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Gatsby
Joined: 09 Feb 2007
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 Posted: Sun Oct 05, 2008 6:24 am Post subject: This thread has been Palinized by Joo Rip Gwa Rhhee |
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The ultimate Jeopardy question:
What is 62 trillion dollars?
Last edited by Gatsby on Wed Oct 08, 2008 1:14 am; edited 1 time in total |
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bacasper
Joined: 26 Mar 2007
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| Posted: Sun Oct 05, 2008 6:33 am Post subject: |
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| All the money in the world? Oops, I mean, "What is all the money in the world?" |
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bacasper
Joined: 26 Mar 2007
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| Posted: Sun Oct 05, 2008 6:50 am Post subject: |
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I asked this exact question on another thread, but it never got answered there.
Thanks.
But is that cash, credit, or other? Economists (of which I am not one) talk about different kinds of money, M1, M2, and M3. What does the $62 trillion represent?
Ontheway? |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Sun Oct 05, 2008 7:22 am Post subject: |
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$70,000,000,000,000.
$70 trillion represents the CURRENT debt of the Federal Government of the United States, IF they were honest and used the same system of accounting that is used by AIG, GM, IBM, Berkshire Hathaway, Microsoft, etc.
This is according to the US Government's chief accountant.
The $70 does NOT include the "value" of unbacked US dollars circulating around the world. This is because the actual "legal" value of one dollar at present is NOTHING.
Which obviously means that what the holders of dollars, US backed debt, and US promises to pay certain amounts at certain dates in the future can actually expect to receive is NOTHING.
MORAL: Don't hold dollars or dollar denominated assets. Don't hold any other fiat currency or fiat money dominated assets. Get into some kind of hard assets as quickly as possible. |
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dogshed
Joined: 28 Apr 2006
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| Posted: Sun Oct 05, 2008 2:43 pm Post subject: |
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| ontheway wrote: |
$70,000,000,000,000.
$70 trillion represents the CURRENT debt of the Federal Government of the United States, IF they were honest and used the same system of accounting that is used by AIG, GM, IBM, Berkshire Hathaway, Microsoft, etc.
This is according to the US Government's chief accountant.
The $70 does NOT include the "value" of unbacked US dollars circulating around the world. This is because the actual "legal" value of one dollar at present is NOTHING.
Which obviously means that what the holders of dollars, US backed debt, and US promises to pay certain amounts at certain dates in the future can actually expect to receive is NOTHING.
MORAL: Don't hold dollars or dollar denominated assets. Don't hold any other fiat currency or fiat money dominated assets. Get into some kind of hard assets as quickly as possible. |
The only problem with the anti-fiat currency philosophy is that all currencies, including gold, are ultimately fiat currencies. They are only
worth what someone else will pay for them minus your expenses. |
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Joo Rip Gwa Rhhee
Joined: 25 May 2003
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| Posted: Sun Oct 05, 2008 4:09 pm Post subject: |
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| The real debt of the US. and you can't blame it on Bush. |
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KOREAN_MAN
Joined: 01 Oct 2006
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| Posted: Sun Oct 05, 2008 4:09 pm Post subject: |
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| dogshed wrote: |
| The only problem with the anti-fiat currency philosophy is that all currencies, including gold, are ultimately fiat currencies. They are only worth what someone else will pay for them minus your expenses. |
Yes but we can't create more gold. The supply is limited. That's a HUGE difference. |
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huffdaddy
Joined: 25 Nov 2005
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| Posted: Sun Oct 05, 2008 6:32 pm Post subject: |
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| KOREAN_MAN wrote: |
| dogshed wrote: |
| The only problem with the anti-fiat currency philosophy is that all currencies, including gold, are ultimately fiat currencies. They are only worth what someone else will pay for them minus your expenses. |
Yes but we can't create more gold. The supply is limited. That's a HUGE difference. |
I have the only wadgie dadgie widget in the world. No one can make another. What is it worth? |
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Kuros
Joined: 27 Apr 2004
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| Posted: Sun Oct 05, 2008 6:45 pm Post subject: |
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| Joo Rip Gwa Rhhee wrote: |
| The real debt of the US. and you can't blame it on Bush. |
I can blame a considerable amount of it on Bush.
Watch me. |
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PeteJB
Joined: 06 Jul 2007
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| Posted: Sun Oct 05, 2008 7:27 pm Post subject: |
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| bacasper wrote: |
| All the money in the world? Oops, I mean, "What is all the money in the world?" |
Why not just print more?  |
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Gatsby
Joined: 09 Feb 2007
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| Posted: Sun Oct 05, 2008 7:34 pm Post subject: |
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I'm sorry, that is not correct.
Anyone else? |
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KOREAN_MAN
Joined: 01 Oct 2006
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| Posted: Mon Oct 06, 2008 12:31 am Post subject: |
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| huffdaddy wrote: |
| I have the only wadgie dadgie widget in the world. No one can make another. What is it worth? |
A nickel maybe. And don't expect any inflation. |
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Gatsby
Joined: 09 Feb 2007
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| Posted: Mon Oct 06, 2008 1:51 am Post subject: |
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Hint No. 1:
What is a financial weapon of mass destruction? |
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Gatsby
Joined: 09 Feb 2007
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| Posted: Mon Oct 06, 2008 4:21 am Post subject: |
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Hint No. 2:
Who is Blythe Masters? |
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Joo Rip Gwa Rhhee
Joined: 25 May 2003
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| Posted: Mon Oct 06, 2008 7:05 am Post subject: |
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| Kuros wrote: |
| Joo Rip Gwa Rhhee wrote: |
| The real debt of the US. and you can't blame it on Bush. |
I can blame a considerable amount of it on Bush.
Watch me. |
with all due respect
If Oil was 30 dollars a barrel the US economy would eat the credit problem for lunch. That is just the way it is . Bush can't be blamed for high oil prices. The US has undergone 2 recessions while he was in office one of them started before he came to office. 9-11 was an unusual event planned before Bush came to office.
The US has 70 trillion in medicare and social security payments to meet . That was built into the system . that can not be blamed on Bush. I didn't vote for Bush in 2000 because I did not like his tax cuts.
But the facts are the facts.
When oil is 10 dollars a barrel and Russia is down and out it is easy to be president. |
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