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Discussion in 'Politics, Religion, Social Issues' started by zimv20, Dec 7, 2004.
i know what we need -- more cowbell! errrr... tax cuts!
Two things I've mentioned before in threads about the economy: Corporate profitability as percentage return on either sales or investment is continuing its decline; and (seat of the pants opinion) new jobs, generally, aren't paying as much as lost jobs.
Can't lower interest rates. Can't cut taxes further, or certainly not at the federal level. Not enough money in the public coffers for "pump priming" ala FDR.
To me, a real clue is found in such things as WalMart's projections for sales: When they are lower than expected, the times ain't good.
Wal Mart admitted that they did not offer the low prices that they normally do. They miscalculated in their own words.
Can a country declare bankruptcy? Or just not pay cause we have the biggest toys?
"Can a country declare bankruptcy? Or just not pay cause we have the biggest toys?"
I'd expect that foreign debts would be honored to the greatest extent possible, although possibly stretching out the time for payments. This is the usual practice around the world.
Short run, what's already beginning is the repudiation of internal debts and obligations promised by Congress in the past. The chairman of the Council of Economic Advisers, Gregory Mankiw, began redefining one promise in a speech last week in DC. "Let me state clearly that there are no free lunches here. The benefits now scheduled for future generations under current law are not sustainable given the projected path of payroll tax revenue."
If sumpn ain't sustainable, doesn't it stop? Or get changed, usually made smaller, if you're talking about money?
The Federal Reserve's got all your money. According to some, you've been bankrupt since 1933:
I wouldn't vouch for its reliability, but it's an interesting take.
Well, the buying power of the dollar is about 5% of what it was before the FRB was created.
If you read the Constitution in the parts about money, consider the reason the ideas are included: This country was broke, had been trying to survive with "Continental Dollars" and not even those soldiers who defeated King George III had been paid. The phrase "Not worth a Continental!" was as strong a pejorative as a good church-going Christian needed. He didn't need participular forms of our favorite copulative verb. The Founding Fathers believed in sound money--gold and silver. With little of that around, folks did one helluva lot of bartering.
"May you live in interesting times."
"Oh, we do, we do..."
Participular copulation, eh? Welcome to the obscurer end of the lexical spectrum!
Aw, well, skunk, gotta keep it clean for a family publication...
Too copulating right!
at first i read that as a toast, thinking you'd misspelled the first word.
and... i'll drink to that.
To(o) would have been better, I agree.