Dollar Collapse Discussion

Have a look at the quotes below. These are not ordinary people. They are some of the top most in the Economic zone, i.e., they understand the ins and outs of the world economy. When they say something bad about the economy then I think it should worry us all. Don't you think so?

1. "The consequences for the US economy of doing nothing could be severe." - Alan Greenspan.

2. "The world is set to jump off the top of a waterfall without knowing how deep the water is below." - Kenneth Rogoff, IMF (International Monetary Fund) Head of Economic Research.

3. "There's a 75% chance that the US will experience a currency crisis within five years." - Paul Volcker, Chairman of the US Federal Reserve.

4. "There's nobody home on economic policy in America right now. Its an accident waiting to happen." - Stephen Roach, Chief Economist, Morgan Stanley.

5. "we have the phenomenon called inflation which is the appearance of rising prices. I emphasis the word 'appearance' because in reality prices are not rising at all. What we're seeing is that the value of the dollar is going down, that's the real side of the equation. If we had real money based on gold or silver or anything tangible that couldn't just be created out of thin air, it could be based on microphones, that they couldn't just create with the stroke of a pen, you would see then that prices would remain stable over a long period of time."
- Edward Griffin, author of "The Creature from Jeckyll Island"

6. "Maybe the public doesn't want to hear it. Maybe politicians think ... the American public can't understand the truth or hear the truth or bear the truth. I think this is garbage. I think that people care about their kids and grandchildren and need to know the dangers facing them -- and us."
- Laurence Kotlikoff, economics chairman at Boston University

USA has the highest debt in the entire world.It has crossed 9 trillion (9,000,000,000,000) dollars in 2008. This thing is growing each and everyday. Do you think this is sustainable? Who is going to pay back this amount?

Anyone with a sane mind knows that this is something very serious. But the majority do not have any effect about this issue. There may be several reasons for this. Whatever they are, the people who know this should start taking serious steps to spread this to as many people as possible.

If you want more information about the national debt then wikipedia has a page on United States Public debt. You have to definitely look at that.

Definition of National Debt:

1.The United States total public debt, commonly called the national debt, or U.S. government debt, is the amount of money owed by the United States federal government to creditors who hold U.S. debt instruments. (Wikipedia)

2.The financial obligations of a national government resulting from deficit spending.
(Dictionary.com Unabridged (v 1.1)
Based on the Random House Unabridged Dictionary, © Random House, Inc. 2006.)


From the above definitions it becomes clear that a national debt occurs when a govt. spends more money that it has. Where does this money come from? Obviously it comes from other nations. There was only one time when there was almost no national debt on the US govt.

One more reason for the debt is the people using their credit cards when they have less money. People are just using their credit cards and maxing them out. What is that extra money which your credit card gives you. It is debt. Many people have thousands of dollars of debt due to these credit cards.