Fiscal Fears: 'Extending US debt like giving a drunk more vodka'

Consumer confidence in the largest economy in the world - the US - has dropped to lowest level in 4 months in December. The fiscal cliff is still there, no deal has so far been reached. That coupled with the fact yet again debt is hitting the ceiling - could lead to dire consequences for the global economy, let alone the United States. For more, RT talks to Patrick Young, co-author of The Gathering Storm.

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• Category

  News & Politics

[sherhak]

didn't we already go over the cliff in 2000 when bush stole the election and went on to wreak havoc on the world while bankrupting us?  we've been down in the valley for a while now.

[Álvaro Dickson Lloberes]

I'm enjoying this situation!

When I recall American media saying bullshit about European nations: "don't let x Country fall", "the Euro is weak" "European nations are indebted because they are spending more than they can afford" and blah blah blah

Seriously, look at your economy and stop saying nonsenses about other nations, you people are not an example for anybody.

Try to learn something from your neighbours the Canadians!!!

[MJReut]

We in Canada have a debt to income ratio of 165%. Our houses are ballooned well past the popping point. We have let foreign companies (mostly USA) buy most of our corporations, even vital corporations to the nation. Most of our institutions are failing us or falling apart. We were a great country at one time but the free trade agreement with the USA and the stupidity of our leaders has resulted in our nation disappearance. I wish Ron Paul could be our dictator to lead us back to properity

[thegrimreaper541]

maybe maybe not

[Sanjay Kulkarni]

richer by richer by the minute! The chinese,indians, middle east and south east asian countries and even japanese are crazy about american products! All the american products are here in india these days and shockingly less european products! So that is the only way to pay back the debt!

This is the only solution as the american govt is in no mood to cut any deficit in any forseeable future! Ooops, they just raised the debt limit till 17 tril!!!

[Sanjay Kulkarni]

you are right, america has massive debt! you cant compare canada and america!

Bernake is bright, he can continue to dilute dollar( technically by another 50%). Now call me foolish! He has to continue to do it, due to increase exports. There is massive demand for american products in asian countries who are becoming wealthy! For example harley davidson is in india now!

who would have thought about it? The americans can come out of hole by selling more to the asian contingent which are becoming

[dencoild]

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[Dirk Tillaard]

Yeah amerika is worse off then europe. Only thing that keeps it alive is the fact that states under one nation are harder to crush then many small nations like europe. And of course the huge amounts of printed money by the fed. But that cant go on as prices will go up. The euro is surprisingly a much better bet then the dollar. I wouldnt put my savings into dollars instead of euros right now. I suspect the dollar will be going down way further then it is now.

greetings netherlands

[Indo Nesia]

They are FAKE JEWS, not REAL JEWS!

[luckslave]

Exactly, They keep on barking on Europe like street dog but in the reality they are nothing more than a bitch for china hahaha