No matter what Int rates will go up. The longer we delay this, the higher they will have to go (unless we resign ourselves to massive inflation). I agree with him, and agreed with him 12+ months ago. The US needs a recession to reset things.
Sad to say, but I read today that the US currency is becoming a contender to fuel the carry trade. If it does (possibly within 3 weeks), then that should be a humiliating wake up for all our US folks. Although there are some perceived benefits, but they are humiliating and not a valid long term policy. Eventually, you do need to pay back debts. To fuel carry trade means your currency is shit.
I just hope the 1.4 trillion dollars spent on Iraq was worth it (14,000 per tax paying person in America), and I didn't even get an Iraqi to do my lawn.
Speaking of Squanderville.
Dubai's purchase into Citibank on Monday. Canadians have bought a tremendous number of US banks and assets in the past 14 months. Canadian assets now stretch down to California. They have also bought a huge chunk of the US railroad system (most of the rail around Chicago is owned by Canada now). They have punched power corridors on west and east cost to keep you on the electricity nipple (they own ALL the hardware, you own NOTHING. You just pay for juice). 8% of all US Assets are now owned by foreigners, and it is increasing by 1 to 2% per yr. If you look at the import #'s you will be terrified. And there is nothing you can do about it now, you can't live without HBO. And before you say "expropriate" remember who feeds and powers ya & look at Zimbabwe (they chose that path). This was a very short empire compared to the others in past history. You are now selling your countries assets to keep the lights on.
Weclome to Squanderville. Hope HBO and Hummers were worth it.
And to everyone who dissed me a year ago for posting that China will be top dog, please repeat that? Gimme that show of hand again (I know who you are!). What was it, wasn't it "we'll never be #2, not in our lifetimes" or something like that.
You give a fuck? Start by paying down ALL of your personal debt as fast as you can. I'm not American and that is what I;ve beendoing for 2 yrs now to make up for you lazy fucks. If you don't get off your ass, I'll buy a railroad. It'll be the Arioch R&R, the drunk Railroad, all the way from Vancouver to San Diego.
