The first E goes mainstream in the New York Times

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Travlin's picture
Travlin
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The first E goes mainstream in the New York Times

The US “paper of record” acknowledges what Chris has been saying for years.  We cannot borrow our way out of excessive debt, we cannot grow our way out, and our political leaders are clueless.  Excerpt below, but read the whole article.

Travlin

 

http://www.nytimes.com/2011/08/07/business/global/standard-poors-downgrade-of-united-states-credit-rating-echoes-nervousness-of-global-markets.html?ref=binyaminappelbaum

New York Times wrote:

Rating Cut of U.S. Debt Echoes the Nervousness of Global Markets

Governments on both sides of the Atlantic have avoided grappling with fundamental problems, counting on renewed growth to help borrowers who cannot afford to pay and creditors who cannot afford to walk away.

But four years into this age of financial contagion, the global economy cannot seem to pick up steam. Every promising leap seems to end with a sickening thud. The easy answers are exhausted, and political leaders face a rising tide of anger that is constraining their ability to make more difficult choices.

S.&P. said Friday that it was losing faith in America’s political leaders. Investors seem to be losing hope. The movements of markets are collective predictions of future prosperity, and the tidings are increasingly grim.

“Europe’s plan was to have growth fix the problem. America’s plan was to have growth fix the problem. And that’s not going to work,” said Kenneth Rogoff, an economics professor at Harvard. “I think it’s really starting to sink in that we’re not anywhere near an endgame.”

(Bold by Travlin)

 

 

dshields's picture
dshields
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no surprise

People who study this stuff have known this was coming for some time.  Truth is, the majority of the US population has no idea what is going on.  The only reason I can come up with for this is a collapse of our education system.  If anyone has any other reasons I would like to hear them.  Since people do not know what is going on or understand the form of government this country was developed on, they vote for politicians that have no business being put into high elective office.  These politicians over the years have voted in many many programs and the agencies of the executive branch have established many many regulations that should never have existed.  The people did not rebel and run the politicians out because they really did not understand what was going on around them.  It was all just free money from some magic place.  I don't have to save for retirement, the government will pay for it.  I don't have to work hard at a job and I can have all the kids I want to because the government will give me food stamps and section 8 housing and a myriad of other programs.  I do not need medical insurance because the government will pay for it.  Then you get into the agg subsidies and all the corporate welfare and people just blew it all off - they do not know or care about any off it.  The only time you get their attention is if the mass media says enough times that they may not get the magic money.  Then everyone gets angry.  Where was the anger when the politicians were starting crazy wars ?  When the politicians were pushing corn for ethanol production and running up the price of corn.  Where was the anger when the politicians were stealing the money out of the social security system ?  Where was the anger when the government passed one law and one regulation after another that were unconstitutional, immoral, and just plain wrong.  Where was the anger ?  There wasn't any.  If we had elected politicians who upheld the American ideas and fundamental beliefs that America was founded on and prospered on for many years, we would not be in the position we are in now.  In a crazy way we are going to get exactly what we deserve.

 

Travlin's picture
Travlin
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The start?
dshields wrote:

People who study this stuff have known this was coming for some time.

Truth is, the majority of the US population has no idea what is going on. 

The only time you get their attention is if the mass media says enough times that they may not get the magic money.  Then everyone gets angry. 

What struck me was that they quoted Rogoff who has known what is coming for a long time.  And they delivered a messsage that things aren’t going to get better for the forseeable future because we haven’t begun to deal with the fundimental problems.  This could be the start of the mass media saying it enough times to make an impression.

Travlin

pinecarr's picture
pinecarr
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re The first E goes mainstream
Travlin wrote:

The US “paper of record” acknowledges what Chris has been saying for years.  We cannot borrow our way out of excessive debt, we cannot grow our way out, and our political leaders are clueless.  Excerpt below, but read the whole article.

Travlin

Travlin, great excerpt MSM newspaper!  It was very well said!

Dshields, I have a couple other reasons besides just the educational system for why the main stream didn't know before now (and many still don't):

- Lack of intellectual curiosity (not looking for answers to questions.  Heck, not asking questions in the first place!);

- Not WANTING to know (don't pop my bubble, thank-you very much!).  The difference between this and the reason above being that, even if some are presented with this info on a platter in easily digestable form, they reject it (as many of us have experienced from family and friends);

- Lies, misdirection and a warped belied system promotes by the MSM/politicians/big $ apparatus that we are taught to trust;

- Blind trust/belief in the message being promoted by the MSM/politicians/Wall Street (which ties back again to  "Lack of Intellectual curiosity");

- "Peer pressure" NOT to hold beliefs different than the Main Stream (ask any of us who have held contrary beliefs how much fun it is to be perceived as a tin-foil hat wearing whacko?).

I don't disagree that our educational system is a huge contributor.  I just know that the old saying that "you can bring a horse to water but you can't make him drink" is also true.

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ltlredwagon
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Posts: 87
I agree that omitted

I agree that omitted education is the fundamental problem.   Ignorance opens the door to magic and manipulation - no conspiracy required.  Pull a coin out of a child's ear and the child wonders how that quarter got in there.  Steal the wealth of a nation and people wonder where all their money went.  They don't know what money is and they don't understand simple monetary systems.  

The ignorant are easily obfuscated.  The more confused they become, the harder it is for them to even attempt to understand, and the more easily they are manipulated - "Billy, the mind makes money and it comes out of the ears as coins, the right ear if you're right-handed, and the left ear if you're left-handed, but not until you're 12 - before then it's just wax."  

It seems that one encounters pretended knowledge in so many places these days - the economy, mental health, the university and, most recently for me, website development!  Wherever the "high priests" can use their "sacred knowledge" to separate you from your money, they will do so.   The chief architects, few in number, are as kindly as your "Uncle Ed" and evil as the night is black.  Their underlings are just broken, lost, cowed and obedient.  With education, the populace may come to see that these high priests know nothing, and that (oh, dear!) the emperors of the realm are wearing nothing at all!

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SteveW
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Joined: Jan 21 2010
Posts: 490
America the great

No, the people know that America is the best country to live in and everyone else in the world would exchange place if given the chance. Must be true, the President said so this past week.

 

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