U.S. Fiscal Meltdown in Spitting Distance: Laurence Kotlikoff

[ChunkyMonkey]

http://www.bloomberg.com/news/2011-04-05/u-s-fiscal-crisis-in-spitting-distance-commentary-by-laurence-kotlikoff.html


U.S. Fiscal Meltdown in Spitting Distance: Laurence Kotlikoff

The two parties are having a heated debate over the Republican plan to slice $61 billion off Uncle Sam’s projected $3.6 trillion budget. If the Republicans get their way, the deficit will fall from 9.5 percent of gross domestic product to 9.1 percent. If they don’t, they’ll probably shut the government for a couple of days. Then they’ll compromise on, say, a $40 billion budget cut, having proved they gave it their best shot.

Arguing over lowering our deficit by just 0.4 percent of GDP when we need to run massive surpluses to deal with the baby boomers’ impending retirement is, pick your metaphor -- rearranging the Titanic’s furniture, Nero’s fiddling, Custer’s Last Stand.


Go to the link to continue reading...

The question is when the obvious will be obvious to the Politicians. Yep, Change you can believe in!

[earplug]

Whats the best color for my next CC holster?
Is a 308 really enough for general big game hunting?
If I get a $300 hundred dollar scope can I still hit a bowling ball off hand at 112 yards with my AR-15 clone?
While the dollar tanks, should I continue to think about the situation or act?

[TS12000]

It will be obvious when their paychecks stop coming and everyone is wiping their ass with hundred dollar bills...or two hundred thousand dollar bills

http://i986.photobucket.com/albums/ae346/TS12000/eba2afb4-fbee-420d-ba1c-e7f64b32cefc.jpg

[flan7211]

Only plus to inflation is the ability to more easily pay off debt. That was the whole "green back" fight in the 1870's and 80's. Where agrarians argued that a more devalued dollar could help eliminate the debts they owed banks. While the hard currency types argued that it would destabilize the entire system. So if it hit that hard you wouldn't have an ounce of debt, but the following day banks couldn't loan money and business would collapse. So yes let's act on this before it's too late.

[sniper7]

It will be obvious when their paychecks stop coming and everyone is wiping their ass with hundred dollar bills...or two hundred thousand dollar bills

http://i986.photobucket.com/albums/ae346/TS12000/eba2afb4-fbee-420d-ba1c-e7f64b32cefc.jpg

kid makes some damn good money slingin crack!

[Fried Chicken Blowout]

Whats the best color for my next CC holster?BLACK - Aways bet on black. Tan and other colors will come and go, but black will always be in style.
Is a 308 really enough for general big game hunting?What do you consider big game? Elk? What distance do you think you'll be shooting them at? There's a lot of dynamics involved and it's hard to say if .308 is enough. I would generally say yes, but some may disagree
If I get a $300 hundred dollar scope can I still hit a bowling ball off hand at 112 yards with my AR-15 clone?Yes, as long as you can shoot. I don't think the optic has much to do with it if you can do your part.
While the dollar tanks, should I continue to think about the situation or act?Everyone is will be thinking about the situation, you should join them and think about it.

[Mtn.man]

308 is plenty for elk and moose.
Hell 270 will bring them down.

[Fried Chicken Blowout]

I know people that believe .300 Win Mag is the minimum for Elk. I think they are a little weird and should most likely reconsider the ammo their are using if .308 was proven to not be "good enough"? Or don't take that shot at 500 yards that you can make...

[roberth]

Whats the best color for my next CC holster?
Is a 308 really enough for general big game hunting?
If I get a $300 hundred dollar scope can I still hit a bowling ball off hand at 112 yards with my AR-15 clone?
While the dollar tanks, should I continue to think about the situation or act?

Oh lookit...something shiny![Beer]

[Zundfolge]

While the dollar tanks, should I continue to think about the situation or act?
Think ... act ... it doesn't matter, its all too little too late.

Look folks, we're done, there is no solution to the coming financial problems (unless you have a time machine and can jump back to '63 and put LBJ in the back seat of that Lincoln at the last second ... among several hundred other adjustments across the 20th century).

I don't care if every member of congress were to magically turn into committed tea party members overnight or if we just appointed Dr. Thomas Sowell to king tomorrow things are just too far out of whack for anything other than a major correction to fix it.

Major correction will likely mean the end of capitalism in general (since we haven't really been using capitalism anyway ... we've lived under a growing system of quasi-fascism since WWI). It will mean the end of America as we know it, it will probably mean the end of liberty and the end of peace too. It may get bad enough that it will mean the end of life for billions.

We are good and truly fucked ... so if you don't mind I've given up enough nights sleep over this and I'm just going to worry about what caliber for deer hunting (even though I don't hunt), what color for a good CCW rig (I tend to prefer cordovan) and maybe what I'll have for dinner tonight (I'm thinking pasta).

There's nothing I (or anyone here) can do about the shit storm that's coming other than eat our CCW pieces.

[Guylee]

Think ... act ... it doesn't matter, its all too little too late.

Look folks, we're done, there is no solution to the coming financial problems (unless you have a time machine and can jump back to '63 and put LBJ in the back seat of that Lincoln at the last second ... among several hundred other adjustments across the 20th century).

I don't care if every member of congress were to magically turn into committed tea party members overnight or if we just appointed Dr. Thomas Sowell to king tomorrow things are just too far out of whack for anything other than a major correction to fix it.

Major correction will likely mean the end of capitalism in general (since we haven't really been using capitalism anyway ... we've lived under a growing system of quasi-fascism since WWI). It will mean the end of America as we know it, it will probably mean the end of liberty and the end of peace too. It may get bad enough that it will mean the end of life for billions.

We are good and truly fucked ... so if you don't mind I've given up enough nights sleep over this and I'm just going to worry about what caliber for deer hunting (even though I don't hunt), what color for a good CCW rig (I tend to prefer cordovan) and maybe what I'll have for dinner tonight (I'm thinking pasta).

There's nothing I (or anyone here) can do about the shit storm that's coming other than eat our CCW pieces.

Not gonna lie, that's the most sense anyone has made about the way the country is going in a long time.

[stevelkinevil]

Being a Libertarian (a dying or already dead bread). I must agree with Zundfolge, nothing to do but carry on and wait on the inevitable. Human societies never worry about the slow erosion of their personal liberties (always done in the name of safety for your own good) until its far to late to stem the tide. So in the meantime I will enjoy my sons, and my scotch and the few remaining quasi-freedoms I have left.

[Zundfolge]

Heh ... I don't know what depresses me more, my own position or the fact that nobody seems to disagree with me :p

[Byte Stryke]

Heh ... I don't know what depresses me more, my own position or the fact that nobody seems to disagree with me :p

Look, OK I Admit it. I Agree with you... stop rubbing it in!

chrissakes I will never live this down now.
[ROFL1]

[ronaldrwl]

Heh ... I don't know what depresses me more, my own position or the fact that nobody seems to disagree with me :p

We need to buy Zundfolge a beer. A Wookie sized beer!

[cebeu]

Daaayyyaammnnnnn…what’s with all the negativity you sad-sacks? [Tooth]

Let’s insert MORE real pessimism…this shit-fest we’ve devolved into [been an amazing ride watching it unfold over the past few decades] will not resolve until there’s blood flowing by the bucketful and body-counts reach the millions. The thought disgusts me but…well…what else is there to say or do? I’m not sittin’ around with a tin-foil Stetson but I’m not an idiot either. But...either we fight or we take it up the ass and bitch on the net, I’m laying money we continue the latter.

In all sincerity though, I’m not nearly as pessimistic as some of you are regarding our ability to overcome the fiscal Armageddon we’re facing [ß I’m being really fuckin’ kind in my description]. Long painful road and I have zero faith in the collective American population that “we can get there” but…I’ll fight the good fight anyway. Fr the record-- I consider this [Fiscal Policy and budgetary constraint/execution] the most significant barrier to American success and our future, period. All other ills, and we have many, pale in comparison to this issue IMO.

[Elhuero]

Daaayyyaammnnnnn…what’s with all the negativity you sad-sacks? [Tooth]

Let’s insert MORE real pessimism…this shit-fest we’ve devolved into [been an amazing ride watching it unfold over the past few decades] will not resolve until there’s blood flowing by the bucketful and body-counts reach the millions. The thought disgusts me but…well…what else is there to say or do? I’m not sittin’ around with a tin-foil Stetson but I’m not an idiot either. But...either we fight or we take it up the ass and bitch on the net, I’m laying money we continue the latter.

In all sincerity though, I’m not nearly as pessimistic as some of you are regarding our ability to overcome the fiscal Armageddon we’re facing [ß I’m being really fuckin’ kind in my description]. Long painful road and I have zero faith in the collective American population that “we can get there” but…I’ll fight the good fight anyway. Fr the record-- I consider this [Fiscal Policy and budgetary constraint/execution] the most significant barrier to American success and our future, period. All other ills, and we have many, pale in comparison to this issue IMO.


the U.S. has weathered tough times before, and we'll make it thru this as well.

but I do think it's going to get worse before it gets better.

like I told a classmate today. they'd get the budget fixed in a jiffy if there were half a million angry people with rifles on the national mall demanding results.

I am predicting that civil war will start on a small scale in wisconsin when democrats don't win in the next elections like all the union types are claiming. (that's possible trigger A, possible trigger B is obama losing the election)

riots will spread in the inner cities.

and when inner city welfare types and union mercenaries hit the streets they are going to get totally clobbered by american gun owner types defending their homes.

then cops, national guard and finally the military will be unleashed to impose marshal law, and they're gonna get clobbered too.

then I'll get that belt fed I've always wanted.

start building your food storage now.

[Irving]

the U.S. has weathered tough times before, and we'll make it thru this as well.

but I do think it's going to get worse before it gets better.

like I told a classmate today. they'd get the budget fixed in a jiffy if there were half a million angry people with rifles on the national mall demanding results.

I am predicting that civil war will start on a small scale in wisconsin when democrats don't win in the next elections like all the union types are claiming. (that's possible trigger A, possible trigger B is obama losing the election)

riots will spread in the inner cities.

and when inner city welfare types and union mercenaries hit the streets they are going to get totally clobbered by american gun owner types defending their homes.

then cops, national guard and finally the military will be unleashed to impose marshal law, and they're gonna get clobbered too.

then I'll get that belt fed I've always wanted.

start building your food storage now.


You know, I hear there is a new opening on Fox news for a talking head.



Just kidding. :)

[Elhuero]

You know, I hear there is a new opening on Fox news for a talking head.



Just kidding. :)


man, if I could get that kind of national exposure I could start raising funds and beat obama in 2012.

[Zundfolge]

We need to buy Zundfolge a beer. A Wookie sized beer!

Hmm ... and I have this empty growler from Bristol under my desk :D

[Mazin]

So let me get this straight...I shouldn't expect the 3% yeld on my 401k?

[CO Retriever]

Only plus to inflation is the ability to more easily pay off debt. That was the whole "green back" fight in the 1870's and 80's. Where agrarians argued that a more devalued dollar could help eliminate the debts they owed banks. While the hard currency types argued that it would destabilize the entire system. So if it hit that hard you wouldn't have an ounce of debt, but the following day banks couldn't loan money and business would collapse. So yes let's act on this before it's too late.

This is true to a point with certain types of debt. The debt that is the most valuable when these situations arise is fixed interest debt such as a mortgage. However the truth of matter is that the lending restrictions have gotten to the point that it's hard for most to qualify for additional fixed interest debt.

The banks knew that this was coming and it's part of the reason that they tightened up lending restrictions. The people who are going to make out on bandits are people who have been able to buy property while the market has been down with fixed interest debt. They will get the benefit of inflation and the benefit of buying cheap property. It's going to be the biggest wealth transfer that has ever taken place in the history of the world. Just my .02

[CO Retriever]

the U.S. has weathered tough times before, and we'll make it thru this as well.

but I do think it's going to get worse before it gets better.

like I told a classmate today. they'd get the budget fixed in a jiffy if there were half a million angry people with rifles on the national mall demanding results.

I am predicting that civil war will start on a small scale in wisconsin when democrats don't win in the next elections like all the union types are claiming. (that's possible trigger A, possible trigger B is obama losing the election)

riots will spread in the inner cities.

and when inner city welfare types and union mercenaries hit the streets they are going to get totally clobbered by american gun owner types defending their homes.

then cops, national guard and finally the military will be unleashed to impose marshal law, and they're gonna get clobbered too.

then I'll get that belt fed I've always wanted.

start building your food storage now.

I don't think that you are to far off. I tell you what, let them stop sending welfare checks and you will the LA Riots in every major inner city across the country.

I'm only 31 with a young family, and I really tried avoiding thinking that it's going to be ok, cause its not. We don't have a capitalistic society any longer. 47% of Americans don't pay any income tax, and who knows what part of that number depends on public assistance.

We have seen the warning signs for a while now. Gold and silver (and JP Morgan fraudulently depressing silver) were a couple of the first signs. Google the term wealth cycles and read up on Michael Maloney. He nails the whole thing, and I think he is pretty spot on. There are 7 cycles of a currency, and the 7 cycle is when the currency is no longer of any value and the economy collapses. It's believed that we are in the 7th cycle now, and with Japan and oil prices, food inflations.... well the wheels are about to fall off. No longer a question of if, but when.

[Mtn.man]

IGoogle the term wealth cycles and read up on Michael Maloney. He nails the whole thing, and I think he is pretty spot on. There are 7 cycles of a currency, and the 7 cycle is when the currency is no longer of any value and the economy collapses. It's believed that we are in the 7th cycle now, and with Japan and oil prices, food inflations.... well the wheels are about to fall off. No longer a question of if, but when.


Exactly I been saying it but alot laugh it off.
You need to be prepared. for those in urban areas it is going to be alot worse. The paper $$$ ain't worth shit and NO one is gonna want it.
Stock up on supplies, my Dad is 83 and he tells me all the things we need to do cause the Shit is gonna hit the fan sooner than most think.

[CO Retriever]

Exactly I been saying it but alot laugh it off.
You need to be prepared. for those in urban areas it is going to be alot worse. The paper $$$ ain't worth shit and NO one is gonna want it.
Stock up on supplies, my Dad is 83 and he tells me all the things we need to do cause the Shit is gonna hit the fan sooner than most think.

Its because most are sheeple, and they sure as heck will be sheared.