Monday, Aug 11, 2008
"An Inconvenient Truth" for the economy
seattle times: "I.O.U.S.A." a big-screen look at the U.S.' monster debt
"A private-equity billionaire, a former federal government official and a Baltimore newsletter editor have made a documentary film that they hope can do what an endless parade of policy papers has not: Convince Americans that debt has created a looming economic crisis that would make the Great Depression look like a market correction.
The movie, "I.O.U.S.A.," debuting Aug. 21, is an 87-minute alarum on what it calls the tsunami of debt bearing down on the United States' future, caused by the rising national deficit, the trade imbalance and the pending costs of baby boomers cashing in on entitlements."
Posted by mountain goat @ 02:01 PM (831 views) Add Comment
13 Comments
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1. mountain goat said...
2. sold 2 rent 1 said...
MG,
"looming economic crisis that would make the Great Depression look like a market correction."
We have 2+ years before the end of Western Capitalism and 3 years before the end of money.
Don't worry though, for those of us who make it, we all end up with "global enlightenment" as defined by Calleman's evolutionary model
3. Eternal Sceptic said...
The higher you climb, the further you fall ! A shame we are on the next rung down.
Who Really believes these old saying have no validity?
4. This comment has been removed as it was found to be in breach of our Blog Policies.
5. mountain goat said...
S2R - "3 years before the end of money"
How will money end before greed does?
6. sold 2 rent 1 said...
MG,
"How will money end before greed does?"
Good question. I guess most people will be pushed to a state of total despair, and an age of spiritualism will eventually replace materialism.
You have to be able to stare into the abyss before the path to enlightenment becomes clear. Greed and money will probably end around the same time
7. mountain goat said...
S2R,
Greed is a hard thing to conquer, fortunately we goats only need to eat grass, while you humans want so much more ;-)
8. sold out said...
IOUK seems to be doing well.Out for release in 2009?
9. drewster said...
I'm pretty sure the UK's debt situation is worse. Household debt is 173% of household incomes, higher than any other G7 country (I think only Ireland is worse).
Qui bono - who benefits from all this debt? Anybody with money to invest. The rich get richer while the taxpayers pay them interest.
10. last_days_of_disco said...
S2R you seem to be in interesting company:
"I guess most people will be pushed to a state of total despair, and an age of spiritualism will eventually replace materialism." - S2R
“When there is state there can be no freedom, but when there is freedom there will be no state.” - Lenin
As I said before, you, like Lenin are utopian about what the result of all this will be. Utopian ideas will just result in massive wars and industrial scale slaughter.
Russian house prices dropped after the revolution though...
11. sold 2 rent 1 said...
last_days_of_disco,
"As I said before, you, like Lenin are utopian about what the result of all this will be. Utopian ideas will just result in massive wars and industrial scale slaughter."
It is all about viewing the Earth like a brain; where the West and the East (left and right brain) are not working properly together.
Once East and West come back into balance, global enlightenment can be achieved.
12. Whostolemyendowment said...
http://www.youtube.com/watch?v=XoHh2CslpGo
13. handle_it said...
I agree in as much that boom-bust cycles ultimately benefit those that have, against those that haven't, however this shouldn't be used as an excuse to avoid personal responsibility. Most of the numbers being quoted as losses by banks and major corporations are meaningless. The money didn't exist.Any assets that were created by this fake money still exist,they unlike the imaginary debt can not be destroyed,just redistrubuted. A large percentage of this newly created "wealth" will move from the have-nots to the haves but people aren't going to start dropping dead from mass starvation or taking to the streets in mobs. The debt,mostly imaginary, will be destroyed in my opinion,all be it painfully.