gobbledonk Posted December 31, 2012 Report Share Posted December 31, 2012 Well, the fireworks hare erupting over Sydney Harbour as I type this, and I can hear some more going off in this hick town which has become my prison - we might be among the first to welcome the New Year, but inevitably that ball will fall in Times Square very, very soon. The last news reports here tonite were that US politicians cant agree on a working compromise, and that spells bad news for a large chunk of the developed world. Here's hoping they manage a last minute 'reprieve'. Link to comment Share on other sites More sharing options...
Dexi Posted December 31, 2012 Report Share Posted December 31, 2012 Might not be as bad as people are saying.Seems to be more of a " Fiscal slope " ie. the tax rises and spending cuts will take effect over the next few months and by that time the dimwits in DC will probably come up with a compromise or a fudge which postpones the whole issue for another couple of years.The markets don`t seem too worried by it all as yet although analysts have been saying the US might be in line for a modest sell-off after months of outperformance versus other major markets.Longer term the US debt pile will present a real challenge though. Link to comment Share on other sites More sharing options...
pasathai1 Posted December 31, 2012 Report Share Posted December 31, 2012 Putting on a big show over stuff that was decided long ago. Link to comment Share on other sites More sharing options...
gobbledonk Posted December 31, 2012 Author Report Share Posted December 31, 2012 The media claims they had 12 months to sort this out - if that is the case, and the world is plunged into a recession, then I agree with the American woman who said 'They should all be fired'. Would mean a lot of elections in a big hurry, but I doubt Obama would miss the majority of Congress. Link to comment Share on other sites More sharing options...
Plainsdrifter Posted December 31, 2012 Report Share Posted December 31, 2012 Whenever I read the same reports written by many members of the media I tend to stop believing the reports. First, any country that can print like the US can print its way out of anything. Second, whatever a US congress passes a US congress can reverse with a new story that is then repeated by the media as fact. Link to comment Share on other sites More sharing options...
Flashermac Posted January 1, 2013 Report Share Posted January 1, 2013 Dem Representative Moves to Block Obama's Congressional Pay Increase A Democratic member of Congress is moving to block President Barack Obama's congressional pay increase. The move, led by John Barrow of Georgia, is to prevent the pay increase that Obama issued through an executive order from going into effect. "At a time when American families face real hardship, it would be irresponsible to allow Congressional pay to increase," says Barrow in a statement. "Too many families face uncertainty in the New Year for Congress to get a bonus. Folks expect us to be looking out for them, not ourselves, and we should be working to lower taxes, cut spending, and get our nation's debt under control. Congress should get to work, and I urge the House leadership to do anything and everything possible to stop this pay increase for Members of Congress right away." Barrow's office explains: "The Executive Order called for a pay increase for Members of Congress and other elected officials of 0.5 percent after March 27, 2013. During tonight's votes, Congressman Barrow will urge his colleagues to sign his letter to House Leadership urging them to bring legislation to the floor to block the pay increase." ... http://www.weeklystandard.com/blogs/dem-representative-moves-block-obamas-congressional-pay-increase_692451.html Link to comment Share on other sites More sharing options...
Flashermac Posted January 1, 2013 Report Share Posted January 1, 2013 Cliff frustration mounts among House GOP In a closed-door New Year’s Eve conference meeting Monday evening, House Republicans were told to not stray far from the Capitol even as Speaker John Boehner (R-Ohio) told lawmakers he believes President Barack Obama is ready to go over the cliff. “The Speaker said what’s been painfully obvious to us for a long time: the President wants to go over the fiscal cliff and he’s going to get his way,†said Rep. Michael Burgess (R-Texas). There was little optimism within the GOP ranks that an actual agreement could be reached as the midnight deadline approaches. Republican leadership did not go over details emerging from a tentative deal between Minority Leader Mitch McConnell (R-Ky.) and Vice President Joe Biden. “The Speaker has taken an approach that this is up to the Senate and there’s no point in us speculating, and talking about things until the Senate acts,†said Rep. Pat Meehan (R-Pa.) But Meehan did add that it was noted in the meeting Biden and McConnell were able to come close to an agreement “within hours†— while the President has been “slow-walking†a deal. Others left the meeting just plain frustrated that they were yet again stuck in Washington trying to fix a crisis at the last minute. “We’re extremely disappointed. There was no need for this drama on New Year’s Ever because the House completed its work last August,†said Rep. Michele Bachmann (R-Minn.) “[This] is a cynical attempt on the part of the President to ensure that he has complete Democrat control, House of Representatives and Senate, in the final term.†“This is disgusting for everybody involved†said Rep. Steve LaTourette (R-Ohio). “I think we have to have some spending cuts and the fact that the President won’t challenge his party on spending cuts is disgusting, the fact that we’re not where we need to be on the revenues is disgusting…and it’s just disgusting.†http://www.politico.com/blogs/on-congress/2012/12/cliff-frustration-mounts-among-house-gop-153066.html Link to comment Share on other sites More sharing options...
gobbledonk Posted January 1, 2013 Author Report Share Posted January 1, 2013 Plainsdrifer, you are familiar with the term 'hyperinflation', arent you ? http://en.wikipedia.org/wiki/Hyperinflation_in_the_Weimar_Republic That's what happens when you try to print your way out of trouble. I have a feeling that the Fed has a few reasonably smart guys who may actually know that - I guess time will tell. Link to comment Share on other sites More sharing options...
Flashermac Posted January 1, 2013 Report Share Posted January 1, 2013 I've got a small stack of Weimar currency - Zwanzig Milliarden etc. Smallest bills seemed to be in the hundreds of thousands. Passed down in the family as memories of bad times. Link to comment Share on other sites More sharing options...
gobbledonk Posted January 1, 2013 Author Report Share Posted January 1, 2013 The classic on that Wikipedia page is the 1,000 Mark note that has been 'converted' to a 1 million mark note with nothing more than a red stamp. I guess they were less concerned about counterfeiters than whether that million mark note would buy a loaf of bread, assuming you got to the front of the queue before the currency revalued itself. Reading some of the bleating from retired American expats on TV, you could be forgiven for thinking the dollar was already in freefall - nothing like a little hysteria to get you through another tedious evening in Nakhon Nowhere, I guess .... Link to comment Share on other sites More sharing options...
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