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2009-03-23 Home Front Economy

Obama's 'spend, spend, spend' budget will bankrupt America, warns top Republican

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Posted by tipper 2009-03-23 00:26|| || Front Page|| [2 views ] Top

#1 Technically the only way a country can go bankrupt is by issuing debt in a currency other than its own (and then being unable to repay the debt), which the USA is unlikely to ever do.

The outcome will be hyper-inflation rather than bankruptcy as the government cranks up the printing presses to pay its bills.

Posted by phil_b 2009-03-23 01:00|| 2009-03-23 01:00|| Front Page Top

#2 Ration card is a ration card, phil_b.

Posted by g(r)omgoru 2009-03-23 04:42|| 2009-03-23 04:42|| Front Page Top

#3 I watched the clueless, moonbat Romer's hog jowls flapping vigorously yesterday. I am not at all convinced.

Posted by Besoeker 2009-03-23 07:30|| 2009-03-23 07:30|| Front Page Top

#4 Bankrupt, no.
Deflation and a long global depression, yes.

Posted by DarthVader 2009-03-23 09:57|| 2009-03-23 09:57|| Front Page Top

#5 Darth I think phil is correct here. The big problem here will be inflation driven by trillions of dollars of deficits.

I lived through Jimmuh's disaster when those on a fixed income were clobbered by inflation rates of 10%. Now I'm the one on the fixed income as a "coerced" early retiree thanks to the crash of the economy. Despite saving as much as possible for the last 30 years I'll be in deep sneaks in a couple of years.

Posted by AlanC 2009-03-23 10:50|| 2009-03-23 10:50|| Front Page Top

#6 I'm not convinced either, Beso. There are a lot of calls for a new global currency from all the regular nutjobs to the World Bank. They would love to bankrupt the US.

Posted by Thealing Borgia122 2009-03-23 10:53|| 2009-03-23 10:53|| Front Page Top

#7 They would love to bankrupt the US.

That is what Kyoto was about. Now they're getting a taste of the consequences before they had contingency plans in place. Hope they enjoy the next decade treading water without the life preserver.

Posted by Procopius2k 2009-03-23 11:04|| 2009-03-23 11:04|| Front Page Top

#8 Global currency?

Somebody remind me about what the Book of Revelation says about the Antichrist.

I think I see a pattern developing ...

Posted by Bobby 2009-03-23 12:03|| 2009-03-23 12:03|| Front Page Top

#9 Expect moves toward a global currency, likely the World Bank's Special Drawing Rights.

Although a currency not backed by a state and the revenues of a state will be a disaster because no one has any incentive to maintains its value, which is the point of a currency (otherwise we would all just barter).

Posted by phil_b 2009-03-23 16:55|| 2009-03-23 16:55|| Front Page Top

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