Bottom line: The Romans didn't see it coming either.
Now THAT's an inconvenient truth. Totally agree, but just like some of the people are doing with the city I live in they are fighting a lost cause. Why? Because when you value something you never give up and you keep fighting for it until the end. Honestly, we have the NYC sleeze coming in here trying to clean up the city council, when it was them coming in here in the beginning that fucked it all up.
No big issues here, Print more money, raise the debt ceiling, move on..We can do that, our pockets are deep in alot of ways..
Sort term solution. We need to do this now so our economy doesn't collapse on Monday afternoon. We came so close to a stock market crash two years ago, and now it's going to be worse than it was. I laugh at the people that said the recession was over, we simply had some artificial stimulation. Once that wore off everyone's new confidence just made matters worse.
Originally Posted by CheeseForSteeze
Printing more money (or rather, keeping central lending rates low) does nothing but further undermine savings and investment vehicles which are denominated in nominal terms (papaer curriencies). This excacerbates the problem of undisciplined credit and further distorts what sectors of the economy actually contribute to production.
Why we need to start cutting spending. I'm talking cleaning house. I read earlier today that the government is $45,000 in debt PER PERSON. Honestly cut military spending by the shitload, get the money owed to us by other countries, pull the plug on companies/government agencies on life support, cut pay for government officials, start harshly taxing people with off shore bank accounts, print more money since the dollars fucked, sell the reserves gold supply, etc. It doesn't matter how just get the countries debt cleared. Once they do that the system will start back up again.
By throwing some money at it here and there they are simply making the inevitable WORSE. It's going to get a lot worse before it gets better, too. I'm scared as hell for my generation. For one, I am pissed as fuck at all of the banks for digging their own grave. In fact, earlier today I picked up my paycheck and went to First New York FCU and opened an account. Banks should really be abolished because once their working for profit they will milk you for every penny. I recommend all of you go to your local Credit Union if you don't already bank with them and do the same, actually.
I have multiple reasons to be scared for Monday right now, however I also am preparing to make the best of the worst scenario. I'm going to close my bank account next week and put the money into stocks once the prices drop (anyone want to give me pointers on that, it would be greatly appreciated). Also, my fathers last construction job was government funded and he needs that money to survive. If he doesn't get it, I don't know what he will do since he already drained his savings.
Maybe the illegals will do it for us. Meanwhile I'm coming closer to my escape plan of fleeing this country. Anyone want to join me in Gulmarg India?
Canada, their currency eats ours for breakfast and they are greatly investing in green energy and reducing their dependence on oil. Plus you have some epic mountains to board on. BC or Ontario are my personal Plan B if our economy is ridiculously fucked when I get out of college and can't find work in Colorado.
Still not sorted. Any chance it will still be going on come August 2nd?
The dollar is getting smashed at the moment. Anyone seen prices of imported stuff go up yet?
It probably will be some eleventh hour deal, but you still have to worry for what can possibly happen. I was looking at the NYSE earlier for my above mentioned reason, and all of the american companies were dropping like flies. GE lost like 75 cents by the end of the day, disappointing since they've been slowly yet steadily recovering the last year and a half.
Hey! We say in Russia about Earth's future: 'Optimists learn English, Pessimists learn Chinese, and Realists learn AK-74'
This made my night.
:-) I know. IMHO, there is no way to reduce a debt of US except hyperinflation or a BIG war. US will never have returned its debt, it is just impossible.
But we have another saying. A horror ending is better than a horror without an ending.
Unfortunately, your right. I know what I said isn't going to happen. But you know the people who got us here will be the first on the gallows.
What's going on is China wants to be the standard of currency for the world instead of the Dollar. If that happens the world is fucked and we are never going back. Add to that the control the wealthy have over politicians and politics here. The stupid fucking spending i.e. all these god damn wars we have. This country either needs to pull in the reigns or be prepared for the biggest anal gang bang without lube we've ever seen.
^This. I love how it's been the tea baggers and their cause to solve this countries problems that has made everything as bad as it is now.
I've always had a good grasp for politics. In eighth grade I watched the economy crumble and I knew that it was only a matter of time before the same thing happened again. If politicians were actually working for the middle class, instead of the 5% wealthiest douchebags in the country we wouldn't be in this situation. And if we do solve this right now, we need to create laws to prevent it from happening again. Unfortunately, these laws are going to be written by the same people they are going to effect. So in that sense it's all but a pipe dream.