4 Comments

1. 

   Leon Night on July 31, 2011 at 5:54 am

   “The only way to prevent blood from running in the streets is to…”

   It’s interesting how politicians attempt to raise the level of fear in Americans, in order to promote their political agenda, by constantly increasing the shock value in their rhetoric.

   But it appears, by the lethargic reaction of the average American citizen to such fear mongering, that such language only makes us more complacent to the dangers that are really approaching.

   “The sky is falling, the sky is falling!”

   Eventually, but to everyone’s surprise, the sky will fall and blood will actually run in the streets. There will be anarchy.

   But what then?

   Reply
2. 

   Bonnie on July 31, 2011 at 1:08 pm

   Ideas presented as facts are not always true.

   Current conventional belief(as reported by the media and politicians) is that if the US defaults, it will be the first time. However financial reporter Nicholas Kristof reported:

   They were the world’s richest and shrewdest investors, and they rode a wave of globalization to buy bonds in a promising developing country. When that country defaulted, they were livid. The year was 1842 and the country was the United States.”
   – Nicholas Kristof, in the September 20, 1998 issue of New York Times International

   1842 was a period of economic depression for the US, not unlike what is happening now. It was shortly after President Andrew Jackson terminated the USA’s central bank, the equivalent of today’s Fed. It didn’t work out so well then and it probably won’t work out so well now.

   History and the affairs of humankind have a cyclical nature, yet the result does not have to be the same. The higher purpose of cycles is to recognize what has worked and what hasn’t while countering that which hasn’t with
   a different behavior. It’s called becoming an adult.

   Reply
3. 

   roger on August 2, 2011 at 9:50 am

   There is a common sense approach
   and there is in depth knowledge.
   Looking at the ocean on a calm day
   gives you a good feeling but under
   the surface there is an intense
   struggle going on for survival.
   2011 is not like 1872,each crisis
   brings on a qualitative change,this
   one is terminal not cyclical,
   meaning no more growth.

   Reply
4. 

   Bonnie on August 5, 2011 at 6:56 pm

   This is a correction of my prior post where I quoted
   N. Kristof that the US defaulted in 1842:
   However, someone sent this to me

   “The 1841-1842 Defaults. This was actually a series of defaults by nine state governments, including three states that repudiated their debt altogether. The federal government was not involved.”
   – John Carney, Senior Editor, CNBC.com, May 23, 2011

   Reply