Another perspective on our debt
- Thread starter DEAD7
- Start date
Futuristic Eskimo
All Star
Is it really necessary to explain to you several times that as long as the USD is the reserve currency of the world, our national debt is low on the list of priorities that we need to deal with right now?
I understand I just disagree.
Could you explain why it will always be the reserve currency of the world? and why that wont change?
no country is in the world can boast of economic stability like the US.I understand I just disagree.
Could you explain why it will always be the reserve currency of the world? and why that wont change?
None...
Dusty Bake Activate
Fukk your corny debates
Word to Reinhart and Rogoff son.
So our debt isn't a problem....
Not something I hear everyday, but you guys seem to be sure.
Not something I hear everyday, but you guys seem to be sure.
Futuristic Eskimo
All Star
Why don't you give a reasonable explanation on why you disagree instead of just posting smilies?I understand I just disagree.
Could you explain why it will always be the reserve currency of the world? and why that wont change?
Sure, but just to be clear. I posted a yahoo article, and didn't make an assertion either way, or give an opinion.
I even titled it another perspective....
the dollar having reserve currency status without the equivalent economic production to back it up means the dollar's strength is superficial, which leaves us vulnerable. and while the US is still relatively strong economically when compared to other countries, we all know US economic conditions are worsening and will most likely continue to get worse leading to a decrease in living standards across the board for most people, the bottom of which is still unknown.
it's publicly acknowledged that our current economic trajectory is unsustainable and so of course other countries know this. but we're still making money for several entities around the world so they will continue to bleed us dry until...
that's the best case scenario.
the worst case scenario is other nations decide to smarten up and stop using the dollar as reserve currency sooner than later, in which case we're looking at a possible mad max setup.
it may not happen overnight, but it could. and even if it doesn't happen overnight we're on a clear spiral downward so the eventuality of desperate economic conditions in the US are are virtual certainty.
i want to be clear though, economic depression is only imminent if we stay on this course. if we improve our economic performance in terms of policy and execution then we can certainly turn this thing around.
^exactly, I asked why he believes the dollar will continue to be the reserve currency, but he ignored the question.
At our current trajectory, I don't see how it can
At our current trajectory, I don't see how it can
Futuristic Eskimo
All Star
It was answered by someone else already, I didn't ignore anything.^exactly, I asked why he believes the dollar will continue to be the reserve currency, but he ignored the question.
At our current trajectory, I don't see how it can
The only other country that can manage to have its currency compete with the US in the near future is China, but no one seriously thinks that the renminbi will be a global reserve currency. More than likely it will only dominate South East Asia. You seem to be operating under the assumption that economic conditions in the US are going to get progressively worse. As I don't agree, there really isn't anything here to talk about.
Piff Perkins
Veteran
Another point: the US is poised for quite an economic boom in the coming years. Remember Romney promising 10mil jobs in four years? That's about what's going to happen regardless.
Focusing on the deficit during a stagnant period of growth makes no sense. Once the work force recovers and we continue to move away from the things that exploded the deficit in the short term (Iraq war) we'll bet set.
Futuristic Eskimo
All Star
Energy independence within the next 10 years is also going to be huge in driving the recovery
Piff Perkins
Veteran
Basically whoever is president after Obama is going to be considered a great president, economically wise. That's why liberals were so concerned at the possibility of him losing last year - if he lost and the next president presided over an economic boom, it would hurt liberal candidates for years. Obama will see some of that success now, and it won't be due to his policies but he'll get credit. And whoever comes after him will get even more.Energy independence within the next 10 years is also going to be huge in driving the recovery
Get ready for at least a decade more of democrat control of the White House brehs
Long, but it lays out clearly a pretty strong case as to why you both are wrong.