pobby Posted March 12, 2006 Share Posted March 12, 2006 I ordered a book from my library called `Empire of Debt`.The first part is pretty much an account of historical economics but the last part blow my socks off.It talks about the way that debt has become the norm in modern American society.Refers to thrift as a mental disorder-lol! Much that is written supports the bears on HPC.It talks in depth of what is happening in the US housing market. If any one is interested its authors are Bonner and Wiggin. Quote Link to comment Share on other sites More sharing options...
BandWagon Posted March 12, 2006 Share Posted March 12, 2006 I ordered a book from my library called `Empire of Debt`.The first part is pretty much an account of historical economics but the last part blow my socks off.It talks about the way that debt has become the norm in modern American society.Refers to thrift as a mental disorder-lol! Much that is written supports the bears on HPC.It talks in depth of what is happening in the US housing market. If any one is interested its authors are Bonner and Wiggin. 20 years ago American's were admired for thier thrifty living, they saved and invested, attributes that drive real economic growth. Now they're all in debt up to the eyballs to the Chinese. It will come to a sticky end, it always does. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted March 12, 2006 Share Posted March 12, 2006 A report last week said the US had 11.1 Trillion Dollars of household/personal debt. IN the UK we have 1.2 Trillion POUNDS. The US population is about 300 million or 6 X that of the UK. We and the US have about the same level of debt and it is going to have to be paid for by MUCH higher IR as part of fiscal dicipline--or hyper inflation will ensue. Quote Link to comment Share on other sites More sharing options...
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