Fiscal Ruin of the Western World Beckons

peaceandlove · 07-21-2009, 11:17 AM

SUNDAY, 19 JULY 2009

Fever I Am blogspot

Fiscal Ruin of the Western World Beckons

Ambrose Evans-Pritchard is at it again. How many shouting men will it take before anyone listens?

Fiscal ruin of the Western world beckons - Telegraph

The main point of the article is this - if you want to understand what is to come for the US, the UK, and Europe, you need only look closely at what Ireland is being forced to do.

The start of this process is very simple; the government can no longer afford to pay it's employees - have a look at these articles:

From the Guardian: Ireland told to cut €5bn from public spending

From the Independent: Angry farmers protest at 'Dublin 4 economics'

From the Irish Times: Over 17,000 job cuts proposed

Either the cuts are made, or the country will have to default on it's obligations.

Ireland could try to settle the issue with IOU's (as California has been forced to do), but that would trigger an immediate downgrade on it's debt.

They are simply caught between a rock and a hard place.

How long until the UK or the US has to do the same? Germany is teetering. Expect 'news' in late September about Germany's big banks having real trouble, and that Tax revenue is insufficient to cover all costs; and similar tactics will need to be put in place.

The Fed may try to print more cash to cover these costs, but it is likely to only trigger even greater inflation. It is more likely the Fed will begin to turn off the QE 'tap' and trigger a deflationary spiral.

In a word, if you live in a 'developed' western country, you are screwed.

It is coming, and when considered along side the 'novel flu', it is prudent to be prepared for 'bad things' to come soon

Peace and Love
POSTED BY MIKE AT 09:05

See LINKS at SOURCE: http://feveriam.blogspot.com/2009/07...d-beckons.html

Swanny · 07-21-2009, 05:16 PM

I hope they put the taxman out of work soon

pineal-pilot-in merkabah · 07-21-2009, 05:26 PM

Quote:

Originally Posted by Swanny

I hope they put the taxman out of work soon

and the banks and the government ect ect

07-21-2009, 11:17 AM	#1
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	Fiscal Ruin of the Western World Beckons SUNDAY, 19 JULY 2009 Fever I Am blogspot Fiscal Ruin of the Western World Beckons Ambrose Evans-Pritchard is at it again. How many shouting men will it take before anyone listens? Fiscal ruin of the Western world beckons - Telegraph The main point of the article is this - if you want to understand what is to come for the US, the UK, and Europe, you need only look closely at what Ireland is being forced to do. The start of this process is very simple; the government can no longer afford to pay it's employees - have a look at these articles: From the Guardian: Ireland told to cut €5bn from public spending From the Independent: Angry farmers protest at 'Dublin 4 economics' From the Irish Times: Over 17,000 job cuts proposed Either the cuts are made, or the country will have to default on it's obligations. Ireland could try to settle the issue with IOU's (as California has been forced to do), but that would trigger an immediate downgrade on it's debt. They are simply caught between a rock and a hard place. How long until the UK or the US has to do the same? Germany is teetering. Expect 'news' in late September about Germany's big banks having real trouble, and that Tax revenue is insufficient to cover all costs; and similar tactics will need to be put in place. The Fed may try to print more cash to cover these costs, but it is likely to only trigger even greater inflation. It is more likely the Fed will begin to turn off the QE 'tap' and trigger a deflationary spiral. In a word, if you live in a 'developed' western country, you are screwed. It is coming, and when considered along side the 'novel flu', it is prudent to be prepared for 'bad things' to come soon Peace and Love POSTED BY MIKE AT 09:05 See LINKS at SOURCE: http://feveriam.blogspot.com/2009/07...d-beckons.html

07-21-2009, 05:16 PM	#2
Swanny I dont need a label ! Join Date: Sep 2008 Location: The Shire of Wilt Posts: 2,889	Re: Fiscal Ruin of the Western World Beckons I hope they put the taxman out of work soon