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Message
Am I wrong for thinking we're boned as a country financially?
Posted on 5/28/23 at 10:28 am
Posted on 5/28/23 at 10:28 am
Because at some point the US has to become insolvent. I tried to ask the question on Money Talk but got a bunch of government sponsored answers:
Any household that consistently runs a deficit goes bankrupt
"The debt doesn't matter, we can borrow infinitely" & "We'll always be able to print our way out of whatever deficit we create."
So I asked if we could just borrow infinite money - 100 trillion dollars, a quadrillion dollars - if it didn't matter. The answers were mostly yes.
Then asked "if we can just borrow infinite money to pay for things then print infinite money to pay those debts, why bother collecting taxes?" No good answer to that yet. Obviously this will break, probably in our lifetime. Our government will never agree to cut back, and by the time we're forced to our debt will be so large that paying it will take decades of austerity measures.
In short, am I wrong in thinking we're fricked in the coming few decades.
Any household that consistently runs a deficit goes bankrupt
"The debt doesn't matter, we can borrow infinitely" & "We'll always be able to print our way out of whatever deficit we create."
So I asked if we could just borrow infinite money - 100 trillion dollars, a quadrillion dollars - if it didn't matter. The answers were mostly yes.
Then asked "if we can just borrow infinite money to pay for things then print infinite money to pay those debts, why bother collecting taxes?" No good answer to that yet. Obviously this will break, probably in our lifetime. Our government will never agree to cut back, and by the time we're forced to our debt will be so large that paying it will take decades of austerity measures.
In short, am I wrong in thinking we're fricked in the coming few decades.
24
Posted on 5/28/23 at 10:29 am to Thundercles
I would think a deficit growing $2T a year and that being considered a "compromise" would indicate "yes"
Posted on 5/28/23 at 10:37 am to Thundercles
Posted on 5/28/23 at 10:39 am to Thundercles
This nation will be unrecognizable in 10 years. Its been hijacked by communists.
Posted on 5/28/23 at 10:40 am to Thundercles
quote:
Am I wrong for thinking we're boned as a country financially?
If you think we're boned, think about our kids and grandkids
Posted on 5/28/23 at 10:40 am to Thundercles
quote:
Am I wrong for thinking we're boned as a country financially?
You’re retarded if you think otherwise
Posted on 5/28/23 at 10:42 am to RogerTheShrubber
quote:It's pretty remarkable how much we've changed socially in the last five years.
This nation will be unrecognizable in 10 years. Its been hijacked by communists.
Posted on 5/28/23 at 10:45 am to Thundercles
The only thing we have going for us is we are in much better shape than anyone else. The US has fundamental value whereas most of the world doesn't. We have the most fertile farmland in larger volume than anywhere that is directly attached to the largest navigable inland waterway system in the world 10x over. We have the best and cleanest energy reserves in the world with the tech to extract it and refine it without anyone's help if we choose to. We have the strongest military and our Navy is 10x the rest of the world combined. We have 2 oceans on either side making a military invasion essentially impossible.
We are doing our best to screw the pooch but in the end the US is just incredibly blessed with geography. Most of the world simply only has one or two of the assets we have in abundance. What we view as catastrophe here is still paradise compared to much of the world.
We could do SO much better though and that's what is so frustrating.
We are doing our best to screw the pooch but in the end the US is just incredibly blessed with geography. Most of the world simply only has one or two of the assets we have in abundance. What we view as catastrophe here is still paradise compared to much of the world.
We could do SO much better though and that's what is so frustrating.
Posted on 5/28/23 at 10:46 am to Thundercles
I think a lot of this BRICS and SCO alignment in the last year is in response to western sanctions on Russia. I haven't watched it yet, but Greenwald did a show on Friday.
LINK
LINK
quote:
why the Ukraine war is rapidly weakening the US while China, BRICS and most of the world is strengthening at its expense.
LINK
quote:
I cannot recommend highly enough this speech delivered this by long-time anti-Russia hawk and US foreign policy elite Fiona Hill.
She perfectly describes how and why Ukraine has become a full-scale worldwide revolt against the US-led order.
LINK
Posted on 5/28/23 at 10:46 am to Thundercles
quote:
we're boned as a country financially?
No need for the qualifier.
This country is irrecoverable in all areas.
The sparring between the Trump and DeSantis camps is futile.
Posted on 5/28/23 at 10:56 am to Thundercles
By any objective standard, the current trajectory is simply unsustainable. At some point gravity is going to take over and it is not going to be a soft landing for any of us.
This indeed is the wellspring of the continuing crisis. Our nation’s monetary system is the funding mechanism for the Welfare-Warfare State.
The UniParty® exists to promote the Deep State over every other consideration and the Deep State exists to promote our nation’s print-on-demand monetary system over every other consideration. The current crisis continues until this nation returns to sound monetary policies.
This post was edited on 5/28/23 at 11:03 am
Posted on 5/28/23 at 11:00 am to Thundercles
quote:
In short, am I wrong in thinking we're fricked in the coming few decades.
We are so far off track and heading faster and faster in the wrong direction. Not only financially, but in many ways. Instead of federal government helping they seek to stir up more and more tension between races, political parties, and culturally. Everyone sees it happening and tolerates it.
Even sadder is we(the taxpayers) are funding that which is destroying us.
Posted on 5/28/23 at 11:01 am to Marciano1
quote:
It's pretty remarkable how much we've changed socially in the last five years.
Posted on 5/28/23 at 11:02 am to aggressor
quote:
We have the strongest military and our Navy is 10x the rest of the world combined.
The problem is our military is the enforcing arm of a monetary system that is wholly reliant upon coercive violence to maintain it’s global hegemony. Again, everything goes back to the fundamentally corrupted nature of our nation’s print-on-demand monetary system.
Posted on 5/28/23 at 11:03 am to aggressor
quote:
The only thing we have going for us is we are in much better shape than anyone else.
Not for long. The USA is ditching market based economics and will be a shithole in two generations.
Posted on 5/28/23 at 11:03 am to aggressor
quote:
The only thing we have going for us is we are in much better shape than anyone else.
This and the inter-connectedness of the world economies is the big thing. This apocalypse fetish the right has with default is basically sending the world (not the US) back to the Middle Ages. It would be a worldwide economic and social collapse.
Posted on 5/28/23 at 11:05 am to Toomer Deplorable
quote:
a monetary system that is wholly reliant upon coercive violence to maintain it’s global hegemony.
Our economic threats are more viable than our military threats, especially in the post Iraq/Afghanistan world.
quote:
Again, everything goes back to the fundamentally corrupted nature of our nation’s print-on-demand monetary system.
This isn't incorrect, but the problem is this isn't unique to the US. We are still doing better (and project to be doing much better) than any other alternative that exists on Earth.
We are also the lynchpin of the world. If we fail, everyone else fails (and bigger than us). There is no alternative.
Posted on 5/28/23 at 11:07 am to lake chuck fan
quote:
Even sadder is we(the taxpayers) are funding that which is destroying us.
You got that right. Make no mistake, this entire “woke” agenda is being foisted upon us from the very top of the pyramid of power.
Posted on 5/28/23 at 11:08 am to SlowFlowPro
quote:
world (not the US) back to the Middle Ages. It would be a worldwide economic and social collapse.
That's the fear porn we keep hearing.
It's starting to sound like a 'chicken little' warning.
The sky is falling! The sky is falling!
Keep working, keep paying those taxes!
Posted on 5/28/23 at 11:09 am to Toomer Deplorable
quote:
The problem is our military is the enforcing arm of a monetary system that is wholly reliant upon coercive violence to maintain it’s global hegemony
Where you see a problem I see a solution.
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