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Financial collapse picking up speed

Discussion in 'Political Issues' started by beforeobamabans, May 16, 2012.

  1. The inevitable run-on-the-banks has begun in Greece as their default and ejection from the EU looms. Smart Greeks understand that when that moment comes, their life savings will be converted from Euros to worthless Dracmas overnight without their permission. There will be riots in the streets. An authoritarian leftist government will seize control placating the public with promises of order and control. Once again, humans willingly trade freedom for "safety".

    Meanwhile, neighboring bankrupt countries Spain, Portugal and Italy see these events unfolding and experience their own bank runs. Spain, which already has 25% unemployment, dissolves into chaos. The people yearn for a Franco type dictatorship. Germany rolls up the welcome mat and as the only viable economy in Europe, dumps the Euro and starts printing massive volumes of Deutchmarks. Inflation soars. Economies crash. True depression ensues. Democracy is blamed as unworkable leaving nearly every country under authoritarian control. It's only a matter of time before authoritarian governments create external enemies to take the public spotlight off of their own domestic failures. Europe will see war once again.

    What of the US? It depends which path we choose to follow. We can re-elect Obama, go another 5 Trillion out onto the debt high wire, attempt to save the world and like Germany, get sucked into the vortex of collapse. Or....
  2. callihan_44

    callihan_44 INFIDEL

    Aug 19, 2010
    hunker down folks, this storm aint over yet

  3. DonGlock26


    Jan 18, 2001
    [ame=""]So It Begins - YouTube[/ame]
  4. JBnTX

    JBnTX Bible Thumper

    Aug 28, 2008
    Fort Worth Texas
    You gloom and doomers were right six months ago when you predicted a second round of bank failures.

    Most of the professional financial insiders didn't even see this coming.

  5. The Fed doubled-down (quadruple may be more accurate) to prevent this from happening here in 2008 by cranking up the printing presses. Their hope is that inflation and growth will save them. They are getting neither because our spineless fiscal policies are adding to the debt rather than offsetting it. Note that those European countries using the common currency gave up their sovereign right to do this and are therefore at the mercy of the whole. Britain is proven right to have kept the Pound. Do you see the connection between the welfare state and the public's refusal to accept "austerity"? Here, we won't even accept a cut in the rate of growth, let alone real reductions in outlays. It may take a decade or two forthe whole house of cards to unwind but like they say, "bubbles always end badly".
  6. pugman


    May 16, 2003
    I am no supporter of Obama but you are making a crucial error here assuming electing any other candidate will reverse the spending frenzy of the U.S; the other side does not have a plan.

    One key element in the difference between the U.S and Greece is the makeup of our economies. Nearly 20% of Greece's population works directly in tourism. How do I put this second part delicately....Greeks are lazy? The average worker's productivity produces somewhere around $20-22USD per hour towards GDP about half the average U.S worker and ironically very close to Spain - another country in deep financial trouble. The average Greek works just over 1800 hours per year (these are pre-crisis numbers) the average U.S worker is over 2100 - look at your own work week and this is the equivalent of having two months off. BTW: the top 4th countries per worker GDP contributions - Norway, Luxembourg, Netherlands and the U.S. What does this tell us? Even hard working citizens can't stop a run away train like the Fed

    The Federal Government's march towards failure will happen if Greece riots or not.

    The one to watch is Italy. Greece's complete failure is absorbable by the EU - Italy's economy being 7-8 times the size of Greece's and a top 8 world economy is another story. Germany won't like it and Greece will like it less if Germany starts to exercise options they should. Greece failing to the EU would be the equivalent of Indiana failing in the U.S. Italy failing to the EU is the equivalent of Indiana along with Iowa, Kansas, Nevada, Utah, Arkansas, DC, Mississippi, Nebraska, New Mexico, Hawaii, West Virginia, Delaware, New Hampshire, Idaho, Maine, Rhode Island, Alaska, North/South Dakota, Wyoming, Montana, and Vermont
  7. I disagree.

    It is not too late for the US to back away from financial Armageddon. I believe that the American people will sacrifice for their survival given the proper policies and leadership. It remains a mystery whether or not Romney can provide either but if he's the businessman he claims to be and brings in a huge team of turnaround artists, we can get things under control. Just the appearance of real plans to eliminate the deficit, begin working on the national debt, a real energy development policy, a rollback of onerous anti-capitalist regulations, and an immigration policy would once again make us the financial safe harbor for the world.

    It can still be done.
  8. G29Reload

    G29Reload Tread Lightly

    Sep 28, 2009
    Based on the news I heard today on the Fox Business channel, that's what i'd do if I was Greek.

    I'd take every dollar of savings out in Euros, and buy equal amounts of gold/silver, English Pounds, American dollars, Swiss Francs. Maybe keep some of the Euros since it should stabilize once Greece was out.

    But it would NOT be in a Greek financial institution.

    The greeks are spoiled rotten. They refuse to behave and start disciplining themselves. They can retire at 50 and collect most of their pre-retirement salary and riot when there's any talk of fixing that broken, unsustainable system.
    Last edited: May 16, 2012
  9. maxsnafu


    Dec 29, 2006
    Really? How are we going to fund $120 trillion (and that's a low ball estimate) in looming Social Security & Medicare payments--AND Medicaid & all combined welfare handouts?
    Your darned right someone's going to have to sacrifice, but who? Baby boomer retirees don't riot but the underclass does. It's pretty clear who's going to be doing the sacrificing.
  10. Alizard


    Apr 5, 2012
    They have a plan:

    1) Give the wealthy a giant tax cut. That is the GOP answer to every problem. Rich people start businesses, therefore all problems are solved by not taxing the rich. Unemployment will disappear.

    God help us. Look how well that worked under Dubya's terms.

    2) Run like the wind. Ask any GOP politician this question:

    Ok.... you blame the dems for "reckless spending" and claim no new taxes are necessary to balance the budget.... EXACTLY WHAT WILL YOU CUT?

    Watch them stammer and run.

    The truth is the giant money sinks are Defense spending, Social Security, and Medicare. Those MUST be cut, but they will never admit it.

    I honestly hope Romney gets elected. It will be a real education. Those who do not learn from history are condemned to relive it.

    Here's a preview:

    Last edited: May 16, 2012
  11. 4TS&W


    Jul 20, 2002
    here and there...
    Where do the riots go when the banks and government say, "OK, riot all you want. There is no more money.."
  12. 4TS&W


    Jul 20, 2002
    here and there...
    Me too! Glad we're on the same page with this.

    Quoted for posterity.
  13. That's why I supported Ron Paul in the primary even though his policies go against my personal financial interests. You see, it is not necessary to actually solve that problem today. Just the introduction of a plan to put us on a corrective trajectory would restore confidence, rocket the markets, attract endless global capital, entice trillions in corporate padding off the sidelines, reignite investment, risk taking and growth. GDP would instantly go to +5%, creating enough jobs to reduce unemployment and swell government revenues without tax increases. It's really quite simple.
    Last edited: May 16, 2012
  14. maxsnafu


    Dec 29, 2006
    Too bad none of that is going to happen.
  15. Gunnut 45/454

    Gunnut 45/454

    Jun 20, 2002
    Well you almost had it right! Defense has been cut already. What hasn't been cut are all the Unconstituional socialist programs! We can cut alot before it ever comes to hurting anyone! The Dumocrats just want to raise taxes and spend more! They don't want to cut anything but Defense! Removing a ton of Government redtape( Regulations will also save a ton of money as we'll not need those Government workers to enforce them! Scrap Obama care = saves over a trillion!:supergrin:
  16. Kablam


    Jan 12, 2005
    I think the idea really is to not RAISE taxes on upper incomes, not to "Give the wealthy a giant tax cut." Trying to be inflamatory makes you sound like you're lying.
  17. 427


    Nov 23, 2009
    Here are some facts.

    January 3rd, 2007 was the day the Democrats took over the Senate and the Congress. At that time:

    DOW Jones closed at 12,621.77

    GDP for the previous quarter was 3.5%

    Unemployment rate was 4.6%

    Bush's Economic policies SET A RECORD of 52 STRAIGHT MONTHS of JOB CREATION!

    ***ON THAT DAY, JANUARY 3RD 2007:

    Barney Frank took over the House Financial Services Committee.
    Chris Dodd took over the Senate Banking Committee.

    The economic meltdown that happened 15 months later was in what part of the economy?


    DEMOCRATS took us from 13,000 DOW, 3.5 GDP and 4.6% Unemployment... to this CRISIS by (among MANY other things) dumping 5-6 TRILLION Dollars of toxic loans on the economy from YOUR Fannie Mae and Freddie Mac!
    BTW: Bush asked Congress 17 TIMES to stop Fannie & Freddie - starting in 2001 because it was Financially risky for the US economy. McCain asked Congress to reform Fannie and Freddie several times too . . . and the Democrats howled every time.

    Who took the THIRD highest pay-off from Fannie Mae AND Freddie Mac? Obama.
    And who fought against reform of Fannie and Freddie? Obama.

    If you want to talk about federal spending compare the budget deficts under the Dems and to when the republicans had Congress.

    You'll note that we've not had a fed budget as required by law under Obama, just continuing resolutions.
    Last edited: May 16, 2012
  18. series1811

    series1811 Enforcerator. CLM

    What generation Glock do you like the best, fifth or sixth?
  19. Alizard


    Apr 5, 2012
    That's the great thing I love about revisionists..... when we look at Reagans years and Dubyas and see the skyrocketing deficits.... let's blame it all on congress.

    facts are stubborn things: do you know who SIGNS THE BUDGET INTO LAW?


    Do you know who signs into law any legislation from congress?


    But anytime there is rampant deficits... find a way to forget about the facts and blame the democrats.


    The GOP is blaming Obama for all the economic woes, skyrocketing spending etc...... but which party has had control of the House for two years?

    Which party has enough votes in the senate to block any vote (which takes 60 votes to force an end to debate and get to a vote)?

    The GOP

    So basically, you just switch whenever needed to blame the dems: when there's a dem president, it's the president to blame for deficits. When it's a GOP pres, blame the congress.

    Look up the definition of hypocrisy.
    Last edited: May 16, 2012
  20. Ruble Noon

    Ruble Noon "Cracker"

    Feb 18, 2009

    Are you sure you are talking about Greece and not America's public employees?