Economy is in the tank, banks are reeling, inflation is sky-high and there's more Biden isn't telling you

[ozimoron]

16 minutes ago, nauseus said:

How did you figure I was talking about the Great Depression?

I was pointing out the failings of the gold standard and why it wasn't a good idea then, why it got dumped by Nixon and why it's not a good idea now.

[nauseus]

1 minute ago, ozimoron said:

I was pointing out the failings of the gold standard and why it wasn't a good idea then, why it got dumped by Nixon and why it's not a good idea now.

It would be difficult to achieve now but most of the USD decline has occurred since the end of Bretton Woods.

[ozimoron]

1 minute ago, nauseus said:

It would be difficult to achieve now but most of the USD decline has occurred since the end of Bretton Woods.

There's been no permanent decline in the USD. In 1979 when I first came to Thailand I recall that AUD was $1.20 US. Now it's 0.67c

[candide]

19 minutes ago, nauseus said:

It would be difficult to achieve now but most of the USD decline has occurred since the end of Bretton Woods.

Not really

https://en.m.wikipedia.org/wiki/U.S._Dollar_Index

[nauseus]

25 minutes ago, ozimoron said:

There's been no permanent decline in the USD. In 1979 when I first came to Thailand I recall that AUD was $1.20 US. Now it's 0.67c

A rather narrow view. The AUD is also declining.

 

https://au.investing.com/currencies/aud-usd

[nauseus]

17 minutes ago, candide said:

Not really

https://en.m.wikipedia.org/wiki/U.S._Dollar_Index

If you slap a trend line through the noise then. yes, really.

 

Why not see how it's done against gold?

 

https://goldbroker.com/news/gold-bull-market-comparisons-1970-2000-1812

 

Edited April 10, 2023 by nauseus

[billd766]

6 hours ago, vandeventer said:

Some countries are now going to the Yuan instead of the US dollar. If this starts to grow with more countries going to different currencies instead of the reserve currency, the USA dollar will be in a whole new world of hurt with  it's debt of 33 trillion dollars.. Biden better wake up soon before it's too late.

Are you saying that President Biden is responsible for making the whole $33 trillion national debt?

 

https://www.propublica.org/article/national-debt-trump

 

One of President Donald Trump’s lesser known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt.

The national debt has risen by almost $7.8 trillion during Trump’s time in office. That’s nearly twice as much as what Americans owe on student loans, car loans, credit cards and every other type of debt other than mortgages, combined, according to data from the Federal Reserve Bank of New York. It amounts to about $23,500 in new federal debt for every person in the country.

 

There is a lot more information in the link if you are interested.

 

 

[nauseus]

5 minutes ago, billd766 said:

Are you saying that President Biden is responsible for making the whole $33 trillion national debt?

 

https://www.propublica.org/article/national-debt-trump

 

One of President Donald Trump’s lesser known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt.

The national debt has risen by almost $7.8 trillion during Trump’s time in office. That’s nearly twice as much as what Americans owe on student loans, car loans, credit cards and every other type of debt other than mortgages, combined, according to data from the Federal Reserve Bank of New York. It amounts to about $23,500 in new federal debt for every person in the country.

 

There is a lot more information in the link if you are interested.

 

 

False and obtuse claims that completely avoid factoring in Covid but easy to cut and paste, I suppose. 

[billd766]

18 minutes ago, nauseus said:

False and obtuse claims that completely avoid factoring in Covid but easy to cut and paste, I suppose. 

I did however do a search and post a link. something you should try sometimes. I simply did a search and came up with that as a result. I never changed a thing.

 

Read the report and compare it with my post.

 

Not only I didn't write the link, I have no idea if the authors did a cut and paste.

 

I don't make false or obtuse claims.

 

If I don't know, I do a search and research the subject before I post.

 

Of course if you can find a better link, then please do so, and post it on this thread. I will then read it and if necessary I will do more research.

[candide]

53 minutes ago, nauseus said:

If you slap a trend line through the noise then. yes, really.

 

Why not see how it's done against gold?

 

https://goldbroker.com/news/gold-bull-market-comparisons-1970-2000-1812

 

Really? Did you calculate the regression coefficient?

 

Why gold? The relative value of a currency is usually calculated against other currencies, and the U.S. dollar index published by the Fed is the most recognised index to measure its value.

[vandeventer]

33 minutes ago, billd766 said:

Are you saying that President Biden is responsible for making the whole $33 trillion national debt?

 

https://www.propublica.org/article/national-debt-trump

 

One of President Donald Trump’s lesser known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt.

The national debt has risen by almost $7.8 trillion during Trump’s time in office. That’s nearly twice as much as what Americans owe on student loans, car loans, credit cards and every other type of debt other than mortgages, combined, according to data from the Federal Reserve Bank of New York. It amounts to about $23,500 in new federal debt for every person in the country.

 

There is a lot more information in the link if you are interested.

 

 

Just where did I say Biden was responsible for the whole debt? Remember Trump had the beginning of covid to deal with. With Biden in power for 2 years your focus should be on him and why America is in the shape it is now. How long are you going to blame Trump for Biden's mistakes?

[Pink Mist]

1 hour ago, nauseus said:

It would be difficult to achieve now but most of the USD decline has occurred since the end of Bretton Woods.

Yes here is some information on that.

 

https://en.m.wikipedia.org/wiki/Gold_standard#:~:text=The gold standard was the,ending the Bretton Woods system.

 

The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system.

 

The gold standard was abandoned due to its propensity for volatility, as well as the constraints it imposed on governments: by retaining a fixed exchange rate, governments were hamstrung in engaging in expansionary policies to, for example, reduce unemployment during economic recessions.[9][^10]

 

[nauseus]

10 minutes ago, billd766 said:

I did however do a search and post a link. something you should try sometimes. I simply did a search and came up with that as a result. I never changed a thing.

 

Read the report and compare it with my post.

 

Not only I didn't write the link, I have no idea if the authors did a cut and paste.

 

I don't make false or obtuse claims.

 

If I don't know, I do a search and research the subject before I post.

 

Of course if you can find a better link, then please do so, and post it on this thread. I will then read it and if necessary I will do more research.

 

It is your linked story that contains the false and obtuse claims. You did a search but not so much research.

 

[nauseus]

3 minutes ago, Pink Mist said:

Yes here is some information on that.

 

https://en.m.wikipedia.org/wiki/Gold_standard#:~:text=The gold standard was the,ending the Bretton Woods system.

 

The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system.

 

The gold standard was abandoned due to its propensity for volatility, as well as the constraints it imposed on governments: by retaining a fixed exchange rate, governments were hamstrung in engaging in expansionary policies to, for example, reduce unemployment during economic recessions.[9][^10]

 

They were also hamstrung because they couldn't print truckloads of magic money. 

[ozimoron]

Biden's dollar seems to be be doing nicely today. The prospects of another rate rise because of strong jobs numbers is pushing it up. The market had priced in softer jobs numbers but got caught wrong footed.

[billd766]

43 minutes ago, vandeventer said:

Just where did I say Biden was responsible for the whole debt? Remember Trump had the beginning of covid to deal with. With Biden in power for 2 years your focus should be on him and why America is in the shape it is now. How long are you going to blame Trump for Biden's mistakes?

For at least as long as you keep blaming President Biden for EX president Trump's mistakes.

[nauseus]

11 minutes ago, ozimoron said:

Biden's dollar seems to be be doing nicely today. The prospects of another rate rise because of strong jobs numbers is pushing it up. The market had priced in softer jobs numbers but got caught wrong footed.

Biden's dollar  

[billd766]

38 minutes ago, nauseus said:

 

It is your linked story that contains the false and obtuse claims. You did a search but not so much research.

 

And where was their post and link wrong?

 

As usual you post without backing your post up.

 

Please post the link and I will read it.

[Keep Right]

Old sleepy Joe has "Trump derangement syndrome" living in his head. It must keep him up at night and give him the  sweats.

[chalawaan]

We need to understand that Russia and China are stirring the pot of the current bitter division in the US. 

 

As an ally, it's disheartening to see Americans at each other's throats in a way not seen since 1861-65.

 

Your enemy isn't a MAGA, BLM, Woke, Liberal, Democrat, Republican, NRA, Knee takers, LBGTQ or you name them. 

 

Your enemy is who they have always been since the Korean war.

 

The PRC, DPRK, and the former Soviet Russia. They are using very sophisticated bot armies and live hackers to fuel the hate for American against American. 

 

They're winning every time you distrust each other. 

 

They divide and they rule -in your heads.

 

And that will continue until you agree to disagree, and turn to deal with the real bogeymen, once and for all.

 

Pause and consider; it makes perfect sense. 

 

 

 

[ozimoron]

Just now, Keep Right said:

Old sleepy Joe has "Trump derangement syndrome" living in his head. It must keep him up at night and give him the  sweats.

I don't think sleepy Joe is losing too much sleep over the prospect of facing Trump in 2024.

 

Senate Republicans, including members of leadership and even Trump allies, say former President Trump should stay out of the 2024 Senate primaries, hoping to avoid a repeat of last year’s disappointing midterm elections.  

They view Trump as becoming more of a political liability in next year’s Senate races as his legal problems mount.  

 

https://thehill.com/homenews/campaign/3940014-senate-gop-trump-2024-races/

[nauseus]

1 minute ago, billd766 said:

And where was their post and link wrong?

 

As usual you post without backing your post up.

 

Please post the link and I will read it.

This is getting tiresome. I'm talking about your link here:

 

https://www.propublica.org/article/national-debt-trump

 

1/ Donald Trump Built a National Debt So Big (Even Before the Pandemic) - false. It was little changed annually from Obama until Covid. See below and (4).

 

2/ The national debt has risen by almost $7.8 trillion during Trump’s time in office - false - it was up about 6.2  trillion with at least 3T of that due to Covid. See chart.

 

3/ And unlike George W. Bush and Abraham Lincoln, who oversaw the larger relative increases in deficits, Trump did not launch two foreign conflicts or have to pay for a civil war - true - but he did reinvest  heavily in the military.

 

4/ The chart seems to reflect the real data and show there was no particular increase in debt before 2020 (Covid).

 

 

[ozimoron]

9 minutes ago, nauseus said:

This is getting tiresome. I'm talking about your link here:

 

https://www.propublica.org/article/national-debt-trump

 

1/ Donald Trump Built a National Debt So Big (Even Before the Pandemic) - false. It was little changed annually from Obama until Covid. See below and (4).

 

2/ The national debt has risen by almost $7.8 trillion during Trump’s time in office - false - it was up about 6.2  trillion with at least 3T of that due to Covid. See chart.

 

3/ And unlike George W. Bush and Abraham Lincoln, who oversaw the larger relative increases in deficits, Trump did not launch two foreign conflicts or have to pay for a civil war - true - but he did reinvest  heavily in the military.

 

4/ The chart seems to reflect the real data and show there was no particular increase in debt before 2020 (Covid).

 

 

The chart shows a massive debt increase due to trump's tax cut. Prior to that it was leveling out and reducing slightly. Obama's debt increase was stimulus to save the economy, not a gift to the rich.

Edited April 10, 2023 by ozimoron

[nauseus]

6 minutes ago, ozimoron said:

The chart shows a massive debt increase due to trump's tax cut.

Bah humbug. The only massive increase was due to Covid year 1 (2020) up 4 trillion. 

[ozimoron]

20 minutes ago, nauseus said:

Bah humbug. The only massive increase was due to Covid year 1 (2020) up 4 trillion. 

So, what happened to $2.3T in tax cuts? It's estimated that only about 1T went back into the economy because, as we all know, trickle down economics is another big GOP lie.

 

"assumed 3 percent average annual growth in the president’s budget "

 

https://www.politico.com/story/2018/02/28/tax-cuts-trump-gop-analysis-430781

Edited April 10, 2023 by ozimoron

[placeholder]

5 hours ago, nauseus said:

It would be difficult to achieve now but most of the USD decline has occurred since the end of Bretton Woods.

The reason Bretton Woods was terminated was because other governments were using their accumulated dollars to buy gold from US govt. reserves. It was feared that the influx of dollars would further raise the level of inflation in the US.

[candide]

2 hours ago, nauseus said:

This is getting tiresome. I'm talking about your link here:

 

https://www.propublica.org/article/national-debt-trump

 

1/ Donald Trump Built a National Debt So Big (Even Before the Pandemic) - false. It was little changed annually from Obama until Covid. See below and (4).

 

2/ The national debt has risen by almost $7.8 trillion during Trump’s time in office - false - it was up about 6.2  trillion with at least 3T of that due to Covid. See chart.

 

3/ And unlike George W. Bush and Abraham Lincoln, who oversaw the larger relative increases in deficits, Trump did not launch two foreign conflicts or have to pay for a civil war - true - but he did reinvest  heavily in the military.

 

4/ The chart seems to reflect the real data and show there was no particular increase in debt before 2020 (Covid).

 

 

The chart shows crearly that the debt was more or less stabilised around 20 trillion at the end of Obama's mandate, and then it grew with a similar trend as at the beginning of Obama's first mandate. With a big difference: Obama increased debt to fight the consequences of a major crisis, while Trump similarly increased debt in a context of continuous growth and low unemployment.

 

Additionally, as I mentioned to you previously, the debt must be calculated by fiscal year, and not by calendar year. 

 

"For example, President Donald Trump took office in January 2017. He submitted his first budget in May. It covered the 2018 fiscal year, which didn't begin until October 1, 2017. Trump operated the first part of his term under President Barack Obama's budget for fiscal year 2017, which ended on Sept. 30, 2017."

https://www.thebalancemoney.com/us-debt-by-president-by-dollar-and-percent-3306296

 

 

[nauseus]

55 minutes ago, placeholder said:

The reason Bretton Woods was terminated was because other governments were using their accumulated dollars to buy gold from US govt. reserves. It was feared that the influx of dollars would further raise the level of inflation in the US.

Whatever. the effect was the same.

[nauseus]

27 minutes ago, candide said:

The chart shows crearly that the debt was more or less stabilised around 20 trillion at the end of Obama's mandate, and then it grew with a similar trend as at the beginning of Obama's first mandate. With a big difference: Obama increased debt to fight the consequences of a major crisis, while Trump similarly increased debt in a context of continuous growth and low unemployment.

 

Additionally, as I mentioned to you previously, the debt must be calculated by fiscal year, and not by calendar year. 

 

"For example, President Donald Trump took office in January 2017. He submitted his first budget in May. It covered the 2018 fiscal year, which didn't begin until October 1, 2017. Trump operated the first part of his term under President Barack Obama's budget for fiscal year 2017, which ended on Sept. 30, 2017."

https://www.thebalancemoney.com/us-debt-by-president-by-dollar-and-percent-3306296

 

 

The debt was not increased - the "fight" against the consequences of a major crisis was still ongoing.

 

Yes, I know about the debt calculations. Thanks.

[ozimoron]

11 minutes ago, nauseus said:

The debt was not increased - the "fight" against the consequences of a major crisis was still ongoing.

 

Yes, I know about the debt calculations. Thanks.

Somehow a 2.3 trillion dollar tax reduction didn't increase the debt?

 

Trump’s most enduring legacy could be the historic rise in the national debt

It rose almost $7.8 trillion during his time in the White House — approaching World War II levels, relative to the size of the economy.

 

Most of the government’s borrowing to fund pandemic relief has been shorter-term borrowing that will have to be refinanced in the coming years. If rates rise, so will the government’s interest expense.

 

https://www.washingtonpost.com/business/2021/01/14/trump-legacy-national-debt-increasee/

 

Edited April 10, 2023 by ozimoron