We Are Out of Money

[BMT (RIP)]

No Shit Dick Tracy!!!

Did Zero have a brain fart??

http://drudgereport.com/flashocs.htm

BMT

[The Reaper]

Well, three years of Democratic control of the purse strings will do that.

Wait and see what the next three bring. My wager is on more spending, and higher taxes.

TR

[Sdiver]

Yep.

Now watch as our taxes INCREASE exponentially. :rolleyes: :munchin

[Paslode]

Yep.

Now watch as our taxes INCREASE exponentially. :rolleyes: :munchin

Yep. I tend too think there will be more of the clandestine type taxes we have seen with tobacco such as the energy Cap & Trade, soda pop and sweets, Fat Food, etc. And since the FED is basically the owners (Mafia Style) of GM, Chrysler, most finance and soon to be health care they can now reap a much larger percentage of the net profits that previously would have gone to Private Investors and Owners.


Taking from the Rich and giving it to the Federal Government to be peace mealed out to special interest and other devoted investors of the cause


All in the guise of serving the better good..............the Collective Good that is.


Welcome to the New and Improved Amerika Comrade ;)

[Team Sergeant]

World history or American history of any kind is obviously not mandatory at Harvard.

The "Community Organizer" is about to destroy America with her own greed and stupidity.


“The problem with socialism is that eventually you run out of other people's money.”

Margaret Thatcher

[Blitzzz (RIP)]

This is from anothher post, it's what I see with this "money" problem.

"At this point it appears this is highly likely. I have said and remain firm in the beleif Obama is the #1 Jihadist and true enemy of this country. His plans are not to pull us out of our mess but to increase it and Bankrupt the country to allow for Muslim take over. Does this sound crazy? Yes, but it is what I believe at this point. A True Believer ..."GOD bless America and may we survive this attack on our constitution, Blitzzz"

[nmap]

Out of money? No - we were out of money quite some time ago. The problem we face is that we are running out of credit. This is analogous to the family that drains its savings accounts in order to maintain some lifestyle, then turns to its credit cards. At some point, the limit is reached and fiscal discipline enforced. The decline of the dollar and the upward movement in yields on treasuries suggest we may be approaching that limit.

Nor is the problem limited to Medicare and Medicaid. It also includes Social Security. Even if we suppose reductions in medical costs, the budget problem remains. In addition, cities and states are also in debt. Furthermore, individuals are in debt.

The present effort seeks to keep things going for a few more years as we expand the debt even more. It assumes that ongoing growth of the domestic and global economy will support both the existing debt as well as additions. It does not allow for the possibility of low growth, zero growth, or contraction of the economy. Furthermore, it does not allow for the possibility that interest rates could increase. Should either violation of the underlying assumptions occur, disaster looms. In my opinion, those assumptions will be violated - and soon.

The POTUS dismisses the state deficits rather casually. Yet this ignores the potential consequences of the various states' reduced circumstances. Social instability and increased crime may be possible. As I contemplate California, I cannot help recalling the Watts riots. If Rome ceases to pay the barbarians, will the barbarians sack the city?

I suspect there is a political dimension as well. California may reduce spending for higher education, which could result in the system trimming its student population by 250,000. LINK (http://chronicle.com/temp/email2.php?id=bxyfwrxhyp3zjbddYykKfkwG4Z59SwsS) . This seems to imply sharply reduced expectations for lots of people. Their reactions could cause some interesting (but perhaps unpleasant) political developments.

There is no question in my mind that taxes will go up. In considering the problem, please consider the following:

Argentine President Cristina Kirchner announced this week that her government intends to nationalize the country's private pension system. If Congress approves this property grab, $30 billion in individually held retirement accounts -- think 401(k)s -- managed by private pension funds will become government property.

LINK (http://online.wsj.com/article/SB122471757680560465.html)

When a person or company run out of money, they may well go through bankruptcy. Assets are liquidated in partial satisfaction of debts. Rhetorical question: If a nation faces bankruptcy, what assets will be liquidated?

[Kyobanim]

You will be assimilated. Resistance if futile.

[The Reaper]

You know, Grandpa's idea of keeping his savings in a Mason jar buried behind the barn is seeming like a better and better idea.

TR

[Eagle5US]

If a nation faces bankruptcy, what assets will be liquidated?
The liberties and freedoms of it's citizens for a start.
Add to that personal ambition, prosperity, choice, drive to succeed, and the quality of life of it's future generations.
The piper will be paid - and it's cost to life as we know it in these United States will be dear.

Eagle

[grog18b]

You know, Grandpa's idea of keeping his savings in a Mason jar buried behind the barn is seeming like a better and better idea.

TR

I hope his idea included gold, and not paper... :D Pretty soon, that paper stuff ain't gonna be worth the "paper" it's printed on.