World Financial Collapse Imminent

[Pinner]

I think so, but when ?

My dad was thinking this way 30 + yr's ago, nothing has changed except the amount of debt. Does anyone really think the US et al can payoff this debt ?

If every countries debt was wiped clean and a World Currency was established, how would the debtors pay back their lenders ?

[krynski]

I don't see the US paying off their debt. Its wayyy to fricken large. There will be permanent long-standing issues for the US. I don't really see them being a permanent powerhouse anymore. longevity seems to be severely impacted, and I do not believe domestic taxation will make any significant cut towards the US's debt. Ultimately, they are almost most-definitely SCREWED. I don't know so much about Canada's debt, but im pretty sure we are in a much better position. 566.7 billion in debt is a lot more manageable than 14 trillion.

[1stLand]

Even 566.7 Billion is too large (Canada).

The system is definately broken.
If it wasnt for our oil and gas reserves, we would have a pretty bleak future as a country.

That video was spot on. Western Nations have lost their ability to produce and manufacture goods competitively.

Materialism and consumerism is out of control. The amount of entitlement American and Canadian citizen's have is worrisome.

[krynski]

Originally Posted by 1stLand

Even 566.7 Billion is too large (Canada).

The system is definately broken.
If it wasnt for our oil and gas reserves, we would have a pretty bleak future as a country.

That video was spot on. Western Nations have lost their ability to produce and manufacture goods competitively.

Materialism and consumerism is out of control. The amount of entitlement American and Canadian citizen's have is worrisome.

Yeah, i agree. We did have a huge-ass $60 billion deficit in 2009, compared to a 2.25 billion in 2008, and 2007 we had a $14 billion surplus. Its huge, but its not totally unreachable, considering the US had a 1.4 TRILLION deficit in 2009 ( a greater than 10% rise in debt over only 1 year). We havn't needed to inject extremely exorbitant amounts of money into our economy to keep it sustainable, but most certainly the US does. The US also has more global resposibilities, but that is most certainly their fault, and their fault alone.

[Phanuthier]

They won't be paying off the debt. The only consideration right now is how to handle the issue without letting the system implode.

[Ozy_Flame]

It . . . . Never . . . stops . . . . climbing!!!!

[TheyCallMeBruce]

Peter Schiff was right??

[jar_e]

I can't say I know much about global economics other than what's reported on the news and such, but wouldn't it make more sense for this collapse to happen during the past few years when the market and the economy was shot? It seems like it would be kinda backward to make a little progress than to blow it all up again.

[Mazrim]

Originally Posted by Ozy_Flame

It . . . . Never . . . stops . . . . climbing!!!!

It's gonna be like Gas Station signs and need a retrofit pretty quickly to fit an extra digit!

[Devils'Advocate]

I was listening to a 60 Minutes podcast the other day. There were two segments I found particularly interesting:
(1) A Reagan budget aide coming out saying that there is nothing that can be cut in any significance from the U.S. budget. You can lop off a million here and a million there, but that does nothing in the long term towards the trillions in debt. The only cuts that would make any significant impact would be military, medicare or social security, all of which would be suicide at the voting booth. His solution: "Raise taxes". The government may be going broke, but the country is not. The amount of personal wealth in the United States is mind boggling.
(2) Steve Balmer and Bill Gates are on opposite sides of an Oregon bill. The bill states that people making over $200,000 a year have to pay an education tax to provide more funding to a failing school system. The state can't afford to pay for more teachers when clearly more are needed, nor can it provide adequate supplies for the classroom. Gates says that the money is needed and that he should pay his fair share. Balmer says that Bill no longer has to worry about keeping the Microsoft executives that would leave to greener pastures should the bill pass.

I think the issue is that the political system in the United States is completely broken. Increased revenues from taxes on the rich are absolutely needed, yet both parties are trying to outbid each other to the tax floor. The Republicans cry tax cuts are the solution to every problem, and then spend like drunken sailors when in office. The Democrats claim they are the party of fiscal responsibility, balancing tax cuts with spending programs, but Obama's extension of the Bush tax cuts only hurts the country in the long run. I mean, if it is obvious to even Reagan's budget people, it has to be obvious to most people... the country is in trouble and something needs to be done, but no political party is willing to make the sacrifice needed because they will be booted out of office.

[macker]

Thought this was about the poster child of MLM...... http://scam.com/showthread.php?t=7359

[macker]

Originally Posted by TheyCallMeBruce

Peter Schiff was right??

At this point...partially..... http://www.amazon.com/Crash-Proof-Ec.../dp/0470043601

[ricosuave]

http://www.usdebtclock.org/

[macker]

Originally Posted by macker

At this point...partially..... http://www.amazon.com/Crash-Proof-Ec.../dp/0470043601

as is : http://www.amazon.com/Crisis-Economi.../dp/1594202508 Nobody likes to hear the negativity that these guys are always ranting and raving about but if you listen to what they are saying they are at least partially right here.....

[J pold]

Yeah I think a lot of this is smoke and mirrors call me crazy but I have an optimistic view of the world going forward. The American economy will defy the pessimists in my opinion, the housing market is still extremely shaky, and unemployment needs to get down to healthy levels (7-5%) but they will recover. It will be a slow painful process but they will get there.

[macker]

Originally Posted by J pold

Yeah I think a lot of this is smoke and mirrors call me crazy but I have an optimistic view of the world going forward. The American economy will defy the pessimists in my opinion, the housing market is still extremely shaky, and unemployment needs to get down to healthy levels (7-5%) but they will recover. It will be a slow painful process but they will get there.

I think it will take a global effort to work out the imbalances that currently exist.....It will take spending nations like the US, England, Spain etc. to learn how to save and stop spending and saving nations like China, Japan and Germany to learn how to spend and stop saving. Right now the trust level of the US is very low as you can see by the flows into the Yen, the Franc and to a lessor degree the CAD. The world needs the US to get things under control....One day we will look back on the past year or two of what the Fed has done and be shocked that they were able to pull this off.....it may just work but the cupboards are now bare...."All In"

[Sylvanfan]

My question is that if they do abandon the US dollar as the standard currency in which commodities like wheat, oil, soy beans, and copper are valued, what are they going to move to? Europeans are hardly shining economic stars in their own right, they're as bad as us North Americans for having debt, and this is with a long history of bankrupting themselves as nations. Fart, they expect to make a good living, have a fantastic social safety net, and do it while working 35 hours a week with 7 weeks paid hollidays a year. Even if the Eurounion split is Germany big enough to rule the economic world?

It's gotta to be the Chinese Yuan that takes over the world.

[PIMking]

I pay into social security and I wont ever see a dime of it, let alone people that aren't legal getting it and people that have never put a dime into it getting it.

We have politicians that make way too much money for being in office plus all those cheap parties and vacations on the tax payers dime.

then we have a two party system that has gotten so polarized they can't even agree on what soda to drink.

[jolinar of malkshor]

Originally Posted by PIMking

I pay into social security and I wont ever see a dime of it, let alone people that aren't legal getting it and people that have never put a dime into it getting it.

So you don't use the healthcare system? You didn't get educated in Canada? Do you use the highways or transit systems? The list goes on and on.

Bottom line is: If people want these social services to continue at the rate they are at, they must be prepared to pay more in taxes. The problem with that is we have governments that can not be trusted to manage our money properly.

[Pinner]

Tuscaloosa ALABAMA not close to greenbow

02-27-2011, 01:36 PM #19
PIMking
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Join Date: Jan 2008
Location: Tuscaloosa ALABAMA not close to greenbow
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