It is not looking good guys… The Sequel

Sorry about the doom and gloom coming from this blog, but this is serious!

This article is about how the U.S. financial system is effectively insolvent. a.k.a. BANKRUPT

Even after all the bailouts the U.S. government dished out, the banks are still failing.

The world is going to be a very different place a year from now, my friends.

Advertisements

9 Responses

  1. It certainly will be a different place in a year. I think many of us are going to be going to a “back to basics”-type of lifestyle, and those already out in rural areas with some acreage and used to living off the land, are going to be in the best position to get through this. Those in urban areas dependent on businesses for employment and grocery stores for food are going to be the most vulnerable if/when the shiz really hits the fan. From what I’ve read heard and understand, it’s going to get worse.

  2. Back to the basics is definitely my strategy.
    If we all concentrate on being happy strong individuals and become less concerned with all the “stuff” and comforts society tells you to crave, I think good things can happen.
    Thanks for the comment, and I definitely know exactly where to find my “doom and gloom” news now!

  3. You’re welcome and thanks for visiting the site. I wish I could find more good economic news, but there simply is very little of that to be found, My #! concern is the rapidly deteriorating job market, followed closely by the prospect of inflation or even hyperinflation, if the gov’t simply starts printing
    billions of what I’ve taken to calling “vaporbucks” in an effort to pay it’s debts and obligations(and thereby diluting the value of every existing dollar currently in circulation – including the ones in our pockets and bank accounts, and the ones China is holding, as well – and creating a near “Perfect Storm” consisting of millions out of work combined with $10 a gallon gas prices, with the price of almost everything else equally inflated.

    At that point, I think civil unrest becomes a near certainty, with food riots and such. particularly in urban areas. I hope I’m wrong, of course, but I’m not optomistic., not when it appears no one in the new Administration seems to have a grasp of Economics 101 or how Capitalism is supposed to work.

    AAARGH! I’m gonna quit rambling on about this mess for tonight before I
    get myself too worked up 8-[

  4. Keep it up man!
    This is what I wanted from this. Conversations on the issues!

    The job market is a tough situation. I try to be optimistic about it because I see a lot of opportunity in my field. But when you see that GM, huge American banks, clothing stores, and all other types of work are either in serious trouble or are already gone, those jobs are gone forever.

    I think if Obama’s plans of changing the priorities of America: fiscally, health-wise, environmentally and in education work and that spurs job growth, it could stem the tide.

    The scary thing about the article was that he said so many other countries have it a lot worse than the U.S.

    I haven’t heard too much bad about Canada, but the crime out in the West is getting crazy!

  5. (Quote)I think if Obama’s plans of changing the priorities of America: fiscally, health-wise, environmentally and in education work and that spurs job growth, it could stem the tide.”(Unquote)

    I know I said I was going to pack it in for tonight, but I feel the need to comment on the above. We’re laying off teachers left and right because we’re
    *broke*, and although health and education and the environment are important, they are not the correct issues to focus on at this time. I don’t see
    enough growth potential(at least, in the short term) in “Green” industries to
    make much of a difference in the employment picture, and while universal health care sure sounds nice on it’s face, it is unlikely to work well here – at least, not until some serious overhauls of both the medical industry and the legal system can be accomplished(but that’s another issue all by itself, for another post on another day).

    The point is, it’s about *priorities* and fiddling around with environmental issues and (what for us here in the US remains a utopian dream of sorts), universal health care, at a time when teachers are getting laid off due to budget deficits, is like focusing on picking out new curtains for the USS Titanic’s portholes *after* she hit the iceberg, instead of focusing on the water pouring into her bilges.

    IMHO, not only is this Administration going about The Main Problem bass-ackwards, it has it’s priorities mixed up, to boot. Not exactly a confidence-inspiring recipe for success, and the stock market is reacting accordingly.

  6. If we don’t work on health, education and the environment what else is there to work for?

    The government is an agent to help the people and their needs. Being healthy and smart is basically all we need to succeed. Also, I personally don’t believe climate change is caused by man, but I do believe we should be constantly trying to lower the damage we cause to our environment. If we don’t clean up our act, there won’t be anything left for our children’s children to exploit.

    The fact that the most powerful country on the planet does not have universal health care is baffling. I believe it begins with your aversion to taxes. Americans need to realize that taxes are important for a government to make the right decisions for their country. Then you have people fighting for no taxes but complaining that schools are getting closed… Money doesn’t grow on trees!

    I know as a libertarian you totally disagree, but more taxation works in other countries.

  7. Well, we’re definitely of different minds here:) The Libertarian stance is that the main purpose of gov’t is to protect our rights, not to feed, clothe and burp us.

    Right now, due to the imploding economy, schoolteachers are being laid off, and millions of newly-unemployed Americans now have no health coverage.
    Fix the MAIN problem FIRST, and the rest will follow suite

    As for “taxes are important for a government to make the right decisions for their country”, I see no evidence of any correlation between the billions we throw at the gov’t, and a corresponding rise in correct decisions.

  8. Things are going to be different thats for sure. We are going through a major economic shift and hopefully move us in a new direction that will make us a better and stronger society. The culture on Wall St couldn’t continue the way it was going with greed running rampet.

    There are some glimers of hope recently Canadian banks are saying they don’t need help from the government because they are flush with cash. Housing starts are way up in the States, inflation remains low and the markets have been on a multi day rally.

  9. If you have a chance to read Macleans this week. They have a great article on “The case for Optimism.”

    The article shows that some of the indexes, that measure how an economy is doing, aren’t that bad, and are definitely not as bad as the levels during the great depression.

    It puts things in perspective.

    Thanks for the comment!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: