Compare with 1929 (merged)

[Sys1]

Great article (i love doom articles), but i think it has already been post

[KevO]

Great article (i love doom articles), but i think it has already been post

Sorry if it has. I assume it must have been posted over the Crissie period when I was AWOL.
It is about as doom as doom can be

[steam_cannon]

...but i think it has already been post

Sorry if it has. I assume it must have been posted over the Crissie period when I was AWOL.

Yeah "The Hammer" found it first! But it deserves to be reposted. It's an important article and the original title was a little over the top so some people might have missed it.

Force 10 Doomer Porn! - Just weeks to get this right...
"Crisis may make 1929 look a 'walk in the park'"
http://www.peakoil.com/fortopic34969.html

[Kingcoal]

"exigent circumstances" "denouement"

I love it, I'm going to use these terms when the bank calls.

[charliebrownout]

It will be more like 1873.

Link found on Ron Paul's Campaign for Liberty.

[MarkL]

An interesting read. Thanks for posting it.

[ubercrap]

Great info!

[sittinguy]

Even with high gas prices and food prices people are getting along OK for now. Everyone I know still has 150 channels on TV, high speed internet, pool pump running, luxury food items, A/C on 74 degrees. And all people had to do was give up a hobby or cut back on them.

So things are going to have to WAY more expensive to REALLY get attention with action required. Rite now it just gets your attention.

My personal theory is people living within their means, even if its paycheck to paycheck, will do OK

People that NEED to use a credit card every month to make it to the next check,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,ARE SCREWED

but what do I know

[Delphis]

Great read CBO!

[JJ]

I was sacking groceries yesterday, and a guy and his other half came through the line with two shopping carts full of VERY high end groceries...he said he just lost 70K on the S&P. Wonder if he paid cash for the groceries? didn't notice.....

[ohcomeon]

It will be more like 1873.

Link found on Ron Paul's Campaign for Liberty.

Excellent article!! Thanks for posting it.

[steam_cannon]

Great article! Worth killing a tree (print)!

[HEADER_RACK]

Even with high gas prices and food prices people are getting along OK for now. Everyone I know still has 150 channels on TV, high speed internet, pool pump running, luxury food items, A/C on 74 degrees. And all people had to do was give up a hobby or cut back on them.

So things are going to have to WAY more expensive to REALLY get attention with action required. Rite now it just gets your attention.

My personal theory is people living within their means, even if its paycheck to paycheck, will do OK

People that NEED to use a credit card every month to make it to the next check,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,ARE SCREWED

but what do I know

In a contracting economy let them lose their job. They will go from boom to bust in about 60 days. A lot less if they are paycheck to paycheck.
At that point does it really matter if they cut out the 150 channels or set the ac a couple of degrees higher?

[TheDude]

Why not 1373?

He says the Weimar's need to pay remittances was a factor in 1929 that isn't present now, but what would you compare the enormous scale of US debt to?

[Cloud9]

You are right. This won’t be like 1929. In 29 there were a lot of people still alive that had been born in the 19th century. Those people came from a preindustrial society. They actually knew how to work. This new storm is going to be totally different.

This current generation is not going to be able to walk out in the back yard and pull up a turnip or strangle a chicken if it gets hungry.

Even those of us on the sidelines my run out of popcorn before this is over.

[pedalling_faster]

Even those of us on the sidelines my run out of popcorn before this is over.

we'll be eating earthworms & grilling crows. already experimented with the first part.

[Specop_007]

Why not 1373?

He says the Weimar's need to pay remittances was a factor in 1929 that isn't present now, but what would you compare the enormous scale of US debt to?

I dont know why everyone complains about the level of American debt. Look at our debt as a percentage of GDP, then compare it to many other first world countries.

You may be suprised......

[Snowrunner]

I dont know why everyone complains about the level of American debt. Look at our debt as a percentage of GDP, then compare it to many other first world countries.

You may be suprised......

Personally for me (from the outside) it's the rate at which it increases for one, but the other thing is that the US already in the late '90s relied heavily on foreign investments to stay afloat.

Then there is the ongoing cost of (at least two) very expensive wars and not a lot of options to cut internally before hitting the bone.

[Specop_007]

I dont know why everyone complains about the level of American debt. Look at our debt as a percentage of GDP, then compare it to many other first world countries.

You may be suprised......

Personally for me (from the outside) it's the rate at which it increases for one, but the other thing is that the US already in the late '90s relied heavily on foreign investments to stay afloat.

Then there is the ongoing cost of (at least two) very expensive wars and not a lot of options to cut internally before hitting the bone.

True, there may be some big differences in the makeup of the debt.

As for cutting, I personally believe we could cut damn near a trillion from the budget. its important to remember the enumerated powers. Spending outside of that is not hitting bone. We may think we need to spend half a trillion a year on social programs, but frankly we do not.

[3aidlillahi]

As for cutting, I personally believe we could cut damn near a trillion from the budget. its important to remember the enumerated powers. Spending outside of that is not hitting bone. We may think we need to spend half a trillion a year on social programs, but frankly we do not.

Actually, non-discretionary spending (social programs) account for 1.7 trillion USD of spending. Compare that to about 1.2 trillion for discretionary spending (half of which is military spending).

Of course, we actually save hundreds of billions every year because we understate inflation, which is what we rely upon for increases in mandatory spending. Thanks Bill Clinton?

Social Security alone is $600 billion and it rises by about 5% a year ($30 billion - total amount of pork in the budget!)