[Red Badger]

Long read, but worth it..............

[Elsiejay]

“We are five days away from fundamentally transforming the United States of America.” Thus spake Socialist Autocrat Barak Obama, Oct. 31, 2008.
A key element of that fundamental transformation is driving the nation into a condition of insurmountable fiscal debt. This was not unintended or accidental, and neither is the Transformer’s angry rejection of the idea of America as the world’s ultimate guarantor of liberty accidental or lacking objective purpose.

[FromLori]

Good article but I don’t think we have that long. The Fed has already monetized the debt. When QE2 ends in June the Fed will likely start QE3 in an attempt to keep the system afloat unless someone stops them. That should make what he is saying come true. Unless somehow we have a miraculous turn around in jobs/housing/economy over all and I don’t see any positive indicators in those ares.

[FromLori]

p.s. Look at this idiot’s lets dig our hole deeper!

World needs $100 trillion more credit, says World Economic Forum

http://www.telegraph.co.uk/finance/financetopics/davos/8267768/World-needs-100-trillion-more-credit-says-World-Economic-Forum.html

[gloryblaze]

Ping to finish reading and re-read this evening.

When I have access to adult beverages.

[catbertz]

I have food and water stocked up, defensive means etc to deal in the short term. My question is what would happen with bills, like the mortgage, in a total national and fiscal collapse? No one could pay and who’s going to collect? Do we just wait for a new currency, convert debts and keep going? Crazy times to imagine.

[Thunder90]

Anatoliy Golitsyn was right on many fronts...

Both domestically and the occurrences in both Russia and China are proving him right.

[familyop]

"The dollar will plunge in value, the Dow Jones will plummet and officials will lock down stock markets. Without access to debt, Wall Street will experience a chain of unstoppable domino failures."

Except that DOW stocks are based mostly on foreign manufacturing for foreign consumers. So the once-US stock market might continue to be happy, while millions of Americans are living in squalor.

[familyop]

"Last July, historian Niall Ferguson told business leaders and academics at the Aspen Ideas Festival that America’s window to reverse course was closing."

A reminder that the rich and the left are, for the most part, the same. Most of the glorified "tax payers" are either directly government employees or indirect beneficiaries (for now) of government debt (corporates).

[mo]

IMHO...Barack Obama may either be America’s last president...or its greatest-in which case he would have to turn right so hard as to make Ronald Reagan look like Lyndon LaRouche...

[misanthrope]

bump