Elections have consequences. A consequence of the 2008 election, and the mid-term election in 2006, is out of control federal spending and an exploding national debt. Add in the obligations of states and localities to public employees, as well as other mandates like Social Security and Medicare, and the numbers become mind boggling. Greece is a good example of what happens when a national government is fiscally reckless and makes promises it can’t keep. Will we follow in their footsteps? Will the economic crisis in Greece spread to the US and the rest of the world?
Investor’s Business Daily: US Debt Shock May Hit in 2018, Maybe as Soon as 2013: Moody’s.
Financial Times: America Has Good Reason to Worry About Greece.
The EU is preparing a $645 billion bailout for Greece, but one has to wondering where they’re getting the money. An “unspecified sum” is coming from the International Monetary Fund, out of which the US will be on the hook for 17%, as if we have money to lend.
It seems that even NBC’s Brian Williams is starting to get it. “The world has no money and the Emperor has no clothes.”
Update: Memeorandum has a thread starting with the New York Times report on the Greece bailout.
Tags: bailout, Brian Williams, broke, clothes, crisis, David Letterman, debt, economic, emperor, EU, greece, IMF, United States, video, world
[...] this: I discovered his article on Memeorandum not far below a series of links to posts on the nearly $1 Trillion European Union rescue package to, to quote the New York Times on the matter, [...]
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Brian Williams is exactly right.
The world has NO MONEY. The USA has NO MONEY. Americans have NO MONEY because we have all been enticed to PURCHASE THINGS with 17-32 percent credit cards or revolving purchases that take DECADES TO REPAY.
Thats capitalism.
But recessions come about because we borrow and we borrow and then we run out of borrowing ability and then we have to pay down our debt so we can start the cycle over again.
The world has been on a borrowing binge since 1970. We are borrowed up and its running out our ears. Now the world has NO MONEY.
Enter the TEA PARTIES……..THEY GET IT.
The rest of the world doesnt seem to understand.
Obama and the Socialists certainly dont understand. Look at the riots in the streets by government workers who are seeing their life flash before their eyes because their government is collapsing.
But Obama and the Democrats in congress promise you one thing…….more borrowing, more spending until this nation collapses.
THEY DONT GET IT.
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