Day Of Reckoning

[PatrickHenry]

Alan Greenspan is saying the economy is being badly mismanaged:
http://www.latimes.com/business/la-fi-gree...0,6416835.story
or truthout: http://www.truthout.org/docs_04/112104D.shtml

Foreigners will eventually sour on U.S. bonds and the dollar because of America's bulging trade and budget deficits, posing significant risks to the nation's economy, Federal Reserve Chairman Alan Greenspan said Friday in remarks that rattled financial markets. Greenspan told a banking conference in Frankfurt, Germany, that international investors were likely to either unload their dollar-denominated investments or demand higher interest rates. Either scenario would present problems for an economy that is heavily dependent on foreign capital to fuel its free-spending ways. <snip> The Fed chief's concern about the deficits is not new, but his remarks were interpreted by some traders as a warning that a day of reckoning was drawing closer. And they came against the backdrop of the dollar's continued weakness in international currency markets.

Do the Administration's plans have any chance of keeping the US economy out of the tank?

[Mia]

That's impossible. The US has no industry anymore, save war and service. All others are imported, or our companies export the work.

America will turn into a thrid world nation in the next 4 years.

Have you noticed that immigration is wide open ONLY to those from countries who are used to living under a dictator and working for nothing?

I don't think that's a coincidence.

[Nono]

Yes, not even control of Iraqi oil will save the greenback, and when the international investor community pulls the plug, it will do it in traditional herd style and the result will be an avalanche. (pardon mixed metaphors)

[Scribbler1]

Originally posted by Mia, That's impossible. The US has no industry anymore, save war and service. All others are imported, or our companies export the work. America will turn into a thrid world nation in the next 4 years.

I think we may very well be a third world country already.
We are broke, dead friggin broke! If you owe more than you can possible repay you are broke, and I don't know why people don't seem to understand that. All it takes is for one of the major creditor nations to call in their notes and the whole world would see how illusory our economic clout really is.
It boggles the mind.

[castille]

You guys have obviously never seen a real third world nation. Just because you can't afford a Playstation 2 and cable internet doesn't make you poor.

You can think about poverty when you can't afford bread and water.

[Scribbler1]

Apples and oranges, Castille. If the debtor nations called in their markers we would BE that third world country in a heartbeat.
The difference between the U.S. and other third world countries is that nobody will lend THEM any more money. Once the nations which actually HAVE money to lend see we will never pay it back we will join our deadbeat bretheren in the third world club.

[castille]

Well, when you can't afford bread and water, tell me.

Oh, but then you won't have the Internet either, so you can't.

[Scribbler1]

Originally posted by castille, Well, when you can't afford bread and water, tell me. Oh, but then you won't have the Internet either, so you can't.

So what's your point? That I have to be poor to know what poor is? Or that the U.S. has to be reduced to the level of a third world country before I can say it can happen to us?

[Dieval]

Originally posted by Scribbler1, Or that the U.S. has to be reduced to the level of a third world country before I can say it can happen to us?

You said "I think we may very well be a third world country already.", not that it can happen to us.

[Technosoul]

We might even end up with a 3rd world World. In other words, the whole would might end up with the majority of people living in a kind of 3rd world status. With exception of a few big shot international busnesses and their CEO managers.

How about that Mr. Greenspan of the greenbacks?
Technosoul.

[Mia]

Originally posted by Scribbler1,+--></div><table border='0' align='center' width='95%' cellpadding='0' cellspacing='1'><tr><td>QUOTE (Scribbler1,)</td></tr><tr><td id='QUOTE'><!--QuoteBegin-Mia, That's impossible. The US has no industry anymore, save war and service. All others are imported, or our companies export the work. America will turn into a thrid world nation in the next 4 years.

I think we may very well be a third world country already.
We are broke, dead friggin broke! If you owe more than you can possible repay you are broke, and I don't know why people don't seem to understand that. All it takes is for one of the major creditor nations to call in their notes and the whole world would see how illusory our economic clout really is.
It boggles the mind.[/b][/quote]

I agree it's an illusion - but it's backed up with troops stationed all over. I imagine that's why we can maintain it so well.

But like you said, it's very simplistic. When you owe more than you have you are a deadbeat, so the US is a deadbeat nation using force to stay afloat!

Scary and sickening.

I want the Clintons back now.

[Mia]

Originally posted by Technosoul, We might even end up with a 3rd world World. In other words, the whole would might end up with the majority of people living in a kind of 3rd world status. With exception of a few big shot international busnesses and their CEO managers. How about that Mr. Greenspan of the greenbacks? Technosoul.

Where do you feel our sudden coziness with communist nations fits into this? I think the whole world, with the US, Russia, and China united will be under communist control at some point.

It's our government's only hope the way things are now.

[Mia]

Originally posted by Dieval,+--></div><table border='0' align='center' width='95%' cellpadding='0' cellspacing='1'><tr><td>QUOTE (Dieval,)</td></tr><tr><td id='QUOTE'><!--QuoteBegin-Scribbler1, Or that the U.S. has to be reduced to the level of a third world country before I can say it can happen to us?

You said "I think we may very well be a third world country already.", not that it can happen to us.[/b][/quote]

But he went on to elaborate that it's the goverenment's economic status he was referring to, all of us living on bread and water will follow.

[Scribbler1]

Originally posted by Dieval,+--></div><table border='0' align='center' width='95%' cellpadding='0' cellspacing='1'><tr><td>QUOTE (Dieval,)</td></tr><tr><td id='QUOTE'><!--QuoteBegin-Scribbler1, Or that the U.S. has to be reduced to the level of a third world country before I can say it can happen to us?

You said "I think we may very well be a third world country already.", not that it can happen to us.[/b][/quote]

I'm not going to debate what "may very well" means or ask you to play interpreter for Castille.
I think I made myself clear enough.

[bullshitdetector]

You want the Clintons back now? Why? So they can spend what is left on the welfare state and more self aggrandizing Clintoon Memorials?

[castille]

Originally posted by Mia, But like you said, it's very simplistic. When you owe more than you have you are a deadbeat

This means Donald Trump is a deadbeat, because he owes more than he has.

Borrowing money doesn't mean a nation is poor. If I borrowed $100K to refinance a 100-storey office tower in central city, would that make me a third world refugee?

You guys are turning into the media - overblowing issues, oversimplifying complex economic issues, and screamin' louder than Michael Moore at a Republican rally.

[Technosoul]

Bull - I go for that.

Make Welfare Not War.

Has a nice ring to it.

Why spend billions to kill people in a war that is not needed when you could spend a few million for welfare programs to take care of something that is needed.

Technosoul.

[castille]

Originally posted by Technosoul, Bull - I go for that. Make Welfare Not War. Has a nice ring to it. Why spend billions to kill people in a war that is not needed when you could spend a few million for welfare programs to take care of something that is needed.

What happens when those millions in welfare have been used up on beer and the lottery? Who will we look for to take more money from to give to the poor?

Welfare never works when you piss money out the window. Teach a man how to fish, you'll feed him for a lifetime.

[Scribbler1]

Originally posted by bullshitdetector, You want the Clintons back now? Why? So they can spend what is left on the welfare state and more self aggrandizing Clintoon Memorials?

Are you responding to me? Why not use the quote feature (like I did above) so I can tell who you are talking to.

[Scribbler1]

Originally posted by castille, Borrowing money doesn't mean a nation is poor. If I borrowed $100K to refinance a 100-storey office tower in central city, would that make me a third world refugee?

But it doesn't mean it's NOT poor either. Excuse my lack of economic expertise, but I foolishly thought you didn't BORROW money unless you NEEDED it.
And if you borrow $100,000 and can't pay it back when the bank calls, what DOES that make you? I believe the terms are bankrupt and broke.

You guys are turning into the media - overblowing issues, oversimplifying complex economic issues, and screamin' louder than Michael Moore at a Republican rally.

You're right, I DO simplify complex issues, as I feel at the heart of ANY issue is a simple explanation.
I say because we have a massive debt, we would need to default if the notes came due.
Explain how I am wrong.