When you run out of other people's money

[Denny]

you don't know Denny very well, do you?

I bet an ounce of silver he doesn't even know why people make all these silver comments on here. LOL

[Mr_Fiux]

Came out on the BBC news at 6 yesterday that the majority of Greeks including pensioners could not withdraw their €60 a day. However, tourists and beachgoers could withdraw whatever they needed. (This pissed the Greeks off even more). Currently there is rioting that is not on the mainstream news but it is on facebook and liveleak. Shit is going to go down for the EU if this happens. Luckily there are a few countries that are not on the EU currency. What is the funniest part? They are still taking in hoardes of Levant and Africans into Greece and Italy. This is going to be one hell of a party. I for some reason (because of a nagging wife) still have €6500 in the Bank. It might be play money next week. ¥o£o!!!

[Mr_Fiux]

Came out on the BBC news at 6 yesterday that the majority of Greeks including pensioners could not withdraw their €60 a day. However, tourists and beachgoers could withdraw whatever they needed. (This pissed the Greeks off even more). Currently there is rioting that is not on the mainstream news but it is on facebook and liveleak. Shit is going to go down for the EU if this happens. Luckily there are a few countries that are not on the EU currency. What is the funniest part? They are still taking in hoardes of Levant and Africans into Greece and Italy. This is going to be one hell of a party. I for some reason (because of a nagging wife) still have €6500 in the Bank. It might be play money next week. ¥o£o!!!

[YALE]

Nothing to see here people; move along smartly. Yale and Denny swear this could never happen in the US even though our Congress makes the Greeks look like a convention of Rhodes scholars and Nobel Prize winners.

I'm not saying it couldn't happen here. I'm saying we're not anywhere close to this.

[svauto-erotic855]

I'm not saying it couldn't happen here. I'm saying we're not anywhere close to this.

Since the Greeks are "Only" a few hundred billion in the hole I would also say that we are "Not anywhere close to this". The truth is that we are doing much worse then the Greeks are but for some reason people are still loaning us money.

[slow99]

The truth is that we are doing much worse then the Greeks are ...

How so?

[svauto-erotic855]

How so?

Our outstanding cash debt is 50 time higher then theirs and our debt to GDP ratio is also MUCH worse then theirs. Our unfunded liability's are over 100 trillion and keep growing by many trillions every year because of new government entitlements programs that keep getting passed or expanded.

If people stopped lending us money the Federal government would lose about 40% of its budget over night.

[BrianC]

http://www.bloomberg.com/news/articl...ras-calls-vote

Time to pay the piper socialists.

Our country will be paying the piper soon, too. We're in so much debt it's not even funny. The Fed has printed so much money for the nations of the world since we went off the gold standard that the currency has been inflated to kingdom come. If you check out www.peakprosperity.com and watch The Crash Course, it'll teach a person the components of "the economy" (something very few people actually understand) and show how it's doing. When you see inflation on a graph compared to the past 340 years, it's incredible. I don't see how the world economy is still standing today.

At the beginning of 2014, world economist projected that the economy would get worse in 2014, and sometime in the middle of 2015, it would completely collapse. When you see it graphed out, you understand why they're saying that. Interesting stuff. I suspect we're about to see lots of countries start to topple because of the low price of oil. That hurts the US's oil companies quite a bit, and it's collapsing Russia. Putin's so pissed off about it, he's put his military on alert, ready to attack Ukraine. Why, I'm not entirely sure--it's just something Russia seems to do historically. lol

It'll be interesting to see how it turns out. Lots of things happening in mid-September this year. Good thing we're in Texas where there's lots of oil and refineries and a decent economy.

[slow99]

Our outstanding cash debt is 50 time higher then theirs and our debt to GDP ratio is also MUCH worse then theirs. Our unfunded liability's are over 100 trillion and keep growing by many trillions every year because of new government entitlements programs that keep getting passed or expanded.

If people stopped lending us money the Federal government would lose about 40% of its budget over night.

Wrong. Our debt level is 50x higher and our GDP is 97x higher, making our debt:GDP ratio MUCH BETTER than theirs.

Greece debt:gdp 175%
US debt:gdp less than 107%

Tons of other metrics as well where it isn't even close.

Our position isn't great, but to say it's worse than Greece's is asinine and sensationalistic.

[YALE]

The Greeks also don't have direct control of their monetary system, whereas we do.

[svauto-erotic855]

Wrong. Our debt level is 50x higher and our GDP is 97x higher, making our debt:GDP ratio MUCH BETTER than theirs.

Greece debt:gdp 175%
US debt:gdp less than 107%

Tons of other metrics as well where it isn't even close.

Our position isn't great, but to say it's worse than Greece's is asinine and sensationalistic.

Go back and figure our GDP to debt ratio the same way the Greeks figure theirs and you will see that they are much better off then we are. Using ANY accounting method other then the one the US government uses for itself will show just how broke we are. We are nearly 120 TRILLION in the hole right now and that number gets bigger every second of every day.

[Broncojohnny]

Slow99 is correct. We all know the lurking time bomb of social security and disability but those problems can be solved with a simple pay cut to the old people. The politicians just need a crisis so they can blame it on math.

What scares the hell out of me is that our economy can't take high interest rates. Everything is so inflated on zero/low interest rate policy that whole sectors will collapse, the two big ones being housing and car sales. If inflation suddenly kicks in and they have to raise rates we are going to be in a world of shit very quickly.

[slow99]

Go back and figure our GDP to debt ratio the same way the Greeks figure theirs and you will see that they are much better off then we are.

I just did it apples to apples and the results were 175% to 107%. That's the apples to apples comparison. No need to add in all these other methodologies when comparing the same to the same. I know exactly what you're talking about with the other U.S. Numbers; hell I was the first one posting about it back in 2008. It's called an unfunded liability. Neither you nor I know what Greece's unfunded liability is, but knowing what I do know about Greece I'm certain it's way higher than ours.

[Broncojohnny]

They are $268B in debt last I read. That we know about.

[slow99]

They are $268B in debt last I read. That we know about.

It's more than that, I pulled the numbers today and did the calculations I posted above. I want to say it is high $300s of billions. And the last reliable number I saw for their unfunded liabilities was 1.5 trillion, 8x gdp, in 2005. That number is AT LEAST 12x now.

Edit* just saw the Greece debt clock has them at $350 B.