11-29-2004, 02:43 PM | #31 |
Dracolich
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One thing worth remembering of course is that the US is perhaps the only country in the world capable of running a sustained deficit like this, as it isn't going to run out of foreign exchange in the way that another country would. You can look forward to an even weaker dollar though.
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11-29-2004, 03:00 PM | #32 |
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Did someone say hot monkey sex?
[ 11-29-2004, 03:01 PM: Message edited by: Timber Loftis ] |
11-29-2004, 03:09 PM | #33 | |
Ninja Storm Shadow
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Crustiest of the OLD COOTS "Donating mirrors for years to help the Liberal/Socialist find their collective rear-ends, because both hands doesn't seem to be working. Veitnam 61-65:KIA 1864 66:KIA 5008 67:KIA 9378 68:KIA 14594 69:KIA 9414 70:KIA 4221 71:KIA 1380 72:KIA 300 Afghanistan2001-2008 KIA 585 2009-2012 KIA 1465 and counting Davros 1 Much abliged Massachusetts |
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11-29-2004, 03:20 PM | #34 | |
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Crustiest of the OLD COOTS "Donating mirrors for years to help the Liberal/Socialist find their collective rear-ends, because both hands doesn't seem to be working. Veitnam 61-65:KIA 1864 66:KIA 5008 67:KIA 9378 68:KIA 14594 69:KIA 9414 70:KIA 4221 71:KIA 1380 72:KIA 300 Afghanistan2001-2008 KIA 585 2009-2012 KIA 1465 and counting Davros 1 Much abliged Massachusetts |
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11-29-2004, 03:35 PM | #35 | |
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[img]\"http://www.wheatsheaf.freeserve.co.uk/roastspurs.gif\" alt=\" - \" /> <br />Proud member of the Axis of Upheaval<br />Official Titterer of the Laughing Hyenas<br />Josiah Bartlet - the best President the US never had.<br />The 1st D in the D & D Show |
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11-29-2004, 03:51 PM | #36 |
Dracolich
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The GDP percentage isn't necessarily a good comparison. Even with the current tax & spend government we're blessed with, our national debt stands at some £380bn which when divided by our population of ~60m gives us £6333 of debt per person (around $10k off the top of my head) - a far sight better than the $75k quoted above for each US citizen.
The unavoidable truth is that this debt is ultimately owed to US citizens themselves - and they will be the losers if this situation continues. As for me, I shall be taking dollars with me when I go abroad this holiday because I can buy so many of them with sterling's new-found purchasing power. So someone's happy [ 11-29-2004, 03:52 PM: Message edited by: shamrock_uk ] |
11-29-2004, 04:18 PM | #37 | |
Ninja Storm Shadow
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Crustiest of the OLD COOTS "Donating mirrors for years to help the Liberal/Socialist find their collective rear-ends, because both hands doesn't seem to be working. Veitnam 61-65:KIA 1864 66:KIA 5008 67:KIA 9378 68:KIA 14594 69:KIA 9414 70:KIA 4221 71:KIA 1380 72:KIA 300 Afghanistan2001-2008 KIA 585 2009-2012 KIA 1465 and counting Davros 1 Much abliged Massachusetts |
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11-29-2004, 04:24 PM | #38 | |
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11-30-2004, 03:57 PM | #39 | |
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Now Sham you have broken the code with the statement:"The unavoidable truth is that this debt is ultimately owed to US citizens themselves - and they will be the losers if this situation continues." The vast majority of the debt is owed to ourselves, in essance(sp?) a debt on paper. As Sam Walton said when he was asked,after the largest stockmart drop ever on a single day, "Sam you just lost $2,000,000,000 in a couple of hours what are you going to do?" Sam Walton replied "I lost $2,000,000,000 on paper, I'll do the same thing I did yesterday, go to work and make more real money." (Paraphrased by Me) If we forgive ourselves that debt it is our problem, if we default on the debt we owe ourselves it is our problem, If we decide to pay the debt to ourselves in one fell swoop that scares the "Hale" out of the rest of the world. Because if we pay our debt in one fell swoop, it's only $8,000,000,000,000+- our economy makes nearly $10,000,000,000,000+- a year, so we can do it, but if we do. It is that much money OUT of the economy. That much money out of our economy means we don't buy imported stuff, the rest of the world then suffers. Despite the effort to say the USA is not the world's largest consumer, the fact is we are. Does anybody remember that internet analogy(sp?) about if the world was reduced to 100 people. How the top 4 or 5 richest people would all live in North America,(a nice way of saying the USA), and these people also have the most income to spend, they are the ones with the most. Well you don't get to have the most stuff without being the largest consumer. Granted other countries and regions have larger populations, but we are not talking population, we are talking consuming/Buying/having stuff/ which is what economic is the buying and selling of items/stuff. Those with the most money buy the most stuff, those that buy the most stuff are the largest consumer. A population of 1,000,000,000 with only $1,000 of desposable income each sounds like a powerful economy, but when you compare it to an population of 280,000,000 that has a desposable income of $10,000 each has nearly twice the buying power. When they buy, they can buy more, and buying more makes you the larger consumer.(those number are not exact they are used only for illustration purposes, the real number I'm willing to bet are closer to 3 times the buying power of say China.)
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Crustiest of the OLD COOTS "Donating mirrors for years to help the Liberal/Socialist find their collective rear-ends, because both hands doesn't seem to be working. Veitnam 61-65:KIA 1864 66:KIA 5008 67:KIA 9378 68:KIA 14594 69:KIA 9414 70:KIA 4221 71:KIA 1380 72:KIA 300 Afghanistan2001-2008 KIA 585 2009-2012 KIA 1465 and counting Davros 1 Much abliged Massachusetts |
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11-30-2004, 05:15 PM | #40 | |||||
Dracolich
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I think my view would be that 'yes it's sustainable' and 'yes, in a short-term view maybe it could even be considered desirable for increasing demand etc' but I just can't shake the feeling of fiscal irresponsibility that comes with it. Keeping a balanced budget was one of the primary economic goals for governments for a couple of hundred years until maybe the beginning of the 20th century when unemployment and social considerations started to encroach into the political sphere. It's the blasé attitude that the Administration shows to having such a large debt in the first place that worries me more than the actual realities of the threat to the American and World economy. [ 11-30-2004, 05:25 PM: Message edited by: shamrock_uk ] |
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