Collapse of world monetary system
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@Anon1771 Okay, I will bite, why will the dollar break this October? AND your reason to believe the apocalypse is getting any closer? What is causing the world monetary system to collapse? Do you have an opinion on these concepts or are you simply a hit and run poster?
Sources?
My thoughts exactly
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What does it mean exactly for the dollar to "brake"? I've never heard of that terminology. "Braking" means putting on the brakes. But what happens when the dollar puts on the brakes?
Does this have anything to do with “to exist, Tonto”?
I do think we are heading for another economic crash. I will guarantee though that no one has a crystal ball and can predict when. Economies have gone up and down since the beginning of mankind, this has nothing to do with an apocalyptic event.
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They displayed more intelligence.
Doc, didn't you hear? They put in red light cameras. The dollar can't afford any more traffic tickets, so they are having to stop at the red lights, hence the 'brake'.
Come on guys, this spammer needs to be evicted from this board. As others have said, he just throws out some baloney & doesn't bother in any discussion. I wouldn't respond to any more of his stuff until he is willing to join in the discussions. Maybe he's a real person, but we'll see if he's anything more than a spammer.
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I think the "Anon" part is a dead giveaway...
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You think?
Dr. Henley pointed out that Tonto and To Exist displayed more intelligence. I agree with him, but I also recall how Tonto was quickly recognized for having similarities to To Exist. To Exist left us and just when he was almost forgotten, Tonto appeared. Tonto left us and just when he was almost forgotten, Anon appears. I agree that the context of Anon's posting isn't the same, but it wouldn't surprise me if Tonto / To Exist missed us and decided to reinvented himself. I could be wrong...he could be just another ordinary troll.
So are we looking for a sub-species classification of this troll? Or should we just say it's a troll, ban it, and move on?
NOT a big fan of banning, I prefer to just ignore and never comment on it's (him, her, it). Banning is a worthless status symbol. Shunning is a fate worse than death.
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Given the "house of cards" our monetary system is based on, I'm amazed we haven't had a total economic collapse already. NO SYSTEM based on "debt" can be successful forever....sooner or later, the bills have to be paid! Does anyone really think the U. S. will ever "pay off" its $20+ TRILLION debts? Ain't gonna happen! Consumer debt is also out of control....will reach $4 TRILLION this year. https://www.cnbc.com/2018/05/21/consumer-debt-is-set-to-reach-4-trillion-by-the-end-of-2018.html
There are roughly 325 million men, women and children in the U.S., and if you divide that into $4 Trillion, you get over $12,300 owed by every person in the U.S......family of four would owe around $50,000 and that is just for starters. A debt driven economy MUST fail at some point....the only real question is WHEN that failure will take place.
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gloom and doom has been predicted for century's ,,,,,,,,,,,,,,,,,,,,,,,,,,,I will believe it when I see it
I do agree that there is no way the us could ever pay off 20trillion. Debt is stupid and just shows undisciplined desire for instant gratification. I wish someone had made it illegal for government institutions to spend more than they take in about 60years ago.
By the way, your math was just for the personal debt, with your numbers, add the national debt to that and you have 73800. Per person!
I assure you there will be a collapse. The inflation we read about in Venezuela will happen here one day. I hope it’s after I’m gone, but certainly don’t feel optimistic for my children.
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Yes, total for a family of 4 would be almost $300,000 . . . more than the value of most new homes. I don't know who or why they came up with this "debt driven economy" but they really missed the boat...or the short bus! Good luck with getting Congress to passs a "balanced budget" requirement....they are all addicted to the perks of our society, too....hundred dollar haircuts, $75 cafeteria meals, personal drivers, security details, etc.
Hang on guys... there is more than one way to skin a cat.
Let's use the $100 trillion number I've seen in various articles for a total gov't debt. And with 325 million people, that's about $300,000 per person.
That sounds like a big number. But it doesn't need to be. Look at Venezuela, they just yesterday conveniently took 5 zeros off the value of their currency and on Monday you can get the new bills. And of course they are certain this will stop their inflation (uh... well that's another topic). Just imagine the US did the same thing. That $300k would be a meer $3 per person debt. About what I'd tip for decent service from a waiter for a meal for one person.
So there are other options than collapse. I'm not saying taking 5 zeros off the US dollar is a good idea. Yes, it would devastate our economy and much of the world's to do such. But I would prefer this over a complete collapse or war. And of course the US isn't the only nation with massive debt, nearly every nation out there is seriously in trouble with debt. And a key thing would be for every nation to ban national debts following such a collapse, to avoid circling back to the this problem again.
Years ago we used to say the gov't is spending our kid's inheritance. It's worse now, we've spent their inheritance and their future.
Let's use the $100 trillion number I've seen in various articles for a total gov't debt. And with 325 million people, that's about $300,000 per person.
That sounds like a big number. But it doesn't need to be. Look at Venezuela, they just yesterday conveniently took 5 zeros off the value of their currency and on Monday you can get the new bills. And of course they are certain this will stop their inflation (uh... well that's another topic). Just imagine the US did the same thing. That $300k would be a meer $3 per person debt. About what I'd tip for decent service from a waiter for a meal for one person.
So there are other options than collapse. I'm not saying taking 5 zeros off the US dollar is a good idea. Yes, it would devastate our economy and much of the world's to do such. But I would prefer this over a complete collapse or war. And of course the US isn't the only nation with massive debt, nearly every nation out there is seriously in trouble with debt. And a key thing would be for every nation to ban national debts following such a collapse, to avoid circling back to the this problem again.
Years ago we used to say the gov't is spending our kid's inheritance. It's worse now, we've spent their inheritance and their future.
All debts come due at some point. A complete collapse or a severe recession, will not matter to most. The numbers say it is going to be painful, not matter how it gets paid. Remember, when you take the zero's off the currency, they are coming off your income too. Think of our government debt as being paid from credit card using the next credit card with a higher limit. This will go on until there are no higher cards with higher limits or until you can't even pay off the minimum balance. That is our national debt. Our generation and our future generations are the credit cards. Sooner or later the people can't generate enough tax money to meet the minimum payment. A balanced budget will not work anymore. They need to spend less than what the government collects and start paying off the debt.
UP,
For the most part I agree. There is no solution that will not be painful beyond anything our nation has ever seen.
One thing we both said clearly is that future gov't MUST behave. No spending money they don't have. Save for 'rainy' days. Zero based budgets. Run like a business. And when workers do not perform, FIRE them.
Our current gov't has no ability to control themselves. And even if they could, there is not ability to pay down the national debt. My best guess: some 'disaster' will come along and make them stop kicking the can down the road. It could be a natural disaster, some sort of war or worldwide crisis. Or an international crisis like an economic war. It could even be as simple as interest rates skyrocketing causing interest on the national debt to explode. Something that they can't just borrow more to resolve (nobody will buy the new treasuries at any reasonable interest rate). That is when the rubber will meet the road & I hope you all have your seat belts on.
For the most part I agree. There is no solution that will not be painful beyond anything our nation has ever seen.
One thing we both said clearly is that future gov't MUST behave. No spending money they don't have. Save for 'rainy' days. Zero based budgets. Run like a business. And when workers do not perform, FIRE them.
Our current gov't has no ability to control themselves. And even if they could, there is not ability to pay down the national debt. My best guess: some 'disaster' will come along and make them stop kicking the can down the road. It could be a natural disaster, some sort of war or worldwide crisis. Or an international crisis like an economic war. It could even be as simple as interest rates skyrocketing causing interest on the national debt to explode. Something that they can't just borrow more to resolve (nobody will buy the new treasuries at any reasonable interest rate). That is when the rubber will meet the road & I hope you all have your seat belts on.
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if there is a fail,I think home owners will be the best off,,,,,we may revert back into the 1800's ,,,,,,no power and little money but at least we will have a roof over our head
@TexasFreedom I agree completely. Stop the negative spending. Balanced budget. Rainy day fund. All the things you spelled out. Do I know when it will all hit the fan, NO but I do know it is going to hit the fan. I don't know what will cause it but the country is walking a tight rope and it will not take much to make it fall.
This just in....the sky is falling!
Seriously though, I share Brent's pessimism. Any economist can tell you the system as is, is not really sustainable. We've been slapping on band-aid fixes for decades now, and eventually, there will be a point of no return. What happens then? Well, like Brent, hopefully I'm long gone before having to find out.
So, all I can do is try and leave my kids in a decent position. But that's basically a fruitless endeavor, since any windfall they'd blow in a heartbeat anyhow. Oh well, what can you do, right?
Probably our kindest favor to them, will be to be sure that when we go, they won't have to lift a finger or plan anything. We'll have all that squared away, I hope. That's the plan anyhow.
Seriously though, I share Brent's pessimism. Any economist can tell you the system as is, is not really sustainable. We've been slapping on band-aid fixes for decades now, and eventually, there will be a point of no return. What happens then? Well, like Brent, hopefully I'm long gone before having to find out.
So, all I can do is try and leave my kids in a decent position. But that's basically a fruitless endeavor, since any windfall they'd blow in a heartbeat anyhow. Oh well, what can you do, right?
Probably our kindest favor to them, will be to be sure that when we go, they won't have to lift a finger or plan anything. We'll have all that squared away, I hope. That's the plan anyhow.
I plan for my kids and grand kids future, not mine. I will be good until I pass, but the the kids have to pull their weight too. I will do the planing and the find the property and even buy the property but they will have to build the structures and raise the crops. I will be there as the project Manager / security. The kids will have some of their skin in this game. It has been my experience, people place a value on things that have cost them personally. Free is worth what you have paid for it. The family retreat (BOL) will be long term project and will be designed for multi-generation living. IMHO, the most reliable MAG is a family MAG. JM2C
