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This is like walking the bases loaded on 12 pitches...
Not sure I know what you mean?But for my entertainment I was wondering if you would spin this.Tell us that the debt does not have anything to do with this.Spin how USD is strong.Spin how foreigners are tripping over themselves to buy treasiries.
Quote:
Dominique Strauss-Kahn, the head of the International Monetary Fund, suggested Friday the organization might one day be called on to provide countries with a global reserve currency that would serve as an alternative to the U.S. dollar.
"That day has not yet come, but I think it is intellectually healthy to explore these kinds of ideas now," he said in a speech on the future mandate of the 186-nation Washington-based lending organization.
Strauss-Kahn said such an asset could be similar to but distinctly different from the IMF's special drawing rights, or SDRs, the accounting unit that countries use to hold funds within the IMF. It is based on a basket of major currencies.
He said having other alternatives to the dollar "would limit the extent to which the international monetary system as a whole depends on the policies and conditions of a single, albeit dominant, country." Head of IMF Proposes New Reserve Currency - ABC News
Please share your wisdom on why the countries are considering this if is all is well in your delusional world.Strike three you are out grab some pine Saggy.
Bernanke's attempt to reflate the economy has not worked. The money they print is backed by debt, which according to the graphs I see at the St Louis FED website, shows the debt has now gone parabolic. This economy propped up by spending is eventually going off a cliff and there's nothing anyone can do about it because of debt saturation. We may be looking at the first great depression of the 21st century.
We have way to much debt. You want to see economic growth real economic growth there are a couple of way to get there. one is to have a 300% or more inflation. One round and then have it stop. an other is to have a great big write down of debt. That is for the country and everyone in it to declare bacrupcy. We need to get out of debt.
Not sure I know what you mean?But for my entertainment I was wondering if you would spin this.Tell us that the debt does not have anything to do with this.Spin how USD is strong.Spin how foreigners are tripping over themselves to buy treasiries.
more like part of little enough that's keeping us from such a fate. It's unfortunate of course that the cascading collapses brought about by the greed and denial of a bunch of laissez-faire free-market capitalists and their cowboy cronies spun off a downward spiral whose effects could not have been contained by two stimulus bills, but it's a darned good thing we have at least one. Two million fewer jobs and two to three points lower gdp growth would have left us in a far worse situation than the one we actually confront today. Credit where credit is due.
Keep thinking you can fund Medicare, SS, and the overbloated military. We'll see how well that works for ya.
Nice link, thanks for posting. The other troubling thing out there IMO is if CA's municipal bonds take a huge hit on the secondary market. You'd have the federal government stepping in to try and guarantee their value, but at what cost?
Coming FROM the Queen of entitlement freaks, I really do consider that an insult. Luckily, insults only hurt when they are from people that I respect, and not people that have been sucking off the government teet their whole careers. You can lift a finger and do a copy/paste while you're posting your "facts." The burden of proof is on YOU.
I'm so sorry to hear about your feelings. I hope they are better soon. Otherwise, another uninformed poster made reference to some sort of massive spending increases she supposed to be occurring under Obama. So I noted and then posted the annual budget increases in outlays over the past decade. They clearly do not support her case. If you are actually interested in learning more about the numbers I used, I have told you where to go to find them. Pull up the historical budget tables and then divide one year's outlay totals by those from the preceding year. Subtracting 1.0 from the result will give you the annual increase. Is that too much for you? Is that really too far to ask you to go in answering your own question and expanding your own knowledge? Is it really the case that you should be able to depend on me to do that work for you? Have you ever heard of Personal Responsibility®, or do I need to tell you what that is also?
I'll clarify. Your post either was or was the equivalent of a rehash of the musings of some whackjob internet financial guru wannabe.
Quote:
Originally Posted by reid_g
But for my entertainment I was wondering if you would spin this. Tell us that the debt does not have anything to do with this.Spin how USD is strong. Spin how foreigners are tripping over themselves to buy treasiries.
Bulletin: Every significant nation carries debt. Yes, even China. While it's official data put its official debt at less than 20% of GDP, the fact that China used local government entities to acquire tainted assets from its financial sector while excluding local government debt from its official debt statistics means that its actual debt to GDP ratio is more likely to be in the range of 60% or so. Still better than us, but not by any extraordinary margin. Meanwhile, if you've followed the dollar lately, you know that it has been at 9-month highs, appreciating strongly against the yen and the euro with that strengthening having also been a key factor in the recent declines in oil prices. As for foreign holdings of US debt, they rose again in December by $17 billion (more than all of it official) and the yield on 10-year Treasuries closed Friday at the historically low rate of 3.61, down from 3.68 at the beginning of the month and 3.85 at the beginning of the year. Willingness to hold US debt is hardly evaporating.
Quote:
Originally Posted by reid_g
Please share your wisdom on why the countries are considering this if is all is well in your delusional world.Strike three you are out grab some pine Saggy.
Our good friend (and Socialist) Monsieur Strauss-Kahn is peering far off into the future, envisioning how the global economy of 30-50 years from now might look and function in a technical sense. Is it necessary or desirable that any national currency serves as the primary international reserve? We don't really know. We only know that it has worked rather well for a while under the circumstances of the present era. We know also that the currency of whatever nation produces in excess of 20% of global GDP will continue to be a very important one. By the way, while we wait to see just how the musings and speculations of Strauss-Kahn and others work out, you might wish to be alarmed out of your mind by currently (as in right now) circlulating proposals for global taxation to support the work of the agencies comprising the international financial community. Can the NWO and world government be far behind???
We have way to much debt. You want to see economic growth real economic growth there are a couple of way to get there. one is to have a 300% or more inflation. One round and then have it stop.
How long does a round last? What does one do at the end of such a round in order to "have it stop"?
Quote:
Originally Posted by newonecoming
an other is to have a great big write down of debt. That is for the country and everyone in it to declare bacrupcy. We need to get out of debt.
Well, I don't think I need to declare bankruptcy. I have assets galore and liabilities that are miniscule by comparison. It sounds to me a little like you're planning to impose an immediate 100% wealth tax on everyone. That doesn't seem very fair or wise from where I sit. Oh, and we haven't been "out of debt" since 1836. Why the big rush to start again now? We had a greater burden of debt in the years following WWII and did no such thing. Why don't we try that again?
How long does a round last? What does one do at the end of such a round in order to "have it stop"?
We could if we wanted to have it done in 6 months to a year. Raising interest rates stops inflation.
Quote:
Originally Posted by saganista
Well, I don't think I need to declare bankruptcy. I have assets galore and liabilities that are miniscule by comparison. It sounds to me a little like you're planning to impose an immediate 100% wealth tax on everyone. That doesn't seem very fair or wise from where I sit. Oh, and we haven't been "out of debt" since 1836. Why the big rush to start again now? We had a greater burden of debt in the years following WWII and did no such thing. Why don't we try that again?
There are several kinds of debt, there is total debt, there is personal debt there is national debt there is publicly held national debt. The total debt burden after WWII was far lower than it is now. The total debt burden at the peek during the great depression was about 260 to 299% of GDP depending on the source that you read. We are currently at 350% of GDP for total debt.
“I have assets galore and liabilities that are miniscule by comparison.”
Be prepared for the value of your assets to go down by 90% of their peek value. That is for stocks. For real estate the drop in value would be back to 1990 levels or so.
“It sounds to me a little like you're planning to impose an immediate 100% wealth tax on everyone.”
There is a difference between what you've already got and what you are currently getting. I have no plans to touch what you've already got. What you are currently getting. There needs to be a balance between investing and spending. That is between cash and credit. We need more cash to be spent and less credit/debt. I'd be happy to let the rich get a tax deduction for the money they spent. (Not invested) Having said that I am talking about a big tax increase on the top end income brackets.
“We had a greater burden of debt in the years following WWII and did no such thing.”
That was public debt. The total debt was much smaller because of the pay down we went through in the great depression. The Great Depression was the write down that set up the post WWII Boom.
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