The inevitability of a total dollar collapse (22)
wars are expensive ...expesually if the money goes out of the budget just so that a hand full of people make a good profit
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So, if you rein in the spending, the economy slows and unemployment figures rise. The recession becomes a depression. What do you suggest Obama does to remedy this?
Stimulus packages have proven to be unpopular owing to the concomitant national debt, however, adopting a laissez-faire attitude would increase unemployment to the point where welfare may collapse.
Then what?
Stimulus packages have proven to be unpopular owing to the concomitant national debt, however, adopting a laissez-faire attitude would increase unemployment to the point where welfare may collapse.
Then what?
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RayfromUSA: The official US national debt is now over $11 trillion dollars.
The interest on that debt is now $340 billion per year. The Obama administration admits that over the next 10 years they will add $9 trillion to the national debt.
What's more, besides that official debt, fixed obligations such as Social Security, ObamaCare and other entitlement programs bring the real debt obligation up to over 30 trillion.
And the Obama administtation has already admitted that its policies will add another 9 trillion dollars of debt over the next decade.
Even if interest rates don't go up at all (not likely) that will bring the interest on the national debt up to over a trillion dollars per year, over 3 billion per day.
Just to keep up with the interest, the government will have to be creating more monopoly money night and day. And the currency will devaluate faster and faster, robbing people's savings of all value.
No amount of stimulus spending can prevent the collapse.
In fact it will only make it worse.
The problem is not a lack of spending.
The problem is too much spending.
And it's too late to stop a collapse that's already in progress.
The interest on that debt is now $340 billion per year. The Obama administration admits that over the next 10 years they will add $9 trillion to the national debt.
What's more, besides that official debt, fixed obligations such as Social Security, ObamaCare and other entitlement programs bring the real debt obligation up to over 30 trillion.
And the Obama administtation has already admitted that its policies will add another 9 trillion dollars of debt over the next decade.
Even if interest rates don't go up at all (not likely) that will bring the interest on the national debt up to over a trillion dollars per year, over 3 billion per day.
Just to keep up with the interest, the government will have to be creating more monopoly money night and day. And the currency will devaluate faster and faster, robbing people's savings of all value.
No amount of stimulus spending can prevent the collapse.
In fact it will only make it worse.
The problem is not a lack of spending.
The problem is too much spending.
And it's too late to stop a collapse that's already in progress.
But they are fixing the problem by printing more bills them selfs and by the help of counterfeit criminals, since the dollars are so easy to forge!!!!!
We the rest of the world have come to realize that it's China and India wich will be the Dominant economies in the Future.
EU and US will be busy fighting off internal unrest.
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... China is booming
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the problem also is the impatience of the people..each president has to try and clean up the mess of the previous one..and that is not a task which can be completed in a year or two..or 3 or 4..sometimes it can take decades or would..if done right..but the pressure put on them pushes them to try certain quick fixes which in the end will back lash and ad more..because there are no quick fixes..a radical change in thinking is in need..JMO
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iamwhoiamyousee: the problem also is the impatience of the people..each president has to try and clean up the mess of the previous one..and that is not a task which can be completed in a year or two..or 3 or 4..sometimes it can take decades or would..if done right..but the pressure put on them pushes them to try certain quick fixes which in the end will back lash and ad more..because there are no quick fixes..a radical change in thinking is in need..JMO
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jovisst: But they are fixing the problem by printing more bills them selfs and by the help of counterfeit criminals, since the dollars are so easy to forge!!!!!
We the rest of the world have come to realize that it's China and India wich will be the Dominant economies in the Future.
EU and US will be busy fighting off internal unrest.
We the rest of the world have come to realize that it's China and India wich will be the Dominant economies in the Future.
EU and US will be busy fighting off internal unrest.
Still lots of issues needs to be sorted out in India nd China, mind you! increasing growth rate means nothing and that's what the politicians of these countries flout, whereas the infrastructure is in shambles and still (unrecorded) 60 percent of the crowd living under the poverty line.
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iamwhoiamyousee: the problem also is the impatience of the people..each president has to try and clean up the mess of the previous one..and that is not a task which can be completed in a year or two..or 3 or 4..sometimes it can take decades or would..if done right..but the pressure put on them pushes them to try certain quick fixes which in the end will back lash and ad more..because there are no quick fixes..a radical change in thinking is in need..JMO
Very True... if you look back in recent history ... Clinton fixed the last mess left by Bush... The thing is, this time around the republicans served an extra term that they stole causing extra damage
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another problem I think is..the sometimes stupid behavior of congress..sometimes a good idea which is made is put down because it did not grow on the other parties dung heap..or so many stipulations are added that what comes out in the end is worthless..Bush jr. kept the Dollar deflated on purpose to keep the people from buying not domestic products...that that hurt the industry from investing in other countries..and well his attitude also put a drastic stop from other countries to open businesses in the US..anyway..the presidents which will follow..just like obama now will stand in front of a mountain which can ony be leveled piece by piece and only if the parties work together instead of against each other...but then again ..JMO
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iamwhoiamyousee: the problem also is the impatience of the people..each president has to try and clean up the mess of the previous one..and that is not a task which can be completed in a year or two..or 3 or 4..sometimes it can take decades or would..if done right..but the pressure put on them pushes them to try certain quick fixes which in the end will back lash and ad more..because there are no quick fixes..a radical change in thinking is in need..JMO
the trouble is a radical change in thinking is against the law of politics in the USA where most of the politicians use the media to bombard the witless public mob to try to destroy anyone who does something that is going to hurt them politically or financially.
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RayfromUSA: The official US national debt is now over $11 trillion dollars.
The interest on that debt is now $340 billion per year. The Obama administration admits that over the next 10 years they will add $9 trillion to the national debt.
What's more, besides that official debt, fixed obligations such as Social Security, ObamaCare and other entitlement programs bring the real debt obligation up to over 30 trillion.
And the Obama administtation has already admitted that its policies will add another 9 trillion dollars of debt over the next decade.
Even if interest rates don't go up at all (not likely) that will bring the interest on the national debt up to over a trillion dollars per year, over 3 billion per day.
Just to keep up with the interest, the government will have to be creating more monopoly money night and day. And the currency will devaluate faster and faster, robbing people's savings of all value.
No amount of stimulus spending can prevent the collapse.
In fact it will only make it worse.
The problem is not a lack of spending.
The problem is too much spending.
And it's too late to stop a collapse that's already in progress.
The interest on that debt is now $340 billion per year. The Obama administration admits that over the next 10 years they will add $9 trillion to the national debt.
What's more, besides that official debt, fixed obligations such as Social Security, ObamaCare and other entitlement programs bring the real debt obligation up to over 30 trillion.
And the Obama administtation has already admitted that its policies will add another 9 trillion dollars of debt over the next decade.
Even if interest rates don't go up at all (not likely) that will bring the interest on the national debt up to over a trillion dollars per year, over 3 billion per day.
Just to keep up with the interest, the government will have to be creating more monopoly money night and day. And the currency will devaluate faster and faster, robbing people's savings of all value.
No amount of stimulus spending can prevent the collapse.
In fact it will only make it worse.
The problem is not a lack of spending.
The problem is too much spending.
And it's too late to stop a collapse that's already in progress.
Hi Ray,
I'm going to throw the cat amongst the pigeons here, and say one largely ignored problem is your income tax laws. Something also tied into the Sixth Amendment???
I have only a sketchy knowledge of U.S. taxation laws from speaking with a few American friends, past and present. Essentially, I understand that income tax on salary earnings, for ex, is practically non existent. What is more, those who don't make an income can actually qualify for a tax return. Those earning b/w say, $50,000-$75,000 pay no income tax, and may even get a return, that between $75,000-$100,000 incurs only minimal tax.
I may not have all the above correct, but I don't think I'm far wrong. I also understand that some folk have challenged the IRS and go so far as saying that taxing income on earnings is even unconstitutional.
I don't know the stats, but simple arithmetic would tell you that if the above is at least partly correct, then simply taxing middle to high income earners should fill the coffers quite nicely. and I don't mean a 1% tax. Australia is one of the highest taxed nations of the world, with most average earners paying b/w 25%-45% of their earnings in tax, besides all the other taxers, including 10% on goods and services, stamp duty, capital gains tax....
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venere08: ... 25%-45% of their earnings in tax, besides all the other taxes, including 10% on goods and services, stamp duty, capital gains tax....
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Make that hastened.
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Where's Ray??
I'm interested in your opinion of the above, when you have a few moments. K??
I'm interested in your opinion of the above, when you have a few moments. K??
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Blues63: So, if you rein in the spending, the economy slows and unemployment figures rise. The recession becomes a depression. What do you suggest Obama does to remedy this?
Stimulus packages have proven to be unpopular owing to the concomitant national debt, however, adopting a laissez-faire attitude would increase unemployment to the point where welfare may collapse.
Then what?
Stimulus packages have proven to be unpopular owing to the concomitant national debt, however, adopting a laissez-faire attitude would increase unemployment to the point where welfare may collapse.
Then what?
No wonder you're smiling. Money is flooding into Australia at the moment. You still have a commodity based economy and if the rest of us had followed suit, we wouldn't be in this mess.
But in reply to the O/P, id the US dollar collapses, the euro collapses and sterling collapses, what will we all be using?
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Godsgift: No wonder you're smiling. Money is flooding into Australia at the moment. You still have a commodity based economy and if the rest of us had followed suit, we wouldn't be in this mess.
But in reply to the O/P, id the US dollar collapses, the euro collapses and sterling collapses, what will we all be using?
But in reply to the O/P, id the US dollar collapses, the euro collapses and sterling collapses, what will we all be using?
"".... The major holders of dollars - notably the Chinese, with their $1.3 trillion in currency reserves - have little incentive to see the dollar weaken, and their support provides the dollar with a bulwark of strength. And since investors need to stay diversified, and U.S. markets are deep and liquid, abandoning the dollar wholesale is hardly a realistic option.
"Rather than a precipitous decline, we are probably be looking at a move steadily lower," said Simon Derrick, chief currency strategist at Bank of New York in London.....""
http://www.nytimes.com/2007/09/13/business/worldbusiness/13iht-econ.4.7498043.html?_r=1&pagewanted=2
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Godsgift: No wonder you're smiling. Money is flooding into Australia at the moment. You still have a commodity based economy and if the rest of us had followed suit, we wouldn't be in this mess.
But in reply to the O/P, id the US dollar collapses, the euro collapses and sterling collapses, what will we all be using?
But in reply to the O/P, id the US dollar collapses, the euro collapses and sterling collapses, what will we all be using?
The Aussie dollar, or maybe more fitting...
The Renminbi (Chinese: ???) is the official currency of the People's Republic of China
Anyhoo, still wondering why Americans expect miracles when a major issue is that essentially no-one pays any income tax. I'm not a fan of income tax, but I do know that governments kinda need money from taxes to help run the country. And if you don't, you run out, and develop huge deficits.
So, until someone posts something different, I'm led to believe that the U.S. govt collects very little income tax from its citizens. Not only that, actually gives people income tax returns at the end of the year even though they might have paid not tax. Great for the individual, but not for the country.
It seems nuts to me.
So, I'm not sure what rabbit you expect your govt. to pull out of what hat.Start collecting income tax!!!!!!!!!!!!
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If you went to a market with the ink still not dry on your dollar bills do you think the merchants would accept them?
In relation to currency did you see what happened in Zimbabwe?
For centuries the wealthy have exploited the poor, do you really think something has changed.
America’s last answer to a depression of to crank up a war machine. In such time Governments outlaw ownership of gold and other precocious commodities, they will no doubt do it again as many elected people come from filthy rich families, most were born with a silver spoon up there jacksie.
Maybe if you were able to hoard gold without government knowing (otherwise they would put you in jail as a traitor) in the market place, someone would probably accept a piece of gold bullion, silver, diamonds or less common and valuable metals often used to make coins or jewellery or gun barrels. Maybe yellow cake, or enriched uranium would also be easy to exchange, though you’d probably need to get your sister to carry it…the Kennedy family were wealthy because there father was a bootlegger…welfare money is back collecting taxes as soon as its loaned to the poor, who spend every bit of it in the market place within hours, so perhaps you might stop knocking them as a pool of un-employed is just what the rich want to force you to send your sons and daughter to fight in the war that’s bound to turn up unless the influence or pressure to waist your human life away paying taxes isn’t curtailed…
In relation to currency did you see what happened in Zimbabwe?
For centuries the wealthy have exploited the poor, do you really think something has changed.
America’s last answer to a depression of to crank up a war machine. In such time Governments outlaw ownership of gold and other precocious commodities, they will no doubt do it again as many elected people come from filthy rich families, most were born with a silver spoon up there jacksie.
Maybe if you were able to hoard gold without government knowing (otherwise they would put you in jail as a traitor) in the market place, someone would probably accept a piece of gold bullion, silver, diamonds or less common and valuable metals often used to make coins or jewellery or gun barrels. Maybe yellow cake, or enriched uranium would also be easy to exchange, though you’d probably need to get your sister to carry it…the Kennedy family were wealthy because there father was a bootlegger…welfare money is back collecting taxes as soon as its loaned to the poor, who spend every bit of it in the market place within hours, so perhaps you might stop knocking them as a pool of un-employed is just what the rich want to force you to send your sons and daughter to fight in the war that’s bound to turn up unless the influence or pressure to waist your human life away paying taxes isn’t curtailed…
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Still no Ray?
Or any other 'merican???
Or any other 'merican???
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The interest on that debt is now $340 billion per year. The Obama administration admits that over the next 10 years they will add $9 trillion to the national debt.
What's more, besides that official debt, fixed obligations such as Social Security, ObamaCare and other entitlement programs bring the real debt obligation up to over 30 trillion.
And the Obama administtation has already admitted that its policies will add another 9 trillion dollars of debt over the next decade.
Even if interest rates don't go up at all (not likely) that will bring the interest on the national debt up to over a trillion dollars per year, over 3 billion per day.
Just to keep up with the interest, the government will have to be creating more monopoly money night and day. And the currency will devaluate faster and faster, robbing people's savings of all value.
No amount of stimulus spending can prevent the collapse.
In fact it will only make it worse.
The problem is not a lack of spending.
The problem is too much spending.
And it's too late to stop a collapse that's already in progress.