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post #91 of 160 (permalink) Old 10-20-2008, 08:37 PM
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It's a Catch 22, isn't it? As long as the debt remains and continues to grow, our currency isn't given any sense of respect or value. Is there some magic number somewhere in the future of rising debt that will serve as a slap in the face and give our lawmakers and the Fed pause, and steer them back toward a path of financial responsibility? If it hasn't happened already, it probably never will...

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #92 of 160 (permalink) Old 10-20-2008, 08:38 PM
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^ Step one IMO, is an earnest effort to buy back/pay off the national debt. We're years away at best, don't you think?


...


Without that effort, money has no real value (screw it, just print some more). Without a sense of value, no economy can succeed.
That effectively pays off the national debt by turning all the debt held by our hapless allies into worthless paper.
Neat trick, isn't it ?
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post #93 of 160 (permalink) Old 10-20-2008, 08:40 PM
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^ Exactly, and we're left with the same kind of runaway inflation that has effectively destroyed the middle class in many nations around the globe already. Welcome to the third world.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #94 of 160 (permalink) Old 10-20-2008, 08:46 PM
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It's a Catch 22, isn't it? As long as the debt remains and continues to grow, our currency isn't given any sense of respect or value. Is there some magic number somewhere in the future of rising debt that will serve as a slap in the face and give our lawmakers and the Fed pause, and steer them back toward a path of financial responsibility? If it hasn't happened already, it probably never will...
I am betting $10T did it.

The fact that we doubled in the past eight years was very sobering to lots of people. It is why, even when you hear about "new programs" you hear it chocked full of caveats regarding slicing into the current programs to reduce costs. I think reality says that we are at a point where a $3T budget is the TOP END of realistic and we should not grow beyond that and that everything done should be beneath that umbrella, including debt reduction.

I just get that sense from reading different things and the couple of talks with Chandler. There is no zeal to Spend, Baby, Spend.

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post #95 of 160 (permalink) Old 10-20-2008, 08:52 PM
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^ Exactly, and we're left with the same kind of runaway inflation that has effectively destroyed the middle class in many nations around the globe already. Welcome to the third world.
On the contrary, the middle class of the world has benefited from massive liquidity generated by the deficit.
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post #96 of 160 (permalink) Old 10-20-2008, 08:55 PM
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I am betting $10T did it.

The fact that we doubled in the past eight years was very sobering to lots of people. It is why, even when you hear about "new programs" you hear it chocked full of caveats regarding slicing into the current programs to reduce costs. I think reality says that we are at a point where a $3T budget is the TOP END of realistic and we should not grow beyond that and that everything done should be beneath that umbrella, including debt reduction.

I just get that sense from reading different things and the couple of talks with Chandler. There is no zeal to Spend, Baby, Spend.
That's just another meaningless number unless the size of the GDP is taken into account. The GDP is inflated at the same time along with the deficit.
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post #97 of 160 (permalink) Old 10-20-2008, 09:08 PM
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That's just another meaningless number unless the size of the GDP is taken into account. The GDP is inflated at the same time along with the deficit.
Well, The current GDP is $14.2T to put the DEBT in perspective.

http://www.bea.gov/newsreleases/nati...ewsrelease.htm

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post #98 of 160 (permalink) Old 10-20-2008, 09:43 PM
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The election is near . . .I'm still not sure who will win the position.
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post #99 of 160 (permalink) Old 10-20-2008, 09:48 PM
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On the contrary, the middle class of the world has benefited from massive liquidity generated by the deficit.
Erm, I'm talking about our middle class.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #100 of 160 (permalink) Old 10-20-2008, 10:26 PM
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Erm, I'm talking about our middle class.
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^ Exactly, and we're left with the same kind of runaway inflation that has effectively destroyed the middle class in many nations around the globe already. Welcome to the third world.
How would I know ?
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