George Bush set America back by 100 years killing alot of goodwill. But 90% of the country was WITH him on the Iraq war. That means 90% of the americans at ET = 90% of ET given the fact that there are only a few foreigners at this american board. America the dessert converts to desert at a swift pace - soon the booze will be gone, then the beer, then the visitors aka tourists then the friends - a true desert emerges therefore apt apt apt Moses was walking down the street when he bumped into George W. Bush. "Hello," Bush said. "Nice weather we're having, huh?" Moses took one look at the President, turned, and ran in the other direction. The next day Moses was walking down the same street and there was Bush. Again he tried to initiate a conversation. Again Moses turned and ran away. Bush was tired of this bizarre treatment, so the next time Moses ran away from him, Bush followed. When he caught up, he asked Moses what was wrong. Moses said, "The last time I talked to a bush I spent 40 years in the desert."
Bush wasted time and resources and kept the focus off of our mfg. decline. No president has presided over a larger decline in the dollar during those 8 miserable years.
So tell us you crank, which definition applies to USA. Crank. 1 - 3 : a person... You cannot even read you crank...
Some actual, you know, facts: Net worth of nonfarm nonfinancial corporate business: 12 trillion 690 billion dollars. All by itself, almost equal to the total debt of the government. Net worth of households: 53 trillion 500 billion dollars. Overwhelms the entire Federal debt. But wait, weren't households supposed to be bankrupt? I'm so confoosed. That's what you get for thinking what you see on CNBC or FOX has more than a tangential relationship to any actual fact. Nonfarm noncorporate business: 5 trillion. The above represents, before some moron embarrasses his sorry ass, assets minus liabilities, that means, the amount assets exceed debt and any other attachment to said liability. Anyone who thinks this country is bankrupt is paying too much attention to the news. Where did I get this info? The Federal Reserve's Z1 statistical release, available here: https://www.federalreserve.gov/releases/z1/Current/ Now you know. But what about the Federal deficit? That, if you knew Eco 101, is an artifact of the current downturn. No, I'm not explaining. Do some research of your own, then when you've actually learned a thing or two, make an informed rather than an idiotic comment on this board. It does say Elite Trader on the masthead.
A "moron" reasons thus: Yearly interest on US debt is reaching crisis proportions. It chews up a large part of what the gubmint takes in each year in tax revenue off their sweat and blood. What will happen if the bond market implodes? Bernanke, the financial alchemist, so far has kept the heat off, but time is running out. The problem is, this time the recovery,which is anemic at best will help little. They are spending too much money plain and simple, and that leads to bankruptcy eventually.
Relative to what? Yearly GDP, the income off all those assets, equals the Federal debt. That ain't bankruptcy. Our tax rate is the lowest in the industrial world. Our defense spending is the highest. Raise the first, lower the second. Done. That ain't bankruptcy.
No need to go into details. A country that can print reserve currency cannot go bankrupt. Only a fool with no understanding of economics can say that. I am not saying that printing money is a good thing. All I am saying is that bankrupty does not apply. Neither default applies. USA can print its way out of any debt and the problem lies with its lenders. This is the truth of the story. The propaganda in the media tries to panic unimformed public and create pressure to politicians to stop printing money. This is the real story.
If USA can print reserve currency and do whatever they want, why not USA print USA dollars and give $1 million to each and every USA citizen. Finish it off once and for all.
As I mentioned before I think we will find out 20 years from now all G-20 countries were insolvent during this period. There was a pact to just print money and hope for the best, plan for the worst.