Discussion The coming financial collapse of the U.S. government: Fed papers reveal

[The Helper]

The bankruptcy of the United States government has been talked about for years by independent observers. If you've read the book, "Empire of Debt," then you know where the U.S. is headed financially. But most people have no idea about the ultimate financial consequences of decades of borrowing and spending by Washington, and they remain irrationally convinced that the status quo will remain intact for eternity. No one in any position of authority, you see, has yet admitted that the U.S. government is indeed going bankrupt.

Until now, that is.

In a remarkable paper posted by the Federal Reserve of St. Louis, and authored by a Boston University teacher named Prof Kotlikoff, it is revealed in blunt, powerful language that the era of borrowing and spending without consequence may soon come to a close. The paper, entitled, Is the United States Bankrupt?, may not remain posted for very long once the public gets word of what it actually says.

And what, exactly, does it say? For starters, Kotlikoff explains, "Unless the United States moves quickly to fundamentally change and restrain its fiscal behavior, its bankruptcy will become a foregone conclusion."

 

[dunpealx4]

Thanks to the war we have now.

 

[Effane]

LOL, the above post was rather underinformed.

The huge burden is actually a measure of what a former president decided when the Gold Standard was removed from our dollar. Before he did that the country only owned as much cash as it had gold to back up, you had to revalue your gold to cash amount, but it still had the gold behind it. After that the federal reserve could just print more cash and borrow money that didnt exist.

The current spending is horrific, but its not the only thing and its added 2.5 trillion to the 70+ trillion monster that was already there.

Read the article in full, maybe you will learn something.

 

[esb]

So when Arnold (California Governor) cuts on funds for schools and medical things and all that, he's doing the country a favor? >_<

 

[Prometheus]

I've been saying that we need to cut or reduce our war and space budgets so we can get back on track as a country again.
Just my opinion.

 

[The Helper]

So when Arnold (California Governor) cuts on funds for schools and medical things and all that, he's doing the country a favor? >_<

They are talking about the Federal Govt here esb, not the California State govt. Different stuff completely.

 

[BlightWarden]

The bankruptcy of the United States government has been talked about for years by independent observers. If you've read the book, "Empire of Debt," then you know where the U.S. is headed financially. But most people have no idea about the ultimate financial consequences of decades of borrowing and spending by Washington, and they remain irrationally convinced that the status quo will remain intact for eternity. No one in any position of authority, you see, has yet admitted that the U.S. government is indeed going bankrupt.

Until now, that is.

In a remarkable paper posted by the Federal Reserve of St. Louis, and authored by a Boston University teacher named Prof Kotlikoff, it is revealed in blunt, powerful language that the era of borrowing and spending without consequence may soon come to a close. The paper, entitled, Is the United States Bankrupt?, may not remain posted for very long once the public gets word of what it actually says.

And what, exactly, does it say? For starters, Kotlikoff explains, "Unless the United States moves quickly to fundamentally change and restrain its fiscal behavior, its bankruptcy will become a foregone conclusion."

Read the whole story here.

My father used to talk about debt for as long as i can remember along with alot of other stuff like the id chip, sectioning of the states and more stuff people wont believe til it happens. I'm ready for the second depression to strike, people will lose their minds because all they ever cared about is making their car payments and buying the newest coolest toys. Now when people have to starve and have no option but to work with their own hands to feed themselves they wont know what to do.

the stock market crashed, the american empire will collapse, then the UK will start showing serious problems and after that... Enjoy the time you have now folks. the seven years are almost up.:nuts:

 

[Prometheus]

Yet another Doom Prediction.
The next president could pull us back.

 

[esb]

I doubt the next president will do anything. Another depressions sounds scary, I wonder if crime rate will go up (Mafia, etc.)

 

[King TonGoll]

I doubt the next president will do anything. Another depressions sounds scary, I wonder if crime rate will go up (Mafia, etc.)

lol, you can bet it would, aswell as corruption in the police force etc etc. lol what do you think gave way to the last line of mafia?

 

[Seb!]

i think if there's a depression and people don't like the next president, they will start moving out of the US

 

[AceHart]

I get depressions too... from reading this thread...

 

[Vicboy]

lol, you can bet it would, aswell as corruption in the police force etc etc. lol what do you think gave way to the last line of mafia?

Me, being in a small and corrupted country, I would really like this to happen...

Sorry for being insensitive but that would really change the economy around the world... Well, I mean the image of the economy