US=Argentina?

[CJS3]

How come you have to go to the British press to see stories like this?

http://www.telegraph.co.uk/finance/economics/6147211/Barack-Obama-accused-of-making-Depression-mistakes.html

[fightingquaker13]

How come you have to go to the British press to see stories like this?

http://www.telegraph.co.uk/finance/economics/6147211/Barack-Obama-accused-of-making-Depression-mistakes.html

The differerence between us and Argentina is that we can print out out a fiat currency. This has been going on since the Nixon adminstaration. It works very well when we sell sell debt to ourselves. The problem becomes when we sell debt to foriengers. This started under Reagan with Petro-dollars sold to the Saudi's and others. It has increased most precipitiously under W and now BO, with the Chinese holding a huge share of our debt in the form of T Bills. If they dump them, we stand to risk the dollar becoming the equivilent of the peso (eg paying our debt in real money rather than dollars). At this point we are screwed. An economy based on forty years of borrowing will take at least a generation to right itself if we don't balance budgets (something BO promised yeah right, andClinton started to deliver during his final 2 years). The bottom line is that the only difference between the dollar and the peso is folks would rather have a bank account denoted in dollars rather than pesos. The minute that stops, we're screwed. Unfortuneatly, that decision rests, under W and BO, in Bejing.  
FQ13

[Pathfinder]

The differerence between us and Argentina is that we can print out out a fiat currency. This has been going on since the Nixon adminstaration. It works very well when we sell sell debt to ourselves. The problem becomes when we sell debt to foriengers. This started under Reagan with Petro-dollars sold to the Saudi's and others. It has increased most precipitiously under W and now BO, with the Chinese holding a huge share of our debt in the form of T Bills. If they dump them, we stand to risk the dollar becoming the equivilent of the peso (eg paying our debt in real money rather than dollars). At this point we are screwed. An economy based on forty years of borrowing will take at least a generation to right itself if we don't balance budgets (something BO promised yeah right, andClinton started to deliver during his final 2 years). The bottom line is that the only difference between the dollar and the peso is folks would rather have a bank account denoted in dollars rather than pesos. The minute that stops, we're screwed. Unfortuneatly, that decision rests, under W and BO, in Bejing.  
FQ13

Actually, this started in 1913 with the Federal Reserve, followed by FDR who took us off the gold standard, followed by Johnson who took us off the silver standard, (started under Kennedy but he got whacked for not going along with the plan IMHO). The petro dollars started under Carter after the '73 oil embargo. Clinton sold us out to the Chinese - why else did he get so much from them - and Hitlery too. The klintoons are much beloved in China. Well, maybe not beloved, but the Chinese desire the klintoons in a lustful "they really put out!" way. And that is why the economy went from booming under Reagan to a collapse toward the end of the klintoon I era.

Your facts are wrong, based no doubt in your abject hatred of all things GOP that compels you to document them and overlook the real culprits - the lying, socialist uber-liberals who most often appear to be Democrats. At this point, both parties have sold us out and it is all about their power over us - damn the torpedoes! Or town halls.

I have made no secret of my idea that Kennedy go whacked to send a message to all future presidents - don't f..k with us or you will pay the price - and we will get away with it. So yes, all presidents go along with the inexorable march to one-world economic hegemony. To do this the US needs to be destroyed as the unassailable economic power, and that has happened for about forty years or so.  Some presidents do it more covertly, some more blatantly. I think bho's election - along with a Dem majority in Congress - was the trigger point to go for broke and finish us off.

Wait for 12-18 months - we will be like Argentina. Be prepared.

[Rastus]

Good article.  I liked how it challenges the notion that government spending got us out of the last depression...an accurate representation in my mind.

We are rapidly heading down the road to ruin...I want my stimulus money...I say get it and go long on gold, silver & lead. 

Did you notice precious metals going up last week...and the Chinese predicting ruin of the US dollar in about two years if current fiscal policy is maintained?  I'm betting that China is quietly about dumping those US dollars...that 2 year thing was a red herring. 

Massive inflation...that's the way fiat currencies pay for their excesses....print more money.

[tombogan03884]

The article restates what I have been saying for months, also, China has been quietly trying to sell off US debt for a while.
Heck, Even the RUSSIANS have been saying for months that BO's idea was stupid and self defeating.
What every one is missing however is the objective. Every one is under the impression that BO and the Dems are trying to fix the broken economy. That's a stupid assumption, they are the ones who broke it in the first place under the Clintons when Maxine Waters and Barney the Fudge Packer, forced Fannie (who's Director was having a homosexual relationship with the senator chairing the committee that oversees that organization, good ole butt buddy Barney )and Freddie to loosen loan restrictions, They reasoned that the only reason to verify income and employment was a racist conspiracy to prevent "poor people (who by definition can not afford the payments) from buying homes.
Considering that this practice lead to the collapse of the mortgage industry touching off the current depression you should be quite surprised to read this Headline from Volokh
http://volokh.com/archives/archive_2009_08_30-2009_09_05.shtml
FHA Adopts Countrywide's Business Model and It's Not Working . . . Again.--

Nick Timiraos and Deborah Solomon at the Wall Street Journal have an excellent report on problems at the FHA (Federal Housing Administration).

    "They're probably going to need a bailout at some point because they're making loans in a riskier environment," says Edward Pinto, a mortgage-industry consultant and former chief credit officer at Fannie Mae. " . . . I've never seen an entity successfully outrun a situation like this." . . .

The point is that recovery is NOT the objective. Remember Rahm's, "Let no crisis go to waste" ?
US economic collapse is seen as a made to order method for "one world, socialist ,elitists" To expand Govt. control of all aspects of society and an excuse to push aside that pesky old Constitution that they have been having to work around for decades. The current Administration doesn't care if you have a job, or eat, or die, as long as THEY have control, that is why the banking and Auto industries have been nationalized, that is why Health care must be nationalized, that's why the rich must be taxed to destruction, Unions must have control of the work places that remain, and ACORN gets to run the Census.

Now learn your place and shut your face.
Or man up and get rid of these Orwellian scumbags.

[Sponsor]

[Rastus]

..................... The current Administration doesn't care if you have a job, or eat, or die, as long as THEY have control, that is why the banking and Auto industries have been nationalized, that is why Health care must be nationalized, that's why the rich must be taxed to destruction, Unions must have control of the work places that remain, and ACORN gets to run the Census.

Now learn your place and shut your face.
Or man up and get rid of these Orwellian scumbags.

Good evaluation.  I don't think the current scum has enough sense to put together a conspiracy of any real depth...I think it is a loose confederation of dunces, i.e. congressman, bureaucrats, etc., so self-engrossed in their own personal wealth and opinion that they are seeking only others who of like ilk.  Now...the people financing them...perhaps a different story.  I think what we have here are a bunch of lemmings...with us in tow.

[WatchManUSA]

How come you have to go to the British press to see stories like this?

The foreign press is not emotionally and philosophically invested in Obama's agenda and success.  Did you notice last week’s unemployment numbers?  The US press reports 9.7% unemployment as a success because it was not as bad as everyone expected.  When a year ago or so the unemployment rate was about half and we were in the worst economy of the century.

The US press sees what they want to see and report it the way they see it.  It has nothing to do with reality.

[tombogan03884]

Good evaluation.  I don't think the current scum has enough sense to put together a conspiracy of any real depth...I think it is a loose confederation of dunces, i.e. congressman, bureaucrats, etc., so self-engrossed in their own personal wealth and opinion that they are seeking only others who of like ilk.  Now...the people financing them...perhaps a different story.  I think what we have here are a bunch of lemmings...with us in tow.

George Soros started as a refugee  and is now a multi Billionaire, He KNOWS that the best way to destroy a strong business is to let idiots run it.
Some one once commented that "the business of America is business".
Hmmm, how do we destroy America ?
I wonder where BO got the record $360+ MILLION he spent to buy the White house ? Like his birth certificate and college records, his donor list has never been released. He refused the Govt. matching funds so that he would not have to release that information, yet he spent more than any 3 candidates combined.

[Rastus]

The foreign press is not emotionally and philosophically invested in Obama's agenda and success.  Did you notice last week’s unemployment numbers?  The US press reports 9.7% unemployment as a success because it was not as bad as everyone expected.  When a year ago or so the unemployment rate was about half and we were in the worst economy of the century.

The US press sees what they want to see and report it the way they see it.  It has nothing to do with reality.

Just like having a projected future budget deficit 20 times larger than Bush had...not that he isn't a traitor on border policy or gun rights...I'm just saying what you are saying...if they are for you there is no wrong....if against you there is no right.  Total emotion, not balance.

And that 9.7 number....I'd like to know what the number is when compared to the same estimates made decades ago.  Remember the Clinton administration changed some things...added the military to the denominator, Bush took people off the numerator by reducing the time assumed to be unemployed, etc., etc.  By the same standards used when I was a child we've got to be 15% or more unemployed....

[tombogan03884]

Just like having a projected future budget deficit 20 times larger than Bush had...not that he isn't a traitor on border policy or gun rights...I'm just saying what you are saying...if they are for you there is no wrong....if against you there is no right.  Total emotion, not balance.

And that 9.7 number....I'd like to know what the number is when compared to the same estimates made decades ago.  Remember the Clinton administration changed some things...added the military to the denominator, Bush took people off the numeratoraby reducing the time assumed to be unemployed, etc., etc.  By the same standards used when I was a child we've got to be 15% or more unemployed....

 people have been signing up at more than 500,000 per month since before the election, that means that AT LEAST 5 MILLION jobs have been LOST, I don't know what that works out to percentage wise but it doesn't include the self employed like TAB who can't find work because no one dares spend what they have, and it does not include students and graduates that could not find a job. I would bet the true number is around 20 -25%.
Any one tracking the TRUE level of inflation as opposed to the information being released. They only report HOW MUCH it increased, not what that amounts to, that is where we will see genuine suffering in this country,  when your $1500 take home pay buys a tank of gas a loaf of bread and a pound of baloney.