Doomsday warnings of US apocalypse gain ground

Doomsday warnings of US apocalypse gain ground

Economists peddling dire warnings that the world's number one economy is on the brink of collapse, amid high rates of unemployment and a spiraling public deficit, are flourishing here


rawstory.com...

"It is true: Today's economic problems are structural, not cyclical," argued New York Times editorial writer David Brooks.

He said the United Sates is losing its world dominance much in the same way the British Empire began to crumble more than a century ago.

"We are in the middle of yet another jobless recovery. Wages have been lagging for decades. Our labor market woes are deep and intractable," Brooks said.

Nobel Economics Prize winner Paul Krugman also voiced concern about the fate of the fragile economic recovery if voters return the Republicans to political power.

"It's hard to overstate how destructive the economic ideas offered earlier this week by John Boehner, the House minority leader, would be if put into practice," he wrote in a recent editorial.

I agree with the article mostly, and it seems to have some credible economists, but the quote above kind of set me back a step. Then I looked more closely at the site and I saw ads for LGBT Healthcare Discrimination, and Advertise "Liberally" and I began to wonder about the motivations of the article.

I certainly agree that the "jobless recovery," combined with our mountain of Federal debt, combined with our mountain of "personal debt," combined with our over-extension of bonds to China and Japan, combined with the decline of the dollar and the pressure from foreign nations to replace the dollar with other currencies in the Oil Trade has put the nation in a precarious situation without any clear solution.

In short, we are in deep sh*t!! It has to come crashing down, and the trigger to make all the dominoes fall could come from anywhere. China has stopped buying long-term bonds, and is now buying shorter-term. A disaster, a new war, a trade issue, the commercial loan bubble, a poor Christmas season, a surprising election, at this point, just about anything could send us tumbling into depression.

reply to post by getreadyalready


All the talk of the IMF also raised my eyebrows as well. But like you said interesting article non the less

Many experts predicted that this coming depression apocalypse will be starting at the end of this summer

There is a similar thread pointing many facts that its coming
check that out :

Economic Armageddon: Ladies and Gentlemen, the Double Dip is Here!

Let's not forget there are still a few things that need some money spent on them. This was on the news last night, mentioned because of the gas line explosion.

www.ritholtz.com...

Overall, America’s Infrastructure GPA was graded a “D.” To get to an “A” requires a 5 year infrastructure investment of $2.2 Trillion dollars.

reply to post by snowspirit


PUBLIC WORKS!!

This was one of Obama's big campaign promises that helped him win my vote. We are on the verge of a depression, our unemployment is very high, and our infrastructure is in dire need of upgrading. WIN-WIN-WIN plus it worked during the last depression and it has sustained our country for almost 100 years!

I think Obama spent all his political capital on the HealthCare bill and misguided BailOut bill, and now he is afraid to do another "socialist" project, even though the country desperately needs it.

I was against the monstrosity of the Healthcare Bill, when all we needed was reform, and I was against the Bailout, because it mostly went to banks and a handful of giant corporations. I was against the extension of unemployment benefits, because we get nothing for the money, but PUBLIC WORKS is the WAY TO GO!!

Obama paid off his buddies thats all that happened. This is an organized attack on the middle class to help set the way for global governance beginning with the monetary system.