America is Greece — except on a much grander scale. Our economic collapse is still a year or two down the road. Obama is laughing, celebrating, dancing and handing out gifts (stimulus, bailouts, entitlements, corporate welfare) at a big fat Greek wedding...oblivious to the the coming economic Armageddon...oblivious to the madness of his plan — to triple down on spending to save us from insolvency.
@michaelbme dude......the USA is looking at a 10 year window.....a collapse could happen and it can also be avoided....in reality a collapse is not so bad.....look at Russia, Argentina, Iceland, Sweden and right now several member countries of the EU....it isnt as catastrophic as the doomsdayers would like you to believe....but personally.....I believe the USA will avoid collapse
Greece is the insolvent, bankrupt country that threatens to bring down the entire EU with its exploding and toxic national debt. But its just one of the PIGS — Portugal, Italy, Greece and Spain. The EU is damned if they do, damned if they dont. If they choose to bail out Greece in order to save the union, soon theyll have much bigger bankrupt nations to deal with. There isnt enough money in all the world to bail out all of them. The EU is in big trouble.
The Greek budget crisis is a symptom of imbalances that will lead to the breakup of the euro region, according to Societe Generale SA strategist Albert Edwards, and Harvard University Professor Martin Feldstein said monetary union isnt working in its current form.
Southern European countries are trapped in an overvalued currency and suffocated by low competitiveness, top-ranked Edwards wrote in a report today.
Former European Central Bank Chief Economist Otmar Issing said bailing out Greece would deal a major blow to the euros credibility.
The viability of the whole framework -- nothing less -- is at stake, wrote Issing, a founding member of the ECBs executive board, in the Financial Times today. Financial assistance for countries that violated the terms of their participation in EMU would be a major blow for the credibility of the whole framework.
The European Monetary Union's credibility has been damaged. All of the sixteen countries in the monetary union have either breached or completely disregarded the Stability and Growth Pact by running excessive deficits. Greece and other gross offenders are exposing the EU's inability to enforce fiscal deficit limits.
And the unknown implication of a failure, and/or exit, of a euro member country is increasing speculation of a break-up of the euro currency.
Australias dollar tumbled to a six-week low and Asian stocks pared gains after the announcement sparked concern at the economys ability to withstand higher borrowing costs. Business confidence fell to a six-month low, a report showed today, and Woolworths Ltd., the countrys biggest retailer, warned last week that rate increases would hurt consumers.
The Royal Bank of Australia (RBA) unexpectedly held interest rates at 3.75%. No doubt this was in fear of the Australia's enormous housing bubble that exceeds the height of the bubble that long ago burst in the US. 20 economists predicted the RBA would hike. Not a single one predicted anything else.
All Rudd did was delay the inevitable, fueling an even bigger housing bubble. The bigger the bubble, the bigger the crash, and rest assured Australia is headed for a housing crash.
Vietnam devalued its currency by 5.4 per cent against the dollar yesterday and raised interest rates by a full percentage point in an effort to cut inflation and underpin the beleaguered dong.
The dong has come under pressure recently as inflation started climbing and domestic demand, driven by the country's $8bn stimulus programme, drove the current account deficit to close to $2bn a month.
The first two things that you listed (oil being more than 200 dollars a barrel and oil being traded in euros) are probably not going to be necessary for the collapse to happen. The debt that we as a country (the USA, my country) and the interest that the government will have to pay on it in the future will be more than enough to totally collapse us.
I am not saying that those two things you listed first won't happen, just that they aren't necessary.
I've been getting mix figures but one source said that the US total debt is $12 trillion + while another source (an Asian investment company) said the total US debt (which the US media and govt. refused to acknowledge) is closer to a whopping $46 trillion dollars.
12 Ways Schiff Was Wrong in 2008 Wrong about hyperinflation Wrong about the dollar Wrong about commodities except for gold Wrong about foreign currencies except for the Yen Wrong about foreign equities Wrong in timing Wrong in risk management Wrong in buy and hold thesis Wrong on decoupling Wrong on China Wrong on US treasuries Wrong on interest rates, both foreign and domestic
Although the economic meltdown is very upsetting - we have been here before and the World will recover. The sad thing is its the average joe who gets it in the neck. Most of the rich British, American etc families retained most of their wealth and influence. GM will get bailed out while small businesses will close.
GM did get bailed out but the average stockholder got bupkus, including retirees who believed in GM, just like TYCO and the rest. Those on top of the food chain are spared, but not for long. i see a day of reckoning from nature or God or whomever you want to blame it on, but these clever SOB bankers, politicians and corporate welfare cheats, will not be spared!
You are missing the point. There is no safe currency to put your money. The Euro and Pound are in a more unstable situation than the dollar. The Canadian dollar as well as the Australian dollar is heavily tied to commodities. The Yen could be considered a safe haven at the moment.
Everything I am reading, the US Dollar is still the safe haven of investors around the world. It seems that people in your part of the world choose not to look at their own circumstance.
Thank you for keeping the conversation on a friendly level.
I subscribe to many financial newsletters, written by some of the most educated economists in the world. Frankly, most of them are not very good, however, a few of them are very accurate.
The ones who have been accurate say, the dollar on a long-term basis will be strong against every currency in the world accept the Yen. You have to acknowledge, the dollar has pounded every major currency in the last 4 months accept the Yen.
Yes I agree. The US dollar is high against the rest because it is being artificially propped up at the moment so the big interests in other countries can get rid of their US dollars/bonds at a high value, after that happens the US dollar will fall like a stone.
My friend, the EU and the UK are in a worse situation than the USA. Central Europe and Eastern Europe are on the brink of an economic collapse also.
Do you know who financed them?
The USA and Japan financed 9% of their debt. The UK and EU financed 45% of their debt. The dollar is still in solid shape. The USA was the first to take the heavy hits, it is now the rest of the worlds turn. We ar by no means out of the woods, but we are in much better shape than you believe.
yes you are correct, the Aussie dollar sure has crashed. Once the Asians and Europeans get rid of their US dollars, then the US dollar will tank then too.
Fiat money or faith in government is vulnerable not just in the states but around the world. The gold and silver market are being manipulated, just look at the chart when it hits london.
Actually the scary thing is this; countries like America who has a huge military power advantage having enough weapons to turn the earth into a cinder may just come up with the idea, if we go down we just as well take the rest of the world with it. I do not endorse such a thing but desperate countries to desperate things. My Two cent opinion.
In my original post I was referring to nuclear weapons. In that sense, yes, America can take on the world, about 6 times over. I don't say this to imply that America can take on the world and win, that is obvious, but rather to suggest a possibility of a country backed against the wall with no way out acting in desperate (some what irrational) ways.
im at the bottom of the payscale over here so i pretty much work just to have enough money to have a place to stay when 2 years ago at the same job @ slightly less money i was living pretty good. my money just cant buy anything anymore.
In my opinion we only have until the September/October 2008 time frame, then it's LIGHTS OUT / GAME OVER. Prepare now while you still have a chance to, before this economy collapses!
We're also being bought up by China. We're supposed to have this N. American Free Trade Agreement but I don't see much benefit for most. We'll just have to annex Mexico and it'll be just fine ;) I doubt Canada wants anything to do with us especially now that their money is worth as much. Just paid $3.83/gallon in New Jersey this morning.
No one can stay on top forever now its Chinas and Russias turn. And even they cant stay on top forever.
REPOMAN24722 3 months ago
and 4, george bush being in charge of anything to do with the US again! lol
MrSpidersplicer 1 year ago
The US has been through much tougher times than the present financial crisis (the Great Depression), and it survived that; it will survive this too.
cabraden1 1 year ago
America is Greece — except on a much grander scale. Our economic collapse is still a year or two down the road. Obama is laughing, celebrating, dancing and handing out gifts (stimulus, bailouts, entitlements, corporate welfare) at a big fat Greek wedding...oblivious to the the coming economic Armageddon...oblivious to the madness of his plan — to triple down on spending to save us from insolvency.
jmallton 2 years ago
@jmallton
I think that if it doesn't happen in a year or two, it will certainly happen by 2020.
michaelbme 1 year ago
@michaelbme dude......the USA is looking at a 10 year window.....a collapse could happen and it can also be avoided....in reality a collapse is not so bad.....look at Russia, Argentina, Iceland, Sweden and right now several member countries of the EU....it isnt as catastrophic as the doomsdayers would like you to believe....but personally.....I believe the USA will avoid collapse
jmallton 1 year ago
Greece is the insolvent, bankrupt country that threatens to bring down the entire EU with its exploding and toxic national debt. But its just one of the PIGS — Portugal, Italy, Greece and Spain. The EU is damned if they do, damned if they dont. If they choose to bail out Greece in order to save the union, soon theyll have much bigger bankrupt nations to deal with. There isnt enough money in all the world to bail out all of them. The EU is in big trouble.
jmallton 2 years ago
The Greek budget crisis is a symptom of imbalances that will lead to the breakup of the euro region, according to Societe Generale SA strategist Albert Edwards, and Harvard University Professor Martin Feldstein said monetary union isnt working in its current form.
Southern European countries are trapped in an overvalued currency and suffocated by low competitiveness, top-ranked Edwards wrote in a report today.
Jacobrester 2 years ago
Former European Central Bank Chief Economist Otmar Issing said bailing out Greece would deal a major blow to the euros credibility.
The viability of the whole framework -- nothing less -- is at stake, wrote Issing, a founding member of the ECBs executive board, in the Financial Times today. Financial assistance for countries that violated the terms of their participation in EMU would be a major blow for the credibility of the whole framework.
Jacobrester 2 years ago
The European Monetary Union's credibility has been damaged. All of the sixteen countries in the monetary union have either breached or completely disregarded the Stability and Growth Pact by running excessive deficits. Greece and other gross offenders are exposing the EU's inability to enforce fiscal deficit limits.
And the unknown implication of a failure, and/or exit, of a euro member country is increasing speculation of a break-up of the euro currency.
Jacobrester 2 years ago
Australias dollar tumbled to a six-week low and Asian stocks pared gains after the announcement sparked concern at the economys ability to withstand higher borrowing costs. Business confidence fell to a six-month low, a report showed today, and Woolworths Ltd., the countrys biggest retailer, warned last week that rate increases would hurt consumers.
Jacobrester 2 years ago
The Royal Bank of Australia (RBA) unexpectedly held interest rates at 3.75%. No doubt this was in fear of the Australia's enormous housing bubble that exceeds the height of the bubble that long ago burst in the US. 20 economists predicted the RBA would hike. Not a single one predicted anything else.
All Rudd did was delay the inevitable, fueling an even bigger housing bubble. The bigger the bubble, the bigger the crash, and rest assured Australia is headed for a housing crash.
Jacobrester 2 years ago
November 26 2009
Vietnam devalued its currency by 5.4 per cent against the dollar yesterday and raised interest rates by a full percentage point in an effort to cut inflation and underpin the beleaguered dong.
The dong has come under pressure recently as inflation started climbing and domestic demand, driven by the country's $8bn stimulus programme, drove the current account deficit to close to $2bn a month.
Jacobrester 2 years ago
Another hater from Australia......I would spend your time worrying about your own country mate as you might be in more trouble than you think
Jacobrester 2 years ago
lol, I am not a hater. yes, we are all stuffed.
GrahamAndFriends 2 years ago
Fair enough......I think this is a global mess not a USA mess
Jacobrester 2 years ago
yes it is a global mess, triggered by the usa and the puppet masters of this world.
GrahamAndFriends 2 years ago
@GrahamAndFriends
The first two things that you listed (oil being more than 200 dollars a barrel and oil being traded in euros) are probably not going to be necessary for the collapse to happen. The debt that we as a country (the USA, my country) and the interest that the government will have to pay on it in the future will be more than enough to totally collapse us.
I am not saying that those two things you listed first won't happen, just that they aren't necessary.
michaelbme 1 year ago
I've been getting mix figures but one source said that the US total debt is $12 trillion + while another source (an Asian investment company) said the total US debt (which the US media and govt. refused to acknowledge) is closer to a whopping $46 trillion dollars.
tacotony24 3 years ago
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Jacobrester 3 years ago
Wow! The yeti does exist.
simplex555 3 years ago
Although the economic meltdown is very upsetting - we have been here before and the World will recover. The sad thing is its the average joe who gets it in the neck. Most of the rich British, American etc families retained most of their wealth and influence. GM will get bailed out while small businesses will close.
Sad but the way of the world, I suppose.
EldritchMask 3 years ago
GM did get bailed out but the average stockholder got bupkus, including retirees who believed in GM, just like TYCO and the rest. Those on top of the food chain are spared, but not for long. i see a day of reckoning from nature or God or whomever you want to blame it on, but these clever SOB bankers, politicians and corporate welfare cheats, will not be spared!
buzzz121 2 years ago
Noahgoy,did you know all of UK debt,that is all future liabilities,mortgage debt ,government debt is 200% of gdp,or twice the UK current GDP.
USA debt now and owed is 800% that means the USA is in much worse state whichever way you look at it.
NOV 18 2008,US TREASURY DEPT RELEASE OF FOREIGN US TREASURY BILL HOLDERS.
1 CHINA
2 JAPAN
3 UK,$338BN.
SO YOU ALSO OWE US ASWELL AS JAPAN AND CHINA.
eplfootiefan 3 years ago
It seems my assessment of the UK and its debt was spot on !!
The UK is close to bankruptcy and as I have mentioned so many times to you Brits, you have nothing to back your debt. It is over.
Good Luck
Jacobrester 3 years ago
You are missing the point. There is no safe currency to put your money. The Euro and Pound are in a more unstable situation than the dollar. The Canadian dollar as well as the Australian dollar is heavily tied to commodities. The Yen could be considered a safe haven at the moment.
Everything I am reading, the US Dollar is still the safe haven of investors around the world. It seems that people in your part of the world choose not to look at their own circumstance.
Noahgoy 3 years ago
the big guys are putting their money into gold.
GrahamAndFriends 3 years ago
Thank you for keeping the conversation on a friendly level.
I subscribe to many financial newsletters, written by some of the most educated economists in the world. Frankly, most of them are not very good, however, a few of them are very accurate.
The ones who have been accurate say, the dollar on a long-term basis will be strong against every currency in the world accept the Yen. You have to acknowledge, the dollar has pounded every major currency in the last 4 months accept the Yen.
Noahgoy 3 years ago
Yes I agree. The US dollar is high against the rest because it is being artificially propped up at the moment so the big interests in other countries can get rid of their US dollars/bonds at a high value, after that happens the US dollar will fall like a stone.
GrahamAndFriends 3 years ago
My friend, the EU and the UK are in a worse situation than the USA. Central Europe and Eastern Europe are on the brink of an economic collapse also.
Do you know who financed them?
The USA and Japan financed 9% of their debt. The UK and EU financed 45% of their debt. The dollar is still in solid shape. The USA was the first to take the heavy hits, it is now the rest of the worlds turn. We ar by no means out of the woods, but we are in much better shape than you believe.
Noahgoy 3 years ago
the big crunch won't hit till the middle of next year.
GrahamAndFriends 3 years ago
I think you need to be worried about your own currency. It has crashed against the dollar.
Noahgoy 3 years ago
yes you are correct, the Aussie dollar sure has crashed. Once the Asians and Europeans get rid of their US dollars, then the US dollar will tank then too.
GrahamAndFriends 3 years ago
When the depression comes and they bring in martial law takin away our rights with soldiers confiscating guns I'm fuckin fightin back
bleedingcry 3 years ago
I heard that alot of ppl are burying guns just in case!
GrahamAndFriends 3 years ago
short and sweet lol
chanmenh 3 years ago
Fiat money or faith in government is vulnerable not just in the states but around the world. The gold and silver market are being manipulated, just look at the chart when it hits london.
Say bye bye paper money...
boots920 3 years ago
its all part of the plan to turn ameirca into north american union, like the EU
JUKIO01 3 years ago
good point
GrahamAndFriends 3 years ago
yes it does suck.
GrahamAndFriends 3 years ago
Word is that oil is going to tank. down to 50$ pr. barrel
mikemb123 3 years ago
that will be because there is alot of pressure of OPEC. We shall see.
GrahamAndFriends 3 years ago
Actually the scary thing is this; countries like America who has a huge military power advantage having enough weapons to turn the earth into a cinder may just come up with the idea, if we go down we just as well take the rest of the world with it. I do not endorse such a thing but desperate countries to desperate things. My Two cent opinion.
mortal780 3 years ago
sadly, other countries have he same idea, they will take others down with them too.
GrahamAndFriends 3 years ago
americas power, but america cannot take on the world
JUKIO01 3 years ago
In my original post I was referring to nuclear weapons. In that sense, yes, America can take on the world, about 6 times over. I don't say this to imply that America can take on the world and win, that is obvious, but rather to suggest a possibility of a country backed against the wall with no way out acting in desperate (some what irrational) ways.
mortal780 3 years ago
It won't work, the rest of the world will not sit by and allow the U.S. to blow up the earth 6 times over.
If that is our plan there are at least 8 other nations with nuclear weapons that will be forced to put a stop to our actions.
MACKATTACK1970 3 years ago
No Worries Mate..We will just move to Brisbane.Got any spare room on the sofa?(for 10,000 of us?)
Groovin2DaMusic 3 years ago
sure thing. we can go move into the bush and feast on bunny rabbits!
GrahamAndFriends 3 years ago
im at the bottom of the payscale over here so i pretty much work just to have enough money to have a place to stay when 2 years ago at the same job @ slightly less money i was living pretty good. my money just cant buy anything anymore.
thanks for this grim video lol!
colindacy 3 years ago
It's the 1928 depression all over again
I think my history is right anyway :P
Yeh petrol is going up and up, the f- am i learning to drive :P don't need to spend all my money on petrol
lydz25 3 years ago
In my opinion we only have until the September/October 2008 time frame, then it's LIGHTS OUT / GAME OVER. Prepare now while you still have a chance to, before this economy collapses!
markymarkuss777 3 years ago
the writing is on the wall, and the wall is crumbling.
GrahamAndFriends 3 years ago
problem is it will take us all with it.
popebenadict16 3 years ago
yes I think it will be a catalyst for a greater conflict down the track too.
GrahamAndFriends 3 years ago
We're also being bought up by China. We're supposed to have this N. American Free Trade Agreement but I don't see much benefit for most. We'll just have to annex Mexico and it'll be just fine ;) I doubt Canada wants anything to do with us especially now that their money is worth as much. Just paid $3.83/gallon in New Jersey this morning.
farnk 3 years ago
In my town it's $409.9 per US gallon.
Legendhouse 3 years ago
it is $1.73 per litre here.
GrahamAndFriends 3 years ago
You know,gas is so high I just don't drive unless I absolutely have to.
Legendhouse 3 years ago
how much is it there?
GrahamAndFriends 3 years ago