US Debt
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in the 1997/98 asian financial crises, many sovereign countries had to take bitter pills and unpleasant restrictions from IMF for a life line.
as for the US, they can just walk away and continue to print useless papers that say "In God We Trust"…all others pay cash…
the US debt situation is unsustainable, and sooner or later the balloon will burst, willingly or otherwise -
I think they have designed it such that many others will burst before theirs, and more will burst with them.
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ohdaddy:
So we know where US stands with AA+, its peers are, among others:
Kuwait
Qatar
Saudi Arabia
http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/us/?subSectorCode=39
My daughter asked: Daddy, did the USA change batteries from AAA to AA? :rotflmao: -
verykiasu2010:
They can afford to print money to this extend while the asian countries can't because US$ is the reserve currency.in the 1997/98 asian financial crises, many sovereign countries had to take bitter pills and unpleasant restrictions from IMF for a life line.
as for the US, they can just walk away and continue to print useless papers that say \"In God We Trust\"......all others pay cash..
the US debt situation is unsustainable, and sooner or later the balloon will burst, willingly or otherwise -
WeiHan:
We WILL be overwhelmed by INFLATION...
They can afford to print money to this extend while the asian countries can't because US$ is the reserve currency.verykiasu2010:
in the 1997/98 asian financial crises, many sovereign countries had to take bitter pills and unpleasant restrictions from IMF for a life line.
as for the US, they can just walk away and continue to print useless papers that say \"In God We Trust\"......all others pay cash..
the US debt situation is unsustainable, and sooner or later the balloon will burst, willingly or otherwise -
to me, it is also another conspiracy theory
since US is in such bad shape $$wise, and their dollar is going to be cheaper and cheaper, and the only thing they could do is make others cheap / lose money as well by having another stock market melt down, like what has happened last Friday and today ...... so on the surface Obama is not happy with S&P downgrade, but behind the scene, Obama could be thanking S&P big time and invited S&P fellas to dinner at White House tonite :evil: :evil: -
Warren Buffett says \"tax me and my rich friends\"
WASHINGTON : Billionaire investor Warren Buffett urged US lawmakers Monday to raise taxes on wealthier Americans to cut Washington's huge budget deficit, saying the move would not dampen investments or jobs.
In a New York Times opinion article, the chief executive of Berkshire Hathaway proposed a tax increase on Americans who make at least $1 million per year and an additional increase on those making $10 million or more.
\"Our leaders have asked for 'shared sacrifice.' But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched,\" Buffett wrote.
\"While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks.\"
The man known as the \"Oracle of Omaha\" said his federal tax rate was 17.4 percent last year, while some investment managers were taxed just 15 percent on income reaching into the billions. He then noted that the middle class is taxed up to 25 percent in its income bracket, along with \"heavy\" payroll taxes.
In contrast, Buffett recalled \"far higher\" taxes rates for the rich in the 1980s and 1990s, and yet nearly 40 million jobs were added from 1980 to 2000.
\"You know what's happened since then: lower tax rates and far lower job creation,\" he said.
\"People invest to make money, and potential taxes have never scared them off.\"
Americans are losing faith with Congress's ability to tackle the country's financial woes, Buffett warned, calling for \"immediate, real and very substantial\" action.
A protracted partisan battle between lawmakers culminated in a last-minute deal on August 2 to raise the $14.3 trillion US debt ceiling and narrowly avoid a US default.
\"My friends and I have been coddled long enough by a billionaire-friendly Congress,\" he added. \"It's time for our government to get serious about shared sacrifice.\"
- AFP/al
http://www.channelnewsasia.com/stories/afp_world_business/view/1147171/1/.html -
tankee:
Fabulous! Gives you the real measure of the man.Warren Buffett says \"tax me and my rich friends\"
\"My friends and I have been coddled long enough by a billionaire-friendly Congress,\" he added. \"It's time for our government to get serious about shared sacrifice.\"
- AFP/al
http://www.channelnewsasia.com/stories/afp_world_business/view/1147171/1/.html -
Yup, gotta like the guy. Read the article this morning and cannot help but wonder if the Singapore ‘rich’ will respond the same way or pack up and ship out.
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Funz:
Yup, gotta like the guy. Read the article this morning and cannot help but wonder if the Singapore 'rich' will respond the same way or pack up and ship out.
he is a US patriot and he is telling Obama how to solve the problem with without o-ba-ka (black eye)
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