U.S. Will be Like Greece in 'Seven to 10 Years,' Say Congressmen, Experts

U.S. Will be Like Greece in 'Seven to 10 Years,' Say Congressmen, Experts

www.cnsnews.com

Sen. Judd Gregg (R-N.H.), along with other members of Congress and leading financial experts, is warning that the United States is in danger of being in the same dire situation as Greece – national bankruptcy -- in seven to 10 years unless the federal government radically curtails spending.

(visit the link for the full news article)

Just look at the numbers here, in the Federal spending budget reports, this is insane:

www.heritage.org...

Maybe 7-10 years is a bit optimistic.

Meanwhile, arms spending rises at an exponential rate despite the continuing downturn.

www.ft.com...

Shaking my head...

Sometimes you just sit back and think... these idiots are purposely trying to bring down the States.

www.cnsnews.com
(visit the link for the full news article)

Could someone tell me what distinguishes the US economy from any of the traditional PIIGS other than the triple A status which it should have lost already? The US and the UK are in the same boat as Greece, Spain, Italy, Ireland, Japan and Portugal.

Solution: The US creates 1500 billion a year out of thin air and the UK 200 billion a year. Creating something out of nothing is impossible... sooner or later this bubble is gonna collapse.

[edit on 7-6-2010 by Mdv2]

I'm truly shocked. I can't imagine any scenario with us making it 7 to 10yrs. We have the total unknown connected to the economic repurcussions of the oil leak in the Gulf. And what is the probability that we'll escape some other expensive military action for that long? Nope, I'm not buying it. Experts of not, I don't believe we have nearly that long. Keep in mind, we had 'experts' at the helm when they dove this ship into the economic rocks to begin with.

I can't see it lasting more than 6-18 months in both US & Europe, never mind several years.

10 years?

At the current rate of spending, deficit growth, declining revenues, debt and interest on debt etc. It would not surprise me if it happens in 10 months or less.

But hey, I am an optimistic guy.

reply to post by Fractured.Facade


I could not agree more. 6-18 MONTHS, is a much more realistic picture.
YOU had better be buying DRIED BEANS, RICE, and SALT, in BIG sacks, NOW!! For $200, you can feed a family of 4. THAT is cheap insurance! (Better have some guns & ammo, to protect your family and food, also, DERR!)

Some people have misconceptions about the financial system.

If anyone has anyone questions, please feel free to U2U me.

I would like to think I am the most competent when it comes to this area and happens to be my specialty. I have prior experience, but I wish to remain silent, for now.

So the 7-10 year time period came up, IMHO it should seem more like a few months, since the oil spill is running rampant and it seems to me not enough is being done. No Organic products and no pumping of oil from the surface, I would of been pumping up oil into tankers with sump pumps on day one. Each tanker can carry at-least 10 sump pumps.

My guess for the amount of time...I am thinking 6-9 months, but hey that's just a guess..

Politicians have never lied to us before, so this must be true.

The difference is that we have a military that goes to foreign countries rich in natural resources and seizes those resources for the benefit of corporate America.

It isn't so much about liberating the people in these countries as it is liberating them from their natural resources.

It used to be called "Gunboat Diplomacy".

Where to you think the money from Iraq's oil proceeds go ???

I will give you 3 hints: F ---- E ---- D

Read "Confessions of an Economic Hitman - John Perkins.

This is exactly why we see year after year , absolutely no issue with congress approving more and more military spending.

This being due to the the military being our bread and butter.

That is what makes the US different from other debtor nations and that is our Military Might.

Now get out there and help our economy by filling up your gas guzzling V8 Pickup truck with some Iraqi Oil and spend some more money at Wal-Mart !

Originally posted by Patriotgal
reply to post by Fractured.Facade

 

I could not agree more. 6-18 MONTHS, is a much more realistic picture.

Maybe they are spending like there is no tomorrow, because they know there isn't?

Originally posted by Mdv2

Could someone tell me what distinguishes the US economy from any of the traditional PIIGS other than the triple A status which it should have lost already? The US and the UK are in the same boat as Greece, Spain, Italy, Ireland, Japan and Portugal.

Solution: The US creates 1500 billion a year out of thin air and the UK 200 billion a year. Creating something out of nothing is impossible... sooner or later this bubble is gonna collapse.

[edit on 7-6-2010 by Mdv2]

The big difference is that the US dollar is the reserve currency for the entire world. So many countries are holding investments in US dollars, if the US economy collapsed everyone would be hurt by it. It is really the only reason why the US government still holds a AAA credit rating.

what a bunch of horse "excrement". The world will be a different place in 10 years, and no country will be like any other.

I'm researching something completely unrelated, yet at the same time, it would be related. And this falls in line with a 2015-2020 prediction I'm formulating. I don't know if I could even put it in RATS.

Let's just say they will whore this thing out probably until 2018 and then walk away like it was a bad foreclosure they couldn't pay on.

So visit the survival forums, you've got a few years, because its "not" the economy stupid.

Thats all I'll say.