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I.o.u.s.a Debuting Aug. 21, Is An 87-minute Alarum On What It Calls The Tsunami Of Debt Baring Down On Us

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http://www.washingtonpost.com/wp-dyn/conte...8080603569.html

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.

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.

Early reviewers have dubbed the film "An Inconvenient Truth" for the economy, meaning it's not exactly the feel-good movie of late summer 2008.

Except for budget wonks in love, it hardly counts as a date movie. The film's thrilling action sequence has a guy going to a refrigerator for a Tab. There are no car chases and nothing blows up.

Except, possibly, for the entire economic future of the United States.

"I.O.U.S.A." offers up as its action hero David M. Walker, former head of the Government Accountability Office. With movie-star looks that scream "accountant" rather than "Terminator," Walker has been the Cassandra -- or Chicken Little -- of America's growing deficit for some time. Last August, he compared the United States to the final days of ancient Rome, which he said was militarily overextended and fiscally irresponsible. Since 2005, Walker has been traveling the country on the catchy-sounding "fiscal wake-up tour," preaching his apocalyptic message to half-empty rooms, at least at the start. The tour picked up steam after Walker's message was featured in a "60 Minutes" piece in March 2007.

In March of this year, Walker resigned from the GAO so he could be even more vocal on the debt crisis, becoming chief executive of the newly formed Peter G. Peterson Foundation, set up by Peterson, billionaire co-founder of the Blackstone Group, a major private-equity player.

Their message: You probably know that the national deficit is $9.6 trillion and rising. 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, Walker says.

And it will only get deeper as we get older.

In an interview, Walker is full of grim one-liners, such as: "The debt has increased our risk of being held hostage by foreign lenders" and "Our situation is serious, and it is deteriorating with the passage of time" and "The financial condition of the U.S. is worse than advertised."

The nation's debt now accounts for 66 percent of the gross national product. But unless things change, the film argues that the cost of aging baby boomers will push that proportion to 244 percent by 2040, twice what it was at the end of World War II, our highest level of national debt. A debt that high, even super-investor Warren E. Buffett says in the film, "could create real political instability."

At this point in the movie, we're wishing we'd rented "The Towering Inferno" instead. Happier ending.

More at the link.

Good job our govt is more responsible.......

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http://www.washingtonpost.com/wp-dyn/conte...8080603569.html

More at the link.

Good job our govt is more responsible.......

Hard to see how any nation on earth could be solvent unless it were an agriculturally based,

monarchy/dictatorship governed, fiefdom operated, non-welfare, non-healthcare, young-

support-their-own-elders economy deliberately excluding (or blatantly over-taxing) the

borderless global multinational companies.

Edited by PotNoodle

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The film will debut in 400 theaters around the country on Aug. 21, followed by a live video town hall meeting from Omaha, featuring Walker, Peterson and Buffett. The next day, the film opens in 10 cities, including Washington.

Haven't been able to find anything on it's (possible) UK release though; one for download...

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So i'm not the only nutter saying we might get a total meltdown.

Maybe kids will be marched to the picture house to see it like they were for an inconvient truth , think not.

keep away from USD as it even worse then the GBP if thats possible.

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Right so this movie is only ummmm... 95 years to late. Once we inflated our way off the gold standard there was no going back. What these bigwigs can't seem to understand is that once a debt bubble gets started it has to grow exponentially so consumers, the government and business can cover interest and keep asset prices rising which the debt bubble rely on. (to keep people from defaulting).

We could try to stop spending, but then theres that interest which eats into the principle and in reality we'd have to cut spending, which shrinks the economy. Then if you don't take on debt to support assets they fall in value and we know what that means.

Edited by domo

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I haven't checked if this graph is on the site.

post-13709-1218131710_thumb.png

I think that says something about the current scale of just the banking problem in the US!

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I haven't checked if this graph is on the site.

BORROW_Max_630_378.png

I think that says something about the current scale of just the banking problem in the US!

Its a ******** meaningless graph created by an accounting anomaly cause by new fed liquidity operations.

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Haven't been able to find anything on it's (possible) UK release though; one for download...

Amazon have a pre order for £6.50 + £2.75 postage. Just ordered mine. Delivery estimate 15th October. Just in time for Armageddon. :ph34r::lol:

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  • 395 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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