At what point does are debt become unsustainable? 15 trillion? 20 trillion? What happens if we lose US dollar hegemony and oil is bought with the Euro? What happens when foreign investment dries up because our Central Bank has been printing currency as if it were monopoly money and inflates the heck out of it?
Will all this happen by accident?
2007-05-09 01:03:29 · 13 answers · asked by Ted Kennedy 2 in Politics & Government ➔ Other - Politics & Government
You're right, this much debt isn't sustainable. I don't know if the economy will collapse "soon," but unless big changes are made about how we handle our national debt, the US economy's eventual collapse is inevitable once our creditors (foreign businessmen, mostly) need payment
About Fort Knox: US currency is no longer on the gold standard, and there is something like 40 cents in Fort Knox for every dollar in circulation. Unless you fancy gas suddenly costing $10/gallon and all of your savings losing 60% of their value, I wouldn't rely on Fort Knox.
There is an interesting theory which suggests that the only true catalyst for our continuing economic growth is the ever-expanding military-industrial complex, which is funded almost solely with borrowed money. I'm not sure I buy this theory, but it is certainly interesting.
2007-05-09 01:12:21 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No! There are plenty of other people who have the same concern. Our debt already is unsustainable. That's why the government is always robbing Peter to pay Paul. It's funny how the last congress was always taking digs at the public for not saving enough and spending too much, when they couldn't even control their own insatiable lust for spending. Was the pot calling the kettle black, or what? This constant march toward economic destruction makes it imperative to stop the unnecessary conflict in Iraq. Otherwise, the continued hemorrhaging of cash and accrual of debt will be the undoing of the country.
2007-05-09 01:21:47 · answer #2 · answered by MathBioMajor 7 · 1⤊ 0⤋
I don't think the economy will collapse as such but one of the main drivers of debt is the Housing Market - that might correct sharply at some point soon. If that happens twinned with higher inflation - there will be (and has been) some problems in overall debt levels as interest rates rise.
Rebalancing of the economy happens all the time - as long as it can be properly managed it doesn't have to be a disaster.
2007-05-09 01:22:45 · answer #3 · answered by LongJohns 7 · 1⤊ 0⤋
Sadam Hussein changed to euro petrolium currency in 2000. Coincedence I guess?
Iran is about to do the same thing(actually already does on a limited basis). If OPEC does were screwed big time. The dollar will drop like a brick.
2007-05-09 01:23:43 · answer #4 · answered by William G 2 · 1⤊ 0⤋
I am absolutely certain that you are the only person who believes what you say. None of what you fear will happen. Professor Walter E. Williams is an Economist from George Mason University. Look up his website. Read his books. You will then begin to get some slight exposure to macro-economics.
2007-05-09 01:11:58 · answer #5 · answered by regerugged 7 · 0⤊ 0⤋
No you're not.
There are many of us out there who ARE NOT sheep or asleep to this FACT!
But it was planned to happen this way so that the North American Union (which we are a part of now) can switch us over to the "AMERO" (google it) and really have us under some massive gov't control (....just like the Nazi's did....but I guess that's probably TOO REAL for most people).
2007-05-09 01:24:24 · answer #6 · answered by Barbi ♥ 2 · 1⤊ 0⤋
The U.S. comptroller has said that the country is almost broke right now. He said one more major event and the U.S. will not be able to pay its obligations. He said what would result is a world wide depression that would make the great depression look like a cake walk. Wake up people this country is being destroyed by this admin.
2007-05-09 01:26:52 · answer #7 · answered by David R 5 · 1⤊ 0⤋
You're right and no it won't be by accident. It was a plan to crush the American dollar with the Euro a long time ago. What do you think this war is about?
2007-05-09 01:18:57 · answer #8 · answered by Enigma 6 · 1⤊ 0⤋
No you are not. This current state of affairs is totally unsustainable. I think this was set up deliberately over the span of the Bush administrations. They run our economy like a confidence racket. We are in for a rude awakening
2007-05-09 01:15:19 · answer #9 · answered by Anonymous · 1⤊ 0⤋
if it happens we still don't have anything to worry about . Because you know what is a fort knox? Gold, just incase to paper money goes out.
2007-05-09 01:11:08 · answer #10 · answered by Anonymous · 0⤊ 0⤋