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Reckless Spending Spells Doom For U.S.

December 29, 2013

To The Reader’s Forum: I read the Readers’ Forum article about “Bankers Which I Fear” and the U.S. deb....

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Jan-03-14 4:07 PM

There is one reason why the US dollar will always have value: it's the mandatory unit of exchange for tax purposes. Try paying them with anything else.

Now HenryH took that to the next level, insinuating that the dollar was loosing value. I wish it was so, but, unfortuanately, that's not true. The Fed would like to see inflation at 2%, but it hasn't been that high in over 5 years. Slight inflation encourages spending, since the money is slowly losing value otherwise. Notice that isn't happening much either.

In short, dollars are too solid at the moment, not the other way around. The greater risk is deflation, which is far worse that inflation any day of the week. So in a social sense, Henry is right. We should all go out there and spend those dollars ... except we won't.

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Jan-02-14 4:54 PM

Dec-29-13 5:56 AM

good reference with the fiat currency!

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Jan-02-14 4:40 PM

delusional cess per usual.

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Dec-31-13 4:37 PM

Deportations are at a record rate under Obama, just thought I'd correct that. The dollar has grown in value under Obama, just thought I'd correct that too. Dems have also tried to stop giving tax breaks to corps that move jobs offshore but Reps keep jamming that, just thought I'd correct that too. Inflation is steady, unlike the other person. Employment is a positive vector under Obama, unlike the other president. Deficits are on budget, not hidden like the previous pres. Debt has slowed, unlike all previous Republican presidents. Actually, Debt has only increased tremendously under Republican presidents, never under a Democratic President. Dems are the true fiscal conservatives, they want to pay for their spending(tax). The Republicans are the ones who rely on future generations to pay their debts. You see, taxes can be good, but paying for our defense is needless and has only served to entrench us in foreign lands. Republicans have done this, not Dems. The Dems are conservative.

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Dec-30-13 3:38 PM

Trog, do you have anything other than the government figures on inflation must be lies? Are you having trouble accepting the fact that inflation is only 1.2%? Reality calling!

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Dec-30-13 7:44 AM

The politicians on both sides of the aisle are worthless, the longer we let them get away with it this country is doomed!

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Dec-30-13 7:13 AM

HenryH, per your 12:11 P.M. comment, I don't understand why you got so many disagrees. I thought you were correct. Maybe others thought you were OK with the current state of immigration. If so, I believe illegal immigration is a very big factor contributing to our country being on the wrong track. No other country on this planet allows for the official disregard for it's border integrity. In the main, this disregard is implemented by one particular Party for it's own political gain at the expense of the rest of the country. Also, thanks for your best wishes, my garden is fairly large and my supply of ammo is more than adequate.

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Dec-30-13 7:05 AM

What I really found astonishing was Obama saying he couldn't prevent the waste and scandals in the government because government was too big. Yet, not only has he never done anything to shrink the gov't. but has actively worked to oversee it's "growth on steroids".

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Dec-29-13 11:09 PM

Just remember, Gravelpitts was a sole proprietor and knows all about business. Yeah right. Never had a job, lived of the government, and loves the free stuff Barry hands him.

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Dec-29-13 2:32 PM

I suspect the gvt. inflation figures are lies as more and more of their figures are. For now we are in effect exporting our inflation to China but they have the power to decide when that will end. That will be a problem.

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Dec-29-13 12:47 PM

A well written, intelligent, and on the spot letter, Bruce. Thanks for your submission and opinion.

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Dec-29-13 12:16 PM

No, Loner, someone disagrees with the economic practices of some businesses. Like I have told you many times, just because someone disagrees with you it doesn't mean they hate you and you have to hate them back.

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Dec-29-13 12:15 PM

munch chomp slurp

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Dec-29-13 12:13 PM

The current US annual inflation rate is 1.2%. And your problem is.......?

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Dec-29-13 12:11 PM

Feddie, you are correct. The 'average American' will see their standard of living implode. This is already a given. American hegemony is waning. We are already seeing people emigrating to countries of origin from our technology sectors. Two of my employees have done this returning to their countries of birth as the can have a higher standard of living there than here. In our current environment of blaming immigration for our problems and ignoring the ills of Congress, we are sealing our fate. We are expediting this by our military interventions around the world which only creates more enemies. Terrorists need not blow anything up, they just have to instil doubt about the value of the Dollar. It is already happening in the Middle East as more and more of my transactions have to be done in the fiat currency of the country or OPEC standard. Hope you have a good garden and lots of ammo to keep looters out.

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Dec-29-13 9:49 AM

Inflation is a mechanism of deceptively taxing or gradually stealing savings and of giving debtors a free ride. There are more debtors than savers. The incentives for saving will be progressively reduced until there is no more saving. At some point, often violently, the government seizes all remaining property. Revolution, chaos, and collapse of the nation or entire civilization results.

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Dec-29-13 9:00 AM

HenryH, you fail to mention that along with our debt going away via bankruptcy, it will be accompanied with our standard of living being greatly diminished at the same time.

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Dec-29-13 8:03 AM

gravelpit you need to go bury your head in the sand, for a while

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Dec-29-13 5:56 AM

Crooks hit it on the head. The US Government does not own its own currency. That which you believe in is but smoke and mirrors. As a fiat currency, there is nothing supporting the Dollar other than the belief that it has value. At some point, the World and our citizens will loose faith that the Dollar is of fair value and its value will fall quickly. That is how the system works and then the debt will simply go away via bankruptcy. The average person will have serious issues and there will unrest. However, as it happened in the 1700s and 1800s in Europe, it will pass and life will go on.

Bruce, don't hold onto those Dollars too long. They are just pretty paper.

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Dec-29-13 3:05 AM

As Long as Rich Bankers, (NOT the US) owns its money or the IRS This will never happen, Kennedy Tried to do something about it in the early 60's, You know how well that worked out....

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