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<blockquote data-quote="HDRKID" data-source="post: 45032" data-attributes="member: 43"><p><a href="http://www.nytimes.com/2011/08/06/business/us-debt-downgraded-by-sp.html" target="_blank">http://www.nytimes.com/2011/08/06/business/us-debt-downgraded-by-sp.html</a></p><p></p><p>Why is this important?</p><p></p><p>US borrows 40% of every dollar it spends. When you lose AAA credit rating you are forced to pay more. Loans become very expensive. Currently it is 14 trillion we owe. The government must now raise taxes on the poor. If they raise it on the rich they simply leave the country with their money.</p><p></p><p>This is already occuring. It will become more so. The flood of money leaving america is the real reason we are on trouble now. Think of all the items that say MADE IN CHINA.</p><p></p><p>I did not predict a severe recession. I predicted that <a href="http://tech.fortune.cnn.com/2011/07/20/larry-summers-warns-of-financial-armageddon/" target="_blank">financial armageddon</a> was coming. Typically, before you go bankrupt you have trouble paying your bills on time and that is what we are having now. Fact is we were hours away from the first default ever. True, we were HOURS away.</p><p></p><p>This is why we have lost our AAA credit rating, but it gets worse. US no longer is producing a lot of items, but we are importing most of what is on the shelves of your local WALMART.</p><p></p><p>Well, this explains why there are no jobs in our mirage recovery. Sadly, there is no recovery. It is a mirage. A lot of smoke and mirror. Things are going to get a lot worse.</p><p></p><p>US had AAA credit rating since 1917. Please remember that we did not lose AAA during the great depression of the 30's or WWII in the 40's when we were fighting nazi germany. Back in the 30's millions were without jobs and gold was confiscated, but we kept our AAA rating all the same.</p><p></p><p>During WWII, food was rationed, clothes were rationed, even gas. I predicted we will see ration cards once again. Still, we kept our AAA status and lost it today - right now.</p><p></p><p>Frankly, you are seeing history unfolding right before your very eyes. Expect things to get much worse. Remember, the prediction was <em>financial armageddon</em>, not a severe recession.</p></blockquote><p></p>
[QUOTE="HDRKID, post: 45032, member: 43"] [url]http://www.nytimes.com/2011/08/06/business/us-debt-downgraded-by-sp.html[/url] Why is this important? US borrows 40% of every dollar it spends. When you lose AAA credit rating you are forced to pay more. Loans become very expensive. Currently it is 14 trillion we owe. The government must now raise taxes on the poor. If they raise it on the rich they simply leave the country with their money. This is already occuring. It will become more so. The flood of money leaving america is the real reason we are on trouble now. Think of all the items that say MADE IN CHINA. I did not predict a severe recession. I predicted that [URL='http://tech.fortune.cnn.com/2011/07/20/larry-summers-warns-of-financial-armageddon/']financial armageddon[/URL] was coming. Typically, before you go bankrupt you have trouble paying your bills on time and that is what we are having now. Fact is we were hours away from the first default ever. True, we were HOURS away. This is why we have lost our AAA credit rating, but it gets worse. US no longer is producing a lot of items, but we are importing most of what is on the shelves of your local WALMART. Well, this explains why there are no jobs in our mirage recovery. Sadly, there is no recovery. It is a mirage. A lot of smoke and mirror. Things are going to get a lot worse. US had AAA credit rating since 1917. Please remember that we did not lose AAA during the great depression of the 30's or WWII in the 40's when we were fighting nazi germany. Back in the 30's millions were without jobs and gold was confiscated, but we kept our AAA rating all the same. During WWII, food was rationed, clothes were rationed, even gas. I predicted we will see ration cards once again. Still, we kept our AAA status and lost it today - right now. Frankly, you are seeing history unfolding right before your very eyes. Expect things to get much worse. Remember, the prediction was [I]financial armageddon[/I], not a severe recession. [/QUOTE]
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