uforn
Administrator
Investigator In Training
In Search For The Truth
Posts: 5,400
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Post by uforn on Aug 24, 2011 16:57:24 GMT 1
Americas Financial Crisis Hi all Im looking into the finacial crisis in America. Does anyone know the extent of this and do you have any links as to where I can find good information on it? I read a week or so ago that this was talked about back in 2004 and was predicted to happen around about now and that its only going to get worse. I must be honest and say that I dont really know much about this and any help would be appreciated.
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Post by prettyboyfloyd on Aug 25, 2011 0:34:43 GMT 1
Gday Judge: America is Trillions in debt.Alot are going to suffer worldwide.I doubt if you will find the information your looking for.But goodluck hey. Cheers:Prettyboyfloyd
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Post by prettyboyfloyd on Aug 25, 2011 2:44:48 GMT 1
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Post by ronologic on Aug 26, 2011 4:45:32 GMT 1
During the "Great Depression" that started in 1929 Hoover was president. President F.D.Roosevelt followed and passed a law the took away the ability of banks to buy other banks, as the the banks at the time were doing just that and when the largest of them failed, all of them failed. Bill Clinton repealed that law and Bush took total advantage of it. Bank of California became Bank of America-the largest, Washington Mutual became WaMu-this one failed at the loss of hundreds of billions in realestate values' housing market. Bush is also the president with the least number of vetoes while in office, in effect engaging in a tax payer monies giveaway in an amount never before seen in the history the financial world. EVER!! This mess started two decades ago and it will get worse before getting better. A lot worse.
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uforn
Administrator
Investigator In Training
In Search For The Truth
Posts: 5,400
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Post by uforn on Aug 26, 2011 16:35:27 GMT 1
Wow 65 Trillion Dollars. I did a quick google search to see how much money is in the Whole world. The answer I got was around 45 Trillion Dollars. So how the hell does that work ? I mean how in the hell can the world go on if Americas debts alone out weigh the amount of money in the whole world ? Not forgeting the debts of the UK either as we are pretty much fooked as well.
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Post by ronologic on Aug 27, 2011 1:24:07 GMT 1
We're all fooked! My guess is that the financial world will fail and the world, that is all of us will start with zero and work our way back to this mess in about eighty years. See, the problem is that money has no value except what we put on it. As long as money was made from gold, silver and copper the cost of items remained constant. Now, when gold was $20 an ounce an expensive car could be bought for $800. That would equal 40 ounces of gold. Now, with nothing backing up the worlds money supply, gold is selling for $1829 an ounce today. Now, take those 40 ounces and multiply them by $1829 and that equals $73160. A lot of car can be bought with that kind of money with some left over for a nice lobster dinner!
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