tag:blogger.com,1999:blog-4102429195693595750.post5551118723304263075..comments2024-03-22T05:15:17.042+02:00Comments on Sudden Debt: Insolvency DominoesHellasioushttp://www.blogger.com/profile/03564511281240682625noreply@blogger.comBlogger49125tag:blogger.com,1999:blog-4102429195693595750.post-66631908819636189852008-09-26T12:58:00.000+03:002008-09-26T12:58:00.000+03:00nikedao妮可鞋岛adidasnike运动鞋nikedao妮可鞋岛adidasnike运动鞋ni...<B><A HREF="http://www.nikedao.com" REL="nofollow">nikedao</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">妮可鞋岛</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">adidas</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">nike</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">运动鞋</A></B><B><A HREF="http://www.nikedao.com" REL="nofollow">nikedao</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">妮可鞋岛</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">adidas</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">nike</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">运动鞋</A></B><B><A HREF="http://www.nikedao.com" REL="nofollow">nikedao</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">妮可鞋岛</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">adidas</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">nike</A></B><BR/><B><A HREF="http://www.nikedao.com" REL="nofollow">运动鞋</A></B>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-34139105817181606812008-09-12T00:56:00.000+03:002008-09-12T00:56:00.000+03:00> revert to a mortgage market> backed by reg...> revert to a mortgage market<BR/>> backed by regular banks<BR/><BR/>Agreed! If the banks hold onto the mortgages they originate, they'll give a damn about them. They be careful with their lending, which is good for both borrowers and lenders. IMHO, the subprime mess would have had a fraction of the impact it's having now if Fannie and Freddie never existed. Yup.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-54353356731498006812008-09-12T00:50:00.000+03:002008-09-12T00:50:00.000+03:00> the market already assumes > that Fannie a...> the market already assumes <BR/>> that Fannie and Freddie have<BR/>> the implied backing of the <BR/>> government...<BR/><BR/>If that's true then why did 30-year fixed mortgage rates decline as soon as the takeover was made official?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-75753887001283625782008-09-10T14:24:00.000+03:002008-09-10T14:24:00.000+03:00wow goldwow goldwow goldwow goldwow power leveling...<A HREF="http://www.powerleveling-wowgold.com/" REL="nofollow">wow gold</A><BR/><A HREF="http://www.wow-powerleveling-wow.com/" REL="nofollow">wow gold</A><BR/><A HREF="http://www.cheapestwowgold.org/" REL="nofollow">wow gold</A><BR/><A HREF="http://www.wow-powerleveling-wow.com/gold.asp" REL="nofollow">wow gold</A><BR/><A HREF="http://www.powerleveling-wowgold.com/" REL="nofollow">wow power leveling</A><BR/><A HREF="http://www.wow-powerleveling-wow.com/wow-powerleveling.asp" REL="nofollow">wow power leveling</A><BR/><A HREF="http://www.wow-powerleveling-wow.com/" REL="nofollow">wow power leveling</A><BR/><A HREF="http://www.wowpowerleveling-wow.com/" REL="nofollow">World of Warcraft gold</A><BR/><A HREF="http://www.wowgold-powerleveling.com/" REL="nofollow">power leveling</A><BR/><A HREF="http://www.wowgold-powerleveling.com/" REL="nofollow">powerleveling</A><BR/><A HREF="http://www.wow-powerleveling-wow.com/" REL="nofollow">power leveling</A><BR/><BR/><A HREF="http://www.wow-powerleveling-wow.com/wow-powerleveling.asp" REL="nofollow">power leveling</A><BR/><A HREF="http://www.wow-wowpowerleveling.com/" REL="nofollow">wow power leveling</A><BR/><A HREF="http://www.wow-wowpowerleveling.com/wow-powerleveling.asp" REL="nofollow">wow power leveling</A><BR/><A HREF="http://www.wow-wowpowerleveling.com/" REL="nofollow">power leveling</A><BR/><A HREF="http://www.wow-wowpowerleveling.com/powerleveling.asp" REL="nofollow">power leveling</A><BR/><A HREF="http://www.powerleveling-wowgold.com/" REL="nofollow">power leveling</A><BR/><A HREF="http://www.wow-powerleveling-wow.com/" REL="nofollow">powerleveling</A><BR/><A HREF="http://www.wow-powerleveling-wow.com/wow-powerleveling.asp" REL="nofollow">powerleveling</A><BR/><A HREF="http://www.wow-wowpowerleveling.com/" REL="nofollow">powerleveling</A><BR/><A HREF="http://www.wow-wowpowerleveling.com/powerleveling.asp" REL="nofollow">powerleveling</A><BR/><A HREF="http://www.powerleveling-wowgold.com/" REL="nofollow">powerleveling</A><BR/><A HREF="http://www.powerleveling-wowgold.com/" REL="nofollow">World of Warcraft power leveling</A><BR/><A HREF="http://www.powerleveling-wowgold.com/wow-powerleveling.html" REL="nofollow">World of Warcraft power leveling</A>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-52818576021995934612008-07-15T12:42:00.000+03:002008-07-15T12:42:00.000+03:00Yoyomo-- If it is the 'anti-war' notion that is ge...Yoyomo-- If it is the 'anti-war' notion that is getting in the way of you understanding my point, then strike that particular issue from the list. It is an example only. I am not trying to pick on any one issue.<BR/><BR/>It is not a silly argument at all, regardless of what you think. I'll try one last example to hel pyuo see my point and then we can just move on...<BR/><BR/>EVERYONE in New Orleans knew about the levees for as long as I can remember (and I mean EVERYONE). FEMA would run training excercises with the local agencies for just the scenario that eventually occured (again for years).<BR/><BR/>All the state voters knew about the Levee issue, but doing something about it (i.e. spending money on Levees and NOT spending money somewhere else) was too difficult a choice for them to make, so instead they elected politicians who did not solve the problem, even though everyone knew the issue was real. To steal a term from Randy Shilts: 'the band played on'.<BR/><BR/>Everyone may agree on an issue, but when it comes to making the tough choices necessary to solve the issue, the issue can still lose priority as others are believed as being 'more important'or 'more pressing'... pretty soon 'it just doesn't happen'.Thaihttps://www.blogger.com/profile/00700253024420397221noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-69178574804555972532008-07-15T07:42:00.000+03:002008-07-15T07:42:00.000+03:00Thai,That has to be one of the silliest arguments ...Thai,<BR/>That has to be one of the silliest arguments I've heard. Anti-war voters corrupted their opposition to the war by not considering tax policy?yoyomohttps://www.blogger.com/profile/06357340275250708990noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-61906040129614714132008-07-14T18:57:00.000+03:002008-07-14T18:57:00.000+03:00Edwardo- they are not inconsistent, but I will spa...Edwardo- they are not inconsistent, but I will spare you and everyone else a clarification.<BR/><BR/>Yoyomo- not psychic. But I do think voters themselves 'corrupt' issues by doing things like voting for a politician on one (or a small cluster) of issues without considering still other issues. <BR/><BR/>Large numbers of voters decide whom they will vote for based solely on one issue (say abortion, Iraq, whatever...).Thaihttps://www.blogger.com/profile/00700253024420397221noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-50713228653684366002008-07-14T16:47:00.000+03:002008-07-14T16:47:00.000+03:00Sometimes it seems that Thai believes that voters ...Sometimes it seems that Thai believes that voters have psychic abilities and can tell when candidates are lying to them and so must be held responsible for voting in liars. <BR/><BR/>Obama railed against the invasion of Iraq and anti-war voters voted for him; are they to blame that now he has back peddled?yoyomohttps://www.blogger.com/profile/06357340275250708990noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-76905826476488012902008-07-14T14:05:00.000+03:002008-07-14T14:05:00.000+03:00Perhaps you have been misunderstanding me... such ...Perhaps you have been misunderstanding me... such a comment could have been torn from ANY text of my fractal universe.<BR/><BR/>Maybe, Thai, but my recollection of your perspective about who was responsible for the fall of Enron doesn't exactly square with that.Edwardohttps://www.blogger.com/profile/03613197383283896190noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-64954726946278811412008-07-14T06:43:00.000+03:002008-07-14T06:43:00.000+03:00Edwardo said... "in fact it's provable, that while...Edwardo said... <BR/><BR/>"in fact it's provable, that while some have left small smudges on the canvas others have badly stained the surface beyond all recognition, and others still have punched holes right the way through. All this by way of saying we are not all equally culpable in our national catastrophe"<BR/><BR/>Perhaps you have been misunderstanding me... such a comment could have been torn from ANY text of my fractal universe.Thaihttps://www.blogger.com/profile/00700253024420397221noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-76177496615643767262008-07-14T06:00:00.000+03:002008-07-14T06:00:00.000+03:00Thai, I suggest reading the article in full and no...Thai, I suggest reading the article in full and not just a few small excerpts before asserting what you think comprise the article's failings. To wit: The Wrecking Crew isn't about the last 28 years, though the Reagan Revolution, as it was called, certainly gave birth to the Republican Congressional demon seed that is the article's primary focus.<BR/><BR/>As for partisan, if the shoe fits, then best to bloody well wear it. There is no point in looking in every room of the house for the missing article of clothing when all the evidence points to it being in the master bedroom. The fact is, however feckless and lame the Democrats may be, Republicans (as per the thesis of the "The Wrecking Crew) were the primary legislative architects, enablers, and ombudsman of our present misery. They held the congressional reins of power from 1994 until recently, and during that time they did their worst.<BR/>Now we are paying the price.<BR/><BR/>I know you are fond of applying equal responsibility for all manner of ills to the powerless as to the powerful, but I'm afraid that everyone doesn't have their fingers on deleterious long term trends in debt to GDP ratios. I, for one, don't, and it is highly doubtful, in fact it's provable, that while some have left small smudges on the canvas others have badly stained the surface beyond all recognition, and others still have punched holes right the way through. All this by way of saying we are not all equally culpable in our national catastrophe.<BR/><BR/>Now as for my prognostications, socialized medicine? Perhaps. That sounds like a relatively happy outcome. I see institutions in all areas of civic life, from hospitals, to banking outfits, to government, local and federal, seizing up and failing to function. <BR/><BR/>Why it's already happening. And sometime in this generation or the next, some part or parts of the nation will explore, though that may be far too polite a term, obtaining independence from the rest.Edwardohttps://www.blogger.com/profile/03613197383283896190noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-67683000530979732552008-07-14T05:19:00.000+03:002008-07-14T05:19:00.000+03:00I'm sure many of you in long-time marriages have l...I'm sure many of you in long-time marriages have learned how to argue efficiently. Here's a snippet of conserversation at a local restaurant tonight:<BR/><BR/><1/2 (better half): "You look lost in thought"<BR/>Me: "Yurts" (Summation of previous arguments that civilation is ending and survivors will need to live in yurts farming with goats)<BR/><1/2: "Dollar cost averaging" (You are overreacting; everything is going to be fine)<BR/>Me: "Hmmmm" (I disagree, but recognize my inability to convince you)<BR/><1/2: "The salsa is good" (Salsa is objectively good & non-sequitor needed to change topic)<BR/>Me: "Yep!" (Enthusiastically agreeing to salsa quality and topic changing).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-11344683617829130122008-07-14T01:25:00.000+03:002008-07-14T01:25:00.000+03:00Marcus, reasonable enough... I am guessing Brad D...Marcus, reasonable enough... <BR/><BR/>I am guessing <A HREF="http://delong.typepad.com/sdj/2008/07/every-time-i-tr.html" REL="nofollow">Brad DeLong's playbook</A> is going to be the one that is actually followed (and not Grover Norquist). It seems so 'reasonable'.Thaihttps://www.blogger.com/profile/00700253024420397221noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-68897408787868597712008-07-13T23:52:00.000+03:002008-07-13T23:52:00.000+03:00Let's look at the topic and then talk about the pr...Let's look at the topic and then talk about the probable response and the possible effects:<BR/><BR/>Hell said:<BR/>"There are no easy solutions here. Time has come to look for the hard ones, and take the bitter medicine as soon as possible. There is no way to sugar coat this pill - it's simply too big, orders of magnitude bigger than Bear Stearns/JP Morgan."<BR/><BR/>The easy "solution" will be taken. Prop it up , zombify it, push it down the road, that is the probable response. To think otherwise is placing virtue ahead of political advantage--not in this era.<BR/><BR/>"Orders of magnitude" has no meaning to the voting public. Originally told the Iraq war would cost 10-15 billion dollars the plus one trillion dollar reality has no real psychological kick to the public--just add a few zeros. The national debt increasing four trillion dollars the last eight years has similar kick in the minds of the voting public--none.<BR/><BR/>One positive aspect about Obama winning the presidency--besides Constitutional integrity (we can only hope)--will be the newly found fiscal responsibility by the republicans, hoping to turn it to political advantage against the democrats, pushing the country toward recession/depression.<BR/><BR/>I agree with Greenie to the degree that after "the bitter pill" is taken during the Obama term we can expect a lashing out by the next war hawk, and a Semite group is at risk of genocide. <BR/><BR/>If McCain is elected the war will begin a lot sooner, Justice Brennan will keel over from heartbreak and martial law will follow.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-68737566897128088262008-07-13T22:05:00.000+03:002008-07-13T22:05:00.000+03:00Sorry Thai, I just clicked on your link and it see...Sorry Thai, <BR/>I just clicked on your link and it seems to be the same graph, I should have read further down before posting.yoyomohttps://www.blogger.com/profile/06357340275250708990noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-13063732610869306552008-07-13T21:53:00.000+03:002008-07-13T21:53:00.000+03:00Thai,I think I remember seeing a graph showing deb...Thai,<BR/>I think I remember seeing a graph showing debt/GDP peaking at 270% in the first half of the 30's and was about half that in the late 20's but it's a weak memory I'm not sure of.yoyomohttps://www.blogger.com/profile/06357340275250708990noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-27397824950685857822008-07-13T18:55:00.000+03:002008-07-13T18:55:00.000+03:00Edwardo said... "As for dominoes falling, (back to...Edwardo said... "As for dominoes falling, (back to collateral damage) ponder the effects that will manifest far beyond just the financial and general economic realm"<BR/><BR/>Care to make any predictions? <BR/><BR/>I am betting we will see ‘socialized medicine’ before all this is over.<BR/><BR/>As for financial dominos outside the financial system (not really your question I know but also interesting to ponder) — <BR/>From Alice Cook’s Blog <A HTTP://UKHOUSEBUBBLE.BLOGSPOT.COM/2008/07/FDIC-SHUTS-DOWN-INDYMAC.HTML” HREF="”" REL="nofollow">UK Bubble</A>… <BR/><BR/>“IndyMac had around 10,000 depositors had funds in excess of the insured limit $100,000. Depositor losses could exceed $1 billion”.<BR/><BR/>Were such events to happen to my firm's cash management account, the effect would be disastrous. <BR/><BR/>America's small businesses, watch out!<BR/><BR/>Regarding ‘The Wrecking Crew’, I don’t get Harper’s but looked up some excerpts, <A HREF="http://shakespearessister.blogspot.com/2008/07/wrecking-crew.html" REL="nofollow">from what I read</A> it seems like an awfully partisan reflection of the last 28 years). If <A HTTP://PHOTOS18.FLICKR.COM/24012562_68E2121A3D.JPG” HREF="”" REL="nofollow">Greenie’s debt/GDP chart</A> is to believed, this problem has been building for a very long time and has everyone’s fingerprints on it.<BR/> <BR/>I just don’t buy the arguement that either ‘consistent regulation’ or ‘pure free market discipline’ or any combination of these two will ever save us from wild ups and downs. <BR/><BR/>One thing I deal with literally every day in my line of work is a almost fantastical illusion most people maintain that they are both invulnerable and immortal (youth are obviously the worst). <BR/> <BR/>Our problem seems to stem from a false belief that we can ever ‘tame’ things as wild and unpredictable as our economic security.<BR/>Yet if complexity science teaches us anything, it is that risk and uncertainty are infinitely scalable—bigger NEVER means safer-- only the timescales change. (there may be evolutionary reasons reasons our mind does this-- awareness of one's own mortality can be very paralyzing and as they say "you got to move on").<BR/><BR/><BR/>Meaningful things in life (trust, love, health, etc…) are vastly riskier than most of us care to believe-- Black Swan’s are inevitable.Thaihttps://www.blogger.com/profile/00700253024420397221noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-12034009116739059622008-07-13T17:29:00.000+03:002008-07-13T17:29:00.000+03:00jan:"ONE of your girlfriends???? *G*"To be politic...jan:<BR/><BR/>"ONE of your girlfriends???? *G*"<BR/><BR/>To be politically correct, one of my female friends.... Sorry, I call all of my female friends girlfriends in an affectionate sort of way, they happen to call their female friends girlfriends as well... I hope that I didn't offend.<BR/><BR/>On the other hand if you thought that I was trying to pass myself off as a Casanova, I can assure you that I do not resemble him by any stretch of the imagination, life is complicated enough as it is, thank you...<BR/><BR/>EconoliciousAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-11212954890501384122008-07-13T14:49:00.000+03:002008-07-13T14:49:00.000+03:00Folks, we have, over the last year or so, crossed ...Folks, we have, over the last year or so, crossed the great divide between the land of "to big to fail" to "to big to bail" where the only collateral worth mentioning anymore is the collateral damage that occurs when ultra- large institutions can not be rescued in the time honored way or, for that matter, any other way. <BR/><BR/>For those of you inclined to do so, I strongly suggest that you stop waiting in Godot like fashion for Weimar like hyper-inflation to emerge and... do what? It's not going to happen. Repeat after me, liquidation, liquidation, liquidation. <BR/><BR/>As for dominoes falling, (back to collateral damage) ponder the effects that will manifest far beyond just the financial and general economic realm. <BR/><BR/>Apropos of the criminal Karl Rove's defiance of Congress, (and the shockingly limp wristed response by Congress- by law Mr. Rove should be apprehended and arrested tout suite) I urge everyone to pick up a copy of the latest Harper's and read the story entitled, "The Wrecking Crew." We are, in large part, where we are as a result of that which is discussed and analyzed in that worthwhile article.Edwardohttps://www.blogger.com/profile/03613197383283896190noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-82477492831310173622008-07-13T14:26:00.000+03:002008-07-13T14:26:00.000+03:00In the 1930's debt/GDP shot up because GDP plunged...In the 1930's debt/GDP shot up because GDP plunged, not because debt soared.<BR/><BR/>Today's debt situation is far, far worse and encompasses the entire American society. Debt liquidation is the only way out, before the "real" economy (whatever is left of it, anyway) gets dragged down and drowns.Hellasioushttps://www.blogger.com/profile/03564511281240682625noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-31139726955218414742008-07-13T14:17:00.000+03:002008-07-13T14:17:00.000+03:00Greenie, I finally got your link to work. It seems...Greenie, I finally got <A HREF="http://photos18.flickr.com/24012562_68e2121a3d.jpg" REL="nofollow">your link</A> to work. It seems fairly alarming to me IF it is accurate. If it is, you answered the question I asked hell.<BR/><BR/>Do you have a link to anything similar looking at Japan's total debt circa 1990?Thaihttps://www.blogger.com/profile/00700253024420397221noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-9344796032474275122008-07-13T11:00:00.000+03:002008-07-13T11:00:00.000+03:00Hell, I have a question: do you know what the appl...Hell, I have a question: do you know what the apples to apples comparison of America's TOTAL debt circa 1930 is with America circa 2008?<BR/><BR/>Greenie, true, it did come down, but I am under the (perhaps false?) assumption that-<BR/>1. Total debt still started at a much lower levels in 1930 than it is today <BR/>2. It was pretty ugly for a while.<BR/>3. TREMENDOUS improvements in productivity still occured throughout the 1930's with aviation, automobiles, roads, telecommunications and energy delivery systems.<BR/>4. Similar productivity growth rates <B><I>are not occuring today</B></I> (at least in the developed world).<BR/><BR/><BR/><BR/>Greenie said... "Think about it - federal government has all the options that were tried by vulnerable companies before it halts its debt payment. It can renegotiate on social security and medicare, just like GM and Airlines screwed their retirees. It can cut down defense budget"<BR/><BR/>I see your point, but I think it kind of ignores the zero sum nature of the problem from a government's viewpoint (whereas it is most decidely not 'zero sum' from the viewpoint of a corporation). For once a government becomes a very large % of the economy (US government spending in all its forms-- Federal, State and Local-- represents something like 1/2 the US economy), government cutbacks impact the entire economy and its own coresponding tax receipts in a way corporate cutbacks do not impact the indivudal corporation's revenues (and I am not implying I agree with Republican Laffer arguments, which often seem spurious at best).<BR/><BR/>To make my point-- If GM reduces pension benefits, the overall financial 'hit' to their customers (of whom only a small % are actual GM employees) is much smaller than the overall financial 'hit' to GM's employees. Car sales might drop a little as GM emloyees buy less cars, but the other customers are still financially 'OK' and therefore GM's sales would not drop nearly as much as its expenses. Cutting retirement benefits is therefore quite profitable to GM.<BR/><BR/>But when the government is 50% of the economy and it reduces it's expenses by cutting back on healthcare and retirement obligations, etc... the government is in effect cutting back on its own 'customers' in a way GM is not and cutting back on expenses might not improve solvency in the same way it would for (say) GM. <BR/><BR/>In the long term, moving so much economic activity from public to private hands might improve national productivity growth, in the long run improving corresponding revenues (really depends on what is cut-- cutting back on chemotherapy for people with severe dementia and cancer in nursing homes might improve national productivity, while cutting back on basic science research to improve treatments for low back pain in young healthy workers might not). At any rate it is likely the benefits of this would take some time to materialize.<BR/><BR/>Then again, as I think on it, there is a fractal argument to be made that it is actually exactly like GM: if government tax revenues come from people unequally (Pareto distribution?), but government distibution of expenditures is more 'egalitarian', then perhaps it would work for governement just like it would for GM. <BR/><BR/>I will need to think on this a little...Thaihttps://www.blogger.com/profile/00700253024420397221noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-16937774495957035102008-07-13T10:58:00.000+03:002008-07-13T10:58:00.000+03:00Marcus-- while I am not quite as cynical (yet) on ...Marcus-- while I am not quite as cynical (yet) on our leadership as you are (I tend to blame voters more than I blame those they elect), I have to respect your view as one real possible future. <BR/><BR/>As for Volker, IMHO men like him are rare to begin with and are even rarer amongst decision makers (genuine independence does not seem to be a virtue with most voters).Thaihttps://www.blogger.com/profile/00700253024420397221noreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-67838137426630775392008-07-13T08:41:00.000+03:002008-07-13T08:41:00.000+03:00Maybe the regulator can purchase an EASY button fr...Maybe the regulator can purchase an EASY button from staples. This problem is a blessing in disguise...it will cause a major humbling of our foreign policy in both the immediate and long-term future. I can recall when I was a kid the fear of the great Japan before their "problem". Most people I talk to want the reset to occur quickly...it's the super wealthy that are freaking out!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4102429195693595750.post-50202437537344561772008-07-13T06:40:00.000+03:002008-07-13T06:40:00.000+03:00Thai, You probably saw this chart before. I have s...Thai, <BR/><BR/>You probably saw this chart before. I have seen it in one form or another for the last four years.<BR/><BR/>http://photos18.flickr.com/24012562_68e2121a3d.jpg<BR/><BR/>We went through high (total debt)/GDP period in 1930s. Over time, debt came down and GDP grew. <BR/><BR/>So, USA will go through another similar period. Private debt will come down. Corporate debt will come down. Government debt will go up to 150 or even 200%. <BR/><BR/>But of course you realize that it is not that simple. There will be financial crisis (already started). There will be social crisis and widespread poverty. There will be political turmoil and wars around the world. There will be widespread anti-semitism. Eventually normality will return.<BR/><BR/>Nothing says here that US government is gonna go bankrupt. The most I see is that dollar will not be considered reserve currency around the world, which is a big thing as a superpower....but bankruptcy? Not there yet. Maybe you should focus on UK instead.Greeniehttps://www.blogger.com/profile/16723475560144858107noreply@blogger.com