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Banjo

Registered: Feb 2002
Posts: 3302

04-29-12 03:15 AM

http://www.ritholtz.com/blog/2012/0...+Big+Picture%29

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peilthetraveler

Registered: Jun 2005
Posts: 7056

04-29-12 03:33 AM

Wow...whoever wrote that has the IQ of a baboon. Austerity isnt meant to grow an economy, but the writer obviously thinks thats what austerity is for.

Its like say I make $50k per year and I run my credit card up to $200,000 in debt. Then I try to implement "austerity" on myself because my debt is getting out of control. I quickly find out that without my credit card, I cant enjoy things like cable TV, internet, a nice car, I have to downsize my house, I have to take my kids out of private school and then, like a genius, I say...Wow...austerity is STUPID! I have way less stuff, since I stopped spending money I dont have!

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moneymonger

Registered: Feb 2008
Posts: 179

04-29-12 03:36 AM

I believe we are witnessing the way in which Social
democracies fail: They spend themselves into catastrphic debt
oblivion. You can only steal from the future to a point.

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Random.Capital

Registered: Jan 2005
Posts: 3848

04-29-12 04:20 AM

Quote from moneymonger:

I believe we are witnessing the way in which Social
democracies fail: They spend themselves into catastrphic debt
oblivion. You can only steal from the future to a point.

Virtually all socieites - social, democratic, or otherwise - fail in exactly the same manner.

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Fractals 'R Us

Registered: Aug 2008
Posts: 1874

04-29-12 06:00 AM

Quote from Random.Capital:

Virtually all socieites - social, democratic, or otherwise - fail in exactly the same manner.

Babies born in the US of A are handed their share of ~$100 Trillion in unfunded liabilities just for taking their first breath.. I hope nobody tells them until they are old enough to handle the bad news..

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athlonmank8

Registered: May 2007
Posts: 3021

04-29-12 08:06 AM

Quote from moneymonger:

I believe we are witnessing the way in which Social
democracies fail: They spend themselves into catastrphic debt
oblivion. You can only steal from the future to a point.

But the Soviet Union collapse wasn't a systematic failure....right?

That was 10x worse.

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