Slayer of the DP Newsbot
- Aug 27, 2005
- Reaction score
- Houston, TX
- Political Leaning
WASHINGTON (AFP) – Economists peddling dire warnings that the world's number one economy is on the brink of collapse, amid high rates of unemployment and a spiraling public deficit, are flourishing here.
The guru of this doomsday line of thinking may be economist Nouriel Roubini, thrust into the forefront after predicting the chaos wrought by the subprime mortgage crisis and the collapse of the housing bubble.
"The US has run out of bullets," Roubini told an economic forum in Italy earlier this month. "Any shock at this point can tip you back into recession."
What's so surprising about this? I have been saying this for years now, ever since Clinton signed the Gramm-Bliley bill into law. It's coming, folks. How it ends is up to us. We can come out of this better than we were before, if we do the right things, and I believe we will. Here is how I believe it will play out:
1) First, we will end up defaulting on our debt. There is no way to prevent this. We do NOT have the resources to be able to ever pay back our debt. Our crisis is going to become the world's crisis, but those who will suffer most, economically, will be the banksters, whose only wealth is on nothing but paper, which was created from all this debt, and not much else.
2) Heads are REALLY going to roll in Washington, and whoever replaces them will rebuild America's economic policies on sane foundations.
3) This might be an opportunity for some to attempt to create a new currency that will tie America's economic foundation to that of Canada and Mexico. There has been some talk about the Amero as a new currency. The good news is that this will never get off the ground, and will remain forever fodder for conspiracy theories.
4) Our new economic policy will once again call for a currency backed by something of value, as opposed to debt. Fiat currency, that is, currency with a value of whoever arbitrarily decides what it is going to be, will become history.
I believe that we have a very rough road ahead of us, as our economy melts down. It is going to be very tough for some of us, but I truly believe that, once the proper steps are taken, we are going to come out of this better than we were before, and that the government of the people, by the people, and for the people, will once again become just that, instead of the tool for the banksters it became under our current economic policy.
Yes, there is bad news coming, but if we persevere, the good news down the road will far outweigh it. Don't listen to politicians and other professional liars, as they make their last stand, desperately spinning what is about to happen, while praying that the status quo will prevail. It won't. The writing is already on the wall, and their days in power are numbered. When the meltdown does happen, this WILL be change you can believe in. Our leaders will once more work for us, and not for just the select few who have them in their pockets, via the lobbies. When this is over, perhaps the lobbyists can find work at McDonald's, if the supervisors somehow have it in their hearts to overlook their treasonous acts, and give them a second chance. After all, the retarded are always given a chance in life. LOL.
In the end, America WILL prevail.
I know that I am a bit over the top with this rant, so I will now put on my flameproof suit and get ready to take some hits. :mrgreen:
Article is here.