Posted on 05/23/2009 7:17:02 AM PDT by autumnraine
Edited on 05/23/2009 2:21:14 PM PDT by Admin Moderator. [history]
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Or be destroyed or self destruct. I think he will do the latter.
I say to celebrate this announcement we all increase our W-4 witholdings to 9.
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Most people I know already have.
China is actually hedging its bets with gold. They bought tons of it from the IMF.
Wait, are we going to skip a depression and go to total collapse? First things first.
Obama, you are soooooo very full of horse manure.
Obama, you proposed a $3.5 TRILLION Budget, about 20-30% of GDP. Pelosie and Ried got it passed.
Obama, YOU OWN THIS!
Pelosie, YOU OWN THIS!
Ried, YOU OWN THIS!
Obama, you signed a NON-Stimulus bill of approximately $800 Billion that YOU DID NOT READ. INSTEAD YOU WENT ON A DATE WITH YOUR WIFE ON VALENTINE’S DAY.
Obama, you are full of bull manure.
Obama, YOU OWN THIS!
Pelosie, YOU OWN THIS!
Ried, YOU OWN THIS!
That would wipe the US debt to China and other countries. It would also wipe out the savings or investments which Americans have in US government paper. And THAT would wipe out the savings which people have in cash. Maybe shares in companies with physical assets would still be the same percentage of those companies.
How about a ten to one revaluation first.
A loaf of bread would be a dime -- we would hope.
Where Will the Money Come From?
And now let’s look at what is bumping in my worry closet. The world is going to have to fund multiple trillions in debt over the next several years. Pick a number. I think $5 trillion sounds about right. $3 trillion is in the cards for the US alone, if current projections are right.
Just exactly where is that money going to come from? The US trade deficit is now down to under $350 billion a year. The Fed can monetize a trillion. Maybe. Look at the yield curve on US government debt below (Bloomberg). US savings are going to go up, but where is the incentive to buy ten-year debt at 3.5%? Four-year debt under 2% doesn’t do much for your savings growth. Even with monetization and the Chinese buying our debt with the dollars we send them, that still leaves the bond market about $1.5 trillion short, give or take $100 billion.
http://www.investorsinsight.com/blogs/thoughts_from_the_frontline/archive/2009/05/23/the-paradox-of-deficits.aspx
checks are 2 houses that are his mates so we lose.
We actually ran a budget surplus during the mid nineties, in part due to the "peace dividend", including severe cuts in military spending and in part due to increased tax revenues during the dot-com bubble.
0bama is proposing unprecedented levels of peace time deficit spending that will make us poorer in the future. I am calling this peace time, economcally at least, because we are spending about 1% of our GDP on the wars in Iraq and Afghanistan, combined. In 1943, we spent about 45% of GDP on the War (more than Germany, another belligerent.) Even with the wars in Afghanistan and Iraq military spending as a percent of GDP is lower than it was during the Carter Misadministration.
The keep artificially inflating to pass the buck on down the line and I’m afraid at this point, since it IS a global depression we are in, and every currency is dependant upon another, it is going to take a worldwide crash to reset itself.
And having Der Kommissar in power during something as volotile as this does not make me comfortable. At all.
You are probably right that SS will be used for general funds as our currency collapses.
What will be interesting is the fallout. When the dollar loses half its value and a Burger and Fries meal costs 20 dollars, Will Acorn protest McDonalds? Will Obama call them greedy bastards? Yes.
Soon, every producer will be a target for class warfare. The sooner this happens, the better.
The president, congress and the supreme court is hell bent on destroying this country.
Call it "Twentieth Century Motors" instead, considering the majority union ownership stake they're constructing.
We’ve been out of money for a while now and he’s just realizing this?
And why is he irresponsibly spending more?
I think you nailed it.
Instead of doing something responsible, like hacking, slashing, and burning the budget, we (working citizens) are all going to be screwed.
Of course, the welfare deadbeats and illegals will not be affected.
ping
You are right.
My hope is he is setting Obama up for a fall so great the dems may never recover. I believe that day is coming, but it cant be fast enough for me.
Considering how close it seems that we are living in the end times, though, I have my doubts about it getting any better.
I think that it's setting the anti-Christ up for a power grab when some worldwide catastrophe happens. If I read Scripture right, the anti-Christ even doesn't appear to be evil at first so there's some way he manages to take control.
Watching it as people are incredulously asleep makes it even worse. I know a few who are wakening to it, but the rest are like zombies. Utterly clueless.
Chalk some of it up to a falsely place optimism but this country has a problem remembering and they are about to see it first hand. When it happens the finger pointing and blame game will be rampant.
The media will be absolutely desperate to blame anyone but Obama.
You are correct. Stupid? No. Evil? Yes.
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