The deficit doesn't matter

[wilsonian]

You'll have to explain how we're broke first. Also, Greenspan printed too much money? I don't get it, isn't that just monetary policy? I would think we would've seen the effects by now had he gone overboard.

The United States went from being the world's biggest creditor nation to being the world's biggest debtor nation. We have simply stopped producing things and switched to a service-sector economy. All we do now is give other countries IOUs (our dollars) in exchange for real products that they produce. Our deficit is running in the trillions of dollars.

[jnhay]

The United States went from being the world's biggest creditor nation to being the world's biggest debtor nation. We have simply stopped producing things and switched to a service-sector economy. All we do now is give other countries IOUs (our dollars) in exchange for real products that they produce. Our deficit is running in the trillions of dollars.

Okay, but that deficit concerns 300 million people. We have to wait and see if the service-sector economy is bad. I imagine it won't prove too detrimental in our lifetime.

[wilsonian]

I mean, once the rest of the world wises up and realizes our IOUs are worthless, all these Greenspan chickens we have printed will come home to roost. Our paper dollars have no intrinsic value - thus, the government can print as many as it wants. Then, we will experience true hyperinflation. We are starting to see the first signs of an economic collapse. Instead of producing things, we just printed worthless dollars that have no intrinsic value, while the rest of the world saved money and produced. We have spent too much. We need to save and produce. This recession should be embraced.

[33]

I mean, once the rest of the world wises up and realizes our IOUs are worthless, all these Greenspan chickens we have printed will come home to roost. Our paper dollars have no intrinsic value - thus, the government can print as many as it wants. Then, we will experience true hyperinflation. We are starting to see the first signs of an economic collapse. Instead of producing things, we just printed worthless dollars that have no intrinsic value, while the rest of the world saved money and produced. We have spent too much. We need to save and produce. This recession should be embraced.

The United States government is broke. We can't afford anything else. Once other countries (our creditors) wise up to us, we are in for serious trouble. In addition, all these bailouts are going to set the stage for massive hyperinflation. The U.S. government is devaluing the dollar. What happens when China and Japan retire all the bonds they own? All the Greenspan dollars we have printed will come home to roost, and we will be in store for massive hyperinflation. Prepare yourselves.

So nice you had to say it twice?

[wilsonian]

So nice you had to say it twice?

Hahahaha, sorry it's been a long day my man. Repetition is good, I guess!

[Chief skin]

Cheney and Bush wrecked the GOP. Deficits dont matter, China, Sauda Arabia and others are holding our enormous debt, that is a threat to our scurity. Pay your F-ING bills deadbeats

[twa]

Cheney and Bush wrecked the GOP. Deficits dont matter, China, Sauda Arabia and others are holding our enormous debt, that is a threat to our scurity. Pay your F-ING bills deadbeats

What if we decide not to?

[Kilmer17]

It's not that they dont matter at all. It's that the correct comparison of deficits is to compare the percent of GNP, not of actual dollars.

If the GNP is 100 dollars and we have 50 dollars of debt, that's a hell of alot worse than the GNP of 100 BILLION dollars and 10 BILLION dollars of debt.