The Burger is Back!!!
The Burger is Back!!!
Tick, Tick, Tick....
I will start by saying I don't know what I am talking about on this subject. But, that is what the internet is about, isn't it?
The chart above scares the hell out of me. It is total debt, both private and public, held in the United States. As you can see, it has been going up since the 1970's. I am worried that the main reason for economic growth over past 40 years--basically my entire life--is simply based on the expansion of credit.
So, what is the problem? Well, I guess there is none if we can keep expanding our debt. But, I doubt this is possible, If it is, then jut cut taxes to zero and ignore the debt. There are some people out there--Peter Schiff, Marc Faber--who say that we are beyond the point of no return. And the only reason things have not already imploded is because the Federal Reserve has being artificially propping things up. This would be OK if the Fed could prop things up forever. But, these economists don't think that it possible. They believe the Fed is just making the eventual crash much worse.
Of course, there are other experts who don't agree. Obviously Ben Bernanke is one of them. But, Bernanke was the one who created the conditions for the housing bubbble. And, when it burst, he intially said it would not effect the rest of the economy. So, the guy in charge of fixing this mess did not see it coming, underestimated its seriousness, and has been unable to fix it for four years.
As I said at the beginning, I am not an expert. I am an engineer, not an economist. But, I am begining to wonder if the experts running things really know what they are doing. These are the same clowns who brought us the Internet bubble, the housing bubble, the Euro, and all sorts of other crap. And the thought they don't know what they are doing scares the hell out of me.
Have we created a situation where our economy can't function without constantly adding more debt but also have reached the point where more debt cannot be added? Are we living during the end of the biggest debt bubble of all time?
Well Done The Lake Erie Islands - Went camping with my son on Kelley's Island. That picture is the sunset from the ferry over. I think the Western Lake Erie area is one of the most underrated vacation areas in the world. The islands are fun and beautiful. And, Cedar Point is one of the best amusement parks in the world. Lite on the talking animals. Heavy on the world class roller coasters.
Well Done Curiosity Rover - Just goes to show you what a good robot can do.
Undercooked Manned Space Flight - This is what I am currently working on. Can we have a plan? Any plan? Destination? Can we at least pretend?
Undercooked Liverpoop FC - 3 games into the season and Liverpool FC has one draw and two losses. Worst start since before the Beatles.
Undercooked American Football - Another season of college and professional players bashing their brains in to entertain us. Paging the Roman Empire.
Undercooked Clint Eastwood - What the hell was that?!
Undercooked Mitt Romney - I am glad you are against Obama care. But, maybe you should not have created the precursor to it with RomneyCare.
Undercooked Paul Ryan - I am glad your are in favor onf entitlement reform. But, then maybe you should not have voted for Medicare Part D, the largest entitlement increase in history.
And, great news for all the gamblers out there. Next week Jackpot will be back!