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US Debt
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Registered: 03/25/2008 Posts: 2,526 |
There's a thread below about Stamp Farms titled too big to fail and it got me thinking about our own predicament as a country. I think we're being propped up by the mindset that the USA is too big to fail.
Our current national debt is close to $28 TRILLION. (Click on it and watch it in real time. Scary!) There are only $37 trillion in circulation in the entire World. That includes all the physical money as well as the money deposited in savings and checking accounts. That includes every Dollar, Ruble, Peso, Euro, Franc, Yen, Yuan, Rupee, Krone, etc... I'm no expert but it seems like owing more than 75% of the money in the entire World might be bad for the USD at some point soon! The numbers are so ridiculous and move so fast it's hard to even fathom or to take seriously (so most people, including politicians don't). The value of the dollar is not backed by gold, it's backed by "full faith and credit" in the US government and a complicated tie to Crude Oil prices. Faith in the US government is not getting better around the World. However, over production of Crude has helped to artificially inflate the USD. The question my wife and I have been discussing lately is how much longer can this last and how do we divest from the USD to protect our savings. When will the rest of the World look at the US and stop thinking we're too big to fail and start to realize that investing in the USD is a very questionable proposition? If/when that happens our dollar will collapse in dramatic fashion. We've lived for decades with the mindset that the USA is too big to fail. Will that mindset change? Jake Morgan Owner, PULLOFF.COM Independent Pulling News This page is a free service. The cost is covered out of my pocket. It takes a great deal of time and a fair amount of money to keep this website going. Donations for: photos, classified ads, forum discussion, etc... are appreciated. Side Note: We are no longer accepting PayPal donations. They have changed their terms of service and stated they would fine PayPal users for spreading "misinformation" and "hate, violence, racial or other forms of intolerance that is discriminatory". PayPal did not provide definitions for some of these vague terms. Woke corporate policies regarding "misinformation" could result in an automatic fine of $2,500 which would have been removed directly from the customer’s PayPal account. PayPal did backdown from some of their policies but quietly implemented portions of them in later terms of service. A financial institute has no right to monitor social media accounts or speech. This is unacceptable and I'll no longer do business with PayPal. |
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Re: US Debt
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Registered: 03/25/2008 Posts: 2,526 |
As a side note: I just watched the US debt clock and at the time of this post it takes 22 seconds to increase our debt by $1 Million dollars. How is that sustainable? Jake Morgan Owner, PULLOFF.COM Independent Pulling News This page is a free service. The cost is covered out of my pocket. It takes a great deal of time and a fair amount of money to keep this website going. Donations for: photos, classified ads, forum discussion, etc... are appreciated. Side Note: We are no longer accepting PayPal donations. They have changed their terms of service and stated they would fine PayPal users for spreading "misinformation" and "hate, violence, racial or other forms of intolerance that is discriminatory". PayPal did not provide definitions for some of these vague terms. Woke corporate policies regarding "misinformation" could result in an automatic fine of $2,500 which would have been removed directly from the customer’s PayPal account. PayPal did backdown from some of their policies but quietly implemented portions of them in later terms of service. A financial institute has no right to monitor social media accounts or speech. This is unacceptable and I'll no longer do business with PayPal. |
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Re: US Debt
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LSS Fan
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Lol debt increases $4B per day. That is wild. |
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Re: US Debt
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inflation facts
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And another 1.9 Trillion so called Coranavirus relief package will inflate the debt and US dollar even further.
But, Jake, where is there a safe haven? I have been evaluating all my investments this week, asking myself that question. For Christmas, my daughter gave me a 1949 yearbook (year I was born) with facts of that year. Truman was president. Time Magazine Man of Year - Winston Churchill U.S. Population 149,188,130 US Unemployment Rate 6.05% Life Expectancy 62.9 years NATO is formed Chinese Civil War ends, with the Comminists victorious Soviet Union acquires the atomic bomb German Democratic Republic of East Germany is established (Just really think about the above 3 and how all that has turned out. Then put it into context of what has just happened in US politically) Cost of Living in $: 7450 New House 70 per month House Rent 2929 Average Income Minimum wage increased to $.70 per hour 1420 New Car .17 gallon Gasoline 600 per year tuition to Harvard .60 Movie Ticket .03 Postage Stamp .14 per Loaf Bread .24 dozen Eggs .50 Lb. Bacon .47 Lb Ground Beef .65 Lb. Ground Coffe .85 for 10 Lb. Sugar .84 gallon Milk College Football Champions = Notre Dame. Yay, go Fightin' Irish !! |
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Re: US Debt
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Registered: 02/19/2009 Posts: 526 |
Look at the gallon of milk. .84 cents in 49 in 2020 you can find milk for .99 at Walmart. That's interesting. |
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Re: US Debt
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inflation facts
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Then Walmart is using $.99 (per gallon????) for quite the loss leader.
Last summer when Class III futures were $20 to $22 per cwt., Aldi retail milk price ranged from 1.37 to 1.87. Now that Class III is in the $16 range, Aldi retail is $2.18 to 2.58. Meijer is 2.89 to 2.99. The inverse of 'futures' to 'retail' does not make sense. |
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Re: US Debt
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Paull
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Not much makes sense anymore |
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Re: US Debt
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My thoughts
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And the AMERICAN Dairy farmer is still getting 1970 & 1980 milk prices, feed sure has went up since then, so has fuel an all living expenses , the American Farm Families is the most screwed over part of all this !!! Been there Done that !!! Its a disgrace !!! |
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Re: US Debt
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Registered: 08/27/2019 Posts: 212 |
Want another comparison ?
My grandfather bought a new 1979 F350 Ford , 4wd with the heavier front end, 4 speed stick, 400 engine, reg. cab , 8' bed plain jane cab w/ am radio.....it cost $9,000. Today that truck would cost what.....$80,000 or more ? Wages sure haven't kept up with the cost of a truck , have they, let alone a home or other living expenses. |
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Re: US Debt
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Registered: 03/25/2008 Posts: 2,526 |
I don't want to be a jerk but I just want to do some math just out of curiosity... 1979 doesn't seem that far back, but alot has changed (much for the worse) since then and I was a little surprised by this:
List price for a 2021 regular cab base model 4x4 F350 is around $40,000. You could probably get one for the low to mid $30's with some negotiation. This would be pretty close to what your grandfather bought. As a side note: He was also buying the biggest gas engine during the US oil crisis so a dealer may have had some incentive to get rid of the big engine gas guzzlers. $9000 seems like a good deal but how would it compare to todays dollars?
As for the cost of Milk comparison... when the Government subsidizes an industry is also takes control and sets the prices. I'd rather have the free market set the price and simply let supply and demand run the market. If dairy farmers overproduce or if buyers are consuming more those factors should be what sets the price. Not the Government. The debt and printing more and more money will be the demise of the USD. We are going down a road called Modern Monetary Theory and it's never worked before. I know there are economic geniuses like AOC who think we can just keep printing more money but that has never ended well for a country. It won't end well for us either, it's just a question of when... Jake Morgan Owner, PULLOFF.COM Independent Pulling News This page is a free service. The cost is covered out of my pocket. It takes a great deal of time and a fair amount of money to keep this website going. Donations for: photos, classified ads, forum discussion, etc... are appreciated. Side Note: We are no longer accepting PayPal donations. They have changed their terms of service and stated they would fine PayPal users for spreading "misinformation" and "hate, violence, racial or other forms of intolerance that is discriminatory". PayPal did not provide definitions for some of these vague terms. Woke corporate policies regarding "misinformation" could result in an automatic fine of $2,500 which would have been removed directly from the customer’s PayPal account. PayPal did backdown from some of their policies but quietly implemented portions of them in later terms of service. A financial institute has no right to monitor social media accounts or speech. This is unacceptable and I'll no longer do business with PayPal. |
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Re: US Debt
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Registered: 04/03/2016 Posts: 772 |
I'll be a jerk as a grain farmer and say this Jake. When we over produce and the price goes down the mentality of a grain farmer AND THEIR INPUT SUPPLIERS is you have to produce more to make more money. And all that does is compound the actual problem. But then the USDA and their false reports don't help that either. I'll use the 2019 crop as an example in my opinion. Edited 1 time(s). Last edit at 01/27/2021 05:02AM by Supertiquer. |
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Re: US Debt
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mgc
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is it gunna happen soon i need some aluminum cyl heads n stuff and don't want to pay the exchange |
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Re: US Debt
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Paull
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I do not agree that the average household income is that high and the cost of a diesel pu is much more. |
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Re: US Debt
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Registered: 03/25/2008 Posts: 2,526 |
I agree, A diesel pickup is definitely more, but I wanted to do the closest apples to apple comparison and comparing a new diesel to a gas truck back in 1979 didn't seem even remotely fair. As a side note, even the cheapest gas truck today has more bells and whistles than a loaded gas truck in 79. As for the household income, it seems high to me and my family too and I've seen all sorts of different numbers and data. Some higher some lower. The site I referenced had both current and past income, and it seemed reasonable to stay consistent with data for both years from one site. I didn't think it was fair to cherry pick a high number from one site and an low number from another. Again, trying to use a common dataset that gives a fair apples to apples comparison. I provided links to click on to make my data as transparent as possible. Jake Morgan Owner, PULLOFF.COM Independent Pulling News This page is a free service. The cost is covered out of my pocket. It takes a great deal of time and a fair amount of money to keep this website going. Donations for: photos, classified ads, forum discussion, etc... are appreciated. Side Note: We are no longer accepting PayPal donations. They have changed their terms of service and stated they would fine PayPal users for spreading "misinformation" and "hate, violence, racial or other forms of intolerance that is discriminatory". PayPal did not provide definitions for some of these vague terms. Woke corporate policies regarding "misinformation" could result in an automatic fine of $2,500 which would have been removed directly from the customer’s PayPal account. PayPal did backdown from some of their policies but quietly implemented portions of them in later terms of service. A financial institute has no right to monitor social media accounts or speech. This is unacceptable and I'll no longer do business with PayPal. |
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The forbidden question
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Registered: 07/06/2008 Posts: 1,347 |
Heaven help the political candidate who would ask this during a campaign (he\she would probably get the Jeffrey Epstein treatment), but nobody asks this question:
Why is there inflation? I read the price of a cow in George Washington's day was 1 gold coin. Ditto for today (maybe not). The point is, what a given amount of gold will buy is fairly stable, but our fiat currency is worth less. If a candidate asked why we have inflation, that would get a lot of people thinking in an area many would rather not be touched. A companion question is: Who is all this debt actually owed to? That would also be a dangerous question. |
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