Peter Costa: "The US Government Will Be Totally Bankrupt In A Year And A Half"

SlowDownFast

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Tue Nov-10-09 01:22 PM
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Peter Costa: "The US Government Will Be Totally Bankrupt In A Year And A Half"

Edited on Tue Nov-10-09 01:42 PM by SlowDownFast

Art Cashin and Peter Costa:

Both "repected" financial commentators' clip from CNBC today....

Courtesy of ZeroHedge:

http://www.zerohedge.com/article/peter-costa-us-government-will-be-totally-bankrupt-year-and-half

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madrchsod

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Tue Nov-10-09 01:25 PM
Response to Original message

1. we are in chapter 11

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sinkingfeeling

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Tue Nov-10-09 02:05 PM
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2. In all fairness, the US has been bankrupt since about 1983.

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indepat

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Tue Nov-10-09 02:15 PM
Response to Reply #2

3. Wow! What a trip, what a ride the gipper's voodoo economics has given us

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roamer65

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Thu Nov-12-09 05:27 PM
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4. The government will NEVER go "bankrupt".

Edited on Thu Nov-12-09 05:27 PM by roamer65

They control the printing presses, therefore an unlimited amount of money is available to them. What they ARE doing as we speak is hyperinflating, bascially taxing you by destroying your purchasing power.

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IrateCitizen

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Fri Nov-13-09 11:01 AM
Response to Reply #4

5. This will all change when the dollar loses its fiat currency status

The only thing that allows the Fed to print unlimited dollars is the fact that the dollar still is the world's reserve currency. However, numerous stories have surfaced hinting that that will almost undoubtedly change over the next ten years or less.

When it does change, then we will be subject to the same kinds of rules that the IMF and World Bank have imposed on the developing world for the past 20 years.

IOW, we'll be up a fecal tributary without an oar.

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bossy22

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Fri Nov-13-09 08:31 PM
Response to Reply #5

7. not so true

using the U.S. dollar as a world currency actually saves the world alot of time and effort.

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amandabeech

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Sat Nov-14-09 11:50 AM
Response to Reply #5

8. In your title, did you mean to type "reserve" instead of "fiat?" n/t

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Yupster

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Fri Nov-13-09 07:35 PM
Response to Original message

6. I predict the Yankees

will win the 2009 World Series.

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