I would have to agree with your assumption. However, i will do some more research later, i am now curious myself.
Let’s get real. The U.S. is bankrupt.
- Thread starter danmand
- Start date
Doubtless both the big bad wolf and the Killer Coyotes of Cape Breton Highlands are solely a figment of the imagination. Denmark will never ever in the future have to worry about a military threat
And we have sarcastic comments about both the Tea Party and cutting government spending here on TERB.
Well, the funding of this insanity can go on for a very long time. The surplus savings countries (Germany, China, the oil states, Russia) have to invest their savings somewhere, and there is no other financial system other than the US's that can satify this requirement at the present time without moving the markets. But I agree that the long term trajectory of the US is toward utter disaster. John Connelly did say that "the dollar is our currency but your problem", once upon a time. We're getting closer to the time that it's the americans' currency and their problem. Hope Can. wakes up soon and decides to tap into more viable export markets like Chindia, Indonesia and Brazil...before it's too late.
I do think we should pull our troops out of Europe and Asia, let China and Germany take control of those regions.... what could go wrong really. That should save a few bucks.
As for the US going bankrupt, well I'd say all developed countries are on a collision course with aging populations and implied entitlement obligations - the US is no exception. It is handy to have the worlds reserve currency.... we can simply devalue ourselves out of debt if we like.
OTB
As for the US going bankrupt, well I'd say all developed countries are on a collision course with aging populations and implied entitlement obligations - the US is no exception. It is handy to have the worlds reserve currency.... we can simply devalue ourselves out of debt if we like.
OTB
More poppycock that totally AVOIDS THE REAL PROBLEM which is the JOBS LOST that is causing ALL these convulsions in the first place!!!!!
Just where ARE all them jobs you smooth slippery slick talking Corportists promised????....
Agreed. The US would do humanity a favour by not stopping there but also retreat from South America and the middle east.
Yankee go home.
Perhaps but at some point the Euros have to take responsibility for their continent..... the balance of US interest has swung to Asia....
OTB
WWII is over, OTB. get used to it. These days it is the US that begs for help from Europe.
That is what I hope to happen in the near future. We could for
instance strike long term oil supply deal with China in exchange
for the capital needed to develop our oil sands
resources. Enbridge and TransCanada Corp could instead of
expanding the capacity of pipelines supplying crude oil to
the U.S. divert the supply to ports in B.C. That way Canada
can step up the development of our idle oil resources to
producing reserves and China can find a way to get rid
of their enormous foreign green toilet paper reserve.
Probable wishful thinking on my part. Our southern
neighbor would not let this happen.
Deficit in July Totals $165.04 Billion
I was surprised by the reported YTD revenue of 1.75 trilion which is
slightly higher than the revenue from last year. On second thought
much of revenue was actually created by the deficit financed by
borrowed money. Very likely the deficit will be bigger after the
stimulus.
So the U.S. is not quite bankrupt yet but it is getting there.
---------------------------------------------------------------------------------------------------
http://online.wsj.com/article/SB10001424052748704901104575423601722830706.html
AUGUST 11, 2010,
Jeff Bater and Darrell A. Hughes
The U.S. government spent itself deeper into the red last month, paying
nearly $20 billion in interest on debt and an additional $9.8 billion
to help unemployed Americans.
Federal spending eclipsed revenue for the 22nd straight time, the
Treasury Department said Wednesday. The $165.04 billion deficit, while
a bit smaller than the $169.5 billion shortfall expected by economists
polled by Dow Jones Newswires, was the second highest for the month on
record. The highest was $180.68 billion in July 2009.
The government usually runs a deficit during July, which is the 10th
month of the fiscal year. So far in fiscal 2010, the government spent
$1.169 trillion more than it made. That figure is about $98 billion
lower than during the comparable period a year earlier.
For all of fiscal 2009, the U.S. ran a record $1.42 trillion
deficit. Fiscal 2010 might run a little higher—the Obama administration
sees $1.47 trillion.
Wednesday's monthly Treasury statement said U.S. government revenues in
July totaled $155.55 billion, compared with $151.48 billion in July 2009.
Spending was higher, totaling $320.59 billion. July 2009 spending amounted
to $332.16 billion.
Year-to-date revenues were $1.75 trillion, compared with $1.74 trillion
in the first 10 months of fiscal 2009. Spending so far in this fiscal
year is $2.92 trillion, versus $3.01 trillion in the prior period.
Spending for benefits for the unemployed year to date totaled $121.4
billion; for July, the tab was $9.8 billion, the Treasury statement said.
Years of deficit spending by Washington have led to a mounting national
debt. Interest payments so far in fiscal 2010 amount to $185.25 billion;
by contrast, corporate taxes collected by the government during the
same 10 months were $139.71 billion. Interest payments in July alone
were $19.9 billion.
I was surprised by the reported YTD revenue of 1.75 trilion which is
slightly higher than the revenue from last year. On second thought
much of revenue was actually created by the deficit financed by
borrowed money. Very likely the deficit will be bigger after the
stimulus.
So the U.S. is not quite bankrupt yet but it is getting there.
---------------------------------------------------------------------------------------------------
http://online.wsj.com/article/SB10001424052748704901104575423601722830706.html
AUGUST 11, 2010,
Jeff Bater and Darrell A. Hughes
The U.S. government spent itself deeper into the red last month, paying
nearly $20 billion in interest on debt and an additional $9.8 billion
to help unemployed Americans.
Federal spending eclipsed revenue for the 22nd straight time, the
Treasury Department said Wednesday. The $165.04 billion deficit, while
a bit smaller than the $169.5 billion shortfall expected by economists
polled by Dow Jones Newswires, was the second highest for the month on
record. The highest was $180.68 billion in July 2009.
The government usually runs a deficit during July, which is the 10th
month of the fiscal year. So far in fiscal 2010, the government spent
$1.169 trillion more than it made. That figure is about $98 billion
lower than during the comparable period a year earlier.
For all of fiscal 2009, the U.S. ran a record $1.42 trillion
deficit. Fiscal 2010 might run a little higher—the Obama administration
sees $1.47 trillion.
Wednesday's monthly Treasury statement said U.S. government revenues in
July totaled $155.55 billion, compared with $151.48 billion in July 2009.
Spending was higher, totaling $320.59 billion. July 2009 spending amounted
to $332.16 billion.
Year-to-date revenues were $1.75 trillion, compared with $1.74 trillion
in the first 10 months of fiscal 2009. Spending so far in this fiscal
year is $2.92 trillion, versus $3.01 trillion in the prior period.
Spending for benefits for the unemployed year to date totaled $121.4
billion; for July, the tab was $9.8 billion, the Treasury statement said.
Years of deficit spending by Washington have led to a mounting national
debt. Interest payments so far in fiscal 2010 amount to $185.25 billion;
by contrast, corporate taxes collected by the government during the
same 10 months were $139.71 billion. Interest payments in July alone
were $19.9 billion.
Fear not!
Our Globalist Corporatist friends assure us that MILLIONS and MILLIONS of new jobs will be created very soon to replace all them jobs they sent to their commie pals in RED China which is the cause of these financial convulsions.
They learnt it in business school, they did!.....
No grave for Adolf since the remains were disinterred, cremated and scattered in the Elbe River by the Soviets in the 70s.
WRT Mao, you could check by yourself at the Mao Mausoleum. His is steady as it goes.
