Earlier this week, Nobel-prize winning economist Joseph Stiglitz told Tech Ticker the U.S. "has absolutely no real problem servicing the debt at the current level"; meanwhile, Treasury Secretary Tim Geithner recently said America will "never" lose its vaunted triple-A credit rating after Moody's suggested it was a possibility if we don't get our fiscal house in order.
Take a hard look at America's balance sheet and "you have to be concerned," says Charles Ortel, managing director of Newport Value Partners.
Total gross U.S. debt is now $50 trillion or 12 times the nation's total gross income, according to Ortel, whose debt calculation excludes unfunded mandates such as Social Security and Medicaid but does include corporate debt which he says are "potentially eligible for bailouts."
Furthermore, Ortel says the Federal Reserve overestimates U.S. household net worth, because most of the "asset" side of the ledger is based on real estate valuations he says are overinflated.
"A strict, hard look at the national net worth statement will tell you that our assets are lower than you think and our debt is higher than you think," he says.
Poverty.
ReplyDeleteI am not an Economist. However, when your debt is $50+trillion dollars (its actually $100 trillion if you include all US debt-per the president of the FED in Dallas), and the economy has contracted some 25% in the past 2 years, ALL tax revenues are down some 30+%, its called the US is Bankrupt, its the only logical conclusion once can come up with. So yes, the US will default on it's debt and the dollar as well as the US economy will collapse, THIS YEAR!
ReplyDeleteMany of us in the blog live in reality, and have prepared for this situation (one should know by now the preparations).
Have you prepared?
sad that lemmings like yourself are so easily duped, that is why the country is in such sad shape, dupes like you make it that way
ReplyDeletechurches are cleaning up these days on the gullible sheeple, another way to separate sheep from their money, just one more scam to get their last bucks. things are very good in the GOD BUSINESS, this is very true
ReplyDeleteThe Venus project is here to save humanity...Abolish the money already! soon I hope
ReplyDeleteCome on guys lets agree not to turn this into a religious argument forum. I personally know Jesus is a myth and could ramble on for hours about why. The Jesus people could also type about their faith for hours. It is useless. Keep that for the living room debates. If you really like this forum, please, leave Jesus, pro or con out of it.
ReplyDeleteNow, that said -
I LOVE the picture above - great stuff!
That should be the cover for the Century of Self DVDs. Anyone here that has not watched those videos online are missing out. If you ever wonder why people can look at the facts and believe why the economy is great, that is why. Our entire society has been put in a matrix-like state of delusion. Not by accident, but by design.
Fascinating videos to watch. It explains how psychologists, hired by corporations, have made us into spend and consume robots. Our entire self worth is based on what material goods we have acquired. Being the same as others, looking like others, thinking like others ...
That is why someone who thinks for themselves is taboo. The 2% are always under constant pressure to conform.
Being part of that 2% I found the videos fascinating.
Whoa......I am amazed at how fast it took them to change the subject/tone of this post. My original comment is the second post, within a matter of minutes, the trolls came in and took over.
ReplyDeleteThis should tell EA who the trolls are....
He doesn't care, nor should he. I would rather have him do what he does best: focus on finding these informative articles. Trying to manage internet posts is a useless endeavor. There are people with blinders on, the Jesus nuts, the authority worshipers, the government worshippers, the patriotic idiots and they all have LOTS to say and always have.
ReplyDelete2:07 I agree to the extent that EA spends a ton of time and energy searching the world over for this invalubale information.
ReplyDeleteI would caution people who would assume all people whom tithe to a church are bible thumping
sheeple.
There are 10's of thousands of small churches across this land that have less than 50 people.
These churches and the people who attend them do an amazing amount of good around the world and in their respective communities and ask for nothing in return.
Please don't lump these good hearted and kind people in with the likes of Jimmy Swigart and Tammy Faye Baker.
Just think for a moment, what if 98% of the population did know the country is about to collapse?
ReplyDelete- Bank runs to close their account with $300.00 in it.
- Credit Card payments stop
- All bills would stop being paid; car payment, cable TV, Health Club...
- They would stop being responsible and the country would flatline real fast.
Why do you think the top news stories are all about meaningless shit?
* Michael Jackson
* American Idol
* Jake, Kate and Eight or whatever
* The search for the Obama family dog
* Mr. Clinton, is it boxers or briefs
* Dancing with the Stars
* The tension of the Oscars, only days away!
The sheeple have to be distracted.
2:45 you are so right! The Romans had the Gladiators, and the Oligarchs now have every sort of distraction. You can see how they use it to a tee. For instance, they made sure to really amp up our killing of innocent Afghans over the last two weeks. Why? Americans are far to busy with the Olympics and Tiger Woods to care about men, women and children getting slaughtered for NO REASON but Empire expansion.
ReplyDelete2:40 you are right. There are many good and caring people that are Christians. There are also good and caring people that are Mormons, Scientologists, Muslims, JWs, etc.
They are all people stuck in delusion bubbles; believing fairy tales. But yes, that doesn't mean they cannot choose to be good people.
For instance, they made sure to really amp up our killing of innocent Afghans over the last two weeks.
ReplyDeleteThe Crusades are back!! What's going on over there is basically Culling.
The individuals posting comments at this site truly amaze me.
ReplyDeleteAfter briefly reviewing the previous statements it appears anyone who believes in God, is patriotic, obeys authority, or is employed by corporate America is ill informed at best or evil at worst. Civilizations that succeed, adhere to all of these principles within reason.
I truly hope this is just the nonsensical ranting of the bored fringe element of our society.
If these statements are representative of our collective cognitive ability to overcome the current crisis we all face, then the situation is absolutely hopeless.
8:14 I believe in God, I just don't like religion being pushed on me and the way it dominated conversations really irks me. This is supposed to be a financial forum, not a Religous Right forum.
ReplyDelete2:45 is correct. He or she posted:
ReplyDeleteJust think for a moment, what if 98% of the population did know the country is about to collapse?
- Bank runs to close their account with $300.00 in it.
- Credit Card payments stop
- All bills would stop being paid; car payment, cable TV, Health Club...
- They would stop being responsible and the country would flatline real fast.
Why do you think the top news stories are all about meaningless shit?
VERY true. I still can't believe people, in this time, are reading those stupid celebrity magazines. Are they all delusional?? Crap.
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ReplyDelete