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Thread: U.S. Debt crisis!!!

  1. #1
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    Default U.S. Debt crisis!!!

    Can someone who understands these things explain to me what this is all about???? It seems incredibly serious, with a a potential impact on economies around the world!! The last things we need is another wave of economic downturn coming across the Atlantic! There also seems to be a lot of posturing on the part of the political parties (Democrats and Republicans) making it impossible for any decisions to be made!!!

    Is this all scare mongering, or should I leave for the North Pole??? Apparently you don't need money there, just raw fish will do as a trading commodity!!)
    "Don't be reckless with other people’s hearts. Don't put up with people who are reckless with yours"

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    Don't understand the full intricacies, however, its not the first time the US economy has faced this issue. A few years ago federal government closed down for five days as they hadn't the cash to pay staff etc. There is a political background, the Republicans, control the House of Representatives and they want to pass their own budget proposals, but they are split, the "tea party" faction don't want to pass the proposal by the Republical speaker. The Democrats control the Senate and they will block any proposal from the House. The other background is that the Republicans are trying to damage Obama in the run up to the election. Obama is slow to bring forward his own proposals in case they fail and he is damaged.

    Globally it might mean further economic worries. Part of the problem is that oil is valued in dollars, some people regard this as the main reason for the Iraq war, as Saddam was intending to value his oil in euros. Do if the Dollar is in trouble, oil will rise further, inflation will rise again and we will be further fxxked.

    I think what we need globally is for China, India and Brazil to suffer economic woes then we can devalue gloabally and start afresh.

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    From what little i understand it appears that from Tuesday the good old US of A will no longer be in a position to meet the intrest payments on it's outstanding loans, This seem's to stem from there decision to try and spend there way our of the recession without making cut's as we have had to put up with in the UK and Ireland. Now they have reached a point were it was reported today that Apple has more money in the bank that the US government !
    The position they are in now is that there credit rating could well be downgraded making it much more expensive for them to borrow money as Greece and Ireland to name but two have been forced to do, this causes even greater problems in trying to reduce there debts and it can turn into a downward spiral for themselves and most of the western world that relys heavily on trading with the USA.
    One question if i dont keep up my mortgage payments the bank takes my house, now the UK used to own America so if they dont keep up there payments does than mean we can have it back because if it does i want California.

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    I think the primary reason is that the Republicans are dead scared that Obama is going to get in for a second term and are using the current situation as a stick to beat him. There are very dark and powerful , self-interested forces at work here !

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    Quote Originally Posted by ksteve View Post
    I think the primary reason is that the Republicans are dead scared that Obama is going to get in for a second term and are using the current situation as a stick to beat him. There are very dark and powerful , self-interested forces at work here !

    That's what I fear too Steve -that there are a lot of interests that want to see this current administration fail! However, I hope that they aren't stupid enough to see that if that happens, it will bring down the entire country. With a significant impact around the world!
    "Don't be reckless with other people’s hearts. Don't put up with people who are reckless with yours"

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    Quote Originally Posted by blue8671 View Post
    From what little i understand it appears that from Tuesday the good old US of A will no longer be in a position to meet the intrest payments on it's outstanding loans, This seem's to stem from there decision to try and spend there way our of the recession without making cut's as we have had to put up with in the UK and Ireland. Now they have reached a point were it was reported today that Apple has more money in the bank that the US government !
    The position they are in now is that there credit rating could well be downgraded making it much more expensive for them to borrow money as Greece and Ireland to name but two have been forced to do, this causes even greater problems in trying to reduce there debts and it can turn into a downward spiral for themselves and most of the western world that relys heavily on trading with the USA.
    One question if i dont keep up my mortgage payments the bank takes my house, now the UK used to own America so if they dont keep up there payments does than mean we can have it back because if it does i want California.

    So do I Blue!!!!! We're gonna have to split it!! You can have Northern California and I'll take Southern California! (The sunny bit!)
    "Don't be reckless with other people’s hearts. Don't put up with people who are reckless with yours"

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    Not an economist, but the way I see it is that USA isn't the major super power it once was, as we know its economy was wrecked by the sub prime scandal and they also have crippling military expenses (a very powerful pressure group in the states). If you take away the key centres of wealth, large areas of the States, such as mid America is not far off third world status.
    Unfortunately Obama inherited all these problems so has had to tow a fairly conservative line, its allowed the far right of the Republicans to weald alot more influence than it should, look at the Tea party for christ sake...frightening.
    Are there any escorts working in the North Pole ?
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    Quote Originally Posted by Morpheus View Post
    So do I Blue!!!!! We're gonna have to split it!! You can have Northern California and I'll take Southern California! (The sunny bit!)
    Yeah but if you take California you have to deal with the people who live there. Yikes. Bunch of tossers ;-)
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    In simplest terms Obama wants to "kick the can down the road" in terms of raising USA's debt ceiling rather than reducing the deficit. The country could default but republicans don't want to compromise and thus you have a deadlock, republicans want a reduction in deficit, democrats nope, neither are talking but.....there will be a deal struck otherwise US will go down the crapper. US will lose it's triple A rating in turn pushing up it's cost of borrowing "We're talking trillions of dollars" in a struggling economy it's strangling it's self further.
    Last edited by Dub Lad; 30-07-11 at 14:55.
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  19. #10

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    Quote Originally Posted by Morpheus View Post
    So do I Blue!!!!! We're gonna have to split it!! You can have Northern California and I'll take Southern California! (The sunny bit!)
    I'm SoCal.. Throw me into the bargain.. lol
    I do what I want. I cannot do otherwise.

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