Thread: Economy Connoisseurs: is the US going to default?

Everything I have heard said that the 'compromise' allows for tax increases.

At this point it is impossible for the US the default in the traditional sense. Technically, we defaulted 40 years ago when Nixon ended the gold standard and switched the country to a fiat system. At that time our money was convertible to gold, but when foreign powers tried to collect, he refused to pay (a default). We have been running on a play money scheme ever since, and the rest of the world has had to just accept it since they had put all their eggs in the US dollar basket already. If there is ever any kind of default, what will really happen is that federal reserve will just print money to pay the debts and send the dollar into a hyper inflationary death spiral. There is no reason to stop handing out our paper money because it isn't a limited resource and doing so would crash the entire globe's economy. Continuing to print will eventually do the same thing, but that is the only option we have. They are hoping that if they continue to print it will give them enough time to figure out what else to do.

Either that or this is being done on purpose to consolidate wealth and force a drastic change that no one would voluntarily be a part of.

Apparently, 80% of US citizens polled feel that this whole debate was more about gaining political advantage than resolving any problems. http://www.nytimes.com/2011/08/05/us...cs/05poll.html. Things might be looking up.

Nope?

They only think that anyway (not that it wasn't a simple and obvious truth) because the media told them to think that.

But nothing has changed and the US was never going to be the first domino to fall anyway.

Looking up for who? All that says to me is that the government now acts completely independently of how most Americans think they should/think they do.

Don't be so alarmist... both parties give a rather large shit that a tonne of their voters think they were playing childish partisan games. This was a political miscalculation / result of stupidity and pigheadedness. Like everything else.

Originally Posted by Xei

Don't be so alarmist... both parties give a rather large shit that a tonne of their voters think they were playing childish partisan games. This was a political miscalculation / result of stupidity and pigheadedness. Like everything else.

What do you mean "both parties"?

Using Xei to debate Xei

Originally Posted by Xei

Don't be so alarmist... both parties give a rather large shit that a tonne of their voters think they were playing childish partisan games. This was a political miscalculation / result of stupidity and pigheadedness. Like everything else.

Originally Posted by Xei

Polite version: this is either wilful ignorance and self-delusion or lying. It's completely wrong. Rude version: absolute bullshit.

Well debated son.

Originally Posted by cmind

What do you mean "both parties"?

In US politics there are two major parties, the Republicans and the Democrats.

Oh, are you doing the whole Republocrat thing? Cute.

Well, the difference is...well...

Even if there were no difference at all between them; they're still partisan and self-interested, and that's what was pertinent.

hate to spoil the party, but this economic mess was something to be expected

an article in 2008
http://www.marketoracle.co.uk/Article6927.html





here is it updated constantly

http://www.dowgoldzoom.com/images/dow_gold_zoom.pdf

Originally Posted by Xei

Oh, are you doing the whole Republocrat thing? Cute.

Oh, you're doing the whole pretending the parties are different thing?

They are different. It's just barely noticeable coz they're all corporate cock suckers.

politicians should eat more fiber, because they all are full of shit

and I can assure you, in some countries they can be extremly constipated

these people don`t care about you, they never did, they never will, grow up please

Originally Posted by tommo

They are different. It's just barely noticeable coz they're all corporate cock suckers.

Yes, this is of course very true. But don't think for one minute that if you got rid of the corporations, that would make the government benevolent. Government without corporations = the USSR, basically.

The only real solution is to get rid of the state itself.

And who's to stop people in an anarchy forming a state?

Oops lol.

Originally Posted by cmind

The only real solution is to get rid of the state itself.

That's working out for Somalia and post-Roman collapse Western Europe.

Originally Posted by cmind

Yes, this is of course very true. But don't think for one minute that if you got rid of the corporations, that would make the government benevolent. Government without corporations = the USSR, basically.

The only real solution is to get rid of the state itself.

Conan for president

oh yes he can !!!

The parties in this country are about as different from each other as anyone doing the "good cop vs. bad cop" routine. The only difference is that they take turns playing the villain so that we stay confused and divided about which one's are the good guys.

Well, although the US didn't default on its debt, it still lost its triple A credit rating. It has now been downgraded to AA+.

Originally Posted by Heavy Sleeper

Well, although the US didn't default on its debt, it still lost its triple A credit rating. It has now been downgraded to AA+.

do you think that matters anything at all?


I can give 7 stars and a smaller moon to a stable and call it a hotel

and I can take down all stars from an expensive hotel in Dubai


it doesn`t change anything

it`s like when you go to college to learn marketing and economics, and you are thaught and evaluated by people who are flat broke and know nothing about it, except from books

I can read books about skydiving, does it make me fly like superman???

lol USA got owned.

Sterling is now one of the safest currencies in the world. :/

Anyway, here is quite a good article that might be of interest to some:

BBC News - How Washington's politicians downgraded America

Americans are likely to bemoan the failure of politicians to bridge an apparently unbridgeable gap between two different world views. They may put their faith in Washington politicians, in an outburst of patriotism and goodwill, stumbling on a synthesis that suits all sides. But I wonder whether any of them will muse that the system itself may not be fit for purpose.

Seems pretty true to me. Some other countries' populations have been able to, at least recently, decisively vote that the debt situation needed handling. The American populace has not yet fought effectively to bring about a fundamental, viable change to the problem, which has existed for a long time.

Please stop blaming the politicians, you guys live in a democracy and you're the ones who keep electing them.