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“Let’s get real.. The U.S. is bankrupt.”

 
Anonymous Coward
User ID: 875060
United States
10/29/2010 06:54 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
October 28th, 2010
Via: The Globe and Mail:

Boston University economist Laurence Kotlikoff says U.S. government debt is not $13.5-trillion (U.S.), which is 60 per cent of current gross domestic product, as global investors and American taxpayers think, but rather 14-fold higher: $200-trillion – 840 per cent of current GDP. “Let’s get real,” Prof. Kotlikoff says. “The U.S. is bankrupt.”

Writing in the September issue of Finance and Development, a journal of the International Monetary Fund, Prof. Kotlikoff says the IMF itself has quietly confirmed that the U.S. is in terrible fiscal trouble – far worse than the Washington-based lender of last resort has previously acknowledged. “The U.S. fiscal gap is huge,” the IMF asserted in a June report. “Closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 14 per cent of U.S. GDP.”

This sum is equal to all current U.S. federal taxes combined. The consequences of the IMF’s fiscal fix, a doubling of federal taxes in perpetuity, would be appalling – and possibly worse than appalling.

[link to cryptogon.com]
 Quoting: Anonymous Coward 1143979



How can the Gov't be bankrupt, I still have dollars...hahahah

5a banana2
Anonymous Coward
User ID: 1144116
United States
10/29/2010 06:54 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
i don't know how somebody own 200 trillion dollars and still stand around. Your country is the best!
 Quoting: Anonymous Coward 1099216


Vietnam is the new powerhouse. Without you guys the world would come to an end. Thank you for your world protection and kindness. Can't say enough about your kindness. Thank you for all your support and confidence.
Anonymous Coward
User ID: 1145646
United States
10/29/2010 06:57 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
Okay, we're broke...I get it.

So now what happens?

What's the bottom line?

Do we self-destruct?
Anonymous Coward
User ID: 1144116
United States
10/29/2010 06:57 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
While YOU and the rest of AMERICA was SLEEPING... making a living and supporting our kids... I, like many people did not have time for POLITICS... I hated it... and now... I WAKE UP... who has been minding the store???







WHERE THE HELL DID THIS GUY GET 200 TRILLION DOLLAR DEBT FIGURE???

WE NEED ANOTHER SOURCE TO CONFIRM THIS???

THIS IS SO SCARY.


Kotlikoff explains his methodology (basic) in the original article:

[link to www.theglobeandmail.com]

.


200 TRILLION DOLLAR DEBT. Everybody needs to pay 10000000 dollars EVERY DAY to PAY off this debt????


where do you prepare to get this kind of cash??? selling blood for red cross won't be enough.


THIS IS AN OFFICIAL DOOM.


Red cross plus a couple of lemonade stands was the idea.

 Quoting: Is-It-True


Sleeping? Not minding the store? Please spare there chief.
Anonymous Coward
User ID: 1099216
Vietnam
10/29/2010 06:57 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
I can lend you a few bucks if you're short.
 Quoting: Anonymous Coward 1145585


I have 3 ton of rice if you run out of food. please dial 1-888- VIETNAM RICE TO USA.

the gift is FREE and the love and care are THERE.
Anonymous Coward
User ID: 1099216
Vietnam
10/29/2010 06:59 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
Okay, we're broke...I get it.

So now what happens?

What's the bottom line?

Do we self-destruct?
 Quoting: Anonymous Coward 1145646


you are lucky that your government office are still running at 3/4 strenght. Your DMV ofice is still open 5 day/week.
Anonymous Coward
User ID: 1144116
United States
10/29/2010 06:59 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
I can lend you a few bucks if you're short.


I have 3 ton of rice if you run out of food. please dial 1-888- VIETNAM RICE TO USA.

the gift is FREE and the love and care are THERE.
 Quoting: Anonymous Coward 1099216


Can we have some dried fish also please?
Anonymous Coward
User ID: 1099216
Vietnam
10/29/2010 07:01 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
i don't know how somebody own 200 trillion dollars and still stand around. Your country is the best!


Vietnam is the new powerhouse. Without you guys the world would come to an end. Thank you for your world protection and kindness. Can't say enough about your kindness. Thank you for all your support and confidence.
 Quoting: Anonymous Coward 1144116


You thought VN was a poor country. 200 trillion dollar debt doesn't make yours POORER than MINE??????


Good news is you still have that PRINTER running. All you have to do is PRINT and you are FREE OF DEBT.

nobody in the world can do that EXCEPT YOU, GOOD OLD USA.

Why don't you DO IT NOW WHILE NOBODY CONFISTICATES your PRINTER??????


ARE YOUR PRINTER'S INKS DRY YET??
Anonymous Coward
User ID: 1144116
United States
10/29/2010 07:03 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
i don't know how somebody own 200 trillion dollars and still stand around. Your country is the best!


Vietnam is the new powerhouse. Without you guys the world would come to an end. Thank you for your world protection and kindness. Can't say enough about your kindness. Thank you for all your support and confidence.


You thought VN was a poor country. 200 trillion dollar debt doesn't make yours POORER than MINE??????


Good news is you still have that PRINTER running. All you have to do is PRINT and you are FREE OF DEBT.

nobody in the world can do that EXCEPT YOU, GOOD OLD USA.

Why don't you DO IT NOW WHILE NOBODY CONFISTICATES your PRINTER??????


ARE YOUR PRINTER'S INKS DRY YET??
 Quoting: Anonymous Coward 1099216


Without Vietnam the world would come to an end. I bow to you in respect. Your the new wizards of the new world order.
Anonymous Coward
User ID: 566027
Netherlands
10/29/2010 07:04 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
No, the USA is not bankrupt. That is clear.

Do you want to know how?
Humans.
They are leveraging their citizens and effectively putting them up for collateral against huge loans. Big country, lot's of people. They will be working for generations to pay this off though.
Anonymous Coward
User ID: 1099216
Vietnam
10/29/2010 07:05 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
I can lend you a few bucks if you're short.


I have 3 ton of rice if you run out of food. please dial 1-888- VIETNAM RICE TO USA.

the gift is FREE and the love and care are THERE.


Can we have some dried fish also please?
 Quoting: Anonymous Coward 1144116



OK, here is a special 1-888- HELP--ME-VIETNAM HOT LINE.

pRESS 1 if you only want RICE.
press 2 if you want seafood.
press 3 if you pork and beef.
press 4 if you want milk and clean water and cloth.
press 5 if you want all of above.
press 6 if you want to migrate to VN and become a VIETNAMESE. GET ME OUT OF HERE FAST SO I END MY MISERY LIFE IN US and I KNOW HOW TO SWIM.


Please be mindful that our response is not quick due to high demand from US but we'll try our best to help you out.
Anonymous Coward
User ID: 1099216
Vietnam
10/29/2010 07:08 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
i don't know how somebody own 200 trillion dollars and still stand around. Your country is the best!


Vietnam is the new powerhouse. Without you guys the world would come to an end. Thank you for your world protection and kindness. Can't say enough about your kindness. Thank you for all your support and confidence.


You thought VN was a poor country. 200 trillion dollar debt doesn't make yours POORER than MINE??????


Good news is you still have that PRINTER running. All you have to do is PRINT and you are FREE OF DEBT.

nobody in the world can do that EXCEPT YOU, GOOD OLD USA.

Why don't you DO IT NOW WHILE NOBODY CONFISTICATES your PRINTER??????


ARE YOUR PRINTER'S INKS DRY YET??


Without Vietnam the world would come to an end. I bow to you in respect. Your the new wizards of the new world order.
 Quoting: Anonymous Coward 1144116



Because of what you said, an extra 1 ton of rice is being sent to US right now.

you admit that your masters are Asians????

i never really have any 'white' mate to clean my house and cook my dinner. Are you a good cook????

seriously, i'm sorry to hear it. I wish you all the best.
Anonymous Coward
User ID: 1099216
Vietnam
10/29/2010 07:09 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
No, the USA is not bankrupt. That is clear.

Do you want to know how?
Humans.
They are leveraging their citizens and effectively putting them up for collateral against huge loans. Big country, lot's of people. They will be working for generations to pay this off though.
 Quoting: Anonymous Coward 566027


how many hours do they have to work to PAY this debt off???

8 hours/day???
Anonymous Coward
User ID: 1144116
United States
10/29/2010 07:11 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
i don't know how somebody own 200 trillion dollars and still stand around. Your country is the best!


Vietnam is the new powerhouse. Without you guys the world would come to an end. Thank you for your world protection and kindness. Can't say enough about your kindness. Thank you for all your support and confidence.


You thought VN was a poor country. 200 trillion dollar debt doesn't make yours POORER than MINE??????


Good news is you still have that PRINTER running. All you have to do is PRINT and you are FREE OF DEBT.

nobody in the world can do that EXCEPT YOU, GOOD OLD USA.

Why don't you DO IT NOW WHILE NOBODY CONFISTICATES your PRINTER??????


ARE YOUR PRINTER'S INKS DRY YET??


Without Vietnam the world would come to an end. I bow to you in respect. Your the new wizards of the new world order.



Because of what you said, an extra 1 ton of rice is being sent to US right now.

you admit that your masters are Asians????

i never really have any 'white' mate to clean my house and cook my dinner. Are you a good cook????

seriously, i'm sorry to hear it. I wish you all the best.
 Quoting: Anonymous Coward 1099216


I will cherish your words to my grandchildren. I will eat your rice, I will clean your house for free. Anything for your cherished advise.
FukQ
User ID: 1145661
United Kingdom
10/29/2010 07:17 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
HURRY THE FUCK UP AND FAIL!

YOUR COUNTRY IS ONE SUPER MASSIVE SHITHOLE!

HURRY UP AND FUCK OFF ALREADY!!
Anonymous Coward
User ID: 1145665
Spain
10/29/2010 07:17 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
:Ofootrub:
 Quoting: BROKEN


why the fuck are you singling out Obama for this?
This crap hs been building up for decades..and now the shit is hitting the fan media because fools like you are being manipulated by other interest groups and reps to
blame the current gov for all of it so they can get voted in..reps say less government, because they like more corporation control.. is that what you want??
Anonymous Coward
User ID: 1099216
Vietnam
10/29/2010 07:18 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
i don't know how somebody own 200 trillion dollars and still stand around. Your country is the best!


Vietnam is the new powerhouse. Without you guys the world would come to an end. Thank you for your world protection and kindness. Can't say enough about your kindness. Thank you for all your support and confidence.


You thought VN was a poor country. 200 trillion dollar debt doesn't make yours POORER than MINE??????


Good news is you still have that PRINTER running. All you have to do is PRINT and you are FREE OF DEBT.

nobody in the world can do that EXCEPT YOU, GOOD OLD USA.

Why don't you DO IT NOW WHILE NOBODY CONFISTICATES your PRINTER??????


ARE YOUR PRINTER'S INKS DRY YET??


Without Vietnam the world would come to an end. I bow to you in respect. Your the new wizards of the new world order.



Because of what you said, an extra 1 ton of rice is being sent to US right now.

you admit that your masters are Asians????

i never really have any 'white' mate to clean my house and cook my dinner. Are you a good cook????

seriously, i'm sorry to hear it. I wish you all the best.


I will cherish your words to my grandchildren. I will eat your rice, I will clean your house for free. Anything for your cherished advise.
 Quoting: Anonymous Coward 1144116


My cherished advise for you is PRINT 200 TRILLION DOLLAR NOW so that your misery can end tomorrow. The future is on your hand. DO IT NOW BEFORE SOMEBODY PROHIBITS YOU FROM PRINTING.

HYPERINFLATION may be a problem but you are going down any way. WHO CARES???

if you prolong this DEBT ANY LONGER, ONLY YOU and your GREAT GREAT GRANDKIDS WILL SUFFER.

IT'S A FACT. TAKE MY ADVISE. IF YOU DON'T WANT TO PAY THIS DEBT, GET THE FUCK OUT OF USA WHILE YOU STILL CAN.
Anonymous Coward
User ID: 1099216
Vietnam
10/29/2010 07:20 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
HURRY THE FUCK UP AND FAIL!

YOUR COUNTRY IS ONE SUPER MASSIVE SHITHOLE!

HURRY UP AND FUCK OFF ALREADY!!
 Quoting: FukQ 1145661


US is basically on a LIFE SUPPORT. it doesn't want to end. it prolongs the shit out while pissing off the rest of the world.


they won 2 wars less than 2 months BUT they can't make up their mind about this debt in 2 months.
Anonymous Coward
User ID: 1144116
United States
10/29/2010 07:21 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
i don't know how somebody own 200 trillion dollars and still stand around. Your country is the best!


Vietnam is the new powerhouse. Without you guys the world would come to an end. Thank you for your world protection and kindness. Can't say enough about your kindness. Thank you for all your support and confidence.


You thought VN was a poor country. 200 trillion dollar debt doesn't make yours POORER than MINE??????


Good news is you still have that PRINTER running. All you have to do is PRINT and you are FREE OF DEBT.

nobody in the world can do that EXCEPT YOU, GOOD OLD USA.

Why don't you DO IT NOW WHILE NOBODY CONFISTICATES your PRINTER??????


ARE YOUR PRINTER'S INKS DRY YET??


Without Vietnam the world would come to an end. I bow to you in respect. Your the new wizards of the new world order.



Because of what you said, an extra 1 ton of rice is being sent to US right now.

you admit that your masters are Asians????

i never really have any 'white' mate to clean my house and cook my dinner. Are you a good cook????

seriously, i'm sorry to hear it. I wish you all the best.


I will cherish your words to my grandchildren. I will eat your rice, I will clean your house for free. Anything for your cherished advise.


My cherished advise for you is PRINT 200 TRILLION DOLLAR NOW so that your misery can end tomorrow. The future is on your hand. DO IT NOW BEFORE SOMEBODY PROHIBITS YOU FROM PRINTING.

HYPERINFLATION may be a problem but you are going down any way. WHO CARES???

if you prolong this DEBT ANY LONGER, ONLY YOU and your GREAT GREAT GRANDKIDS WILL SUFFER.

IT'S A FACT. TAKE MY ADVISE. IF YOU DON'T WANT TO PAY THIS DEBT, GET THE FUCK OUT OF USA WHILE YOU STILL CAN.
 Quoting: Anonymous Coward 1099216



Thank you for that excellent advise. I will kneel in church this Sunday and thank the Lord for it.
Anonymous Coward
User ID: 1099216
Vietnam
10/29/2010 07:26 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
Thank you for that excellent advise. I will kneel in church this Sunday and thank the Lord for it.
 Quoting: Anonymous Coward 1144116


you need to look at the bright side. YOU HAVE THE FIRST BLACK PRESIDENT IN US HISTORY. IS IT BITCHING WHILE THE REST IS FUCKED UP????

Don't forget to thank the lord for the first black PRE too because it's SPECIAL.


anther good advise. please learn some Asian language because your next masters are Asians. You can't have a job if you don't speak Asian language.
Anonymous Coward
User ID: 1144116
United States
10/29/2010 07:28 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
Thank you for that excellent advise. I will kneel in church this Sunday and thank the Lord for it.


you need to look at the bright side. YOU HAVE THE FIRST BLACK PRESIDENT IN US HISTORY. IS IT BITCHING WHILE THE REST IS FUCKED UP????

Don't forget to thank the lord for the first black PRE too because it's SPECIAL.


anther good advise. please learn some Asian language because your next masters are Asians. You can't have a job if you don't speak Asian language.
 Quoting: Anonymous Coward 1099216


Another fine example of an excellent st suggestions. I feel I've been blessed. Thank you
Hope & Change
User ID: 1145679
Argentina
10/29/2010 07:44 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
:BROKEN:
 Quoting: BROKEN






5a pump2
Anonymous Coward
User ID: 1144116
United States
10/29/2010 07:46 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
:BROKEN:






5a pump2
 Quoting: Hope & Change 1145679




YAWN....
Anonymous Coward
User ID: 868423
Canada
10/29/2010 07:47 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
I can totally believe it. Some days I get the feeling this country is being propped up. Sort of like "weekend at Bernies" fashion.
 Quoting: FLUFFY PUPPY

lol. US economy and finance is Bernie!
Anonymous Coward
User ID: 1144116
United States
10/29/2010 07:52 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
I can totally believe it. Some days I get the feeling this country is being propped up. Sort of like "weekend at Bernies" fashion.

lol. US economy and finance is Bernie!
 Quoting: Anonymous Coward 868423


Canada is an example of utopia I suppose?
Anonymous Coward
User ID: 970914
United States
10/29/2010 07:56 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
:SOS: :obamaWTF:

:obozo:
 Quoting: Mr Pants


John, is that you?
Anonymous Coward
User ID: 868423
Canada
10/29/2010 07:56 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
I can totally believe it. Some days I get the feeling this country is being propped up. Sort of like "weekend at Bernies" fashion.

lol. US economy and finance is Bernie!


Canada is an example of utopia I suppose?
 Quoting: Anonymous Coward 1144116

lol. as the elephant goes so go we.

having said that we are in pretty good shape. but if the elephant falls over dead we will obviously be squished.
Anonymous Coward
User ID: 1059918
United Kingdom
10/29/2010 07:58 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
Yes, that is why they are itching for the war with Iran...

durrr
Anonymous Coward
User ID: 1144116
United States
10/29/2010 08:00 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
Yes, that is why they are itching for the war with Iran...

durrr
 Quoting: Anonymous Coward 1059918

No...The leaders were. Not the people.
Anonymous Coward
User ID: 884837
United States
10/29/2010 08:00 AM
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Re: “Let’s get real.. The U.S. is bankrupt.”
October 28th, 2010
Via: The Globe and Mail:

Boston University economist Laurence Kotlikoff says U.S. government debt is not $13.5-trillion (U.S.), which is 60 per cent of current gross domestic product, as global investors and American taxpayers think, but rather 14-fold higher: $200-trillion – 840 per cent of current GDP. “Let’s get real,” Prof. Kotlikoff says. “The U.S. is bankrupt.”

Writing in the September issue of Finance and Development, a journal of the International Monetary Fund, Prof. Kotlikoff says the IMF itself has quietly confirmed that the U.S. is in terrible fiscal trouble – far worse than the Washington-based lender of last resort has previously acknowledged. “The U.S. fiscal gap is huge,” the IMF asserted in a June report. “Closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 14 per cent of U.S. GDP.”

This sum is equal to all current U.S. federal taxes combined. The consequences of the IMF’s fiscal fix, a doubling of federal taxes in perpetuity, would be appalling – and possibly worse than appalling.

[link to cryptogon.com]
 Quoting: Anonymous Coward 1143979


To put it into perspective, it's like making 200 thousand a year and owing 20 million dollars.

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