Wednesday, Aug 13, 2008
NEW ACTION FILM There are no car chases and nothing blows up. Except, possibly, for the entire economic future of the United States.
Washington Post: Indebted Ever After
The movie, "I.O.U.S.A.," debuting Aug. 21, is an 87-minute alarum
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: Persuade Americans that debt has created a looming economic crisis that would make the Great Depression look like a market correction. What you don't know is how bad things really are. If you include all the unfunded entitlement obligations -- Social Security, Medicare, Medicaid and so forth -- we are actually in a $53 trillion hole. A debt that high, even super-investor Warren E. Buffett says in the film, "could create real political instability."
Posted by malct @ 01:12 PM (482 views) Add Comment
9 Comments
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1. Bearorbull said...
Love the way the Washington Post manages bungs in concerns over the extra drain of 'Social Security, Medicare, Medicaid and so forth' in an implicit attempt to distract from problems created by the Capitalism system & take the opportunity to plant the possibility of cutting Social spending in people's minds as a solution (as if it's to blame).
2. Scratch22 said...
oh the humanity!
Its terrible that a the state supports people when they are no longer of any use to the free market. They
should clearly just be allowed to starve and drop dead. After all what meaning do their lives have anymore?
3. sold 2 rent 1 said...
Warren E. Buffett says in the film, "could create real political instability."
They are preparing us for martial law
4. Gregooo99 said...
What is not factored in is that there is a real fight going on between the Treasury and the Fed over who will actually issue the money from now on . It is not just Congressman Paul. There is a lot of groundswell support in Congress and the Senate for abandonment of the Fed-I live in RI and just heard a speach by one of the few "Republicans" with balls (ex-Senator Lincoln Chafee) on this subject. BTW he has just endorsed Obama. If we get an Obama presidency I truly believe that the Fed will go in his first term. What will this do? There are already plans for a "new dollar" or even an integrated currency involving the US/Canada/Mexico and maybe a few others (apart from the Chavez lot).
Old debts "may" be devalued by at least 20% and the new currency (if issued by the Treasury) will be debt free of course. The difference between the US and the rest of the world is that you cannot appreciate the depth of untapped resources in this country unless you live here for a considerable length of time and TRAVEL around the states. I do, I am in new technology connected with renewable fuels and the speed of new tech is astounding. Yep the US is in a pickle as things stand but not down and out despite the opinions of the cahttering classes who know squat about what is really going on to address the fuel problem for one.
5. malct said...
Bearorbull - agreed and we should note it, but allow yourself to rise above the left v right dogma and you will benefit from the experience.
6. malct said...
flags at half mast
everyone firing on two cylinders
no aggression
weather cr@p
must be august
how about porter w t c 7 b b c - t a x p ay e r s money
7. rotten tomato said...
Of course! The answer is always to cut all social spending and kill their own people. No medicare, no pension spending it's a waste! Bring back average life expectancy of people back from 80+ years to 50! Kill the useless eaters!
But best of all, brainwash them first into accepting the cuts as necessary.
No talk about the greed of the financiers, nothing. Kill people, yes, that's the answer. Instead of moving forwards in history, they are making us go back 100 years!
Makes me want to vomit.
8. shipbuilder said...
Shouldn't private equity billionaires, federal government officials and newspaper editors be some of the first in the firing line over this? Will they be handing any money back? Crocodile tears methinks.
9. malct said...
shipbuilder - hello - after all this time