It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

US faces same problems as Greece, says Bank of England

page: 1
7
<<   2 >>

log in

join
share:

posted on May, 13 2010 @ 04:15 PM
link   

US faces same problems as Greece, says Bank of England


blogs.telegraph.co.uk

Mervyn King, Governor of the Bank of England, fears that America shares many of the same fiscal problems currently haunting Europe. He also believes that European Union must become a federalised fiscal union (in other words with central power to tax and spend) if it is to survive. Just two of the nuggets from one of the most extraordinary press conferences I have been to at the Bank.

What with all the excitement yesterday over our new Government, I never had time to remark on the Inflation Report press conference. Most of our attention was on what King said about the Government’s fiscal p
(visit the link for the full news article)




posted on May, 13 2010 @ 04:15 PM
link   
This guy tells it like it is and is pretty blunt. Funny how other countries are citics for eachother even though they're all in the same mess.


Every country around the world is in a similar position, even the United States; the world’s largest economy has a very large fiscal deficit.


No kidding. If the US actually gets to the point of Greece, and now Spain with their protests, imagine the protests in the States. They'd be huge! All part of the plan i guess.



I do want to suggest that within the Euro Area it’s become very clear that there is a need for a fiscal union to make the Monetary Union work.


So essentially, one government to tax all of Europe. Nice.

blogs.telegraph.co.uk
(visit the link for the full news article)



posted on May, 13 2010 @ 04:42 PM
link   
Yea the US is in a spot of debt to say the least.

Our government doesn't get it, or they do get it and are actively trying to destroy our economy. Not sure which it is.

I love how they (EU superstate) ask for more power when they caused the problem, as if suddenly they're going to become geniuses and design a flawless system.

Maybe that's the plan though... who knows. Destroy the system and suggest more consolidation as the solution.



posted on May, 13 2010 @ 04:47 PM
link   
Yep, the U.S. does face the same problems as greece...

www.chrismartenson.com...


According to this pleasant little myth the US has a couple of decades before its debt might, possibly hit 140% of GDP. That doesn't sound too bad now does it? After all, we're as far away from that moment as we are from the collapse of the Soviet Union back in 1990. Seems like a long time.

And Greece, a country we can now all openly deride as clearly irresponsible, is already at 115% of GDP.

The problem with this little narrative is that it conveniently excludes all the off-balance sheet obligations that government's routinely exclude to hide the severity of the current predicament. The red bars in the chart below are the relatively tiny amounts with which we console ourselves like in the article snippet above. The gray bars include all official liabilities.


The graph is in the link.



posted on May, 13 2010 @ 05:00 PM
link   
This is nothing yet, dollar and euro are still worth something, Greece hasn't got sanctions yet so it's all still good. This is why I think we're currently falling with a parachute, and the parachute won't hold for long...

As for the US, this table clears some things up:
CIA World Factbook

Now those are some really large numbers there, keep in mind those are absolute values. For size comparison, US external debt amounts to 36 Russias. Also, Greece has a larger debt than Russia.... I think that comparison clearly shows that something is very wrong
.

The UK is just bellow US, which only shows who really "controls" world monetary system.

But no worries people, respectable members of the banking cartel will be enjoying remote tropic islands drinking pina colada while we'll be crying like little girls. That's only natural considering how terribly and painfully naive we are. We kept ourselves in loop with intelligence-insulting entertainment or quarrelling over petty matters.



posted on May, 13 2010 @ 05:05 PM
link   
Almost like those pulling the strings knew it would all end any way in a few years.

What would you do if you were a Banker or politician and you knew the world was gonna end in say 2012 or sometime there about?



posted on May, 13 2010 @ 05:08 PM
link   
Yes, but of course.........the US is so big and mighty, helping to bail out other countries with paper that is meaningless............

We are in the crapper, soon to be realized. A lot of people will be using dollars to clean their bums, soon!



posted on May, 13 2010 @ 05:22 PM
link   

Originally posted by IntelRetard
What would you do if you were a Banker or politician and you knew the world was gonna end in say 2012 or sometime there about?


Originally posted by SassyCat
respectable members of the banking cartel will be enjoying remote tropic islands drinking pina colada

Not sure about myself, but they'll probably do above
.



posted on May, 13 2010 @ 05:44 PM
link   
Most of the US debt is owed to either to The Bank of England, or to China. So the Bank of England would have a general idea of our financial situation. either way we owe more money then ANY other entity in the world. So ya we're gonna have HUGE financial trouble. Now whether our amazingly lazy population will actually get off the couch to protest is negligible. Don't take me for an American basher, but most of the time, Americans just complain, but never take action, to afraid to be outcast.



posted on May, 13 2010 @ 05:59 PM
link   
No it doesn't, see our governemnt and the federal Reserve have something that Greece doesn't have The mighty US dollar and the printing presses.

Then it have a population that can be use as collateral for that printing dollar debt and their unborn childrne and nobody seems to care.



posted on May, 13 2010 @ 06:19 PM
link   
We here in the U.S. have a slight but real advantage over Greece and other similiar nations, because we function as the World's policeman and military force.

As long as we can secure Oil Wells for nations like China that have cash and are solvent, they will continue to lend us all the money we want.

Yet, what people are missing is most of World War III is actually going to be an information war and a financial war to force consolidations of nations by the banks, using debt as both leverage and a weapon.

Because all the Nations are in fact incorporated, as they go bankrupt they fall into the recievership of the World Court.

Future credit lines will then be determined by the Court based on the debtor nation complying with what the Court wants.

The same kind of hostile financial take overs of corporations than began in the 70's and 80's is now going to be used to take over nations.

Rest assured the politicians will all go along with it.

As to whether the people do, that remains to be seen.

Unfortunately since most nations including ours, have outsources so much of the manufacturing, and service and energy needs, the governments and the people of the nations, will not be in a self suficient state to simply reject the pressure to consolidate and merge into new larger bodies and submit to international based authority.

We here at the U.S. will be the last to go down, as long as the rest of the world needs us militarily to secure vital resources.

But once enough other nations have fallen and merged into larger bodies we will eventually be expected to, and made to follow suit.



posted on May, 13 2010 @ 09:09 PM
link   
reply to post by ProtoplasmicTraveler
 


What happens when the economic collapse forces countries into WW3? Or rather when Israel plunges the world into WW3 during this economic mess? I don't think the US will be the last to go down. The biggest always fall the hardest. I wouldn't be suprised to see them being targeted and going out early. A military can only take a country so far against the world.



posted on May, 13 2010 @ 09:38 PM
link   
"One Ring To Bind Them All"

That is the essence and effect of the unified European Union as an economic force. It was the inevetible evolution of the agreements that they are all entering into. I called a visiting economics speaker on this subject over 5yrs. ago while he was a guest speaker at an economic symposium. He agreed that ultimately that was the end game.

This was one of the central problems with the Articles of Confederation here in the US, before we were the US. The constituted governing body had no authority to tax and we scraped the "Articles" and reconstituted, and "Presto Bango" you have the monster we have now.

Good Luck feeding the Beast my European Brothers!



posted on May, 14 2010 @ 01:45 AM
link   
reply to post by Portugoal
 


I agree, the fact that we have a policy of trying to be the world police has nothing but a negative effect on our ability to stave off a Financial meltdown/takeover. We have so many troops, and so much money tied up across the world that if everything falls down, the first thing the people are going to do is try and bring them home. So whether by military attack or Financial positioning we WONT be the last to fall. China, Russia, north Korea, ECT are self oriented, they stay as much to them selves as possible.



posted on May, 14 2010 @ 09:07 AM
link   
I just thought of this:

Greece is given billions to fix itself and save its EU membership. The EU is moving towards a one government kind of deal in order to properly tax the people/make the mulla.

If the US is like Greece...omg. The US is going to have to join a multi-country kind of government (NAU). Very nice. All signs pointing to one WORLD government.



posted on May, 14 2010 @ 09:38 AM
link   
reply to post by Portugoal
 


We have become oppressed by the banksters for many decades, is just that people doesn't get it and still think they live in the great America of the Aemrican dream.



posted on May, 14 2010 @ 09:44 AM
link   

Originally posted by UnlawfullPriest
Most of the US debt is owed to either to The Bank of England, or to China. So the Bank of England would have a general idea of our financial situation. either way we owe more money then ANY other entity in the world. So ya we're gonna have HUGE financial trouble. Now whether our amazingly lazy population will actually get off the couch to protest is negligible. Don't take me for an American basher, but most of the time, Americans just complain, but never take action, to afraid to be outcast.


Most of the US debt is owed to the citizen's and it's corporations. The biggest difference between the US and Greece, Spain, etc. is that the US can create their own money, while the others have to rely on other countries to buy their debt. This is one reason why the US is the safe haven of the world and while we will continue to get stronger relative to EU.



posted on May, 14 2010 @ 02:23 PM
link   

Originally posted by sligtlyskeptical
is that the US can create their own money, while the others have to rely on other countries to buy their debt. This is one reason why the US is the safe haven of the world and while we will continue to get stronger relative to EU.


Since when does the U.S. create their own money?

[edit on 14-5-2010 by TheBandit795]



posted on May, 14 2010 @ 02:28 PM
link   
reply to post by Portugoal
 


unlike that of greece, americans are armed
so if it did come down to the protest like clashes in greece

dont be shocked to see fireworks fly as people with guns come out to play.



posted on May, 14 2010 @ 02:52 PM
link   

Originally posted by SassyCat
For size comparison, US external debt amounts to 36 Russias. Also, Greece has a larger debt than Russia.... I think that comparison clearly shows that something is very wrong
.

The UK is just bellow US, which only shows who really "controls" world monetary system.



And keeping in mind that all this debt and spending is part of a larger plan... well, I think that not long from now the Euro zone will have to create an institution to regulate and govern taxes and budgets of all 'nations' - probably with a centralized banking system like the U.S.

Not long after that the U.S. will fail, and when it does, no one will be able to bail it out. It will be a global problem. The next step then is to create a One World Government with the idea that none of the nations that join can fail...in theory.

Question is, what happens when the global system fails and grinds to a screeching halt ? :-)



new topics

top topics



 
7
<<   2 >>

log in

join