Quote from: foggyb on July 09, 2011, 09:07:23 PM

Quote from: Nescio on July 09, 2011, 08:45:43 PM

You and your "OMG the USD is dooooomed!!!" brethren are just spreading FUD based on wishful thinking and a fundamental misunderstanding of basic economics.

Then I suppose the meaning and implication of runaway debt is completely lost to you.

US debt will not be paid off. It can't be paid off. NO AMOUNT of taxation, reasonable or otherwise, can put a dent in the US's ocean of debt.

That means a DEFAULT, an overnight trashing of the dollar's value (20-30% inflation in less than a year, it happened to the UK in 1975), large increases in gas and food price, and widespread unemployment of perhaps 30%.

Oh, and world reserve currency status? Say goodbye to it. That will be a killer blow to the USD.

This is coming within a few years at the most, and there is nothing anyone can do about it, except get out of US dollar assets.

Within a few years at most, huh? You remind me of that guy Camping, who recently predicted the end of the world. May 21 came and went, and strangely he didn't admit that he was completely wrong. I doubt you will either when, say twenty years from now or so, you look around and realize everything is still pretty much the same. No big collapse, no economic apocaplyse (except that gold is back down at $800 an ounce or so, so all the goldbugs lost a ton buying high and refusing to sell), just normal growth and inflation.

Doomsday nuts always seem to forget all their confident assertions as soon as they're proven wrong.

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