Most important point #1: if you want folks to read a multi-100 word rant, you need to master the paragraph break. Seriously. Dude!

But the thing is, these foreign countries, who own trillion in U.S. debt are realizing the U.S. will NEVER be able to honor the T-bills it sold. They’re going to stop funding our debt. And when they do, all those dollars are going to come flooding back to our shores, collapsing the dollar.We can’t just print money out of thin air forever. This is NOT a partisan argument, as you would like to have it.

Since I’ve pointed out this basic dynamic of economics on multiple occasions, you really ought to get off the partisan name-calling horse round here. You’re just embarassing yourself.

I’m pretty concerned about what the massive levels of new spending will do. But at this point, it is pretty clear that neither China nor anyone else has figured out exactly how to extricate themselves from their current circumstances. Until someone else establishes a new safe-haven reserve currency, we have some time and insulation. That means that it is not entirely unreasonable to hope that, if the US can swallow a 2 or 3 year massive debt hike and then return back to historical levels of budget debt, China and everyone else will respond with not too much else besides a reluctant “I guess it’s OK.”

That very well might not be what happens, but frankly, your certainty is comical. The US has never defaulted before. Paid off using dollars of which there were more than there were before when the bills were issued? Sure. Obviously not a great idea, and just as obviously we’re treading dangerous ground. But since our currency is based on faith, it’s going to sink or swim on that, too, not just print production.

There’s that word again…faith. If there are 100 dollars in the world worth a certain amount, and then you print 20 more, and for whatever reason the world thinks all of the 120 dollars have the same value EACH as the 100 dollars had before, then there IS no inflation.

You keep insisting that only what we do matters for economics, and that how we feel has nothing to do with anything. BUt only a fool of an economist would dismiss the subjective and imaginary components of economic value.

Let’s face it – ideas about the best way to “fix” the economy depend to a fair extent on what you believe the economy should look like when it is “fixed” — generally Republicans and Democrats do not share a common vision here. That being said, I think most rational people would agree that, as in their personal lives, they want the people of this country to have access to gainful employment and not have the country be neck-deep in debt. I didn’t like a bunch of items in the stimulus, but I did like others. Will it work? I sure as hell don’t know for sure, and I know that there aren’t any honest economists out there who would say they know for sure. Forecasting macro-economic conditions is an incredibly difficult thing to do, not least so because it hinges on the variables of crooked politics along with the good old human tendencies fo greed and deceit.

If only economics were a science, then maybe the economic world could stand in unison and tell us how to get out of this mess, based on objective assessment of measurable data — you know, like the IPCC is doing regarding climate change.

Love it. Snoops been reading Asimov’s Foundation Trilogy!

Actually the dollar is higher against the Euro than it was when I was living in Italy a few months ago. It’s under a 1.30. I was paying 1.60. If I were still there I’d be throwing a party and celebrating the dollar’s strength. Cheap gelato!

Thanks for your tacit admission that I was right about you. Saves time.

Period!

He is probably more fascinated with his own “stciicck!” present spike in controversy, not withstanding, he is no more than that…If all of you and media wish to place him where he will only benefit financially from…I’m sure he is getting quite the kick.

Read Machiavelli….google it, take a moment…as I this Italian Ex-Con Newspaper Publisher who has never been “given” a break…let me as a “Experiential Social Philospher” might suggest…

“Bring it!…don’t Sing it!..” Rush is simply calling it as it is, as he does understand the ways of man and the inhumantity of man towards man…that simple..

Lighten up, take responsibility…it isn’t our fault that you now have the best life otherwise ..if it wasn’t for America…

Celebrate with an Attitude of Gratitude!

…The Italian guy here.

The White population of America, you WASPs and other Anglo’s .. are a bunch of chumps….generally speaking.

The wool is being pulled over your eyes, and your not scratching, your buying everything hook, line, and sinker…

You are driven by celebrity, affected by victims, expect others to be the root of your pleasure and happiness…..Well now with the promise of a simple answer and hopes of pleasure you now you have YOUR leader…

with the help of the MediaCrats, like the children that found daddy’s liquor cabinet in their giddyness like approach to nonewstainment, …forget INFOtainment….what info…crap better suited for those who like CRAP…. we have the NoNewstainment. But for others like Rush, Thank God, for Rush…..

Your misplaced guilt for the one of many in the evolution of mankind, abominations of civilization, slavery have blinded most of you.

Guilt misplaced….Give yourselves SOME credit…Look at all of the Black/Negro professionals athletes and media stars….where would they have been without that abomination slavery…..think about it…..I know it hurts…but still…
African leaders THEMSELVES are co-conspirators of this abomination called Slavery.
Again, think about it….give yourself some credit…..If those poor souls, the true victims, if they were to come back to witness first hand, the 2 minute time clock of the Super Bowl or the NBA Championship watching one of their own, 10 score past, make the grade…what do you think there thoughts might be?
….. I will tell you what great, super great granddad would say…dig this….
…..would be….hey baby, if it wasn’t for us, you would not be here…now give me some of that cha ching/signing bounus just received……..bingo…so…what is message here…the message is simple

Open your eyes “White America”….it is inability to face these questions and to talk about the bitterness we all feel from both sides of the racial issue.

The racial issue is simple…I’m more concerned with Human Relations we are all failing at…and in this “Error of Obama” notwithstanding, we are risk of losing the very nation that we struggled to become…overnight…..and we did it to ourselves….wake up…

Beyondpuke indeed.

beyondpuke.com

The Diffusion of Innovation…google it…you will be amazed and educated as you are entertained with REAL info on life as we know it today.

Yes they did, Justin. One of them, Great Britain, bankrupted herself in the process, losing world power status. Until WWII, the pound sterling was the world’s reserve currency. But once it was over, it collapsed, and the dollar became the reserve currency.

Now the same thing is about to happen to the dollar.

Yes they did, Justin.  One of them, Great Britain, bankrupted herself in the process, losing world power status.  Until WWII, the pound sterling was the world’s reserve currency.  But once it was over, it collapsed, and the dollar became the reserve currency.

Now the same thing is about to happen to the dollar.

Let’s remember that inflation didn’t exactly go through the rough when Reagan quadrupled the debt in the 80s. But somehow, when prices are actually dropping right now, we’re going to have crazy hyperinflation. Yeah, sure.

And what they’re also ignoring is that EVERYBODY’S economy is going down the toilet and nearly every single one of them is printing or borrowing more to make up the difference. So what better time to spend then when everybody else is doing it? Anybody remember what happened during WWII? Did countries spend money they didn’t have?

But hey, keep believing that the deficit is the most important thing when we’re hitting unemployment numbers we haven’t seen in nearly 3 decades.

Friedman, out!

You miss that kind of thing living inside the DailyKos echo chamber.

And ‘yes’, Big Mike, I’m a big bad partisan because I have opinions, unlike you. I love how liberals always think they’re so open-minded and they’re all genious math book editors like Hillary Clinton.

You’re a fraud.

Uhhg!!! You got me…right through the heart…
…conservatism dying….getting dark….can’t hear…Mike…has smote the great Snoop…

Not all of it. I put about 25% in oil futures when it bottomed out and 25% in precious metals.

So why all that worry about your daughter’s future?

Krispy Kritter, what is it that you think is going to happen when the dollar collapses? Life will just go on as normal, editing math books & thinking critical thoughts?

We’re looking at years of civil unrest and hyper-inflation. Our paychecks, paid in dollars, are going to be worthless. How do I save for a child’s furture with a totally debased currency?

Is that NOTHING to you?

BTW, it kind looks like the US gov’t IS moving towards asset-backing, if the recent acquistions are any judge.
Sweetheart, backing a currency with foreclosed houses in a depression doesn’t work. I’d explain it, but by the time I finished I’d have to award you a B.S. in Economics.

The transcript is here:

http://latimesblogs.latimes.com/washington/2009/03/obama-limbaugh.html

You didn’t answer anything in the referenced comment. You said you were in Iraq, and you denounced bailouts, and you claimed — falsely — that conservatives attacked Bush’s spending in Iraq.

In fact, the entire comment is just you throwing dust in the air.

You’re just another partisan regurgitating dishonest talking points. Witness your absurd attempt to pin this shit storm on Geithner in another thread. It’s Geithner’s fault we bailed out Bear? Was that not Paulson on his knees begging for the money? Was that not Mr. Bush’s term of office.

You’re a fraud. Just another partisan loudmouth regurgitating partisan talking points.

And by short-selling against the more-than-halving of the stock market that ALL the brilliant economists foresaw and managed to keep mum about.

So why all that worry about your daughter’s future? Surely you profited handsomely enough for your empire to ride comfortably for several generations, no?

BTW, it kind looks like the US gov’t IS moving towards asset-backing, if the recent acquistions are any judge. :-) Maybe you’ll get your wish, for all the wrong reasons.

It’s a f*cking fire sale!

Bye America!

The vast majority of honest and able practitioners of economics would be horrified by the claim that economics is science and NOT art.
The ones who get B.A.s in Economics and teach it at junior colleges, perhaps. The ones who get B.S.s in Economics and ‘called’ this disaster 15 years ago understand the science. And no, they’re not horrified, Horrified, HORRIFIED!!!

I’ll concede that faith is required if you live in a society with a fiat currency like ours. But SANE countries have their currency backed with assets. We used to do that actually, believe it or not.

The only thing our nation’s working poor NEED is for their government to stop debasing the value of what few dollars they have, so they can actually feed their families. Evertime government ‘touches’ the working poor, all they do is get poorer.