You know the budgetary problems here in the Us and you have heard all the claptrap in Greece and other European countries and all the opinions of what could happen if this is not done or that is not done…..but what are we really looking at………. for all things go to crap?
From Reuters……
The IMF, in its regular assessment of global economic prospects, said bigger threats to growth had emerged since its previous report in April, citing the euro zone debt crisis and signs of overheating in emerging market economies.
The Washington-based global lender forecast that U.S. gross domestic product would grow a tepid 2.5 percent this year and 2.7 percent in 2012. In its forecast just two months ago, it had expected 2.8 percent and 2.9 percent growth, respectively.
With regard to the global economy overall, the IMF struck a measured tone, saying the slowdown of recent months should be “temporary.” It trimmed its forecast for global growth this year only slightly, to 4.3 percent from 4.4 percent, and maintained its estimate for robust Chinese growth of 9.6 percent despite recent signs of a slowdown there.
With predictions for most of the world, with the exception of China, in the crapper……………. is now a good time to crash an economy? Here in the US if we are to follow the lead of the Repubs, that is exactly what will happen……..where is the logic that with fewer jobs and even fewer consumers, that this will somehow save the economy…….then ask for WHOM will it be saved?
P.S. After writing this I have learned that Italy is starting down the drain….yet another country that has to get help?
Don’t start to worry until the Stock and Bond markets start heading south. Right now the ‘smart money’ is not too worried. But then again, when has anything that’s been good for Wall Street been good for ‘Main Street’???
Morning Hansi…..European bonds are going through the roof……..could we be next? Ask Congress. They are the ones leading the charge down the toilet…….
It’s all just words and numbers and none of it means anything on Main Street except that a strong and vibrant economy produces jobs, whether the politicos want it or not. That’s business and it has nothing to do with these tits who pontificate about growth percentages, debt ceilings and GDPs etc.
Basically, most of the economists of this world couldn’t organise the proverbial piss-up in a brewery if their lives depended on it (if that English expression translates….
I’d shoot all politicians, all economists, most lawyers and about 80% of real estate agents – and the first on my list would be that twat named Keynes (if I could go back that far)!
There, I just solved all the world’s problems in three minutes dead. 😈
But the scary part is the ones we hear from may not be the worst of the bunch…they could be waiting for the revolution, if you will……(sorry, I had to get a but in there….)
Golly gee, I wonder what would happen if we stopped rigging the game to allow the rich to scoop up all the resources?
“We” don’t exactly rig the game or anything else – we don’t have the power. THEY rig the game, or force the system people to do it because they own them – but you’re right, it would be interesting to observe, eh? 😉
Quin, well said…….
Hi Jolly……I am guessing that is a generic ‘we’……..sad to say that will not happen until we get ALL special interests out of the political game….and once again sad to say…that will never happen in our political climate….sorry to be a buzz kill…..
Lobotero,
First, I’d like to inform you that I have left the Republican Party and abandoned all conservative causes, save abortion.
I’ve always been a rather tentative conservative, but it took this budget crisis to nudge me toward a reexamination of my ideals. I found that I am not built in their way. The lies, misinformation, and particularly the apathy regarding human suffering, changed my views.
So that is that.
Next, I want to say that I think many people are blowing the U.S. debt problem way out of proportion. It is a serious issue, dont’t get me wrong, but the world-ending, Apocolypse hyperbole I hear from some – not you – is just crazy.
We have been here before. Following WWI, our debt was 123% (it could be higher) our GDP. Today it is 93%. So, this nothing new. We made it through oone and we will again.
P.S. I am replying on my phone and it likes to leave double comments sometimes. Sorry if it did here.
Morning Terrance, nice to see you again…….sorry to hear about your disillusionment with the conservs……and welcome to the side that sees BS coming from both sides……I try to help people sort it out and yes, I am a bit too liberal sometimes…..but Hell that is just me…..
I will agree with you to a point….but the problem is ….globalization……what happens to one is possible to all…….I agree that we can come out of it….but it will take courage and I do not see that in Washington…..
Welcome back…….
I do agree with Terrance (on this and a lot of things, though I’m not sure he’d see it that way). However, the point is that I also think a lot of crap is talked about this. We may well have a global situation as you say, but most of these huge institutions have a “plan B” in place that involves the ability to “compartmentalise” difficult areas and they just close the watertight doors and let the poor bastards trapped inside drown.
So, the fact is that it IS bad, but it’s nothing like as dangerous as the media would have you believe – it makes a better story if the apocalypse is upon us all. It’s unlikely that ANYONE will default and, as I pointed out, even if they do, many of the stronger countries of Europe are doing what I just said – “compartmentalising” Greece (and maybe others). Thus the banks are no longer able to expect that those who CAN pay for their foolish investment in a long term clearly unstable economy (like Greece) will do so – so the banks are on their own, which is why they’re running scared and not doing very well at present. Serve ’em right!
It’s all an unholy mix of brinkmanship and political posturing and the witch’s cauldron that contains it is being steadily stirred by the media in order to get the last drop of value out of it for themselves.
Another good point….you are on a roll, my friend…….the media is the biggest liars in this situation….they try to convince us that all is well and there is little to worry about……investors may buy it, but the normal people do not see the silver lining…
Lob,
You’re right about that, for sure. There doesn’t seem to be any courage in Washington at all.As was said by the fictional character, President Shepherd, “I was so busy keeping my job, I forgot to do my job.”
I think every single person in Washington could say that truthfully.
Terrance……I think we have a bunch of amateurs trying to look important……I know that sounds a bit elitist, but to govern properly a bit of professionalism is needed…..btw….good quote
I agree with you, Quin, on a lot of issues. The issues we disagree on may in fact be due to our geographic location. I don’t know how things operate in Europe, to be quite honest. And also, I don’t know a lot of your beliefs. I know some of them. You seem to be pretty independent, like lobotero, if not tilted a little Left.
I think you’re right about the banks, though.