U.S economy in 10-20 years

Discussion in 'General' started by COOOL, Jan 3, 2010.

  1. Hey guys...i just wanted to talk about our economy and what you predict will happen in the next ten or twenty years.

    Ive talked to alot of smart people lately who totally think in 20 years our U.S dollar will be completely worthless. Im talking like the U.S will be alot poorer than even russia. I mean think about it, we are trillions and trillions of dollars in debt with china.

    There is no way for us to make up that debt, especially when our country has the highest % of people in jail, the failing war on drugs, the war in iraq, etc etc etc! In my opinion shit is going to hit the fan bad in the future! Although they say things will get better im not sure im believing this.

    I really want to move to canada.

    What do you guys think?
     
  2. I don't know enough about economics to make a prediction.

    What I do know, is that there is no way we can sustain our current lifestyle in this country. Something is going to have to change... whether we do it voluntarily or are forced into it because of a major market crash.
     
  3. if i had a nickel for every american that said that...

    anyways, at this rate the dollar will be worthless in far less than ten years.
     

  4. This. Look at all the free time we have. Why do we have so much recreational time?

    We have that time because someone else in another part of the world is working our share of labor. People in China work for pennies a day. We 'work' standing behind a cash register, making hundreds of times more.

    Many people across the world work all day whereas many of us work far less with less strenuous jobs and still make more capital. It is almost criminal how we squander the livelihoods of people across the world and say that we are shamelessly 'blessed'.
     
  5. if our politicians decide to remove their big heads out of their asses and strive to legalize marijuana, our economy may not look as bad as many believe it will be in the near future. I have faith that legalization will indefinitely make a large impact on our recession, giving hundreds of thousands of people jobs and increasing industry further then it has been exploited for a very long time. Before i ramble onto an endless essay on how the idea of a Democratic government being completely thrown into the toilet next to your dead fish named "honest politician" I would just like to throw out the statement that numerous people believe but didn't realize was occurring: the government was originally meant to protect us from each other, handle foreign affairs, and other federal based matters needed for a country; not control our economy, protect us from ourselves, and disgrace the name of the United States by being the greediest and increasingly selfish bastards who are only in the government for the payout.
     
  6. I'm going to be pissed if I ever lose my life of lower (way lower) middle class. I've worked my ass off for my mediocre little slice of the pie.

    Anyway, do you think that if America just crumbled into a lawless wasteland, with our technology and whatnot would it become like some kind of badass Mad Max style place? I want to start my own gang of scavengers. I'll even poke out one of my eyes so I can have a cool patch.
     
  7. I'd say the Dollar's gonna be history within 5 years at the most. With the rate of inflation coming from the federal reserve, ontop of our huge debt, ontop of the increasing amount of unemployment, it's bound to collapse. Not to mention all of the talk about a new global currency. That's more of a theory than anything, who knows. But the fact is that the federal reserve is fucking over the value of a dollar everday, and we keep allowing it go on.
     
  8. I imagine in 10-20 years the U.S will look something economically similar to Singapore, most of South-East Asia actually.

    What I mean is that the extremely wealthy and worldly people will still be wealthy and worldly. The working class will probably still be intact but constantly imposed with ridiculous restrictions regarding taxation unto the public sector; you can already see it happening with seatbelt/smoking laws in some American states.

    On the other hand the U.S has a serious problem with education and its young people, dropping out of highschool has become a career choice and these gaps in class subsidised by low-skill jobs provide temporary and, at best, security-strapped income for those too stupid to stay in school.

    I think a lot of young American should entertain the idea that global relocation might be necessary to obtain a steady income as they enter their 30s, and above all strive to step out of their comfort zone that a long-past GDP-devouring super-state has conditioned them to feel.
     
  9. Dude, no offense, but this doesn't make sense at all.

    Currently there's almost no inflation (in fact there might have been slight *deflation* in early 2009), so it doesn't make sense to say "the rate of inflation coming out of the federal reserve".

    Second, unemployment is already decreasing. It's been in a few papers.

    Third, the debt of the US is actually relatively small compared to other developed nations. Depending on who you ask, it's around 70% of the GDP. In countries like Japan and Italy, it's over 100%. Heck, by most estimates BOTH Canada and Germany have a higher debt-to-gdp ratio than the US (just check List of countries by public debt - Wikipedia, the free encyclopedia).

    Debt-to-GDP is a better measure of debt than the total figure, because debt is paid off by taxes, and taxes are a % of GDP. So if a country has a very small debt, but almost no GDP, it still won't be able to pay off the debt because it doesn't have a big enough tax base to make payments.

    Finally, you get to the question: what would replace the US$ as the world's major currency? The Chinese Yuan is right out, because China refuses to float it.

    The Euro was *supposed* to be a major contender to replace the dollar, but now it's in far worse shape than the dollar.

    Quoting from: http://www.nytimes.com/2009/12/31/business/global/31euro.html?scp=12&sq=euro&st=cse
    Until there's a replacement reserve currency, it's basically impossible for the dollar to crash in value because countries like China will keep buying dollars if they see a potential decrease - they pretty much have to, that's what it means to be a reserve currency, and why China wants to change the system. But without a floating Yuan or a strong substitute, they're pretty much stuck.
     
  10. In 5-10 years, the economy will get better because the baby boomers (can't remember specific years) will be retiring, so that will open up more jobs. In 20 years.... tough to say. Depends if the current and next generation of people, who take those jobs, make the necessary changes for the US to grow. (or maintain its stardard of life). Btw, we need to do something about the shrinking middle class....because if we don't, then as stated above, there will be few rich, many poor.
     
  11. I think we'll be just fine in 20 years. Shit looked pretty bad during the Great Depression, but we somehow recovered. Times look pretty bleak now, but the night is darkest just before the dawn. If there's one thing I'll never completely lose faith in, it's the will of the American people. We will eventually recover, things will get better.
     
  12. As much as I like weed, I don't think the legalization of it is going to help our economy in the long run. It may provide a quick boost in taxes revenue, however, it is more of what violence and crimes result as an act of selling the substance as opposed to what the substance does that prevents it from being legalized right now I believe. Sure you can say it will be sold in shops, cafe's, etc. but do you really believe the millions of people that make a living on selling it now on the street are just going to stop and go buy it form someone else? Never. It would be awesome to go buy crypt in the store but I dont see it happening nor it helping the government substancially for any long period of time.
     

  13. What are you talking about, no inflation? The federal reserve prints money out of thin air, then loans it to the back government with interest. Meaning, the amount of money we have in circulation will never be greater than what we owe BACK to the federal reserve. It's a giant cycle of debt, interest, and inflation. Because the banks that got the orginal loan from the fed don't have enough money to pay back the loan, they take it away from taxpayers (illegal, unconstitutional IRS) or have to default on ANOTHER LOAN, creating even more interest and more money we owe back. And as long as more money is made from nothing and pumped into the economy, the value of the dollar will continue to fall. Based on the gold standard, a dollar today is actually only worth a few pennies. We need a new monetary system, we're slaves to banks. No matter how hard you work in life, you're always gonna owe money to a bank or someone somewhere.
     
  14. i really hope the economy doesnt crash within the next twenty years.... make it 40, i'll be dead by then.
     
  15. I'm sorry but you have the entire thing confused. Literally nothing in this quote is correct. I'm not trying to be a dick, that's just how it is.

    I'll take the issues one at a time.

    First, the Federal Government doesn't take loans from anyone. When it runs a deficit, it sells Treasury Bonds. These are sold at auction, and anyone can buy them. The number auctioned is equal to the number needed to cover the deficit, i.e. the government never borrows more money than it needs.

    Second, the Federal Reserve "prints money" by buying Treasury Bonds. Most of the time it does not buy them directly from the government, but instead buys them from banks. This is referred to as an "Open Market Operation".

    At the end of the year, any and all money that the Federal Reserve has made (through collecting interest on Bonds that it owes) is turned over to the Treasury. Meaning, the Fed actually PAYS the Government, not the other way around.

    Finally, printing money in and of itself will not necessarily cause inflation. Money is like anything else, there is a certain amount of demand for it. If the supply of money does not increase to keep up with demand, then there will be deflation. However, deflation is VERY BAD for the economy, so there has to be a mechanism to keep supply up with demand. If supply outstrips demand, then there will be inflation.

    During the past year, all measures of inflation have seen that inflation is either very low or non-existent. In other words, the printing of money by the Fed has kept supply up with demand.

    I don't know where you are getting your info from, but I can assure you it's not correct.
     

  16. I'm sorry buddy, but you have quite a few facts jacked up. Read The Creature from Jekyll Island if you really want to learn a few things about our monetary system.
     
  17. you really think someone can predict the future of our economy? especially not with all these jackasses in the CEO positions fucking over the banking system..

    no one could of guessed that 20 years ago. shit 20 years ago we were in the same position haha.
     
  18. the dollar will be worthless.

    There will be a central bank and a universal currency. Makes sense on paper - makes me frightened at the thought of money in control by one person/group

    The UN has already been calling for a World Currency for the past year
     
  19. invest in gold:rolleyes:
     
  20. haha dude thats what my gpa always said.

    guess i need to repsect the wisdom of my elders..

    there is some crazy fact about gold that if you crush an oz or something completely it covers a ridiculous amount of space.
     

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