What is Digg?166 Comments
- geekchic, on 10/10/2007, -1/+43I think this cartoon sums it up quite nicely:
http://www.economist.com/research/articlesBySubject/displaystory.cfm?subjectid=8717275&story_id=9622531 - onedown, on 10/10/2007, -1/+37"avoid interfering in a host country's politics"
That's rich. - Albionshores, on 10/10/2007, -3/+34"The Bush Administration has *started* to worry." Absolute nonsense. People have begun to realise and are starting to worry. The administration always knew. This was pointed out by the Grace Commission requested by Ronald Reagan in 1982. It importantly reported three things: If spending continued the dollar would decline and debt would fall into outside control. That all the nation's gold reserves were all accounted for by US debt to private banks. That none of the Income Tax collected and raised went to services - it all went to private debt repayment. Bush: elected on no big government and frugal spending has intentionally done the exact opposite flying in the face of the warnings of the Grace commission. Debt warfare can work two ways, as can petrodollar warfare.
In petrodollar warfare oil can either be withdrawn with obvious consequence, or at a time when reserves are high and oil profits are high a glut in the market can be formed. Abundance of oil, means cheaper oil, cheaper oil means less oil profits. Oil is a major crutch to a company. A glut can slump an economy just as a drought can. The same applies with debt. If the dollar were to collapse whilst China still held it in trillions China would lose its shirt. And if the Corporates are to be sitting on the world's reserves when such a crash happens then China couldn't drop the dollar there if US Corporation isn't selling. Yes the US Debt could be used as an economic weapon. People have been screaming it from the rooftops. If the markets collapse after a war on Iran the weapon will be against China, before defacto rule can be paced on Iran's resource, like they were on day one of the war against Iraq, the weapon will seem to backfire on the US. Either way corporation wins. America has even got a new currency waiting in the wings once the dollar has been mangled for all its worth.
Of course the administration knew, why else would the Amero be credible let alone even entertained? - inactive, on 10/10/2007, -6/+36Bankruptcy has long been the plan of the Bush administration. How can it be otherwise? It is like you or I applying for every credit card possible and going on wild buying sprees with expected consequences.
Bankruptcy leads to martial law, citizens giving up their constitutional rights and to fire sales of America's assets.
This administration has sold out America--literally. Have we had enough yet? - tj_walker_dvt, on 10/10/2007, -0/+16Rome v2.0
Same idoits, same mistakes. Hmm, I guess my grandpappy was right, history DOES repeat itself. - dukeeeey, on 10/10/2007, -0/+16China could liquidate your assets in the event you can't pay back the loans. Or the government could tax you to death to pay back the government bonds. Or maybe China could just dump the 1.3 US trillion dollars they are holding.
- wageslaven, on 10/10/2007, -2/+14You thought that because Putin has come out against USA foreign policy, therefore, he is a target of demonizing propaganada in your press.
Next time you hear Chavez called a "Dictator", think "Hey, wasnt he elected 3 times and didnt the USA try to remove him with a coup, and didnt the public demand he was released?" Same crap, different pile. - bradanomics, on 10/10/2007, -1/+12Duh! That's why you don't put a goddamn war on your credit card
- ThatguyKS, on 10/10/2007, -1/+11Ummm ok one problem. The Chinese aren't likely to destabilize the dollar. Look at what the recent dip in US stock markets did to Asian markets. Its a global economy, if our market crashes, who is going to buy the ***** they produce???
- inactive, on 10/10/2007, -0/+10The mainstream politicians mislabel our current overextension of the military and deficit spending on the military as "strong defense", when in fact we are more vulnerable to a combo military/financial attack than at any time in our history. Borrowing trillions fo dollars from china and the oil producing countries makes us INCREDIBLY vulnerable to a 1-2 attack on the dollar and then our military. The current interventionsit foreign policy is endangering our country!
Read the CFR articles now and from throughout the Vietnam war. Shockingly similar rhetoric. "Isolationism" is their dirtiest word, slung around to diparage any liberal peace niks or communist sympathizers. The only reasoning they use to argue against the current war strategy is that it is so widely hated by most americans they are scared it could make the populace go "isolationist"=peaceful advocates of free-trade =lower taxes and lower military spending. This is seen as unnacceptable by the CFR crowd so they are willinging to accept CFR team b candidates like Obama or Hillary...who will maintain military spending, foreign bases yet appease a large portion of the anti-war crowd.
In one of the issues that I agree with the published articles CFR ,opening up free trade with Cuba, it is interesting to see that NONE of the CFR presidential candidates are in favor of free-trade with Ron Paul....ONLY Ron Paul! why is this...the more you do honest research on CFR the more you can see that they are 100% pro-interventuion and military spending on every issue.
RON PAUL is the only true american running for president! - mgzzcool, on 10/10/2007, -0/+9domination through debt....that may very well be the plan.....Interesting to note the China and Japan are some of the largest stake holders in US treasury bonds, etc...
In the Bible the the Hebrews were not allowed to lend money with usury (interest) to a fellow Hebrews...only against the Gentiles ( as a means of defeating them economically) . That they would be the master...as person is servant to the lender.
Basically our debt has allowed the open door for us as a country to become servants to each other and more sadly to other countries...without them ever having to lift a finger thru modern weaponry (which we pride ourselves in). We have sold ourselves out through our greed and lust of things.
I can only hope that we as a nation come to this sad realization and do something about it before it is too late....if it is not already....
We can blame it on administrations and government....and yes they have their part...but we as a nation of People have lost sensitivity to what matters most (not me, myself and I) but our Desire for moral right and integrity in the sight of God (not religion). - geekchic, on 10/10/2007, -1/+10Actually, the recent wobbles on the gloabl markets have, if anything - shown how resiliant the world economy is to a slow down in the USA. As each year passes, the emerging markets grow faster and faster, and the USA as the dominant economy shrinks in relevance.
Which is a good thing - it is never good to have a dominant player in any economic situation. - Albionshores, on 10/10/2007, -0/+8Stop it, the naivity is burning my eyes.
Do you guys realise (evidently you don't) that where everybody else's stock has taken a fall despite having hundreds of billions of dollars injected into it and rates being cut Chinese stock has grown in the last month by 10%. Chinese A-Shares are currently at a record high.
http://www.businessweek.com/globalbiz/content/aug2007/gb20070822_291123.htm?chan=top+news_top+news+index_businessweek+exclusives - jspegele, on 10/10/2007, -0/+7The U.S. crippled the Soviet Union without firing a shot, why couldn't China do the same to the U.S.?
- nirav72, on 10/10/2007, -0/+6you forgot the /sarcasm tag.
- hakujin, on 10/10/2007, -0/+6No doubt. Notwithstanding, the OP's comment is silly because one need to only look at history. Great economic empires have collapsed throughout time and the world has moved on and flourished. What makes the U.S. any different than the Romans, Persians, Greeks, Chinese, etc. of days past? It's that kind of dumbfounded superiority complex that has us trillions in debt without any drastic changes in this country and naive Americans still thinking we're on the TOP OF THE WORLD... maybe in crime rate.
- ubuntuedgy, on 10/10/2007, -0/+6The impact to their economy (which is a substantial surplus) would be nothing compared to what would happen to ours. Trust me, we would hurt a hell of a lot more than they would.
- bradanomics, on 10/10/2007, -1/+7So how is that fiscal conservativism going for you? The reason that spending is down is because they are not counting the "War on Terror" as a part of the budget. Include that and he has created more debt than all of the previous presidents. COMBINED
- nirav72, on 10/10/2007, -0/+5Dude..sure no one can challenge the US militarily..but they don't have to. Did you not RTFA? 1+ trillion dollars reserve is a pretty big weapon itself. The chinese know this and have been planning this for a while. Now the russians are doing it with oil.
- evilregis, on 10/10/2007, -0/+5Well laid out argument.
- inactive, on 10/10/2007, -0/+5http://en.wikipedia.org/wiki/Amero
- satanatnmtedu, on 10/10/2007, -1/+6This is probably one of the most stupid statements I have read on Digg.
- VitriolAndAngst, on 10/10/2007, -0/+5No, the inflation number is pure hokum. The government stopped publishing the M3 Money supply --- which shows how much money is available.
If the supply of digi-dollars is growing at 12% (based on sites that have reconstructed the M3 money supply), then our growth of 3% means we have a 9% inflation rate -- which seems to fit what my pocket book tells me.
GDP is a worthless measure. If I get cancer, or the Gulf Coast has a Katrina disaster -- that increases GDP. It just means more work. It doesn't value what we get for that work. It doesn't put us AHEAD of other countries, and it doesn't measure the quality of life -- it only measures how much more BUSY we are. - Homerr, on 10/10/2007, -0/+51. Put the economy on the credit card
2. Give tax cuts instead of paying on credit card.
3. Add a war on the credit card.
4. Go so far in the hole that creditors come knocking.
5. China PROFITS! - dmjarrington, on 10/10/2007, -0/+5Why do you think Ron Paul is popular?... Because most people already knew that.
- catalysis, on 10/10/2007, -0/+5The assets are not liquid though. If you own 20% of stock in a company, you can't just dump it all. If you put it all on the market it's value decreases significantly. China would lose a huge chunk of what they hold and therefore something like that would only be done in an extreme situation.
- kazamx, on 10/10/2007, -0/+4Without international liquidity you would find the whole American economy go ***** up.
- nirav72, on 10/10/2007, -2/+6didiman - define your version of "we aren't losing in Iraq". I'd say 3000+ soldiers dead and pissed off natives as clear proof that we are getting raped. Also, you need to educate yourself about Vietnam...the goal of the whole Vietnam conflict was to restrict communism in that corner of the world..Guess what...last time I checked, Vietnam was still a communist country and we had to retreat. Not to mention the 50000 dead soldiers. What have you been smoking?
- VitriolAndAngst, on 10/10/2007, -0/+4Well, Cheney moving his assets to Euros, and the Carylse Group, Haliburton, KBR and other pet NeoCon businesses are moved to Dubai.
We are now buying weapons from other countries, and we've sold off weapons manufacturing plants to Dubai. In fact, one of our major exports from this country is weapons.
Bush and his friends are profiting DIRECTLY from this, but our "fly over" media doesn't seem to think this is more important than following Michael Vick. - Albionshores, on 10/10/2007, -0/+3At which point the US loses all credit and appeal and the US is sent crashing under a wave of unwanted dollars as oil accounts empty for a more dependable currency. Invalidating bonds is an act of economic suicide.
- kazamx, on 10/10/2007, -0/+3Remember though that China is doing big deals with Russia at the moment. Not being in control of Oil/gas from Iran (even the whole middle east) really won't effect China as long as they stick close to Russia.
- AxeSwinger, on 10/10/2007, -0/+3This administration is filled with insiders of previous administrations they have shown themselves to be very capable of the most heinous things. It's easy to say Bush is a moron but look at what has been done to our country in such a short period of time.
- InetRoadkill, on 10/10/2007, -0/+3The fed doesn't print money.
- VitriolAndAngst, on 10/10/2007, -0/+3Yes.
And perhaps it is being done by our leadership against us, so that they can get rid of our Democracy. What do you think Bush was discussing with Mexico and Canada this past week? BushCo economics has done nothing but hollow out this country, and postpone the "bill" -- making the Greater Depression worse and worse the longer they extend our credit. They are selling off our infrastructure to foreign countries -- will we even be able to pay back the money, when our industry is owned by the people we owe?
We are quickly becoming a nation of indentured servants, and the laws are getting put in place. - wendelgee2, on 10/10/2007, -5/+8Why wouldn't anyone challenge us militarily? We're currently losing a war to a third world backwater...AGAIN (*cough* vietnam).
- Albionshores, on 10/10/2007, -0/+3YES look at what happened to China as the US market dipped.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/08/22/bcnchina122.xml - lazyfisherman, on 10/10/2007, -0/+3Having the yachts and mansions and fancy cars isn't enough for some people. When you're rich, you want to be wealthy, when you're wealthy, you want more power. When you've got power, you want more and, possibly, the power to make people your slaves. I'm not sure if I believe it 100% but it's been said (look up quotes supposedly attributed to members of the Rockefeller family about RFID chips) that the goal of the one world government is to basically create a world where dissent does not exist. You do what you're told or they shut off your RFID chip, basically cutting off your access to money and services (since once we have RFID, there's no more need for cash) and you effectively cease to exist and have no identity. Thus, the Elite will have total control over everyone else. So yeah, if Bush is part of the global elite who want to try to do this, bankrupting America is a great way to grab more power.
If it comes down to a recession, we can only pray that whoever buys America is "kindly". - kazamx, on 10/10/2007, -0/+3Your right, it would only be used in an extreme situation. The problem for the US is that there just isn't enough demand from the rest of the world to soak up that many $. The value of the dollar would fall, and I mean big time. Just now its about $2 to the UK Pound. Looking at IMF estimates that could increase to around $5-6 to the Pound.
If that happened accross the board your import costs would treble. Imagine the price of Fuel going up 3 times overnight. imagine all that stuff imported from china going up 3 fold. If that happened the Whole American economy could be ruined.
To make matters even worse, you have pissed off most of the rest of the world. I can't see many other countries falling over themselves to bail you out. - kazamx, on 10/10/2007, -0/+3More true than you know. One of the things that heped finish off Rome was trying to maintain the war machine. They were spending huge amounts of cash attacking other countries when they just didn't have the cash to spare.
- seand, on 10/10/2007, -2/+5I say we ignore the payment notices and let it go to collections. From there we offer to pay off our debt at pennies on the dollar for what the collections agency bought it at and then sit tight for the 7 years it takes to have the credit report wiped clean.
It' seems that my "How to conduct business the American Way" elective in university is paying off! - OwdenBowden, on 10/10/2007, -0/+3Dugg for working the words "***** up" into a comment.
- inactive, on 10/10/2007, -2/+5In China one of the courses they teach officer candidates is called Two Pillars of the Future. Bascily the course states that Peak Oil and Global Warming will shatter the current world order. America, and the West in general are so dependent on cheap and abundant energy there societies simply will not be able to adjust to the new realities. In their desperation they will launch war of acquisition for the last reamaining oil fields around the world to prolong their existence a little longer. It's not the rest of the world that's the rea danager, it's the West that's the greatest danger to the rest of the world. Sorry about my spelling English is not my first language.
- InetRoadkill, on 10/10/2007, -0/+3China doesn't have to nuke the dollar. They can simply wound the dollar to keep the US economy weak, thus weakening the US in the process.
I would hope that by now people will start to realize that the republicans are not fiscal conservatives, that deficit spending is harmful to the nation's economy, and that trickle-down economics is a complete fraud and a poison pill to an economy. - hakujin, on 10/10/2007, -0/+3No, actually YOUR statement is THE STUPIDEST I've read on Digg. Explain how the U.S. could possibly get out of debt with the Federal Reserve in place? It has nothing to do with Ron Paul. You do realize every dollar printed is a dollar borrowed with interest by the central banks (i.e. Fed Reserve) right?
- Grumps, on 10/10/2007, -0/+3There you go idiot. Your greatest weapon is financial sanction and now you get a piece of it back. Get more financial debts with more military planning. Those debts are growing Bush. You're killing the country
- Larofeticus, on 10/10/2007, -1/+4No the fastest way is to repudate the national debt. It'll be an act of war, with the rest of the world. But it will be fast. And after that nobody would lend the federal government money. Which would be awesome.
- jdavid, on 10/10/2007, -0/+3thank you jim crammer.
- nirav72, on 10/10/2007, -0/+3Thegoatseman - oh thats real smart. If someone uses economic leverage to fight us..we simply nuke them back to the stone ages. So why is it that we haven't done that yet? *****...its people like you that has gotten us into this mess. ***** Arm chair generals.
- KnightWhoSaysNi, on 10/10/2007, -1/+4Hugo Chavez is a democratically elected Dictator. The Venezuelan senate just removed term limits from the constitution just for him.
He is squelching free speech through intimidation and recently decided not to renew the broadcast license of Radio Caracas Television, Venezuela's most-watched television station, because it gave a voice to the opposition.
Vladimir Putin is now nationalizing foreign investments, cracking down on any opposition and reversing democratic reform.
None of those facts have anything to do with them opposing US foreign policy.
OTOH, When France opposed US Foreign Policy all we did was rename some snacks. - ubuntuedgy, on 10/10/2007, -1/+3True, but what happens if we challenge China over Taiwan? China could cripple our entire economy without either of our militaries firing a single shot. It would hurt us far worse than it would them. They are communist (even though they are running a spectacular capitalist like market right now). The pain felt by us would be 100 times worse than would be felt by the average Chinese citizen, or their government.
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