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How broke the US is?

Discussion in 'Off Topic Threads' started by slowdp, Jul 30, 2012.

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  1. slowdp

    slowdp TS Member

    May 7, 2007
    Any ideas on how to handle the problem? Watch the short video and start the discussion.
  2. TinMan88

    TinMan88 TS Member

    Mar 5, 2007
    try this: IMF’s Lagarde: US Fiscal Cliff Key Global Risk
    The IMF’s Christine Lagarde stated Thursday that the number one global risk was not the Euro-zone debt crisis, but rather the ‘looming US fiscal cliff‘.

    Lagarde’s statement went unreported in the US as it slices open everything MSM MOPE continually attempts to obfuscate by continually harping on the Euro-crisis.

    The US is Greece Times 100.
  3. TinMan88

    TinMan88 TS Member

    Mar 5, 2007
    Or this:: CNBC: Are Fiat Currencies Headed for a Collapse?
    The irony. Apparently CNBC’s ratings have fallen so far off the cliff (due to alternative financial blogs such as Zerohedge and SD) that they have been forced to resort to truthful financial reporting.

    The Central Banker/ sell-side propaganda arm known as CNBC has released an article warning investors that fiat currencies are headed for a collapse due to continued and escalating devaluation.

    Shockingly, CNBC even points out in the article that “Every single fiat currency in history has collapsed, this time will be no different.”
  4. Rick Barker

    Rick Barker Well-Known Member

    May 25, 2009
    Any currency standard can fail.

    A fiat currency is one that has no intrinsic value.

    We were on a silver standard when the Silver Panic and the recession that followed in 1893.

    We were on the gold standard from 1900 to 1933 when our economy failed and followed by the Great Depression.

    What causes most failures in economies are wars, welfare programs, unbridled spending, panic, restrictive laws to businesses, and meddling in the ecomony by government, to fix a problem that will right itself if left alone.

    This formula for failure has been shown throughout history with the Roman Empire and a couple times during our lifetimes.

    When people put their trust in government for all things, they are doomed.
  5. halfmile

    halfmile Well-Known Member

    Jan 29, 1998
    Green Bay Wisconsin
    I have to expand on your statement, Rick.

    Throughout history economic failures have been tied mostly to one cause:


    There were a host of municipal bankruptcies around the time of the civil war for that reason. Pittsburgh and Milwaukee defaulted their bond issues.
    businesses were failing left and right.

    During the 20's the stock market finally crashed because too many assets were built on margin. (again, spending money you don't have)

    At this time, we are paying 43 cents of every dollar we take in to pay interest on the debt. But the insane spending continues. Only a fool would think there is any possibility of repairing the damage. Our President refuses to stop the spending, instead he thinks wringing more taxes out of the people is the answer.

    17th century revolutions were financed with borrowed money, in both France and England. Lenders were familiar names, Rothschild, Lazars, Schiff etc.

    In order to keep the loans secure, both rulers were executed.

    At the present time municipal bankruptcies are again sweeping over the horizon. California has Stockton, San Bernardino, Mammoth lakes, and recently Vallejo.

    LA Times:

    "Although California's problems are extreme, the state is hardly alone in financial difficulties. Towns and counties in Alabama, Illinois, Michigan, New Jersey, New Hampshire, New York, Pennsylvania and Rhode Island are all having trouble meeting their financial obligations. If these conditions continue to spread, the United States will be facing a crippling debt crisis at the state and local levels, which is where Americans receive much of what matters for their quality of life."

    Then there is the federal mess.

    Bernanke et al are furiously pouring water into the soup to tray and make things work, but the soup has no more nutrient than before.

    Before the housing crisis hit, I stated that the people of the US were not going to like the next decade or so.

    And here we are.

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