tag:blogger.com,1999:blog-28189019.post4650500893353797519..comments2023-11-03T11:37:04.473+00:00Comments on nothing new under the sun: The party's over? Living on creditbyron smithhttp://www.blogger.com/profile/17938334606675769903noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-28189019.post-47222251963832210222011-08-04T18:05:31.845+01:002011-08-04T18:05:31.845+01:00CD: War is debt, a second look at the cuts to mili...CD: <a href="https://www.commondreams.org/view/2011/08/03-2" rel="nofollow">War is debt</a>, a second look at the cuts to military spending in the debt deal. "The military budget has ballooned so much over the last decade that even if it was cut in half tomorrow the U.S. would still spend more than it did in 2001. [...] Factoring in interest payments for past military expenditures, spending byron smithhttps://www.blogger.com/profile/17938334606675769903noreply@blogger.comtag:blogger.com,1999:blog-28189019.post-17863479075851220762011-07-30T01:42:43.168+01:002011-07-30T01:42:43.168+01:00AlterNet: If the rich paid taxes...AlterNet: <a href="http://www.alternet.org/economy/151754/plutocracy%3A_if_corporations_and_the_rich_paid_1960s-level_taxes%2C_the_debt_would_vanish/?page=2" rel="nofollow">If the rich paid taxes...</a>byron smithhttps://www.blogger.com/profile/17938334606675769903noreply@blogger.comtag:blogger.com,1999:blog-28189019.post-51691104986618049022011-07-29T20:36:52.402+01:002011-07-29T20:36:52.402+01:00AlterNet: The 6 biggest lies about US debt.AlterNet: <a href="http://www.alternet.org/story/151827/the_6_biggest_lies_about_the_u.s._debt?page=1" rel="nofollow">The 6 biggest lies about US debt</a>.byron smithhttps://www.blogger.com/profile/17938334606675769903noreply@blogger.comtag:blogger.com,1999:blog-28189019.post-4583279598519850532011-07-29T02:39:52.867+01:002011-07-29T02:39:52.867+01:00US debt visualised.<a href="http://www.wtfnoway.com/" rel="nofollow">US debt visualised</a>.byron smithhttps://www.blogger.com/profile/17938334606675769903noreply@blogger.comtag:blogger.com,1999:blog-28189019.post-57055654428490369452010-11-18T14:58:25.672+00:002010-11-18T14:58:25.672+00:00Which way did you personally vote before and after...Which way did you personally vote before and after the debate?byron smithhttps://www.blogger.com/profile/17938334606675769903noreply@blogger.comtag:blogger.com,1999:blog-28189019.post-18957215050052660742010-11-17T06:23:31.998+00:002010-11-17T06:23:31.998+00:00Byron - was at an interesting debate last night as...Byron - was at an interesting debate last night as to whether this house believes Scotland will have a sustainable national infrastructure by 2035. <br /><br />Sadly, both before and after the debate the audience opposed the motion - more so after it!<br /><br />The Chair, a past president of the Institution of Civil Engineers, talked about growth. Whilst he didn't phrase it in the context ofUnknownhttps://www.blogger.com/profile/02329002883324164155noreply@blogger.comtag:blogger.com,1999:blog-28189019.post-30753475114829019872010-11-08T16:06:23.496+00:002010-11-08T16:06:23.496+00:00This is one the most coherent accounts I've co...<a href="http://www.chrismartenson.com/blog/straight-talk-steve-keen/47466" rel="nofollow">This</a> is one the most coherent accounts I've come across of the debt issue, is on the "deflationary" side of the debate (which, in my very limited understanding, is more persuasive to me than the (hyper)inflationists) and, best of all, address the Australian situation and why Australia byron smithhttps://www.blogger.com/profile/17938334606675769903noreply@blogger.comtag:blogger.com,1999:blog-28189019.post-64668341034192513662010-11-08T01:18:18.309+00:002010-11-08T01:18:18.309+00:00And the global picture from the WSJ: "$10.2 t...And the global picture from the <a href="http://blogs.wsj.com/economics/2010/11/06/number-of-the-week-102-trillion-in-global-borrowing/" rel="nofollow">WSJ</a>: "$10.2 trillion: The amount of money advanced-nation governments will need to borrow in 2011. As the debts of advanced countries rise to levels not seen since the aftermath of World War II, it’s hard to know how much is too much. Butbyron smithhttps://www.blogger.com/profile/17938334606675769903noreply@blogger.comtag:blogger.com,1999:blog-28189019.post-18730102007947109142010-11-08T01:05:38.333+00:002010-11-08T01:05:38.333+00:00Telegraph: "Global investors mostly accepted ...<a href="http://www.telegraph.co.uk/finance/economics/8111153/Doubts-grow-over-wisdom-of-Ben-Bernanke-super-put.html" rel="nofollow">Telegraph</a>: "Global investors mostly accepted that the motive for QE1 was emergency liquidity, and that stimulus would later be withdrawn. But there are growing suspicions that QE2 is Treasury funding in disguise. If they start to act on this suspicion, theybyron smithhttps://www.blogger.com/profile/17938334606675769903noreply@blogger.comtag:blogger.com,1999:blog-28189019.post-51409174295604671672010-11-07T16:19:21.231+00:002010-11-07T16:19:21.231+00:00James - Yes, the article may be inflating things. ...James - Yes, the article may be inflating things. I am not competent to judge and so am hesitant to provide such links. In one sense, I am aware that many commentators make a big deal of this issue but I am unsure what place to assign it in an assessments of societal threats.<br /><br />That said, there must be some limit to the scale of the national debt that is possible to carry. At some point,byron smithhttps://www.blogger.com/profile/17938334606675769903noreply@blogger.comtag:blogger.com,1999:blog-28189019.post-75539227618504047652010-11-06T12:04:35.264+00:002010-11-06T12:04:35.264+00:00I think the other aspect of this, which doesn'...I think the other aspect of this, which doesn't necessarily contradict you argument, is that the concept of "economy" is a slippery thing. If we mean an industrial economy, one which turns raw materials into things like cars and fridges, then yes, infinite growth is not a possibility. But actually the economy measures this activity, plus provision of services (eg education and Jonhttps://www.blogger.com/profile/11272544252649766985noreply@blogger.comtag:blogger.com,1999:blog-28189019.post-74295386623272454812010-11-06T04:47:56.886+00:002010-11-06T04:47:56.886+00:00Byron,
I tend to agree that the scale of debt is ...Byron,<br /><br />I tend to agree that the scale of debt is unsustainable and the political temptation to keep increasing the scale of the debt is very bad.<br /><br />However, one of the articles linked from the one you link to is clearly overdoing things, and the claim of bankruptcy is over the top. <br /><br />Very late in the article they finally provide the context that the US Federal BudgetJames Fergusonnoreply@blogger.comtag:blogger.com,1999:blog-28189019.post-5016209669970030692010-11-06T01:43:08.361+00:002010-11-06T01:43:08.361+00:00"GDP has risen by 1,300% since 1971, while to..."GDP has risen by 1,300% since 1971, while total US debt has risen by 2,600%. Now for the kicker. Real GDP has only gone up by 292% since 1971. This means that 1,000% of the increase in GDP was from Federal Reserve created inflation. Over this same time frame, real wages have declined by 6%, from $318 per week in 1971 to $299 per week today. Inflation has been the American drug of choice to byron smithhttps://www.blogger.com/profile/17938334606675769903noreply@blogger.com