Friday, November 26, 2010

Citing a sharp increase in federal debt, which is now approaching $14 trillion

'Urgent action' needed on debt

Citing a sharp increase in federal debt, which is now approaching $14 trillion, Bair argued that "relentless federal borrowing" will eventually "directly threaten our financial stability."

Posted by mark @ 02:37 PM (1014 views)
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5 thoughts on “Citing a sharp increase in federal debt, which is now approaching $14 trillion

  • general congreve says:

    Ignore him and keep spending! I was to see the job down properly.

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  • general congreve says:

    @1 – Done properly!

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  • People just don’t realise how many man years it would take to earn $14 trillion.
    There must come a point (like what happened recently in Ireland) when investors say enough is enough.
    There is no way back. It’s not possible for the government to repay the debt without causing a huge depression.
    It’s time to move the money out of the USA, sell your assets (causing a crash) whilst you can, etc.

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  • @3 move money into what? Antiques, collectibles, classic cars, wine, Property?, Metals?, Farm Land?, COMMODITIES? Money has been pouring into most tangible asset classes over the past few years.
    Personally I have found that second hand business assets have been a bargain of recent. There are not many people looking at starting businesses at the moment.
    Have a look at Ebay in the Business, Office & Industrial category there really are some real bargains in auction. Dealers are fully stocked and can’t shift stuff and people who genuinely want to clear out items and bankrupt stock are getting next to nothing for it.
    If you have the storage space there are some fantastic bargains available. Far better investment than you will ever get chasing stocks, shares, metal and property as all of these markets have been overbought in recent years,

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  • The best assets one could have are those which could make you self sufficient when money no longer functions, e.g:
    -> Home improvements such as geothermal heating, solar cells, water well, gas/oil storage reservoirs, toughened glass windows, reinforced doors.
    -> Farm land or industrial properties where you could grow stuff indoors. Though for land you would need a huge fence around the field to stop people from stealing your fruit/veg’.
    -> Guns to protect your property and family.
    -> Buying property/land in warmer countries like Spain is probably not a bad idea. At least you have a good climate for growing things.

    I feel we could soon have the nightmare with people not being able to get cash out of the cash machine or be able to make banking transactions within the usual time frame. I still distinctly remember Icesave ringing me up just soon after I withdrew my money wanting to know why I had done it. I am sure for major banks the alarm bells will take the form of delayed transactions (e.g delayed salary payments, etc).

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