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Global Economy Bursting?

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Randolph Kinney said:
Get ready for riots in the street. Remember Al Gore's lock box? :rof:
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Was out with a Lefty a year or two ago.
When she told me she was going to be dependent on Social Security, to make ends meet,
I tried to tell her the truth: Her money had long been spent.
I was .....like talking to a stone wall.
...and, even better, by her lights, I had been taken in by the "wing-nuts".

:peace: Peace, Brothers and Sistahs, Peace.
I'll have a piece of yours, and a piece of yours, and a piece of yours, and then, some of his, over there.
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Riick said:
Was out with a Lefty a year or two ago.
When she told me she was going to be dependent on Social Security, to make ends meet,
I tried to tell her the truth: Her money had long been spent.
I was .....like talking to a stone wall.
...and, even better, by her lights, I had been taken in by the "wing-nuts".

:peace: Peace, Brothers and Sistahs, Peace.
I'll have a piece of yours, and a piece of yours, and a piece of yours, and then, some of his, over there.
.
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From the article:

“Are these vested benefits? Are these contractual benefits?" Cooper asked of Social Security benefits. "Well, it turns out they’re not. Legally, they’re not even promises. They’re scheduled benefits and most Americans are not even aware of that.”

Cooper, asked about potential reforms to Medicare and Medicaid, said that the core problem was that the public does not understand the true nature of entitlements.
 
Gordon Brown fears euro crisis worse than Lehman as 1930s beckon

http://www.telegraph.co.uk/finance/...crisis-worse-than-Lehman-as-1930s-beckon.html

"The euro can't survive in its present form and will have to be reformed drastically," he told a mostly-Chinese audience at the World Economic Forum in Dalian.

"You cannot begin to solve this unless you realize that it is a banking problem and a growth problem, as well as being a fiscal problem. You have to take co-ordinated action in all three areas," Mr Brown said, echoing the views of the International Monetary Fund.

"The Europeans can hold hundreds of meetings but if they are not prepared to face up to the problem they are dealing with, they are not going to get the right answer."
 
US taxpayers could be on hook for Europe bailout

http://bottomline.msnbc.msn.com/_ne...taxpayers-could-be-on-hook-for-europe-bailout

"Our concern is that innocent American taxpayers will pay for yet another bailout -- this time to one or several countries whose spending and debt choices led them to financial calamity,” Sen. Orrin Hatch, R-Utah, and seven other Republican senators wrote in a letter to Treasury Secretary Timothy Geithner in June.
 
As I have said all along this looks all in the world like a repeat of the 20s and 30s...Hopefully, it won't end in a world war like the depression. This is Depression 2.0.

In the 20s the chairs were shuffled from then, but the game is the same. German was unwilling to pay all the reparations demanded and they defaulted after hyper inflation destroyed their economy which was only in recovery mode anyway after WWI. Germany and Britian along with France were big proponents of sucking Germany dry. Today the Greece, Italian and Spanish banks are looking to France and Germany to backstop them. Today China is fighting inflation but can they really hold off in the event Europe banks go into default? Meanwhile back at the ranch, our economy is unable to jumpstart on the dead battery offered it. Paying teacher salaries and unemployment will not cause our economy to recover. And if we try some sort of tariffs to curb imports...we cause an inflationary trade war, trigger the government to respond by calling in gold again...???... Bernanke is clueless. Otherwise, he has to be a liar. Either alternative is far from reassuring.
Wiser heads who saw this coming seem to be ignored. Taleb argued that Obama did exactly the opposite of what would help the economy.. while bragging on Canada. Harper there has cut taxes and tightened lending..did so well ahead of us, and in doing so prevented the crisis we face. The Loonie speaks volumes about its strength. I bought a Canadian stock that had it been flat, I would still have made money on the exchange rate. Too bad I can't afford more stock like it.
 
News only to the ignorant.

Riick said:
Democrat Congressman: Gov't Has No Contractual Obligation to Pay Social Security Benefits

http://cnsnews.com/news/article/dem...ctual-obligation-pay-social-security-benefits

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The sad thing is the statement of this obvious fact was found to be newsworthy. Social Security "payments into the system" are no different than other income tax payments. Social Security "benefit payments" are no different than other government welfare payments. This has always been true, and it always will be true.
 
...the core problem was that the public does not understand the true nature of entitlements.
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No, the core problem is that idiotic politicians who support this crap don't understand the nature of the public.
“There’s a lot we could do to help people understand that the payroll taxes they pay in this month are paid out next month to somebody they’ve never met...
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But politicians have spent so many years trying to hide this fact that such an explanation now is too little too late. If the public had been informed earlier, instead of being lied to by liberal and socialist propaganda, they would have never supported such an unsustainable ponzi scheme.
...most people believe that Social Security benefits are legal obligations of the federal government. In fact, he noted, they are nothing of the sort. Instead they are merely “scheduled benefits” that can be altered at any time.
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Oh yea? Well just try altering them too much and see what happens Mr. Cooper. You'll find out just how wrong you are ...hence the name "entitlement". So it appears that politicians are the ones who need educating on the nature of entitlements, not the public.
 
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