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originally posted by: bbracken677
a reply to: Aazadan
In other words you are saying that debt should constantly increase ad infinitum. And this is ok and in fact, good.
Our country and economy were fine with the exceptions of cyclic downturns due to zero controls on any aspect of the economy, until the 20th century when this self-serving and deluded view of debt started. You cannot seriously suggest that our current level of debt is fine and that we should be growing it. That this level of debt and growing will not yield extremely negative results. That eventually our constantly expanding debt will not, at some point in the fairly near future, result in a lack of confidence in the dollar resulting in collapse and disaster?
originally posted by: bbracken677
a reply to: Aazadan
No offense, but that is ridiculous. No wonder we are as screwed up as we are. Economics from decades ago had quite a different view of things. I mean that from an academic sense. In fact what you describe sounds more like economics Monty Python style.
There will be major fallout from our public debt within 10 years or less. When it does, remember this discussion. I called the banking / credit problem almost 10 years before it happened. We are not finished in that area either. There will be significant pain coming over the next 10 years or so.
Public debt aside, just our trade deficit will continue to drain wealth from the country, unless the exportation of natural gas saves our bacon.
originally posted by: bbracken677
a reply to: Aazadan
By everything was fine.. That was, of course, an oversimplification. However I would describe the beginnings of our current screwedupedness as being the beginning of the fed. The second factor being the start of our current string of ever increasing public debt (thank you Roosevelt) whereas before our ventures into debt were shallow and short lived. The 3rd factor being Reagan's strong dollar policy. I love Reagan, but hate that. The strong dollar led us into the age of out of control upside down trade balances and jobs going overseas.
Anyways... There is no quick fix for our economy, it will take many years to dig out of this hole, likely.