Karl Marx spent some time in London libraries reading Adam Smith only to figure out how best to smash capitalism.
Idiotic article from the fear-mongering Y2K site of 13+ years ago.
When we say FU who will collect? It’s an act of war I know, but who will collect when we can’t pay?
In other news, Congress is giving extra hundreds of billions of dollars to middle-east muslim nations. And still paying farmers to grow excess crops that won't be used. And still spending billions on energy subsidies to green companies for products that don't work. Billions to car companies to make cars in China. Not to mention increased funding for welfare abroad as well as here.
Did the memo not get sent to Congress?
I like Lord Mockton’s stuff on climategate.
And his reading of the debt biz and china would be on target if it were not that the USA has been adding nearly a million barrel’s a day per year in oil production for the last three years and will do the same this year. Further all indications are that another million barrels of oil production will be added annually in each of the coming 5-7 years.
This totally reorients world wide dollar flows—just as the Chinese and others are pulling away from the dollar to transact their trades. In other words —its a wash.
Further, growth in the US economy caused by increased oil production will likely shave 200 billion or so off the US deficits for the each of next couple years. In 2013, this will mean that US deficits will still be just under 1 trillion. But in 2014, the deficit will be likely be just under 800 billion. In 2016 the deficit will be just under 400 billion.
People get this. For this reason the dollar bottomed in 2011. It has been basing for the last two years.
The next likely direction for the dollar is up.
Mockton would be better served if he spent his time advocating that the Brits mine their natural gas reserves —so as to revitalize their economy.
This is the third article I’ve read that predicts that a financial crash with occur in the US once the dollar is no longer the international currency of choice.
30 million immigrants would reduce our per citizen debt burden by 10% or $5,000 per person.
I am in!
I’m no economist but he has a point. Why is China subsidizing us? Compare the returns on treasury notes with the rate of inflation.
They may be commies, but they knew how to use an abacus centuries ago.
Ever heard the expression, “So-and-so is a nice guy. But he wouldn’t buy a drunk a drink.”
And as Mark Steyn reminds, ‘He who owns your bonds owns your soul.’
No, this can’t end well. You can only live on credit and your looks so long.
Good post, makes people think
they can go eff themselvesif they try to collect anything from me. their gross overspnding is something i railed againstthem doing. all i got was excuses.
Just started raining here in New York.
Any one still supporting Free Trade with Communist China....yep this is on you....
Bump
Hey, come on - Obama knows that purchasing votes to stay in power is very, very expensive.
It’s not about America - he couldn’t care less about America - it’s about bringing the country to its knees to generate sufficient social unrest to foment his Marxist revolution, as his idol Lenin did in Russia so many years ago.
When I was in elementary school, one of the things we had to do was make a map of the USA with small drawing of what each state produced - you know, Iowa-corn, Minnesota-iron, Texas-oil, etc, etc.
In June of 1945, all the Reichsmarks is the world could buy you nothing.
The idea that the final destruction of the phony paper “economy” and the end of globalization will “destroy” the United States is absurd, The United States has, under the earth and along our coasts and rivers, more wealth than the entire rest of the world put together.
We also have the most resourceful and creative people in the world.
We have a severe misgovernment problem, which presumably will end soon, as it always does.
THe “dollar” is toast? Well, the little green pieces of paper are, most likely, going out of fashion soon. Repay China by enslaving several generations of our children? Don’t make me laugh.
The “dollar” is supposed to be a unit of account and a store of value. It is supposed to be defined by Congress, which body is supposed to also regulate its value. They have failed to do this for 100 years (except for the gold coin act of 1986 which set the value of a gold dollar as .02 ounces of fine gold but lacked enabling legislation).
Anyway, a future Congress wil have to undo all the fiscal and monetary mismanagement and cancel all the debts, which they will undoubtedly do.
“Destroyed”? Compare and contrast Berlin/Hiroshima/Detroit/Camden 1945 and Berlin/Hiroshima/Detroit/Camden 2013. The destruction has happened already. The phony economy is next.
Then and only then can we start rebuilding.
Burn, baby, burn.
The 2008 crash resulted in flight to the dollar not flight from it due to failing of bad loans triggering: deflation not inflation, and that was triggered by interest rates finally having to be increased to control inflation.
I used to post predictions like above in 2009 and 2010 but the past few years shows that these things are not easy to predict in todays world economy.
this is what I think of when the supposed intelligentsia go after pubs for somehow NOT stopping a commie rat prez, his commie rat AG, his commie rat Senate and his commie rat House...
not to mention the entire DBM in the lap of the most leftist cabal ever seen in this country...
despite all that, somehow those pubs are supposed to stop it all....
its the pubs, never the rats that they complain about....
here it is...ITS THE DAMN RATS THAT HAVE DESTROYED THIS COUNTRY!