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Niall Ferguson Keeps Trying To Tell The Us It's Their Issue

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http://www.bloomberg.com/avp/avp.asxx?clip=mms://media2.bloomberg.com/cache/v.MNaHGMAqJI.asf&vCat=/av&RND=028017025&A=http://media2.bloomberg.com/ads/forex/fxpro_304x224_200.wmv

He is brave in highlighting the US budget deficits are structural. I'm not sure the American's get it yet. Can you imagine what the US will look like if it goes through the same as we did from 1950-1980??? I can't...

Listen from about 2 minutes 45 seconds in or from the start - it's all good.

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http://www.bloomberg.com/avp/avp.asxx?clip=mms://media2.bloomberg.com/cache/v.MNaHGMAqJI.asf&vCat=/av&RND=028017025&A=http://media2.bloomberg.com/ads/forex/fxpro_304x224_200.wmv

He is brave in highlighting the US budget deficits are structural. I'm not sure the American's get it yet. Can you imagine what the US will look like if it goes through the same as we did from 1950-1980??? I can't...

Listen from about 2 minutes 45 seconds in or from the start - it's all good.

Like you I have been thinking that the US is getting to the stage we did in the late 70's.

They are in for one heck of a shock when somebody comes to power that has the determination to sort it out.

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Like you I have been thinking that the US is getting to the stage we did in the late 70's.

They are in for one heck of a shock when somebody comes to power that has the determination to sort it out.

If they had listened to Carter they might have avoided this.

delivered 15 July, 1979

http://www.americanrhetoric.com/speeches/jimmycartercrisisofconfidence.htm

In a nation that was proud of hard work, strong families, close-knit communities, and our faith in God, too many of us now tend to worship self-indulgence and consumption. Human identity is no longer defined by what one does, but by what one owns. But we’ve discovered that owning things and consuming things does not satisfy our longing for meaning. We’ve learned that piling up material goods cannot fill the emptiness of lives which have no confidence or purpose.

The symptoms of this crisis of the American spirit are all around us. For the first time in the history of our country a majority of our people believe that the next five years will be worse than the past five years. Two-thirds of our people do not even vote. The productivity of American workers is actually dropping, and the willingness of Americans to save for the future has fallen below that of all other people in the Western world.

As you know, there is a growing disrespect for government and for churches and for schools, the news media, and other institutions. This is not a message of happiness or reassurance, but it is the truth and it is a warning.

These changes did not happen overnight. They’ve come upon us gradually over the last generation, years that were filled with shocks and tragedy.

We were sure that ours was a nation of the ballot, not the bullet, until the murders of John Kennedy and Robert Kennedy and Martin Luther King, Jr. We were taught that our armies were always invincible and our causes were always just, only to suffer the agony of Vietnam. We respected the Presidency as a place of honor until the shock of Watergate.

We remember when the phrase “sound as a dollar” was an expression of absolute dependability, until ten years of inflation began to shrink our dollar and our savings. We believed that our nation’s resources were limitless until 1973 when we had to face a growing dependence on foreign oil.

These wounds are still very deep. They have never been healed.

Looking for a way out of this crisis, our people have turned to the Federal Government and found it isolated from the mainstream of our nation’s life. Washington, D.C., has become an island. The gap between our citizens and our government has never been so wide. The people are looking for honest answers, not easy answers; clear leadership, not false claims and evasiveness and politics as usual.

What you see too often in Washington and elsewhere around the country is a system of government that seems incapable of action. You see a Congress twisted and pulled in every direction by hundreds of well-financed and powerful special interests.

You see every extreme position defended to the last vote, almost to the last breath by one unyielding group or another. You often see a balanced and a fair approach that demands sacrifice, a little sacrifice from everyone, abandoned like an orphan without support and without friends.......

Although you can tell the difference between US speech writers and the UK.

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Americans have been spoon fed the American dream, it's going to take them a while to realise they've been conned.

It's called the American Dream because you have to be asleep to believe it.

George Carlin RIP

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If they had listened to Carter they might have avoided this.

delivered 15 July, 1979

http://www.americanrhetoric.com/speeches/jimmycartercrisisofconfidence.htm

Although you can tell the difference between US speech writers and the UK.

I'm too young to have a first hand view of what went down in the late 70s/early 80s but I gather, from what I've seen/read about that era, that Carter's reputation as one of the worst presidents ever is thoroughly undeserved. He told the people what they needed to hear, not what they wanted to hear, and like a bunch of spoiled children they went on to elect someone who would continue feeding their addiction to oil and shopping. To this day, anyone who suggests that they need to change their ways, cut back a bit, make some sacrifices, is shouted down as unpatriotic. There are large numbers of Americans out there who actually believe that God had everything to do with America's success and that they are the "chosen ones".

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I remember reading a news article about a woman in the US who was diagnosed with a neurotic reluctance to take on debt-so pathological was this 'mental illness' considered to be that real fears were expressed by her husband that she might 'infect' their children with her need to save rather than borrow.

This reads like something from the onion I know- but it's real. I think Bonner cites it in his book 'empire of debt.'

It's a striking demonstration of the power of group think to define reality.

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  • 245 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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