[ScBlacksunshine]

I guess soon or later we'll all be broke

http://www.netscape.com/viewstory/20...tml&frame=true

[just4kickz]

haha... supposedly a nation in debt will lead people to be more supportive of the gov't or something right?

[ScBlacksunshine]

Originally Posted by just4kickz

haha... supposedly a nation in debt will lead people to be more supportive of the gov't or something right?

Uh... the way this current adminstration runs..NO

[dmfitz82]

Not just the deficit to worry about, but also the international value of the dollar. The euro has been expanding the margin the last several months, and now the other countries that have been stockholding us dollars are getting nervous. If they decide to exchange for euros, then there would be a avalanche effect then...

[shimshimhada]

It's okay, I'm invested in gold. lawl

[TommyBahama]

we have had debt issues for decades, nothing to lose sleep over. Countries like China have been buying our bonds like they are going out of style, they now have such a huge stake in the US economy that its unlikely that they(or any other nation) is going to call loans or cash out of the bonds. if the US economy crashes the whole world crashes. it happened during the great depression only next time it will be many times worse thanks to globalization.

[DFW_M]

Originally Posted by TommyBahama

we have had debt issues for decades, nothing to lose sleep over. Countries like China have been buying our bonds like they are going out of style, they now have such a huge stake in the US economy that its unlikely that they(or any other nation) is going to call loans or cash out of the bonds. if the US economy crashes the whole world crashes. it happened during the great depression only next time it will be many times worse thanks to globalization.

That is what you were told 10, 20, 30 years ago -- if we go, all is gone. But soon, the case will be different. That China you mentioned has no debt and $1.5 trillion in reserve. Russia has no debt, etc... Historically, the USA will not be the dominant power forever, therefore, there will be time for those debts to be repaid -- then, our kids will be screwed... And the current admin does not give a sh*t about the next generations obviously...

I travel frequently to China and 10 years ago, they were far, far, far behind the USA. This year, they are right where we are and in some aspects ahead of us. So, while the world's moving forward, we're preoccupied with the wars, oil and some illusional terrorist threats...

[dmfitz82]

^^agreed - that's what I was saying in my above post too.

[TommyBahama]

China still has 800 million people living in poverty, and if you look at their economy it is driven by exports, to where you ask? you guessed it the US!

China is acting just like Japan did in the 80s, people were saying then that it would over take the US and the Japan went into a massive recession. developing countries like China have a lot of promise but they are going to have serious growing pains and with 1 billion people living there it will be a long time before they have the same economic clout the US has.

[Hawkshaw]

Originally Posted by shimshimhada

It's okay, I'm invested in gold. lawl

me too...and that's just my teeth

[just4kickz]

Originally Posted by shimshimhada

It's okay, I'm invested in gold. lawl

hahaha... that reminds me of the Italian Job... when that one guy says he invests in gold cause paper money has no value..

[dmontic71]

The US is not going to go broke in our lifetime... Agreed, no power goes on forever, someday the US will not exist.. But someday the sun will burn out too... The reality is just a few years ago we had a surplus, but now we are spending money on war (this is not a political statement, but war does cost money).. So one day we won't be at war.. And these baby boomers, don't get me started... They had long hair and rebelled against their parents, then sold out, cleaned up and got jobs. Well, they are going to end up full circle.. They started off as hippies saying "screw the goverment" while they were in a drug induced haze. And now the goverment is going to give it back in the form of a "screw you" when they cut social security benefits, and the drug induced haze will not be pot this time, it will be the sedatives at the nursing home...

[DFW_M]

Originally Posted by dmontic71

The US is not going to go broke in our lifetime... Agreed, no power goes on forever, someday the US will not exist.. But someday the sun will burn out too... The reality is just a few years ago we had a surplus, but now we are spending money on war (this is not a political statement, but war does cost money).. So one day we won't be at war.. And these baby boomers, don't get me started... They had long hair and rebelled against their parents, then sold out, cleaned up and got jobs. Well, they are going to end up full circle.. They started off as hippies saying "screw the goverment" while they were in a drug induced haze. And now the goverment is going to give it back in the form of a "screw you" when they cut social security benefits, and the drug induced haze will not be pot this time, it will be the sedatives at the nursing home...

You see, that is the problem that I see -- "in our lifetime..." I do care about my children's lifetime and the setup we're leaving for them: Global Warming, Polution, no Social Security, Medical Garbage, worse and worse education, empty reserve, and many other things are of a big concern to me.
I mean...if you look at it that way -- "some day the sun will burn", then why go to the gym, why having the savings account when those 20" wheels would fit your Bimmer so nicely, why this and that if you could "burn" next month?
The problem I see is tat we're not looking too much into the future. Bush did not look much into what will happen 2 years after I claim a victory over Saddam and his stick and rock fighters??? Now we have crazy and expensive situation over there. Initially, he asked for $xxM to cover the war, we spent trillions over there -- clearly no planning at all...
It is up to us to try to make it livable for our kids...

[DFW_M]

Originally Posted by TommyBahama

China still has 800 million people living in poverty, and if you look at their economy it is driven by exports, to where you ask? you guessed it the US!

China is acting just like Japan did in the 80s, people were saying then that it would over take the US and the Japan went into a massive recession. developing countries like China have a lot of promise but they are going to have serious growing pains and with 1 billion people living there it will be a long time before they have the same economic clout the US has.

That is such a stupid comment...
and 800 M people is about 50% of Chinese population. We're not far from there (being the World power) percentage wise...

China's export to the USA is not even 30% of their world's export!

[Scarabeo]

Right on the mark - just the interest payments alone on the national debt are staggering...let's not forget the billions, which we are borrowing, being thrown down the drain in Iraq...

Originally Posted by dr325i

That is what you were told 10, 20, 30 years ago -- if we go, all is gone. But soon, the case will be different. That China you mentioned has no debt and $1.5 trillion in reserve. Russia has no debt, etc... Historically, the USA will not be the dominant power forever, therefore, there will be time for those debts to be repaid -- then, our kids will be screwed... And the current admin does not give a sh*t about the next generations obviously...

I travel frequently to China and 10 years ago, they were far, far, far behind the USA. This year, they are right where we are and in some aspects ahead of us. So, while the world's moving forward, we're preoccupied with the wars, oil and some illusional terrorist threats...

[dmontic71]

Originally Posted by dr325i

You see, that is the problem that I see -- "in our lifetime..." I do care about my children's lifetime and the setup we're leaving for them: Global Warming, Polution, no Social Security, Medical Garbage, worse and worse education, empty reserve, and many other things are of a big concern to me.
I mean...if you look at it that way -- "some day the sun will burn", then why go to the gym, why having the savings account when those 20" wheels would fit your Bimmer so nicely, why this and that if you could "burn" next month?
The problem I see is tat we're not looking too much into the future. Bush did not look much into what will happen 2 years after I claim a victory over Saddam and his stick and rock fighters??? Now we have crazy and expensive situation over there. Initially, he asked for $xxM to cover the war, we spent trillions over there -- clearly no planning at all...
It is up to us to try to make it livable for our kids...

I don't deny the problems we face, but my point is that the world is in fact not coming to an end. The people who manipulate the facts and use scare tactics to "raise awareness" about global warming and pollution typically have an agenda just like the people that deny the existence of the problems...

The funny thing about things like pollution and global warming is that Americans like to complain, but don't like to take responsibility. We are free to use less heat or air conditioning, replace incandescent light bulbs with florescent bulbs, turn off extra lights, drive cars with higher fuel economy, stop drinking little plastic bottles of water, etc. How can we hold government accountable when we don't hold ourselves?

This thread was about the US going broke, that is just another one of those doom and gloom scenarios. For thousands and thousands of years, there was no electricity, no medicine, no human rights, no technology, no laws, etc.. If you were lucky enough to survive childbirth you were likely born into a set class, lived a miserable life, and then probably died very young... We live in the best little blip of time in human history!

[findtom]

Originally Posted by TommyBahama

China still has 800 million people living in poverty, and if you look at their economy it is driven by exports, to where you ask? you guessed it the US!

China is acting just like Japan did in the 80s, people were saying then that it would over take the US and the Japan went into a massive recession. developing countries like China have a lot of promise but they are going to have serious growing pains and with 1 billion people living there it will be a long time before they have the same economic clout the US has.

I was talking to somebody over lunch recently about the amount of product exported from China to the US every year. Some ridiculous amount of shipping containers head into the US every year (can't remember the number) loaded to the brim with product. Supposedly 90% of them return empty, the other 10% return with scrap metal.. which is used to make more crap to export the US.

All these toasters, tvs, cellphones, computers, etc etc etc... are bought, used and discarded over and over again.. meanwhile the big picture is that US is hemorrhaging money into other countries. All these undeveloped countries are building up and becoming rich. I think what many people fail to realize is that we are able to live the way we do because there is a balance at the other end of the spectrum of many many poor people and countries in the world. So when these countries start to become rich that has to come at a cost from somewhere... if the standards at the bottom are increasing the standards at the top have to decrease to compensate.

[DFW_M]

Originally Posted by dmontic71

The funny thing about things like pollution and global warming is that Americans like to complain, but don't like to take responsibility. We are free to use less heat or air conditioning, replace incandescent light bulbs with florescent bulbs, turn off extra lights, drive cars with higher fuel economy, stop drinking little plastic bottles of water, etc. How can we hold government accountable when we don't hold ourselves?

This thread was about the US going broke, that is just another one of those doom and gloom scenarios. For thousands and thousands of years, there was no electricity, no medicine, no human rights, no technology, no laws, etc.. If you were lucky enough to survive childbirth you were likely born into a set class, lived a miserable life, and then probably died very young... We live in the best little blip of time in human history!

I do agree with you on some things here.
However, I do hold the Gov't accountable a lot -- they are supposed to regulate these things ,and enforce them! Instead, they post a 55 mph speed limit on a perfectly straight HWY and the speed traps -- ridiculous. Last night I heard on the news about the Gov't restrictions for the teens in the neighborhood -- to prevent the gangs. So, yes, I do hold the responsible.

As for the best little blip in the history of human kind...I disagree. We live in the craziest little blip in the history, not the best...

[dmfitz82]

^^ the scary thing is that historically there have been many other countries that have gone completely broke from waging too many or too long of wars... I think we can all remember at least a few of the examples... ;(

[DFW_M]

Originally Posted by dmfitz82

^^ the scary thing is that historically there have been many other countries that have gone completely broke from waging too many or too long of wars... I think we can all remember at least a few of the examples... ;(

For W the history started when his daddy took the office

[ScheerSpeed]

how do you invest in gold??? i want to do it...

[canucklion]

you buy gold seedlings and plant them in your backyard, in about 1 yr they grow into gold trees and you can harvest the leaves

Originally Posted by ScheerSpeed

how do you invest in gold??? i want to do it...