OT: US National debt

[Starhawk]

It's amazing that the whole globe is tied so closely to the US economy, heh wow.

Well thanks for the lesson it was interesting (and scarry) all I can say is I hope those campaign rhetoric types are blown out of proportions because I would hate having to raise my kids (if I ever have any) in a depression era WORLD (then again that would be one hell of a way to change world economics eh?)

Well I do doubt Kerry would do any better to be honest as democrats have shown no better spending policies then republicans it's just that they are better at covering up their bullsh!t (sorry but I don't like politics at all and both parties tick me off at times).
Though for the most part my family is republican (parents, grand parents, aunts uncles the whole shabang) most of them will vote democrate if they beleive the candidate is better then the republican and so will I when can vote, but I still have to say I would not have voted Kerry.

[Fyron]

When it really hits... well, take a look what happened during the Great Depression. Then multiply it over the entire globe.

The Great Depression did affect the entire globe. That is why it was so "Great." Recall what happened in Europe during those years...

[Raging Deadstar]

If i recall my history it was in 1930's, and was one of the main causes for allowing Hitler to rise to power with the Nazi Party, the rest as they say, is History.

[Will]

It was global, yes, but not to the degree that it would be now. There isn't a substantial economy in the world that is not directly and intricately tied to the US economy. Even the planned economy of China, which would normally be able to (theoretically) ignore the value of money in the outside world and focus only on internal production, would be affected since a large portion of the economy is now dedicated to foreign trade. In the Great Depression of the 1920's and 1930's, the shockwaves sent out from economic collapse were buffered somewhat by multiple layers between some economies, simply because of geographic limitations to trade. Now most of the geographic limitations are lifted, and anyone can trade with practically anyone else.

Time for work...

[rdouglass]

Karibu said:
...If I remember it correctly, US constitution says that man can be president only twice. So no matter what, he can't have third period...

That is a recent constitutional amendment that will probably be turned over soon (as soon as cloning kicks in )

I believe FDR did 4 terms; 1933-1945. It has been proposed numerous times to repeal that amendment and is gaining ground in many areas.

[Starhawk]

Yes it is unfortunately a new addition, the reason I say unfortunate is because some good presidents that have are going to have to leave after two terms and be replaced by an idiot instead of staying in office.
But I suppose I can understand why it was added, to keep one man from basically taking control of the country.

[rdouglass]

Starhawk said:
But I suppose I can understand why it was added, to keep one man from basically taking control of the country.

Don't want to be picky, but I thought that's what an election was?

That's why I've always been agains "term limits". Elections are term limits.

[Raging Deadstar]

rdouglass said:
I believe FDR did 4 terms; 1933-1945. It has been proposed numerous times to repeal that amendment and is gaining ground in many areas.

I'm unsure but from that fact I think it was because by the time his second term was up it was World War 2, Bad idea to switch governments in that time. This is something that is worrying many of us Europeans, What happens if the the United States is "Officially" at war with a country during an election year?

"Official" as in there has been a formal declaration of war, unlike the situation in Iraq.

[parabolize]

Will said:
It was global, yes, but not to the degree that it would be now. There isn't a substantial economy in the world that is not directly and intricately tied to the US economy. Even the planned economy of China, which would normally be able to (theoretically) ignore the value of money in the outside world and focus only on internal production, would be affected since a large portion of the economy is now dedicated to foreign trade. In the Great Depression of the 1920's and 1930's, the shockwaves sent out from economic collapse were buffered somewhat by multiple layers between some economies, simply because of geographic limitations to trade. Now most of the geographic limitations are lifted, and anyone can trade with practically anyone else.

Time for work...

Asia would fall as fast or faster then the USA but... Europe? I think the EU would be fine this time. South/Central America wouldn't do to well.

[solops]

National debt is easy to eliminate. You just cause enough inflation that the debt becomes insignificant. The accompanying recession might be uncomfortable.