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Apocalypse
08-04-2011, 06:52 AM
US borrowing tops 100% of GDP: Treasury

August 3, 2011
US debt shot up $238 billion to reach 100 percent of gross domestic project [sic] after the government’s debt ceiling was lifted, Treasury figures showed Wednesday.


From the Agence France-Presse (http://news.yahoo.com/us-aaa-rating-still-under-threat-204040123.html):

Odysseus
08-04-2011, 05:10 PM
For most nations, that is a point of no return for economic insolvency. If this leads to a downgrading of the US Government's credit rating, it could be catastrophic, as that would increase the interest rate for new borrowing, which would drive up interest rates across the board. That could be the tipping point between recession and depression.

Hawkgirl
08-04-2011, 05:15 PM
Can we right this ship if we kick Dumbo out of office? Is it even possible...so much damage has been done.

Starbuck
08-04-2011, 05:46 PM
Can the ship be righted?

Right after WWII the debt to GDP ration exceeded 100%. It approached 120% or something like that.

But that was a different time in history. Europe was in shambles; China either undeveloped or destroyed. The U.S. was the only country standing.

Not true now. And I don't know that we can recover.

Americans may have seen the apex of their affluence. From here on, net worth may continue downward; class warfare may intensify.

Hawkgirl
08-04-2011, 05:51 PM
Americans may have seen the apex of their affluence. From here on, net worth may continue downward; class warfare may intensify.

Kind of doom & gloom'ish...I have faith in this country. I'd like to think we will bounce back...but there will be casualties..more so than those companies in the bank industry that went belly up...but I'm an optimist and may be totally wrong.

lacarnut
08-04-2011, 06:48 PM
Kind of doom & gloom'ish...I have faith in this country. I'd like to think we will bounce back...but there will be casualties..more so than those companies in the bank industry that went belly up...but I'm an optimist and may be totally wrong.

Confidence in our government and economy is very low but I think this ship can be righted even if Obummer screws it up more. Getting the right leader in 012 for president and the election of 60 conservative Senators would be a good start. With the elimination of Obamacare and tax policies, millions of jobs can be created which is the secret to getting us back on the right tract.

namvet
08-04-2011, 07:21 PM
http://4.bp.blogspot.com/-z5uTjMLaVqE/TjlF210OLzI/AAAAAAAAzMI/Tk4eHflDgKU/s1600/theo3.jpg

back in 08 wife and I made plans to leave the country. they are still in place

Hawkgirl
08-04-2011, 07:30 PM
http://4.bp.blogspot.com/-z5uTjMLaVqE/TjlF210OLzI/AAAAAAAAzMI/Tk4eHflDgKU/s1600/theo3.jpg

back in 08 wife and I made plans to leave the country. they are still in place

where you going? it's a global slowdown...I don;'t know of any country that's immune to this...all of europe is socialist.

namvet
08-04-2011, 07:57 PM
where you going? it's a global slowdown...I don;'t know of any country that's immune to this...all of europe is socialist.

the EU ??? your joking. last place we'd go. for years I have known guys I served with in Nam who live in the far east. their doing fine. they know what's going on here and the world. and you can live like a king/queen there dirt cheap.

Starbuck
08-04-2011, 08:36 PM
the EU ??? your joking. last place we'd go. for years I have known guys I served with in Nam who live in the far east. their doing fine. they know what's going on here and the world. and you can live like a king/queen there dirt cheap.

My brother knew that was true, but back when he planned to leave it was always Mexico. Oops.

So he retires early. Won't need much money cause he's going to Mexico.

Now he has switched to Panama. Better? No. Now all his money has been lost in the market, he has no equity in anything worthwhile. So there is no way he can ever return to the U.S. He would have to live as a pauper.

namvet
08-04-2011, 08:58 PM
My brother knew that was true, but back when he planned to leave it was always Mexico. Oops.

So he retires early. Won't need much money cause he's going to Mexico.

Now he has switched to Panama. Better? No. Now all his money has been lost in the market, he has no equity in anything worthwhile. So there is no way he can ever return to the U.S. He would have to live as a pauper.

I was all over the fareast during the war. so no big surprise's. nothing i haven't already seen

lacarnut
08-04-2011, 09:15 PM
[back in 08 wife and I made plans to leave the country. they are still in place

I have given some thought to moving to Belize. Pros are it is a beautiful country...everyone speaks English...the dollar is used....Cons..lack of good health-care...most of the people are dirt poor.

Hawkgirl
08-04-2011, 09:32 PM
I have given some thought to moving to Belize. Pros are it is a beautiful country...everyone speaks English...the dollar is used....Cons..lack of good health-care...most of the people are dirt poor.


I went to Belize two years ago...it's dirt poor...and anything nice is expensive (coastal). The things we take for granted here are difficult to come by there...unless you want drugs...you don't need prescriptions for drugs there.

namvet
08-04-2011, 09:40 PM
millions of Americans have already left. setting up home all over the globe

Starbuck
08-04-2011, 10:02 PM
I was all over the fareast during the war. so no big surprise's. nothing i haven't already seen
I went to the far East once...........THEY TRIED TO KILL ME!:D

lacarnut
08-04-2011, 11:05 PM
I went to Belize two years ago...it's dirt poor...and anything nice is expensive (coastal). The things we take for granted here are difficult to come by there...unless you want drugs...you don't need prescriptions for drugs there.

I would like to move outside the US but no country in the world offers the creature comforts like here. Plus, we are not that well liked in other countries.

Later this year I will be looking at buying a vacation condo in Orange Beach AL. I love the area. The town is small. Spend the winter there and rent it out during the summer. Not crowded in the winter and the snow birds from the Midwest are friendly. It's only a 3 1/2 drive.

Madisonian
08-04-2011, 11:22 PM
Can we right this ship if we kick Dumbo out of office? Is it even possible...so much damage has been done.

Dumbo is not doing this all by himself. He is getting a lot of help from Boehner and the rest of the republicrats that are allowing him to spend more money that the government does not have and frankly, I think they have no intention of stopping him.
The debt ceiling bill was a joke as will be the "reductions" in spending from the baseline budgets.

Starbuck
08-05-2011, 09:32 AM
millions of Americans have already left. setting up home all over the globe

Some of these guys tickle me. Here I live in Mississippi, and I hear people sneer at the thought of living in the poorest state in the union, and then go live in some decidedly poor 3rd world country!

I think it is more snob appeal than anything else. An attempt at becoming a large fish in a small pond - or at least seeming to be a large fish.

And they all say the same thing: "You can live like a KING in...." And you can. But the King of ...... lives about as well as the middle class in America.

I've been lots of places. And I have little desire to go back. 9 years in the navy, and 30 years traveling on business sent me to 18 foreign countries and 49 states. I even worked in Trinidad & Tobago once. And I have never seen the place where I would go and give up the day to day hum of life in America. America. Where I speak the language.

namvet
08-05-2011, 09:37 AM
Some of these guys tickle me. Here I live in Mississippi, and I hear people sneer at the thought of living in the poorest state in the union, and then go live in some decidedly poor 3rd world country!

I think it is more snob appeal than anything else. An attempt at becoming a large fish in a small pond - or at least seeming to be a large fish.

And they all say the same thing: "You can live like a KING in...." And you can. But the King of ...... lives about as well as the middle class in America.

I've been lots of places. And I have little desire to go back. 9 years in the navy, and 30 years traveling on business sent me to 18 foreign countries and 49 states. I even worked in Trinidad & Tobago once. And I have never seen the place where I would go and give up the day to day hum of life in America. America. Where I speak the language.

well lets just hope America doesn't become a 3rd world shit hole like Obastard wants. then you'll see the mass exodus

lacarnut
08-05-2011, 12:19 PM
well lets just hope America doesn't become a 3rd world shit hole like Obastard wants. then you'll see the mass exodus

If Obamacare turns into the bastardized health care system that I think it will, that would influence many people to leave. My general practitioner has several thousand patients and will cull them down to 600. To remain a patient of his, you have to fork up $1,500. My ENT doctor told me he is thinking about moving to Australia. Many doctors will either hang up their practice or move to another country.

If Obama gets reelected, I think we will be like a 3rd world country with labor riots and racial riots in the streets. It is happening in the EU and it can happen here. Our economy and job creation is not looking good. The fools in DC do not know how to fix it either. They are government enablers who will just screw it up that much worse. The new debt legislation just enacted proves that.

Odysseus
08-05-2011, 05:14 PM
If Obamacare turns into the bastardized health care system that I think it will, that would influence many people to leave. My general practitioner has several thousand patients and will cull them down to 600. To remain a patient of his, you have to fork up $1,500. My ENT doctor told me he is thinking about moving to Australia. Many doctors will either hang up their practice or move to another country.

If Obama gets reelected, I think we will be like a 3rd world country with labor riots and racial riots in the streets. It is happening in the EU and it can happen here. Our economy and job creation is not looking good. The fools in DC do not know how to fix it either. They are government enablers who will just screw it up that much worse. The new debt legislation just enacted proves that.

That's exactly what happened in Britain when the NHS took over. Doctors left in droves, and were replaced by British colonial subjects who were willing to work cheap in return for life away from the Third World. Eventually, the best of those left, as well, and those who remained... well, let's just say that they weren't the sharpest scalpels in the surgery (http://en.wikipedia.org/wiki/2007_Glasgow_International_Airport_attack#Arrests_ 2).