US's economy has fully recovered?

[joepistole]

I am not predicting a collapse, I am referring to an actual Federal document, not some news source, but US government saying what I just said.

But there is nothing dire in that document and it doesn't say what you think says.-damn minor details again.

 

[Michael]

We have about a poster a year predict that the US's economy will soon collapse. Once a year for the past ten years or so.

I don't think our economy is going to 'collapse'.

The North Korean "economy" didn't 'collapse'. Sure, people there got used to (on occasion) having to murder and eat their own children to survive. But, in time, they normalized and continue to support their political "servants". They have their flag wavers, we have ours.


The US economy isn't going to 'collapse'. Americans will simply normalize to living less prosperous and, actually, already have. Sure, we don't eat our children, that'd be barbaric. No, we instead sell debt on their future labor. We put infants (3 weeks old) into State licensed day supervision centers where they bond with various 'caregivers' who generally leave after 18 months such that the mind-f*ck these kids get leads many to develop maternal/paternal bonding issues for which they're given various State regulated SSRI's and other anti-psychotics all proven to have no long-term efficacy. From their we shovel them into "free" Government School where they're subjected to 12 years of State regulated Common Core only to graduate functionally illiterate into a hyper-regulated market barely fit to work at State regulated fast-food restaurants or as greeters in State regulated chain-stores: totally inept, weak, pathetic and utterly dependent on the power structures that maintain their pathetic existence - AKA: The Economy.

A few will attempt to step out of line. They'll be sent to join the largest prison population in the history of humanity.
A few will fulfill their destiny as cannon fodder in another made up war on something: drugs, literacy*, brown people, yellow people, Russians, Muslims, whatever.

Most will just get used to living poorly as hyper-regulated Citizens of/property of the State in our little tax-pen called the USA... all while waving their flags and watching people get kicked in the balls in the new reality video meme show.

What won't happen is: The collapse of the USA economy. That happened, decades ago.

 

[joepistole]

Oh the world will go on happy without US, trust me. US isnt the "world" there are plenty of happiness around elsewhere.

You are not the world and thank God for that.

 

[joepistole]

well thats just silly, you naive little thing. The facts are straight, the ongoing economic recession has not recovered, Debt is rising, workforce is decreasing, and the grim economic outlook of US economy is quite appalling to say the least.

Budget Deficits


increasing federal debt:

economic growth will slow down:

decreasing labor work force:

all from "The Budget and Economic Outlook: 2014 to 2024" at http://cbo.gov/publication/45010

Yes, the facts are very straight forward, but you obviously don't understand them. For example, a diminishing workforce participation rate doesn't mean the workforce is shrinking, because it isn't. It is growing.The federal deficits are shrinking. Deficits spiked during the recession. That is normal and good. Now that we are out of recession, the deficits are falling. US debt levels are low compared to those of other advanced economies and US tax rates are low, and the US economy is growing. US debt levels were much higher in the past. The US debt situation is by no means dire. That isn't the narrative you want, but it is the truth.

 

[billvon]

Oh the world will go on happy without US, trust me.

I will take your prediction with all the seriousness I have taken every other dire prediction here. Your track record, I suspect, will be exactly the same as theirs.

well thats just silly, you naive little thing. The facts are straight, the ongoing economic recession has not recovered, Debt is rising, workforce is decreasing, and the grim economic outlook of US economy is quite appalling to say the least.

You'd do very well as a reporter for FOX News here in the US. You have that rare ability to insert the party line into any discussion.

 

[Billy T]

Youreyes has many errors, unsupported claims, but just may have a point. "The trend is your friend" (unless your assets are in dollars.)

Over the next 30 years, about $400 billion of natural gas from Siberia will be exported to China. Roughly 25% of China’s energy needs will be met by 2018 from this one deal. The construction project will be one of the largest in the world. The contract allows for further increases, and it opens Russian access to other Asian countries as well. This is big. The twist is that transactions will not be in US dollars, but in yuan and rubles. This is a serious blow to the petrodollar.

While this is a major geopolitical shift, it is part of a larger trend already in motion:
• President Jinping proposed a brand-new security system at the recent Asian Cooperation Conference that is to include all of Asia, along with Russia and Iran, and exclude the US and EU.
• Gazprom has signed agreements with consumers to switch from dollars to euros for payments. The head of the company said that nine of ten consumers have agreed to switch to euros.
• Putin told foreign journalists at the St. Petersburg International Economic Forum that “China and Russia will consider further steps to shift to the use of national currencies in bilateral transactions.” In fact, a yuan-ruble swap facility that excludes the greenback has already been set up.
• Beijing and Moscow have created a joint ratings agency and are now “ready for transactions… in rubles and yuan,” said the Russian Finance Minister Anton Siluanov. Many Russian companies have already switched contracts to yuan, partly to escape Western sanctions.
• Beijing already has in place numerous agreements with major trading partners, such as Brazil and the Eurozone, that bypass the dollar.
• Brazil, Russia, India, China, and South Africa (the BRICS countries) announced last week that they are “seeking alternatives to the existing world order.” The five countries unveiled a $100 billion fund to fight financial crises, their version of the IMF. They will also launch a World Bank alternative, a new bank that will make loans for infrastructure projects across the developing world.
{Billy T inserts: it launched last week, with head quarters in China and initial capitalization of 100 Billion dollars (equivalent, but no dollars). Unlike the IMF and world bank, it will not lend for projects improving living conditions, but only for economically sound infrastructure projects. One of the first may be a rail link between the Atlantic and Pacific oceans thru Brazil and Peru. They with China's leading the technology have started already into serious feasibility evaluations. If that happens, it will make Brazil's soy beans, delivered to China, much cheaper. Soy beans are the US's largest export in value, so a Southern Hemisphere, ocean-to-ocean, rail link will hurt the US economically.}

You don’t need a crystal ball to see the future for the US dollar; the trend is clearly moving against it. An increasing amount of global trade will be done in other currencies, including the yuan, which will steadily weaken the demand for dollars.

Likewise any thing put out by this sources, a "perma gold bug," must be taken with a grain of salt, but only a grain as the above trends and facts are true, AFAIK.
If I recall correctly*, China already has "currency swap" agreements with 23 nations, Japan, India, Brazil, the SEATO nations etc. not only small ones, and is working on one with the EU. They end the use of the dollar for trade settlements. More of concern (to dollar holders) is the recent (in 2014) very high level discussion between China and Saudi Arabia that have taken place both in Beijing and Ryadh by the oil ministers.

Under Nixon, when US was the major buyer of Saudi Oil and the main supplier of weapons to Saudi Arabia, the "petrodollar system" was established. Now China is both the main buyer of Saudi oil and supplier of weapon system - Quite likely these high level discussion are discussing replacing the petrodollar with the petroyuan. More on this, including photos of the high level oil minister's meeting and one important weapon system the US refused to sell to the Saudis, but China gladly sold them many at: http://www.sciforums.com/showthread...inian-Events&p=3210007&viewfull=1#post3210007

Also note that China is opening, in London and Frankfurt, yuan exchange banks (One is now open, but I forget which) I.e. you enter with your pounds or euro and get yuan credit in their Chinese banks. No need for dollars by buyers of Chinese products in most of Europe before end of 2014.

* later by edit: My memory was correct:

As Chinese economic power continues to grow, an increasing number of countries have become willing to accept the renminbi as a reserve currency. By the end of 2013, the PBOC had signed currency swap agreements involving a total of 2.57 trillion yuan with 23 countries and regions, the report said.

 

[Michael]

New York Times: The Typical Household, Now Worth a Third Less

Economic inequality in the United States has been receiving a lot of attention. But it’s not merely an issue of the rich getting richer. The typical American household has been getting poorer, too.

The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 percent decline, according to a study financed by the Russell Sage Foundation. Those are the figures for a household at the median point in the wealth distribution — the level at which there are an equal number of households whose worth is higher and lower. But during the same period, the net worth of wealthy households increased substantially.

The Russell Sage study also examined net worth at the 95th percentile. (For households at that level, 95 percent of the population had less wealth.) It found that for this well-do-do slice of the population, household net worth increased 14 percent over the same 10 years. Other research, by economists like Edward Wolff at New York University, has shown even greater gains in wealth for the richest 1 percent of households.

Welcome to 100 years of Central Banking. To 80 years of Progressive Socialism. To going on 10 years of "The Great Recovery" thanks to our National Heros like Bush Junior, O-blah-ma, Alan Animal Spirits Greenspan, HelicoptorBen, or Ol' Yeller.

Welcome to losing your right to trade/interact with other free adults using law, sound money, contract, and private property. Nope, you'll need to ask Nanny State for permission. It knows what's good for you. Welcome to being spied on by the NSA - in a manner only Orwell would have predicted. Welcome to the country with the most laws and regulations in the world. In the history of the world actually. Where your healthcare is just as likely to kill you as save you. Where over a decade of Government Schooling results in graduates who are functionally illiterate. Where the State makes up phony reasons to go to war, kills women and children, including an innocent American child in Yemen. What happens? O-blah-ma is cheered by his fellow Merkans for keeping us 'safe' and murdering a child.


Welcome to Progressive Amoorikkka.
Where 80 years of Socialism have reduced Americas from the wealthiest nation in history, to one where 23% of children are living in poverty; their parents totally dependent upon the State. Which is exactly where Politicians like them to be - utterly dependent on the State for their survival. Where they rot in poverty unable to read and comprehend the voting ledger they're supposed to use to 'guide' our Great Republic into the future. And if they could? Sorry, the State's already filled it's licence quota. Your role is that of dependent weak but disgruntled voter. Just keep voting. More regulation. More State. More spying. More restrictions. Maybe if you're a good little chattel, you'll be a slum-lord like you've always dreamt of becoming. Or retire from one of the TBTF banks or car factories?

Moo moo moo little Amoorikkkan, if you act really good you might even get a POTUS who's husband shoves cigars into his interns while eating pizza. Yes, a true Progressive 'Feminist' - that'll fix everything.

 

[Michael]

Market Watch interviews Greenspan

Greenspan says bubbles can’t be stopped without ‘crunch’
Former Fed chairman worries about false dawns and the looming Fed exit

MarketWatch: What is the biggest challenge facing the Fed?

Greenspan: How to unwind the huge increase in the size of its balance sheet with minimal impact. It is not going to be easy, and it is not obvious exactly how to do it.

MarketWatch: As the Fed is looking at the exit, do you think we can get through this without upsetting the economy?

Greenspan: I certainly hope so. I certainly think they will. But it is going to be difficult.

MarketWatch: Do you expect a sharp market reaction to the first hike?

Greenspan: Of course. Look what happened when the first indication of tapering occurred. Markets have always been sensitive. They reflect animal spirits.

Hey looky Joe, there's your Economic "Science". Animal spirits. It all boils down to some dumb-arse and 'Animal Spirits'. What a f*cking JOKE. And you people WANT these morons to run a Central Bank that can sell debt obligations on your children's future labor? That can finance phony wars? That bails out the criminal banks? You WANT the State to regulate your lives? THIS is what your regulators think. They think the market has these "Animal Spirits" that need to controlled, licensed, certified, directed and managed BY THEM and FOR THEIR BENEFIT.

Your Farmer's are Statheist idiots and you're their superstitious State worshiping Tax Chattel. In reality, at the end of the day, you're just their meat and milk. That's all you are to them. Sold to slaughter as cannon fodder when there's to many of you. And when the herd run thin - they simply import some chattel from a neighboring Tax-Farm.

 

[joepistole]

Market Watch interviews Greenspan

Greenspan says bubbles can’t be stopped without ‘crunch’
Former Fed chairman worries about false dawns and the looming Fed exit





Hey looky Joe, there's your Economic "Science". Animal spirits. It all boils down to some dumb-arse and 'Animal Spirits'. What a f*cking JOKE. And you people WANT these morons to run a Central Bank that can sell debt obligations on your children's future labor? That can finance phony wars? That bails out the criminal banks? You WANT the State to regulate your lives? THIS is what your regulators think. They think the market has these "Animal Spirits" that need to controlled, licensed, certified, directed and managed BY THEM and FOR THEIR BENEFIT.

Your Farmer's are Statheist idiots and you're their superstitious State worshiping Tax Chattel. In reality, at the end of the day, you're just their meat and milk. That's all you are to them. Sold to slaughter as cannon fodder when there's to many of you. And when the herd run thin - they simply import some chattel from a neighboring Tax-Farm.

So all this because you don't like a term? This might be news to you, but humans are animals. They are slaves to their emotions - some more than others.