The USA is bankrupt http://www.bloomberg.com/news/2010-...en-know-commentary-by-laurence-kotlikoff.html Bank of America could collapse http://www.bloomberg.com/news/2010-...ipping-point-commentary-by-jonathan-weil.html Just hope the editor James Greiff responsible won't be sacked.
Is Bloomberg such a great talisman for you? Why so shocked by this?The conventional wisdom on this forum seems to accept that the U.S. is busted,broke and corrupted.
Nice! I always thought Bloomberg was a bit more mainstream. From the first article: This is what happens when you run a massive Ponzi scheme for six decades straight, taking ever larger resources from the young and giving them to the old while promising the young their eventual turn at passing the generational buck.
Caution! Generational issues, especially the mention of the word "baby boomer" are very touchy around here; no matter how true any of it is. Some of us have been writing about this for ages. As a Generation Xer I definitely see the day when babyboomers are going to be booted out on their bums. They're going to be told, you've sucked upon us for too long, make your own way through the world, or like Eskimo custom..... there's the snow out there.
Well it's looking like Julia wants the BBers to pay for their own healthcare as they age. Won't that make her popular with the young'uns?
There will come a time in the not to distant future where people's super has disappeared and there wont be any state welfare payments left, and the baby boomers will be forced to continue to work well past the age of 70 so as to survive. This is where science, progress, efficiency & productivity will have lead us to. but hey, thats just me...
Look at the comparison and potentials. http://en.wikipedia.org/wiki/Collapse_of_the_Soviet_Union In February 1990, the Central Committee of the Communist Party of the Soviet Union agreed to give up its monopoly of power. Over the next several weeks, the 15 constituent republics of the USSR held their first competitive elections. Reformers and ethnic nationalists won many of the seats. The constituent republics began to declare their national sovereignty and started a "war of laws" with the Moscow central government, wherein the governments of the constituent republics rejected union-wide legislation where it conflicted with local laws, asserting control over their local economies and refusing to pay tax revenue to the central Moscow government. This strife caused economic dislocation as supply lines in the economy were severed, and caused the Soviet economy to decline further.[1] VS In February 2012, the Central Government of the USA agreed to give up its monopoly of power. Over the next several weeks, the 52 constituent republics of the USA held their first free and fair non-electronic elections. Reformers and gun lobby nationalists won many of the seats. The individual states banded together in economic zones and began to declare their sovereignty and started a "war of laws" with the Washinton central government, wherein the governments of the constituent states rejected union-wide legislation where it conflicted with local laws, asserting control over their local economies and refusing to pay tax revenue to the central Washington government. This strife caused economic dislocation as supply lines in the economy were severed, and caused the USA to decline further.
But to be fair, in 1990 Gorbachev replaced previous hardline war-mongering military puppet presidents that involved the nation in repeated overseas armed conflicts that bankrupted the economy whereas Obama... um?...is a black guy!?
Seen the archive articles from 1988?... " 'Pyramid Building Society' "Watch your savings go"!"... yeah out the door and into the execs pockets!
what will happen with the "mortgage loans" when banks collapse? Are they going to suck up the guarantee (i.e. our houses, cars, etc) first before they collapse?
I saw Pyramid collapse. It was one of the things that made people flee credit coops and go to the banks. No guarantee on Pyramid - listen to Kennett on it. He claims he went personally to the labour govt of the day and pleaded for the govt to secure the debts since he saw the effect it would have on the state if it collapsed. As it was the govt spent more letting it collapse than saving it - ring any bells - Lehman Bros perhaps? http://fsgstudy.treasury.gov.au/content/Davis_Report/04_Chapter2.asp note: "was heavily exposed to the property market"
