ILT wrote:PavelM wrote:Как Америка будет выбираться из наделанных долгов?
Войной?
Care to ellaborate?
С удовольствием.
We are in this mess because we created too much debt for the balance of the system. That is, too many people bought houses with too much leverage (that is, too much debt was being taken on compared to actual production represented by salary), companies were purchased with too much leverage (the "M&A" game) and so on. Mortgage-backed securities, credit-default swaps, all of these are forms of debt and their issuance was deregulated to the point that people's "animal spirits" drove prices much higher, as leverage was employed at higher and higher levels.
It is obvious that you can't do this forever; ultimately someone asks to be paid with actual production (instead of more shuffling of paper) and oops - there's not enough production to pay with!
You get BOOM!
That, by the way, is exactly what happened in 2000.
But our wonderful government who either didn't understand the essence of what money is and that it is debt, or was intentionally misled by a few who did, decided to paper over what should have been a really serious recession (9/11 didn't help!) and deceive the public.
Did it work?
To those who argue yes - we went from 260% of GDP (that is, ~$26 trillion dollars) to over 360% of GDP (that is, ~$50 trillion dollars) in outstanding debt, public and private from 2000 to 2007.
At the same time, the aggregate GDP went from $10 trillion to $14 trillion; if that increase was linear then it was ~2 trillion annually (on average) over seven years, or $14 trillion in total (that's a mathematical simplification; don't shoot me for it!)
But we added $24 trillion in debt.
...
So the 00-03 "stimulus", including the tax cuts, interest rate cuts and even direct checks did not actually stimulate the economy; it simply hid the contraction in a way that tried to make you feel good and allow you to keep your standard of living intact for a short while by borrowing from the future! That, of course, made the inevitable contraction worse because we now must default all the new debt used to paper over the previous mess along with the all the old!
What our government has proposed and done now is several times worse. We took seven years to go from $5.7 trillion dollars in public debt to $9.2 trillion - a gain of 61% - but in the last year alone we have gone from $9.2 to $10.7 - a gain of 16%! Annualized over seven years this would be a two hundred and ninety percent increase, and Treasury isn't counting the seven trillion in forward commitments that aren't reflected in that number, nor are they counting the five trillion more represented by Fannie and Freddie.
http://market-ticker.org/archives/2009/01/03.htmlКак видим, долги растут все более ускорящимися темпами, а "рост" валового продукта прошедших лет был обусловлен обыкновенным наращиванием долга.
Тем не менее правительство предлагает взять еще больше долга.
Очевидно, что дело идет к нехорошей развязке.