Skip to comments.Gradual insolvency about to speed up
Posted on 03/24/2012 1:33:16 PM PDT by Clintonfatigued
"We are headed for the most predictable economic crisis in history," says Paul Ryan. And he's right. But precisely because it's so predictable the political class has already discounted it. Which is why a plan for pie now and spinach later, maybe even two decades later, is the only real menu on the table. There's a famous exchange in Hemingway's "A Place In The Sun." Someone asks Mike Campbell, "How did you go bankrupt?" "Two ways," he replies. "Gradually, then suddenly." We've been going through the gradual phase so long, we're kinda used to it. But it's coming to an end, and what happens next will be the second way: sudden, and very bad.
By the way, that decline in the U.S./Australian exchange isn't the only one. Ten years ago the U.S. dollar was worth 1.6 Canadian; now it's at par. A decade ago, the dollar was worth over 10 Swedish Kroner, now 6.7; 1.8 Singapore dollars, now 1.2. I get asked with distressing frequency by Americans where I would recommend fleeing to. The reality is, given the dollar's decline over the past decade, that most Americans can no longer afford to flee to any place worth fleeing to. What's left is the non-flee option: taking a stand here, stopping the spendaholism, closing federal agencies, privatizing departments, block-granting to the states not in 2040, but now. "Suddenly" is about to show up.
(Excerpt) Read more at ocregister.com ...
It’s mind-boggling. Obama & Company have racked up more debt in three years than the Bush Administration did in eight. Our national debt is the size of many countries’ entire Gross National Product. This can’t go on forever. Yet the Democrats refuse to even offer a plan at all, other than to attack any plan the Republicans offer.
Obama and the Democrats need to be ousted by landslide margins at all levels of government. If that happens, we have a shot at coming out of it OK. If Obama is reelected, I’m not certain that the United States can survive another four years.
It’s bigger than 90% of the countries, on this list:
We will not see a change in this government until the people take it back from the RINO's and the liberal socialist! McRomney is already saying he is going to repeal Obamacare then REPLACE it! Nothing more than tinkering around the edges, just enough to say he worked on changing the government, but, not really changing anything! Same ol same ol government. Government needs to get the hell out of Americans health care altogether, period! Enough said, but the RINO's in government will not allow that to happen, way too much power behind controlling America's health care and telling them what they can and cannot do! Paul Ryan, McRomney and their RINO ilk can all go straight to hell on the donkey they all rode in on!
The Hemingway novel is “The Sun Also Rises” not “A Place in the Sun.”
...I don’t see spending slowing down any time soon...
>>The Hemingway novel is The Sun Also Rises not A Place in the Sun.
Yeah, respect for Steyn went down two notches with that mistake. I did my thesis on that novel.
The fact is that while many people SAY they want the deficit reduced, they always oppose the specifics. The Libs (and RHINOs) know this. In fact, as things get unmanagable, look for the spending and freebees to accelerate. That’s right. Because to keep people on the crazy train (as it careens toward the cliff), they’ll have to offer more and more enticements.
I like the quote. Unfortunately, Steyn got both the book and the author wrong. Frightening article, just the same.
This is the most important election that will happen in our lifetimes.
“This is the most important election that will happen in our lifetimes.”
Unfortunately if the choice is between Obama and Romney, the outcome of the election will not matter.
Oops. Book wrong, author right. Similar titles, too many years since I read either. Still, not like Steyn to get it even half wrong.
...Homeland Security, Envirommental Protection, ATF, and more.
Not a penny of the debt will ever be paid off. It is just debasement of the value of the dollar, any savings in dollars( all those decades you saved....puffed it’s gone ), pensions.
The printing, excuse me, quantitative easing is a tax, a taking on holders of money. A tax on the rich, near rich, middle class and working class.
The thing is Both the Bush/Lott/Hasteret and now Obama and maybe soon Romney and forever will continue. This is just the beginning of the beginning.
I don’t think we will make any serious reforms unless we have a event that makes 2008 look like a ice cream party on a summer afternoon.
Congressman Paul Ryan is owned part and parcel by JPMorgan and the NYFed Board of Governors.
He doesn’t try to hide it, he simply omits this fact until confronted with it.
And I mean owned, not just rented like most of the whore politicians in this country.
Current US GDP= $15.320 TRILLION
Current US debt= $15.579 TRILLION
Someone else probably said it first but I have said it many times, voting in an American presidential election is like being strapped down in the back seat of a vehicle headed for a cliff with your only choice being which of two drunken drivers to put behind the wheel. I used to say the rats drive faster but between the rats and Romney even Soros says it doesn’t really matter.
steyn is smart as a whip but what makes me doubt so much of what I hear him say is that his references to sex give Warren Buffet a run for his money.
Obama’s term has revealed the end run around the House’s budgetary control. No federal budget, and you can spend as much as you want.
As Dave Ramsey says, a budget is telling the money where to go instead of wondering where it went. Without a budget, even a chronically overspending government totally blows away our money.
Hedged money in Canada and Australia two years ago expecting this. Should have done more.
“Not a penny of the debt will ever be paid off. “
Yup, we are too far gone. Except we won’t be in just an inflationary spiral, but a Biflationary Depression.
The outcome always matters, particularly when it comes to court appointments.
Consider Governor Romney's court appointments while Governor of Massachusetts.
Yes, noticed that instantly.
Feels kind of cool to correct Mark Steyn on a literary issue.
Wish I knew how to correct his economic analysis, which is terrifyingly accurate.
It's in “The Sun Also Rises.”
Steyn did get the book title wrong, as you pointed out.
“The outcome always matters, particularly when it comes to court appointments.”
True. However, Romney’s track record as governor suggests he would be willing to appoint a moderate to liberal judge to the court. Based on age the Ginsberg, Kennedy, Breyer, and Scalia seats could become vacant during the next term, if not sooner. A Romney or Obama appointment of a liberal to the Scalia or Kennedy seats would permanently tilt the balance of the court. Remember it was George H. W. Bush who gave us David Souter. His son tried to appoint Harriet Myers to the court. I don’t see Romney appointing another Scalia, Alito, Roberts or Thomas to the high court under any circumstance.
Yes, it’s far better to go Thelma-and-Louise at 80 mph than to go at 100 mph.
Yep. And he's (Paul) the real RINO.
Keep ya knees in the breeze, paratrooper82!
25 years ago, we had Ronald Reagan, Johnny Cash, and Bob Hope.
If you can't appreciate the pure beauty of the violin after hearing this, something's wrong with your ears.
Or you can get raw with these strings.
How about this gamechanger from America's Got Talent (which they SHOULD have won).
And finally, this, dedicated to the one and only rdb2, whose eyes are growing dim.
Either way, the violin is sweet yet LETHAL.
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