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is the US the next Argentina?
- Thread starter zdreg
- Start date
Quote from the1:
That's only an option if investors continue to buy their debt and part of the problem is state pensions. States can't print money so either state retirees take less of a pension or everyone else, who works for the state or not, will have to pay higher taxes. In Wisconsin they are cutting state employee benefits, in Illinois they are raising taxes. It's not over on either side of that border.
when the shit hits the fan the federal government will take on the state obligations. that is what happened in Argentina which then led to its financial collapse. the provinces in argentina couldn't print money. when they couldn't pay their workers the workers went on strike. the central gov't came in and took over the province's obligations. the situation will repeat in the US.
Quote from zdreg:
when the shit hits the fan the federal government will take on the state obligations. that is what happened in Argentina which then led to its financial collapse. the provinces in argentina couldn't print money. when they couldn't pay their workers the workers went on strike. the central gov't came in and took over the province's obligations. the situation will repeat in the US.
I agree.
the federal takeover of state pension obligations is coming. it will be the final nail in the bankruptcy of the US just as the central government of argent took over the obligation of the provinces before their financial collapse.
http://www.azcentral.com/arizonarep...11/10/02/20111002pension-costs-editorial.html
ps I still remember when clueless mods use to bounce these threads to chit chat.
http://www.azcentral.com/arizonarep...11/10/02/20111002pension-costs-editorial.html
ps I still remember when clueless mods use to bounce these threads to chit chat.
Greece can't print Euros. Argentina had a pegged currency but couldn't print US Dollars. The US situation is absolutely nothing like Greece nor Argentina. The comparison is downright laughable.Quote from zdreg:
the article draws threatening parallels for Greece with Argentinian crisis 10 years ago
the US is headed towards the same path.
The US situation is absolutely nothing like Greece nor Argentina. The comparison is downright laughable.
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Agree, we could end up more like Wemar Germany when hyper inflation kicks in. Of course that could be years down the road, if not a decade.
The US GOV has kicked the Can down the road for at least 5 years, they may kick it down even further.
However, how the US can compare to Greece and Argentina is the Mental attitude of the people who are unemployed, or working for very low wages. The tide is starting to rise. One month at a time.
If the economy does turn around, which is very doubtful, then maybe the US will stay off major rioting events. However, with real unemployment at near 20% and no end in sight for lower numbers anytime soon, what is laughable ButterBall is that fact that you see no comparison to Greece and Argentina from the sound of it.
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Agree, we could end up more like Wemar Germany when hyper inflation kicks in. Of course that could be years down the road, if not a decade.
The US GOV has kicked the Can down the road for at least 5 years, they may kick it down even further.
However, how the US can compare to Greece and Argentina is the Mental attitude of the people who are unemployed, or working for very low wages. The tide is starting to rise. One month at a time.
If the economy does turn around, which is very doubtful, then maybe the US will stay off major rioting events. However, with real unemployment at near 20% and no end in sight for lower numbers anytime soon, what is laughable ButterBall is that fact that you see no comparison to Greece and Argentina from the sound of it.
M
morganist
Quote from EMRGLOBAL:
The US situation is absolutely nothing like Greece nor Argentina. The comparison is downright laughable.
---------------------------------------------------------
Agree, we could end up more like Wemar Germany when hyper inflation kicks in. Of course that could be years down the road, if not a decade.
The US GOV has kicked the Can down the road for at least 5 years, they may kick it down even further.
However, how the US can compare to Greece and Argentina is the Mental attitude of the people who are unemployed, or working for very low wages. The tide is starting to rise. One month at a time.
If the economy does turn around, which is very doubtful, then maybe the US will stay off major rioting events. However, with real unemployment at near 20% and no end in sight for lower numbers anytime soon, what is laughable ButterBall is that fact that you see no comparison to Greece and Argentina from the sound of it.
The US will be nastier if it happens.
Quote from EMRGLOBAL:
The US situation is absolutely nothing like Greece nor Argentina. The comparison is downright laughable.
---------------------------------------------------------
Agree, we could end up more like Wemar Germany when hyper inflation kicks in. Of course that could be years down the road, if not a decade.
The US GOV has kicked the Can down the road for at least 5 years, they may kick it down even further.
However, how the US can compare to Greece and Argentina is the Mental attitude of the people who are unemployed, or working for very low wages. The tide is starting to rise. One month at a time.
"The US GOV has kicked the Can down the road for at least 5 years, they may kick it down even further.
please explain why u feel this is the case
If the economy does turn around, which is very doubtful, then maybe the US will stay off major rioting events. However, with real unemployment at near 20% and no end in sight for lower numbers anytime soon, what is laughable ButterBall is that fact that you see no comparison to Greece and Argentina from the sound of it.
"The US GOV has kicked the Can down the road for at least 5 years, they may kick it down even further."
please explain why you believe this is the case.
M
morganist
Quote from zdreg:
"The US GOV has kicked the Can down the road for at least 5 years, they may kick it down even further."
please explain why you believe this is the case.
I know it is not me you are asking for an answer. But my view is that it will be political pressure and the lack of having other options. They will just print money off until no one wants it anymore.
Quote from morganist:
I know it is not me you are asking for an answer. But my view is that it will be political pressure and the lack of having other options. They will just print money off until no one wants it anymore.
it is obvious from my post which included the source of my quote that I was asking the person who made the statement to respond.