 View Post
But saganista (aka Dick Cheney) tells us that deficits don't matter
Government deficits won't..they'll go *poof* or get re-worked.

But poor Joe-Schmo's mortgage won't be as lucky. It may turn into a 50 year mortgage with no more equity and high payments.

Private debt will NOT be wiped out. Public debt..possibly or paid off pennies on the dollar but you can bet the banksters will NOT do the same for private debt.
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Old 10-15-2009, 07:45 PM
 
Location: Great State of Texas
86,052 posts, read 84,141,708 times
Reputation: 27718
Iceland one year after their crash:

BBC NEWS | Europe | Anger as Iceland battles to recover

"Prices have soared since the value of the krona halved. At the same time wages have gone down and many have lost their jobs.
Loan repayments have doubled for most people - especially those who borrowed in a foreign currency.
And foreign currency is a big issue. Icelanders have gone from having almost unlimited access to it to severe rationing - something, one man pointed out, that they share with Cuba.
..
It is not all doom and gloom in Iceland - Prof Olafsson points out that the vast majority of households are likely to get through the crisis without needing government help.
..
So in many ways Iceland is starting to feel like the Iceland of old - where the emphasis is on hard work, creativity and good values and less on making quick money."
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Old 10-15-2009, 07:52 PM
 
Location: Raleigh, NC
20,054 posts, read 18,216,280 times
Reputation: 3826
Quote:
Originally Posted by HappyTexan View Post
Iceland one year after their crash:

BBC NEWS | Europe | Anger as Iceland battles to recover

"Prices have soared since the value of the krona halved. At the same time wages have gone down and many have lost their jobs.
Loan repayments have doubled for most people - especially those who borrowed in a foreign currency.
And foreign currency is a big issue. Icelanders have gone from having almost unlimited access to it to severe rationing - something, one man pointed out, that they share with Cuba.
..
It is not all doom and gloom in Iceland - Prof Olafsson points out that the vast majority of households are likely to get through the crisis without needing government help.
..
So in many ways Iceland is starting to feel like the Iceland of old - where the emphasis is on hard work, creativity and good values and less on making quick money."
There's hope for America yet. The weak can die through starvation or getting shot committing crimes, and the rest of us can move forward.
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Old 10-15-2009, 08:30 PM
 
19,198 posts, read 31,378,135 times
Reputation: 4013
Quote:
Originally Posted by GOPATTA2D View Post
It is mathematically impossible for the debt to increase when there is a budget surplus during a given fiscal year.
In the last 40 years, there have been four times when a unified budget surplus was recorded -- FY1998, FY1999, FY2000, and FY2001. Here is a table of public debt outstanding at the end of each of the fiscal years shown. Make of it what you will...

FY1997 -- $5,413 billion
FY1998 -- $5,526 billion
FY1999 -- $5,656 billion
FY2000 -- $5,674 billion
FY2001 -- $5,807 billion
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Old 10-15-2009, 08:36 PM
 
69,368 posts, read 63,853,697 times
Reputation: 9383
Quote:
Originally Posted by saganista View Post
In the last 40 years, there have been four times when a unified budget surplus was recorded -- FY1998, FY1999, FY2000, and FY2001. Here is a table of public debt outstanding at the end of each of the fiscal years shown. Make of it what you will...

FY1997 -- $5,413 billion
FY1998 -- $5,526 billion
FY1999 -- $5,656 billion
FY2000 -- $5,674 billion
FY2001 -- $5,807 billion
haha, and here we go, at least you posted the figures so I can point out your errors
You claim there was a surplus in
1998, then tell me why the total debt went up?
1999, then tell me why the total debt went up?
2000, then tell me why the total debt went up?
2001, then tell me why the total debt went up?

I'm sure you'll have some response about how the general budget are different than the intragovernmental budgets, but any child can tell you that if the debt goes UP, you arent running surpluses.
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Old 10-15-2009, 08:38 PM
 
19,198 posts, read 31,378,135 times
Reputation: 4013
Quote:
Originally Posted by InformedConsent View Post
The manipulated deficit is at $1.4 trillion, while the amount added to the national debt for FY2009 is nearly $1.8 trillion.
Ah, the manipulated deficit. Where would I go to find the non-manipulated deficit, I wonder. The website of some whackjob internet financial guru wannabe, perhaps? And yet again, debt and deficit are two different things. Why in the world would anyone expect different things to be the same?
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Old 10-15-2009, 08:41 PM
 
19,198 posts, read 31,378,135 times
Reputation: 4013
Quote:
Originally Posted by GOPATTA2D View Post
It was forecast at 1.2 trillion. It was not at $1.2 trillion in January.
It was projected, and yeah. That's why I said...
The deficit for FY2009 was pegged at just about $1.2 trillion when Obama was sworn in, not yet four months into the year.
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Old 10-15-2009, 08:44 PM
 
69,368 posts, read 63,853,697 times
Reputation: 9383
Quote:
Originally Posted by saganista View Post
Why in the world would anyone expect different things to be the same?
For the same reason you seem to think that increased debt, is due to surpluses
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Old 10-15-2009, 08:55 PM
 
19,198 posts, read 31,378,135 times
Reputation: 4013
Quote:
Originally Posted by summers73 View Post
But saganista (aka Dick Cheney) tells us that deficits don't matter
Maybe you could go back and quote the post that said "deficits don't matter". If not, well, I guess we all know what that would mean...
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