Is Total Economic Collapse Possible

Is Total Economic Collapse Possible

Posted in the Pikeville Forum

First Prev
of 10
Next Last
The 2013 Depression

Winchester, KY

#1 Sep 29, 2013
It looks as if the government will shut down Monday night. The 95 government shutdown lasted 21 days. This will put us close to the point where congress has to vote on raising the debt ceiling. If congress which is dug in and butting heads does not pass the debt ceiling the good faith and credit of the U.S. is destroyed, if we welch on paying on our bonds and commitments. The world knows we are 17 trillion dollars in debt, over 112 trillion really if you add in all the unfunded liabilities such as Medicare. On top of this the Federal Reserve can't continue with the Quantitative Easing forever, they are talking scaling back. When they even hint at cutting back on the 85 billion a month to buy the treasury bonds that props the market up, the market drops. Bernanke retires in January and the next Fed Chief will end QE3.

If the debt ceiling is not extended and "the republican house say they won't vote for another extension" the dollar will collapse world wide. If the government is also still shut down and the Fed starts cutting back the quantitative easing it will be worse than the 08 market crash. October is a pivotal month as far as the economy, triple threat or the perfect storm brewing as far as a possible total economic collapse.
Fox News Is A Joke

Shelbiana, KY

#2 Sep 29, 2013
The 2013 Depression wrote:
It looks as if the government will shut down Monday night. The 95 government shutdown lasted 21 days. This will put us close to the point where congress has to vote on raising the debt ceiling. If congress which is dug in and butting heads does not pass the debt ceiling the good faith and credit of the U.S. is destroyed, if we welch on paying on our bonds and commitments. The world knows we are 17 trillion dollars in debt, over 112 trillion really if you add in all the unfunded liabilities such as Medicare. On top of this the Federal Reserve can't continue with the Quantitative Easing forever, they are talking scaling back. When they even hint at cutting back on the 85 billion a month to buy the treasury bonds that props the market up, the market drops. Bernanke retires in January and the next Fed Chief will end QE3.
If the debt ceiling is not extended and "the republican house say they won't vote for another extension" the dollar will collapse world wide. If the government is also still shut down and the Fed starts cutting back the quantitative easing it will be worse than the 08 market crash. October is a pivotal month as far as the economy, triple threat or the perfect storm brewing as far as a possible total economic collapse.
Just shows you how stupid Republicans are.
Hardline

Lebanon, KY

#3 Sep 29, 2013
Fox News Is A Joke wrote:
<quoted text>Just shows you how stupid Republicans are.
And the democrats are smart? The all need to be replaced.
They cannot kill a Spook

Toledo, OH

#4 Sep 29, 2013
If the government keeps.spending like a crack head eith a stolen credit card collapse is a give.
dunadd

Greensboro, NC

#5 Sep 29, 2013
The Democrats are socialists, with some of the communist variety.
Russian Roulette

Winchester, KY

#6 Sep 29, 2013
The last time they got into a fight over the debt ceiling the ratings agencies downgraded us. If they are stupid enough to not raise the debt ceiling while we are in the middle of a government shut down they will destroy the dollar. The bonds now are bought mostly by us "the Fed keeping the market propped up" and if we default no one will buy the worthless bonds and the dollar may get replaced as the worlds reserve currency.

The stars are lined up for another crash and this time it will be as bad or worse than the 29 crash.

Since: Aug 13

Location hidden

#7 Sep 29, 2013
dunadd wrote:
The Democrats are socialists, with some of the communist variety.
I feel that we are very close to living under communist rule right now.
With leaders trying to force Americans to buy insurance, and then to turn around and eliminate not just jobs, but whole industries.
What are we to do?
Old Dude

Tucker, GA

#8 Sep 29, 2013
Cousin Bubba wrote:
<quoted text>I feel that we are very close to living under communist rule right now.
With leaders trying to force Americans to buy insurance, and then to turn around and eliminate not just jobs, but whole industries.
What are we to do?
Impeach that uppity Antichrist in the white house. The sorry sob should be arrested and imprisoned for changing parts of a federal law he doesn't like. If that black bastard wants to be king send him back to Kenya and let him be king of some African tribe.
Old Dude

Tucker, GA

#10 Sep 29, 2013
The Federal gov't shuts down for every 3 day holiday weekend and Thanksgiving We'd probably be better off if the incompetent a-holes shut down for most of the year. This just a giant dog and pony show like most of everything in DC.

Since: Aug 13

Location hidden

#11 Sep 29, 2013
Old Dude wrote:
<quoted text>Impeach that uppity Antichrist in the white house. The sorry sob should be arrested and imprisoned for changing parts of a federal law he doesn't like. If that black bastard wants to be king send him back to Kenya and let him be king of some African tribe.
Well Im just waiting to see what the next one does and the next one, because it aint gonna matter right now, its gonna take a long time to get out of the mess we are in.
and the USA may never be the same.
We are no longer looked at as the super powerful country.
How do we stand alone against the world when we are indebted???
Impeach him, yea, if they were going to, looks like they would have started by now.
The Repubs dont want him impeached, they like having him in there, it gives them a reason not to do anything and blame it on the other guy.
Not one of them gives a shit about the citizens.
Old Dude

Tucker, GA

#12 Sep 29, 2013
Cousin Bubba: That's why there's a Tea Party. They are being vilified by Socialists.
Old Dude

Tucker, GA

#13 Sep 29, 2013
And Rino Republicans
It is out of control

Winchester, KY

#14 Sep 29, 2013
No one can comprehend a trillion in 100 dollar bills, if you add the real debt, the 17 trillion plus all the unfunded liability it is more like 112 trillion. The stacks of 100 dollar bills would be like around 20 sky scrappers. We are soon to hit 100% rate, yearly debt as much as the GNP. 40% of every government dollar goes to paying interest on the debt.
The dollars they are printing 24/7 are backed by nothing and has been destroyed on purpose. When ever you have a big crash Wall Street can come in and buy up tangible assets for pennies on the dollar so they crash it out every now and then. This is how the 1% controls most of the countries wealth. The 1% think they will be above it all as they are in most economic downturns but this time they may get fooled. The system may get changed to prevent from ever doing this again.
Junk Yard Dog

Pikeville, KY

#15 Sep 29, 2013
It's already collapsed. a rubber check book is all that has it a float now.
The Real Truth

Pikeville, KY

#16 Sep 30, 2013
Tea party tears, so tasty. The tea party is made fun of by just as many gop has democrats, hell palin is a walking joke, cruz spent 21 hours protesting obamacare only to vote in favor, seriously what was the point.

Some tweaks need to obamacare yes,
but its a good idea to require insurance, its required to drive, yet non of you protest that. Our healthcare at this point is insanely expensive, its a sad state of affairs when its cheaper to die
Who Dey

New York, NY

#17 Sep 30, 2013
Fox News Is A Joke wrote:
<quoted text>Just shows you how stupid Republicans are.
The dumbest Republican on the planet is still a genius compared to you.
Crash and Burn

Winchester, KY

#18 Sep 30, 2013
I think the Fed will announce cutting back on the free money to Wall Street this month also. Perfect storm of hits to the Market, a real rough month for the economy. I believe it is planned, they know we are about to crash and just want to lay it on Obamacare.
Historian

Hopkinsville, KY

#19 Sep 30, 2013
Cousin Bubba wrote:
<quoted text>Well Im just waiting to see what the next one does and the next one, because it aint gonna matter right now, its gonna take a long time to get out of the mess we are in.
and the USA may never be the same.
We are no longer looked at as the super powerful country.
How do we stand alone against the world when we are indebted???
Impeach him, yea, if they were going to, looks like they would have started by now.
The Repubs dont want him impeached, they like having him in there, it gives them a reason not to do anything and blame it on the other guy.
Not one of them gives a shit about the citizens.
You wouldn't know what "Communism" was if it bit your stupid hillbilly ass off, but you are sort of right in some of this.

What we have shaping up is not "communism" or "socialism". It is a sort of anarcho-capitalist plutocracy: a situation where an extremely wealthy few have almost all of the wealth and the vast majority have nothing. The closest thing to it in modern times was the peonage system in Mexico in the 19th century. Something similar happened in tsarist Russia. There it led to the people becoming serfs owned by the aristocrats. Same thing happened in ancient Rome.

The only workable mechanism to prevent that sort of accumulation of wealth and some sort of impoverished serfdom for the vast majority is to levy high taxes on the wealthy and redistribute the wealth through government spending on public works and infrastructure, education, health care, etc. for the masses. That redistribution creates jobs - after all the infrastructure has to be built and maintained, the schools taught, etc.

But if you go to "austerity" meaning "cut taxes (on the wealthy) and cut spending (for the masses)" then you get a situation like what is happening now in Greece and Ireland.
Historian

Hopkinsville, KY

#20 Sep 30, 2013
Some reading about the Greek example:

http://www.theguardian.com/world/2013/sep/25/...
Historian

Hopkinsville, KY

#21 Sep 30, 2013
Another article about the Greek example:

http://www.theguardian.com/world/2013/aug/06/...

In this example Greece is particularly relevant to Appalachia because if the U.S.A. was to drastically cut spending, say by the 36 percent needed for government to operate on a "balanced budget" cash basis, eastern Kentucky would be in much the same condition as Greece.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker
First Prev
of 10
Next Last

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Pikeville Discussions

Title Updated Last By Comments
What's mitch McConnell done for coal, when ther... (Jul '14) 14 min Kyboy 36,754
Hillary Clinton OUR next President (Jun '15) 1 hr A Hillary Deport... 4,771
The Gospel Redemmers 1 hr Girl balls 66
Need to know 2 hr Miranda 1
Bank 253 Gang Bang 3 hr tell us 4
Daughters Jealous Of There Mother 3 hr Word proper 3
Where is all the coal jobs geniuses, but the po... 3 hr Gerald 1
Pam May Thu Mickeypicky 33

Pikeville Jobs

More from around the web

Personal Finance

Pikeville Mortgages