(snippet from Peter Degraaf)
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The standard of living in the USA will decline until at least 2025 due to the multi-year buildup of debt and due also to the inept measures being put in place by the novice Obama administration. (None of the economists on the Obama team have ever even so much as managed a candy store! None of them have ever had to ‘meet a payroll!’ The fools who got us to where we are today are still in charge. Mr. Obama has kept Ben Bernanke, Larry Summers and Tim Geithner among others, while over in the Congress Barney Frank and in the Senate Chris Dodd, (the two principals who refused to tighten lenders standards at Freddie Mac and Fannie Mae despite the requests made by former President G. W. Bush) still hold powerful well payingpositions, including superb pensions. The pathetic ‘cash for clunkers’ program creates a number of ‘unintended consequences’ that will become obvious later on, and puts further burdens upon the backs of tax paying citizens. Already some car repair shops are forced to lay off mechanics due to a lack of cars to be repaired. Obama’s hero Franklin D. Roosevelt did a similar stupidity in the 1930’s. He put in place a government program that killed pigs, plowed under crops and poured milk into ditches – while people were starving! Roosevelt was popular too!
The gulf between “have’s and have-not’s” will widen and could very well cause civil unrest, especially between those who gained during the credit crisis (think Wall Street), and those who lost. The US Army is training 20,000 GI’s returning from IRAQ for possible riot control duty at army bases in Georgia. This news was first reported in 2008 in the Washington Post and a recent ARMY TIMES article refers to this force as the ‘Consequence Management Response Force.’ Self storage lockers will soon become ‘home’ to homeless people in Central and Southern states. President Obama plans to form a Civilian Defense Force’‘ including mandatory enrollment, and a budget close to that of the Pentagon. (Visit Google and type in ‘civilian
defense force Obama’ for details).
CANADA
• Canada’s export business will suffer from lower demand in the USA. Canada relies on the US for 80% of its exports. As the US dollar loses value due to the massive monetary inflation by the US Fed, the Canadian dollar will tend to rise, and this will make exporting all but oil and gas even more difficult. This in turn will result in the Canadian government printing dollars to keep the dollar from rising against the US dollar, resulting in price inflation in Canada.
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ReplyDeleteMy standard of living has been going down for at least 10 years. With the decline in revenues of my small business, its only a matter of time (weeks/months) before I down size to a trailer or ghetto apt where I can still hopefully afford internet (assuming we still have the internet). HAVEN'T had or wanted TV in years.
ReplyDeleteI am sure my scenario is no different than many other Americans. Its only a matter of time, the economy will go south as well as many many jobs, not to mention hyper inflation and the upcoming swine flu fake epidemic and force vaccination plans.
Frankly, I wonder if I will be alive by the end of this year..
Time is short...
i here you 5.59am , Everyone seemed to be living the high life , but it was all false all built on credit cards and their ability to mortgage themselves into oblivion to compete with their neighbours and to secure a place in socitety . I pay everything cash , i have one credit card for in severe case of emergency (say a major appliance breaks ) and i need 6–700$ on quii,notice , other wisse i have a few thousands in the bank , we do not spend exept for basic items such as clothes , food , and a very few leisure items such as books , ammo for the guns ,my kids do not even play with toys , theyd rather be playing outside or doing alpabet or counting educational games , non of this xbox madness , i laugh at those people . i may have less then them but what i have is mine and clear and free to my name , my parents and friends ar ethe exact opposite and try and make me feel bad becasue i do not want to spend 300,000$ on a house , i am still in an apartment for the time being til i can score a nice acre property (wich have been tumbling in price for 2 years now) i have 9,000$ saved in the bank over the past 2 years becasue we decided to refuse to try and live the high life like others , while everyone is broke and cannot barely put gas in the car , we live in our debt fre elives and when the time comes to buy a house in the next 1.5–2 years as we planned , well prolly have 15–20,000$ put aside and with property prices crashing to the ground , we will be laughing , but not all the way to the bank , hehehe . People need to stop borroing to make all these extyravagant purchases !! , Example , you want something tht is worth 500$ say a camcorder , well put 25$ per week aside and in 20 weeks you can have it , maybe a while but at least you aint mortgaging your kids future and your helth to work those extra hours in interest payment s , its as simple as that
ReplyDeleteHey 7:46 AM, you are wining the battle. HOW? NO DEBT! My brother and friends all have huge homes and lots of credit cards, and equity in their homes-HA HA HA HA, none of them have any real $$, they could not survive 2 weeks if they loose their jobs. The plight of the dumb downed idiotic American Sheeple, when the economy craters, these people will be down and out at Camp FEMA!
ReplyDelete7:46 AM, take your cash and buy gold and silver, the $$ will be history very soon. Then wait a few years, property prices will be 10% of what they are today!
I haven't used a CC in 10 years....And I'll take my trailer or ghetto apt any day over inflated mortgage payments for property that will loose 90% of its value in the next few years...
Why does it take you 2 years to save $9,000 if you have no expenses? I wouldn't be bragging about that. You should be saving that every month.
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