What makes you think I was responding to you? I didn't quote you, good sir. Scroll up and read the other posts.
Um, did I compare Greece and the US?
What makes you think I was responding to you? I didn't quote you, good sir. Scroll up and read the other posts.
Starting a conversation with b_d about anything seems pretty improbable, but maybe you didn't mean to. I thought we were talking, is all. Carry on.
Well, I don't know if I cared or expected a response from him but I figured it was worth pointing out how poor the comparison between Greece and the US was. I probably should use the quote function more but I'm a lazy poster.
Eh, you already cleared up the confusion. No worries.
Days ago, Krugman said Greece on Euro can't create fiat Euros and inflate its way of debt (Which is how USA dumped a lot of its WWII debt). The US can print $$ and screw down its debt.
True. The Gold standard was a disaster....
Not too mention we owe a majority of that debt to ourselves...so, we are making interest payments too ourselves...
The biggest problem with capitalism is that greed has no heart...it's the perfect time to raise taxes on high incomes and show the world that we can reduce our deficit and pay down our debt...the dollar and stock market would soar, and unemployment would go down to a point where savings on unemployment and social services could be used for tax breaks for working families with children..
....but greed has no heart....we can't give children, 40% of who live in poverty in the U.S., other peoples money...
The more we borrow, the richer we'll get? What a relief. Makes me wonder why we didn't start borrowing massively long ago.
Seriously, you can't be advocating complete collapses...the costs would be astronomical...you would have social chaos.....Maybe every now and then, the market needs to crash. Maybe, every now and then, TBTF's and nation-states need to taste their own mortality.
...the U.S. wasn't the sole global super-power....being the big bully with the biggest currency club has it's benefits...
The adjustment could be deeper, longer and more chaotic, the longer we put it off.
And please spare me your tender humanitarian feeling, Dan...what we're doing now might only be making matters worse for ourselves. Attempts by the state to "shore up" finance/banking only end up underscoring/ins utionalizing its weaknesses.
And if bailout/stimulus has helped us to avert economic catastrophe now, perhaps it has only prepared the way for an even greater one later.
Only as long as the rest of the world has confidence in our ability to pay.
Why would we lose our ability to pay net interest? What's that? 300 billion/year?
I will always always always believe that if the US and now Europe had not invented money out of thin air on an epic scales to make sure bankers get their payday, yes the common man would go through hard times, yes it would suck, but the market and the economy would have self corrected itself over time.
By doing these bailouts all we are doing is delaying the process of us taking our hits with harsh times and are making those harsh times even worse.
These bailouts are just kicking the can down the road, and are going to devalue the out of the currencies involved.
These bailouts will always be complete and utter bull . Don't buy into their keynes bull , the markets would self correct but this whole scenario of Armageddon and complete financial collapse is a fear tactic. Thats all it's ever been.
These bailouts do nothing to fix the underlying problem. Nothing. No. Thing.
There are currently 1 users browsing this thread. (0 members and 1 guests)