Text 14343, 49 rader
Skriven 2011-02-22 06:51:26 av Bob Ackley (1:300/3)
  Kommentar till text 14308 av Roy Witt (1:387/22)
Ärende: Defector admits to WMD lies that triggered Iraq war
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Replying to a message of Roy Witt to Bob Ackley:

 RW> 20 Feb 11 07:17, Bob Ackley wrote to Roy Witt:

 BA>> Replying to a message of Roy Witt to Ward Dossche:

 WD>>>> Now that you mention it, the great depression is Bush's fault too
 WD>>>> ... not the one starting in 1929 and went into the 30-ies, but the
 WD>>>> one coming in 5-10 years.

 RW>>> Actually, it will be the Obama's depression. We're 14 Trillion
 RW>>> dollars in debt and we have a 3 Trillion dollar budget deficit and
 RW>>> at least three states on the verge of bankruptcy. Just like
 RW>>> Ireland, Greece and Portugal.

 BA>> We know that congress will not stop spending money when taxes run
 BA>> out.

 RW> Yeup.

 BA>> In the not too distant future, customers will refuse to purchase US
 BA>> Treasury debt instruments, and when that happens the US government
 BA>> will run out of cash within 30 days.  And congress STILL will not
 BA>> stop spending money.  The only alternative remaining is to print
 BA>> money, which means that in short order the Zimbabwean dollar and the
 BA>> US dollar will be approximately equal in value.

 RW> And you can then take your paycheck home in a wheelbarrow, just like
 RW> pre-Hitler days.

 BA>>   I wonder what happens in this country when merchants start
 BA>> preferring (offering discounts to those who use) Euros, Canadian
 BA>> dollars or even Mexican pesos.

 RW>  Perhaps I'll get rich when that happens.

It may be sooner than I thought.  I'm told that US Treasury bond auctions
aren't 
very successful, and at the last couple the biggest (only?) purchaser has been
the
US Federal Reserve, which is currently the owner of the biggest piece of the US
National Debt (followed by Socialist Security in China, not necessarily in that
order).
The Fed doesn't have unlimited resources, and it cannot buy many more Treasury
debt
instruments.

--- FleetStreet 1.19+
 * Origin: Bob's Boneyard, Emerson, Iowa (1:300/3)