US Debt
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Barack Obama is not the only extraordinary phenomenon to rise to prominence in this country in the last year or so - the trillion is right up with him. Suddenly it is popping up in newspaper headlines with extraordinary frequency, even though it is surely a number so far beyond our everyday conceptual grasp that it conveys practically nothing.
America's budget deficit for example - the amount by which what the government spends exceeds what it earns - is now $1.75tn, and its national debt - the total of those deficits accumulating from year to year - is nudging $11tn.
Incomprehensible
If it helps to view it as a figure then here is America's annual budget deficit as it stands now: $1,750,000,000,000. And the national debt: $11,000,000,000,000.
Does that help? No, I rather thought it would not.
http://news.bbc.co.uk/2/hi/programmes/from_our_own_correspondent/7914572.stm
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A world gone mad? I am so going to be a farmer.....
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To be fair to Mr Obama, a huge part of that national debt your excerpt pointed out was concocted out of the last administration's ideologically driven agenda.
President Obama has signed a stimulus package worth 780 billion dollars and a 75 billion dollar package to rescue individuals effected by foreclosures, not to mention the second part of TARP (350 billion) which he has expanded into the economy. Of course, many conservatives have voiced concern with not just the size of the Obama plan, but the strategy it entails - the continued bailout of banks, infrastructure projects, tax cuts (which were pretty ineffective as underlined by TARP). I think everyone has reason to be skeptical in the light of all this spending, especially with the catastrophic failure of TARP, and the growing American debt, which for us non-Americans, possibly entails a shifting geo-political dynamic and the worsening of our own local economy should the American Economy fails to recover.
Lets put it this way, the Obama strategy entails that credit flow be restored, the moulding of new industries which would resurrect the stalled American Economic engine and the final end of this tripartite model would be the return of consumer confidence into the market.
A tall order? Well, for us in the 'Rest of the World', we can only hope with our two fingers crossed that it works.
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Like the author pointed out, a trillion dollars, $1,000,000,000,000.00
What the hell!!!
It is like those hell bank notes you see.
Those people that designed the hell bank notes probably thought that the amount they put in is so great it is insupassable and yet in the USA now, a trillion is mentioned regularly without anyone cocking an eyelid.
When I read the article I sort of like, hmmm true, I just took it like it was normal, but if you think about it, you will go like, whoa!!! wait a minute, what the hell is happening!!!!
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Jim rogers also mention it is time to be a farmer. wealth will be created by ppl who can produce a phyical goods.
Gone are the days where bankers can earn millions by shifting cash from one plc to another.
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woh ................ you are "HELL OF A RICH"
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Originally posted by reyes:
Jim rogers also mention it is time to be a farmer. wealth will be created by ppl who can produce a phyical goods.
Gone are the days where bankers can earn millions by shifting cash from one plc to another.
I think ppl are also realizing that resource is finite...
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Originally posted by AndrewPKYap:
A world gone mad? I am so going to be a farmer.....
Uncle, if you are going to be farmer, I be the landlord. -
The national debt seems large. What about the national gross product? Is it large too?
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i read from a book n from the bbc that us trade is about 10 to us $15 tril per yr....the rest not sure...
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Originally posted by angel7030:
Uncle, if you are going to be farmer, I be the landlord.click to link: 03 Mar `09, 8:32PM
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The USA can do three things... pay off the debt or print paper money to cover the debt... or just borrow mnore and more and borrow from peter to pay paul.....
What would you do?
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Obama strategy for now seems to be printing more money. Where are the damn tree huggers when u need them?!
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US$ will be like Hell Note n u will b HELL of a RICH
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Looking at the chart movement of the exchange rates of these two currencies... which currency, you think, will sooner become hell money as compared to US$