21st Century Breakdown

Discussion in 'Politics' started by UncleJoe, Feb 25, 2010.

  1. UncleJoe

    UncleJoe Well-Known Member

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    An essay by Jim Quinn

    Progressives like Arianna Huffington clearly don’t comprehend what is happening. The anger and disillusionment of the population are seen as worrisome and disturbing by those who believe history is linear. The entrenched ruling elite should be apprehensive. During a Crisis existing institutions are torn down as the social fabric of the country undergoes wrenching changes. Those in power are rightfully fearful of the masses they have screwed for decades. President Obama, Ben Bernanke, Timothy Geithner, and the majority of economists and TV pundits are convinced the Crisis has passed and they have successfully maneuvered the country through the worst, avoiding a second Great Depression. History suggests otherwise. We have yet to experience the nastiest part of the Crisis. We can expect to encounter private and civic choices analogous to the cruelest ever confronted by ancestral generations. The recently submitted Obama budget, adjusted for reality, will add at least $12 trillion to the National Debt in the next ten years. That would bring the National Debt to $24 trillion in 2019. At a modest interest rate of 5%, the country would be paying $1.2 trillion per year in interest. The more likely scenario would be a 10% interest rate, resulting in annual interest costs of $2.4 trillion. The entire spending of the Federal Government was only $1.2 trillion in 1990.

    Mr. Progressive, Paul Krugman, insists that worries about the debt are overblown. Despite the fact that our economy isn’t capable of growing more than 2.5% over the long term, he sees no problem growing our National Debt by 10% per year. It’s as if his Nobel Prize was coated in lead and he has been sucking on it. Only someone who is brain damaged would argue that doubling our debt will solve a crisis caused by too much debt. It’s as if Krugman wants to become the Irving Fisher of his time. One week prior to the Stock Market Crash of 1929 Fisher famously pronounced:

    "Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as (bears) have predicted. I expect to see the stock market a good deal higher within a few months."

    The entire essay is here:

    21st Century Breakdown by Jim Quinn
     
  2. Lake Windsong

    Lake Windsong Well-Known Member

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    As the article states: 'A "Weimar Moment" will strike the United States like a sledgehammer.' I do not own nearly enough wheelbarrows...:eek:


    Good article. I've read a book written in the 80's which spoke of the cycles in American history. Basically, the author saw inflation and crisis for the years 2008-2015. I'll see if I can't find the title, it was a good read.
     

  3. Jason

    Jason I am a little teapot

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    Jim Quinn is a Pittsburgh boy. Because of my work schedule I don't listen to him much but I do like what he has to say.
     
  4. Nina9mm

    Nina9mm Member

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    Holy indigestion, Batman! Just read the WHOLE essay by Jim Quinn. Thank you, Uncle Joe, for posting the food that will fuel my nightmares tonight!
     
  5. UncleJoe

    UncleJoe Well-Known Member

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    Sorry. :eek: Pleasant dreams. :rolleyes: