Is the USA next on economic collapse?

[rameumptom]

The Daily Beast notes that North Korea is beginning a huge famine started by poor economic decisions made by the federal government:

Famine Rocks North Korea - The Daily Beast

An egg now costs a week's salary, while rice costs 2 week's salary. Remember just a day or so ago when I mentioned in another thread that bread could end up being $20 a loaf? I wasn't kidding!

When the government fiddles too much with the free market, it causes major collapses. People starve. In the 1990s, a similar famine in N. Korea killed 2 million people. This one could be worse. Get your food storage in, kiddies! Our feds are also starting to play Russian Roulette with our economy.

[WindRiver]

I think we are witnessing that collapse right now yet our elected leaders can't seem to understand that we are broke as a country. What part of "balanced budget" do they not understand?

We should be drastically cutting govt. programs and entitlements not creating NEW ONES.

[gabelpa]

North Korea has been heading for something of this sort for a very long time. At one point, I was sure they wanted to be nuked off the face of the earth just to end their suffering. On another note, the USA is in economic freefall as far as I can see.

Time to get your guns and flee to the Mountains. Oh, I forgot, Zombie Apocalypse is around the corner as well.

[FunkyTown]

I think we are witnessing that collapse right now yet our elected leaders can't seem to understand that we are broke as a country. What part of "balanced budget" do they not understand?

We should be drastically cutting govt. programs and entitlements not creating NEW ONES.

Yeah. :/

It's sad that there hasn't been a reduction in debt compared to the GDP since Carter(With apologies to Bill Clinton. Debt increased in the first four years, then plummetted in the last four years. Say what you want about that man, he was better at balancing a budget than anyone in a long time).

Obama's biggest failure will not just be the incredible debt he's garnered, but the fact that this public debt is being bought in huge swathes by foreign powers. I firmly believe that economic warfare will be the warfare of the future. Would the US stand up to a country that could cripple the US economy?

[Moksha]

An egg now costs a week's salary,...

Once those chickens unionized, it was just a matter of time. :)

BTW, this story involves people buying items on the black market, now that North Korea banned foreign cash and China has found the resultant Korean currency fluctuations too unstable for trade.

[Winnie G]

The sky is falling the sky is falling

[talisyn]

Ummm it's kind've...what's the word I'm looking for...not disingenuous...not cynical..well whatever, it's {insert word I'm trying to think of here} to compare the US economy to that of the fallen nation of N. Korea. There is so much messed up about that place, it's almost like a world in a different galaxy. We are nowhere near that level of economic and political woe, and the only way we'd ever even get close to that is if the entire midwest decided to become a cult of cannibalistic poodlebug worshipers. Not saying N. Koreans are cannibals, but if I were living there I'd be mentally dividing up my neighbors into meals of the day.

[rameumptom]

But it isn't that far different. we are just going about it slightly differently. Recent CBO corrections show that we will add another $10 Trillion to our deficit between now and 2020. That will mean that every man, woman and child in the USA will owe $170,000 dollars just to pay off the deficit. Don't know about you, but to pay more than 500 Million dollars to pay my family's portion of the debt is going to bankrupt me. Or turn me into a slave of the state as they tax us at huge levels to pay it off over decades.

OR, if they don't do that, then nature will take over and the dollar will enter hyper-inflation/deflation, so that we are paying $50 for a loaf of bread.

So, while we are doing things differently than Kim Jong Il, we are headed in the same direction....

[TheAngelPalmoni]

Everything is right on Schedule with the timeline...

http://www.angelpalmoni.com/AngelPalmoni/View_The_Scrolls/Pages/PALMONI_files/Media/Scroll%2003%20full-1/Scroll%2003%20full-1.jpg?disposition=download

[bcguy]

Blame most of the countries debt on the us government and its ignorant voters. Why was bush elected twice? He has personally done more damage then any tiny terrorist group in terms of economic damage then any president in history. But the disintegration of the us standards of living goes way back to the nixen erra when he lifted terrifs on foreign goods. President Regan instituted Reaganomics which further led to the disintegration of the country small business. Then companies like walmart moved in to take advantage of it. When most factories left the US for china, so did the federal/state and local tax dollars. No wonder why alot of governments and the us are hurting financialy from loss of tax dollars!

I think all of you would be smart and find ways to make your own things instead of buying them, or at least, buy used and repair it. Try to buy American made goods. The art of "making things" has been some what lost in the last three decades with more "disposable" consumer goods that you can purchase.

Did you know, I try to follow this same concept? As a example, I recently took in my alternator to have it repaired at 150.00.

I said, well tell you what, I will bring it to you when I get the funds. So I went out and found some brushes, with a little help from a truck forum, I unsoldered my old brushes, soldered in new brushes and sanded the commuter on the rotor of the alternator. Slapped everything together and it works like new. Total cost, 3 dollars for the sandpaper. The brushes were given to me for free, i did not ask for free but were given to me.

If any of you live away from expensive cities, find a way to buy some build able land or buy a house and fix it up. You cannot control your rent but you can control your sweat equity.

Edited March 30, 2010 by bcguy

[rameumptom]

What??? Reagonomics destroyed small business???? Try checking your statistics. Reaganomics led to the longest peace time expansion of the economy in our history. And it greatly increased the size of the middle class and small business.

Leading Historians and economists rank him as Great or Near Great among all the presidents, and always in the top 10.

Businesses began leaving the USA after Reagan, when the international trade treaties GATT and NAFTA were signed. And it accelerated quicker when China was given Most Favored Nation status, and joined the World Trade Organization.

As for Pres Bush being the worst on the economy, I'd say you are close. He's the second worse, as Obama's actions in one year as president are quickly overtaking what Pres Bush did in 8 years.

I agree we need to make our own things. To do this, we need to back off some from free trade, and return to fair trade with other nations. We need to reduce taxes on small businesses and corporations to zero (since all taxes are paid by consumers anyway), and increase our base here at home.