Posted by NY 986 on July 29, 2010 at 08:33:45 from (166.217.101.105):
In Reply to: Future of US posted by Showcrop on July 29, 2010 at 06:11:52:
We have two problems that will be fatal down the road. The first is the government printing money and the second is the long term health of the consumer. The first problem is not that big right now as a lot of people that qualified for credit a few years ago now can not get consumer credit. I think that is what has put a dampener on inflation outside of products that are controlled by monopolies, oligopolies, and cartels (oil). The most damaging thing it does (very serious in its own right) is not address the federal deficit. We are kind of like the emperor and his new clothes here. We think because of our (past) status nobody that holds our debt is going to come in and pull the rug out from under us and I completely disagree with that notion. A lot of people think countries like China have bought in to capitalism but it is going to take a few more decades to sell me. Their government could pull the leash back tight on its population in a hurry. As stated earlier the average consumer has less borrowing power than what they had just a few years ago. The obvious thought is this will lead to less and less consumption over time putting more and more jobs at risk. The issue that sits in the back of the closet is this will deflate the value of assets over time. A lot of people are still leveraged to the hilt even after the crisis we saw in the last couple of years. This will further reduce the ability of people to borrow against assets as the debt will grow (if unaddressed) relative to the remaining value. A system (continual appreciation of assets) is something a lot of people are counting to phase into retirement as they get older. I think in the next few decades that there will be a sizable portion of people hopelessly mired in debt with no way out. This will lead to a great deal of civil unrest.
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