Expert: US on verge of even worse financial crisis

[mtnman]

As pervasive as it may seem my good fellow, I hope you & yours are doing well & I miss not being able to travel down to T-town.

Please don't take it personal because if I'm being honest, a small part of it has been how this site has gone down the drain since the last changes & I know you 're frustrated as well (just took me 5 min to log back in ! - again, I just don't have the time bro).

Back to the subject, I suppose that my perspective is somewhat unique since I base my decisions on Bible prophecy, first hand knowledge from previous experience, as well as current associations & former 'ties' kept aglow. In other words, it's an extremely easy thing for me to see 'company men' at work. Maybe I'd be more optimistic if I had taken a different course in life & been more ignorant to the inner workings.

I can't help it, I'm a realist & want people to look at the evidence & decide for themselves. Man has had ample time to prove that he can rule himself successfully & as many times as you've said the "Our Father", how many of those times have you really contemplated what you're asking for ?

I think many folks just aren't able to accept the fact that we're all in for monumental changes here very soon. And no, I'm not a 2012er other than the possibility of exploitation &/ or engineered events. But know this, the real life comes right after the change in government. Man's trying to set up his world government but it will not succeed. The 8th king (last) of Revelation is the U.N & it's rule is very short. (Dan 2:44)

Whether the US or the global economy crashes before God steps in remains to be seen but it doesn't take an economics major to read these articles & see which way it's headed. But I do know this:

1 Thessalonians 5:3 Douay-Rheims 1899 American Edition (DRA)
3For when they shall say, peace and security; then shall sudden destruction come upon them, as the pains upon her that is with child, and they shall not escape.

That could very well mean financial security, but know that what it really means, is neither.

First, Fletcher asks the default question back in May & now mainstream is starting to wake up to the real possibility in a couple of more articles for everyone:

http://news.yahoo.com/s/nm/us_usa_debt_bondholders

http://www.huffingtonpost.com/ian-fletcher/should-america-stiff-chin_b_862216.html

And then we have these types issues:

Roundup Birth Defects: Regulators Knew World's Best-Selling Herbicide Causes Problems, New Report Finds
WASHINGTON -- Industry regulators have known for years that Roundup, the world's best-selling herbicide produced by U.S. company Monsanto, causes birth defects, according to a new report released Tuesday.

The report, "Roundup and birth defects: Is the public being kept in the dark?" found regulators knew as long ago as 1980 that glyphosate, the chemical on which Roundup is based, can cause birth defects in laboratory animals.

But despite such warnings, and although the European Commission has known that glyphosate causes malformations since at least 2002, the information was not made public.

Instead regulators misled the public about glyphosate's safety, according to the report, and as recently as last year, the German Federal Office for Consumer Protection and Food Safety, the German government body dealing with the glyphosate review, told the European Commission that there was no evidence glyphosate causes birth defects.

Published by Earth Open Source, an organization that uses open source collaboration to advance sustainable food production, the report comes months after researchers found that genetically-modified crops used in conjunction Roundup contain a pathogen that may cause animal miscarriages. After observing the newly discovered organism back in February, Don Huber, an emeritus professor at Purdue University,........................

Just breaks my heart to see so many suffering today as a result of man's ineptitude & greed along with his stubbornness & arrogance- to think he can do it by himself, based on his own strength & wisdom (or proven lack of in many cases) instead of a relying on his loving Creator. In other words, man has gone too far; tried to accomplish things he just wasn't designed to do. Doesn't demean us as humans, just means we haven't found our place according to His will.

I don't do this to be negative or cause distress.........I do this because I care.

Great, wonderful & positive things lie ahead & therein is my hope. (Ps 37:29  Rev 21:3-4)

How's that for 'pervasive' ? 

Have a great weekend.

[Hate]

I don't give a isht about politics.....i'm talkin life in general. Are you positive about anything?

You dont give a sh-- about politics, yet click into a thread about the US economy?

Yeah...that makes a bunch of sense.

Call it boredom due to lack of football news.

Again i ask, is there any positivity in your life? Seriously.... i don't know that i've ever read an optimistic post from you on any subject. If i'm wrong, my bad!!

[mjs020294]

The US National Debt has risen steadily for over thirty years now.  We haven't had a single year where the debt decreased.  It doesn't matter whether its a Democrat or republican in the White House the debt just keeps rolling upwards.  In fact the only president that has somewhat controlled the national debt was actually a democrat.  The current accelerated rise in the debt was started under GW Bush, and whining about Obama is hilarious to say the least.

Sure the US is in a awful financial position but if history is anything to go by changing political party will not change that fact one bit.

[JDog]

Wow, the infamous mjs posts.   How ya doin' man?   

[ufojoe]

You want to continue living in that fantasy world while this government destroys the country...have fun...

Keep voting Obama...he'll give you that hope and change!

Once an idiot, always an idiot.

I agree that our economy is in big trouble and I like Jim Rogers. But the adults on this board realize that it's really not about Obama.

Good to see mjs and mtn post.

OBD, use this info. to benefit yourself by investing in things that can make you money when things fall apart, again.

[OneTruth]

good post mtnman, haven't seen you in a while. You are one of the few that I can actually discuss deeper religious topics with - miss ya dude.

[dbucfan]

As pervasive as it may seem my good fellow, I hope you & yours are doing well & I miss not being able to travel down to T-town.

Please don't take it personal because if I'm being honest, a small part of it has been how this site has gone down the drain since the last changes & I know you 're frustrated as well (just took me 5 min to log back in ! - again, I just don't have the time bro).

Best to you and your family and friends as well.  If you do make it in to Tampa I will look forward to seeing you.  Just let me know.

And yea - the new board has been a pia to many.  Seems to be smoothing out some unless a lot of folks try to get on at once.

Always good to know you are well.  Take care.

[ONEBIGDADDY]

You want to continue living in that fantasy world while this government destroys the country...have fun...

Keep voting Obama...he'll give you that hope and change!

Once an idiot, always an idiot.

I agree that our economy is in big trouble and I like Jim Rogers. But the adults on this board realize that it's really not about Obama.

Good to see mjs and mtn post.

OBD, use this info. to benefit yourself by investing in things that can make you money when things fall apart, again.

Thanks Joe...I am looking at that now...And mjs your right its been doing it for the past thirty years and Bush accelerated it with the war and Obama isn't doing any better by superficial repairs. mtnman why so positive you ask? Because I don't look horizontial for the answer I look up and know the answer comes from above. I did like your post and about the roundup. Lawyers like the tobacco industry will fight for the owners and CEO's when in the wrong or right...Its all about the money...Good to see some of the ole people posting...I am not old dbucfan just middle aged...I turn 50 in three weeks...thought I be dead by now...Well back to spraying round up on the yard...ttyl...OBD

[dbucfan]

Wasn't me talking about old OBD - I'm not the proverbial pot that calls a kettle black... lol

[dalbuc]

The US National Debt has risen steadily for over thirty years now.  We haven't had a single year where the debt decreased.  It doesn't matter whether its a Democrat or republican in the White House the debt just keeps rolling upwards.  In fact the only president that has somewhat controlled the national debt was actually a democrat.  The current accelerated rise in the debt was started under GW Bush, and whining about Obama is hilarious to say the least.

...well and the only "control" was due to the tech/real estate bubble that accelerated tax revenues so much even spending couldn't keep up. The problem is structural and poltiical. Government accounting practicing (baseline budgeting) make things a nightmare. Toss on top if that the structural problems with medicare and social security (schemes built for a much shorter lifespan and then sustained by the massive baby boomer taxpayers) and the budget is a beast. The political problem is a lack of will to deal seriously with the nature of the problem - SS and medicare are radioactive because old people vote - and that since all politics is local the only way to X to show his constituents he's doing something is to bring home the pork.

[Biggs3535]

This isn't pretty, folks.

http://www.cnbc.com/id/43378973

When adding in all of the money owed to cover future liabilities in entitlement programs the US is actually in worse financial shape than Greece and other debt-laden European countries, Pimco's Bill Gross told CNBC Monday.

Much of the public focus is on the nation's public debt, which is $14.3 trillion. But that doesn't include money guaranteed for Medicare, Medicaid and Social Security, which comes to close to $50 trillion, according to government figures.

The government also is on the hook for other debts such as the programs related to the bailout of the financial system following the crisis of 2008 and 2009, government figures show.

[CBWx2]

This isn't pretty, folks.

http://www.cnbc.com/id/43378973

When adding in all of the money owed to cover future liabilities in entitlement programs the US is actually in worse financial shape than Greece and other debt-laden European countries, Pimco's Bill Gross told CNBC Monday.

Much of the public focus is on the nation's public debt, which is $14.3 trillion. But that doesn't include money guaranteed for Medicare, Medicaid and Social Security, which comes to close to $50 trillion, according to government figures.

The government also is on the hook for other debts such as the programs related to the bailout of the financial system following the crisis of 2008 and 2009, government figures show.

What was most striking to me in this article:

Should the debt problem in Greece explode into a full-blown crisis—an International Monetary Fund bailout has prevented a full-scale meltdown so far—Gross predicted that German debt, not that of the US, would be the safe-haven of choice for global investors.

The German business model is pwning the U.S. model, and it's become super apparent over the last few years to anyone paying attention.

[mtnman]

Now that's the type of news most like to ignore.

That whole Greek thing has a history going back about 12-15 years or so when they were trying to get into the Euro-zone.....saw it coming.

Found out about a year, year & a half ago that the US Gov wants to take the approximate $4-6 trillion in PRIVATE pensions & pool them into a guaranteed annuity for you. Wow, guaranteed, that MUST be good because I know they've done such a great job of securing our SS funds.....oh, wait, I'm now being told my SS is an entitlement program.

How & when they do it remains to be seen but these cats are out of control man.

[mtnman]

http://ca.news.yahoo.com/china-ratings-house-says-us-defaulting-report-054309883.html

China ratings house says US defaulting: report
AFPAFP – Fri, 10 Jun, 2011

A Chinese ratings house has accused the United States of defaulting on its massive debt, state media said Friday, a day after Beijing urged Washington to put its fiscal house in order.

"In our opinion, the United States has already been defaulting," Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., the only Chinese agency that gives sovereign ratings, was quoted by the Global Times saying.

Washington had already defaulted on its loans by allowing the dollar to weaken against other currencies -- eroding the wealth of creditors including China, Guan said.

Guan did not immediately respond to AFP requests for comment.

The US government will run out of room to spend more on August 2 unless Congress bumps up the borrowing limit beyond $14.29 trillion -- but Republicans are refusing to support such a move until a deficit cutting deal is reached.

Ratings agency Fitch on Wednesday joined Moody's and Standard & Poor's to warn the United States could lose its first-class credit rating if it fails to raise its debt ceiling to avoid defaulting on loans.

A downgrade could sharply raise US borrowing costs, worsening the country's already dire fiscal position, and send shock waves through the financial world, which has long considered US debt a benchmark among safe-haven investments.

China is by far the top holder of US debt and has in the past raised worries that the massive US stimulus effort launched to revive the economy would lead to mushrooming debt that erodes the value of the dollar and its Treasury holdings.

Beijing cut its holdings of US Treasury securities for the fifth month in a row to $1.145 trillion in March, down $9.2 billion from February and 2.6 percent less than October's peak of $1.175 trillion, US data showed last month.

Foreign ministry spokesman Hong Lei on Thursday urged the United States to adopt "effective measures to improve its fiscal situation".

Dagong has made a name for itself by hitting out at its three Western rivals, saying they caused the financial crisis by failing to properly disclose risk.

The Chinese agency, which is trying to build an international profile, has given the United States and several other nations lower marks than they received from the the big three.

[dbucfan]

http://www.chinadaily.com.cn/world/2011-05/27/content_12589052.htm