In order to solve or stem the economic slowdown, Hennecke suggested the US would have to radically reduce spending across all sectors and recall all its troops from around the world.
Happy Remembrance / Veterans Day. Thanks to twist [and especially Doomer L -- see below] for finding this one.[1] Despite the strong flack he was getting from another guest, Tyche’s Martin Hennecke was quite explicit on his dire predictions about what the US will have to do to save the AAA rating on it’s sovereign debt. And default is not out of the question.
I’m a retired civilian IT worker at Canada’s DND. While I was there I was adamant that the West could not afford its present wars and oversees deployment. Now, several years later, this assessment is starting to be heard on CNBC. Doomers will recall me using language similar to the above letters-of-fire several times recently, and some of my former colleagues may recall discussions over coffee a bit like the CNBC video going back as early as 2003. Some of those with a login might get some harmless fun out of reviewing this.
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[1]: "US May Lose Its ‘AAA’ Rating", CNBC, November 10, 2008.
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I say this allot.
America cannot afford itself.
Think about it.
John-
As is so often the case, the credit for that find needs to go to L.
I’m glad you posted on it. It probably should be in large type- all caps. WE CAN’T KEEP TRYING TO BAIL EVERYTHING OUT.
Even the mighty United States government has limited resources, and by failing to set priorities and make hard choices, we may find that we have squandered what resources we have, leaving us unprepared for our most desperate needs.
Igor is “outraged”, I’m afraid.
toysarefun -
As foreshadowed in Eisenhower’s farewell address, America can’t (at present) afford important parts of itself.
During the Cold War analysts were concerned that the West would implode from the cost of all the expensive military weapons, infrastructure and associated costs of competing with the Soviet Union, but they collapsed first.
Then 9/11 provided the motivation for some of America’s militaristic elements, critically including those greedy simply to harvest gain out of the Military-Industrial Complex, to expand those expenses to the point where it’s evident the situation is already past a tipping point.
You and I have a bit of influence, but folks like Hennecke have much more. Lets hope he inspires some CNBC viewers to “Think about it.”
John M, CNBC viewers is like singing to the choir. Anyone not agrreing with that sentiment would not be paying attention to CNBC. As for bringing home all our soldiers, I’m sure with the new pres that will happen. The Taliban exploded during Clinton. And we all know what happened wiyh AlQueda’s new found freedom. It’s amazing how the left leaders in this country live behind guarded gates but scream no fear. They also shop where bombers can’t go. They party where rsvp’s are in order. Private schools? Of course. Enjoy being so right.
This morning, I left a message on my Congressman’s voice mail. In addition to doing some general ranting about all the bailouts, I suggested that he tell the U.S. auto industry to seek its bailout from the oil industry. Oil’s doing well, autos are not, so why don’t the two industries work out a loan?
Igor says: Ripoff. And I agree.
I know I’ve had my one smart comment for the day but .. What is up with citibank, are they geniuses or what?
http://eon.businesswire.com/portal/site/eon/permalink/?ndmViewId=news_view&newsId=20081110006857&newsLang=en
I agree on the military spending, just heard the post office wants to lay off 40 thousand people today as well.
I hope you all have “a little” physical gold in your investment portfolio, just for insurance. It will probably lose its value when (if) everything turns out fine, but be happy if it does. If not, in a worst-case-scenario you’ll be holding worthless printed paper.
BTW in case you are wondering, paper gold defeats the purpose of buying gold. My understanding is that if the bank or institution holding the assets against your paper gold goes under, you are out in the cold.
A punchline from an old joke keeps running through my head as I read the news.
“Mister, Come to think on it; you jest cain’t get there from here.”
Igor says: wipeout
Good comments.
I have one question though….who is “Igor” ?
rvsharpe -
We really should put up a Page about that. “Igor” is Housing Doom’s automatic spam-comment filter. There is a picture of him, and the rest of the Doom in-Castle staff at our Xmas ’06 Greetings. Note that Igor’s likeness was “reproduced” by Winter M. and Ili Twist.
It’s a running gag here that Igor’s randomly generated Anti-spam words are commentaries on the comments.
John, RVSharpe-
The odd thing is, Igor never seems to randomly rotate through his vocabulary. [Which I think is somewhere around 30 words.] There is the suspicion that he has taken on a life of his own.
Igor was programmed by our rather paranoid sys admin, and seems to have inherited some of his personality. To their credit, I don’t remember spam ever managing to post. We do have problems with long time friends occasionally having to be liberated from “spam jail” however.
It was actually rumored awhile back that Igor was sending out email. I wouldn’t put it past him.
Twist and John -
Thanks for the information. The running gag is hilarious.
By the way, I have learned a lot from this site. It’s refreshing to read commentary and comments from informed people which includes charts and graphs for review.
Once again, thanks.