The Future Of The Greenback

#2
#2
myrobbins7 said:
Dollar's Reign as World's Main Reserve Currency Is Near an End - WSJ.com .... Intresting take in this read. Thoughts?
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My calculations suggest that the dollar will have to fall by roughly 20%. Because the prices of imported goods will rise in the U.S., living standards will be reduced by about 1.5% of GDP—$225 billion in today's dollars. That is the equivalent to a half-year of normal economic growth. While this is not an economic disaster, Americans will definitely feel it in the wallet.
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Not good.
 
#3
#3
Not sure there is anything we can do to stop it. Having a balanced budget amendment may help but it may be too late. To have a chance at being competitive, the ridiculous deficits have to go.
 
#4
#4
azVolFan said:
Not sure there is anything we can do to stop it. Having a balanced budget amendment may help but it may be too late. To have a chance at being competitive, the ridiculous deficits have to go.
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It would be nice but honestly I'd be surprised.

1. I don't think the elected officials actually have the balls to do it because.....

2. Many people want the deficit to be reduced, but I'd bet most would complain at the same time if something is cut that affected them. Thing is, it would affect everyone. It would have to. There's no way it can't. You can't cut trillions of dollars and expect everything to stay the same.

I can't see how the US economy can keep sustaining hits. Removal as the world's reserve would be a massive hit. Idiots in Washington have to start realistically addressing our fiscal problems today.

I really do fear the future of the dollar. Our economy sucks. We have trillions of extra dollars floating around in debt. And now foreign nations are trying to get off the dollar standard.
 
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#5
#5
Step 1: Make material cuts to Social Security, Medicare, and Defense spending.

Step 2: Raise tax revenue.
 
#6
#6
therealUT said:
Step 1: Make material cuts to Social Security, Medicare, and Defense spending.
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Do you think they'll actually do this? I think it's absolutely neccessary, but how much fighting and resistance would it bring? Do we have any politicans willing to propose and vote for it?
 
#7
#7
TheDeeble said:
Do you think they'll actually do this? I think it's absolutely neccessary, but how much fighting and resistance would it bring? Do we have any politicans willing to propose and vote for it?
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I think the impending doom of Social Security is going to become too much to ignore as more of the baby boomers retire. Unfortunately it's going to fall to the next generation to undo the Ponzi scheme and get it right.
 
#8
#8
GAVol said:
I think the impending doom of Social Security is going to become too much to ignore as more of the baby boomers retire. Unfortunately it's going to fall to the next generation to undo the Ponzi scheme and get it right.
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Again I agree, but I see so much resistance to this I'd be surprised if any real change is made. Democrats will fight and do whatever they can to leave ss alone. Not to mention the millions of retired and about to be retired that will fight it also.

Same with medicare.

And probably the same with defense spending and the republicans. I'd imagine they'll do everything possible to kill real defense spending cuts.

Here is an example of what I mean:

Less than a quarter of Americans support making significant cuts to Social Security or Medicare to tackle the country's mounting deficit, according to a new Wall Street Journal/NBC News poll, illustrating the challenge facing lawmakers who want voter buy-in to alter entitlement programs

In the poll, Americans across all age groups and ideologies said by large margins that it was "unacceptable'' to make significant cuts in entitlement programs in order to reduce the federal deficit. Even tea party supporters, by a nearly 2-to-1 margin, declared significant cuts to Social Security "unacceptable."
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http://online.wsj.com/article/SB10001424052748704728004576176741120691736.html?mod=djemalertNEWS

People don't want to make the neccessary cuts. They're all for it, as long as it doesn't affect them. But entitlements make up a massive portion of the yearly budget.
 
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#10
#10
if not us who? i can't see people usuing a communist country's currency as a the reserve. look what happened when the economic crisis hit. the dollar rallied significantly because we were still considered the currency of safety.
 
#12
#12
TheDeeble said:
It would be nice but honestly I'd be surprised.

1. I don't think the elected officials actually have the balls to do it because.....

2. Many people want the deficit to be reduced, but I'd bet most would complain at the same time if something is cut that affected them. Thing is, it would affect everyone. It would have to. There's no way it can't. You can't cut trillions of dollars and expect everything to stay the same.

I can't see how the US economy can keep sustaining hits. Removal as the world's reserve would be a massive hit. Idiots in Washington have to start realistically addressing our fiscal problems today.

I really do fear the future of the dollar. Our economy sucks. We have trillions of extra dollars floating around in debt. And now foreign nations are trying to get off the dollar standard.
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The downside to handouts...

Tony feeds the locals - Anthony Bourdain: No Reservations Video - Travel Channel

(gets interesting at the 2 min mark)
 
#13
#13
My bad ..I thought maybe the little town on US 411 was getting a casino!
 
#14
#14
i think they could raise social security age on anone 40 years or younger. that would give them more time to save and increase their investments so they could retire at 60 or 65 without having to worry about SS. if they don't save, then it's their fault.

there should be reason for the 40 and younger crowd not to save or set up investment accounts.
 
#16
#16
joevol320 said:
i think they could raise social security age on anone 40 years or younger. that would give them more time to save and increase their investments so they could retire at 60 or 65 without having to worry about SS. if they don't save, then it's their fault.

there should be reason for the 40 and younger crowd not to save or set up investment accounts.
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Did you mean?

there should be NO reason for the 40 and younger crowd not to save or set up investment accounts
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#18
#18
Ringing endorsement from their proudest 2nd year freshman.

I still don't get why people haven't seen the writing on the wall (aside from utgibbs, he's explained himself quite well) about SS sinking this ship.
 
#20
#20
#22
#22
milohimself said:
Ringing endorsement from their proudest 2nd year freshman.

I still don't get why people haven't seen the writing on the wall (aside from utgibbs, he's explained himself quite well) about SS sinking this ship.
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SS isn't the main problem. As a percentage of unfunded liabilities, it's tiny compared to Medicare and Medicaid. In fact, if Medicare and Medicaid went away, SS would be fine for quite some time.
 
#23
#23
If someone told you we have a retirement plan where we are going to force you to pay in for 40 years, never show the value of your total savings, and only pay you a small stipend and at your death inherit your life savings.

You would say this is criminal. Unfortunately this is our Social Security system. It's a great fraud pushed on the American people.

The problem with Social Security isnt social security. That is a great windfall for the govt. The problem is the abuse of it, people paying in 5 years and collecting for 40 yrs+, and the real problem, as we all know, is the government spending. They want to raid social security to cover the out of balance spending.
 
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#24
#24
just started looking at political forum after reading about the gentleman with ms(who i hope does well). my thoughts after years of close attention to our political situation....we are totally screwed....my plan is to have a good day anyway...
 
#25
#25
oklavol said:
If someone told you we have a retirement plan where we are going to force you to pay in for 40 years, never show the value of your total savings, and only pay you a small stipend and at your death inherit your life savings.

You would say this is criminal. Unfortunately this is our Social Security system. It's a great fraud pushed on the American people.

The problem with Social Security isnt social security. That is a great windfall for the govt. The problem is the abuse of it, people paying in 5 years and collecting for 40 yrs+, and the real problem, as we all know, is the government spending. They want to raid social security to cover the out of balance spending.
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Well, the really BIG problem with this plan is suddenly, people started living past 65! Whoops!
 
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