Skip to comments.Economist Richard Duncan: Civilization May Not Survive 'Death Spiral'
Posted on 08/10/2012 3:04:47 AM PDT by Cincinatus' Wife
Richard Duncan, formerly of the World Bank and chief economist at Blackhorse Asset Mgmt., says America's $16 trillion federal debt has escalated into a "death spiral, "as he told CNBC.
And it could result in a depression so severe that he doesn't "think our civilization could survive it."
And Duncan is not alone in warning that the U.S. economy may go into a "death spiral."
Since the recession, noted economists including Laurence Kotlikoff, a former member of President Reagan's Council of Economic Advisers, have come to similar conclusions.
Kotlikoff estimates the true fiscal gap is $211 trillion when unfunded entitlements like Social Security and Medicare are included.
However, while the debt crisis numbers are well known to most Americans, the economy hasn't suffered a major correction for almost 4 years.
So the questions remain: Is the threat of collapse for real? And if so, when?
A team of scientists, economists, and geopolitical analysts believes they have proof that the threat is indeed real - and the danger imminent.
One member of this team, Chris Martenson, a pathologist and former VP of a Fortune 300 company, explains their findings:
"We found an identical pattern in our debt, total credit market, and money supply that guarantees they're going to fail. This pattern is nearly the same as in any pyramid scheme, one that escalates exponentially fast before it collapses. Governments around the globe are chiefly responsible.
"And what's really disturbing about these findings is that the pattern isn't limited to our economy. We found the same catastrophic pattern in our energy, food, and water systems as well."
According to Martenson: "These systems could all implode at the same time. Food, water, energy, money. Everything."
(Excerpt) Read more at moneymorning.com ...
Hows that fraudulent LIBOR CDO NyLon A$$Paper digesting?
nearly everything that has happened in America since the civil war has been a mistake.
A Republic is a system, of governance characterized by the Rule of Law -- and when the Law fails, the Republic fails.
"TO SECURE THESE RIGHTS, [American] GOVERNMENTS ARE INSTITUTED AMONG MEN"
Prosecution of fraud is well within the scope of governance intended by the American founders, but instead of prosecution, we get a farcical parade of laughable "settlements".
When the Law fails, the Republic fails.
Government is like fire. If it is kept within bounds and under the control of the people, it contributes to the welfare of all. But if it gets out of place, if it gets too big and out of control, it destroys the happiness and even the lives of the people ~ Harold E. Stassen
HOW$ THAT CDO-DIGESTING WORKING OUT 4 U NYLON-TRAITER$$
Ok, my Perl Script can do this all day, but I think the rest of the thread have had enough.
Hows that fraudulent LIBOR CDO NyLon A$$Paper digesting?
If they win again, God help us, they will go the full Hugo Chavez route, when Obama has all the "flexibility" he needs.
Peasant 1: How do you know he’s a king?
Peasant 2: He doesn’t have shyte all over him.
See now that’s a funny script. Yours is just lame and unoriginal.
Spain, like Greece, is on the verge of utter economic collapse. No way the government there could solve its problem.
...but “boots on the ground” visitors observe that people are handling it very well: knowing the official/formal system is about to collapse, people are just moving everything off-book, normalizing a new underground economy, and carrying on rather well.
Yes, the $0.2P of liabilities ain’t happening no way no how. The buck will stop somewhere. Knowing it will stop, most people will find a way to be elsewhere when/where it does. Those who don’t, well, sink or swim.
The Soviet Union collapsed when it couldn’t issue paychecks. We’re approaching that point. Funny, Russia and its satellites still exist and are doing pretty well. We will too; maybe a different demographic arrangement, but on the whole “we” will manage.
I did a bit of gold prospecting for a while.
Doesn’t take much time hanging around the old timers to find out that the guys who really made the money during the gold rush weren’t the miners, well, a few did get rich, but mostly it was the suppliers. The guys who sold them the picks, the axes, the equipment...
might be time to buy a truckload of shovels.
Or, if you are a lady, get ready to get dolled up, because another group that made some pretty solid cash was the whores...
Trust me, I’m not re-writing history here!
I found it interesting that Comrade Chairman signed off on the continuation of the Stuxnet program that was initiated under W - leading to the destruction of those Iranian centrifuges.
What do you suppose his motivation for doing that was? Just buying time? Trying not to reveal his hand too soon?
It’s also interesting that he seems to be reading from the same play book that the Wabbit Fisherman was reading from back in 1978 — when the ZBig (Obama’s mentor and Jimmy Carter’s National Security Adviser) policy funded and instigated the Islamic Revolution of ‘79.
And here we are again - backing the Muslim Brotherhood against the Russian backed regime in Syria.
His point, a valid one, is that we have no idea what the he11 you’re talking about.
South Africa: Anglogold Seeks 100
Percent of Cripple Creek
15 January 2008
Charlotte MathewsGLOBAL gold producer AngloGold Ashanti was offering to buy Golden Cycle Corporation, its co-shareholder in the Cripple Creek & Victor Gold Mining Company in the US, for $149m in shares, the companies said yesterday.The transaction would increase AngloGold's ownership to 100% of Cripple Creek, its only US operation, from 67% previously, although it had a 100% interest in the mine's production until the initial loan it made to the joint venture was repaid. At the end of September the outstanding value of the loan was $336m.
“I think the only thing to do is to cancel all debts”
This will be as much of a train wreck as riding the train over the cliff. Much of the world and Americans are holders of that debt.
Resetting spending to 2.0 trillion which is about the current tax take the federal government gets and freezing the spending at that level indefinitely would allow us to grow out of the debt. 1.6 trillion dollars cut in one year?
Pretty much all federal social programs go away. The only social program left are payments to our military service men and women for disability. All federal pensions are cut to what we can afford to pay. Any and all government pensions are immediately converted to a 401K type retirement plan.
Federal government take of GDP needs to be at 15% max with 7.5% of that 15% going to pay down our debts.
We’re still talking complete and utter chaos. What do you do with 100 million people that get payments or some sort of welfare from the government? 30 to 40 million have no concept of life without money from the government putting food in their bellies?
This is crazy strong medicine that few Americans have the stomach for.
Don’t forget - cancelling all debts also cancels all assets.
A traitor who collaborates with an enemy force occupying their country.