Could America Go Broke?

[Zoom-boing]

Obama is quoted as having said that if it doesn't happen this year, it isn't going to happen...but then too he boasted it HAD to be done before the recess in August, and to wit it wasn't and the DEMS had their asses handed to them by the people over the Summer...

Same as with last night...New Jersey of all places? And I thought Virginia was theirs as of the 2008 election of Obama?

There are some serious wounds being licked right now by Democrats. (Albiet they 'll never admit it but will Blame, Deny, Minimize of Obfuscate what went down)...
And they will continue to second guess the people.

Just heard Puklosi spin that last night was a win for the Dems cause they took NY23 and Gibbs saying 'Obama wasn't watching the results he was watching the ball game'. Condescending elitist liars.

Actually? Obama was watching HBO and a Documentary of Himself that he's already seen.

Wouldn't surprise me. I forgot to add arrogance too.

 

[manu1959]

india started dumping dollars and buying gold....china has been doing it for years....

why we keep sending foreign aid to countries and manning military bases around the world when we are in debt and our own house is crumbeling underneath us is beyond me....

 

[keee keee]

with Obama and the democrats in charge YES and we will go broke just a matter of time!!!! It's getting to the point with all the taxes why work anymore!!!!

 

[cbi0090]

Although debt is not a particularly good thing, it can also be a very useful thing depending on who your indebted to. China is an excellent example. The last thing China wants to do is mess us up. That would financially be a bad thing which would, in turn, be socially destructive for them. You may hold a mortgage but if the borrower doesn't pay your screwed if your own finances depend on that income or value. China has fallen into the circle of interdependency that so much of the rest of the world participates, making them less of threat and more of a world partner.
Putin's been trying hard to break away from the pack, but their butt's are getting kicked for it. The New World order is more about financial interdependency, not social philosophy. Socio-political philosphy is as dangerous as theocracy. It has historically proven to be too fickle, easily manipulated, and unsustainable. It become too easily dominated by strong personalities who take person advantage of the issues de jour and who inevitably always go wrong, like today's Chavez. When everyone is dependent on each other, it is very difficult to justify war. Who bites the hand that feeds them?
America is a long way from going broke. We're a lot less broke than many, many other countries, but that's no excuse to continue down the path we're on. To maintain leadership we need things better balanced. Health care is a big ticket item that definitely needs to be tamed.

 

[Mr.Fitnah]

The plan is to go broke causing a global meltdown then to save the world a single economic and government system used to be the realm of conspiracy , now it seems to be very plausible.
U.S. National Debt Clock : Real Time

 

[Charles Stucker]

And what do we spend most of our money on? The military industrial complex.

Check your facts
~21% of the budget goes to Military spending
~43% goes to Medicare and Social Security
More goes to socialist programs than the military

 

[eagleseven]

Although debt is not a particularly good thing, it can also be a very useful thing depending on who your indebted to. China is an excellent example. The last thing China wants to do is mess us up.

It is not a matter of what China wants to do. It is a matter of what China can and cannot do.

This argument has been used for far too long, and ignores the fact that China cannot supply an unlimited credit line...they only have so much to lend us. After a certain point, which we are rapidly reaching, we'll hit the limit...and be broke. Of course, this would cause a global collapse.

China does not want this to happen...but they cannot control the US government. Since the Obama administration is ignoring China's ever-louder warnings about our national debt, China is preparing for the worse by purchasing gold and increasing domestic demand.

The rest of the world now sees what is coming, and is making preparations. The only man in the world who could prevent this, Mr. Obama, is in active denial, ignoring the warnings of the World Bank, IMF, China, India, the Fed, and every major US economic thinktank.

Instead, Obama is busy watching the ballgame...

 

[Toro]

America isn't going to default per se.

America is going to depreciate its currency away instead.

 

[Toro]

india started dumping dollars and buying gold....china has been doing it for years....

why we keep sending foreign aid to countries and manning military bases around the world when we are in debt and our own house is crumbeling underneath us is beyond me....

India is not dumping dollars. India bought a big chunk of gold because its dollar reserves have piled up so much that gold has proportionally become a smaller percentage of its reserve accounts. But India has not sold dollars, as far as I know. India increased its gold reserves from 4% to 6% of total reserves.

China has been accumulating dollars at an even faster rate over the past few years than it ever has before. China also added to its gold reserves, but that is because gold was about 1% of its total. Now it is 2%. The west on average has 35% of its reserves in gold. America has 60%.

 

[pete]

with Obama and the democrats in charge YES and we will go broke just a matter of time!!!! It's getting to the point with all the taxes why work anymore!!!!

Exactly ... we can all go on welfare with a cell phone and health coverage!!

 

[Mr.Fitnah]

india started dumping dollars and buying gold....china has been doing it for years....

why we keep sending foreign aid to countries and manning military bases around the world when we are in debt and our own house is crumbeling underneath us is beyond me....

India is not dumping dollars. India bought a big chunk of gold because its dollar reserves have piled up so much that gold has proportionally become a smaller percentage of its reserve accounts. But India has not sold dollars, as far as I know. India increased its gold reserves from 4% to 6% of total reserves.

China has been accumulating dollars at an even faster rate over the past few years than it ever has before. China also added to its gold reserves, but that is because gold was about 1% of its total. Now it is 2%. The west on average has 35% of its reserves in gold. America has 60%.

China has been buying debt, and dollars, they have lost interest at doing so at these low rates and will insist on higher interest rates that will be the end of the scheme.
They are having the same problem we are, high taxes slowed economy they will not continue to waste time on bad investments like Washington does.

 

[cbi0090]

And what do we spend most of our money on? The military industrial complex.

Check your facts
~21% of the budget goes to Military spending
~43% goes to Medicare and Social Security
More goes to socialist programs than the military

Your have to compare budget figures like that to a common standard to really reveal anything and the GDP is the most common standard. Only Myanmar, who spends 33.4% of its GDP on its miltary, is close to that figure. The next highest is Jordan, who spends 10.3% of its GDP on defense. The United States only spends 4% of its GDP on the defense. We still spend far more than anyone else but our economy is also so much greater.
The United States spends 15.3% of its GDP on health care, which is the second highest in the world, but it's hard to compare or know exactly, as so much comes from private sources.

 

[cbi0090]

india started dumping dollars and buying gold....china has been doing it for years....

why we keep sending foreign aid to countries and manning military bases around the world when we are in debt and our own house is crumbeling underneath us is beyond me....

India is not dumping dollars. India bought a big chunk of gold because its dollar reserves have piled up so much that gold has proportionally become a smaller percentage of its reserve accounts. But India has not sold dollars, as far as I know. India increased its gold reserves from 4% to 6% of total reserves.

China has been accumulating dollars at an even faster rate over the past few years than it ever has before. China also added to its gold reserves, but that is because gold was about 1% of its total. Now it is 2%. The west on average has 35% of its reserves in gold. America has 60%.

China has been buying debt, and dollars, they have lost interest at doing so at these low rates and will insist on higher interest rates that will be the end of the scheme.
They are having the same problem we are, high taxes slowed economy they will not continue to waste time on bad investments like Washington does.

Countries don't buy dollars just because it's a good investment, (although most of the time it is) they do it because it's the safest place to put it. We have a legal system that works, laws that protect and uphold investments, and a military second to none. It's a safe place to put your money, even still. If someone entrusted you with a billion dollars for your home town what would you do with it? You absolutely had to keep it safe, where would you put it? South America, no way. Central America, even worse. Africa, what a joke! China?? Russia?? Not with communists and thugs in control, they could take it on a whim. India, I don't think so. Where? Europe? Maybe, but their banks are nearly all government run and you'll get taxed to high heaven. Switzerland, it'll be there but it won't do anything. No, the U.S. is still the best bet.

 

[Mr.Fitnah]

really?
I have no faith in the Government to uphold the constitution at all any longer .

 

[Polk]

The Washington Post gets it...why won't Obama?

He gets it but doesn't care; he will be long gone by 2019 and this will never personally affect him or his family. Cult of personality is winning.

Good observation, but the 'Cult' has had a rude awakening...err...umm...I think it was just the alarm clock going off, and they're just going to hit the 'Snooze' button.

From people who are still running after 20 years crowing about "What would Reagan do?" and who prayed to cardboard cutouts of Bush, accusing anyone of a cult of personality is pretty damn laughable.

 

[elvis]

He gets it but doesn't care; he will be long gone by 2019 and this will never personally affect him or his family. Cult of personality is winning.

Good observation, but the 'Cult' has had a rude awakening...err...umm...I think it was just the alarm clock going off, and they're just going to hit the 'Snooze' button.

From people who are still running after 20 years crowing about "What would Reagan do?" and who prayed to cardboard cutouts of Bush, accusing anyone of a cult of personality is pretty damn laughable.

people who attended palin's church were not praying TO the cutout of Bush. they were praying for him, and since he couldn't be there to be prayed for, they got a cut out of him. An obama supporter shouldn't throw stones near glass houses when it comes to churches.