Except that paper money has to have value behind it. It's completely possible for the FedGov to be "broke" if there is no longer value behind the paper money produced.
- Soup in a TARDIS
Well, when we start printing $10,000,000,000,000 notes, and it costs you one of those to buy a burger, maybe you can make that claim, but we are nowhere near that level.
- Scoble, Alex Scoble
Given it's 7 bucks to buy a burger now, I think we may be on the way.
- Soup in a TARDIS
Isn't that because of normal inflation (which is supposed to be an indication of a healthy economy) though?
- Scoble, Alex Scoble
The rate of inflation has exceeded the optimal rate for quite some time though. That's the concern, a snowball effect. I don't think we're beyond the point of no return, but I fear we might approach it within my lifetime.
- Soup in a TARDIS
Well.. the principal problem resides with interests charged over the amount of money available which means that the US depends on loans and debt to have a functioning system like that since the Federal Reserve's existence. Money as Debt II, a documentary on the banking system, shows that 95% of the money available is created from a promise to pay (loan). That element only makes it hard...
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- Zu from AOD
The current rate of inflation is roughly 1%... that's above optimal?
- Andrew C (✓)
There's a limit to how much money the Federal Reserve can create before people lose confidence in the currency. True, we're not anywhere near Zimbabwe-style hyperinflation yet but that doesn't mean we can be complacent.
- Morton Fox
lol, didn't know they really were in that position: "50 billion Zimbabwe dollars for a burger." www.digitaljournal.com/article/256844
- Zu from AOD
We are much closer to a 1932 (or was it 1933?) style second crash than we are to Zimbabwe-style hyperinflation. There's only one way to get out of an economic crisis and that's through spending. Businesses won't do it, and consumers can't afford to, which means that the spender of last resort, the federal government, must do it. Otherwise, unemployment in local and state governments will overwhelm any and all employment gains made by the private sector.
- Scoble, Alex Scoble
Is the loss of confidence going to be all at once? Surely it would be gradual and make itself felt in rising Treasury yields, which absolutely have not happened at all so far?
- Andrew C (✓)
Broke - Defined by a Japanese man - 'Dat Morgan-san, he's a jolly-good broke!'
- Morgan
We haven't seen it yet, Mark, so don't go waving your hands in the air, like a fool that he just don't care.
- Scoble, Alex Scoble
9000% percent inflation for the confederacy using the just print it strategy during the Uncivil War.
- Todd Hoff
There are economists that argue the loss of confidence would be rather abrupt, using Greece and Ireland as examples. OTOH, we obviously have a much larger GDP than those countries, and lots of other countries have significant interest in us not failing. I think it's misleading to equate quantitative easing with simply printing money, though. It's actually not doing a damn thing if banks don't start lending more money.
- Victor Ganata
Greece and Ireland are also unable to print money or use monetary policy at all to deal with their problems.
- Scoble, Alex Scoble
Recessions happen from a lack of confidence which produces a lack of spending (read: hoarding for later), which gets publicized, which causes a larger spread lack of confidence, which produces a larger lack of spending, which ... Restoring confidence that the individual and corporation will be able to get more wealth later is the only way out. Rising inflation is a side effect of more...
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- xero
Foreclosure, mortgages under water, 25% unemployment and a quarter of population below poverty line hardly seems hyper inflationary more like double dip on the way
- WarLord
broke = zero or negative net worth, just like with people. So the question is: how do you value that intangible we call "backed by the full faith and credit of the US Government"?
- Tinfoil 2.0
The U.S. certainly isn't anywhere close being negative in net worth. That just illustrates how ridiculous it is to say we're broke.
- Victor Ganata
We know cash flow is highly negative. But we don't talk about the assets of the government much. What are they, what is the value, and is it enough to offset the debt?
- Tinfoil 2.0
If you go to Target and they refuse your cash its broke until then its just deficit hawk chatter
- WarLord
I don't think the question is whether the gov't can raise the revenue to pay for its obligations. All they have to do is raise taxes. The real question is, do they have the political will to do so?
- Victor Ganata
So long as they have less money ready to go back than they have money ready to come in plus regular income (taxes), then they have a positive liquid worth.
- xero
Despite all the deficit talk and the Cat Food Commission, Bush tax cuts will be extended in toto and that answers the question about will and seriousness and tax revenue
- WarLord
True, but I still think it's absurd to pretend that we're actually literally on the brink of insolvency. Having a steady income but racking up lots of credit card debt is not quite as dire as having no income and no assets of any worth.
- Victor Ganata
Honestly, until the collective that bought US bonds both wants their money back and poses a military threat to the US AND the majority of the world no longer recognizes any worth of the US dollar, then there is no worry of ever having to pay the money back in its entirety. I'm pretty sure the Fed has realized this since they started issuing bonds. The deficit is meaningless until that point is in site, so it pays better to stave off the other issues and keep getting free money.
- xero
But Victor, a better analogy is racking up increasing credit card debt than your job can't pay for, AND it's becoming increasingly painful to keep up with the interest.
- Tinfoil 2.0
Neither analogy really works though. Once you're in so much debt that you can't pay, then the govt makes it so that you don't have to pay (at least not all of it). That doesn't really work at the international level...well, it might, depending on how you look at it. I'm pretty sure the creditors could be talked into concessions where it wouldn't have to be paid back fully.
- xero
LogEx, that's like assuming the economy will never ever grow ever again, and taxes will stay ridiculously low forever. It would be different if we had a piddling GDP and 95% tax rates across the board.
- Victor Ganata
Last time we had a surplus, we totally blew it. What will be different next time? When the economy is bad, people say we need to spend our way out. When the economy is good, people say we should celebrate and do some extra nice things for ourselves.
- Tinfoil 2.0
Economies are supposed to grow, are they not? I think that's the more dire situation we need to contend with.
- Victor Ganata
Examining the validity of the growth imperative deserves its own thread. But in any case, I don't think it makes sense to address only one side of the ledger.
- Tinfoil 2.0
I think it does address the income side of it, though. If there's not much wealth being generated to tax, then I can see there being a problem with meeting our obligations. I'm not saying we shouldn't have any spending cuts whatsoever, but if we don't jumpstart the economy, balancing the budget is a moot point. And if certain spending cuts cripple the economy even more, that's clearly counterproductive.
- Victor Ganata
Isn't spending money in the hope that more revenue will be generated in return called investing?
- Victor Ganata
It can also be called speculation, or even gambling.
- Tinfoil 2.0
So you're saying the U.S. economy simply won't grow ever again, that expansion is futile, and our GDP is going to stay where it is forever, at least until the creditors come calling?
- Victor Ganata
I'd think promising businesses that you'll pay them back in few years if they spend some of their hoard now and don't make profit is a good way of stimulating the economy. Spend now by giving money to other companies or hiring individuals, if the money you spend now isn't made back in 5 years, then we'll pay you back. It jumpstarts the economy, but at the cost of govt programs in 5 years (or this year if the money is immediately set aside).
- xero
No, and I don't have all the answers either (and anyone who says they do is probably smoking something). but we are in a bad spot, and I don't think we have a very good chance of our 'empire' not declining gradually over the next few decades.
- Tinfoil 2.0
It seems like the long term question would be exactly how much the govt would have to grow/need in revenue in order to fully pay back its creditors. Then how much growth is needed in the economy at current tax rates for that revenue to come in. Then we have a question of where the money to grow that economy comes from. As far as I know, it has to be put into the system by way of taking...
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- xero
I just think worrying abiut deficits is looking too far ahead. Letting unemployment stay where it is and leaving the economy stagnant seems like it will be more imminently fatal to the machinery of empire than rising debt payments will. I'm not saying the latter won't eventually be fatal, just that there's no point in worrying about it if we don't survive that long. And as far as I can tell, reducing deficits now is more likely to hurt the economy than help it.
- Victor Ganata
I agree on not currently worrying about the deficit, it's problem probably won't be looming until after the next "world war". However, I don't think the govt has to even actually spend money right now to start the economy back up. It's really just a con game. They just have to give the confidence to the public that they can make money in the future, which will cause them to...
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- xero
I do not view the DMCA as a Constitutional law. In my opinion, it's yet another corporate end run around Copyright, Trademark and Patent limitations that were meant to be in the Constitution. It turned fair use from a right in to a weak defense and is a huge subsidy for media corporations. Instead of having to focus on creating quality new media,
it instead gave them far too much power to protect existing revenue streams. It's patently anti-consumer and should be repealed or seriously curtailed.
- Scoble, Alex Scoble
And yes, I know that nothing about this has anything to do with the real problems of the world or the US, but there it is. One more brick in the wall to death by corporation.
- Scoble, Alex Scoble
I know a few librarians who would say that this is a very real and important problem since it affects access to information.
- Katy S
I've always felt that it was against the constitution and the wishes of the founding father. Section 8 of the constitution uses the key phrase "To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries" and I really feel that both the DMCA and the endless chain of copyright...
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- Wirehead
I've been writing pieces for years about Section 8 vs. the way Big Media thinks of copyright. The good news is that it hasn't gotten worse in most post-DMCA years. The bad news is that it's so unbalanced already that it would be hard to get much worse (other than to do away with first-sale and fair use rights altogether: First sale is REALLY important here).
- Walt Crawford
First sale is (a) why libraries can lend books, etc. (b) why you can sell a book (CD, DVD, etc.) to a used whatever store and they can sell it to someone else, (c) etc., etc., all without paying additional per-use fees to the copyright holders. With DRM, digital media can wipe out first sale rights entirely.
- Walt Crawford
Ahh, yes! Completely agree with you there that it's important.
- Scoble, Alex Scoble
The fury and upset over Wikileaks seems to have nothing to do with the information that was disclosed - just the fact the many in the US government have been made to look petty and/or incompetent.
I understand that there is meaning in every culture. I don’t always find it critical to find that meaning upon first blush. I admire the colors. And sometimes that’s enough. Every culture has borrowed from another. At what point do the footnotes begin and end? Do we need to take every pattern, every idea and break it down to it’s very beginning?... - http://dominickbrady.tumblr.com/post...
Share your thoughts on the 5th Precept--refraining from intoxicants--and you may see your response in the next Tricycle http://www.tricycle.com/blog...
By Sylvia Boorstein. The message of Buddha’s Four Noble Truths is that paying attention and seeing clearly lead to behaving impeccably in every moment, out of love, and on behalf of all beings.
- Buddhist Buzz
FFSPY allows you to find out who unsubscribed from you by sending you hourly, daily or weekly reports via e-mail. Try it now: http://ffspy.com
- Alp
from Bookmarklet
one way to read the alerts in friendfeed is by using a group with a secret email address added
- Mike Chelen
Am I actually supposed to care if people unsubscribe? Apparently I'm too self absorbed. Never occurred to me to try and find out.
- Eoghann Irving
@Franz, there is a bug and I'm trying to solve it. Could you check that ffspy is listed here: http://friendfeed.com/setting... and inform me after that, please?
- Alp
@Franz, thanks for your help, I'm still investigating on the issue, this is a very rare situation but happened on a few users among hundreds. Such an interesting bug. I'll inform you when I figure out.
- Alp
Next, you need to develop an app that lets you unfollow someone *without* setting off an FFSpy alert. (More seriously: I *like* the fact that FF doesn't notify someone if I unfollow them.)
- Kevin Shaum
Kevin, maybe we follow some people for trends, news and good stuff. Sometimes it does not matter whether they do follow us, or they don't.
- Alp
all this time you are working on a new app?
- testbeta
it only matters to ppl with a trophy mentality. vindictive ppl, at that. very MySpace. :P
- Joe The Sausage
why does it have to be vindictive? maybe the point is to notice if you make mistakes or do something that upsets people without realizing =D
- Mike Chelen
I don't get it. Why would anybody care who is following them?
- Otto
@Fossil @Otto, nevermind, someone cares, so more than 800 people using it.
- Ahmet Alp Balkan
@Ahmet: Thank you for not answering my question... I was asking, why would people care, not how many people use the service...
- Otto
Otto, you know some people have obsessions. They really care about who follows them. That's just obvious for some nations, they do care this trivial thing.
- Ahmet Alp Balkan
application is good thats all that matters and alp has been working on a great lot of apps for friendfeed, i am looking forward to some great unique service of its own from him, i don't care who follows me but @otto it does give some happy moments when you are followed by someone of high integrity and expertise, helps one have a smile on one's face :) thanks for the app though, i too tried it but i don't really care if someone leaves ;)
- testbeta
is that a ... good picture for software? ? ... just saying ... don't get me wronk /
- pb:
Some say the name Porterhouse derives from Martin Morrison’s 19th-century porter house, or travelers’ inn, on Pearl Street. Peter Luger Steak House http://peterluger.com, that Brooklyn gastro-institution, at 178 Broadway in Williamsburg, has dry-aged porterhouses to perfection for more than 100 years. See http://ff.im/nBfD#steak
- Mitchell Tsai
from Bookmarklet
The New York porterhouse — that cut of meat found between the prime ribs and the sirloin of a cow — is a specialty dish as local and distinctive as the London broil, the Viennese schnitzel or the Parisian steak frites. It is thicker and more marbled than a T-bone, infinitely more tender than sirloin and, according to the greatest chefs, likely to be even more flavorful than the best filet mignon.
- Mitchell Tsai
Buried under Peter Luger’s kitchen, the meat box does possess a stony vaultlike coolness, mechanically enhanced these days by oscillating fans and a softly humming Bohn refrigeration unit, which keeps the air chilled between 32 and 36 degrees. Dry-aging is essentially a process of controlled rot: at near-freezing temperatures, the natural enzymes in the meat deteriorate the muscle, inflicting it with tenderness and leaving behind not only that enriched nutty flavor, but also a delicate brownish crust.
- Mitchell Tsai
Well, I'm still in the hospital and they're doing tests to determine how far it has spread. That will determine the course of treatment. I'll be going through radiation and chemo. It's too late for surgery.
- Michael McKean
Well, it's treatable. I'm prepared to do whatever I have to to get through this. I'm staying positive. :)
- Michael McKean
My internet access will be intermittent while I'm here, but I'll try to keep everyone updated. Thanks for all of your support. I really appreciate it!
- Michael McKean
Medical science is pretty damn good these days; you'll beat it, no problems.
- Mark H
I'm sorry to hear about the diagnosis, but am glad you are prepared to take this on. You're close in my thoughts.
- vicster
I'm sorry you have to go through this. Being positive is more than half the battle. You can do it.
- Kimber Scott
from BuddyFeed
Terribly Sorry to hear about it :( My prayers are with you. Stay strong.
- Parth Awasthi
Michael, so sorry to hear your news. :-(
- Kol Tregaskes
Michael: that really sucks. I always wonder what I'm going to do when faced with death? I hope I have the courage to stare it in the face and do something with the horrible news like you and Drew do. I know a great Lung doctor at Stanford, if you need someone world class.
- Robert Scoble
sorry to hear about the diagnosis. hopefully the therapy is effective and that you can beat this thing
- Imabug
Michael: glad to hear it's treatable. I lost a friend to lung cancer in the 1980s. Back then it was a death sentence. Bummed me out to hear this news. Anyway, go and crush it.
- Robert Scoble
oh no! I had a co-worker who got lung cancer. They removed his one lung and he was able to do with just one. In his case though, he was a heavy smoker and even after his surgery, he continued to smoke.
- Adria Richards
Terribly sorry to hear about this, Michael. We're all with you in spirit, and know that you will pull through this.
- Bren
I hope you can come out of this situation.
- Ashish
I'm truly sorry. A close friend's father is diagnosed with lung cancer a few weeks ago too. Hope you get well very soon.
- Burcu Dogan
Wow. So sorry to hear this, Michael. You are in my prayers, alongside Drew... :-)
- Lisa L. Seifert | FHG™
So sorry, man. But as has been said, oncology has come a long way. My father has leukemia and my wife´s a doctor so I´ve discussed cancer treatment news a lot the last few years. Stay positive.
- ɯɥøq sɐɯoɥʇ
Wishing you all the best, stay positive!
- Majento
I don't know you, but I'm joining your cheer squad! Sending thoughts and prayers your way.
- ☆ Mellyboo ☆
Very sorry to hear this...but you will beat it.
- Mark Krynsky
Michael, you seem to have an amazing attitude. My thoughts are with you.
- The Fat Oracle
I'm so sorry to hear that. But it's great to know that you have a positive attitude about it. I wish you the best, my prayers are with you.
- Diego Espinoza V.
I'll put you in my prayers, Michael, so sorry to hear and difficult to understand
- Jorge Escobar
sorry. sending out some good vibes to you.
- Anna Lynn M.
Oh, wow. I'll be keeping you in my thoughts... stay positive, it's so important. *hug*
- Penguin
I hope it will become easier to bear once the initial diagnostics are done and you can focus on a course of treatment. Not knowing is harder.
- DGentry
can't even begin to think of the appropriate words but wanted to add one more voice of support from the community
- Marco(aureliusmaximus)
Very sorry to hear this, Michael, but glad to hear it's treatable. All the best of luck with your treatment. Staying positive is huge. I really think that's what got my friend through breast cancer. She was so focused. I hope the same for you. You're in my thoughts.
- Ayşe E.
Good luck. If you'd like some help, I've done a lot of anti-cancer research. My Dad has some anti-cancer drugs he's just patented. There are many dietary things which can help. My Dad's speciality is researching east-west chemicals to find compounds of similar shape to anti-cancer drugs but less toxicity. Feel free to e-mail me (E-mail on my Facebook or LinkedIn pages).
- Mitchell Tsai
I'm very sorry to hear this Michael. My aunt is recovering from breast cancer...in addition to the treatments she found support from friends and family to be the best medicine. Immerse yourself in those things, stay positive & you will beat it. I wish your nothing but the best.
- Jeffrey Marsh
Oh, I'm so sorry to hear this. I wish you strength & everything else.
- Ton Zijp
So sorry to hear this; sending you good thoughts; stay strong.
- Andrew Terry
I'm so sorry to hear this. You're in my prayers.
- joey
Thinking of you and wishing you the best!
- Anne Bouey
Oh Michael, I am so sorry. And I am so sorry it took me a few days to find out after your announcement :( I was wondering where you were!
- Mona Nomura
Very sorry to hear this mate. You've got the support of my family and I, and the entire FF community. All the best
- Mo Kargas
A three-week wave of massive cyber-attacks on the small Baltic country of Estonia, the first known incidence of such an assault on a state, is causing alarm across the western alliance, with Nato urgently examining the offensive and its implications. While Russia and Estonia are embroiled in their worst dispute since the collapse of the Soviet Union, a row that erupted at the end of last month over the Estonians' removal of the Bronze Soldier Soviet war memorial in central Tallinn, the country has been subjected to a barrage of cyber warfare, disabling the websites of government ministries, political parties, newspapers, banks, and companies.
- Bill Romanos