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America Anouncing Bankruptcy?

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Author Topic: America Anouncing Bankruptcy?  (Read 163 times)
William
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« on: March 08, 2011, 05:11:09 pm »

Check out Story below:

http://finance.yahoo.com/tech-ticker/%E2%80%9Cno-way-out%E2%80%9D-of-debt-trap-gross-says-u.s.-living-standards-doomed-to-fall-536001.html

"No Way Out" of Debt Trap, Gross Says: U.S. Living Standards Doomed to Fall
Posted Mar 08, 2011 09:00am EST by Stacy Curtin
Related: ^DJI, ^GSPC, ^TNX, GLD, GDX, TLT, MUB

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Debt, debt and more mounting debt is plaguing countries around the globe.

In this U.S., states across the country face a collective $125 billion shortfall for fiscal 2012, while Congress is facing a budget gap nearly 10 times that size.

PIMCO founder Bill Gross -- one of the world's largest mutual funds managers, who focuses mostly on bonds -- has previously said that if the United States were a corporation, no one in their right mind would lend us money. For the last decade, we’ve been “relying on the kindness of strangers” to help cover our debts, he tells Aaron Task in the accompanying clip.

By “strangers” he is referring to our foreign counterparts, like China for example. Basically, for years Americans have spent their hard-earned dollars on less-expensive Chinese made goods. With great gratitude, China turned around and used all those dollars to buy up U.S. Treasuries and other dollar-denominated assets.

But now after years of reckless spending, America’s debt level is nearing a breaking point and can no longer rely on foreign capital as a last resort.  “When a country reaches a certain debt level, confidence in that country’s ability to repay that debt becomes jeopardized,” says Gross, citing the work of Ken Rogoff and Carmen Reinhart in This Time Is Different.
The Way Forward...And Your Pocketbook

The budget crisis situation unfolding - at the state and federal government level - does not bode well for working men and women in this country. There are really only two choices, says Gross.  And, neither favors your pocketbook:

    * Option #1 – Keep spending and do nothing

    * Option #2 – Balance our budgets by cutting entitlements

House Republicans ran and won on a platform to cut $100 billion from the budget this year and last month managed to pass legislation that would strip $61 billion in spending.

But for President Obama and Congressional Democrats, those cuts go way too far at a time when the country is still struggling to recover from the worst recession since the Great Depression. Goldman Sachs and Bill Gross agree and have warned that cutting too much could stifle growth. (See: Gross "self sustaining" clip)

Meanwhile, neither side has gotten serious about reforming entitlement programs like Social Security and Medicare, which account for more than a third of Uncle Sam's budget.

If the country cannot come to grips and cut back on entitlement programs, U.S. debt will continue to grow and governments around the world will loose faith in the U.S. dollar. Foreign goods would become more expensive, says Gross, while our standard of living would drop.

Under the second option, if entitlement programs are cut, many Americans would naturally have to learn to live on less and take a hit to their standard of living.

“There is really no way out of this trap and this conundrum at this point,” says Gross. From an investment perspective his advice is to stay clear of “bonds in dollar denominated terms” and to be “wary of higher interest rates going forward.” (See: Gross "Most Overvalued" clip)
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Psalm 51:17
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« Reply #1 on: March 08, 2011, 05:35:55 pm »

What the "Republicans", "Democrats", and the writer of this article do NOT say is this - it's the Federal Reserve system that has got us in this much debt to our eyeballs for almost 100 years to begin with. Capitol Hill can cut programs all they want, but that doesn't take away the fact that it's come to a point now where it's impossible to pay off the interest of the national debt itself. The more money the Federal Reserves prints out of thin air, the more our national debt increases. It's not like the "Republicans" can cut every single thing, b/c obviously, we're at a stage now where the FR will continue printing money to increase the debt. And oh yeah, say that again about how China owns alot of our T-Bills?

Isn't there a bible passage in Proverbs over how the borrower is a slave to the lender? That itself sums it up...
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« Reply #2 on: March 08, 2011, 07:28:23 pm »

Another thing - this is also a SET UP, why? B/c ever since Ronald Reagan, somehow, the GOP has been labeled as the "smaller government" party that somehow knows how to control government spending(For the record, that "great" economy in the 90's had NOTHING to do with the GOP Congress implementing any smaller government regulation, it was largely b/c of the tech boom, however, it's bubbles like dot.com businesses bursted at the turn of the century, so everything was short-lived after that time).

Guess what - the "GOP" is in control of Congress again, and they're having the facade of doing the same thing. However, our national debt is so out of control, that we can't even pay the interest itself. They're going to keep(or act like doing so) cutting government program after government program, and it will come to a point where they will finally let everyone know that even all the "cuts" won't solve the national debt problem, and voila...their "solution" could be a new currency, whether North American Union or World Government.

All in all, fasten your seat belts and continue to pray and be grounded in the Word of God.
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