When The Dollar Dies........... (capitalism, debt, buy, tax)

[BadJuju]

Just want you to know I respect you, grandpa, but I disagree with your assertions and those of ECB. I do think the dollar is in for a rough ride in the future; however, there isnt a single major currency out there right now that is not knee deep in the muck. And America, despite all of its ridiculous crap, is still a leading economy with a lot of productive capacity and tremendous reserves of resources along with the most powerful military to back it up.

[pie_row]

Originally Posted by BadJuju

Because it is nuts. The US isn't a banana republic. It is the world's leading economy.

How fast is china growing?


How fast is the US's economy contracting?


When will China be the world's leading economy?


What will happen to the good old green back when that happens?


We are printing 2/3 of the US government's budget shortfall each year. Is there anything coming our way that will dramatically expand our tax base and cut our spending?


What happens when a government simply prints the money it needs to use to run itself?




Ya I'm nuts all is well as we drive off the cliff.

[le roi]

Originally Posted by Grandpa Pipes

You don't like ECB? Fine, don't read it. However, you ,nor anyone else here, has no right to attempt to prejudice opinions against ECB for your amusement.

no, i think we do have that right. i think economiccollapseblog is worth mocking.

[le roi]

Originally Posted by pie_row

How fast is china growing?

Not very fast

How fast is the US's economy contracting?

Not very fast

When will China be the world's leading economy?

Leading in size ? sometime in my life time.

Leading in GDP per capita ? Not in my lifetime.

Leading in the sense that people will want to use their currency? Never, unless they make major policy changes.

What will happen to the good old green back when that happens?

greenback will be fine unless the government and/or banks successfully blow up another housing bubble.

We are printing 2/3 of the US government's budget shortfall each year.

Uh... I think we're printing 100% of the u.s. gov't budget shortfall each year.

Where's the revenue coming from to fund the other 1/3 of the budget shortfall ?

Is there anything coming our way that will dramatically expand our tax base and cut our spending?

sexbots

What happens when a government simply prints the money it needs to use to run itself?

depends on how large the government is compared to the private sector. in the case of the united states the private sector is huge and the federal government is small, so we have quite a bit of leeway.

[the_windwalker]

Originally Posted by BadJuju

Because it is nuts. The US isn't a banana republic. It is the world's leading economy.

It was...

The Chinese have been coming on very strong. There are predictions that they will pass us.

[Art2ro]

I hope my pension that is still direct deposited into my U.S. bank account is still worth something after the U.S. Government has printed up more paper money!
We live in the Philippines and the "Peso" is their currency here! Every month I convert my dollars into pesos, it seems to be worth less depending what the Foreign Forex Currency money trading exchange rates is sitting at for the day! A few years ago it was in 50 peso range to $1 and now it's around 41 give or take .50 to .80 centavos and predictions has it that it could drop as low as 31 just within a few years which prices of commodities and petroleum changes along with it, usually increasing in cost!
Since the almighty dollar in the U.S. is at a fixed currency, it's just the prices that changes dramatically, especially food and gas prices to no end!
I think we all have already jumped over the "Fiscal Cliff" of "No Return"!

[the_windwalker]

When will China be the world's leading economy?

Originally Posted by le roi

Leading in size ? sometime in my life time.

Leading in GDP per capita ? Not in my lifetime.

Let's see... You're what? 90?

There are a few factors that favor the Chinese. For one, they are turning out more Phd's than the US. Their education of their youth, while their education system may not surpass our own, is actually better because of the environment and mentality with which their children are raised. Our advantage has always been through innovation and new technology. Turning out more Phd's can certainly give them the edge, and at that point, they will pass us by. Our school drop-out rate is too high for us to maintain the lead for much longer. Our young people must keep up with the advancements in technology or they will soon be unemployable. That certainly won't keep us in the lead.

Originally Posted by le roi

Leading in the sense that people will want to use their currency? Never, unless they make major policy changes.

greenback will be fine unless the government and/or banks successfully blow up another housing bubble.

If you think the housing bubble was the only thing that brought our economy down, you've got your head in the sand. There are other factors that were building long before the start of the housing bubble. All were factors, or the housing bubble, itself, would not have accomplished it to the degree that it did.
[quote=le roi;27173814]sexbots
Where can I get one of these?????

Originally Posted by le roi

depends on how large the government is compared to the private sector. in the case of the united states the private sector is huge and the federal government is small, so we have quite a bit of leeway.

But, in spite of that, we have the very largest government spending of any nation in the world. We also have the largest military budget of any country, including Russia and China.

[Art2ro]

I can see why the bubble burst in the housing market! It was due to the over inflation of what houses were worth! I remember in the 60s when your average family home was only $10k to $30k! We bought a home in Northern California in 1970 for $29k and sold it for $310k in 1990. Just image what more of an expensive home sold for before the recent recession and or what it didn't during and after the recession? And when people began to lose their jobs and could no longer keep up with their mortgage payments, most went into foreclosures or filed for bankruptcy just to keep their homes which were now worth less!
The true lucky ones were those who bought several homes which were all paid off and rented out as their supplemental income or retirement money! Mind boggling!

[Grandpa Pipes]

Originally Posted by BadJuju

Just want you to know I respect you, grandpa, but I disagree with your assertions and those of ECB. I do think the dollar is in for a rough ride in the future; however, there isnt a single major currency out there right now that is not knee deep in the muck. And America, despite all of its ridiculous crap, is still a leading economy with a lot of productive capacity and tremendous reserves of resources along with the most powerful military to back it up.

When a major portion of a counties standing military is Mercenaries (the scum of the earth) one has to wonder just how strong is strong when ones military can be when loyalty can be paid for in cash.

[Mircea]

Originally Posted by Grandpa Pipes

"By recklessly printing, borrowing and spending money, our authorities are absolutely shredding confidence in the U.S. dollar. The rest of the world is watching this nonsense, and at some point they are going to give up on the U.S. dollar and throw their hands up in the air. When that happens, it is going to be absolutely catastrophic for the U.S. economy."

It would just kill you to read a legitimate source for once in your life.

Originally Posted by Grandpa Pipes

No, mister smart pants! ECB is not all I read by a long shot!!

Oh, yeah, we forgot, you read LEAP 2020 and GlobalResearch (snicker).

Originally Posted by Grandpa Pipes

For you to attempt to be condensing and a smart arse claiming that I do is an attempt on your part to cast doubt on something you know little about.

Funny how I'm right all the time your sources are wrong 100% of the time.

By the way, where is the USS Enterprise (snicker)? Uh, well, it's not in the Middle East and it will never be in the Middle East again. In fact, it won't ever sail again -- except to the scrapyard. Three carriers in the Persian Gulf -- except one of them is really docked at Norfolk getting ready for its decommissioning ceremony next week.

Interesting how I knew that, but your, uh, "reputable sources" at ECB, Global Research and LEAP 2020 didn't know it.

Originally Posted by Grandpa Pipes

You don't like ECB? Fine, don't read it. However, you ,nor anyone else here, has no right to attempt to prejudice opinions against ECB for your amusement.

Yes, we do.

I'll ask you again, since you skipped over my question on another thread -- in which I debunked your silly ECB nonsense --- do you own ECB? Do you have any financial interest in ECB?

Originally Posted by Mircea

Are you admitting that you are the owner or administrator of economiccollapsebarfbag?

Because, if you are the owner, administrator or other member, your failure to disclose that with each and every thread you start and post you make is unethical and intellectually dishonest.

And if you are not the owner, administrator or other member, then it isn't your point of view, rather it is the view of another that you have misappropriated.

And I have an ethical and moral duty, and obligation, to call out liars, propaganda and disinformation artists.

The last time propaganda artists worked their magic and others stood by silently, the World was at war for 13+ years and millions of people died and millions more were injured.

You ought to be old enough to remember.

When ECB dies.....

Mircea

Originally Posted by pvande55

For this reason the Chinese will take great pains to keep the dollar strong. If the dollar dies, China could be a greater victim.

Once development reaches critical mass, the US and the US Dollar become irrelevant in the grand scheme of things. BRIC knows that....so does the US.

I suspect the real reason the US is sending troops to Africa is to stop development, or at least slow it.

Strategically...

Mircea

Originally Posted by thrillobyte

Actually, the economy is starting to recover quite nicely according to the latest reports:

Fareed Zakaria: The U.S. economy is recovering well - The Washington Post

Your economy is not recovering and even during the Great Depression there were periods of economic growth.

It's all part of the cycle.

Worse than that, everything you're seeing is a sham. The FICA tax cut was stupid, and when it ends, what few gains you made will be wiped out. And then there's Obamacare and all of the regulatory actions that will go into effect -- like EPA Tier 3 which requires sulfur to be at 10 ppm for gasoline -- that will drive gasoline prices up permanently.

The underlying problem is that the US cannot compete globally, due to the extreme difference in wages between American workers and the rest of the world. So long as that is true, your economics problems, including your employment problems will persist.

Economically...

Mircea