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  1. #1 US borrowing tops 100% of GDP: Treasury 
    Destroyer of Worlds Apocalypse's Avatar
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    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:



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  2. #2  
    LTC Member Odysseus's Avatar
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    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.
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  3. #3  
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    Can we right this ship if we kick Dumbo out of office? Is it even possible...so much damage has been done.
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  4. #4  
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    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.
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    Quote Originally Posted by TruckerMe View Post

    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.
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    Quote Originally Posted by Hawkgirl View Post
    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.
    Last edited by lacarnut; 08-04-2011 at 07:52 PM.
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    Senior Member namvet's Avatar
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    back in 08 wife and I made plans to leave the country. they are still in place
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    Quote Originally Posted by namvet View Post


    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.
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  9. #9  
    Senior Member namvet's Avatar
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    Quote Originally Posted by Hawkgirl View Post
    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.
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  10. #10  
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    Quote Originally Posted by namvet View Post
    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.
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