Economic Collapse is Inevitable

• ernest_t_bass

  

  Just read this entire article, and it sickens me:
  
  http://www.crisishq.com/why-prepare/economic-collapse-inevitable/
  
  I seriously cannot believe that we have four more years of Obama, who is IMO the anti-christ. Laugh, scoff... don't care, but that's my opinion.
• fan_from_texas

  As a mathematical certainty, unless we experience dramatic GDP growth in short order (which seems incredibly unlikely), we will need to perform major overhauls of entitlement programs and raise more in tax revenue. Raising it on the "rich" (however we want to define that group) won't cover the shortfall. Everyone will need to feel the pain to bring this problem under control. Lots of people will be screwed, and the longer the day of reckoning is put off, the tougher it will be.
  
  My hope is that the negotiations over the fiscal cliff result in meaningful entitlement and tax reform.
• ptown_trojans_1

  

  fan_from_texas;1327225 wrote:As a mathematical certainty, unless we experience dramatic GDP growth in short order (which seems incredibly unlikely), we will need to perform major overhauls of entitlement programs and raise more in tax revenue. Raising it on the "rich" (however we want to define that group) won't cover the shortfall. Everyone will need to feel the pain to bring this problem under control. Lots of people will be screwed, and the longer the day of reckoning is put off, the tougher it will be.
  
  My hope is that the negotiations over the fiscal cliff result in meaningful entitlement and tax reform.

  I agree completely. The only thing I'd add is I doubt some grand new reform occurs due to the fiscal cliff. Given all that is on the plate, and how complex everything else is, I expect some minor changes here and there. But, after the resolution, a new strategy and reform will be outlined and then debated and figured out in the next two years.
• BGFalcons82

  

  The article is 180 degrees opposite of Boatshoes. I'm certain the writer is as wrong as everyone else that points such facts out.
• ernest_t_bass

  

  Scary, either way you look at it:
  

  When the pool of willing lenders dries up, the scheme will reach its end and the final bubble will explode. Without lenders, the U.S. government has only two appalling choices, default on debt or hyper-inflate the dollar.
  
  Option one is to default on all debt. Essentially declaring bankruptcy to renegotiate all obligations. This would create a severe financial shock as the dollar collapses and loses its status as reserve currency. This would lead to a sharp increase in the cost of nearly everything, as more US dollars would be needed to pay for imports, resulting in a catastrophic economic impact for every American. The government will be forced to cut spending dramatically. A broad range of government payments would have to be stopped, including military salaries, Social Security and Medicare payments, unemployment benefits, tax refunds, etc. Companies would be crushed by a US consumer that would no longer have any buying power. In addition, credit would dry up virtually overnight, which would force untold numbers of companies to shut their doors. Unemployment in the country would spike to obscene levels. Interest rates would rise significantly forcing millions of families with adjustable mortgages to go into foreclosures.
  
  Option two is to have the Federal Reserve create trillions upon trillions of dollars out of thin air. This creates an illusion that the debt is being paid back, but in reality the dollars issued to pay the debt would become increasingly worthless, turning rapid inflation into hyperinflation. This would actually create a much worse scenario then the first option as hyperinflation will be even more economically destructive for the average American. Prices would soar to unimaginable levels, unemployment would skyrocket. The average American would be forced to work overtime just to put food on the table, that is if he or she is lucky enough to still have a job.
  
  It’s worth mentioning that it is highly unlikely that the U.S. will choose default (option one). Even though hyper-inflation is by far more destructive for the American people in the long term, the government will most likely try to print its way out.

• sleeper

  

  The US won't default; it'll just inflate the hell out of the dollar like its currently doing.
• BoatShoes

  Good Thread. Will read again when none of this comes to pass. (Again) :laugh:
• isadore

  gosh a ruddies the haters of our African American President are so angry the American people rejected selfishness, greed and intolerance and re elected him.
• isadore

  ccrunner609;1327379 wrote:First off, race has nothing to do with it. Lets replace what you call greed, selfishness and replace it with freeloading and laziness

  race is a major motivating factor for the opposition to our first African American President. And of course it is hardly surprising that the 1% and their stooges want to deny many americans the benefits that they need and are entitlted.
• isadore

  ccrunner609;1327399 wrote:BS and you know it.

  what I know is that the rich and their stooges use racism, greed and selfishness as motivators to win supporters for their opposition to our first African American President.
• isadore

  ccrunner609;1327429 wrote:you are ****ing crazy.

  gosh a ruddies, you refuse to see the truth proving again "none are so blind as those who will not see."
• WebFire

  And who's the one that always brings up race? :rolleyes:
• WebFire

  It's awesome that idiots like isadore think that Americans are somehow exempt to what happens elsewhere around the world. We get closer everyday, yet they never believe it can happen to us.
• isadore

  WebFire;1327443 wrote:And who's the one that always brings up race? :rolleyes:

  gosh a ruddies you sound just like one of those guys claimed those protested who protested jim crow were the ones causing the problem.
• isadore

  WebFire;1327444 wrote:It's awesome that idiots like isadore think that Americans are somehow exempt to what happens elsewhere around the world. We get closer everyday, yet they never believe it can happen to us.

  the rich and their stooges will use any kind of excuse to defend their greed, selfishness and racism using any excuse they can find to protect their wealth and privilege.
• WebFire

  isadore;1327457 wrote:the rich and their stooges will use any kind of excuse to defend their greed, selfishness and racism using any excuse they can find to protect their wealth and privilege.

  Your comments have nothing at all to do with this thread or the article posted. You just spew the same bullshit over and over. You are an idiot.
• James Gatz

  Crisis Headquarters lol
• isadore

  WebFire;1327468 wrote:Your comments have nothing at all to do with this thread or the article posted. You just spew the same bull**** over and over. You are an idiot.

  Gosh a ruddies what is this thread about. Let us go to the source, ernest_t_bass, bring an article from an extreme anti obama website, founded by a racist. The article blames the financial problems on Obama and ernest add the following comment

  ernest-t-bass wrote: I seriously cannot believe that we have four more years of Obama, who is IMO the anti-christ. Laugh, scoff... don't care, but that's my opinion.

  My comments are apropo
  And you sir are continuing apologist for racism.
  
• WebFire

  Go find yourself.
• isadore

  gosh I have found myself on the side to decency and tolerance in support of our first African American President.
• WebFire

  Why do you always say our first African American President? You must be racist. I just see a President.
• Manhattan Buckeye

  isadore;1327487 wrote:gosh I have found myself on the side to decency and tolerance in support of our first African American President.

  Tolerance and support doesn't mean fealty and servitude. His race (which is a joke, he's not African-American, he had a Kenyan father and lived in a privileged, White household). doesn't make him immune from criticism. He's done a poor job. Our country is in poor shape, but at least he's working on his golf game!
• isadore

  Manhattan Buckeye;1327491 wrote:Tolerance and support doesn't mean fealty and servitude. His race (which is a joke, he's not African-American, he had a Kenyan father and lived in a privileged, White household). doesn't make him immune from criticism. He's done a poor job. Our country is in poor shape, but at least he's working on his golf game!

  gosh a ruddies he has an African parent and an American parent, he is by ancestry African American. you might find his ancestry a joke but I respect it. As I do the job he has done handling what was presented him by the republicans. two mismanaged wars, our greatest enemy at large and a collapsed economy. all situations he has improved.
• isadore

  WebFire;1327490 wrote:Why do you always say our first African American President? You must be racist. I just see a President.

  well gosh a ruddies his race has been the major point of attack by you opponents of him. Claiming his presidency was illtegitimate because of false charges about his place of birth. And now we see you folks threatening seccession as your racist philosophical ancesters did 150 years ago to defend slavery, now you threaten it to defend racist privilege.
• QuakerOats

  BoatShoes;1327335 wrote:Good Thread. Will read again when none of this comes to pass. (Again) :laugh:

  
  Correct, we will increase spending another 52% in the next 4 years, raise taxes on the rich, and all will be well in fantasy land.
  
  Pass the pinot grigio.