Getting through an economic collapse

Getting through an economic collapse

There are 10 comments on the Lebanon Daily News story from May 21, 2011, titled Getting through an economic collapse. In it, Lebanon Daily News reports that:

From the collapse of the Soviet Union to the sovereign debt disasters brewing in Europe, the fatigue and fear of their citizens is clearly evident in their weary eyes.

Join the discussion below, or Read more at Lebanon Daily News.

Publius Novus

Pasadena, MD

#1 May 25, 2011
Mr. Ryan, you are either a liar or a fool or both. I am leaning toward the last.

First, European unemployment is stuck at right around 10%, not the 21% Spanish level you imply. UK unemployment spiked in the last quarter of 2010 and the first quarter of 2011 due to the Conservative government's austerity measures. Of course, the same spike can be expected here if the Republican/Tea Party budget cutting measures--which you are advocating--are adopted.

Second, the U.S. budget deficit has not yet approached the levels of WWII. Even the WWII levels of debt did not cause an economic collapse. To the contrary, the high levels of government spending necessitated by WWII pulled the U.S. out of the worst fiscal calamity in history, which we call the Great Depression.

As for your foolishness, if you actually expect hyper-inflation, then the last thing anyone should do is pay down their debt. Paydown of debt prior to an expected inflationary period would result in payment of debt in high-value dollars. In the face of expected hyper-inflation, the rational thing to do is to take on as much debt as you can finance, and then laugh while you pay it off in devalued currency.

Mr. Ryan, I don't think you are an "expert in economic warfare," nor do I believe you are "often asked 'What will the disaster look like?' and 'What should I do to prepare my family?'" If you were ever actually asked such questions, and you gave the advice iterated in your column, you will be paying some BIG malpractice claims.

Since: Nov 09

Location hidden

#2 May 26, 2011
let see how it will going to effect us and our economic stats.

Since: May 11

Manila, Philippines

#3 May 28, 2011
Due to the sinking economy, more and more Americans are finding themselves in debt. Are there any pointers that can help one get out of a financial hole that you've dug yourself into.. Thoughts?

Since: May 11

Pune, India

#4 May 31, 2011
Decrease in financial strength is the main drawback of the decreasing economy of a developing country, ass developing countries now face the threat of financial crisis..

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Morbius

Myerstown, PA

#5 Jun 1, 2011
Publius Novus wrote:
the U.S. budget deficit has not yet approached the levels of WWII. Even the WWII levels of debt did not cause an economic collapse. To the contrary, the high levels of government spending necessitated by WWII pulled the U.S. out of the worst fiscal calamity in history, which we call the Great Depression.
There is a HUGE difference between peace time debt and war time debt. The levels of spending and the subsequent deficit are historic in proper context. In addition, the debt during WWII was held by Americans; today our debt is held by the Chinese, which is NOT the way you maintain sovereignty over your own destiny.

Stop blinding yourself with you liberal bias and recognize the fact that Keynesian economics do not work.

Since: Nov 09

Location hidden

#6 Jun 2, 2011
Economic collapsing is something which is very weird and make other citizens fall in pieces. Because of such circumstances people dont find the way come out from it.
Morbius

Myerstown, PA

#7 Jun 6, 2011
namratasnv wrote:
Economic collapsing is something which is very weird and make other citizens fall in pieces. Because of such circumstances people dont find the way come out from it.
People can find a way out if they remember to be neighbors to each other.

Unfortunately, too often, it is too easy to blame someone and then tyranny rears its ugly head. Fascist Italy and Nazi Germany are two classic examples.

Since: Nov 09

Location hidden

#8 Jun 8, 2011
Completely agree Morbius and these two examples was very devastating.
QUITTNER

Toronto, Canada

#9 Jun 9, 2011
12:31 pm, Thursday, June 9, 2011:
RE: Getting through an economic collapse
.....The health of the economy depends on sufficient spending. Many people in the recent past have been spending more than their disposable income, and therefore have increased their debts. But debts can be expensive, especially if interest rates are (will be soon?) high. Eventually enough debt is enough, and that then causes less spending, "tightening of belts", even eating less and NO LUXURIES! Less spending in the general economy causes misery because of less incomes and more unemployment in a cyclic fashion.
..... During wartime always expect government debts to increase; there are now wars in Libya, in Afghanistan, the war on terror, and the war on drugs. They all cost money and politicians dare not raise tax rates high enough to pay for it all. And some countries spend a lot of additional money to try to bribe other countries to do something, or not to do something. Is the economy sick now? Is there a doctor in the House (and in the Senate?)
drop n destroy

Fairfield, CA

#10 Jan 17, 2012
when u have war-mongering jews running the country, fighting unnecessary wars with tax-payer money then u end up with economic collapse.

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