America on the verge of bankruptcy

[xmas13]

"Maxed Out" documentary

http://www.maxedoutmovie.com/syn/index.html

Game is over

Europe, China and Japan won the economic war by financing US corruption with trillions of loans, enslaving a majority of Americans.

[V_RocKs]

Sponsors, can I get my payouts in EUROS?

[who]

The game isn't over at all. It's only up to level 665

[Paul Markham]

While the US government can keep the malls stocked with cheap goods from China and the oil for their fuel guzzling cars low enough for the trolls to get there, no one will complain. Well no one that anyone will listen to. I got all my money under the matress at home.

[StuartD]

While I don't think the "game is over" by any means, I do fear that the US could be very heavily crippled should some of those other nations ever start to push the right financial buttons.

[Dirty Dane]

Not as long there are wars.

[Joesho]

ahh fuck it, it is only money, we will just print some more of it when we need it .

But before that, America will cause another big war and just steal the other countries money anyway. have no fear! LOL

[mattz]

enslaving a majority of Americans? what?

[Pornwolf]

All of my sites charge in British Pounds.

;)

[tomeatsdinner]

Too much corruption but it will never happen. Americans are just smart.

[p1mpdogg]

america dominates everything but soccer
sorry

[Martin]

Originally Posted by mattz

enslaving a majority of Americans? what?

to their debt.

[Fap]

I'm doing fine..

[dav3]

Originally Posted by tomeatsdinner

Too much corruption but it will never happen. Americans are just smart.

Well... the 'majority' elected bu$h twice.

While there are a lot of smart Americans, a lot of them don't think for themselves and tend to stroll blindly through life believing whatever is told to them, with no objective thinking. This government, with the help of big corporations, has done a good job in turning the populous into consumption-happy sheeple.

[tony286]

its scary shit most dont know about.

[pocketkangaroo]

Originally Posted by dav3

Well... the 'majority' elected bu$h twice.

While there are a lot of smart Americans, a lot of them don't think for themselves and tend to stroll blindly through life believing whatever is told to them, with no objective thinking. This government, with the help of big corporations, has done a good job in turning the populous into consumption-happy sheeple.

Those consumption happy sheeple buy a shitload of porn and keep this industry afloat.

[EZRhino]

Blah blah blah, never going to happen

[cyko]

Fort Knox FTMFW!

https://youtube.com/watch?v=k8ANB9EwwME

Hable espanol? Mucho oro... mucho oro. Chinga la pinche chinos.

[GAMEFINEST]

i just looked at my wallet ...u are right ..

[StuartD]

Originally Posted by dav3

Well... the 'majority' elected bu$h twice.

No they didn't.

[shwsrvcs]

Originally Posted by xmas13

"Maxed Out" documentary

http://www.maxedoutmovie.com/syn/index.html

Game is over

Europe, China and Japan won the economic war by financing US corruption with trillions of loans, enslaving a majority of Americans.

...and when we get to pay to see this information we need. knowledge should be free... blah blah blah... what a maroon!!

dg

[minusonebit]

Originally Posted by StuartD

No they didn't.

No majority, no authority.
Not elected, not my president.

[picaso]

the situation is bad but not that bad

[Minte]

America has been on the verge of bankruptcy since Kennedy was in office.

[Barefootsies]

[Drake]

What ever will we do

[_Richard_]

Originally Posted by StuartD

While I don't think the "game is over" by any means, I do fear that the US could be very heavily crippled should some of those other nations ever start to push the right financial buttons.

that's already kinda happened.. example: federal reserve and the chinese masters

[Farang]

the sky is falling again

[Wilbo]

America will never go bankrupt........we'd rather owe you for the rest of time rather than cheat you out of it

[hottoddy]

Originally Posted by xmas13

America on the verge of bankruptcy

Thank God I left this biz to become a bankruptcy attorney! This along with the upside down real estate market and rising foreclosures has been very good to me.

Seriously, major credit card reform is necessary. We live in an instant gratification society that gives kids working at Starbucks 10K limit credit cards. Miss one payment and your interest goes to 32.9% Insane. It was never like this in the US until 20 years or so ago.

[fatfoo]

Originally Posted by Barefootsies

Wtf this has to do with anythign?

[u-Bob]

http://video.google.com/videoplay?do...74362583451279

[GreyWolf]

Originally Posted by xmas13

"Maxed Out" documentary

http://www.maxedoutmovie.com/syn/index.html

Game is over

Europe, China and Japan won the economic war by financing US corruption with trillions of loans, enslaving a majority of Americans.

Would like to see the actual movie, but appears to concentrate on US personal debt aspects, more than the underlying foreign debt problem and the lack of resources to repay this - there are doubts about even paying the interest in the forseeable future.

Sure the government are responsible for controlling terms of personal debt and have used this for decades to keep the economy afloat. This has been a predatory exercise which benefitted card companies, banks and the corps who were filling the orders for credit card charges - and may have contributed to US internal spending power, but did nothing whatsoever for the economy of the nation as a whole. It is based on fantasy criteria and appealed to instant gratification you'd expect from kids who have no financial responsibility.

Very little of the stuff in the previous para benefitted "USA Inc", but resulted in more foreign imports (on credit) and very little increased internal production of product for export.

Think it was the spring of 2002 or 03, the US Treasury Dept issued the most comprehensive report on the US economy ever. It has taken them over 10 years to gather this data. Within around two weeks of the publication, it was presented to the president and others and immediately filed and ignored - it was a report nobody wanted to see.

Various financial orgs analysed the report and, in simplied terms, it said that 94% of all US homes and the assets within them constituted debt - whether personal or national (this is obviously well over 100% by now). The report also recommended an immediate increase in taxation to 60% "for the forseeable future".

The facts still remain that the US economy is simply not sustainable and unless action is taken to control and manage this - the downwards spiral will continue with reduced currency valuation and more credit card issuing until a few bankers terminate further credit.

There has never been a balance of trade surplus in almost 40 years. The US basically has little to offer the rest of the world in manufactured product or services - and most likely consumed whatever product was manufactured (on credit).

Current foreign borrowings are in the region of $12 billion/day - with the Central Bank of China providing around 30% of that amount. It is only a matter of time before foreign lenders start to pull the plug on loans. This has already started happening re personal debt on the home loans market. During this month (August) alone, the Federal Reserve felt the need to dump another $100 billion in currency into the banking system to keep that liquid - this is more than was needed after 9/11.

Any, even minor, change from the US's "bankers" can cause earth tremors - example - if China unloaded even a small amount of US dollar reserves, that will cause further reductions in currency. If OPEC openly considers changing from petro-dollars to a more stable currency in an attempt to cut their losses, this is not an earth tremor, but an earthquake for the US economy.

Bottom line - it's not sustainable, either on a national or personal level. There is nothing on the horizon to hope there is an ability to repay debt, tho a prospect exists of keeping control of the current damage level if there was a will to do so.

In the next short term (2-3 years), the real damage on homes will rise to the surface, followed by bad news from all support industries and retailers. The US dollar will continue to depreciate and imports will cost more - bad news for any hope of a more positive balance of trade. If "US Inc" was a corp, it would be insolvent now and filing for bankruptcy - but, hey, governments can bullshit for a longer term - but the writing is on the wall.

[GreyWolf]

Originally Posted by hottoddy

Thank God I left this biz to become a bankruptcy attorney! This along with the upside down real estate market and rising foreclosures has been very good to me.

Seriously, major credit card reform is necessary. We live in an instant gratification society that gives kids working at Starbucks 10K limit credit cards. Miss one payment and your interest goes to 32.9% Insane. It was never like this in the US until 20 years or so ago.

Hehe - Your future prospects are excellent

Just make sure you have a card-swiping device in your office and your fees get paid

[Sansa]

Even on a personal scale, this rings pretty close to home. I worked my ass off to get out of the little debt that I had and it was pretty damn hard. I had somewhere around $9,000 in credit card and other debt and it required some rather significant life style changes to get that done. I am single and I could afford to tighten the belt for a while. People I know are spending like there's no tomorrow, they seem to be living a lifestyle that I consciously could not afford and I know for a fact that my disposable income is a lot higher than theirs. Makes me wonder what the fuck are these people thinking?