America: The Day of Reckoning

Clarissa2


Joined: 12/06/2009
Posts: 1476

Message Posted:
22/07/2011 18:06

In America the day of reckoning is approaching...



Since the US financial authorities began to apply their fixes for the economic crisis the national debt in the US grew more than $ 2trn!

The US economy is worse off than it was before the fixes began. After $7 trn in losses, housing is still falling. Hourly wages dropped. Hours worked fell too. And the percentage of the population that is employed hit a new low of 58.2%. The number of Americans with jobs fell by a quarter million to 153.4 million.



In three weeks, unless the statutory limit is raised, America will cease making debt payments!



The former US Treasury secretary says that it will be “worse than the Lehman bankruptcy”.

Bill Bonner comments : “Armageddon, in other words. But in light of what their fixes have wrought so far, Armageddon is looking quite attractive.”



Are you scared? Because I am …

keithr


Joined: 20/08/2008
Posts: 720

Message Posted:
22/07/2011 18:13

Obama and Co. are fixing a deal as we speak,lifting the debt ceiling to about Mars I think.



They will not go broke,it is all a mind game with Mickey Mouse money,the USA cannot be allowed to go bust,it it does,we are all bust.

Clarissa2


Joined: 12/06/2009
Posts: 1476

Message Posted:
22/07/2011 18:17

Re: Msg 2,

"...the USA cannot be allowed to go bust,it it does,we are all bust"



That's the idea!

They ARE bust, that's why it is so scary.

martinD41


Joined: 06/09/2010
Posts: 3001

Message Posted:
22/07/2011 18:39

Perhaps they should get their Defence Budget cut down to a less than ludicrous level....!

deputydawg


Joined: 30/03/2010
Posts: 1727

Message Posted:
22/07/2011 23:28

Their/our problem is that they took their defence forces to massive numbers but since the end of WW2 have been using it for offensive purposes and financial gain at a cost to other nations. Now that they need to cut back on the expenditure they are more than stuffed as increasingly they will need greater defence numbers to protect their homeland. Goes round, comes round, comes to mind. Bring back the Indians, the Lone Ranger, Tonto, and the Buffalo I say

sporty


Joined: 06/12/2007
Posts: 685

Message Posted:
22/07/2011 23:51

They'll just get the printing presses fired up again for qe3! Devaluing their dollar further imo.

Euro is just putting in a temporary plug in too! Its gonna hit the fan in the next few years,no i'm not dr doom but i wouldnt be investing in the dollar or euro for a while yet! Gold,silver rare earths,oil,copper,commodities is the way to go for a while imo.

The only thing the british gov has done right in the last few years was not enter the euro!! Who was the smart arse that sold all our gold reserves a decade or so ago? We pay these silly sods to make decisions like that!!