Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
the really interesting stuff is the detail, and what leaps out again and again is how much of a hill the US has to climb. Exhibit a is the fact that under the Obama administration’s current fiscal plans, the national debt in the US (on a gross basis) will climb to above 100pc of GDP by 2015 – a far steeper increase than almost any other country.
It's something best not discussed. Focus on the WH saying "recovery". Focus on Bernake saying "recovery".
Do this as millions hope on unemployment extensions that will put them at 99 weeks of paid unemployment. There are 52 weeks in a year folks. Do you recall anytime in history past the Great Depression where the 26 week unemployment got extended and extended and extended and....?
Even Texas, once with a surplus, now has an $18 billion deficit.
the really interesting stuff is the detail, and what leaps out again and again is how much of a hill the US has to climb. Exhibit a is the fact that under the Obama administration’s current fiscal plans, the national debt in the US (on a gross basis) will climb to above 100pc of GDP by 2015 – a far steeper increase than almost any other country.
Good Charts also:.......
2015 is to long I'm betting on 2012 or 2011. There will be a debt collapse. That should cause a big contraction in the economy. A 20% contraction in GDP would put the total US national debt at 100% of GDP. Once the debt starts to collapse a 20% contraction in GDP would be small. 50% would be large. My bet on the start of this is 3 months to 1 year.
2015 is to long I'm betting on 2012 or 2011. There will be a debt collapse. That should cause a big contraction in the economy. A 20% contraction in GDP would put the total US national debt at 100% of GDP. Once the debt starts to collapse a 20% contraction in GDP would be small. 50% would be large. My bet on the start of this is 3 months to 1 year.
I'm thinking 2012 the latest myself. But, as we see today, printing money or even promising money keeps the fires going a little longer.
I'm thinking 2012 the latest myself. But, as we see today, printing money or even promising money keeps the fires going a little longer.
A deflation spiral is very hard to exit from.
You can not underestimate the value of hope. People are hoping that things will work out OK.
What I want to put into place NOW is a program to mint coins (Paper money is debt) and give the minted money to everyone every man woman and child in the US. ( Legally in the US) $ 1k per month when the unemployment rate is over 5%. Then push on the minimum wage to get higher wages/prices, and finally tax the payment of the interest on debt. This should get a growing economy and deflation at the same time. Force the collapse of debt, force prices higher and keep the consumers spending with money for free. The banks would be required to soak up the minted money by raising their required reserves held in the Fed.
They will collapse the economy when they feel they have all their ducks in a row. I also think 2012 or before. I want to be wrong on this but I'm not feeling that yet.
Last edited by UpNort; 05-15-2010 at 05:34 PM..
Reason: mispelled word
And yet Obama claims "I Told You So" in response to his critics saying his economic policies are failures. I'm sure he already knows he's a one term wonder and won't be re-elected, so he's pushing off the payments till after he's out of office while racking up massive spending in the meantime.
The article starts off by saying Mervyn King irked US authorities when he was trying to explain whats actually going on. It is a terrible situation when foreign central bankers and economists are more accurately reporting whats going on than those here in the US. Richard Koo in Japan is another one who probably irks the US authorities.
It's funny that we're supposed to teach our children that they shouldn't spend more money than they have. We give them allowances so that they can learn the value of saving for something they want or need. We let them feel the pain of not having enough and having to either pick something else or wait a little longer for what they want...
And they look to people who are supposed to be in positions of great power and great wisdom leading our nation and they see the equivalent of a 4 year old with a credit card in a toy store with no end in sight and no money to pay for anything.
I know junior high school kids who handle money better than all of congress and the White House.
But the rest of the World loves us again and the POTUS can speak well. Who cares how bad everything else is?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
