The chinanes economy is dependant on exports to the USA. Without Obama’s stupidity it had a fair chance of working.

darktood on March 24, 2009 at 10:35 AM

It’s a myth that the US makes up the majority of Chinese exports.. they export far more to their neighbor countries than to the US. IIRC the US accounted for less than 10% of all Chinese exports. It’s a lot, but if US exports fell by half they could deal with it –> if their neighbor countries were buying.

Then again, they’re buying our worthless dollars with it. Not sure which government is more incompetent at this point.

TheMightyMonarch on March 23, 2009 at 8:06 PM

.
The chinanes economy is dependant on exports to the USA. Without Obama’s stupidity it had a fair chance of working.

1. end the usd, end socialized currency

2. allow competing currencies

what happens is that multiple currencies arise with zero inflation. the ctizens use these currencies in the marketplace. it also curbs government growth. government is very limited when it doesn’t run a printing press.

Somalians use a mixture of private currency and what is left of their old government issued currency. That’s a real world example.

zero inflation, zero debt – we would no longer owe money to China

fact is, if you socialize money, then you’re not a capitalist society.

WSJ poll 84% believe Obama inherited mess created by republicans

nice343 on March 23, 2009 at 4:00 PM

Wow, getlife’s second-great-uncle twice removed is here. Is Grampy tucked in for the night? Hope you took his teeth out.

News Flash: O’bama didn’t “inherit” anything. He acquired it.

To inherit means that you are given something whether you want it or not.

He actively sought it out.

I am executing the estate of a family member. I didn’t ask for this job, but it was willed to me.

On the other hand, O’bama actively campaigned for his job, and his central premise was that he would fix the economy.

But I never recall hearing any of his campaign ads saying that he would spend so much time blaming the other guy for his own ineptitude.

Pass the popcorn.

Why aren’t Obama’s numbers tanking? Why would anyone say they were satisfied witht he job he is doing? Do they want to be a banrupt nation? They may. I can’t figure out why more people weren’t more cautious about handing power over to someone as inexperienced as Obama in the first place.

I guess I just don’t think like most Americans today. It is so clear to me that Obama is the worst thing to ever happen to this country… yet most Americans seems to like him. It’s so discouraging.

petunia on March 23, 2009 at 8:15 PM

Well, there are a few things here. His number are decreasing slowly but steadily. Americans want to give him a chance, and that is why he is trying to ram through such extreme measures so quickly. Democrats seem to get this – remember Hillarycare?

In addition to that, the people get there information from the MSM. Remember the MSM used to freak out about Bush deficits a fifth of what Obama is offering? People don’t remember the numbers, or understand them and the media certainly isn’t going to remind them.

At the same time the media will continue the “It is Bush’s fault” meme for as long as they can.

My guess is that the reality TV heads will start to notice that his or her quality of life is declining under Obama while it never did no matter how much doom and gloom the media preached under Bush. But this takes time.

In the short term, let’s make sure we make it as easy as possible – Obama’s Trillion Dollar giveaway, the O-cession, Obama’s inflation, etc.

I know that I’ve heard complaints about deficits as long as I can remember.

Jennifer, you have had your head in the sand for much too long. What you have heard about is the accumulation of national budget deficits which is a very small part of the problem. A much bigger part of the problem is the things which are not in the budget e.g. Medicare, Medicaid and Social Security. Your children and my grandchildren will be extremely lucky if they can leave a healthy economy to their children.

I guess I just don’t think like most Americans today. It is so clear to me that Obama is the worst thing to ever happen to this country… yet most Americans seems to like him. It’s so discouraging.

Hey, we could just default and see Chinese warships off the coast of California. At least those guys know how to run budget surpluses.

It won’t work that way – we’ll pay them with worthless dollars and they’ll have to accept it. But by that time – the standard of living in the US will have eroded to nothing and people will be looking for something else.

Imagine … the dollar goes into hyperinflation and the government is taxing it’s citizens to death to get control of the debt.

Alaska – an independently minded state anyway – decides it wants to leave the union but whoever the Prez is says “Nope! You have a share of this debt”.

Putin (from Russia) steps in – says “Pssst … Alaska – you can be independent and Russia will guarantee your security”

And Russian and Alaska come to terms.

This can happen to virtually any state – with any other nation striking a security deal. There will be no lack of nations to guarantee such security – since we have many “friends” who would love to see the end of the U.S.A.

People laugh at the Russian professor who’s predicting breakup – but it’s a plausible scenario I think.

The problem is going to be retiring the debt – and it’s going to turn into a “hot potato”.

Hey, we could just default and see Chinese warships off the coast of California. At least those guys know how to run budget surpluses.

Then again, they’re buying our worthless dollars with it. Not sure which government is more incompetent at this point.

What about your mortgage? With hyperinflation your interest rate on your mortgage goes into outer space. You can no longer pay your mortgage. Hyperinflation is the doomsday scenario.

No mortgage, the property is family-owned and is free and clear. My only worry is that the lunatics in the California legislature will drop the bomb and repeal Prop 13. We’re enjoying our paltry $1200 in yearly property taxes, but with a grain of guilt that those are effectively being subsidized by new homeowners being fleeced.

But again, if the state collects 10% in income taxes, 9% in sales taxes, 1-2% in property taxes, and increased various fees up the wazoo…yet we still run a budget deficit. Any sane person would ask “Hey, maybe we spend too much and drive too many people out with burdensome taxes”. Sacramento on the other hands asks “Hey, we’re running deficits! We should totally get more money!”

I’ll repeat it again…property taxes are repugnant, immoral, and abhorrent. No property owner in California is truly secure on their own land, even if owned free and clear.

We, however, will have a WHOLE LOT of political unrest. It will make the 60′s look like a Disney World street parade. Ultimately the government will have to either completely throw out the constitution in order to adapt Mugabe-type tactics to maintain order or we will see quite a few – probably several rebellions.

It may happen before then. At some point – someone smart is going to figure out that the first one’s to leave the building have the best chance of escaping the debt. The problem is going to be retiring the debt – and it’s going to turn into a “hot potato”. Certain States are going to deny any liability for the debt (SC, MS, LA, AL, AK are already making a case for one in refusing portions of the porkulous). It’s going to be “State on State” with inter-state alliances being struck and everyone with one goal in mind – run from the debt!

I suspect “retirement” will soon become an archaic word.

rbj on March 23, 2009 at 4:02 PM

Ever read The Giver?

The seeds were sown with laws passed in 1997, 1998, and 1999 during the go-go Clinton years. It took 10 years for them to “bear fruit”.

trigon on March 23, 2009 at 4:44 PM

Which model: Galtieri or Pinochet? I know which one I would prefer.

PimFortuynsGhost on March 23, 2009 at 4:46 PM

I wouldn’t look forward to either, myself. I’d think we might come up with something different given the character of our armed forces. But, it’s going to depend on the character of the military strongman. If we get a David Petraeus-type it could be tolerable. If we get an Alexander Haig or a Wes Clarke, not so much, I think.

PattyJ on March 23, 2009 at 5:20 PM

Lessons from Argentina’s economic collapse

Huh? I’ve got a 30 year fixed mortgage.

When you are borrowing money from yourself, aren’t you already there?

tarpon on March 23, 2009 at 4:22 PM

That’s my understanding. A country doesn’t declare bankruptcy. Which court would the filing be made in?

A country declares bankruptcy by printing money to pay its way.

Which means you’ll be paying $12,000 per tune on iTunes.

Wait till the college aged hopers and changers confront that rude fact. They’ll be scraping Obama stickers off their skateboards and hybrid cars faster than you can say “Yes we can!”

Sure, after the massive starvation and/or destitution of a good chunk of the surburban/urban population that doesn’t know the first thing about growing food or animal husbandry.

Which is one reason I don’t understand the appeal of Obama’s policies in urban areas. Unrest is gonna hit those folks first, and hard. Inflation in a big city? No gracias, senor. Central Park is pretty, but it’s too cold to camp there year round for most folks.

The South is the conservative stronghold, the Northeast the liberal Euro weenie group. Others are in between. We develop alliances with our former country and proceed from there (what does that mean? I don’t know, but we are just speculating). The UN determines that we still owe $billion so we pay them with inflated ex US dollars.

Everyone has gardens and grow their own food. The capitalist among the the groups prospers and the libs begin taking their money to pay for welfare. Does this sound familiar?

Folks, we’re doomed. Start making your own beer and growing food, stock up on ammunition and get ready, it’s a new world.

Country boys will survive!