Obama taking US on the road to Greece

Discussion in 'Politics' started by CMike, May 11, 2010.

  1. CMike
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    CMike Zionist, proud to be

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    Obama is taking the US on the same path as Greece.

    Pretty soon America's debt is going to be the same as it's GDP.

    Here is an analysis on it.

    Greece's Crisis Foreshadowing America's? - CBS News

    Many of the same risky financial practices that now imperil the Greeks were at the center of the all-too-recent U.S. meltdown.

    As with Greece, America's national debt has been growing by leaps and bounds over the past decade, to the point where it threatens to swamp overall economic output. And in the U.S., as in Greece, a large portion of that debt is owed to foreign investors.

    Not good, if these debt holders begin to wonder if they'll be paid back. A foreign flight from U.S. Treasury securities could sow financial chaos in the United States, as happened when many investors lost faith in Greek bonds.

    It's something that could affect all Americans. The U.S. has never defaulted on a debt, and even the hint of such a possibility could send interest rates soaring and choke off a fragile recovery.

    How long can the United States remain the world's largest economy as well as the world's largest debtor?

    "Not indefinitely," suggests former Federal Reserve Chairman Alan Greenspan. "History tells us that great powers when they've gotten into very significant fiscal problems have ceased to be great powers."

    After all, Spain dominated the 16th century world, France the 17th century and Great Britain much of the 18th and 19th before the United States rose to supremacy in the 20th century.

    "Unless we do things dramatically different, including strengthening our investments in research and education, the 21st century will belong to China and India," suggests Norman Augustine, the former CEO of Lockheed Martin who chaired a 2009 bipartisan commission studying the nation's top challenges.
     
  2. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Greece's deficit is 13% - the U.S.'s this year is 11%.

    Greece is the Canary in the Sovereign Debt Coal Mine.
     
  3. VaYank5150
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    VaYank5150 Gold Member

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    HOLY SHIT! WE ARE ALL GOING TO DIE!!!

    Fearmongering is SO 2008....
     
  4. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    Not "taking" us on the road to Greece, simply continuing us down the road to Greece.
     
  5. CMike
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    CMike Zionist, proud to be

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    Sometimes fear is good motivation to put someone or a country back on a path that doesn't lead to a cliff.
     
  6. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    Come on AmwayMike.....Playing that slippery slope crap a bit much aren't you?
     
  7. VaYank5150
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    VaYank5150 Gold Member

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    OR....it is good motivation to invade a country that was no threat to us, costing us trillions of dollars and thousands of American lives....
     
  8. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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  9. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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  10. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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