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  1. #1
    Join Date
    May 2000
    Location
    Rochester, NY, USA
    Posts
    14,511

    Is this guy right

    http://www.youtube.com/watch?v=EW5Id...ature=youtu.be

    are we headed for a major economic collapse
    I only drink a little, but when I do
    I turn into another person and THAT person drinks a lot

  2. #2
    Join Date
    Mar 2004
    Location
    SE Michigan
    Posts
    18,223
    Yes, he is correct.

    Buy seeds and ammo...youre going to need them.

    Of course we can always follow Iceland's lead and say FU to the world bank and forgive all mortgage debts in the United States.

    Atta boy Iceland!
    To put the world in order, we must first put the nation in order; to put the nation in order, we must put the family in order; to put the family in order, we must cultivate our personal life; and to cultivate our personal life, we must first set our hearts right.
    -- Confucius

  3. #3
    Join Date
    Apr 2012
    Location
    Paper Street Soap Company
    Posts
    2,304
    Quote Originally Posted by coolwhip View Post
    Yes, he is correct.

    Buy seeds and ammo...youre going to need them.

    Of course we can always follow Iceland's lead and say FU to the world bank and forgive all mortgage debts in the United States.

    Atta boy Iceland!
    So in 2010 40% 0f tax payer funds were going to pay off just the interest and thats
    with interest on T bills being next to nothing.

    Eventually those interest rates are going to have to be raised to het some of the excess capital out of the money supply.

    Its a typical response to inflation which is already over 10%.

  4. #4
    Join Date
    Dec 2007
    Location
    Afton, VA / Khorat, Thailand
    Posts
    2,469
    Signs point to YES.......
    Tough times don't last...Tough people do.

    Midnight Sun Astrophotography

  5. #5
    Join Date
    Apr 2012
    Location
    Paper Street Soap Company
    Posts
    2,304
    Quote Originally Posted by coolwhip View Post
    Yes, he is correct.

    Buy seeds and ammo...youre going to need them.

    Of course we can always follow Iceland's lead and say FU to the world bank and forgive all mortgage debts in the United States.

    Atta boy Iceland!
    Your post got me thinking about the economic consequences of massive mortgage forgivness.

    Iceland is a relativley small economy compared to ours and during the market collapse decided to let their bamks go bankrupt rather than bail them out.

    After reading rescource after rescource I think if not for TARP we would jave needed those bullets and seeds 4 years ago.

    Also it goes against my Conservative ethos with respect to personal responsibility. The shlubs who saved for a down payment, payed their bills on time and bought a house they could afford take the hit and the people that over financed and couldnt read a contract get off.

    Its just wrong on a fundamental level.

    Also most homes are mortgaged through Famnie and Freddie so the tax payer not the banks would take the hit.

    Iceland just gave the debt back to the banks basically but I wonder if its possible at all to get a small bussiness loan there now. Or personal loan.

    Plus the impact it would have on our over all economy by forgiving mortgages would be devastating. It would crush an already weak confidence and forever change the relation ship between lender and lendee.

    You want to get to a point where guns and seeds are neccesary for survival real quick just stop credit. Its that simple and its what perpetuated the great depression. Well that and FFRs Keynesian approach to righting it.

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