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(The Year 2012 In Review)
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|User Info||TickerCon; entered at 2011-04-13 07:11:36|
Registered: 2010-06-28 Corinth, TX
I participated in the 'duck and cover' exercises back in 1962 at Brookshire Elementary School in Winter Park, FL during the little issue with Cuba, USSR and nukes.|
$500-$600 billion budgeted and achieved reductions per year, starting in 2012 or game over. I personally don't think the government will achieve this so I will guess we get to '1' or KABOOM time in 8-16 months.
Understandable as this cockiness might be, history teaches a crucial distinction: nations could marshal the necessary debt-defying high wire walks and comebacks during their youth and early middle age, when their industries, exports, capitalizations, and animal spirits were vital and expansive, but they became less resilient in later years. During these periods, as their societies polarized and their arteries clogged with rentier and debt buildups, wars and financial crises stopped being manageable. Of course, clarity about this develops only in retrospect. However, even though war related debt seems to have been part of each fatal endgame, the past leading world economic powers seem to have made another error en route. They did not pay enough attention to establishing or maintaining a vital manufacturing sector, thereby keeping a better international balance and a broader internal income distribution than financialization allowed. Kevin Phillips