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US Is in Even Worse Shape Financially Than Greece

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posted on Jun, 13 2011 @ 01:37 PM
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cnbc.com


Taken together, Gross puts the total at "nearly $100 trillion," that while perhaps a bit on the high side, places the country in a highly unenviable fiscal position that he said won't find a solution overnight. "To think that we can reduce that within the space of a year or two is not a realistic assumption," Gross said in a live interview. "That's much more than Greece, that's much more than almost any other developed country. We've got a problem and we have to get after it quickly."


A hundred trillion dept is crazy wouldn't surprise me if it was that high and Obama's and the rest of the sell outs in the US gov wont do anything but to keep spending for their corporate masters.
No doubt America will be sold out just like Greece sooner than latter.




posted on Jun, 13 2011 @ 01:41 PM
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reply to post by UcDat
 


The USA Today recently said it's closer to $65 trillion;
Too high either way.



posted on Jun, 13 2011 @ 01:43 PM
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I think Greece is in a better situation than the US.

Greece can back up its currency with gold bullion, not just treasury chits.



posted on Jun, 13 2011 @ 01:44 PM
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Just 65 trillion.
*whew*
Okay kids, we can keep cable, but we're going to have to pass on SHOWTIME!!!


(we are so screwed.)



posted on Jun, 13 2011 @ 01:46 PM
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Originally posted by OccamAssassin
I think Greece is in a better situation than the US.

Greece can back up its currency with gold bullion, not just treasury chits.


Ya If they havnt been robbed like the Americans
I hope people riot all over and tear these thieves out off their thrones!



posted on Jun, 13 2011 @ 01:50 PM
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reply to post by UcDat
 


Having more debt and fiscal obligation doesn't mean we're in worse financial shape. We have a vastly greater GDP, among other things. We have a better credit rating, which wouldn't be true if rating agencies or the buyers of our debt thought our situation resembled that of Greece.

Also, the 100 trillion figure is misleading because it is mostly (~85%) obligations to welfare and entitlement programs. That's money that the government is planning to pay its own citizens, with money that it gets by taxing its own citizens. We as a country owe ourselves a ton of money, but that's not like owing other countries money. It's terribly misleading to suggest that our obligations to our own social programs could be our undoing, because we can cut those benefits when we have to.



posted on Jun, 13 2011 @ 01:51 PM
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Yet here we have Obama claiming that Greece will be the one to send the world into an economic tailspin:

Et Tu, Obama?

Essentially the author finds it unbelievable that tiny little economically insignificant Greece is going to cause a global depression.

Kind of reminds me of the chaos theory that the flutter of a butterfly's wings can create a hurricane...



posted on Jun, 13 2011 @ 01:56 PM
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Originally posted by Konstantinos
Yet here we have Obama claiming that Greece will be the one to send the world into an economic tailspin:

Et Tu, Obama?

Essentially the author finds it unbelievable that tiny little economically insignificant Greece is going to cause a global depression.

Kind of reminds me of the chaos theory that the flutter of a butterfly's wings can create a hurricane...


The straw that broke the camels back?



posted on Jun, 13 2011 @ 02:00 PM
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65 trillion divided by 300 million = 216 666.667

I guess roughly 1 million per family... when are we all gonna realise that someone's not sharing???



posted on Jun, 13 2011 @ 02:10 PM
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Originally posted by OnceReturned
reply to post by UcDat
 


Having more debt and fiscal obligation doesn't mean we're in worse financial shape. We have a vastly greater GDP, among other things...
...because we can cut those benefits when we have to.


I dunno the only thing keeping the USD afloat is that its the world reserve currency if that goes so does the US economy. Whats more it seems they are robbing you so bad they need to print more money than ever to keep afloat. The fact that has devalued the dollar to point many countries have already made arrangements to bypass the USD should be a wake up call.
Anyways the GDP is a lie fact is your manufacturing jobs have been mostly taken over seas curtsy of your own tax dollars paid out in corporate welfare and bailouts..

as for cutting the benefits you betya they will cut until the USA is just another third world country. Thats the IMF way after all.



posted on Jun, 13 2011 @ 02:15 PM
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Originally posted by OnceReturned
Also, the 100 trillion figure is misleading because it is mostly (~85%) obligations to welfare and entitlement programs. That's money that the government is planning to pay its own citizens, with money that it gets by taxing its own citizens. We as a country owe ourselves a ton of money, but that's not like owing other countries money. It's terribly misleading to suggest that our obligations to our own social programs could be our undoing, because we can cut those benefits when we have to.


Social Security is not a G.D. Entitlement program! I wish people would stop talking about it as such. We have several generations of Americans who watched hundreds of dollars leave their paycheck every month to pay into Social Security under the promise that the money would be returned to them upon them reaching retirement age. It was NOT like a normal income tax in which they were forced to wave "goodbye" to a large chunk of their labor's fruits with zero indication that they would ever see any benefit from the theft. Those people, hell, EVERY person who has worked above the table in their lifetime, has had this taken from them with the belief that the government was stewarding over it to ensure it would be there waiting for them upon their 65th birthday.

To even attempt to treat Social Security as an entitlement or benefit which should be downgraded because America's politicians are universally corrupt and dumber than a box of stumps is akin to endorsing banks arbitrailly confiscating people's private savings accounts or just waltzing into someone's home and grabbing the contents of their kids' piggy banks.



posted on Jun, 13 2011 @ 02:32 PM
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Originally posted by UcDat
as for cutting the benefits you betya they will cut until the USA is just another third world country. Thats the IMF way after all.


It's a mistake to think that government benefits are what are keeping America strong. That is just money taxed from one group and given to another. It's the group that is making money that keeps America strong, not the fact that the government gives some of that money to people who aren't earning enough. On the contrary, government benefits are far more likely to threaten America's position as a global economic leader than virtually anything else.



posted on Jun, 13 2011 @ 02:48 PM
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I did the math last week. Our Interest on debt is 25% of our total defect number for the year, 275 billion. That’s just interest, not including principal. And that’s with the super low interest rates we have now!

No one is buying our bonds and we can’t afford to hike interest rate to make it appealing for a country to buy. So the only solution to the problem is to print money to fund the government. A.K.A quantitative easing. What happens when we print money…… we have inflation.

the only solution is drastic cuts to goverment everywhere. This in its self will send the economy into a depression but this road is alot better then a hyperinflation market we are heading to now
edit on 13-6-2011 by camaro68ss because: (no reason given)



posted on Jun, 13 2011 @ 02:57 PM
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I hope the UK doesn't have to bail America out as we do with every other country in Europe........
edit on 13/6/2011 by Traydor because: (no reason given)



posted on Jun, 13 2011 @ 03:04 PM
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Originally posted by Traydor
I hope the UK doesn't have to bail America out as we do with every other country in Europe........
edit on 13/6/2011 by Traydor because: (no reason given)


Yes, all hail the mighty British Empire...
/end sarcasm



posted on Jun, 13 2011 @ 03:10 PM
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Originally posted by ParAvion
65 trillion divided by 300 million = 216 666.667

I guess roughly 1 million per family... when are we all gonna realise that someone's not sharing???


Oh they're sharing alright. The actual money is going to foreign banks and financial institutions...

The debt per person is what you and I get out of this deal.



posted on Jun, 13 2011 @ 03:12 PM
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Originally posted by Traydor
I hope the UK doesn't have to bail America out as we do with every other country in Europe........
edit on 13/6/2011 by Traydor because: (no reason given)


What's wrong with that? I thought everyone was for redistribution of wealth?

On another note, NO ONE can bailout the US Economy. It's just too big and no one but congress is dumb enough to try it.
edit on 13-6-2011 by projectvxn because: (no reason given)



posted on Jun, 13 2011 @ 03:17 PM
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Originally posted by projectvxn

Originally posted by ParAvion
65 trillion divided by 300 million = 216 666.667

I guess roughly 1 million per family... when are we all gonna realise that someone's not sharing???


Oh they're sharing alright. The actual money is going to foreign banks and financial institutions...

The debt per person is what you and I get out of this deal.


^ that really puts things into perspective, we are slaves to the system, each family carries the burden of paying off the $1,000,000 debt that banks, military, and bailed-out corporate executives bathe in while we slave to pay of barely the interest thru half our income going to taxes, and growing



posted on Jun, 13 2011 @ 03:28 PM
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reply to post by Enkii
 


Well, I have no problem with money going to the military. I didn't before I joined and I don't now. I just wish they'd cut the yearly waste they engage in.

No one ever looks at the fact that our entitlement culture is contributing to this. 44 million people on food stamps and we act as if the more people on them the more successful it is. We should be measuring it's success by how many people AREN'T on it and come off of it. We've regulated and taxed small and medium businesses to no end at the behest of larger corporations who don't want competition. All while we scream for more regulation on certain industries where it is the big players that will write the laws and man the agencies in the end.

This monster was largely created by US. And at the end of the day we only have ourselves to blame.

Example:

California is one of the most regulated, restricted, and taxed states in the union(Most of these regulations, restrictions, and taxes voted for BY THE PEOPLE). Because of this people are leaving California in droves. Where are they going? Texas, Nevada, Arizona...You know, all the places with less regs, lower taxes, and more personal freedom. The danger is that we're doing this at the Federal Level now, and there is no where to run to...

What we need is to regulate the government. They're out of control and they fancy themselves kings.
edit on 13-6-2011 by projectvxn because: (no reason given)



posted on Jun, 13 2011 @ 06:19 PM
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What I would like to know is, what is keeping confidence levels high with the US payment on its debts, and what would happen if those confidence levels dropped, and it is reflected in ratings, and this effect on interest rates? If interest rates had to be raised, this could pose a problem on the US capability to pay on its debt, leading to further decline in confidence, and yet further hikes in interest rates, and so on until such time it all becomes unsustainable.







 
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