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janincoSep 18, 2010
Yes!
sanmanSep 19, 2010
not only will debt trigger the collapse of the United States
voting for those who want to incur more debt will trigger the collapse of the United States
thoughtsonthisSep 18, 2010
Absolutely!
frankzullaSep 18, 2010
Debt is definitely triggering the collapse of my bank account.
misslindadeeSep 18, 2010
WTF? Insist on the politicians integrity & honesty. They are responsible and are not executing their positions correctly.
dauntless1Sep 19, 2010
Also, try killing the disease at it's source for a change. Cause before a politician takes a bribe, someone has to be the REAL problem by offering him one.
tyg10Sep 18, 2010
Yes. If it does it to a household, it will SURELY do it to a nation.
xophermvSep 18, 2010
No. The US had a much greater percentage of debt after World War 2. The 1950s were generally considered a great time for the US.
strfxSep 18, 2010
I don't know about some of the points he makes:
The fall of empires is usually sudden only if they were defeated decisively in wars, or if they were short lived empires that crumbled after the death of their leader/creator. Apparently neither applies to the US.
Public debt was very high in the 50s as a result of the wars, and it didn't cruh this country. But then again, they probably had a sense of urgency and wanted to get rid of it, whereas today it's all about entitlements, spending, and ignoring the problems.
I don't think the US will collapse. But I do think we're in for a very long decline.
dangermenSep 18, 2010
And unwillingness to pay taxes or cover the cost of current wars.
dauntless1Sep 19, 2010
Not sure why you're getting buried for this. Taxes is how the government pays it's debts, despite how many idiots failed to pay attention in High School government classes.
joculatorSep 18, 2010
Wow, ultra-boring speakers. I usually enjoy economic lectures, but this was like watching the annual Society of Plumbing Suppliers society awards.
Download something from Murray Rothbard from Mises.org for a good lecture.Comment is buried, click here to see the rest.
Closed AccountSep 18, 2010
No...and no matter how many idots predict (wish) for it, it doesn't change the fact that it is not going to happen.
canadianmacfanSep 18, 2010
Wow, you've won me over with your impressive analysis and evidence. Don't know how I could have ever thought otherwise.
/s
Closed AccountSep 19, 2010
The burden of proof is not one me, dumb f**k. It is on the morons who predict outrageous things.
crapolatimeSep 18, 2010
War will cause the collapse of the U.S.
War is never ending debt.
http://www.youtube.com/watch?v=Cv5BYEOQYLo
yurmutha412Sep 18, 2010
If you watch this, skip the introduction. Niall Ferguson is interesting. Interesting question about radical Islam and how the US will not be able to take care of it because of mounting debt.
thinkfr33lySep 18, 2010
Perhaps, but certainly not anytime soon.
Debt could only cause the US to collapse if we are unable to service that debt or pay our bills. Neither of those is a problem right now.
In addition, there is no sign that people aren't willing to lend us more money. In fact, people are willing to lend us money at very, very low interest rates. The 10-year t-bill is trading at below 3% right now. If the markets thought we were in danger of default, that number would be FAR higher. (For example, Greece can't borrow at much less than 10%)
In fact, there is ABSOLUTELY NO EVIDENCE WHATSOEVER that our debt burden is a threat to the US economy - aside from a select group of people saying it is. If it were a threat, it would be expensive for us to borrow more.
As far as I can tell, those that think we need radical austerity programs are the same people that are always calling for a reduction in government - in times of want and times of plenty. It's driven not by data, but by ideology.
lump1Sep 19, 2010
Think of the growing portion of the budget which goes simply to pay interest on the debt. Isn't that evidence enough? That sort of thing is so obviously unsustainable! And of course it will become more expensive to borrow more.
Of course, I don't think that the collapse he talks about looks like wolves roaming the streets. The British imperial collapse he used in so many examples probably went unnoticed to many people in England, whose individual prosperity was growing throughout the 50's.
bobcat7407Sep 19, 2010
The t-bill is being kept artificially low by the federal reserve, not the markets. That is evidence right there that the US debt is becoming a much bigger issue, and could become a huge problem soon. When the treasury finally has is unable to sell some of our debt because the fed is forced to stop buying it, then the whole thing will begin to crumble.
http://online.barrons.com/article/SB50001424052970203880104575419333248656998.html
diggerlaterSep 18, 2010
Sorry but I didn't have the 1.5 hours to listen to this insanely boring british guy ramble.
johnboycanadaSep 18, 2010
Niall is a slight idiot and political hack for Paul Ryan and other conservative congress members that want to implement a flat tax, privatized social security, and elimination of cap gains and corporate income taxes. Don't let his alarmist attitude get you! Revenue cuts that could further damage the credit standing of the USA. All is unproven and the GAO says the Ryan plan is not congruent with generating enough revenue to cover short term liabilities of the US government.
volfie99Sep 19, 2010
What makes you think we haven't already collapsed? How else could you explain Justin Beiber??
leftiscorruptSep 19, 2010
The United States borrows money by selling Treasury Bills.
The Chinese have stopped using all their excess profits to buy United States Treasury Bills as of last month. They are buying Japanese and EU bonds instead.
Chinese Government economists called Japanese and EU bonds a safer investment.
***
"Investing in Japanese bonds is safer because so much of the country's debt is held domestically, and the yen is on course to strengthen further, said Zhang Ming, an economist with the Chinese Academy of Social Sciences, a top government think-tank.
"Even though the difference in yields is big, China has been abandoning U.S. debt and picking up Japanese debt. This definitely shows that it believes the risks of U.S. debt far exceed those of Japanese debt," Zhang said in a report issued by his research institute.
The report was issued a day after the Federal Reserve said it would buy more U.S. government debt in a form of mild quantitative easing to counter economic weakness.
Top Chinese leaders have previously registered their concerns about lax U.S. fiscal policies eroding the value of their investments in the United States."
***
rrwestSep 19, 2010
Any economy that uses credit and debt almost exclusively for transactions is intuitively wrong.
Someone, somewhere is accountable for paying those debts, even at the expense of those who can least afford to; lower income people for example.
Should the financial markets fall again, there will be a whole lot more hell to pay than what has already been paid so far.
Consider yourselves forewarned.
randegSep 21, 2010
Debt will trigger US collapse? I beg to differ but I don't think so. The down economy creates many opportunities and entrepreneurship in the US is alive and well. And I am convinced that like Rafael Cruz, regional director with the small business development that "Business born in a tough environment becomes stronger by necessity."
Evelyn Guzman
http://www.debtchallenges.com (If you want to visit, just click but if it doesn’t work, copy and paste it onto your browser.)