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Old 10-21-2013, 01:17 AM
 
3,040 posts, read 2,256,081 times
Reputation: 662

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Pretty good quick explanation here,

https://www.youtube.com/watch?v=KIbk...e_gdata_player

And this is a good unbiased explanation of our debt and the deficit,

https://www.youtube.com/watch?v=3ugD...e_gdata_player

The end is important. Because our currency IS at risk of losing it's place as the Reserve Currency.


This is a pretty good video too. This touches more on the inflation part that the first two don't really get into.

https://www.youtube.com/watch?v=Ln6V...e_gdata_player

Put all three together and you get a good idea of our situation. It's pretty consistent with the same message.
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Old 10-21-2013, 05:04 AM
 
Location: Long Island, NY
19,713 posts, read 12,017,368 times
Reputation: 5615
Quote:
Originally Posted by Hoonose View Post
It is indeed. IMO too fast.

"Originally Posted by CIB View Post
Good Morning from Texas,

I want to know why severe deficite spending is good for our country. Can anyone explain that to me?"

Simply look at our financing of WW2:

Keep from All Thoughtful Men: How U.S. Economists Won World War II: Jim Lacey: 9781591144915: Amazon.com: Books
Deficit spending is not always good or always bad, it depends upon what is going on in the economy. If there is full employment and businesses are borrowing to invest, deficits will cause rates to rise, as government competes for money.

If the economy is weak deficit spending becomes demand of last resort and adds buoyancy to the economy.
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Old 10-21-2013, 05:06 AM
 
Location: Long Island, NY
19,713 posts, read 12,017,368 times
Reputation: 5615
Quote:
Originally Posted by Jean71 View Post
Pretty good quick explanation here,

https://www.youtube.com/watch?v=KIbk...e_gdata_player

And this is a good unbiased explanation of our debt and the deficit,

https://www.youtube.com/watch?v=3ugD...e_gdata_player

The end is important. Because our currency IS at risk of losing it's place as the Reserve Currency.


This is a pretty good video too. This touches more on the inflation part that the first two don't really get into.

https://www.youtube.com/watch?v=Ln6V...e_gdata_player

Put all three together and you get a good idea of our situation. It's pretty consistent with the same message.
The dollar has little risk of losing its place as a reserve currency. Current deficits are manageable.
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Old 10-21-2013, 05:15 AM
 
48,509 posts, read 86,088,090 times
Reputation: 18105
As they say ;ask the Greek.
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Old 10-21-2013, 08:32 AM
 
9,963 posts, read 4,361,570 times
Reputation: 1962
Quote:
Originally Posted by MTAtech View Post
Deficit spending is not always good or always bad, it depends upon what is going on in the economy. If there is full employment and businesses are borrowing to invest, deficits will cause rates to rise, as government competes for money.

If the economy is weak deficit spending becomes demand of last resort and adds buoyancy to the economy.
I agree completely!
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Old 10-21-2013, 08:52 AM
 
9,963 posts, read 4,361,570 times
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Quote:
Originally Posted by Jean71 View Post
P
And this is a good unbiased explanation of our debt and the deficit,

https://www.youtube.com/watch?v=3ugD...e_gdata_player
Very excellent. Except for a few things.

At about 3:40 he talks about the world suddenly shunning the US and going to buy other country's debt.

Well that certainly can happen, and of course it does happen. The key issue though is volume. The amount of USD based investment debt in the world is enormous, and there is no other secure currency in the world to place all that debt today. In a generation there certainly could be alternatives, just not anytime soon. But even then, as the world grows in a generation, there doesn't have to be some zero sum end point. Other currencies can grow in volume, as can the US.

And then about 4:00 he compares the US to Greece. Greece is a currency user so it is not monetarily sovereign. A huge difference when compared with the US, where our debt obligations are based in our own currency. And where our own Gov't is the sole issuer.
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Old 10-21-2013, 09:04 AM
 
18,324 posts, read 16,266,226 times
Reputation: 7081
Quote:
Originally Posted by Jean71 View Post
Pretty good quick explanation here,

https://www.youtube.com/watch?v=KIbk...e_gdata_player

And this is a good unbiased explanation of our debt and the deficit,

https://www.youtube.com/watch?v=3ugD...e_gdata_player

The end is important. Because our currency IS at risk of losing it's place as the Reserve Currency.


This is a pretty good video too. This touches more on the inflation part that the first two don't really get into.

https://www.youtube.com/watch?v=Ln6V...e_gdata_player

Put all three together and you get a good idea of our situation. It's pretty consistent with the same message.

Having the reserve currency is not an unequivocal good for all citizens. Anyone who was against NAFTA must also be against the impact of running continuous trade deficits for the same reason.
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Old 10-21-2013, 09:27 AM
 
Location: Tennessee
10,132 posts, read 5,891,001 times
Reputation: 4219
Default Public debt is NOT a problem

Michael Hudson as an economist says PUBLIC debt (social security, Medicaid, etc) is NOT a problem. What IS a problem is PRIVATE debt---such as moneys loaned to banks. He explains here.



Government Debt and Deficits Are Not the Problem - Private Debt Is - YouTube
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Old 10-21-2013, 09:30 AM
 
Location: Tennessee
10,132 posts, read 5,891,001 times
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Default The history of national debt--for thousands of years

Hudson explains when national debt started being a problem---with ROME. Political power began protecting the oligarchy of rich folks who want debt to them to be paid. He says this type of economy becomes irreversible and even led to the Dark Ages.

At the five minute mark a Congressman in a hearing where private bank officials are appearing, states that the bankers are saying they are "sorry" and it won't happen again. He says, "I have some constituents who robbed your banks, and they write me saying the same thing. We're sorry, just let us out of jail, we won't do it again.

"The oligarchy would rather annul the right of the bottom 90 percent to live than to annul the money owed to them. They'd rather strip the planet and shrink the population than give up their claims. That's the political fight of the 21st century" Michael Hudson

Sound familiar?


Michael Hudson: Oligarchy will never cancel the debt we owe - YouTube
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Old 10-21-2013, 10:00 PM
 
3,040 posts, read 2,256,081 times
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Quote:
Originally Posted by MTAtech View Post
The dollar has little risk of losing its place as a reserve currency. Current deficits are manageable.
Not quite.
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