Thread: Arnies mad!
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05-23-2009, 12:09 PM
A drop in the US bond rating would be catastrophic. The national debt would increase dramatically as the cost of borrowing increased. We'd be forced to pay higher interest, and we may end up having to live within current revenues or default on obligations. A sudden drop in federal expenditures without any warning would be incredibly disruptive to the economy. There would be massive civiil unrest and the ones who'd be hit the hardest would be retirees, especially those who depend on Social Security and public pensions (think about all of those retired municipal, state and federal retirees who'd be suddenly left out in the cold). This would be the kind of cataclysmic event that could actually cause our government to fail.
--Odysseus
Sic Hacer Pace, Para Bellum.
Before you can do things for people, you must be the kind of man who can get things done. But to get things done, you must love the doing, not the people!
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05-23-2009, 06:23 PM
Yep, you have to get permission first to sue the state I live in. After 7 years, I along with a number of other employees are waiting for the court to grant a class action law suit for working in a contaminated building that the state was aware of. I am not holding my breath that this suit will ever see the light of day. The dumb ass lawyer should have sued only the owner of the building rather than both the lessee (state) and the owner. The owner has deep pockets.
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05-23-2009, 06:53 PM
I don't think the US AAA bond rating is in jeopardy in the short run but it could be in the long run. Several EU countries are in much worse shape than us. Plus, the dollar is still king among all the currencies.
No doubt that interest rates would go up especially if we could not find someone to finance our debt. China is getting antsy because of the way the Feds are flooding the market with dollars. Something will have to give, and I think inflation is around the corner. Buying gold seems like a good idea to me.
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05-24-2009, 01:59 AM
Add the impact the eruptions of the Craters of Laki had on Europe in the 1780's and it created the perfect storm in which the seeds of revolution could blossom.
Better to die on your feet than live on your knees.
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05-24-2009, 12:52 PM
--Odysseus
Sic Hacer Pace, Para Bellum.
Before you can do things for people, you must be the kind of man who can get things done. But to get things done, you must love the doing, not the people!
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