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Thread: U.S. Debt Clock

  1. #1
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    U.S. Debt Clock

    Someone sent me this via. email today if you click on the tab at the bottom of the screen it explains the whole thing.

    I would like to know your thought s on this please.

    http://www.usdebtclock.org/

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    First of all I would like to make a few observations on national debt in general. There are a few important distinctions to make. First regarding internal and external debt; i.e. the percentage owed to the countries own citizens and corporations, the larger this is, the better. The second is the term structure of the debt and the duration; the greater part of it that is tied up in longer-term debt the better. Belgium has a monstrous national debt, but since it is mostly owned by Belgian citizens (to the extent that such creatures exists ) and is tied up in bonds with a long duration it is generally not seen as such a great problem.

    The US debt is thus quite problematic since it is to a large extent the result of the huge trade deficit and thus cannot be repaid by taxing the very people holding the bonds. It will have to be repaid through either export of goods and services or the transfer of property rights. And since the USA does not seem to be able to build up a trade surplus, I see a future in which Chinese interests will take over ownership of US corporation and real estate.

    Bush's and Obama's approach to solving the crisis is to print money in order to fuel domestic consumption is not going to make this any better since most of that money will end up in China, thus only adding to the external debt.

    I agree with those voices -- such as Peter Schiff (and yes, I know that he is Jewish) -- who say that what the USA needs is not a bailout but a recession. The Americans need to turn their trade deficit into a surplus and start to pay off their debts.

    ------------------
    EDIT:

    Another interesting observation from this is that you have a combined unfunded liability per person corresponding to four years of worth of US production. What this shows is that sooner or later you will need to join the club and bring your taxes up to the European level. Just borrowing money to be able to keep taxes down is not a viable long-term strategy, and nor is living off Chinese production and loans.

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    The U.S. produces most of China's food, but we keep giving it to them instead of trading. Unfair trade with China was started by Bill Clinton and carried through by Bush and now obama. One way to stop this is to equal the trade balance. We can live without their cheep junk. Can they live without our food?

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    These debt clocks are pretty hard-hitting to say the least.

    We're in one hell of a predicament. Our country is being run by a bloody bunch of fools and criminals. An old Thomas Jefferson quote comes to mind.

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    The problem is quite simple. The United States is not united at all. It is not a nation. It is a completely mismanaged mess because there can never be a national consensus or a national will when there is no homogeneous national culture. And guess what? The corrupt scum in power loves this, because we are so divided we cannot unite against THEM.

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    Quote Originally Posted by Huginn ok Muninn View Post
    The problem is quite simple. The United States is not united at all. It is not a nation. It is a completely mismanaged mess because there can never be a national consensus or a national will when there is no homogeneous national culture. And guess what? The corrupt scum in power loves this, because we are so divided we cannot unite against THEM.
    I could not agree more, I am not much of a word smith so I have trouble expressing myself. This hits the nail on the head for me.

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    J Baughman,

    Well Howdy,
    I too am a blacksmith too, sort of,
    and I would like to see your web site.
    Mines: http://jacksknifeshop.tripod.com/


    Thank you, luck and later


    J. Winters von Knife

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