What is Digg?793 Comments
- jollyholly, on 11/13/2007, -35/+431"Is it all Bush's fault? Nope."
I disagree. When Clinton was in the White House, we actually had a budget surplus - of $230 billion in 2000. (http://archives.cnn.com/2000/ALLPOLITICS/stories/0 ...
Since 2000, our national debt has increased by 58% - from $5.67 trillion to $9 trillion. And over the past 7 years the Bush administration has been borrowing trillions of extra dollars and spending it on war and empire building. (http://en.wikipedia.org/wiki/United_States_public_ ...
Since the dollar is a fiat currency (i.e. not based on a gold standard like it used to be years ago), it is only worth what people say it is worth. And since America continues to borrow at record rates - our national debt is the highest it has ever been - our currency is becoming less desirable than it ever has been. - chris9902, on 11/14/2007, -3/+306How many people even know their paycheck is worth 30% less than it was a couple of years ago?
- CyberSally, on 11/12/2007, -10/+246This is going to get worst before it gets better. The only way to increase the dollar's value is to increase interest rates significantly or stop having huge Federal budget deficits - neither of which will happen in the near term.
- msmearcheck, on 11/12/2007, -30/+203And to sum it all up...
George Bush has destroyed this country. - GoneSouth, on 11/12/2007, -10/+176It *is* mostly Bush's fault. This alleged conservative president took the country from a position of budget surplus to running consecutive record deficits in under 8 years. All because red state voters think it is more important to keep gays in Massachusetts from getting married than it is to run a balanced budget. When will American voters wake up and get their priorities straight?
- dupswapdrop, on 11/12/2007, -14/+140Time to flush all politicians and start over with a new group of crooks.
- chaos7, on 11/12/2007, -23/+134bush is a really bad president
- sb66, on 11/12/2007, -4/+113One Canadian dollar is worth $1.08 today, an all time record. Five years ago it was .65 cents.
- jkremer3, on 11/14/2007, -34/+118Getting America out of debt and back on track is of the highest importance right now. We are a turning point.....elect Ron Paul.
- plarp, on 11/12/2007, -2/+73*sigh* when Pat Buchanan is one of the voices of reason.. we know things are up a ***** creek
- whojaybe, on 11/09/2007, -5/+71i saw something like this on the news... like gisele doesn't want to get paid in dollars anymore, ONLY euros... lol if only my paycheck was in euros!
- CaymanCarpediem, on 11/09/2007, -2/+63Proof of what? That Clinton had a budget surplus? That national debt has grown crazily under Bush? That the US dollar is a fiat currency? That our debt is at record highs? That our dollar is at record lows? I had no idea there was anyone who didn't already know these things, but let me know which ones you want cited references of and I'll happily help (though Google is your friend).
- titandegroot, on 11/09/2007, -15/+68Actually the best way to help the dollar is decrease the trade deficit. Naturally people will start to by more US goods because the US good prices will be less.
- Dextrose, on 11/11/2007, -15/+67Who the ***** cares if the greedy speculators (yes -- even the moms and pops) that gambled on never ending house appreciation -- get burned the ***** up?? I know I sure as hell don't care -- because I actually worked hard, lived within my means, saved up, and put 20% down on a house that I could actually AFFORD. People who belong in apartments -- belong in apartments. A single family house is a privilege -- not a "right". You EARN it. You're not ENTITLED to it. I know a lot of people -- especially those foreclosing now -- are having a hard time swallowing that fact -- but hey, they took the gamble -- and now THEY should pay.
- mythicflux, on 11/09/2007, -2/+51Too bad we outsourced most, if not all, of our manufacturing base. Makes it hard to start producing US goods when we simply don't have the infrstructure and suddenly find it's hard to get the money to invest in it.
- whatthefu, on 11/12/2007, -12/+61So we're listening to Pat Buchanan now?
- SilverBlade2k, on 11/12/2007, -2/+51"Abolish the Fed"
President Kennedy tried to do exactly that...and he was assassinated the day before he was supposed to sign the law to abolish it. - Wargalas, on 11/12/2007, -28/+74While Bush does indeed deserve a lot of the blame, Democrats and many of you here aren't helping matters. Case in point? Universal health care. All of you want it, but none of you are willing to cut the budget elsewhere to help pay for it. And we're talking about billions of dollars a year. Stop with the "nanny state" programs, kick people in the ass who need it, and run the government like a ruthless business and you won't hear about this kind of fiscal disaster again. A balanced budget is in the interests of all Americans, regardless of political point of view.
- Pixelpaws, on 11/09/2007, -7/+50Also, universal healthcare costs are estimated at $100 billion a year, while the Iraq war costs $200 billion a year. So we could end the war, enact universal healthcare, and still come out ahead.
- maciekk, on 11/10/2007, -2/+44This is right -- need to raise rates, and stop spending borrowed money. It's not "free trade" that's the problem, as Pat Buchanan says. It's the policies of this administration and the Federal Reserve that are to blame.
- rudy23, on 11/08/2007, -2/+39yeah its shocking. i mean giselle actually knowing about currency value and all you know
- rudy23, on 11/08/2007, -9/+44worse not worst
- rudy23, on 11/08/2007, -1/+34crooks usually work fine for the economy. problem is that the current gang is the type whom crooks call crooks.
- Farmgal123, on 11/09/2007, -4/+37Either the rock or the hard place will choose us - the Fed is trying to fix a problem with the same measures which created the problem in the first place. I just finished reading the book: "The Biggest Lie Ever Believed" - a fun spot-on read addressing these issues.
- DooM, on 11/08/2007, -0/+33He provided links, genius - use the button at the top left side of your 'mouse'.
- tucsonsun13, on 11/09/2007, -31/+63Impeach.
- Dagarik, on 11/09/2007, -3/+32This Australian dollar is almost as strong as the US now aswell.
- dukeeeey, on 11/09/2007, -6/+33interest rates could be raised
but millions will be unable to pay their mortgages, theres no way out of this nightmare - k3ano, on 11/07/2007, -0/+27Do it now, it'd be a good move. When you get your paycheck, transfer it to euros. You'll be getting less euros for your dollars each time, but if you're saving you'll benefit.
- 666dorado, on 11/08/2007, -2/+28HA!! don't blame CLINTON for NAFTA dumbass, BUSH SR. signed the treaty in 1992 with Salinas and Mulroney, i was a photographer THERE ON THAT DAY standing 100 feet from them when it happened. look at any of the photos and you will see live oaks (TEXAS) in the background.
- numbered, on 11/11/2007, -6/+32The economic system in your country unfortunately needs a complete overhaul. This federal reserve/deficit spending/debt slavery system is ludicrous and anyone who actually knows how it works knows that it cannot function indefinitely. In fact just to keep it stable you will consistently have to INCREASE the productive output of the industries in your country. The fact is, the overall internal debt in the US has been and will continue to exponentially increase and the only reason it has survived this long is by raping other countries for their resources and the foreign investors that still see the value in your dollar. When the wars stop and the oil stops (or is no longer traded in American currency) the entire system will collapse. Of course, the other solution is the Amero. A temporary fix, but hey why not bring Canada and Mexico down with you? Lord knows I won't stay here to watch it happen.
- jcarrion1976, on 11/12/2007, -1/+27What exports? Seriously we already have sent our manufacturing overseas.
New business is born from the investment of savings. Today we have no savings and those that do have already left the US market for greener pastures.
The idea that this at all good for the average american is naive. - opiniastrous, on 11/12/2007, -11/+34You and your gold standard buddies understand nothing about economics do you?
Even if the $US was based on a gold standard, the exchange rate would still be as it is. A gold standard is unrelated to exchange rates - exchange rates are the product of supply and demand. If you make more of your currency available for exchange (e.g. when importing goods and services) then the supply is going to increase, and the currency will depreciate. Recently, the US has been spending a lot of money overseas (funding war and buying lots of imports) and that is the reason for the depreciation. Now that the $US is cheaper, chances are foreign money will start moving back into the US because American goods and services will become cheaper (so exports will increase). The recent articles about a likely increase in tourism because of the low $US are an example of that. Those tourists, etc. will need to buy American goods and services with US money, and so the demand for the $US will rise again - helping to equalise exchange rates.
Again, just as the price of gold changes with supply and demand, the price of a gold-backed currency will change with supply and demand. - inactive, on 11/08/2007, -7/+29The only truly American export these days is war. 100% Made in America. Everything else is made in China.
- Photokon, on 11/08/2007, -0/+22lol no it won't. The rich have divested their dollar assets and the poor suck up the sky high inflation.
- wickedfetch, on 11/09/2007, -5/+26And yet the Canadians manage to have massive surpluses all while providing universal health care....
- stylerm, on 11/09/2007, -13/+34Democrats put in a tobacco tax to pay for it. Bush said that the tobacco tax was unnecessary as one of his arguments when he vetoed it.
Sorry, you failed. - ScornedPatriot, on 11/07/2007, -0/+20Well it is quoted here in this book on page 102: http://books.google.com/books?id=-ZKzLy84JLIC&prin ...
It is also quoted here: http://etext.virginia.edu/jefferson/quotations/jef ...
As well as here: http://www.quotationspage.com/quotes/Thomas_Jeffer ...
Now while that quote is interesting, what does Woodrow Wilson say about letting the Federal Reserve Act of 1913 pass, which enabled the Fed.
"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world--no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small amount of dominant men." - Woodrow Wilson 1916 - mrjit, on 11/08/2007, -2/+22Did I not read a digg article a few weeks ago about how US tourism is at an all time low?
- phufufoo, on 11/10/2007, -4/+24um fishpen0 you got it all wrong. I don't even know why you're angry. Maybe because you have ridiculous college loans that you stacked up and started a family way too soon? It's not my fault I went to an affordable school on scholarships and lived with my parents driving a beater car so I could save money and buy a house in the future. You shouldn't think that all house owners have "cushy desk jobs" we are regular Joes that have foresight and no illusions of grandeur. Plus Dextrose is arguing on your side if you didn't notice you dumb *****. All the speculators who drove the prices of houses way high looking to make some big money are the reasons why it's so hard for you to buy a house. I know a ton of useless friends who got into the real estate business doing loans and escrow services to get lay off because the market is dead. They made a lot of money while it lasted though, after taking like a 2 month course. So ***** THEM and you too ignorant *****.
- Azriel7, on 11/08/2007, -3/+22I am trying to think of the last time someone in AMERICA wanted an american product....besides dvd's nothing comes to mind.
- mrjit, on 11/08/2007, -4/+23Oh jesus christ.
- zephc, on 11/08/2007, -6/+25Go back to making crappy, poorly drawn comics, Rob. Economics is not your forte. But then neither is art...
- c5kirk, on 11/08/2007, -1/+20The really sad part is that now the Democrats are in control of Congress and they don't seem to be doing much differently than when the Republicans were in control.
- dcbebop, on 11/09/2007, -10/+29You know, dollar devaluation isn't entirely a bad thing. A undervalued dollar can mean more trade and tourism, if used correctly. More trade means more money coming in for businesses and jobs.
This has happened before. There was an agreement in the 40s or so where France, UK, US and a couple other countries got together to devalue the dollar in an effort to boost US foreign trade.
However, with NAFTA and other trade agreements, this probably won't be possible. And YES, you can blame bush for that. - mcrosby, on 11/08/2007, -5/+24American Cars? Absolutely no way they will outsell European and Japanese cars - the quality of American cars is just too bad.
- VitriolAndAngst, on 11/08/2007, -0/+18I think you are beginning to understand the NEW economy. Our major export is military equipment. If the jobs market collapses -- our major employment will be in security and mercenaries.
Bush, Republicans and Dems have probably known for some time that this was coming -- and the rush to war was played off as a last ditch effort to stave off a massive recession. How's that working for you, genius leaders?
In other words; "i see what you did there..." - numbered, on 11/08/2007, -2/+19I'll take that bet. But not in american dollars :P
- richid, on 11/10/2007, -1/+18Fishpen, your comment lost it's merit when you said: "they cant get a loan because the bank is afraid that they won't be able to pay it back because they are still paying off college loans from like 20 years ago and have kids." The whole reason we're in this mess right now is because mortgage lenders were approving everyone, giving 6x income multipliers in some instances. So I highly doubt that people were turned down due to student loans.
- rpi22, on 11/09/2007, -2/+19You could've seen this coming, but people chose to ignore it.
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