US, Becomes Broke By june 25th.

I have a friend that called me yesterday. He works at the new york federal reserve bank as a accountant.

What I was told was that the U.S gov will become 100% broke by june 25th.

What the means is that we will be getting loans from different countries 100% which means we can't pay back. Before we did borrow money from other countries but were able to pay back some of it over some time. Now we will not be able to pay back any of it.

I was told that this will turn into a ponzy scheme. Where we lie to china or other countrys that we have value and they get convinced so they give us loans and then we get another country and ask for loans. Then we pay the first country that gave us loans with half the loans we get from the second country and so on.

This means that we will have to lie to countrys in order to keep the dollar value to have more value then a piece of paper.

So after june 25th at any time our dollar may be worth just paper. This just depends if we keep getting loans once the loans stop due to countries finding out we are flat out broke then the US currency will be worthless.

This sounds scary. I wondered if anyone her heard anything similar?

I thought I should share this and would like to know if anyone heard the same thing or something similar.

I notice we keep spending so I personally think this could be true. I also heard canada has a 50 billion deficit.

Your friend is pretty much right on, our money is pretty much worthless!
no one is going to give us anything. Research it for yourself.

Originally posted by truth/seeker
our money is pretty much worthless!

It is? Well they had no problem taking my Federal Reserve notes last night at the ballpark. Can't exactly be worthless if I got a seat, a hot dog, and some beers for it.

reply to post by computerwiz32


Wait, aren't we already broke?

This is honestly the problem that I have with this whole issue in general. Aren't we only 'broke' if we want to be? If Americans keep everything local, deal (lol), sell, trade, all in the US, maybe even for cheaper than the value we go by now, wouldn't that help boosting our economy at all? That's just my thoughts, and I can almost see that happening now. People are now throwing in their money together to by large ticket items. Seems to be moving towards a direction of local community.

We are broke when we can't pay the interest of our loans off, am I right? So when our year deficit exceeds our yearly GDP then we will have to borrow money from other countries again but when they find out we can't pay our old loans back they will likely not give us any more, unless the world wants to bailout the US. I didn't think it was June 25t when we get the deficit/gdp reports, I thought I heard Karl Rove on Glenn Beck said it was around July, I might be wrong though.

Even when the USA is 'broke' other countries will still be lending the US money. Every country in the world knows what will happen if we let the United States become a failed state...WAR!

The biggest fear is a breakup of the USA. Nuclear proliferation would be a big issue (the different parts of the former US all having Nukes). And what would happen to the US troops abroad? The NATO partners will help them get home, but their hardware will for the most part have to be destroyed to prevent it falling into the wrong hands.

So...even if the US is flat broke...the world will ignore that fact, still lend you money to keep 'the dream' afloat. The alternative is just not acceptable and will cost us way more than bailing the US out.

The only thing we would notice of this all happening would be the extra influence some countries suddenly seem to have in US foreign policy. You might even see a decline of Israeli influence.

Lets see. I make $1000 a month, but between my debt and expenses I need $2000 a month to stay above water. I borrow from Visa to pay Master Card so I can pay the rent. Then I write a few bad checks for food, I will cover those with my next paycheck, but I still can use my Discover Card for the car payment and insurance.

Hmmm, if this doesn't work for us, can this really work for them????

This baby is already a ponzy scheme, but the real Madoffs are getting bail outs and reelected. What is wrong with this picture?

its an illusion, till it becomes reality!!

I'm sure Canada would take a Carrier group and airwing for $15 Billion liquidation sale. We'll take some of those F-22's for the 1/day bargain of $20 Million/each. We'll take some tanks, munitions, and other new gadgets off of your hands to help you pay the rent. Better to fence your wifes diamond ring to someone you trust that might sell it back to you later.

In Canada we've had federal surpluses for over a decade so our financial situation is a little better and gives us a lot more breathing room. In terms of currency you're already seeing the loonie trend higher than the US dollar. It's slow but definitely moving up long term. Our banks are in better shape, commodities are taking a beating but again long term we're looking good as we have loads of resources.

Back on topic, the above can't be said of the US. The crippling debt, the enourmous cost of winding down the war in Iraq and winding up the war in Afghanistan plus a possible conflict with NK added to the yearly cost of keeping troops around the world are all nails in the coffin. Added to the additional costs of replacing battle worn equipment, an aging population "Baby Boomers", future economic turmoil as other sectors fail in the Fed Bubble cycle. There's no end in sight but the bottom for the US dollar. The US can't pay back it's debt. Everyone knows that and there will be a huge global power shift. The US won't have much say when countries can hold loans over their head. Imagine trying to function as a gov't when you have to beg for your allowance. I fear that is what's going to happen. I don't want to see that happen. In desperate times people do desperate things and that's what scares me.

I've said it in other forums and I'll say it here. Basically when my computer freezes up I reset it. Turn it off, restart it and the error is erased. The worlds economy is soo f)#$d up that no one in the foreseable future will ever really get ahead. That goes for people, corporations and countries. Reset all debt to zero for everthing. There are no more debts.

The above is harsh and rash and would fix all the problems around the world. Now, I'm not a idiot off course other problems would arise. But on the whole it would be good. The 3 categories I listed above being "Human Nature" I suppose would get themselves right back into trouble. Most would learn their lessons. Taxes would still be collected, however not having to service and enormous debt will free up Billions of tax dollars. Taxes could be cut accordingly. People having extra money will spend, invest, save. That's what we want. It would spur a massive investment into the worlds economy. Poor countries would have a fighting chance again. They could start to develop. More money in our pockets and a second chance would be great.

To the smallest % of the population. The "Elite" we'll tell them they can add another 0 to the end of their wealth estimate and then to piss off as the taxpayers always keep the system afloat with our hardwork.

Crazy I know, but crazy enough to work!

Deez

We're already broke.

It's now a waiting game until the sheeple figure it out and have enough gall to do something about it.

Nope, i haven't heard anything similar. X3

Omg.. >.>

Paper that's sucks.. X3

dam we are poor X3

reply to post by DEEZNUTZ


I'm glad Canada is doing so well, because according to several threads on ATS, the North American Union already exists. What is yours is ours.

J/K, kinda.

I wonder what happens if the US does your reset idea. We get our economy fixed and then we just decide not to pay. I really don't think anyone can collect by force!

We have no money but we still own our home. So now we can mortgage it instead of producing products for a world market. This is the state of our union.

Originally posted by getreadyalready
reply to post by DEEZNUTZ

 

I'm glad Canada is doing so well, because according to several threads on ATS, the North American Union already exists. What is yours is ours.

J/K, kinda.

I wonder what happens if the US does your reset idea. We get our economy fixed and then we just decide not to pay. I really don't think anyone can collect by force!

Not likely. Treason doesnt count. And theres not a single politician brave enough here to air that, because not only does one illegal clause in a contract render the entire thing null and void, and anything countering soveriegnity is illegal, but also subjects the signatures to prosecution. So naturally they kind of keep their illegal activities hush, cause they would go to jail.

And please pay attention to the fact that we have better social services and Medicare. So you have to wonder where all this mismanagement and federal reserve stuff comes from, its sure not using tax dollars to boomerang back into the community and create a well cared for people! Thats the only reason to pay taxes. Anything else is robbery!

reply to post by Tentickles



Ata girl, couldn't agree more V.

I was gonna say 25 June which year ?
Probably this statement was true several years ago and the books are just catching up with reality...

However, it's a dynamic situation and there is an enormous amount of wealth and industrial capacity in USA. It just requires re-thinking the situation to correct it.

reply to post by sy.gunson


Your last comment might have been true about 15 years ago but the US of now outsources everything. Your manufacturing base is a shell of what it use to be and your wealth is all offshore so it's not your wealth. When Walmart went big it was the end of domestic manufacturing. Nobody could compete with Walmart's prices due to offshore production in Asia at a fraction of the labour costs. This started the ball rolling and the manufacturing jobs fled the country. Manufacturing jobs and the such have always been the backbone of a healthy country as they were good paying, pension, medical. Walmart replaced those jobs with minimum wage jobs with nothing and you can probably see what happened. In my opinion this was the beginning of the downward spiral as companies moved production offshore and those well paying jobs were replaced with lesser paying jobs.

I would like someone to give me a good reason why the RESET option wouldn't work aside from the "Richie Riches" complaining who make up a small % of the worlds population. Governments around the world should act as they are supposed to and protect the "Greater Good" instead of a few who F'ed things up in the first place and want us to keep their greedy companies going.

You lost rich people, give it up!

Yup, broke.

We’re just waiting for the chickens to come home to roost. Soon the world will reject the dollar. The Euro will probably replace it as the world’s reserve currency.

And war is an inevitability. Economic collapses preceded WW I and II.

Third times the charm?

Originally posted by computerwiz32
I have a friend that called me yesterday. He works at the new york federal reserve bank as a accountant.

What I was told was that the U.S gov will become 100% broke by june 25th.

What the means is that we will be getting loans from different countries 100% which means we can't pay back. Before we did borrow money from other countries but were able to pay back some of it over some time. Now we will not be able to pay back any of it.

If this actually did occur and your friend said this, they are wrong. Yes our dollar is screwed, but to be completely broke and working 100% on loans one of two things would need to happen:

1) The govt would have to not take in an tax revenue
2) The tax revenue they take in just covers interest payments on debt.

Neither of those will happen. Again, the US govt is insolvent long term, but not broke and not running a ponzi scheme. Pretty sure you just made that story up actually.

I'm actually looking forward to the US going bankrupt . Maybe people will finally get off their high horse and realize how ridiculously ignorant they have been about our government. That's a big maybe.

After the gratification wears off, life is going to be hell though.