rampagen08
Active Member
Administration officials and Democrats in Congress are looking to the commission for recommendations on reducing the federal debt, which is currently projected to reach 90 percent of the U.S. economy by 2020. Interest payments are forecast to quadruple to more than $900 billion annually by that year. Moodys Investors Service has said it would consider cutting the governments bond rating if the outlook doesnt improve.
taken from http://www.bloomberg.com/apps/news?p...d=aCab5yE7EhDU
When the International Monetary Fund or World Bank offer to lend money to a struggling third-world country (or emerging market), they demand austerity measures.
What Does This Have to Do With the First World?
Since the IMF and World Bank lend to third world countries, you may reasonably assume that this has nothing to do with first world countries like the US and UK.
But Englands economy is in dire straight, and rumors have abounded that the UK might have to rely on a loan from the IMF.
As former U.S. Comptroller General David Walker said [ http://www.sfgate.com/cgi-bin/articl...OT2M.DTL&tsp=1 ]: People seem to think the [American] government has money. The government doesnt have any money.
The IMF is in fact now saying that the U.S. must live more austerely.
As the Washington Post noted Saturday: In the lingo of the International Monetary Fund, the future of the world hinges on rebalancing and consolidation, antiseptic words that would not seem to raise a fuss.
***
But the translation is a bit ruder, something on the order of: Suck it up. The partys over.
To keep the global economy on track, people in the United States and the rest of the developed world need to work longer before retiring, pay higher taxes and expect less from government. And the cheap imports lining the shelves of mega-chains such as Wal-Mart and Target? They need to be more expensive.
Thats the practical meaning of a series of policy papers and statements issued in recent days by IMF officials, who have a long history of stabilizing economies and solving global financial problems, as they plot a course to keep the world economy growing and reduce the risk of another great recession.
***
It means a pretty serious reworking of expectations in the developed world: changes in labor rules, product prices, currency values and even the social contract between governments and an aging citizenry.
It is not that living standards will lower, but they will not increase as fast as they have been, said Domenico Lombardi, a former IMF executive director. The ideas being discussed by world leaders are coded words, he said. They dont like words like imposing higher taxes and cutting spending.
***
The level of the correction needed is large, perhaps 10 percent of gross domestic product. In the United States, that would amount to roughly $1.4 trillion annually, to be cut from government programs or raised through new taxes.
It has come out that Barack Obama does not intend to return any of the campaign contributions that he received from Goldman Sachs. And surely they will be glad to continue to pour big money into his political coffers. So where does that leave the rest of us?
Well, the rest of us can expect higher taxes and a lower standard of living according to the IMF. The IMF (which has deep connections to these megabanks) says that the party is "over" for nations that have been enjoying the good life. In a recent article, the Washington Post summarized the message that the IMF is trying to communicate through their recent policy papers....
To keep the global economy on track, people in the United States and the rest of the developed world need to work longer before retiring, pay higher taxes and expect less from government. And the cheap imports lining the shelves of mega-chains such as Wal-Mart and Target? They need to be more expensive.
So are you ready to work longer, pay higher taxes, expect less from government and have a lower standard of living? I know a lot of people won't. Look forward to running/defending from looters/rioters/rogue police/rogue military!
In October of this year, one month prior to the November midterm elections, a special army unit known as 'Consequence Management Response Force' will be ready for deployment on American soil if so ordered by the President.
The special force, which is the new name being given to the 1st Brigade Combat Team of the 3rd Infantry, has been training at Fort Stewart, Georgia and is composed of 80,000 troops.
According to the Army Times,
taken from http://www.bloomberg.com/apps/news?p...d=aCab5yE7EhDU
When the International Monetary Fund or World Bank offer to lend money to a struggling third-world country (or emerging market), they demand austerity measures.
What Does This Have to Do With the First World?
Since the IMF and World Bank lend to third world countries, you may reasonably assume that this has nothing to do with first world countries like the US and UK.
But Englands economy is in dire straight, and rumors have abounded that the UK might have to rely on a loan from the IMF.
As former U.S. Comptroller General David Walker said [ http://www.sfgate.com/cgi-bin/articl...OT2M.DTL&tsp=1 ]: People seem to think the [American] government has money. The government doesnt have any money.
The IMF is in fact now saying that the U.S. must live more austerely.
As the Washington Post noted Saturday: In the lingo of the International Monetary Fund, the future of the world hinges on rebalancing and consolidation, antiseptic words that would not seem to raise a fuss.
***
But the translation is a bit ruder, something on the order of: Suck it up. The partys over.
To keep the global economy on track, people in the United States and the rest of the developed world need to work longer before retiring, pay higher taxes and expect less from government. And the cheap imports lining the shelves of mega-chains such as Wal-Mart and Target? They need to be more expensive.
Thats the practical meaning of a series of policy papers and statements issued in recent days by IMF officials, who have a long history of stabilizing economies and solving global financial problems, as they plot a course to keep the world economy growing and reduce the risk of another great recession.
***
It means a pretty serious reworking of expectations in the developed world: changes in labor rules, product prices, currency values and even the social contract between governments and an aging citizenry.
It is not that living standards will lower, but they will not increase as fast as they have been, said Domenico Lombardi, a former IMF executive director. The ideas being discussed by world leaders are coded words, he said. They dont like words like imposing higher taxes and cutting spending.
***
The level of the correction needed is large, perhaps 10 percent of gross domestic product. In the United States, that would amount to roughly $1.4 trillion annually, to be cut from government programs or raised through new taxes.
It has come out that Barack Obama does not intend to return any of the campaign contributions that he received from Goldman Sachs. And surely they will be glad to continue to pour big money into his political coffers. So where does that leave the rest of us?
Well, the rest of us can expect higher taxes and a lower standard of living according to the IMF. The IMF (which has deep connections to these megabanks) says that the party is "over" for nations that have been enjoying the good life. In a recent article, the Washington Post summarized the message that the IMF is trying to communicate through their recent policy papers....
To keep the global economy on track, people in the United States and the rest of the developed world need to work longer before retiring, pay higher taxes and expect less from government. And the cheap imports lining the shelves of mega-chains such as Wal-Mart and Target? They need to be more expensive.
So are you ready to work longer, pay higher taxes, expect less from government and have a lower standard of living? I know a lot of people won't. Look forward to running/defending from looters/rioters/rogue police/rogue military!
In October of this year, one month prior to the November midterm elections, a special army unit known as 'Consequence Management Response Force' will be ready for deployment on American soil if so ordered by the President.
The special force, which is the new name being given to the 1st Brigade Combat Team of the 3rd Infantry, has been training at Fort Stewart, Georgia and is composed of 80,000 troops.
According to the Army Times,
They may be called upon to help with civil unrest and crowd control or to deal with potentially horrific scenarios such as massive poisoning and chaos in response to a chemical, biological, radiological, nuclear or high-yield explosive, or CBRNE, attack.
The key phrase is 'may be called upon to help with civil unrest.'
