U.S. TO DEFAULT ON ITS DEBT – SUMMER 2009

[kewp]

Here is a good article on how the mismanagement of the US’s finances hurts other countries economies because of the dollar reserve connection. Lengthy article but well worth the read.

This article makes the common mistake that our national debt is something we have no control over.

That is simply not true, see:

http://en.wikipedia.org/wiki/U.S._public_debt

Our current situation is entirely due to the Bush administrations policies of waging war and expanding the government while also cutting taxes.

Reverse that trend and the debt goes down.

That article also makes a common mistake of assuming that China and the U.S. are in competition.

That’s not exactly true. The reality is that its the wealthiest 1% of the worlds population vs. the rest of us.

And the very rich like things just how they are. The ruling elite in China are much more afraid of their own citizens than they are of us. They will do whatever it takes to maintain the status quo.

[peterb]

Double check your analysis of this group. I think you’ll find that they are not all that good at predictions. Calling a systemic problem in 2000 that took until 2007 to hit is next to useless. Timing is EVERYTHING.

[peterb]

Double check your analysis of this group. I think you’ll find that they are not all that good at predictions. Calling a systemic problem in 2000 that took until 2007 to hit is next to useless. Timing is EVERYTHING.

[peterb]

Double check your analysis of this group. I think you’ll find that they are not all that good at predictions. Calling a systemic problem in 2000 that took until 2007 to hit is next to useless. Timing is EVERYTHING.

[peterb]

Double check your analysis of this group. I think you’ll find that they are not all that good at predictions. Calling a systemic problem in 2000 that took until 2007 to hit is next to useless. Timing is EVERYTHING.

[peterb]

Double check your analysis of this group. I think you’ll find that they are not all that good at predictions. Calling a systemic problem in 2000 that took until 2007 to hit is next to useless. Timing is EVERYTHING.

[Arraya]

“Our current situation is entirely due to the Bush administrations policies of waging war and expanding the government while also cutting taxes.”

Agreed, they have been a nightmare. Still when you look at both the candidates spending they don’t address the issue of bringing the deficit down actually they both will increase it. So really what’s the sense of blaming bushco for a problem if Obama will only exacerbate it.

“That article also makes a common mistake of assuming that China and the U.S. are in competition.

That’s not exactly true. The reality is that its the wealthiest 1% of the worlds population vs. the rest of us.”

Again I agree, but who do you think the .1% interests are more aligned with us or the Chinese? Paulson practically lived over there and he did help engineer the housing bubble. China was the biggest beneficiary of the housing bubble as far as taking fake wealth and converting it to something real i.e. manufacturing base and stock piling commodities.

“And the very rich like things just how they are. The ruling elite in China are much more afraid of their own citizens than they are of us. They will do whatever it takes to maintain the status quo.”

And the US elite have the US significantly dumbed down and divided not to worry about its citizens. We will go down in flames bickering about nonsense.

Spain, Argentina, Pakistan, Ecuador, Ukraine, Hungary, Serbia, Latvia, Estonia, Lithuania, Romania, Bulgaria, Turkey and Switzerland are today all teetering dangerously close to various brinks, while there are undoubtedly dozens of basket cases hiding in the shadows, behind the veils of reassuring PR.

The people of Iceland, until a few weeks ago one of the richest countries in the world, no longer have access to the money in their bank accounts. That should be a warning sign for everyone, wherever you live. No matter how much money you have in the bank, if you can’t get to it, you can be poor from one day to the next.

And when the first of the long list of troubled countries start collapsing economically, we are all smart enough to realize that there will be mobs in the streets and runs on the banks.

What we see unfold before our eyes is not an economic crisis. It is something much bigger.

[Arraya]

“Our current situation is entirely due to the Bush administrations policies of waging war and expanding the government while also cutting taxes.”

Agreed, they have been a nightmare. Still when you look at both the candidates spending they don’t address the issue of bringing the deficit down actually they both will increase it. So really what’s the sense of blaming bushco for a problem if Obama will only exacerbate it.

“That article also makes a common mistake of assuming that China and the U.S. are in competition.

That’s not exactly true. The reality is that its the wealthiest 1% of the worlds population vs. the rest of us.”

Again I agree, but who do you think the .1% interests are more aligned with us or the Chinese? Paulson practically lived over there and he did help engineer the housing bubble. China was the biggest beneficiary of the housing bubble as far as taking fake wealth and converting it to something real i.e. manufacturing base and stock piling commodities.

“And the very rich like things just how they are. The ruling elite in China are much more afraid of their own citizens than they are of us. They will do whatever it takes to maintain the status quo.”

And the US elite have the US significantly dumbed down and divided not to worry about its citizens. We will go down in flames bickering about nonsense.

Spain, Argentina, Pakistan, Ecuador, Ukraine, Hungary, Serbia, Latvia, Estonia, Lithuania, Romania, Bulgaria, Turkey and Switzerland are today all teetering dangerously close to various brinks, while there are undoubtedly dozens of basket cases hiding in the shadows, behind the veils of reassuring PR.

The people of Iceland, until a few weeks ago one of the richest countries in the world, no longer have access to the money in their bank accounts. That should be a warning sign for everyone, wherever you live. No matter how much money you have in the bank, if you can’t get to it, you can be poor from one day to the next.

And when the first of the long list of troubled countries start collapsing economically, we are all smart enough to realize that there will be mobs in the streets and runs on the banks.

What we see unfold before our eyes is not an economic crisis. It is something much bigger.

[Arraya]

“Our current situation is entirely due to the Bush administrations policies of waging war and expanding the government while also cutting taxes.”

Agreed, they have been a nightmare. Still when you look at both the candidates spending they don’t address the issue of bringing the deficit down actually they both will increase it. So really what’s the sense of blaming bushco for a problem if Obama will only exacerbate it.

“That article also makes a common mistake of assuming that China and the U.S. are in competition.

That’s not exactly true. The reality is that its the wealthiest 1% of the worlds population vs. the rest of us.”

Again I agree, but who do you think the .1% interests are more aligned with us or the Chinese? Paulson practically lived over there and he did help engineer the housing bubble. China was the biggest beneficiary of the housing bubble as far as taking fake wealth and converting it to something real i.e. manufacturing base and stock piling commodities.

“And the very rich like things just how they are. The ruling elite in China are much more afraid of their own citizens than they are of us. They will do whatever it takes to maintain the status quo.”

And the US elite have the US significantly dumbed down and divided not to worry about its citizens. We will go down in flames bickering about nonsense.

Spain, Argentina, Pakistan, Ecuador, Ukraine, Hungary, Serbia, Latvia, Estonia, Lithuania, Romania, Bulgaria, Turkey and Switzerland are today all teetering dangerously close to various brinks, while there are undoubtedly dozens of basket cases hiding in the shadows, behind the veils of reassuring PR.

The people of Iceland, until a few weeks ago one of the richest countries in the world, no longer have access to the money in their bank accounts. That should be a warning sign for everyone, wherever you live. No matter how much money you have in the bank, if you can’t get to it, you can be poor from one day to the next.

And when the first of the long list of troubled countries start collapsing economically, we are all smart enough to realize that there will be mobs in the streets and runs on the banks.

What we see unfold before our eyes is not an economic crisis. It is something much bigger.

[Arraya]

“Our current situation is entirely due to the Bush administrations policies of waging war and expanding the government while also cutting taxes.”

Agreed, they have been a nightmare. Still when you look at both the candidates spending they don’t address the issue of bringing the deficit down actually they both will increase it. So really what’s the sense of blaming bushco for a problem if Obama will only exacerbate it.

“That article also makes a common mistake of assuming that China and the U.S. are in competition.

That’s not exactly true. The reality is that its the wealthiest 1% of the worlds population vs. the rest of us.”

Again I agree, but who do you think the .1% interests are more aligned with us or the Chinese? Paulson practically lived over there and he did help engineer the housing bubble. China was the biggest beneficiary of the housing bubble as far as taking fake wealth and converting it to something real i.e. manufacturing base and stock piling commodities.

“And the very rich like things just how they are. The ruling elite in China are much more afraid of their own citizens than they are of us. They will do whatever it takes to maintain the status quo.”

And the US elite have the US significantly dumbed down and divided not to worry about its citizens. We will go down in flames bickering about nonsense.

Spain, Argentina, Pakistan, Ecuador, Ukraine, Hungary, Serbia, Latvia, Estonia, Lithuania, Romania, Bulgaria, Turkey and Switzerland are today all teetering dangerously close to various brinks, while there are undoubtedly dozens of basket cases hiding in the shadows, behind the veils of reassuring PR.

The people of Iceland, until a few weeks ago one of the richest countries in the world, no longer have access to the money in their bank accounts. That should be a warning sign for everyone, wherever you live. No matter how much money you have in the bank, if you can’t get to it, you can be poor from one day to the next.

And when the first of the long list of troubled countries start collapsing economically, we are all smart enough to realize that there will be mobs in the streets and runs on the banks.

What we see unfold before our eyes is not an economic crisis. It is something much bigger.

[Arraya]

“Our current situation is entirely due to the Bush administrations policies of waging war and expanding the government while also cutting taxes.”

Agreed, they have been a nightmare. Still when you look at both the candidates spending they don’t address the issue of bringing the deficit down actually they both will increase it. So really what’s the sense of blaming bushco for a problem if Obama will only exacerbate it.

“That article also makes a common mistake of assuming that China and the U.S. are in competition.

That’s not exactly true. The reality is that its the wealthiest 1% of the worlds population vs. the rest of us.”

Again I agree, but who do you think the .1% interests are more aligned with us or the Chinese? Paulson practically lived over there and he did help engineer the housing bubble. China was the biggest beneficiary of the housing bubble as far as taking fake wealth and converting it to something real i.e. manufacturing base and stock piling commodities.

“And the very rich like things just how they are. The ruling elite in China are much more afraid of their own citizens than they are of us. They will do whatever it takes to maintain the status quo.”

And the US elite have the US significantly dumbed down and divided not to worry about its citizens. We will go down in flames bickering about nonsense.

Spain, Argentina, Pakistan, Ecuador, Ukraine, Hungary, Serbia, Latvia, Estonia, Lithuania, Romania, Bulgaria, Turkey and Switzerland are today all teetering dangerously close to various brinks, while there are undoubtedly dozens of basket cases hiding in the shadows, behind the veils of reassuring PR.

The people of Iceland, until a few weeks ago one of the richest countries in the world, no longer have access to the money in their bank accounts. That should be a warning sign for everyone, wherever you live. No matter how much money you have in the bank, if you can’t get to it, you can be poor from one day to the next.

And when the first of the long list of troubled countries start collapsing economically, we are all smart enough to realize that there will be mobs in the streets and runs on the banks.

What we see unfold before our eyes is not an economic crisis. It is something much bigger.

[kewp]

The people of Iceland, until a few weeks ago one of the richest countries in the world, no longer have access to the money in their bank accounts. That should be a warning sign for everyone, wherever you live. No matter how much money you have in the bank, if you can’t get to it, you can be poor from one day to the next.

Remember, we have a get out of jail free card on this one.

As the dollar is a fiat reserve currency the Fed can print as much money as it needs to meet demand. The absolutely worst case is that all the banks get Federalized and new money goes right from the printing press to the ATM machines.

Again, this is not inflationary in the classical sense as its replacing liquidity destroyed by debt defaults. It’s like blowing air into a leaky balloon.

[kewp]

The people of Iceland, until a few weeks ago one of the richest countries in the world, no longer have access to the money in their bank accounts. That should be a warning sign for everyone, wherever you live. No matter how much money you have in the bank, if you can’t get to it, you can be poor from one day to the next.

Remember, we have a get out of jail free card on this one.

As the dollar is a fiat reserve currency the Fed can print as much money as it needs to meet demand. The absolutely worst case is that all the banks get Federalized and new money goes right from the printing press to the ATM machines.

Again, this is not inflationary in the classical sense as its replacing liquidity destroyed by debt defaults. It’s like blowing air into a leaky balloon.

[kewp]

The people of Iceland, until a few weeks ago one of the richest countries in the world, no longer have access to the money in their bank accounts. That should be a warning sign for everyone, wherever you live. No matter how much money you have in the bank, if you can’t get to it, you can be poor from one day to the next.

Remember, we have a get out of jail free card on this one.

As the dollar is a fiat reserve currency the Fed can print as much money as it needs to meet demand. The absolutely worst case is that all the banks get Federalized and new money goes right from the printing press to the ATM machines.

Again, this is not inflationary in the classical sense as its replacing liquidity destroyed by debt defaults. It’s like blowing air into a leaky balloon.

[kewp]

The people of Iceland, until a few weeks ago one of the richest countries in the world, no longer have access to the money in their bank accounts. That should be a warning sign for everyone, wherever you live. No matter how much money you have in the bank, if you can’t get to it, you can be poor from one day to the next.

Remember, we have a get out of jail free card on this one.

As the dollar is a fiat reserve currency the Fed can print as much money as it needs to meet demand. The absolutely worst case is that all the banks get Federalized and new money goes right from the printing press to the ATM machines.

Again, this is not inflationary in the classical sense as its replacing liquidity destroyed by debt defaults. It’s like blowing air into a leaky balloon.

[Author]

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