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OK, so I keep hearing that the budget needs to be addressed ASAP and the debt ceiling raised (or debt reduced) by the beginning of August... what happens if they (the bickering politicians) don't come to an agreement?
I am worried because I have quite a bit of money in my bank account and am worried that all that of it would become useless. What's a boy to do? I am going back to grad school, so I was going to use that money to live comfortably for the next 2 or 3 years.
I think you should find jesus and seek salvation. First, send me your useless $$$ and I will tell you where he is.
The goods and services produced by the working people of the world will always be there, there will always be demand for them, and there will be a medium of exchange that can be used to buy and sell them and pay wages. There will be a lot of different national currencies in use throughout the world, and the dollar will be one of the, and the relative values of those currencies will gradually change. The long-run outlook for the dollar is not good, but no, it will not suddenly crash.
Some one who predicts the future with absolute certainty every week (some times every day) for 3 years and is 100% dead wrong every time with a complete refusal to address any failed thought fits that term perfectly.
The lower on intelligence/ability tests people score, the more grossly they over-estimate their abilities. It is pushing the envelope of "over estimating one's ability" when a person believes everyone else is wrong because one just magically know better (the user never provides any proof of anything), it is pushing the realms of a major mental illness or deficiency.
I am worried because I have quite a bit of money in my bank account and am worried that all that of it would become useless. What's a boy to do? I am going back to grad school, so I was going to use that money to live comfortably for the next 2 or 3 years.
Grad school? So you went through 4 years of high school and 4 years of college and have no grasp of Economics?
The US Dollar is not going to collapse.
If you want your life to go easier, one, enroll in Econ 101/102 and secondly, anytime you see "collapse" steer clear, because it's nonsense.
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Originally Posted by bchris02
By the end of 2012 there will no longer be a dollar.
You rank up there with Spam-Master Spamwad as least competent postor.
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Originally Posted by user_id
No, the dollar isn't going to collapse and it will be political suicide to not raise the debt ceiling.
It isn't political suicide.
You are going to have a recession. You can attempt to delay it, but that will only make recession last that much longer (ie a depression) and it will be that much more "traumatic" for people.
Raising the debt ceiling will not solve your problems. You still have to monetize the debt by selling securities. And that won't lower unemployment and increase disposable income sufficient to block a recession.
Raising the debt ceiling and continuing massive deficit spending only makes your grave deeper.
Recessions are beautiful.
Recessions force the reallocation of cash, labor, resources and capital from the most grotesquely inefficient sectors of the economy to more efficient sectors.
You have a lot of dead weight in your economy, and you need to get rid of it. A lot of it is in government. That's why I love Economics. The Laws of Economics are inviolable; you can't break the laws, but you can bend them, at your own risk, for a time and nothing more. In the end, the Laws always right the ship and put it back on course, but idiots trying to interfere can delay real recovery for a very long time.
And contrary to what people want to believe, employment/unemployment is not the measuring stick of an healthy economy. If we apply the prevalent lunacy, then effectively the US has been in a depression since the 1925 recession that ultimately led to the Great Depression.
Having said what I said above, there is an important caveat.
The amount of US money that exists in the world is less than a trillion dollars. That portion, backed by the US treasury, is only about one percent or so of the dollars that people think they have. Almost all of the global dollar-denominated wealth is in the form of printed paper that simply purports to have dollar value. Such as bonds, securities, promissory notes, bank deposit statements, etc. They can simply be printed up in virtually infinite amounts, regardless of whether the printer has anything of value to back it up. They don't even have to be printed, they can just be entered in digital form on a disc. And they have been. I bank on line, and numbers appear on my screen. That's it. That's what money is. Do you have any real money? I have about a hundred bucks, mostly in change in a jar.
An economic crash could come if the general public ever perceived all these notes as falling due, since there is nothing to redeem them with. But that would affect all currencies, not just the USD.
Already, today, about a third of all Americans have negative wealth. They owe more than they have. 100-million Americans are poorer than a guy in Calcutta who sleeps in the street, because at least he owns the piece of cardboard that he sleeps on, free and clear.
Some one who predicts the future with absolute certainty every week (some times every day) for 3 years and is 100% dead wrong every time with a complete refusal to address any failed thought fits that term perfectly.
The lower on intelligence/ability tests people score, the more grossly they over-estimate their abilities. It is pushing the envelope of "over estimating one's ability" when a person believes everyone else is wrong because one just magically know better (the user never provides any proof of anything), it is pushing the realms of a major mental illness or deficiency.
Reality is sometimes not nice, that we agree.
The trends and numbers do get hyperbolic from time to time, but that is the curse of the visionary.
According to record. It took Noah 120 yrs. to build that boat. I'm guessing he took a lot of crap.
You are going to have a recession. You can attempt to delay it, but that will only make recession last that much longer (ie a depression) and it will be that much more "traumatic" for people.
This way of the thinking about the economy is fundamentally wrong, there is no way to know whether a recession will come or not. The idea, that you're just "delaying the inevitable" has no basis in reality.
Quote:
Originally Posted by Mircea
Raising the debt ceiling will not solve your problems. You still have to monetize the debt by selling securities. And that won't lower unemployment and increase disposable income sufficient to block a recession.
Nobody thinks raising the debt ceiling is not to "solve our problems", instead, not raising it will create new problems. Furthermore, you don't have to "monetize debt" to sell securities....
According to record. It took Noah 120 yrs. to build that boat. I'm guessing he took a lot of crap.
Biblical literalism/inerrancy is actually tied very closely to low intelligence, a basic inability to logically deduct and think rationally as well (Bell, Paul. "Would you believe it?" Mensa Magazine, Feb. 2002, pp. 12–13). A global flood has been repeatedly disproved with even very simple observations and logic.
Saying that some one was right by going against the tide and people laughed at him (without any consideration to any evidence) is a logical fallacy as well.
Biblical literalism/inerrancy is actually tied very closely to low intelligence, a basic inability to logically deduct and think rationally as well (Bell, Paul. "Would you believe it?" Mensa Magazine, Feb. 2002, pp. 12–13). A global flood has been repeatedly disproved with even very simple observations and logic.
Saying that some one was right by going against the tide and people laughed at him (without any consideration to any evidence) is a logical fallacy as well.
Knowledge is not equal to wisdom.
And the dollar is going to collapse. When? good question...
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