Admittedly, that kind of thing can piss me off sometimes too.pndragon26 wrote:
Turq, lot of posts around here start off with that "americans think...", just getting real old reading that.
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pndragon26: I was not attacking you - I merely thought I was clarifying. I had written that post before I saw Turquoise's - if you wish, I shall delete it. I have no desire to make this personal.
-konfusion
-konfusion
Hi DrunkFace,
I was just pointing out the not-so obvious costs of the war (which some of it is disputable). Stiglitz happens to be a very respected economist but I agree with you a lot of the problems we see today have been built up over the past few decades. However, the gov sometimes twists the numbers a bit, especially when it is seen as politically damaging. Not that they are incorrect, but can be very misleading (the CPI for example).
Most of our debt is mainly from the social programs we have. We simply can't afford it. $60 trillion in debt and entitlements and congress has clearly not shown signs of cutting back on spending. Our deficit spending and borrowing from foreigners is not sustainable. I blame the democrats for expanding government and the republicans for not fighting against such expansion enough. And yes the private sector has a lot of debt, but when you have artificially low interest rates stimulating the economy you can expect that.
Your point about the current account deficit worrying foreigners is correct, because they don't see us making any attempt to pay back our debt anytime soon. Interest rate cuts also exacerbates the problem, as it creates inflation. Raising interest rates would encourage foreigners to hold their dollars and buy more, however Ben Bernanke is not about to do that. Inflation will continue to rise as the Fed tries to bail out the financial sector, which they might be successful at, but will result in a huge amount of inflation, which will set off a mass self off of bonds that the Fed has to monetize. Hyperinflation is clearly a possibility.
It's a race to the bottom though. We are seeing gold increase nominally in currencies all over, because central banks are debasing their own currencies to an extent (namely Asian banks) to buy dollars and keep them out of the market (about $13-14 trillion globally). And lol yea they don't see the dollar as an investment, more is that if the US economy falls into some abyss the whole world will share the pain. People were getting scared when the dollar fell below the 80 mark because that is when, supposedly, there could be a mass exodus of the dollar. I think once we go below the 70 mark then can we start to worry, and if it goes down to 60 well then things are not looking good.
I was just pointing out the not-so obvious costs of the war (which some of it is disputable). Stiglitz happens to be a very respected economist but I agree with you a lot of the problems we see today have been built up over the past few decades. However, the gov sometimes twists the numbers a bit, especially when it is seen as politically damaging. Not that they are incorrect, but can be very misleading (the CPI for example).
Most of our debt is mainly from the social programs we have. We simply can't afford it. $60 trillion in debt and entitlements and congress has clearly not shown signs of cutting back on spending. Our deficit spending and borrowing from foreigners is not sustainable. I blame the democrats for expanding government and the republicans for not fighting against such expansion enough. And yes the private sector has a lot of debt, but when you have artificially low interest rates stimulating the economy you can expect that.
Your point about the current account deficit worrying foreigners is correct, because they don't see us making any attempt to pay back our debt anytime soon. Interest rate cuts also exacerbates the problem, as it creates inflation. Raising interest rates would encourage foreigners to hold their dollars and buy more, however Ben Bernanke is not about to do that. Inflation will continue to rise as the Fed tries to bail out the financial sector, which they might be successful at, but will result in a huge amount of inflation, which will set off a mass self off of bonds that the Fed has to monetize. Hyperinflation is clearly a possibility.
It's a race to the bottom though. We are seeing gold increase nominally in currencies all over, because central banks are debasing their own currencies to an extent (namely Asian banks) to buy dollars and keep them out of the market (about $13-14 trillion globally). And lol yea they don't see the dollar as an investment, more is that if the US economy falls into some abyss the whole world will share the pain. People were getting scared when the dollar fell below the 80 mark because that is when, supposedly, there could be a mass exodus of the dollar. I think once we go below the 70 mark then can we start to worry, and if it goes down to 60 well then things are not looking good.
Last edited by Phrozenbot (2008-03-31 15:12:12)
I forsaw thisLocoloki wrote:
now i hope she gets at least ten more questions similar to that one
haha
yea thats right, your dad got a bj while your mom was in the same house
http://politicalticker.blogs.cnn.com/
You guys use bitch like it's going out of style. If she would have divorced him, you'd be the one bitching her out about not sticking with her vows etc etc etc.DBBrinson1 wrote:
Meh. She proved she's a bitch just like her mum.blademaster wrote:
He said that by brushing him off, Chelsea Clinton missed an opportunity to show her mother's strength.
''I was very surprised'' at the rebuke, Strange said. ''I can see where she'd get a little defensive because of the question and hearing Lewinsky over and over again, but I would like to hear her say something about Hillary rather than dismissing the question.''
http://www.suntimes.com/news/elections/ … 08.article
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